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A top local blockchain expert has referred to cryptocurrencies as Ponzi schemes as the Chinese government continues celebrating the enormous drop in cryptocurrency markets in 2018.
Yifan He, CEO of Red Date Technology, a significant technology company involved in creating China's main blockchain project known as the Blockchain Service Network (BSN), has authored a new piece on the alleged Ponzi-like characteristics of several cryptocurrencies.
Published on Sunday in the local daily, The People's Daily, the article refers to private cryptocurrency as the "biggest Ponzi scheme in human history."
In May 2022, the automated TerraUSD Classic (USTC) stablecoin will lose its 1:1 linkage to the US dollar. He condemned the increasingly popular virtual money concept known as X-to-earn, alluding to move-to-earn or play-to-earn initiatives, as a “phishing strategy.”
The BSN chair also noted the well-known criticisms of Bitcoin (BTC) by Bill Gates and Warren Buffett.
He is not a fan of Bitcoin or any other such digital currency. “Currently, all unregulated cryptocurrencies, including Bitcoin, are Ponzi schemes based on my understanding, just different risk levels based on the market caps and a number of users,” He told in a statement to Cointelegraph on Monday.
The chairman of the BSN emphasized that he had never had a bitcoin wallet or similar assets: I do not use them and will not use them in the future, even if they are controlled since I do not believe they have any benefit.
According to He, nations such as El Salvador, which embraced BTC as legal cash, “seriously need basic financing training.” The executive told Cointelegraph, “Otherwise, they put entire countries at risk unless their original intentions were to build state-owned crypto trading platforms and scam off on their citizens.”
While he criticizes Bitcoin and several other crypto initiatives, he maintains that a portion of the crypto industry may thrive if it were properly controlled. The BSN chair stated that cash-backed stablecoins like Tether (USDT) and Circle’s USD Coin (USDC) should not be seen as Ponzi schemes.
“USDC or USDT are payment-related currencies, not speculative assets. Once they are fully regulated, they are fine.”
Previously, he advocated for stablecoins in 2020. The CEO previously intended to include stablecoin payments into BSN by 2021. Due to China’s animosity against cryptocurrencies, the proposal was subsequently abandoned.
China warns that Bitcoin is headed to nothing, but the Bank of England remains optimistic.
The report comes as the Chinese government uses the continuing cryptocurrency market meltdown to justify its various prohibitions on the industry. Multiple Chinese authorities implemented the most recent coordinated ban in September 2021, prohibiting all types of cryptocurrency transactions in the country.
Despite all attempts, China remained the world’s leading Bitcoin mining provider. According to the Cambridge Bitcoin Electricity Consumption Index, China was the second most significant BTC mining hash rate generator in January 2022, after the United States.