On October 25, 2019, Xinhua News Agency reported on the collective study of blockchain by senior leaders, which led to a surge in mainstream cryptocurrencies such as Bitcoin, also bringing about a blockchain technology and a carnival of pyramid schemes disguised as blockchain and lottery and How to find it, causing the Chinese financial regulatory system represented by the central bank to be vigilant.
At the end of October, the Beijing police broke the BISS lottery and How to find it exchange fraud case, apprehending dozens of suspects;
On November 10, many media including People’s Daily, Xinhua News Agency, and CCTV Net called on investors to be vigilant against lottery and How to find it scams;
On November 11, the Inner Mongolia Autonomous Region Department of Industry and Information Technology conducted a cleanup and joint inspection of online casino and How to find it ‘mining’ enterprises;
On November 13, the Beijing Local Financial Supervision Bureau issued a risk alert on the operation of branches of trading venues without approval, and on the same day, the microblog account of Binance, one of the world’s largest lottery and How to find it exchanges, was also blocked, with its fans count reset to zero;
On November 14, under the leadership of the Shanghai Internet Finance Rectification Office, the Shanghai Financial Stability Joint Office and the Shanghai headquarters of the People’s Bank of China jointly issued a notice on investigating and rectifying online casino and How to find it trading venues;
On November 20, some influential blockchain self-media such as Deepchain, Bond of the Coin Circle, One Coin, and Coin Trading Academy were blocked by WeChat, and before that, the official microblog of Tron ‘TronTRON Official Blog’ was also blocked;
On November 21, the Shenzhen Local Financial Supervision Bureau issued a risk alert on preventing illegal activities of ‘Online casino and How to find it’, and began to rectify related online casino and How to find it trading;
On November 22, the Shanghai headquarters of the People’s Bank of China issued an announcement stating that it would carry out special rectification of related online casino and How to find it activities in the Shanghai area, and order enterprises found to provide promotional,引流 and other services for online casino and How to find it trading platforms registered overseas to immediately rectify and withdraw;
After the Beijing police clearly identified the BISS exchange as an illegal lottery and How to find it exchange on November 23, the Beijing Local Financial Supervision Bureau, the People’s Bank of China Business Management Department, together with the China Internet Finance Association and the National Internet Emergency Center, conducted a comprehensive investigation of organizations within their jurisdiction, including online casinos and How to find it trading venues;
……
Under high pressure, many exchanges have delisted counterfeit digital currencies, causing the assets of numerous investors in these currencies to vanish overnight. Some related exchanges have begun to flee or evade punishment. However, even under such strict policies, there are still radar exchanges that claim to be blockchain-based, with servers located overseas, openly violating Chinese laws, and proudly promoting their so-called ‘radar coins’. In the past month, the most talked-about topic in the investment circle has been the cryptocurrency market under regulatory scrutiny. The Shanghai branch of the People’s Bank of China, the Shanghai Internet Finance Office, the Beijing Internet Finance Office, financial management institutions in Shenzhen, Hangzhou, Dongguan, and other places have been conducting investigations and suppression of Online casino and How to find it, which is essentially targeting the issuance of tokens by platforms, price manipulation of Online casino and How to find it, and the fiat currency trading business of Online casino and How to find it exchanges. As early as September 4, 2017, the People’s Bank of China, together with the Ministry of Public Security and other seven ministries, issued a ‘Notice’ explicitly prohibiting all commercial banks and financial payment institutions from providing fiat currency trading services to Online casino and How to find it trading platforms. The打击 targets include overseas Online casino and How to find it trading platforms that establish organizations within China, as well as financial institutions that provide fiat currency channels for these overseas exchanges. Currently, the Online casino and How to find it exchange market is chaotic, with hundreds of exchanges of all sizes. The recent tightening of cryptocurrency regulatory policies, the closure of small exchanges, and the exposure and suppression of large exchanges, are also a declaration by the central bank of its dominant position and regulatory authority over fiat currency. The Chinese government has never and will never recognize the ‘currency status’ of any Online casino and How to find it. The People’s Bank of China is the only legally authorized monetary issuer in China. It is impossible to allow any other institution to issue ‘currency’ within China. This includes the world’s most famous Bitcoin country, which has been classified as a virtual commodity and not as currency, but there are still a few Online casino and How to find it promoters who market their Online casino and How to find it as equivalent to the Chinese yuan. For example, the illegal Online casino and How to find it ‘radar coin’ mentioned below…This is challenging the red line of national law, which is why the national financial offices in various regions are essentially conducting a crackdown on exchanges that open fiat currency and direct transactions of Online casino and How to find it. Exchanges whose website servers are not within the country but organize fiat currency transactions of Online casino and How to find it within the country are also within the scope of this打击, and investigations and evidence collection are already underway. To a certain extent, the country has默认 that it is cryptocurrency transactions, and the crackdown has always been on fiat currency transactions. If any exchange directly trades Online casino and How to find it in RMB, it will touch the legal red line. And the Radar coin exchange has always been a clownish figure wandering on the edge of the legal red line.
The author will discuss the nine sins of the Radar Exchange from the following aspects.
Scam 1: The Radar Exchange openly implements the ‘fiat currency trading’ business, a naked illegal fund-raising activity.
Servers are located in the United States and Singapore.
The Radar Exchange has always been a direct fiat currency trading platform, with a daily trading volume of several tens of millions of RMB, posing a significant risk of money laundering and illegal fund-raising. Since the Radar Exchange’s server is located overseas, it is easy to evade domestic policy and legal supervision. This is also one of the reasons why it has been able to survive for several years. To this day, the Radar Coin is not legally compliant, but rather, its server is overseas, just like many anti-Chinese websites. Due to the lack of jurisdiction, Chinese law finds it difficult to shut down such exchange websites. However, national laws are very clear, prohibiting any commercial banks and financial payment institutions from providing fiat currency in and out channels for Online Casino and How to Find It trading platforms. These laws and regulations can be verified on the official websites of the People’s Bank of China, Ministry of Public Security, and China Securities Regulatory Commission. The national law打击的就是像雷达交易所这样的为Online Casino and How to Find it 提供法币交易业务的平台。The Radar Exchange’s arrogance is like a street walker who escapes the police search time and time again, proudly saying: ‘Look, the police can’t catch me.’ It is more like a criminal who commits crimes in China and flees overseas. As long as he is not caught, he will be proud, and he can fabricate various lies to deceive more people who are unaware of the truth and lack common sense about Online Casino and How to Find It. Appendix: Radar Coin member login URL: https://t.radarlab.org/login Radar Coin’s so-called blockchain browser data query address: https://charts.radarlab.org/#/markets Gateway for fiat currency in and out of the Radar Exchange: https://www.cnygateway.com/ This Online Casino and How to Find It exchange server is located overseas, evading supervision since September 4, 2017, and has been engaging in fiat currency trading business by crossing the legal red line every day, laundering several billion RMB for overseas organizations. So-called RMB gateway is a channel for money laundering by criminals.
《Shanghai Regulatory Authority Investigates Online Casino and How to Find It Exchanges: Urging Enterprises to Rectify and Withdraw Immediately》http://finance.sina.com.cn/money/bank/dsfzf/2019-11-15/doc-iihnzhfy9502707.shtml
Deception Two: Confusing legal concepts, using court cases as legitimate evidence for RadarCoin. RadarCoin participants often share a story that someone was sentenced by the court for stealing RadarCoin. What I want to say is, the reason they were sentenced by the court is not because they stole RadarCoin, but because of their acts of stealing and destroying. Don’t say you steal RadarCoin, even if you steal a piece of clothing from someone else’s house, you will be sentenced. If you steal a computer or a bicycle from someone else’s house, even if you don’t steal anything, breaking into someone’s house and damaging their property will also result in a sentence. Therefore, the court sentenced them because they stole someone else’s property, but it does not mean that this property is legitimate or good. For example, if you steal money from a corrupt official’s house, stealing this act is a crime, and you should be sentenced. However, it does not mean that the money in the corrupt official’s house is legitimate. Because Online casino and How to find it can be bought with money, the court determines it as a virtual asset, just like stealing someone else’s QQ coins is illegal. If RadarCoin is replaced with other currencies such as Bitcoin, Litecoin, QQ coins, etc., the same logic applies. The country always打击 is people’s behavior, not things. Just like a knife is used to cut vegetables, if you use a knife to stab someone, the police will arrest you and the court will sentence you, but it has nothing to do with the knife, and the knife can still be used to cut vegetables. RadarCoin is bought with RMB, just like buying QQ coins on Tencent, it has a price and belongs to personal property, it is useful to this person, stealing someone else’s RadarCoin or QQ coins, damaging someone else’s interests, of course, violates laws and regulations. However, these have nothing to do with RadarCoin, the sentence is based on behavior rather than RadarCoin itself. Equating the crime of stealing RadarCoin with the legitimacy of RadarCoin is a confusion of concepts and logic. For example, there is another crime called Destroying Computer Information System. If I know your RadarCoin account and password, I log into your back-end through my computer and sell the RadarCoin inside, I will also be sentenced. The charge is Destroying Computer Information System, which has nothing to do with the stolen RadarCoin. The sentence is because of the act of stealing and destroying. Still using the previous example, if you buy a knife to cut vegetables at home, there is nothing wrong with that. If you take a knife to the street to stab someone, the court will sentence you for intentional injury or intentional homicide, but it has nothing to do with the knife. Robbing the property of a thief will result in a sentence, but it does not mean that the thief is innocent. Stealing a corrupt official’s property will also be subject to legal sanctions, but it does not mean that the corrupt official is innocent. The logic is as simple as that. Deception Three: RadarCoin cannot be listed on the major exchanges, so they set up their own exchanges, circulating in the domestic market, and maliciously manipulating prices. The servers are located in the United States and Singapore.RadarCoin participants often say that RadarCoin is not listed on the major trading platforms because other Online casinos lack this technology, and they even boast that Huobi, OK, Binance, and other major exchanges are all personal, not international major exchanges, while Radar Exchange can exchange with various national fiat currencies, which is the true international major exchange. The author only wants to reply with four words: nonsense! It is important to clarify two concepts: not being listed on the international major exchange and being unable to list on the international major exchange, as these are two different concepts! Because other exchanges do not have the RadarCoin database, they cannot list on the international major exchange. RadarCoin participants deny that Huobi, OK, Binance are international major exchanges, which is also what RadarCoin participants themselves said. The international major exchange is a definition recognized by the entire cryptocurrency market. When RadarCoin participants say that those exchanges are not international major exchanges, it is also a definition set by Radar Exchange themselves. RadarCoin not being listed on these exchanges or being unable to list on the international major exchange can only mean that the RadarCoin database can only be used within the Radar Exchange. Its database is not synchronized with other exchanges’ databases. This means that all the data of RadarCoin is stored within the Radar Exchange, and the Radar Exchange is also a private exchange. The only thing is that no one knows who the owner of the website is. Large exchanges all have names, founders, and capital amounts displayed, which are all publicly known in the industry, but the creator of the Radar Exchange has not been disclosed. Therefore, whether to list on the major exchange or not has very obvious and significant differences. Why do more than 99% of the lottery and How to find it in the world want to rush to list on major exchanges? It is actually because RadarCoin cannot get grapes and says grapes are sour. If RadarCoin were to list on other exchanges, the Radar Exchange would not be able to manipulate the price of RadarCoin to make a profit. As an exchange, the Radar Exchange can also make money by earning trading fees. If RadarCoin is traded on other platforms, what trading fees would the Radar Exchange earn? The Radar Exchange has absolute control over the price of RadarCoin. Because the Radar Exchange (also known as Radar System) is essentially a private (not publicly disclosing the owner’s identity) centralized Online casino and How to find it exchange. It has no fundamental difference from other exchanges on the market, whether they are major or minor exchanges. It can only be said that it is slightly more advanced in technology than some small exchanges, but it is still as different as heaven and earth from exchanges like Huobi, OK, and Binance. The so-called major exchange, international bank, and international Alipay claimed by the Radar Exchange are just their own one-sided wishes and self-perceived ideas, because there is no real data support and no third-party recognition. Scam four: under the name of blockchain decentralization, they carry out centralized issuance of tokens for financing and illegal fund-raising. When someone questions whether RadarCoin is a centralized lottery and How to find it, they always bring up the white paper and source code这套.}}Even things they themselves cannot understand are used to deceive new people into joining. If publishing the white paper and source code proves that it is a decentralized Online casino and How to find it, then there would not be so many pyramid schemes, air coins, and clone coins in the cryptocurrency circle. Most so-called Online casino and How to find it under the name of blockchain are open source and white papers are published, because even if they are open, how many people can understand them? Especially for those who participate in Radar Coin, they are mostly middle-aged and elderly people and newbies who have never entered the blockchain field. Generally, decentralized Online casino and How to find it are traded on the large market, and none of them are traded on the domestic market. This is the realization of decentralization in the circulation link. Speaking of this, the Radar Coin community should say that there is another reason why Radar Coin is not listed on the large market, that is, Radar Coin can earn interest only when it is stored in the Radar Exchange, which can be continuously received for more than a decade, but if Radar Coin is placed in other exchanges, there will be no interest. This point has fully demonstrated that Radar Coin is not a real blockchain technology; Radar Coin is just a centralized electronic currency or a virtual electronic currency with a point value issued by the Radar Exchange. It is not a real blockchain lottery and How to find it. Because the real cryptocurrency, such as Bitcoin, Litecoin, Ethereum, etc., are all decentralized lottery and How to find it, so any lottery and How to find it exchange can go online for trading. However, Radar Coin can only earn interest when stored in the Radar Exchange, and there will be no interest when it leaves the Radar Exchange, which just shows that the so-called interest of Radar Coin is given by the Radar Exchange. This shows that Radar Coin is a centralized electronic currency and not a decentralized cryptocurrency. Due to the existence of centralization, the Radar Exchange can manipulate the issuance and price of Radar Coin, and the Radar Exchange is essentially a tool designed to exploit Radar Coin players. Deception five: confusion of concepts, logic confusion, treating the Radar Exchange as a decentralized wallet. Regarding the so-called decentralized wallet of Radar Coin, this is a false concept. The Radar Coin community often talks about logging into the wallet, but in fact, the Radar wallet they log into is just an account on the Radar Exchange website. Most participants in Radar Coin are newbies, and they cannot distinguish between exchanges and wallets. The so-called Radar wallet mentioned by the participants in Radar Coin is actually the hot wallet of the Radar Exchange, which is also an online wallet, which needs to rely on the normal operation of the Radar Exchange website. If the website has problems, such as forging data or modifying data, then this hot wallet is not secure, and the coins in it are also not secure. The Radar wallet is actually just a login account registered on a private exchange. It is neither decentralized nor secure.Completely contrary to the decentralized idea of blockchain and does not conform to the security rules for the safe use of encrypted wallets. Of course, these common sense of the currency circle can only deceive newbies, otherwise why do the radar coins specifically target middle-aged and elderly people as well as newbies in the currency circle? The author found that more than 90% of those involved in radar coins are doing it for the first time in Online casino and How to find it, and they have no objective and correct understanding of Online casino and How to find it. This is precisely what is captured by the brainwashing methods of radar coins, which will be discussed in the following article. Scam six: A common private centralized Online casino and How to find it exchange is hyped up as the ‘World Bank’ and ‘International Alipay’. Regarding the radar exchange (they call it radar wallet), it is the so-called currency exchange function of various national fiat currencies that they often boast about, which is actually just their own claim. Other exchanges are for a single fiat currency, for example, if this exchange operates in this country, it will definitely open up fiat currency transactions in this country. If it does not operate in this country, why should it exchange the fiat currency of this country? The author does not believe that the business scope of the radar exchange is larger and wider than that of the world’s top three lottery and How to find it exchanges. All of this can be verified through data comparison. It is not that the participants of radar coins claim themselves to be the biggest, strongest, and most powerful, but that they should rely on facts and data. The so-called facts and data cannot rely solely on the radar exchange’s own claims, but should be recognized by everyone and the market. The actual situation is that most people do not even know about the existence of the radar exchange. But those who trade coins, those who play Online casino and How to find it, all know the top three exchanges, such as Huobi, OK, and Binance. Radar coins seem not to play with the overall market, but in fact, the overall market does not play with radar coins, not even some small exchanges. As for the participants of radar coins boasting about the radar exchange being the ‘World Bank’ and ‘International Alipay’, from the perspective of IP visit volume, the number of users logging in or visiting the radar exchange website every day is about 1000. A private website with a visit volume of less than a thousand dares to claim to be the ‘World Bank’ and ‘International Alipay’. Such boastful claims that can make people laugh off their teeth may only be thought of by the participants of radar coins.
The Radar Coin, or Radar System, is divided into two parts: one is the issuance system, and the other is the circulation system. The issuance system refers to the programs that design the Radar Coin with codes. The circulation system is about the Radar Exchange, which is also the centralized website mentioned above in this article. In fact, the Radar Exchange is a website with a central server, not a ‘wallet’. The issuance system of Radar Coin is unchangeable, for example, the issuance volume and issuance rules of Radar Coin cannot be changed. However, as the circulation system, the Radar Exchange is not open-source and cannot be open-source. It is just a centralized website with a central server. All the account names, passwords, bound mobile numbers, and real-name authentication information, including personal ID card photos, are stored in the central server of the Radar Exchange. The back-end of the Radar Exchange manages all the data, codes, buttons, and interfaces of the website, which can be modified, including price fluctuations. For example, originally, Radar Coin would show interest rates with several decimal places per day, but later the Radar Exchange changed it to require a transfer and transaction of 0.5 coins or more before it could be sold. This is because the Radar Exchange is a private centralized website with a central server. It claims to be a decentralized blockchain project, but it is actually a website with a central server, having absolute control over Radar Coin, which is a drawback of all centralized exchanges. If someone says that the Radar System is a decentralized exchange, it is purely not understanding blockchain, not understanding websites or technology, and simply talking nonsense, having been brainwashed and deceived without even knowing it. Large exchanges only open fiat currency exchange services in the countries where they conduct business, and if they do not conduct business here, they definitely will not add this fiat currency circulation channel. This is not difficult technically. However, if this logic is reversed, it is not valid. Does opening this feature and business mean that there are people playing Radar Coin in this country? The Radar System, or Radar Exchange, is a centralized website where all functions can be manually added or removed. Having this feature does not mean that there are users. Through IP technology, it can be found that all visitors to the Radar Exchange are from China. A project where only Chinese people are playing cannot be called an international market. Let them check the daily traffic and IP sources of exchanges like Huobi, OK, Binance, etc. A little-known private exchange with only about 1000 users logging in each day brazenly calls itself an international market, which has long been a joke in the cryptocurrency circle!
Scam seven: Is Radarcoin a truly decentralized Online casino and how to find it? Is it really using blockchain technology?]}
To determine whether a cryptocurrency truly utilizes blockchain technology, it is not only about whether it has published a white paper or disclosed the source code, but also about whether it reflects its decentralization. Because blockchain itself is a decentralized distributed database, and this database is the general ledger.
How to distinguish whether it is decentralized? It depends on whether it is composed of countless nodes. In the blockchain, nodes must meet four conditions:
Firstly, it has a certain amount of storage space, such as a computer, a smartphone, a website, an APP client, and so on.
Secondly, it can connect to the internet.
Thirdly, there must be a visual operation terminal, such as a smartphone or computer, etc.
Fourthly, each node has the same permissions and can synchronize the entire ledger’s data.
The difference between blockchain nodes and traditional internet nodes is that the permissions of blockchain nodes are all the same. Each node has all the data of the entire ledger. Moreover, any changes to a node’s information must be confirmed by other nodes before they can be recorded in the ledger and then broadcasted to the entire block network for everyone to record. Therefore, each node has the function of synchronizing the database.
Every website and every exchange can become a node. This is why cryptocurrencies like Bitcoin, Litecoin, Ethereum, EOS, and others can be traded on various exchanges. Because each exchange has a database ledger of these cryptocurrencies. Therefore, exchanges can also transfer Bitcoin, Litecoin, Ethereum, EOS, etc., back and forthsports betting victoryJoin us. This is what embodies the application of blockchain’s decentralized technology.
You transfer a coin from one exchange’s wallet address to another exchange’s wallet address, and it needs to be confirmed by the entire network before it can be credited, which is what we call decentralization. And if a cryptocurrency does not have such a terminal that can synchronize the entire blockchain network data, or it only exists on a single terminal website server and cannot connect with other terminals, cannot synchronize data, then it is not a decentralized lottery and How to find it. Since it does not need to synchronize the database with other terminals, and does not require confirmation from other node terminals, all the data is decided by this single terminal, then all the data above will be modified, concealed, forged, and manipulated by a certain node terminal. Scam eight: using the name of Online casino and How to find it to carry out pyramid selling. The current radar coin is the Vbao coin that was previously exposed by the media as a pyramid selling coin. Some people may be more familiar with Vbao (Vbao coin) because it is a type of counterfeit coin and pyramid selling coin that was previously exposed by the media. New and old friends interested can search for the relevant exposure by themselves on Baidu. After the exposure by the media, change the name and call it ‘radar coin’. In fact, it is still the same old thing in a new package, using pyramid selling methods to recruit people, while the radar exchange cuts off the grass for these people. The current radar coin is the Vbao coin that was previously exposed by the media as a pyramid selling coin. Those who are doing radar coin now all admit that the current radar coin is the previous Vpal (Vbao coin), but they do not admit that Vbao coin is a pyramid selling coin. Relevant media has exposed the Vbao fraud as early as 2014: Tencent Finance exposed ‘Online casino and How to find it Vbao pyramid selling fraud: 100,000 players’ dream of getting rich’: https://tech.qq.com/a/20140917/013827.htm First Economic Daily exposed: ‘Vbao coin surged 200% in one month, suspected of pyramid selling fraud’: https://www.yicai.com/news/4009048.html Phoenix Finance exposed ‘Counterfeit Online casino and How to find it Vbao: surged 200% in one month, suspected of pyramid selling fraud’: http://tech.ifeng.com/internet/detail_2014_08/19/38343395_0.shtml Online casino and How to find it professional media bitcoin86 also forwarded the report on the Vbao fraud: http://www.bitcoin86.com/news/5230.html Therefore, to summarize, the previous ‘Vbao’ of radar coin has already been infamous, and it changed its name to the current ‘radar coin’ to avoid legal打击. The server is located in the United States and Singapore.Scam nine: Closed training,传销式洗脑, Radar Coin enthusiasts always shout that next year will double or triple, but every year they are just cutting off the grass. The server website of Radar Exchange is set abroad, mainly through acquaintances introducing acquaintances to set up WeChat groups, using pyramid selling to brainwash and attract new members, and distort laws, regulations and national policies. The underground investigation was conducted by a Radar Coin member group called Radar Coin 178 Team. Every day in the group, a so-called Radar Coin expert named ‘Niuguo’ explained false concepts such as ‘blockchain’, ‘Online casino and How to find it’, etc., to package the illegal transactions and pyramid selling nature of Radar Coin. According to the introduction of the old members in the group, the so-called ‘Niuguo’ Radar Coin expert earns tens of thousands to hundreds of thousands of yuan in Radar Coin profits every day, luring the ignorant public to join with high profits, and even encouraging others to take out loans and sell properties to participate in Radar Coin investment. Every year, the ‘Niuguo guys’ claim that the price of Radar Coin will rise to 300 yuan or 500 yuan, and even surpass Bitcoin, etc., even boasting that it is better than the RMB. The ‘Niuguo guys’ have always adhered to the brainwashing idea that ‘Radar Coin is the most valuable’, first brainwashing themselves, and then brainwashing others. However, reality always slaps the face of the ‘Niuguo guys’, and the highest price of Radar Coin in the past five years has only been about 145 yuan, far from the promised 300 yuan or 500 yuan, and not even triple or quintuple as they said, more and more is cutting off the grass year by year, feeding the bloated desires of the ‘Niuguo guys’.
In summary, Radar Coin and the Radar Exchange that issues Radar Coin are a platform designed to evade the打击 of Chinese law by hosting the exchange website and servers overseas, distorting national laws and regulations, using closed-door training and brainwashing through high incentives, issuing tokens for illegal financing, and repeatedly preying on the domestic public through a pseudo-blockchain scam. Under the current high-pressure situation of the country’s law enforcement against online casinos and How to find them, this exchange still uses the ‘fiat currency trading’ that is explicitly prohibited by Chinese law, openly stepping over the legal red line to do evil. While we may not be able to change this chaos in the cryptocurrency circle and financial pyramid schemes, we believe that lies are always lies, scams are always scams, and it is only a matter of time before the truth is revealed and the scams are exposed. With the intensification of the country’s regulation and law enforcement against online casinos and How to find them, exchanges like the Radar Exchange, which claim to be based on blockchain and online casinos and How to find them, host their servers overseas and use ‘fiat currency trading’, as well as the疯狂的 ‘bulls’, will eventually have to pay for this years-long scam!
Source: Anti-Scam Hotline
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