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　　Recently, Bitcoin has been on a downward spiral, falling below the $18,000 mark on June 19th, the lowest point since December 2020. The risks of trading and speculation in Online casino and How to find it have once again become the focus of public opinion. In recent years, the price of Online casino and How to find it has fluctuated wildly, and China’s financial departments have issued multiple statements, clearly stating that related business activities of Online casino and How to find it are illegal financial activities, and reminding investors to be vigilant of risks.

　　The author of this article believes that Online casino and How to find it is becoming the largest Ponzi scheme in human history, and in order to keep this scam going, the cryptocurrency circle has been trying to clothe it in various disguises.betting online website lottery online and The latest plan

　　Since Satoshi Nakamoto released ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ in 2008, leading to the official birth of Bitcoin, there has been no moment of rest in the debate surrounding Online casino and How to find it (Cryptocurrency). The followers of the so-called ‘decentralized’ currency regard it as a belief, thinking that Online casino and How to find it will eventually lead them to the land of their dreams; some people believe that Online casino and How to find it is just another paradise created for speculators; and some people坚决反对 and抵制 Online casino and How to find it.

　　Among the top 100 billionaires in the world, at least 90 have publicly expressed a negative attitude towards Online casino and How to find it, including Microsoft founder Bill Gates and ‘Oracle of Wall Street’ Warren Buffett. Warren Buffett believes that the only thing that can be determined about Online casino and How to find it is that ‘it will not produce any value’, and he openly called ‘bitcoin is rat poison, and one must stay away from it’. His long-time partner Charlie Munger even went so far as to say that investing in bitcoin is an ‘evil and foolish’ thing.

　　What is ‘Online casino and How to find it’ in essence? In the author’s opinion, Online casino and How to find it is undoubtedly the largest Ponzi scheme in human history.

　　Old tricks, new forms

　　So-called ‘Ponzi scheme’ is simply to attract funds by promising high returns, and then use the funds of new investors to pay the interest of previous investors, in order to create the illusion of making money, and then to defraud more funds, until this snowballing method can no longer continue, and then the lie is exposed and the bubble bursts.

　　The traditional Ponzi scheme revolves around high cash returns, with ‘high interest + attracting savings’ being its two most prominent characteristics. With the development of the financial field, the Ponzi scheme has evolved into new forms, no longer simply revolving around cash, but disguised in the form of equity. This type of Ponzi scheme can be classified as ‘equity Ponzi’, with three main characteristics: first, based on equity that can be priced; second, this equity can be traded and circulated; last but most importantly, this equity has no connection with any assets, productive labor, or social value, but is completely fictional.

　　Value theory is the foundation of economics. Relying on value exchange, humans have built the socio-economic system, and the creation of social value must be realized through productive labor and the circulation of products. The basic purpose of finance is to estimate the present value of the social value that can be generated in the future based on the existing combination of production relations and production factors, and to realize the transfer of value through transactions, as well as to provide investment and financing guarantees for the real economy.

　　The equity Ponzi scheme is a fraudulent act disguised as finance. One of the basic laws of finance: the more distant a financial product is from reality, that is, the higher the degree of ‘de-realization to virtualization’, the greater its risk. Looking back at the two global economic crises in the 1920s and 1930s and 2008, a common feature is the ‘de-realization to virtualization’ of finance. For example, subprime loans are designed with countless financial derivatives layer by layer on top of mortgage loans for houses, leading to their eventual deviation from the true value of the corresponding property, triggering the subprime crisis, and eventually evolving into a global economic crisis.

　　The so-called ‘equity’ of the equity Ponzi scheme is completely unrelated to any actual assets and productive labor, so it does not have any actual value. It can be considered that its distance from the real society is infinite, which means that its risk is close to infinite.

　　Comparing the basic characteristics of Online casino and How to find it, it is not difficult to find that they are very similar to the so-called ‘equity Ponzi scheme’.

　　First, ownershiponline website sports and Just click to enter. All Online casino and How to find it projects will produce coins with no real value through mining or issuance, and force them to be given an ownership based on the pricing of legal currency by冠以 ‘consensus value’, ‘co-governance value’ and a series of other names that are completely unrelated to the real world.

　　Second, liquidity. It is obvious that all Online casino and How to find it can be traded freely, it is unimaginable that the so-called ‘crypto circle’ would tolerate the existence of Online casino and How to find it that cannot be traded. After many years of development, Online casino and How to find it has many secondary markets, but many times these trading markets are not as open, transparent, and fair as people initially imagined, but are filled with insider trading, covert operations, and security vulnerabilities.

　　Third, the lack of value. Whether compared with the traditional currency cast by metal, or the credit currency issued by sovereign states in modern times, Online casino and How to find it does not bind with any valuable things, nor does it have any social value of production and labor. Its price support is completely dependent on two decisive factors: the confidence of current participants, and the number of subsequent new participants.

　　This is completely consistent with the basic operation mode of Ponzi schemes – all Ponzi schemes must have a continuous flow of new investors joining in, nurturing the old with the new, stabilizing the old and attracting the new, in order to maintain the entire scam. Borrowing a widely spread saying in the gaming industry, ‘From the perspective of the development of the gaming industry, the most important is the gameplay, the second is the world view, and the third is technology.’ For Ponzi schemes, the most important is attracting new investors, the second is attracting new investors, and the third is still attracting new investors. This is why the operation of all Online casino and How to find it projects is completely based on marketing, and the technical investment can be ignored.

　　So Musk can turn the Dogecoin into clouds and rain at will, and even a single tweet can stir up a storm of three feet high in the price of Online casino and How to find it. It is also easy to understand. In the early days of the rise of Online casino and How to find it, the market was filled with countless ICOs (Initial Coin Offerings), which were also based on the same logic. After the attraction of ICOs gradually faded, concepts such as ‘airdrops’ followed. Behind the diverse patterns, it is actually the ‘fool theory’ as said by Bill Gates: It is not可怕 to be a fool, but it is terrifying to be the last fool, so more fools need to be attracted.

　　Can everything in the world earn money (to earn)?

　　Smart operators in the cryptocurrency circle later found that, although ‘free airdrops’ are free, it is precisely because they are ‘free’ that ‘new investors’ do not pay much attention to them. In order to maintain this Ponzi scheme, the cryptocurrency circle has come up with various packaging methods for it, and the recently popular ‘X2E’ model is the latest piece of new clothes for the emperor.

　　X2E refers to a series of Online casino and How to find it projects named after X to Earn, including M2E (Move to Earn, earning while running), P2E (Play to Earn, earning while playing), and so on.

　　’Running while earning money’, this seemingly attractive business model is actually a fishing strategy of the project party. The hidden trap behind it is: the emergence of Online casino and How to find it (especially tokens that do not require mining) is costless. X2E is actually a ‘free airdrop’ (referring to the provision of free cryptocurrency), the only difference being that users can earn it by engaging in some simple daily activities, thus creating the illusion that it is valuable because they have put in some labor. Its ultimate goal is still to attract users to the speculative trading of equity.

　　The core condition for the sustainability of equity Ponzi schemes is that there must be continuous new users joining and continuous transactions. Only in this way can the price of equity remain stable, and when the number of new users and transaction volume reach a certain level every day, the price will continue to rise, allowing early ‘investors’ to profit. At the same time, the rising price will attract new users more and more, and this cycle will continue, appearing to have no flaws, and everything seems fine.

　　However, this state is actually built on an extremely fragile balance. Everyone must believe that this cycle can continue to operate. Once there are reasons such as malicious short selling, lack of successors, tight funding, or changes in regulatory policies that affect the confidence of participants or the determination of latercomers, it will cause this seemingly exquisite cycle to collapse instantly, with value returning to zero. In the end, this is still a Ponzi scheme, a game of musical chairs.

　　With the popularity of the X2E concept, more and more such projects are emerging like bamboo shoots after a spring rain, including not only M2E and P2E, but also R2E (Read to Earn, earning while reading), W2E (Write to Earn, earning while writing), E2E (Eat to Earn, earning while eating), and so on. Even more so, some have launched the L2E (Learn to Earn, earning while learning) project, using education as a切入点 to extend their hands to minors who do not yet have the ability to make economic judgments.

　　Marx once said, ‘If there is a 100% profit, capitalists will take risks; if there is a 200% profit, capitalists will disdain the law; if there is a 300% profit, then capitalists will trample on everything in the world.’ When a Ponzi scheme project starts to target innocent children in its recruitment activities, the operators have already lost their basic humanity.

　　Trading in mirages, losing real gold and silver

　　Now, the potential for overnight wealth is attracting an increasing number of speculators to participate, and it also infiltrates every aspect of real life under various names of X2E, waiting to reap the innocent ordinary people from all walks of life. As a complete fraud and a 100% risky speculative item, the risks it contains are undoubtedly huge and real.

　　In May of this year, UST, once the third largest stablecoin in the world, and its associated LUNA, experienced an ‘epic-level zeroing’, with the value of LUNA falling from a high of 100 US dollars to a low of 0.00000112 US dollars in just a few days, and the market value of over 40 billion US dollars evaporated instantly.
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　　There are many opinions on why LUNA and UST collapsed instantly, but few people mention that they combine the cash and equity types of Ponzi schemes, which are interrelated and intertwined. On one hand, unlike other stablecoins, UST did not anchor its 1:1 exchange rate with the US dollar by depositing an equivalent amount of US dollars, but by forming a price balance with LUNA through supply and demand and mutual guarantee, which also meets the characteristics of the equity-type Ponzi scheme; on the other hand, the project party launched a wealth management project with an annualized interest rate of up to 20%, attracting a large amount of funds from new investors, but did not produce any actual returns to realize the promised returns, thus satisfying the conditions of the cash-type Ponzi scheme.

　　As neither LUNA nor UST have corresponding actual value, the value guarantee of both has no credit foundation at all, relying solely on the confidence of all participants built on a castle in the air. When someone smells the taste of a Ponzi scheme and begins to withdraw, or when the project party cannot maintain high interest rates, it is easy to cause panic, followed by a series of chain reactions. The risk of a single Ponzi scheme is already great, and when combined with the two types, it forms a death spiral, with the risk increasing exponentially, and an ‘epic-level zeroing’ overnight is no surprise.

　　From the perspective of an outsider, the collapse of LUNA may just mean witnessing the bankruptcy of a lie and adding some talking points for leisure time. For those who are in the middle of it, however, it is a nightmare they don’t know how to face. A screenshot of a tweet spread on social media at that time showed the tragedy of a participant: he spent a year and a half trying to persuade his wife to invest all of their $1 million property into LUNA, only to lose 98% of it in a few days. He “had no idea how to face his wife and his future life”.

　　The risks and hazards of “bitcoin trading” are evident from this.

　　Online casino and How to find it that has been misused, and the misunderstood blockchain

　　From the issuance of a notice by the People’s Bank of China and other departments in 2013 to clearly warn of the risks of speculating in virtual currencies, to the strict prohibition of all types of Online casino and How to find it ICO (issuing coins) in 2017, and to the severe prohibition of all types of Online casino and How to find it “mining” and trading activities in 2021, China’s attitude towards combating Online casino and How to find it has been consistent and resolute.

　　It is worth pointing out that the original great value of blockchain technology should not be ignored because of Online casino and How to find it.

　　From a technical perspective, blockchain is essentially a type of information system that uses broadcast data transmission methods to reach consensus on data structure, traceability, authority, and verifiability, forming a distributed and transparent system. Online casino and How to find it is only a simple application based on blockchain.

　　Including the recently popular NFT, which, in essence, is a database technology based on blockchain. Whether it is blockchain technology or NFT database technology, as a pure technology, it does not have specific business attributes. As long as proper industrial guidance is provided and clear laws and regulations are formulated, they will play a huge role in various application fields such as the digital economy, digital culture, data rights, privacy protection, and computing power networks in the future. And the “Public IT Systems” with blockchain as the primary form will revolutionize the design thinking of the entire information system from the bottom, thus improving the quality and capability of information systems in the new era.

　　(Source: People’s Daily)

　　Submission: Supervision Department II Editor: Yang Yuli, Huang Mengzi▼Previous Highlights▼

　　”A Century of Glory on the Red Land, Grateful and Progressive, Writing a New Chapter” The Jiangxi Provincial Series Press Conference Celebrating the Centennial of the Founding of the Communist Party of China on Financial Services and Development was held in Nanchang

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