Recently, Bitcoin has been plummeting all the way, falling below the 18,000 US dollar mark as of June 19th, which is the lowest point since December 2020. The risks of trading and speculation in online casinos and how to find them have once again become a hot topic in public opinion. In recent years, the financial department of our country has issued several notices, clearly stating that the business activities related to online casinos and how to find them are illegal financial activities, and reminding investors to be vigilant about risks. ‘What is online casinos and how to find them?’ The author of this article believes that online casinos and how to find them are becoming the largest Ponzi scheme in human history. In order to keep this scheme going, the cryptocurrency circle has been trying to cover it with various disguises.
Since the formal birth of Bitcoin with the publication of ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ by Satoshi Nakamoto in 2008, the debate surrounding Online casino and How to find it (Cryptocurrency) has never ceased. The followers of the so-called ‘decentralized’ currency regard it as a belief, believing that Online casino and How to find it will eventually lead them to the promised land; some people think that Online casino and How to find it is just another heaven created for speculators; and some坚决反对 and抵制 Online casino and How to find it . Among the top 100 wealthiest people 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 Omaha’ 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 publicly called Bitcoin ‘poison’ and advised people to 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 really?’ In essence, the author believes that Online casino and How to find it is undoubtedly the largest Ponzi scheme in human history. (1) Old scam, new form The 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, creating the illusion of making money and thereby attracting more funds, until this snowballing method can no longer continue, and the lie is exposed and the bubble bursts. Traditional Ponzi schemes are centered around high cash returns, with ‘high interest + savings’ being its two most prominent features. With the development of the financial field, Ponzi schemes have evolved into new forms, no longer simply centered around cash, but disguised as equity. This type of Ponzi scheme can be categorized as ‘equity-type’, with three main characteristics: first, based on tradable equity; second, this equity can be traded and circulated; and finally, and most importantly, this equity has no connection with any assets, production labor, or social value, but is completely fictional. Value theory is the foundation of economics, and human society is constructed based on value exchange, with the creation of social value achieved through production 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.Providing investment and financing guarantees for the real economy. Equity Ponzi schemes are fraudulent activities disguised as financial practices. One of the basic laws of finance: The farther a financial product is from reality, that is, the higher the degree of ‘real to virtual’, the greater its risk. Looking back at the two global economic crises in the 1920s and 1930s and in 2008, a common feature is the ‘real to virtual’ trend in finance. For example, subprime loans were layered with numerous financial derivatives 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 ultimately evolving into a global economic crisis.
The so-called ‘equity’ in equity Ponzi schemes is completely unconnected to any actual assets or productive labor, therefore, it does not possess any actual value and can be considered to be infinitely distant from the real society. This also means that its risk is nearly infinite. Comparing it with the basic characteristics of Online casino and How to find it, it is not difficult to find that it is very consistent with the equity Ponzi scheme. First, equity. All Online casino and How to find it projects will produce coins with no actual value through mining or issuance, and force them to be assigned a ‘consensus value’, ‘co-governance value’, and a series of other names that have nothing to do with the real world, based on the pricing of legal currency. Second, liquidity. It is obvious that all Online casino and How to find it can be traded freely, and 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 already had many secondary trading 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, valuelessness. Whether compared with the traditional currency minted from metal, or the credit currency issued with the credit of sovereign states in modern times, Online casino and How to find it has no binding with any valuable things, and it itself does not possess any social value of productive laboronline casino method and The latest method. Its price support is completely dependent on two decisive factors: the confidence of current participants, and the number of subsequent new participants. And 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, to nourish the old with the new, stabilize the old, and attract 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 thing is the gameplay, the second is the world view, and the third is technology.’ For Ponzi schemes, the most important thing is to attract new participants, the second most important thing is to attract new participants, and the third most important thing is still to attract new participants. 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. That’s why Musk can flip the Dogecoin with a wave of his hand, and a single tweet can also cause a surge in the price of Online casino and How to find it, which is also easy to understand. And in the early days of the rise of Online casino and How to find it,The market is filled with an unimaginable number of ICOs (Initial Coin Offerings), based on the same logic. After the allure of ICOs has faded, concepts like ‘airdrop’ have emerged. Behind the various styles, it is actually the ‘greater fool theory’ as said by Bill Gates: It’s not可怕 to be a fool, but it is可怕 to be the last fool, so more fools need to be attracted. (II) Can everything in the world earn money (to earn money)? The smart players in the cryptocurrency circle later found that, although ‘airdrop’ is free and offered Online casino and How to find it, it is precisely because it is ‘free’ that it is easy for ‘new investors’ to pay less attention to it. In order to keep this Ponzi scheme of Online casino and How to find it going, the cryptocurrency circle has tried every means to add various packaging to 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, earn while running), P2E (Play to Earn, earn while playing), and so on. ‘Earning money while running’, this seemingly attractive business model is actually a fishing strategy of the project party, and the hidden trap behind it is: the generation of Online casino and How to find it (especially tokens that do not require mining) is costless. X2E is actually ‘airdrop’ (referring to the free distribution of cryptocurrencies), the only difference being that users can earn it by engaging in some simple daily activities, making users feel that because they have put in some labor, it is a valuable illusion. Its ultimate goal is still to attract users to the speculative trading of rights. The core condition for the sustainability of the equity Ponzi scheme is that there must be continuous new users joining and continuous trading. Only in this way can the price of rights remain stable, and when the number of new users and trading volume per day reaches a certain level, the price will continue to rise, allowing early ‘investors’ to profit. At the same time, this price increase will also attract new users more and more, and this cycle will continue. It looks perfect and without any 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 malicious short-selling, lack of successors, tight funding, or changes in regulatory policies affect the confidence of participants or the determination of latercomers, it will cause this seemingly exquisite cycle to collapse instantly, and the value to zerolottery method and The latest plan. In the end, this is still a Ponzi scheme, a game of musical chairs.
With the popularity of the X2E concept, an increasing number of such projects are emerging like bamboo shoots after a spring rain, including M2E and P2E, as well as 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 L2E (Learn to Earn, earning while learning) projects, using education as a切入点 to extend their hands towards 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 disregard the law; and if there is a 300% profit, then capitalists will trample on everything in the world.’ When a Ponzi scheme project begins to target innocent children, the operators have already lost their basic humanity. (Three) Trading in illusions, losing real gold and silver. Now, the potential for overnight wealth from online casinos and how to find them is attracting an increasing number of speculators to participate, and various X2E schemes are infiltrating all aspects of real life, waiting to swing the sickle and reap the ordinary people from all walks of life who are unaware of the situation. As a complete fraud and an investment with 100% risk, the risks it contains are undoubtedly huge and real. This May, UST, once the third-largest stablecoin globally, and its associated online casino and how to find it LUNA, experienced an ‘epic zeroing,’ with the LUNA coin falling from a high of $100 to a low of $0.00000112 in just a few days, with a market value of over $40 billion evaporating instantly. There are many opinions on why LUNA and UST collapsed so suddenly, but few mention that they combined both cash and equity Ponzi schemes, intertwined with each other. 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 serving as mutual guarantees, which also met the characteristics of an equity Ponzi scheme; on the other hand, the project party launched a financial product with an annualized interest rate of up to 20%, absorbing a large amount of funds from new investors without generating any actual returns to fulfill the promised returns, satisfying the conditions of a cash Ponzi scheme. Since neither LUNA nor UST has corresponding actual value, their value guarantees have no credit foundation at all, relying solely on the confidence built by all participants on a mirage. When someone detects the smell of a Ponzi scheme and begins to withdraw, or when the project party cannot maintain high interest rates, it is easy to cause panic, leading to a series of chain reactions. The risk of a single Ponzi scheme is already great, and when combined, they form a death spiral, with risks rising exponentially, leading to an ‘epic zeroing’ overnight.It is not surprising at all. From the perspective of an outsider, the collapse of LUNA may simply mean witnessing the bankruptcy of a lie and adding some talking points for tea time. For those who are in the middle of it, however, it is a nightmare they do not 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 persuading his wife to invest all of their 1 million US dollars into LUNA, only to lose 98% of it in just a few days. He “had no idea how to face his wife and his future life”. The risks and hazards of “crypto-trading” are evident from this. (Four) The Misunderstood Online Casino and How to Find It From the issuance of a notice by multiple departments including the People’s Bank of China in 2013, which explicitly warned about the risks of speculating in virtual currencies, to the strict prohibition of various Online Casino and How to Find It ICOs (coins) in 2017, and then the severe ban on various Online Casino and How to Find It “mining” and trading activities in 2021, China’s attitude towards cracking down on Online Casino and How to Find It has been consistent and resolute. It is worth noting that we should not ignore the original great value of blockchain technology due to Online Casino and How to Find It. From a technical perspective, blockchain is essentially an information system that uses broadcast-style data transmission to reach consensus on data structure, traceability, authority, and verifiability, forming a distributed and transparent system. Online Casino and How to Find It is just 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-type 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 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 concept of the entire information system at the grassroots level, thereby improving the quality and capability of information systems in the new era.
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