Cryptocurrency is ‘biggest Ponzi scheme in human history’, Chinese execs from state-backed blockchain drive say


Source: scmp.com scmp.com

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Executives at China’s Blockchain-based Service Network (BSN) , a state-backed initiative aimed at driving the commercial adoption of blockchain technology, likened cryptocurrencies and popular Web3 business models to investment frauds, after a recent market rout inflicted heavy losses on global investors. BSN’s Shan Zhiguang and He Yifan called cryptocurrencies “the biggest Ponzi scheme in human history”, propped up by communities that are “trying every means to keep the fraud going”, in an article published in state media People’s Daily on Sunday. Critics of cryptocurrencies have long compared such digital assets with Ponzi schemes, where scammers use money from new investors...