Communists reckon Bill Gates and Warren Buffet got it right
Executives at China’s Blockchain-based Service Network a state-backed initiative aimed at driving the commercial adoption of blockchain technology – labelled cryptocurrency « the biggest Ponzi scheme in human history » in state-sponsored media on Sunday.
« The author of this article believes that virtual currency is becoming the largest Ponzi scheme in human history, and in order to maintain this scam, the currency circle has tried to put on various cloaks for it », wrote Shan Zhiguang and He Yifan in the People’s Daily. He Yifan is the CEO of startup Red Date Technology – a founding member and architect behind BSN – where he serves as executive director. Co-author Zhiguang Shan is chair of the BSN Development Alliance. Launched in 2020, BSN provides a Beijing-backed infrastructure for blockchain developers in the Middle Kingdom – sans cryptocurrency, as it is illegal in the country. The framework is intended to be interoperable globally, but has separate international and domestic versions to comply with rules in China. He and Zhiguang reasoned that cryptocurrency is a Ponzi scheme because it requires a continuous stream of new investors in order to remain stable, with early investors profiting the most.
