The world's largest Ponzi scheme targets emerging economies. Are Bitcoin investors in India and Vietnam being defrauded?

Bitcoin has appreciated tens of millions of times in just eight years, from 1,300 coins for 1 USD in 2009 to a peak of nearly 20,000 USD last year. It is hard to find an investment product that has skyrocketed like virtual currency in the history of world economy. If you held a few Bitcoins a few years ago and chose to sell them before Christmas last year, then congratulations, you have become a billionaire.

However, most people tend to miss out on investment products that seem to be able to easily change the fate of their assets. An interesting phenomenon is that it was when Bitcoin skyrocketed to a certain level last year that it attracted widespread attention from investors around the world. However, investors who enter the market during this period may become the green leeks that can be harvested by big dealers at any time. At the same time, they are more likely to become victims of the world's largest Ponzi scheme.

Image credit: BITCREARCSHI

There is an academic view that Bitcoin does not meet the characteristics of a Ponzi scheme because it is different from those MLM products. In fact, this only identifies the narrow computing power characteristics of Bitcoin, but from the perspective of Bitcoin's mysteries, Bitcoin is undoubtedly a Ponzi scheme. Why?

First of all, the inventor of Bitcoin, the so-called "Satoshi Nakamoto", has not revealed his true identity so far. Various versions of "Satoshi Nakamoto" have been proposed. Although it has a name similar to that of an East Asian, many analysts believe that the inventor of Bitcoin is American. Based on the time point when Bitcoin was born in 2009, BWC Chinese website has analyzed that Bitcoin was once said to be a new tool similar to the US dollar invented after the last round of QE in the United States, with the purpose of making it play the role of shearing the world economy through continuous hype.

Secondly, the inventor gave the way to obtain Bitcoin an intriguing name - mining. Although this has almost nothing to do with the real mining industry, it will make those crazy believer-like investors feel like they are in a treasure. Coupled with the decentralized blockchain concept that it has always advocated, investors who pay more attention to personal privacy will suddenly become fascinated by Bitcoin.

Therefore, from the perspective of the mysterious inventor and the way to obtain it, Bitcoin has a marketing planning capability that is higher than that of the world's top public relations companies, and the limited concept originally designed by the inventor has sublimated the marketing planning to the extreme. However, for non-technical Bitcoin investors, they may still not have a thorough understanding of what Bitcoin is, or simply regard it as a "currency" that they can accept subjectively.

However, all these virtual currencies, once hit by the real sovereign currency, may just be a blank check in the virtual world. At the same time, this "blank check" may also be quietly aimed at some rapidly developing emerging economies, because the investors here seem to be particularly irrational about making money. For example, India and Vietnam are staging Ponzi schemes because of this.

BWC Chinese website mentioned earlier that according to Cointelegraph, Amit Bhardwaj, the director and planner of an Indian Bitcoin mining company, was recently arrested for planning a multi-level marketing scam of up to $300 million and attracting 8,000 people. The police said Amit never gave a return and fled the country. It is worth noting that after Indian Bitcoin investors were defrauded, similar ICO scams soon appeared in Vietnam.

Vietnamese media Tuoi Tre New recently reported that two initial token issuance product project parties controlled by Modern Tech in Ho Chi Minh City, Vietnam, were found to be scams, suspected of ICO fraud against 32,000 people, involving a total amount of up to US$660 million, and investors have lost all their money. The manager of the building where the company is located said: "Modern Tech left and cleared the rent about a month ago, and now no one knows where they are." It is understood that the two initial token issuance projects are Ifan and Pincoin, which are suspected of a multi-level marketing Ponzi scheme. (End)