Chen Sijin: Bitcoin is the past tense, virtual currency is the future tense (2)

With the rapid development of the Internet, virtual currency is becoming more and more popular in the European and American financial circles; however, Bitcoin, as an electronic digital currency, is considered to be a thing of the past.

Bitcoin was once sought after by some people due to its "advantages" such as anonymity and complete decentralization, and its price almost soared from zero to $1,100! However, due to the uncertainty of Bitcoin trading platforms, large fluctuations in delivery, and the possibility of illegal use, scandals continue to suppress it by governments. As governments around the world continue to strengthen their supervision, bookmakers continue to take profits, and its price has fallen from a high of $1,100 to about $265 at present, a drop of more than 75%. Last year alone, Bitcoin plummeted 60% to become the worst "investment product", and its trend was even worse than the drop in oil prices , causing huge losses to the wealth of Bitcoin fans!

I proposed a long time ago that Bitcoin (such as those platforms) after entering the financial market is a well-packaged and very typical financial scam, and the facts have been repeatedly shown.

American writer Jeffrey Robinson spent two years researching this and put forward a similar view. He believes that unlike bankers who committed felonies, the scam was not designed maliciously based on Bitcoin's technology and currency form. However, when everything has happened, it has become a scam to deceive innocent millions of Bitcoin followers. Moreover, Bitcoin will eventually become worthless.

In fact, there are two types of "Bitcoin" on the market.

One is the fantastic blockchain-technology bitcoin, which is the future form of money, that is, virtual currency. Currently, related companies in the world (including Silicon Valley) have invested hundreds of millions of dollars on it to build a business model for frictionless mobile assets.

What is virtual currency? The European Banking Authority defined it in 2014 as: "A currency that is neither issued by a central bank or public institution nor necessarily linked to a legal tender, but is accepted as a means of payment by natural or legal persons and can be transferred, stored or traded electronically."

Bitcoin is neither a real currency nor a real commodity, but it is disguised as a currency and a commodity. When 50% of the 13 million circulating coins are owned by 950 people, it can be concluded that this is a completely shallow, non-circulating closed market, and you will know how narrow the transactions you are involved in are and how they are manipulated.

The price of Bitcoin has been artificially hyped up. 2014 can be called the crazy year of Bitcoin. In January, Bitcoin exceeded $900 and nearly fell below $300 at the end of the year. During this period, it did not fall all the way down like a cliff, but fell in an ups and downs of two steps forward and three steps back. This kind of boiling frog-like decline is hidden. The dealer uses various so-called good news to constantly deceive the successors. It has gone up and down countless times, swallowing up the wealth of many people!

Obviously, Bitcoin, after entering the financial market, is not an investment product, but a slot machine, or more accurately, a roulette wheel. The platform is essentially a casino. Most investments are sent to the dealer. It is a typical financial scam! Since people are willing to spend money to buy it, they have the right to know the truth.

Of course, most Bitcoin supporters believe that Bitcoin is the signal of the beginning of the legal tender era, which is also the perfect packaging for financial scams. But have you ever thought that Bitcoin has not yet been accepted as legal tender by any country on this planet? The students (successors) of Ludwig Mises and Friedrich Hayek, the world's most prominent Austrian economists, have clearly stated that Bitcoin is not a currency!

However, Bitcoin is scary after entering the financial market, but it is also a novel technology in itself, but people think that the two cannot be separated. However, in fact, they can.

Currently, many companies are trying to use block chain technology to create smart currencies. With the rapid development of technology, they will use Bitcoin technology as a stepping stone to rapidly develop virtual currencies, but the virtual currencies developed will not be Bitcoin.

Many of them will use the money to go on vacation or buy a new computer, but not to buy Bitcoin. There is no evidence that those who have spent all their money will reinvest it in buying Bitcoin. Gradually, the number of Bitcoins will shrink because no one is really using it. The big players will leave, the small players will enter, one, two, and eventually, sadly, more and more Bitcoins will disappear.

In short, virtual currency is the future, and Bitcoin is the past...