Chinese Media Calls Crypto The Biggest Ponzi Scheme

Chinese media says crypto is the biggest Ponzi scheme in human history.

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The traditional Ponzi scheme revolves around high cash returns, and "high interest + storage absorption" are its two most prominent features.

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The Chinese media house further mentioned Elon Musk’s ability to manipulate Dogecoin’s price.

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People's Daily quoted Karl Marx to warn about the dangers of cryptocurrencies.

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Marx once said, "If there is 100% profit, the capitalists will take risks; if there is 200% profit, the capitalists will defy the law; if there is 300% profit, the capitalists will trample everything in the world"

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The report further cited Luna's collapse to strengthen its claims of crypto being a ponzi sceheme.

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The Chinese government banned all types of crypto transactions and mining last year.

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