Posted on 10/24/2020 9:01:56 AM PDT by SeekAndFind
A Chinese cryptocurrency trading platform recently collapsed, prompting speculation that the site was running a scam.
On Oct. 15, the platform, Aishang, saw the cryptocurrency traded on its site named Tether plummet from 0.268U (USDT, equivalent to $0.28) to 0.05U within 3 minutes of opening.
Aishang is one of three Chinese crypto exchanges that crashed around the same time, according to local media.
An investor named Liu Qing (alias) told the Chinese-language edition of The Epoch Times that Aishang was a Ponzi scheme. He said that if this was a normal trading site, the low costs to enter the new market would cause a rise, and if there was a fall, it would be a gradual one.
“It’s not like this, where it can directly drop 99.99 percent. This can only be a result of technical intervention, and has nothing to do with the market,” Liu said. “So, 99 percent of people who entered the trading platform did not make any money.”
According to Liu, Aishang claimed that there would be a 4 percent increase in value, which initially attracted Liu to the platform.
“It automatically rises on the platform. Think about it, if you invest a hundred yuan, it will earn four yuan a day,” Liu said. “At the 4 percent rate, your investment will double in 25 days. One million will become two million. So everyone wants to invest in it.”
However, Liu was skeptical of Aishang from the beginning, so he invested very little money.
“Because I do investments, I know that there are more people who disappear with investors’ money in this business. I’ve seen quite a lot, so I just invested a few thousand dollars to give it a try.”
(Excerpt) Read more at theepochtimes.com ...
The old Calgon “ancient Chinese secret” laundry commercial, from years ago.
I wonder if that commercial would be allowed today. Probably not. Too politically incorrect for the social justice warriors.
Need to adjust my glasses. Thought it said PELOSI scheme.
Might be a good time to get in. Buy low, sell high! /s
RAFF OUT ROUD
No one saw that coming. (giggle)
l8r
Stick to Bitcoin and Etherum... I’ve made 50K in past three years mining. I may sell my rigs and just ride small stakes up and then move into BC/ETH.
If the “coin” does not have a specific purpose or if it hasn’t got a huge base, it’s a penny stock. Bitcoin, etherium, and ripple are the only ones I still hold.
Countries are going to try to introduce their own controllable crypto’s. They will all fail because they will just be digital versions of fiat: issued and regulated by central banks who want to control the supply. They reason for an independent currency is that it is fixed in amount; value is determined peer to peer; and it can be used to verify digital contracts. The other primary reason for crypto’s is the ability to move across borders without huge fees, quickly, and without anyone knowing about it.
The best time to get into those was 10 years ago. The second best time is today. A little bit can turn into a big amount in short order. Just don’t be stupid about it.
The entire Chinese economy is a giant Ponzi scheme.
More Chink crap products, hurting themselves! Love IT!
You know, we are due for an economic and cultural shock and I’m betting it will somehow come from china.
RE: You know, we are due for an economic and cultural shock and I’m betting it will somehow come from china.
We ARE already in a health and economic shock as a result of what came from China. The next one will be military because some of our leaders have sold out to China ( one of them wants to be the next President ).
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