Xinhua News Agency: Some people deserve to be vigilant in the name of blockchain

Article source: Xinhua News Agency

Reporter: Mao Zhenhua, Wang Yang, Pan Wei

From behind the scenes to the stage, behind the blockchain technology, another "feast" is undercurrent. Hype the digital currency "cutting the leek", issuing "valueless currency" worthless, and using the blockchain banner to spread the scams… By the name of the blockchain, the swindling scams have risen, and the experts pointed out that the supervision should also Keep up with the times.

Wear a "blockchain" coat to hype digital currency

"It’s really not open for half a year, and it’s open for half a year.” Recently, some of the speculative WeChat groups that have been quiet for half a year have been active again. The group has been talking about the market of digital currencies such as Bitcoin, and the performance of several eager attempts. The disappearance of the moon was very different.

Tianjin citizen Liu Peng began to contact and purchase bitcoin in 2014, and experienced many rounds of market speculation to attract retail investors to chase after “cutting the leek”. He said that buying digital currency is not so much an investment. More often than not, it is a game of speculative psychology and risk. "No matter how much you win or lose, you will end up with only a lot of chicken feathers. There are very few real money makers."

On October 25th, every bitcoin that was priced at $8,000 for a long time suddenly made a force, and by the end of the 26th, it broke through the $10,000 mark, with the highest increase of more than 30%.

As of 12 o'clock on November 18, the total market value of Bitcoin exceeded $154.5 billion, which is comparable to a well-known listed company. However, it is questionable that in addition to the speculation and speculation, the actual application has not been seen.

It is also the currency company and the currency circle from the media. Recently, some illegal currency agencies are overseas and use social software to promote tokens. "They claim that 'digital currency is a blockchain', which is actually a deliberate misinterpretation of blockchain technology," experts said.

In response to the fact that the People’s Bank of China has issued legal digital currency, the central bank specifically revoked its official website on November 13th. The People’s Bank of China has not issued legal digital currency and has not authorized any asset trading platform to conduct transactions. The People's Bank of China has been studying the legal digital currency since 2014 and is still in the process of research and testing.

Blockchain becomes a pyramid scheme "signboard"

The fierceness of the blockchain technology has also revived the misdeeds of the names of some blockchains and the fraudulent use of pyramid schemes.

Guo Yuhang, the head of the Chinese blockchain application research, told reporters that when he was investigating in a central province, the provincial financial department officials revealed that the local authorities had investigated more than 40 illegal fund-raising cases with blockchain flags, the most serious. The amount involved in the case is as high as more than 2 billion yuan.

Not long ago, a sports app called “development based on blockchain technology” was investigated by the relevant departments of Changsha City, Hunan Province. The software is referred to as the “Typical Pyramid Marketing Model” and is the result of traditional MLM methods combined with new concepts such as “blockchain” and “big health”.

Similar cases have been more common this year. Many cities such as Suzhou City and Yancheng City in Jiangsu Province have cracked down on fraud cases in the name of blockchain. The police in Hengyang City, Hunan Province, cracked a fraud case in May this year. The crime gang took the blockchain as the gimmick and issued the “air coin” with no value, and collected Ethereum worth nearly 350 million yuan.

In the case of exposed fake blockchain pyramid sales and fund-raising fraud, the characteristics of “pull the head” are very obvious. They often use the public's unfamiliar blockchain but have heard of the psychology of bitcoin's "making a myth", putting a "fashionable" coat on illegal behavior, promising low investment, high returns, and developing higher returns on the lower line. It is easy to be deceived.

Industry experts say that although “air coins” may actually use blockchain technology, the purpose of distribution is too grand, such as “human health” and “reconstruction of business models”, which is almost impossible to achieve. Once the investors enter the set, the funds accumulate to a considerable amount, the project issuer has a high probability of running, and the investors have no return.

At present, many listed companies intend to catch up with the blockchain fast train. According to statistics, more than 500 of the more than 3,000 A-share listed companies claim to be related to the blockchain, but only 40 of them actually disclose the specific blockchain business content. The phenomenon of “hot spots” is very prominent.

Penetrating the fog and recognizing the essence

“The equation cannot be drawn between the blockchain and Bitcoin, which is obviously not the same as the 'rich fortune'.” Many industry insiders stressed to reporters that blockchain is a low-level technology that relies on this technology to give birth to bits. A currency such as a currency, but it cannot be confused.

Finding the truth requires a lot of fog. In addition to increasing the popularity of blockchain knowledge, let the public understand and recognize the pyramid schemes cloaked in the “blockchain” coat, and more importantly, the regulation must also keep pace with the times.

Although the regulation of digital currency speculation, spam, and pyramid schemes has never been relaxed in recent years, due to the complexity of the blockchain concept and the fact that it is still in a blank state, the traditional regulatory approach is currently not difficult.

Experts pointed out that it is necessary to strengthen the application of regulatory technology. Most MLM projects under the name of blockchain will frequently spread and leave marks on the Internet. With the existing financial technology supervision means, it is possible to find and investigate in time.

Of course, some government departments are also not advisable to "talk about the blockchain color change." Ma Tianyuan, a senior researcher at the Research Institute of the Fire Coin Group, believes that the blockchain is widely integrated with the real economy and plays an active role in various fields such as the Internet of Things, intelligent manufacturing, and user credit. Only by making good use of it can we really realize our potential.

Financial analyst Xiao Lei reminded that when the business model of blockchain application is not yet mature, it is necessary to prevent the development of blockchain technology and support it to become a new capital “black hole” and eliminate blind and follow-up investment.