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A. Why can’t Apple’s Snowball mobile app be searched or downloaded?

This problem should be that the Apple mobile phone manufacturer has restricted some functions and is maintaining them. Privileges

B. Is Snowball Blockchain Mining Reliable?

Snowball Blockchain Mining is still reliable and efficient and worth using.

C. What are the blockchain application apps?

There is a pretty easy-to-use app that pushes real-time blockchain information called OKZ

D. You can use it Which blockchain app is easier to use? Can you recommend a reliable one?

You can download the "Biting" APP, a software for live answering questions. They will share 12 questions every day, and the questions in it are all It is knowledge related to blockchain. A must for beginners! I’m also studying, so let’s work together~

E. What are some practical blockchain apps?

Lianxin, which basically contains blockchain-related content Yes, it’s quite convenient to read the news and so on.

F. What is a Ponzi scheme

Overview

"Ponzi scheme" is a name for investment fraud in the financial field[1 ], also known as "tear down the east wall to pay for the west wall" or "empty wolf" in China, that is, using the money of new investors to pay interest and short-term returns to old investors in order to create the illusion of money and thereby defraud more investments. behavior[2].

Origin

Pay interest and short-term returns to old investors to create the illusion of making money and then defraud more investments. Behavior. The "Ponzi scheme" originated from an Italian speculator named Charles Ponzi. In 1919, just after the First World War, Ponzi took advantage of the chaos in the world economic system to promote his investment plan to the American public. . He invested in a company that was actually fictitious, promising that investors would receive a 40% profit return within three months, and then paid the new investors' money as quick profits to the original investors to lure more people. Be fooled. Thanks to generous returns from early investors, Ponzi successfully attracted 30,000 investors within seven months. This conspiracy lasted for a year before the people who were dazzled by the benefits came to their senses [3] .

Manifestation

The U.S. Securities and Exchange Commission (SEC) believes that a Ponzi scheme is an investment scam in which existing investors are paid out of funds provided by new investors. A scam with expected returns.

Ponzi scheme organizers usually attract new investors by promising to invest the funds in projects with high returns and low risk. Since the scam itself has little or no real income, Ponzi schemes require a steady stream ofinvestment can be maintained. Therefore, Ponzi schemes cannot avoid collapse.

Ponzi schemes are also called illegal fund-raising scams in China. For example, the China Banking Regulatory Commission has named three types of illegal fund-raising scams: virtual currency, consumer rebates, and private equity investment. With the development of Internet financial technology, Ponzi schemes will take new forms, such as using P2P, virtual currency and other models to conduct fraud. But the essence is still a scam to absorb the funds of new investors and return the original investors [4].

In order to continuously attract investors, Ponzi schemes generally have the following forms:

High interest rates and low risks are the most obvious characteristics of Ponzi schemes. The manifestation carriers are mainly fixed-term financial products with indefinite term. Regular financial management products mean that investors hand over funds to institutions for operation, and the risks to be borne in the process of operating funds are borne by the institutions. Therefore, the return rate of regular financial management products is relatively low, and they are capital-guaranteed financial products. However, financial products in Ponzi schemes often attract the attention of investors by offering returns that are much higher than market interest rates. The returns on their products are extremely high, sometimes exceeding 4 times the interest rate of the national bank, but the risks appear to be extremely low. For example, an investment platform requires investors to obtain an annualized rate of return of 40% to 60% as long as they complete advertising tasks. This is simply a fatal temptation for investors. In the beginning, the bank where Ponzi worked in the United States used interest rates that were much higher than the market level to absorb customer deposits. Due to the existence of continuous investors, some Ponzi schemes were not only able to run for several years, but also had high "reputability". good. The snowballing prosperity obscured the rationality of investors and contributed to the power of Ponzi schemes. .

Stable rate of return

Stable rate of return is another important reason why Ponzi schemes attract investors. The rate of return in the financial market is inherently unstable, but the rate of return of Ponzi scheme products is almost unaffected by market fluctuations. As long as investors invest, they can sit firmly on the Diaoyutai and earn interest steadily. This is for those who have no time or ability. Or for lazy investors, it is simply the best way to invest. In the case of the largest Ponzi scheme in the United States, Madoff's hedge fund had extremely stable returns during the two decades of operation, and was completely unaffected by the financial crisis, clearly deviating from the laws of the market.

Hidden investment tips

In order to attract investors to invest, Ponzi schemes generally have to fabricate a seamless "story" and describe a money-making project with great investment value, and then It exudes a sense of mystery and flaunts one's professionalism. For example, an investment platform claims to be the first Internet financial service platform in China that enables free redemption of investors’ funds by introducing a factoring mechanism. Most of the victims of Ponzi schemes are ordinary people who have no relevant financial knowledge. They cannot understand the professional terms thrown out in Ponzi schemes, and they fall into the trap simply due to the influence of interests. Ultimately, a Ponzi scheme takes advantage of ordinary investorsA game set up by people who don’t care about how to make money, only care about how much money they make.

Investors have a pyramid topology

Typically, Ponzi schemes create a pyramid topology for investors. The initiator stands at the top, and then takes the money from 1+1 layer investors to give back to the first layer investors. Therefore, the Ponzi scheme eventually developed into a pyramid scheme, that is, by recruiting people to join, collecting commissions and drawing profits, and building a pyramid structure of investment and money-making methods. Under this mechanism, even if some investors understand that this is a scam, they still join in with a lucky mentality, hoping that they will escape at the right time as upper-level investors. In fact, this way of making money through investment has become a typical pyramid scheme.

Nature

1. Using low risk and high return as bait. Under normal circumstances, risk and reward are directly proportional, but the "Ponzi scheme" does the opposite. Scammers often lure uninformed investors with returns that are much higher than the market average, but never emphasize the risk factors of investment.

2. Demolish the east wall and free up funds to repair the west wall. Since they are unable to realize the promised investment returns, they can only rely on the addition of new customers or other financing arrangements to realize the investment returns of old customers, which places quite high demands on the capital flow of the "Ponzi scheme". Therefore, scammers always try to expand the scope of customers and the scale of funds they absorb, so as to obtain enough room for funds to be transferred and replenished.

3. Investment know-how is kept secret. Due to the lack of real investment and production support, scammers have no "way to make money" that can be carefully considered. Therefore, they try their best to exaggerate the mystery of investment and shape their own "Genius" or "expert" image to avoid being questioned by the outside world.

4. The pyramid characteristics of investor structure. In order to pay the high returns for investors who joined first, the "Ponzi scheme" must continue to develop and attract more and more investors to participate through inducement, persuasion, family affection, personal connections, etc., thus forming a "pyramid" type of investment. The few insiders at the top of the tower profit from the exploitation of the large number of participants at the bottom and in the tower.

Causes

The Ponzi scheme has been around for hundreds of years. Although it has been constantly exposed and attacked, it still exists today. The root cause is Seize certain weaknesses in human nature, and then use new technologies to package themselves and appear in society with a credible appearance. The specific causes are as follows:

Availability bias

Availability bias means that when making investment decisions, investors place too much emphasis on information they already know or can easily know, and ignore it. Instead of paying attention to other information and digging deeply, it finally caused a bias in judgment. In Ponzi schemes, investors are too credulous of information promoted on the Internet or information spread by acquaintances, and lack their own rational thinking and observation judgment. Qianbao.com once placed advertisements in Times Square, New York, usingVigorous publicity through a combination of online and offline methods has attracted many investors, which is the application of availability bias.

Herding effect

Herding effect refers to the mentality that people tend to blindly follow and follow the herd. When the Internet financial market first emerged, the vast majority of investors did not understand how their projects worked and had no idea about concepts such as ICO, IPO, foreign exchange trading, futures and options. In the case of insufficient information, people are easily infected by other investors and imitate the decisions of other investors without considering their own actual situation. Many investors in Qianbao.com got into the game without understanding the essence of Qianbao.com due to the recommendation and temptation of relatives and friends.

Survivor bias

Survivor bias is a common logical fallacy, which refers to only seeing the results of a certain filter without realizing the consequences of the filter. process, thereby ignoring critical information that is filtered out. Ordinary investors mostly get information from money-makers. For this reason, investment institutions will focus on promoting how many customers have made how much money, but will deliberately ignore the information about the losers. When investors receive information, they often only see the information of the survivors (the money-makers), but cannot hear the voices of the dead (the losers). The final result is that they are trying to imitate the living legends, but it is unknown how many people have failed halfway. For example, many investors rarely see the reality of investors liquidating their positions and jumping off buildings.

Halo effect

The halo effect means that when the perceiver forms a good or bad impression of a certain characteristic of a person, he or she also tends to infer other aspects of the person based on it. The characteristics of aspects are essentially a cognitive way of overgeneralization. In the early stages of a Ponzi scheme, returns are often paid on time and are absolutely conservative and creditworthy, so that they can run for several years or even longer. Cashing out interest over many years will leave an excellent impression on investors and win their trust. When a Ponzi scheme is running hard or is about to collapse, it is often difficult for investors to discover the flaws and keep trusting it as always. "Trust makes investors fall into a scam."

Confirmation Bias

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Confirmation bias refers to the tendency when people establish a certain belief or concept, and in the process of collecting and analyzing information, to look for evidence to support this belief. That is to say, they easily accept information that supports their beliefs, ignore, deny, and even spend more time and cognitive resources belittling opinions that are contrary to their views. Investors are prone to confirmation bias after investing a large amount of their own property. They try their best to collect information that is beneficial to them to support their investment behavior, while ignoring the risky information contained therein. They often fall into the dilemma of "justifying themselves".

Harm

Compared with ordinary financial fraud, "Ponzi schemes" have greater social harm, which is manifested in five major aspects.

1. VictimThere are a lot of people. The inherent pyramid investor structure of the "Ponzi scheme" and the MLM method of deceiving and recruiting downlines determine that the victims must reach a certain scale in order to effectively maintain the cash flow required by the scheme. Therefore, the number of victims of a typical "Ponzi scheme" is often large.

2. The amount of money defrauded is huge. The founders of "Ponzi schemes" never thought about repaying the investment principal, so they never worried about the amount involved being too large, and the scammers believed that the increase in the amount of funds raised would help increase their reputation and thus attract more people. Investor participation. Therefore, the amount involved in the "Ponzi scheme" accumulated under the snowball effect is often higher than that of ordinary financial fraud.

3. Social influence is wide-ranging and has many levels of influence. The number of victims and the scale of the "Ponzi scheme" determine that its social impact far exceeds that of ordinary fraud cases. Its level of influence shows a diversified trend, including government officials and celebrities, financial investment practitioners, and even ordinary people and retirees with low risk tolerance.

4. Endanger investment confidence and financial stability. In view of the influence and harmfulness of a "Ponzi scheme", its impact on investor confidence is fatal. After each "Ponzi scheme", it always takes a long time to repair the damaged financial order and restore it. Investors’ investment confidence cannot be achieved overnight.

5. The deceptive and concealed nature of the scam makes supervision and investigation difficult. Clever "Ponzi schemes" often use obscure investment techniques to make the way to make money seem specious and feasible, supplemented by stable excess returns, which can effectively deceive ordinary investors and even professional investors. Insiders of a "Ponzi scheme" often control the group's core information and strictly keep the group's financial secrets, thereby reducing the risk of being exposed or investigated by the outside world.

Countermeasures

In today's world of continuous innovation in financial technology, technological forces represented by big data, cloud computing, blockchain, Internet of Things and artificial intelligence continue to promote the development of the financial industry. develop. The technology of Internet finance helps to build a more technical, efficient and competitive financial system, but it also contains huge financial risks. Balancing and grasping the technical applications and risks of Internet finance has become a difficult problem for regulators. In order to deal with this problem, Hong Kong regulators launched a special regulatory system called "Regulatory Sandbox". This mechanism aims to provide a "safe space" with limited time and scope for financial institutions or non-financial institutions that provide corresponding support for financial services to test financial innovation. Under this regulatory system, regulators use "bottom-line thinking" to set various Rules and terms for testing cross-industry projects intended to enter the sandbox. In addition, regulators have also set up regulatory chat rooms to communicate with participating companies and provide certain guidance for their actions [5].

At the same time, regulators will review companies and projects that apply to enter the "regulatory sandbox"Project review and licensing. During the licensing review process, regulators help investors identify and screen out risks, which can effectively avoid Ponzi schemes and protect the rights and interests of consumers. At the same time, “sandbox supervision” has broadened the application fields of financial technology products and services and expanded the development space of Internet financial technology. On the premise of absorbing Hong Kong's financial supervision, measures to deal with Ponzi schemes may be considered from the following perspectives.

From the perspective of regulators

(1) Responsible for identifying projects. Regulatory authorities must assume the responsibility of identifying financial projects, which is the first threshold to protect consumer rights and block Ponzi schemes.

(2) Establish an early warning mechanism. The early warning mechanism refers to the system of issuing warnings in advance, that is, through the early warning system composed of institutions, systems, networks, measures, etc. that provide timely warnings, it achieves advanced feedback of information and lays the foundation for timely deployment and prevention of risks before they occur. Regulatory authorities should make full use of new technologies such as big data, cloud data, and the Internet of Things to conduct early warning supervision. Because a Ponzi scheme cannot be seamless, there must be loopholes in the operation of funds during the period. Regulatory authorities should keep track and understand the operation of its capital flows, provide timely warnings before problems arise, and stop them promptly when problems arise in project risk control. , in order to protect the rights and interests of investors.

(3) Learn and understand basic financial management knowledge from the perspective of investors, and establish rational investment concepts. As an ordinary investor, you must understand that there are risks in any financial product.

The market divides financial products into five levels based on different risk levels: PR1 (cautious), RP2 (sound), PR3 (balanced), PR4 (aggressive), and PR5. (Radical type). It is almost impossible to suffer losses due to caution, and the probability of losses due to conservatism is extremely low. Starting from PR3, balanced, aggressive, and radical types all have the possibility of losing money with a high probability.

Strengthening public financial investment education from a social education perspective

With the rapid and steady development of China's economy, people's demand for investment and financial management is also increasingly strong, but there is no such thing as compulsory education in China. There is no content related to investment and financial management, which leads to the general public’s low awareness of financial management and their weak ability to prevent fraud. The main victims of Ponzi schemes are mostly ordinary people. They are attracted by various financial promotions and high interest rates on the Internet, and are eventually deceived, which in turn causes various social problems. This requires the government and society to strengthen the popularization of investment and financial management knowledge at all levels and ideologically improve the people's awareness of fraud prevention.

For example, the government can place more public service advertisements on financial discernment, set up financial science popularization programs in different types of media, etc. The most important thing is to add relevant knowledge content to China’s compulsory education textbooks. . By popularizing financial management knowledge throughout society, we can eliminate the existence of Ponzi schemes from the source as much as possible.

Prevention

In order to effectively prevent the occurrence of "Ponzi schemes" and their serious consequences, we should learn lessons from investors, markets and regulators and actively take measures to deal with them.

First, investors should learn and develop an understanding of the laws of investment

There are a lot of loopholes in the "Ponzi scheme" that are against the laws of investment: the abnormal characteristics of low risk and high returns are carefully analyzed through Screening is easy to spot, but most investors usually don’t care about the investment list, analysis process and profit path. They only care about the final profit and loss of the investment. This provides an opportunity for scammers to take advantage of.

Second, investors should establish risk prevention and management awareness

No investment is completely risk-free, and investors should try their best to choose qualified financial institutions under the supervision of regulatory agencies. Make an investment. Before investing, investors must effectively identify, evaluate and classify the risk factors they may face, and then implement effective risk management methods. When risks occur, they should promptly preserve evidence, materials and capital properties to avoid greater losses. loss, or prepare for future rights protection.

The third is to strengthen market evaluation and supervision of the transparency of investment and financial products

A key condition for the establishment of a "Ponzi scheme" is the lack of transparency, that is, investors cannot verify the scammer's claims It is impossible to verify whether those transactions or investments actually occurred, and it is impossible to verify the ways and means of making profits from the investments or transactions. Cunning scammers mostly use financial instruments such as private equity products, hedge funds, and derivatives that are outside the regulatory system, and use their characteristics of not publicly disclosing investment information to engage in "black box operations." Therefore, sufficient transparency requirements should be imposed on the supervision of investment and financial products involving public interests. Although this requirement can be lower than for publicly issued securities, at least fund managers and administrators must fully disclose their investment strategies, profit channels and important investment decisions to investors.

The fourth is to improve the contract supervision of investment and financial management products by intermediaries. Although there are no mandatory information disclosure requirements for most private equity products and hedge funds, and they are not subject to official external supervision, through effective contractual arrangements, fund custodians and external audit institutions can still achieve market supervision of investment and financial management products [ 6].

First of all, it should be ensured that there is an independent third party to custody fund assets to ensure that client funds, securities and other assets are not misappropriated or misappropriated; secondly, it should be ensured that an independent professional auditing agency regularly audits investment and financial products Audit the operation of the investment product and provide fair audit reports to regulatory agencies and investors; in addition, intermediaries that have trading relationships with the investment product should perform due diligence obligations and carefully review the credit standing of the investment manager and the feasibility of the investment strategy. Risks that may be encountered in sex and investment.

Reference