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❶ Cryptocurrencies collapsed across the board, what happened

Cryptocurrencies collapsed across the board, Bitcoin has now fallen by more than 25%, panic among retail investors has intensified, and capital withdrawals have led to Binance Wait until the platform becomes seriously stuck or even crashes. Because of the previous hype by Musk and others, the price of virtual currencies has risen to new heights. However, now, cryptocurrencies are experiencing a panic-like collapse across the board. Among them, Bitcoin once fell below the integer mark of US$31,000 per coin, hitting a new low since the end of January this year, and fell below the 200-day moving average; Ethereum fell below the US$2,000 mark, a drop of more than 40%; Dogecoin fell below US$0.3 per coin. , fell more than 40% during the day and fell below the 50-day moving average.

Bitcoin is affected by supply and demand, policy orientation, differentiation of trading platforms, etc. Defining the boundary between the Chu and Han rivers is not easy, resulting in sparse transactions and poor liquidity. The persistent and decentralized nature of Bitcoin makes it highly vulnerable to large-scale speculation. Its supply cannot change with changes in demand, which will increase the volatility of its price. Currently, as the price of Bitcoin rises rapidly, many people are holding and selling Bitcoin, which greatly reduces its liquidity.

❷ Blockchain plummeted again! Strange thing, why do I lose money after buying it?

Blockchain plummeted again! Why do you lose money most of the time?

The blockchain has plummeted again in the past two days. By the way, there are already a lot of articles about this kind of ups and downs. I find that human nature has never changed, that is, when it falls, you criticize it, and when it rises, you praise it. Then chase the rise and kill the fall. Then it kept getting slapped in the face by the market.

Some netizens asked that they had discovered a very magical phenomenon. Why does he lose money whenever he buys and enters the market? Why can't you make money as soon as you buy in and have a great time exiting the market? Let’s talk about this interesting topic.

First, I always buy the wrong product

This is what a netizen said. He said that no matter when he buys a variety, what often happens is that after he buys it, he will either A little increase, or a direct loss. It goes down when he buys it, and goes up when he sells it. It seems like someone is against him, as if the banker is eyeing the w in his hand. Why is it like this?

In fact, I would say that this situation is the norm. Most of the time in the market, you will lose money if you buy these. In the short term, the market is determined by the sentiment of liquidity, that is, short-term speculators like you. As long as someone bids, the price will fluctuate, with some bidding high and others bidding low. When the exchange sees a matching order, it will be filled.

The forces of short-term long and short are generally balanced. Some are selling and some are buying. At least there will be no downward or upward trend. And you usually buy in the middle, with ups and downs, losses and profits, which is also very normal.

Second, the bull is short and the bear is long

In addition, if you extend the cycle further, to a few months or even during a trend upward trend, does it mean that you can continue to make money after buying it? This is not the case even in a bull market, because the trend of financial investment products is characterized by short bulls and long bears. Most of the time they are consolidating, and only a small part of the time they pull up immediately.

This is even more true in Circle B. And there is still a lot of leverage in the B circle. I have told you before about the principle of rising prices and why they rise so fast. A large amount of chips are concentrated in the hands of a few people. The price at the margin has begun to rise, and there is nothing particularly hard to implement. Most of them are speculative applications.

I have mentioned the characteristics of assets before. Since assets can be kept forever, their quantity is scarce. There is only one reason for people to buy it, and that is for the higher price. But this kind of money does not last long. Once the turnover rate increases, the news subsides, and the emotions subside, the price will immediately start to fall.

If you want to pull up after falling, a large number of chips are scattered in people's hands at this time, making it difficult to pull up. So what you often see is that when you hear a piece of news, you rush in. After you rush in, it starts to fall, and then you lose money most of the time. Even if you make money, it will only be for a short time.

Third, the experience of making money

What I want to say is that some people always feel that someone is against them and they lose money when buying. This is a very normal phenomenon. , completely reasonable in terms of logical probability.

So what does it feel like to make money? It’s actually very uncomfortable. There are probably several stages like this.

First, identify the trend.

First of all, you have to identify a big trend. Without a trend, it will be very difficult to make money. This is easy to understand. For example, the U.S. stock market has been in a bull market for decades. You are right to buy at any time. Even if the buying point is not good, you only lose time but not money.

If it is our A-shares, the Shanghai Composite Index has returned to its original point in recent years. No matter how hard you try, the probability of making money is slim. Picking the right track is important.

The second is to enter at a loss.

Don’t watch the market too much at ordinary times. Some people stare at it every day, and it will be difficult to make money. You will only enter the market when it plummets. So I still want to criticize you. Some people lose confidence as soon as they hear that the market has plummeted. They immediately praise you as a god as soon as they hear that the market has risen sharply. It is basically difficult to make money in this way.

Because only when the market is cheap is the time to buy, when the profit and loss odds are better. But he also tests you, do you think this trend still exists, and is this trend still there? No one knows, it’s just a kind of gambling. The probability is higher, the odds are better.

The third is to get ahead and be excited for a short period of time.

The last thing is to bear losses. For example, if you buy when there is a big drop, it will be difficult for you to get to the lowest point, so there is a high probability that it will still fall. If it is a bear market, such a big drop will often If you consolidate at the bottom for a long time, you will feel uncomfortable for a long time, and sometimes the drop will be beyond your imagination. For example, it will drop another 30% or 40%, and you will start to doubt yourself. This is very uncomfortable. of.

Note that if the first one is correct and the trend is still there, that is to say, it can still reach new highs, then you will definitely make money. After you have endured for a while, suddenly at a certain time One day when you are almost desperate, he will start to make profits and your account will become red.

Does that mean you can sit back and relax? No, there will still be fluctuations in the process of returning to the red. It turns red today and turns green again tomorrow. Suddenly one day the market sentiment comes and the trend is formed. Pull it up.

Maybe within a short period of time, such as a few days or a few hours, you have to cut your profit and then run away. You will make money in this moment, and then it will be over. ,

Note that even if you make money, it will only be short-lived, and most of the time you will still lose money. This is the characteristic of the market, and there is nothing to say. So for people who really make money, you seem to be very Buddhist and have no troubles. The principle is like this. Look at Buffett, his favorite thing to say is to sit still.

Let’s talk so much first. The above is all nonsense from me and does not represent any suggestions.

❸ I played "running score" for ten days, and I didn't expect that the fate of the blockchain APP would be like this for two months.

Ten days ago, I accidentally saw "running score" on the Internet. "Points" is actually similar to brushing the turnover, through the continuous transfer of money, to get profits, but the real result is that on the first day, I accidentally cashed out 1900, plus my principal of 500, it was a loophole of 1300 money. This suddenly I felt like I had made a fortune, and the key was that I could withdraw it. I continued playing the next day, and earned 150. I earned it by trading money back and forth. On the third day, the nightmare began. The platform suddenly became unusable, and all the money in it was lost. Then, I was unwilling to give in. I found another old platform on the Internet. I felt good about it and invested another 500. But it felt very formal at first. But after running for five days, when I trusted him, on the last day, He ran away with money. At first, he said that the system was invaded. In fact, it was already known that he ran away with money and the APP could not be opened.

The most recent mining APP is essentially a blockchain. I mine every day, wait for the price to increase, and then sell it to him to earn some pocket money. However, I receive this crystal every day and can sell it later. It needs to be recharged before it can be sold. Then I thought about forgetting it and waiting to sell it next month. I opened it the second month and couldn't get in. Later I found out that it had collapsed and I ran away with my money

The capital market always makes profits in the early stage, and starts to collapse after 3 to 6 months. In the blockchain, there is a lot of mining, and there are some Qubu, Flashstep, Camel World, these APPs, cannot I deny that it will bring benefits to people in the early stage, but who knows, if one day it collapses, how many million will the profit be? At least if Qubu collapses, it will be no problem to gain tens of millions, right? However, the collapse of the blockchain usually takes one to three years. After all, the speed of making money is slow and the collection of money is also a bit slow

So if you just want to simply play, either invest less, or else Just invest in the early stage and let go in the mid-term. This is to ensure that you will not lose money. This is my opinion. Don't be too greedy! An uncle who got me in also played this game and got his family and relatives on board. He told me that I had been playing for three months, but after just a few days of playing, he collapsed. I don’t know what will happen!

It’s a pity that my sophomore year is going to be rough this semester, and I need to spend money again!

❹ "Online chicken raising" invested 30,000 and earned 10,000 per month. Silicon Valley block chickens are suspected of running away. The amount involved may reach tens of billions

The trader has become a person subject to execution for breach of trust.

Recently, a whistleblower reported to Time Finance that a "blockchain fund disk" called "Silicon Valley Block Chicken" is suspected of crashing and running away, and the related App has been can not log in. A large number of investors lost principal ranging from hundreds of thousands to millions of yuan. According to estimates by some investors, the total amount involved in the "Silicon Valley Block Chicken" and its related funds may be as high as tens of billions of yuan.

The operating entity of "Silicon Valley Block Chicken" is Liaoning Haoyang Technology Co., Ltd. (hereinafter referred to as "Haoyang Technology"), and the actual controller of the company is Guan Xin. At present, Guan Xin has been listed as a breach of trust person by the Lianshan District People's Court of Huludao, Liaoning Province. Time Finance contacted relevant personnel of Haoyang Technology, Guan Xin and Haoyang Technology, but no reply was received as of press time.

Blockchain is a data management method based on cryptography. It has the advantages of decentralization, non-tampering, full traceability, traceability, etc., and has a very wide range of application prospects. But many people’s understanding of it still only remains in the impression of “tall and superior”. In recent years, some criminals have used the name of blockchain to operate projects that may involve illegal fund-raising fraud.

Invest 30,000 and earn 10,000 a month?

Liu Bing (pseudonym), an investor in Jimo City, Shandong Province, told Time Finance that in July 2019, a colleague recommended an investment and financial management app called “Silicon Valley Block Chicken” to him. A colleague said that he invested 30,000 yuan in it and earned more than 10,000 yuan in one month. Liu Bing saw that the rate of return was quite high, so he joined in.

“Silicon ValleyThe gameplay of "Block Chicken" is that investors need to buy virtual chickens in the App according to the rules for investment. Each type of Block Chicken has a different price and yield. The price is based on the transaction price announced by the platform in real time, and the yield is There are 7 days/13%, 11 days/15%, etc.

To put it simply, for example, if you buy a certain type of block chicken, and the chicken is "raised" in your account for 11 days, the interest rate It is 15% per day. After 11 days, the chicken will be bought by other buyers on the platform at the original price plus profit. The buyer will pay you point-to-point. This interest rate is much higher than the market interest rate in the same period.

Picture provided by the whistleblower

In the beginning, when the "Silicon Valley Block Chicken" transactions were normal, Liu Bing could indeed get the rebates as mentioned by the platform. By 2019 In August of this year, Liu Bing had invested more than 80,000 yuan in "Silicon Valley Block Chicken". Just as Liu Bing was immersed in the joy of high returns, in the same month, the platform suddenly announced its suspension, saying that it had suffered a hacker attack and the system was paralyzed. .After the suspension, Liu Bing could not withdraw his principal and profits, and could only look forward to the platform's resumption.

Soon, the platform reopened, but the platform changed the rules, saying that in order to allow the platform to operate smoothly , if each seller wants to sell the chicken they have, they must first grab a chicken of the same level, and at the same time encourage investors to bring people in. In September, perhaps because the bubble of block chicken is too serious, it is difficult to sell. The platform has launched a new investment target "Block Egg", but the gameplay is similar to "Block Chicken".

Even so, it is getting harder and harder to sell the chickens and eggs in the hands of investors. After that, the platform was suspended several times. In January this year, the platform was suspended again. However, what is different from the past is that this time even the "Silicon Valley Block Chicken" App cannot be opened. The WeChat accounts of each member established by the platform The group was also disbanded. In January, the relevant person in charge reassured that the trading would be resumed on February 3. But until now, there is no news of the resumption.

Liu Bing said that from August 2019 to this year In January, in order to get back his principal, he listened to the platform's "bewitchment" and kept investing money on the platform. So far, Liu Bing has invested more than 200,000 yuan in "Silicon Valley Block Chicken". Liu Bing said, If the platform is still operating normally, I should have earned nearly 400,000 on my account.

Imitating "Walden Block Dog"?

Whether it is from the rules of the game or the suspected collapse method From all aspects, "Silicon Valley Block Chicken" is very similar to the well-known blockchain pet development game "Walden Block Dog" in recent years.

In September 2019, according to Red Star News According to reports, Yu Tian, ​​a native of Xinyu, Jiangxi, bought a virtual puppy worth several hundred yuan on "Walden Block Dog" in July 2019. After the first dog was sold, Yu Tian made some money, and he began to invest in more Spend more time and money to "rob dogs", "raise dogs" and "sell dogs".

On the "Walden Block Dog" App platform, there are 5 varieties of block pet dogs, with prices starting at 100 -15,000 yuanDuring the period, after the user registers and authenticates and activates the account, he or she will pay a deposit after making an appointment and successfully matching, "adopt" the dog, wait until the specified time to trade, and obtain corresponding benefits.

Compared with “Block Chicken”, “Walden Block Dog” has a higher rate of return. For example, if a block dog named "Chengdeng" is "adopted" for 20 days, the user's daily profit rate can reach 40%.

In addition, users can also get benefits by recruiting people offline: 8% sharing reward for direct promotion and 3% for second-level promotion; recommending 15 people, the personal promotion reward reaches 3,000 yuan, and can be upgraded to a promotion ambassador to get more High rewards.

Yu Tian invested 150,000 yuan successively. But starting from August 2, 2019, the dog he bought has never been sold again. In the afternoon of that day, the platform issued an announcement stating that due to some reasons, customer service work could not be carried out normally. Before the team moved to Malaysia, the App would suspend all activities until reopening on August 16, 2019.

On August 16, 2019, the platform returned, but the way of trading changed. Not only did the previous dogs have no profit, but they still could not be traded. Later, the platform frequently issued new regulations, and even released information saying that "Walden Block Dog" was wholly acquired by gogame. The company has set up a special project team to take charge of the business. The project is called "Let's go", and the Chinese name is "Lai Shi". dog". However, on August 28, 2019, gogame’s official website issued a statement stating that all the above related reports are by no means true and constitute fraud.

In fact, before "Walden Block Dog", there were so-called "blockchain pet development games" such as Block Cat, Bit Pig, and Lucky Zodiac. "Bit Pig" was known as "Pig Raising" and was acquired by the platform 15 days later, with a profit of 28%, but it collapsed on July 10, 2019. In early August 2019, the “BitPig” platform was investigated by the police.

Multiple fund disks

Regarding the "Silicon Valley Block Chicken", Liu Bing said that Guan Xin, the person in charge of Haoyang Technology, and others have been unable to be contacted. Public information shows that in addition to Haoyang Technology, Guan Xin is also the actual controller of Huludao Xinrong Investment Consulting Co., Ltd., Huludao Yitai Trading Co., Ltd., and Liaoning Zhongxinhui Automobile Sales Co., Ltd. (hereinafter referred to as "Zhongxinhui") He serves as the chairman and general manager of Huludao Greenland Agricultural Technology Co., Ltd. (hereinafter referred to as "Greenland Agricultural Technology") and holds approximately 20% of the company's shares.

From 2018 to the present, in addition to "Silicon Valley Block Chicken", Guan Xin and others have also developed agricultural products (Greenland Agricultural Technology Product "Whole Egg Liquid"), automobiles (Zhongxinhui) and other products. The target is a gimmick, and many similar projects have been opened.

For example, "Quandanye" claims that an investment of 30,000 yuan can return the capital in 5 months and 150,000 yuan in 3 years. Zhongxinhui claims to investors that it canUse it to buy a car at about 40% off. For example, for a car with a market price of RMB 80,000, investors only need to pay a down payment of RMB 50,000, and subsequent monthly repayments will be paid by Zhongxinhui. However, a few months after Zhongxinhui made the payment, it stopped making repayments on the grounds of insufficient funds starting in August last year, leaving investors to repay on their own. But because Zhongxinhui took out a loan for the car, the actual amount investors needed to repay was much higher than expected. For example, for a car with a market price of RMB 80,000, the total down payment and loan amount can be as high as RMB 150,000.

Picture provided by the reporter

"Quandanye" and Zhongxinhui have higher requirements for the development of off-line development than Block Chicken, and the returns are also lower. high. Liu Bing said that a person in charge of the project in Jimo City, Shandong Province, earned about 10,000 yuan a day just by drawing commissions from his downlines. However, after "Silicon Valley Block Chicken" suspended trading in January this year, "Quandanye" and Zhongxinhui also suspended trading.

Many investors contacted by Time Finance said that under the promotion of the platform, they or their family members have invested in Block Chicken, Block Egg, Whole Egg Liquid, and Zhongxinhui. The total amount is at least several hundred thousand. For example, Liaoning investor Li Gang (pseudonym) told Time Finance that he made a down payment of 50,000 on Zhongxinhui, plus a subsequent loan of 170,000; later, with the introduction of Zhongxinhui, he bought 30,000 virtual coins; his wife and The child invested 90,000 yuan in whole egg liquid; he finally bought another 100,000 yuan in chickens and eggs. Li Gang said that he took out a lot of loans and later sold his house.

Liu Bing also said that as far as he knows, there are no people who have lost 1.8 million yuan due to related projects run by Guan Xin and others such as "Silicon Valley Block Chicken", "Quan Egg Liquid", and Zhongxinhui. A few, the one with the highest amount invested more than 4 million. According to some investor consulting lawyers, the operating entity of "Silicon Valley Block Chicken" has been suspected of committing illegal fund-raising fraud. Currently, many investors are actively reporting the case. (Beijing Time Finance George)

❺ Bitcoin crashed and the currency circle evaporated over 300 billion overnight. What impact will it have?

What caused the market shock was the third largest cryptocurrency market. The stable currency UST and its sister currency Luna suffered a bloodbath. As of press time, the price of UST, which is supposed to be anchored to the value of 1 US dollar, fell to 0.131 US dollars, a drop of 84.1%; its sister currency Luna fell to 0.038 US dollars, a 97.46% plunge. On April 5, the virtual currency stood at 119.5 US dollars. of high points.

❻ Will Bitcoin collapse? What are the possible reasons for the collapse, or what are the biggest risks?

Whether Bitcoin will collapse in the future is difficult to say, because according to Bitcoin Judging from the cycle rate, a 90% drop from the highest point is basically a daily operation. In 2018, the highest price of Bitcoin reached a height of US$20,000. It was also in the same year that the continuous decline led to the lowest point even reaching a new low of US$3,155.

Imagine one day if all investment institutions find something more investment-friendly than Bitcoin.When new things of capital and technology are born, and all investment is withdrawn from Bitcoin, then this bubble journey that seems to be spreading flowers by drumming should also come to an abrupt end, because in addition to the spread of technology behind Bitcoin, there is really It lacks the support of physical value and the credit value endorsement of currency itself.

❼ Anyone who understands blockchain investment would like to ask how everyone participates in blockchain investment and whether the income from blockchain investment is safe

I am the most knowledgeable about this. right. I have been in the cryptocurrency industry for five or six years. I have bought equipment, traded on major exchanges, opened contracts, and added leverage. In recent years, I have actually made less money and lost more money. Later I discovered that investing in blockchain is actually equivalent to stock trading. Those who have lost money want to continue participating in the hope of a comeback, and those who have made money want to continue participating in the hope of making a lot of money. If you go back and forth like this, plus you don’t know much about what blockchain is, you will naturally not get much benefit, and you will often be harvested like leeks.
Recently, a friend of mine in the currency circle introduced me to a company called Hada Meta. It is headquartered in Singapore and has a technical team in China. My friend asked me to listen to the sharing given by their technical staff, and my eyes brightened. Let me share with you my experience.
First of all, when I first came into contact with the company Hada Meta, I subconsciously thought that they were probably similar to the companies I had encountered before. They just talked and tricked you into buying equipment. But the people who listened to their introduction for most of the day did not mention the equipment at all. They kept sharing how to choose reliable investment products in the blockchain market, and how to participate in order to maximize returns and guarantees. Investment safety surprised me, and I started to get a little interested.
Then they analyzed to me why I made less and lost more when I invested in blockchain before. In the final analysis, it was because I didn’t do a good job of “selecting” and “investing”. I really don’t know how to choose a good blockchain investment product. When I see which project is popular, I invest in it, and I can’t help but buy equipment, or wait for it to go online and speculate directly. As a result, they told me that my investment method was most likely to be cut off. I thought about it carefully. After all, I was already a step later than others when I participated, so the benefits I received were naturally less.
Finally, they specially designed a blockchain product investment plan for me based on my actual situation. They told me that I am suitable for short-term investment. In this case, I should not buy equipment because it is not worth it and the cost is high. Short-term investment may only last a few months, and there is no need to buy equipment. The dividend period for short-term investment is the testing period before the public blockchain goes online, so they suggested that I rent cloud computing power to participate. This way, the risk is small, the investment is small, and the returns are high.
To be honest, I have never seen a team like theirs. Maybe if I sell the equipment directly, I can make more money, but they did not do that. Instead, they advised me to do what I can. I think it’s pretty reliable

❽ Losing money with virtual currency

Are virtual currencies protected by law? Can losses be compensated as illegal gains? How is the amount of compensation determined? On September 14, the Shanghai Procuratorate released relevant information on the trial of a civil public interest litigation case involving infringement of citizens’ personal information. In this case, the defendant Zhang made an illegal profit of 6,000 (coin). The public interest litigation prosecutor of the Pudong New District Procuratorate finally calculated the amount of public interest damage compensation based on the value of the profited virtual currency, achieving the greatest protection of public interests.

Xiao Sa said that although the "Notice on Preventing Bitcoin Risks" (2013) and "Announcement on Preventing Financing Risks of Token Issuance" (2017) issued by the People's Bank of China and other ministries and commissions deny such "virtual currencies" "The legal status of land lead as currency, but the above provisions do not deny its property attribute as a commodity. Theoretically, there are disputes about the legal nature of virtual currencies such as currency theory, commodity theory, data theory, and virtual property theory. However, in judicial practice, it has become a strong point of view that virtual currency has property value.

There is still controversy regarding the identification of judicial virtual currencies.

After investigation, from July to August 2021, the criminal suspect Zhang illegally invaded the above-mentioned company system through network technology, obtained customer order information in the system and sold it for profit. After removing the weights, 20,673 pieces of information related to customer orders were found in the seized electronic equipment, and he made an illegal profit of 6,000 USDT (TEDA currency).

After careful judgment, the public interest litigation prosecutor believes that virtual currency does not have the status of legal tender in our country, but as a tool, it can easily be used by people who commit crimes. "If this currency is used in the transaction, we can still calculate the illegal income based on the market value of this currency." Public interest prosecutor Yao Lei said that the ratio of TEDA currency to the US dollar is basically 1,333,601. Referring to the transaction price on the relevant trading platform and the exchange rate between US dollars and RMB on the day of the transaction, the procuratorial organ determined that Zhang’s illegal income was approximately RMB 38,760.

In the end, the court sentenced Zhang to three years in prison, suspended for four years, and fined RMB 40,000 for infringing on citizens' personal information. At the same time, under the auspices of the court, the two parties signed a civil mediation agreement attached to the criminal case. The defendant Zhang accepted all civil public interest litigation requests made by the procuratorate: publicly apologize to the national news media and make profits based on his infringement of citizens’ personal information. The compensation was RMB 38,760.

Ding said that there are difficulties in handling virtual currency-related cases in terms of the legal nature of virtual currency, the validity of contracts involving virtual currency transactions, and the returnability of virtual currency.

For example, in terms of the legal nature of virtual currency, there are difficulties in whether virtual currency can be recognized as having property attributes during the case handling process. According to the "Notice on Further Preventing and Dealing with Speculation Risks in Virtual Currency Transactions", it can be considered that virtual currency does not have the same legal status as legal currency and does not have property attributes. It can also be determined that virtual currency belongs to online virtual property according to the Civil Code. Has property attributes.

Regarding whether the behavior involving virtual currency transactions is valid, during the case handling process, it can be considered that the virtual currency transactions in the relevant announcements and notices are illegal financial activities and should be prohibited. Transactions involving virtual currencies are not protected by law. It can also be considered that virtual currency transactions are not token issuance financing activities. If the transaction behavior is the true expression of the parties' intentions and does not violate the validity and mandatory provisions of our country's laws and regulations, it can be protected by law.

There are an increasing number of cases related to virtual currencies.

In response to cases involving virtual currencies, Xiao Sa said that according to the "Announcement on Preventing Financing Risks of Token Issuance" issued by seven departments including the central bank, virtual currencies are not legal tender in my country and do not have the monetary attributes of statutory compensation and compulsory , does not have the same legal status as currency. Therefore, although citizens have personal freedom to invest in virtual currencies, this behavior is not protected by our country's laws, and the consequences and investment risks arising therefrom need to be borne by the investors themselves.

In 2021, the People's Bank of China and the Internet Information Office

"Investors investing in virtual currencies may unfortunately be involved in the crime of organizing and leading pyramid schemes." Xiao Sa said that if only the bottom investors have not passed the recommendation If others join in the cash-out, the money used for investment becomes the victim’s legal money. According to Article 64 of the "Notice on Further Preventing Early Cryptocurrency and Dealing with Speculation Risks in Virtual Currency Transactions" and the aforementioned provisions, it should be returned promptly; however, if virtual currencies are promoted to obtain cash and form a hierarchy, it has violated the organization's , leading pyramid selling activities, then the investment money, cash money and other property collected from the downline may be deemed as illegal gains and should be confiscated according to law. These funds are illegal gains from organizing and leading pyramid schemes.

In May of this year, the algorithmic stable currency TerraUSD (UST) and the token Luna plummeted, causing the entire cryptocurrency market to collapse. Data shows that the current price of Bitcoin is hovering around US$20,000, which has fallen by 70% compared with the highest price of US$69,000 set in November 2021. Investors suffered heavy losses.

Xiao Sa emphasized that although my country's courts have recognized the commodity attributes and property value of some virtual currencies, they have not recognized the legality of ICOs and their tokens. Investment is risky, so be cautious when entering the market.

Related Q&A: What currency is USDT? How to exchange RMB? Summary Dear, USDT is a digital asset based on the OmniLayer protocol released on the Bitcoin blockchain. The biggest feature of USDT is that it is equivalent to the same amount of US dollars and can be redeemed for each other on the trading platform. USDT can be regarded as a token similar to Bitcoin, and people can transfer, store and spend it through wallets. USDT's design as a digital replica of the U.S. dollar makes it a good store of value in the volatile cryptocurrency market. Exchange method one: Exchange RMB directly on the platform. On November 6, Zhongbit, where the national team has settled, opened USDT exchange for RMB, which is equivalent to exchanging USDT for RMB.DT serves as a medium to take a detour and let everyone continue to have fun! (Simple and crude) Operation tutorial: Simply put, register an account, perform real-name authentication, bind a bank card, then charge USDT to medium bits, and finally go to the C2C trading area to exchange RMB! [Smile] Consultation record · Answered on 2022-05-25 What currency is USDT? How to exchange RMB? Hello, dear, I am very happy to serve you. I will answer your questions. Please wait patiently. Dear, USDT is a digital asset based on the OmniLayer protocol released on the Bitcoin blockchain. The biggest feature of USDT is that it is equivalent to the same amount of US dollars and can be redeemed for each other on the trading platform. USDT can be regarded as a token similar to Bitcoin, and people can transfer, store and spend it through wallets. USDT's design as a digital replica of the U.S. dollar makes it a good store of value in the volatile cryptocurrency market. Exchange method one: Exchange RMB directly on the platform. On November 6, Zhongbit, where the national team has settled, opened the USDT exchange for RMB business, which is equivalent to using USDT as a medium to make a detour, allowing everyone to continue to have fun! (Simple and crude) Operation tutorial: Simply put, register an account, perform real-name authentication, bind a bank card, then charge USDT to medium bits, and finally go to the C2C trading area to exchange RMB! [Smile] Dear, the above is my reply. Do you have any questions that need to be answered? [Smile] Is there a platform that I can operate on? Dear, you need to download and register it yourself. For the operation process, open the Huobi APP, click "Home" - "Quick Buy Coins". If you want to buy USDT with RMB, select "I want to buy" ", if you want to sell USDT for RMB, just select "I want to sell", and then select "USDT" as the currency [smile] Dear, the above is my reply. Do you have any questions that need to be answered? [Smile]