Bitcoin Ponzi Scheme Collapse Looms in Vietnam

Bitcoin Ponzi Scheme Collapse Looms in Vietnam

This particular Ponzi Scheme in Vietnam will give Bitcoin a bad reputation in the country. Cryptocurrency is not regulated by the banks, and the local government is not too keen on Bitcoin either. Ever since the inception of Bitcoin, there have been individuals and companies trying to discredit cryptocurrency. Some of them even go as far as setting up deliberate Ponzi Schemes to defraud Bitcoin investors. Such a scheme seems to be on the brink of collapse in Vietnam. Hundreds of people have been burned by this pyramid scheme, which seemed to rely on an MLM structure. It is not the first....


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Quotes

Bitcoin is the opposite of PayPal, in the sense that it actually succeeded in creating a currency. However, its payment system is lacking, and it is often used to make illegal transactions, such as to buy heroin. Until Bitcoin is used to make more legal transactions, I am a bit skeptical.

Peter Thiel, Co-Founder of Paypal