What does forked currency exchange mean (forked currency scam)
What does forked currency exchange mean? Simply put, the two are the same concept. In Chinese, splitting means exchanging two different digital assets. One is called “Hard currency”, and the other is called token. In this case, it can be understood that both parties will map their respective digital currencies 1:1 to the newly issued digital currency
The divergence is not because Bitcoin and Ethereum have the same name or code, but because they have different versions of blockchain networks, algorithms and other features. (Note: The author of this article is Huo Xiaolu, compiled by Daily Planet Daily)
Bifurcated Currency Fraud
Editor’s Note: This article is from BlockBeats (ID: BlockBeats), author: 0x29, reprinted by Daily Planet Daily with authorization
Bifurcation fraud is a major trend in the field of Cryptocurrency. In the past few months, some virtual currencies represented by Bitcoin have been deceived by various counterfeit projects by billions of dollars, and these “air” tokens have started to experience price spikes and air drops. “I know someone said, ‘Have you all bought BCH?’ But in fact, they didn’t buy any other Hard currency, or even sell a bunch of fake Hard currency.”
According to the chain news, since the beginning of this year, the so-called forked currency fraud has appeared on several blockchain platforms – that is, to attract investors to invest by using the network effect. For example, Coinbase makes money by selling virtual currencies such as BTC and ETH to retail investors; Coin An transfers its digital assets to a decentralized exchange called BinanceSmartChain, allowing users to purchase and sell their tokens and earn transaction fees from them. However, this type of scam has developed into a common scam model. The most famous of them is the “full-time team” claimed by a certain project party, and the employee claims to be the Big V of Coin Circle Interestingly, this newly launched project does not seem to have received much attention, and many early participants only promoted it using various gimmicks such as “technical means”, “promotional strategies”, “marketing methods”, and “financial management” According to CoinMetrics, at least two exchanges have announced a partnership with Bitfinex to launch BNB Bifurcation Coin (BSCToken). In addition, another company has announced plans to develop a new forked chain based on the Cosmos SDK and has promised to release a white paper and test network version in June
However, many people believe that this kind of forked currency will be a Ponzi scheme, so some investors choose to hold BNB directly instead of buying it directly as a forked currency. But in fact, there is actually no reason to do so, “because you only need to pay a small fee to obtain BNB and then exchange your tokens for USDT Nevertheless, there are still some unscrupulous individuals who have been using the concept of “forked coins” to induce investors to purchase their so-called tokens. For example, an anonymous person once told him: “If you want to buy BNB, you should first deposit $10000, and then invest $100 in the exchange to buy BNB, so that you don’t have to worry about losing money, and it is better to take the 10-year US treasury bond to gain profits, and finally give you a return.”
Of course, if you want to become an ordinary investor using these so-called forked coins, you still need to pay a certain cost, After all, most people do not take action for short-term benefits. For example, some investors hope to purchase tokens worth thousands of yuan, but once they purchase BNB and want to continue holding positions, they will be cashed out.
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