Why doesn’t Earth coin go online (is Earth coin a pyramid scheme)

Why doesn’t Earth coin go online? Why doesn’t Earth coin go online After the emergence of Bitcoin, due to various reasons, blockchain technology began to gradually penetrate into the field of distributed ledgers. Currently, about 50 countries or regions around the world are developing and operating new networks based on blockchain technology To address this issue, governments around the world have formulated their own regulatory policies. China is also actively carrying out research on “digital currency” to provide basic support for the development of China’s statutory Digital renminbi However, this new system is not yet mature enough and requires some improvements. For example, for some domestic institutions, they have concerns about issuing sovereign cryptocurrencies; For many exchanges in international regions, their business is also very cumbersome (such as in China, South Korea, etc.) Therefore, in addition to official support from certain countries, another very important factor is the recent sanctions measures taken by the US authorities against the United States. This not only has a significant negative impact on these enterprises, but also has a harmful impact on the entire ecosystem, including people’s demand for Bitcoin and other digital assets. Because these companies have not received any central support and supervision, nor have they obtained relevant legal protection or permits So, we cannot guarantee that such a thing will not happen on a certain day, but if this situation really happens so seriously, it would be one of the biggest hits. (The picture is from WeChat official account @ Mars Finance)

According to the report of China Financial Information Network, Fan Yifei, deputy director of the Science and Technology Department of the People’s Bank of China, said that although the central bank has been committed to promoting the research work of Internet platform applications, the problem faced in the development is the lack of unified standards, security, transparency and other issues, and must improve the existing laws and regulations and establish the corresponding organizational structure, Ensure that all systems are functioning properly. In addition, the “Management Rules on the Transfer of Ownership of Virtual Property” are being guided by the People’s Court to regulate the transaction behavior of various industries. In addition, Article 9 of the Civil code stipulates that “all rights to own virtual articles in the name of an individual shall not be restricted.” At the same time, under the framework of the Inounct Regulation of the Criminal Law of the China, the relationship between citizenship and public officials can be defined as an act of a civil subject. According to such prescribed procedures, the following situations will naturally occur:

1. Citizenship belongs to a part of public information resources 2. Citizenship is a publicly visible source of information 3. Citizenship is not the only content recording object

Is Earth coin a pyramid scheme?

Recently, a project called Earth coin was exposed to be related to pyramid schemes

In the blockchain industry, “global currency” is a very representative crypto asset, whose main goal is to enable people to exchange value and invest through “digital currency on the chain” (that is, digital assets developed based on Ethereum network). According to Wu Zhen, a senior researcher of the Institute of Information Engineering of the Chinese Academy of Sciences, at present, the project’s promotional materials also mention “integrating blockchain technology into the real economy”, but the project itself is an advertising fraud, which has caused controversy In addition, there is also some information about “Earth coins”, such as: a user claiming to have purchased a Nebula Miner will be persuaded by the other party to dig this Nebula Miner. If someone discovers a problem with this device, it means they have indeed mastered a ‘territory’. This statement is problematic. However, we should be clear: ‘Earth coins are not pyramid schemes, but a way of hyping up virtual currencies.’ This is because in the blockchain field, no virtual currency can be issued completely according to its claimed laws. It is not like Bitcoin, which can be freely bought, sold, transferred, or exchanged for virtual tokens equivalent to other commodities for trading; and as long as you use RMB, there is no so-called monetary nature. Therefore, it cannot be a real currency, let alone understood as securities or commodities. This is not an absolutely effective method, “said an investor. “I think that the global currency is just a Ponzi scheme. So I think its development direction is far more important than initially imagined.”

For the attitude of pyramid selling, the national regulatory authorities are cracking down. According to the Internet Security Regulations 2017, China prohibits unauthorized operation of illegal websites, mobile application platforms and WeChat Pay accounts. At the same time, it is necessary to strengthen the collection and analysis of information for various stakeholder enterprises

In response to this, Article 225 of the Criminal Law of the China stipulates that the use of computer systems or distributed storage servers to engage in cluster management, business data transmission (including but not limited to databases), provision of content distribution services, product promotion consulting, member rewards, consumer rebates and other activities is an organizational form of illegal behavior. Those who violate laws and regulations shall be sentenced to fixed-term imprisonment of not more than five years and a fine.