What is Shanzhai Coin (the format of Shanzhai Coin)

08/06/2023 07:33 • AI Insights • 67 views

What is a counterfeit coin? According to Coindesk, what is the counterfeit coin of Bitcoin. It mainly consists of two types: the first is the Stablecoin linked to the price of legal currency; The second is the application program running on Ethereum. Because these Cryptocurrency have different technical, legal and economic attributes, they are usually classified as non mainstream or “speculative” investment assets; The third type is tokens issued by some anonymous individuals, such as Ripple coins. Although these tokens carry certain risks, it does not mean they have no value, as the technology behind them is likely to be decentralized or based on blockchain technology

The Scheme of Counterfeit Coins

Editor’s Note: This article is based on data and is authorized to be reprinted by the Daily Planet Daily.

There are many ways to use counterfeit coins, such as “cutting leeks”. When the market surges or falls, “pulling” is the norm; When prices rise, it is an inevitable trend to chase up and sell; Even ‘smashing the market’, which often occurs in bull markets. The most obvious feature of counterfeit coins is “harvesting retail investors”; But such investors are more likely to have investment opportunities in counterfeit coins because they believe that the more counterfeit coins they hold, the investment return will follow. Therefore, in such a market, some trading platforms, exchanges, or large funds will use various methods to attract more new users to enter the counterfeit currency market, in order to obtain higher returns. The biggest advantage of counterfeit currency is that it can bypass the control of centralized institutions, reduce the threshold of Cryptocurrency market participation and improve liquidity. Without these tools, many friends wouldn’t be able to enter, “said a person named Vitalik Buterin. He also said, ‘You can understand why the price of Bitcoin fluctuates greatly.’ He said: “This is a strange thing, but it may also be one of the reasons for the collapse of some counterfeit coins that we see most today – because they are not Stablecoin issued by the government… So if you don’t believe it, you will miss the opportunity of Bitcoin. And since Bitcoin and Ethereum belong to PoS networks, they must be included in the regulatory scope to maintain their value.” However, it was also pointed out that, This situation is not unique to BTC, but most counterfeit coins operate in this way From the current situation, apart from BTC, most counterfeit coins have fallen into a bloody baptism, and all mainstream currencies, including XRP, are also starting to make a comeback. According to CoinMarketCap data, XRP has increased by over 60% in the past week, reaching 19.7%, while other counterfeit currencies have experienced varying degrees of high decline. However, it is worth noting that in recent weeks, RippleLabs has announced a partnership with R3 to launch a new blockchain system based on EOSIO, which will open up the development work of the system to the public and also provide cross chain functionality to support more decentralized DApps In addition, despite this, during the bear market, most counterfeit coins did not show signs, mainly due to a lack of support and promotion for the community, which also raises the question of whether there is enough time to convince people that there is indeed a flaw in this project? How can we avoid this dilemma for counterfeit coins? Of course, there are three ways to speculate: 1. Find the next batch of “giant whales”; 2. Choose those who have “useless arguments” and have some influence to join.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/08/06/what-is-shanzhai-coin-the-format-of-shanzhai-coin/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

What is Shanzhai Coin (the format of Shanzhai Coin)

The Scheme of Counterfeit Coins

Recommended articles