Charles Ponzi, an Italian convict for financial fraudulence who introduced the art of fooling, defrauding and swindling money is long forgotten for his criminal misdeed by the world. While his infamous name Ponzi still surfaces sporadically, his notoriety has alerted the law and enforcement body at least for now.
The innovation and exploration in the financial world has no end. Emerging Crypto Currencies – a tech driven money making tradable instrument has taken the elitist and Cash rich individual with a mesmerizing feeling of awe.
What is this Crypto to be Honest?
And you learn some jargonized Tech definition which an ordinary person finds unheard and unconceivable. You may hear like, It is a digital asset based on block-chain technology where computerized ledger track and maintain the digital transaction. It is distributable yet connected through a network of computers for its participants. It is a currency, a medium of secured exchange. Yes it has been introduced to the world as an emerging digital tech Currency where one can transact and store his wealth.
Swarming army of gullibles has no dearth. You innovate and market through sugar coated words, result is impressionable minds are at your feet. After all, Ponzi did survive for over a century.
Numerous Crypto currencies as many as over 4000 have been introduced in the market. Some of the known names could be Bitcoin, Litecoin, Ethereum, Tron, Chainlink etc. Here you have unbelievable data. Approximately 2000 that is almost half have disappeared from the market. And this financial embezzlement is not tracked, revealed or documented. Imagine the plunder.
Is this worthy enough to be called a Currency?
No one knows who has issued these crypto currencies. Who owns this concept? Who is running the brain behind? Who is hoarding the pile of currency units?
And the answer is these are synonyms of Charles Ponzi. They are anonymous, unknown and invisible. They are at the bottom of this Tech Ponzi Pyramid who are benefited with ever expanding chains. The secrecy in financial transactions is the root of fraudulence. Crooks never reveal their identity but employ marketable agent to deceive and defraud the conceivable mind.
With no defined ownership, there is no accountability. Rules of this currency game are designed and defined which suits this trade, not the trader or Investor.
The Crypto Currency has no issuer, no regulator, and no administrator to append it any authenticity. There is no Sovereign Support, No collateral, No Underline and No promissory backing which are essential features for an exchangeable unit to be called Currency.
Wonder, Why is it still called Currency?
Professionals who have a positive opinion on Crypto currency will lure their rich elite prey with a remarkable statement. “You can store your wealth in Crypto.” There is value and valuation gain both underneath in Crypto.
What a Bogus and Spurious statement it is? Every Asset class in finance (Equity, Debt, Currency, and Commodity) has underline and it derives its Value from them. With No underline in Crypto currency, the Base Valuation and factor deciding valuation is cryptic, fake and assumed. It is in those mysterious hands who runs this Tech Ponzi.
All valuation gain thereafter as it is being highlighted of the last one decade is manufactured through artificial demand and Supply mismatch. Having no access to Regulated Stock exchange, no adherence to the principles of Novation, no access to auction system, Traders are always ignorant about aggregate demand and Supply statement. All fudged and not authentic in the end.
In the end, Crypto Currency has been presented to the world as a future currency with no geographical Boundary. And that is what Hawala Transaction stands for. It can impress with delight any drug peddlers, Terrorist and Smugglers for the ease it ensures in their illegality. Yes true, always think, who the beneficiary of such an impervious system are?
All aspects related to operation, transaction, wallet keeping, digital convenience are shamed in absence of clarity on the claim of its currency.
Wealthy elite have too much to spend. The great Sanatan saying- The Wealth has three trajectories. Donation, Consumption and Destruction. (Daan, Bhog, Naash). You cannot change the destiny. The Great Sage Valmiki was aware of the eventuality yet he could not. The ugly destruction of wealth (Naash) is hanging.
We are the innocent and impressionable mind only.
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