China is a big country with a large population so to me these numbers are not surprising at all.People want easy money and if you give them something that appears as credible way to make money on easy way they are flying in that like bees to honey.
It say in article that China Ministry of Public Security revealed 2826 pyramid schemes since 2015 so that we can freely say that this business is booming.
Quote
Chen Lei, official of Xuzhou Department of Public Security, said:
The online shop feature is quite deceiving; people were convinced that they were funding some sort of e-commerce project.” Many victims were unable to tell the difference and still believed that they were participants of a new business model instead of a pyramid scheme.
The online shop feature is quite deceiving; people were convinced that they were funding some sort of e-commerce project.” Many victims were unable to tell the difference and still believed that they were participants of a new business model instead of a pyramid scheme.
It say in article that China Ministry of Public Security revealed 2826 pyramid schemes since 2015 so that we can freely say that this business is booming.
Do you think that's a major driving force for bitcoin?
Do you mean on this scam piramid schemes?I think this is not major driving force for BTC but in some way cryptocurrency is helping that such things happen much more and on much easier way then before.Now people can send money almost anonymously using BTC which is good,but scamers count on that when doing this sort of thing.
On the other side China is playing big role in BTC world,we can see that almost all pumps&dumps have something to do with them.But I remember someone write on this forum that major events regarding BTC is happen in China but there is a possibility that some foreign players pulling the strings also.
