Public warned of digital currency ‘Ponzi-like’ fraud

By THE NATION

 

File photo // EPA-EFE PHOTO

 

THE FINANCE MINISTRY has issued a warning about the high risk of investing in digital currencies, but so far there have not been any concrete measures adopted to deal with the rising popularity of bitcoin and other cryptocurrencies.

 

Pornchai Theeravej, finance and economics adviser to the Fiscal Policy Office, said people should be aware of the dangers of investing in digital currencies as some schemes promised unreasonably high returns similar to Ponzi schemes. He also warned that people who deceive others could be charged with fraud. 

 

The value of digital currencies had been highly volatile, he said, apparently referring to the fluctuating value of bitcoin on the global market. 

 

Thailand and other countries had not yet legalised digital currencies as a means of financial payments, he added. The Finance Ministry, Bank of Thailand, Securities and Exchange Commission and Anti-Money Laundering Office were working together to find effective measures for dealing with digital currencies, he said.

 

Other popular cryptocurrencies besides bitcoin include Ethereum and Litecoin, both of which use blockchain technology in their underlying software.

 

Source: http://www.nationmultimedia.com/detail/business/30335330

 

-- © Copyright The Nation 2018-01-04

Sure it is a fraud! many people is going to loose all their money on Bitcoins and other cryptocurrencies.
Just ask yourself: What is really the solid element that is setting the value of a cryptocurrency, when they not have any connection to the monetary system?

Like saying you just ate an air beef with fantasy potato and invisible sauce. 

Someone else other than Pornchai Theeravej who hasn't studied, or invested in digital currencies who thinks they're qualified to comment on them. You mention the monetary system, where you have the forex market where nobody ever sees any money and yet billions are bought, sold and moved around by the various traders and nobody blinks an eye. The US wants some foreign exchange, just take several billion dollars off the presses and dish them out.

 

But that aside, I hate the patronising attitude of anyone who isn't actually into cryptos. It reminds me of the Brexit remainers who bang on about the 17 million odd people who voted "Yes" as not knowing what they were doing. Myself, and I'm sure most of the others invested in cryptos I'm sure, realise that it's a gamble, as is any form of investing. We don't need you interferring beggars to tell us how to spend our hard-earned cash.

 

Whoz gonna be holding da bag?

As with most investments, I was always told to diversify and only spend what you’re  prepared to lose.

There is also the unusual phenomena that the coin values are only going up, yes there are slight ups and downs and corrections but it's really strange that these things are only trending up, people need to be really careful with investing in these crypto coins.