CHEN Weixing, CEO of gaming App developer Funcity and former founder of Chinese ride-hailing App Kuaidi Dache, felt upset recently as several of his friends, suffered the malady of economic miasma brought on by crypto fraudsters, were forced to leave the blockchain industry.
Most of the investors don’t even bother asking about the truth. It is the money, not the morals, that concerns them, but there ought to be someone to take moral responsibility. Otherwise, things will only get worse, CHEN said via his Weibo handle, adding EOS and VDS as typical examples of such ‘shell games.’
CHEN explained, EOS has always been trying to innovate and experiment, which is fine. The problems, however, lie in the fraudulent advertising claims of “millions of TPS” and “next-generation operation system,” the opaque fundraising process, price manipulation, irresponsible English agreements, and so on and so forth. “What an example of a successful crypto scam! They were once nobody in America, yet they turned Gods in China thanks to another bunch of swindlers, who cheated investors out of billions of dollars to buy planes and villas.”
The venture capitalist, CHEN Weixing, thinks a more typical fraud is VDS. “A Ponzi scheme designed by some clever men. That is what VDS is. It integrates multiple blockchain technologies and adopts transparent and fair rules, making it more acceptable than EOS,” he continued. “If money is God in this world, all those who embezzle the funds raised from the public by telling endless lies would be pardoned. Followers and believers lose their wealth regardless of whether or not it is a bull market - Les Miserables. I have expected too much from the crypto world, and the more I expect, the more disappointed I am.”
At the end of his Weibo post, CHEN said, “I can live well with it, though.”