Bitcoin, which has skyrocketed by a million times, has brought endless possibilities. It seems that as long as the words "digital currency" are used, countless wealth can be obtained. In the eyes of investors in the currency circle, benefits are readily available. Not participating in the massive currency circle movement is equivalent to throwing away the opportunity to make a fortune.
Countless investors are frantically buying coins, buying coins, buying coins. They don’t care whether the coin is reliable or not, and then buy it. What if it is issued on the exchange? However, a reporter from "Daily Economic News" noticed that the virtual coins you buy may all come from workshop-style production – creating tokens and opening exchanges with one click.
You can create a token with 10,000 yuan, and create an exchange with 80,000 yuan… When you buy a new currency and hope that it will rise sharply on the exchange, the creator of the token has already set its sights on your principal.
10,000 yuan can create a token whose creator can operate everyone’s currency
This may be an unacceptable fact. The digital currency you believe in and invested hundreds of thousands or even millions in may have been produced in a workshop style. A reporter from "Daily Economic News" noticed a software that can help customers create tokens and open exchanges with one click.
According to the official website, the software focuses on providing users with Ethereum-based token technology solutions. It can issue ERC20 tokens on the Ethereum network with one click without any programming foundation, and is committed to allowing users to seamlessly access the token economy. Its functions can cover all token functions required on the market. At the same time, the software can also provide one-stop services such as technical consultation, token customization, currency listing services, and one-click opening of exchanges.
The reporter tried to create a token. The official website introduced that the service is "simple and fast to operate. It only takes three steps to issue tokens: register and log in, fill in the token information, and pay ETH." The creation page is simple and crude. The creator needs to enter the most basic information such as the full name of the token, the abbreviation of the token, the total initial issuance amount, and the number of decimal places.
What happens when the coins in your hand often run away?
The reporter found that this may be because the token has the following functions: destruction, merged transfer, locking, lock-up, additional issuance, airdrop, and direct drop. Creators can choose these features directly and just spend a little more money.
The reporter added the WeChat ID of its customer service staff, and WeChat reminded that "the other party's account status is abnormal, please operate with caution if there are any fund transactions."
Customer service introduced to reporters that the destruction function means that token holders will have the right to destroy the tokens they own. After successful destruction, the destroyer's currency holdings and the total number of tokens in the entire network will be reduced accordingly. This function is suitable for business scenarios such as token repurchase and destruction, usage burning, etc.
The locking function means that after the creator turns on the lock, network-wide transfers and destructions will be inoperable, and other operations will not be affected. It can be turned on and off at any time. This function is suitable for business scenarios such as global lock-up and asset snapshots.
The lock-up function is divided into static and dynamic lock-up, and both lock-ups can be set to be released in batches. After the static lock-up information is successfully set, it cannot be modified or deleted, including changing to dynamic lock-up. Dynamic staking information allows multiple changes and deletions, and is allowed to be changed to static staking. This function is suitable for business scenarios such as investor lock-up and team lock-up.
These three functions mean that the creator can control the token transactions in the hands of investors. If the creator allows investors to trade, investors can carry out currency exchange or other businesses; once the creator prohibits transactions, the tokens that investors spend a lot of money to purchase will become a string of numbers.
The reporter confirmed this to the customer service staff, who said that "after the lock function is turned on, no one can trade, but the creator can operate everyone's coins."
What is the "airdrop candy" that investors in the currency circle love most? This is also set at the beginning of the token creation. Creators can conduct additional issuances and airdrops, and can put tokens into designated addresses.
So, how much does it cost to create a token?
The customer service staff introduced to reporters that the token with all functions is 16 ETH, and the three functions of additional issuance, destruction and locking are 5 ETH. Feixiao data shows that the current price of ETH is about 2,108 yuan, which means that the minimum cost of creating a token with three functions is about 10,000 yuan, and the maximum is a little more than 30,000 yuan.
These tokens, which only cost tens of thousands of yuan to create, can receive hundreds of thousands or even millions of investments from investors.
80,000 yuan to create an exchange, 15 million yuan to be listed on Binance Exchange
If tokens are unreliable, then are digital currency exchanges reliable?
The "Daily Economic News" reporter learned that in addition to creating tokens, the software also supports services such as currency listing and one-click exchange opening.
When the reporter inquired about the currency listing fees, the customer service sent the reporter a quotation sheet, which indicated the currency listing fees of "Huobi, Binance, ZB" and other exchanges, as well as the cycle (the time required for currency listing).
The reporter noticed that there are many ways to pay for currency listing fees. Among them, Binance is 15 million yuan, with a cycle of one month; Huobi is 7 million to 10 million yuan, with a cycle of 45 days; ZB is 6 million yuan, with a cycle of one week. In addition, exchanges such as Matcha, biki, fcoin, and boss pay in BTC, with fees ranging from 2 to 22 BTC, and the cycle is one week; exchanges such as bitfinex, upbit, bithumb, and digfinex pay in U.S. dollars, with fees ranging from $150,000 to $900,000, and the cycle lasts from weeks to months.
In terms of one-click opening of an exchange, customer service told reporters that different versions of the exchange system have different prices. The basic version is 80,000 yuan, the regular version is 200,000 yuan, and the advanced version is 300,000 yuan. Invoices can also be issued. Among them, the basic version only has OTC trading functions without an APP, the ordinary version has a better-looking interface than the basic version and also has an APP, and the advanced version is more high-end.
Customer service told reporters that they can quickly build an exclusive digital asset exchange that supports all tokens on the Bitcoin and Ethereum chains, can also list platform coins, support OTC over-the-counter transactions, and currency-to-crypto transactions. It has functions such as automatic deposits and withdrawals, customized handling fees, and report statistics. It can customize functions according to needs and provide high-quality after-sales services. Customer service also showed reporters basic and advanced version exchange cases.
The basic version of the exchange is very rough. The official QQ group and customer service QQ number are displayed on the homepage. In addition, it is marked in a conspicuous place as "a safe and trustworthy Hong Kong over-the-counter trading platform" and states that the exchange is "two-way trading, free buying and selling, safe and reliable." The reporter noticed that there are investors placing orders for buying and selling on the homepage, and mainstream payment methods include WeChat, Alipay, bank cards, PayPal, etc. are all supported.
The advanced version of the exchange is much more formal. It not only supports over-the-counter transactions and currency transactions, but also displays the prices of mainstream digital currencies. Among them, over-the-counter transactions show that investors can buy mainstream digital currencies such as BTC, ETH, and USDT in RMB, and can also sell these mainstream currencies. The payment methods are also WeChat, Alipay, bank cards, etc. In currency-to-crypto transactions, investors can exchange one form of digital currency for another form of digital currency at a certain ratio.
The reporter noticed that the advanced version also provides "digital currency mortgage loan" service. The page opened by the reporter shows that the maximum loan amount is about 700,000 yuan, and the annualized return is 50% to 200%. Investors have placed orders for loans, and the cumulative loan amount ranges from several thousand to tens of thousands of yuan. The page shows that digital currencies that support mortgage include BTC (Bitcoin), LTC (Litecoin), ETH (Ethereum), and WKC (LinkToken).
It is worth mentioning that both exchanges provide the "invite friends" function. Among them, the advanced version invites friends: Every user who registers through a QR code or link will be attributed to the investor's account as a "recommended friend", and investors can obtain up to 50% of the transaction fee from each successful transaction of the recommended friend.
Lawyer: Providing "platform currency issuance on behalf of others" business is suspected of illegal business operations
The reporter noticed that the operator of the software is a "network technology company" in Xiamen. Qixinbao shows that the company's registered capital is 3 million yuan, and its business scope includes "software development; information system integration services; information technology consulting services; data processing and storage services; digital content services; animation and comic design and production; and other unspecified information technology service industries (excluding projects that require license approval)."
Xiao Sa, director of the Bank of China Law Research Association, told the "Daily Economic News" reporter that after the central bank and seven other departments issued the "Announcement on Preventing Token Issuance Financing Risks" on September 4, 2017, domestic exchanges were moved or closed. Some domestic blockchain companies advertise that they can provide the business of "establishing exchanges or issuing platform coins on behalf of others", which is contrary to my country's current policies and laws. The business of "establishing platform coins on behalf of others" is suspected of violating Article 225 of the Criminal Law of the People's Republic of my country. The act of providing the business of "establishing exchanges" is an act of assistance in establishing an exchange. It forms an accomplice relationship with investors who participate in the investment and establishment of exchanges, and jointly commits the crime of illegal business operations.
Xiao Sa told reporters that Chinese law only recognizes "Bitcoin" as a virtual commodity. According to the "General Provisions of the Civil Law", Chinese citizens can hold virtual property (including virtual goods). However, Chinese laws do not grant legal status to virtual currencies from other ICOs. It is difficult for Chinese citizens to protect their legitimate rights and interests when speculating on such virtual currencies.
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