Since the emergence of the world’s first digital currency-Bitcoin，The development trend Bet365 app download is staggering，Not only increasingly rich in variety，And the price has also skyrocketed。The property value and appreciation potential behind digital currencies have triggered a wave of currency speculation。People’s pursuit Bet365 app download is more about using digital currency as a speculative product，Earn huge profits by investing in digital currencies。However，New things also bring new risks，In digital currency speculation，Speculators will face many associated risks。

　　Three types of Bet365 app download

1st，Common fraud risk。This refers to the actor committing fraud against Bet365 app download speculators，The risk of conduct that constitutes “fraud”。Among the risks associated with Bet365 app download speculation，Ordinary fraud is highly prevalent in judicial practice。Using Bet365 app download as a gimmick，The diversification of behavioral types makes fraudsters pervasive。Common fraud risks include not only stakeholder fraud，Such cases often have many common perpetrators and victims，Also includes individual scams，This type of fraud often occurs between individuals，Because the crime is less difficult，The incidence rate of cases is also high。

Second，Ponzi scheme risk。This refers to an associated risk that often occurs in the process Bet365 app download speculation，Relying on digital currency，Organization、Leading MLM activities，Usually using digital currency as a gimmick，Attracting people to join MLM organizations。Ponzi schemes that use digital currency as a gimmick will not only vigorously promote the investment value Bet365 app download in terms of appreciation space and development prospects，Professionalize the “digital currency” issued by yourself、Technological and cutting-edge outerwear，And take advantage of our country’s “digital development” policy，Use “digital currency” as a pyramid scheme product，Thus reducing public vigilance，Making it easier to believe in the fictitious MLM projects created by MLM organizations。Even if it is covered with "technological" and "legalized"，It is impossible to conceal the essence of pyramid schemes。

　Third，Illegal financial fundraising risks faced by the public。For example, illegally absorbing public deposits、Fundraising fraud、Illegal business, etc.。In the context Bet365 app download speculation，Illegal fund-raising risks mainly refer to project investors raising digital currencies from the public，This type is called ICO (Initial coin offering)，That is, the first coin issuance。But the ICO financing model has many risks，There are many risks of fraud and investment failure。Depending on specific circumstances，ICO behavior may constitute the crime of illegally absorbing public deposits、Fundraising fraud crimes and organizations、The crime of leading pyramid schemes。In 2017, seven ministries and commissions including the central bank issued the "Announcement on Preventing Token Issuance Financing Risks" (hereinafter referred to as the "Token Risk Announcement")，Stop the ICO project to avoid related risks，But the risks associated with ICO behavior do not end here。The price Bet365 app download continues to rise，ICO speculation risks still exist。

　　Exploring sources of Bet365 app download: individuals, values ​​and external environment

At the individual level of speculators，Confusion of virtual currency and digital currency，And it is difficult to distinguish。Decentralization is a typical feature Bet365 app download，Criminals take advantage of public trust in the decentralized nature of digital currencies，Decorate controllable virtual coins into digital currencies to defraud others。Some “digital currencies” that appear in digital currency speculation，In fact, it is similar to virtual currencies such as "game currency" used in regional network systems。Scenario construction of this kind of virtual currency，Including price fluctuation、Exchange rate、Transaction volume, etc.，The specific performance and changes can be controlled through the system。Virtual currency and digital currency have formal similarities，such as numerical formality、Network dependence, etc.。It is difficult for the general public to distinguish the two from appearance，Even if it is technically possible to distinguish，It is also difficult for the victim to directly enter the system for verification。Even if some deceivers have problems in checking，It will not and cannot convince all other deceived people to believe in their own verification results。

At the value level，There are a lot of value bubbles in the digital currency field。The decentralization and fixed issuance quantity Bet365 app download can alleviate the national credit crisis，Suppressing Inflation，But the market determines the price mechanism，Due to lack of necessary government control，Making digital currency emerge a huge value bubble。The value bubble Bet365 app download not only stimulates the public’s profit-seeking nature，And have an impact on the risk Bet365 app download speculation，It is embodied in three aspects: first，Value bubble inspires speculation and criminal behavior。People have the nature to seek profit，The huge value bubble Bet365 app download naturally attracts the public to engage in speculative behavior，Because of this，Under the temptation of huge benefits，Criminal behaviors targeting digital currency speculation are abounded、Intensifying。Second，Value bubble masks the falsity of the scam。The staggering value bubble Bet365 app download，Used by criminals to conceal their deceptive nature，Lower public vigilance and lead them to fall into speculative scams。Third，The value bubble burst causing irreparable losses to public property。The value bubble phenomenon Bet365 app download will cause the price Bet365 app download to rise，It will also cause the price to drop。Under the decentralized distribution model，When the digital currency bubble bursts，Speculation failed，No one is responsible for the loss。Even if you think speculation is an act at your own risk，But the public losses caused by the lack of correct guidance，Easily trigger group incidents and cause social instability。

At the level of external environment，International differentiated regulatory loopholes。Token Risk Announcement Reaffirms Non-monetary Properties of Digital Currencies，It is also prohibited to engage in token issuance financing activities and conduct business related to token issuance financing transactions。Although our country adopts a ban on Bet365 app download，But there are many people around the world who have a positive attitude towards Bet365 app download，And actively modify the laws of the country，To cope with possible changes，For example, the United States、Germany、Japan, etc.。Different regulatory measures in different countries in the world are exploited by criminals，Inducing or expanding Bet365 app download speculation risks。International differential regulation puts Chinese speculators at a disadvantage。my country’s speculators show the blindness and gullibility of speculation。In the field of international Bet365 app download speculation，The interests of our people are vulnerable to infringement by speculators from other countries。

　　Standardization of two parties: “Bet365 app download” and “regulators”

At the speculator level，Divide the scope of your own risks。As an investor，The public should maintain a rational attitude towards digital currencies，Correctly understand the nature Bet365 app download, that is, the uncertainty and high risk Bet365 app download speculation。After realizing the risks Bet365 app download speculation，Speculation based on one’s own true sense of freedom，Speculators should bear their own risks。It can be seen from this，Speculation under the true sense of freedom is the inherent condition for speculators to bear their own risks。But，Speculators should bear their own risks and set two external conditions: 1，Speculative projects are legal in nature。There are many fraudulent associated risks in digital currency speculation，These risks are either that there is no digital currency or investment project，Or use virtual currency to pretend to be digital currency to attract funds。For the initiator’s illegal and criminal behavior，The risks and losses cannot be borne by speculators。Part 2，Speculators should be fully informed of the risks before speculating。Due to the complexity and novelty Bet365 app download，The risk awareness obligation of speculators should shift from speculators to promoters，The sponsor bears the obligation to disclose risks。In the process Bet365 app download speculation，Exaggerate the high profitability Bet365 app download，Deliberately avoiding the high risk of digital currencies is an important reason for the public’s blind investment。In addition, the public’s understanding of the operating principles Bet365 app download、Little is known about the methods of speculation，Therefore，At this stage, speculators receiving adequate risk information is an important measure to solve this problem。

At the supervisor level，Clear the regulatory responsibilities Bet365 app download regulators。Private investment capital is the capital exchange between promoters and investors，But due to the difference in investment status between the sponsor and the investor，Making it easy to breed fraud。Therefore，Third-party supervision platforms are particularly important。Clear supervision and management institutions are the key to achieving effective supervision，To this，A digital currency financial regulatory agency should be established to implement unified supervision of digital currencies，Targeted supervision is an important measure to prevent the risk of fraud in digital currency speculation。From the perspective of overseas supervision experience，Establishing a unified digital currency regulatory agency is a common governance measure。For example, the Japan Financial Services Agency regulates digital currency transactions in Japan，The Monetary Authority of Singapore (MAS) regulates virtual currency intermediaries in Singapore, etc.。It can be seen from the development and management practice Bet365 app download，The People’s Bank of China is the main regulator Bet365 app download in my country。Give full play to the regulatory role Bet365 app download，Digital currency regulatory agencies should have but are not limited to the following important functions。

1st，Supervision Bet365 app download practitioners。Specifically，Including the establishment of professional institutions、Change、Registration and review of cancellation, etc.，Mainly review the authenticity and operational capabilities of trading institutions。And publicize the basic situation and review results Bet365 app download practitioners。Second，Review digital currency investment projects。Enterprises that launch digital currency investment projects for the public need to report to the regulatory authorities for review，The purpose is for the state to identify the authenticity of digital currencies or investment projects on behalf of the public，Thus reducing the risk of fraud in digital currency speculation。Third，Two-way risk notification function。Digital currency regulators have risk notification obligations to the public and businesses，The regulatory agency’s obligation to inform the public is an abstract administrative act，It is not personal，It is about releasing new risks arising from digital currencies to the public in a timely manner。Fourth，Exchanging information with other institutions。The supervision Bet365 app download involves many fields，For example, illegal crimes、Taxation、Currency, etc.。It is difficult for a single department to solve the entire digital currency field，If the behavior of the digital currency industry involves other parts，Regulatory agencies should communicate with relevant agencies in a timely manner。

　(Author’s unit: Anhui University Law School)