White wolf in digital currency
Publish: 2021-05-24 07:18:02
1.
virtual currency is not MLM
virtual currency refers to non real currency. Well known virtual currencies, such as online currency of Internet company, QQ currency of Tencent company, q-point, voucher of Shanda company, micro currency launched by Sina, chivalrous Yuanbao, silver pattern. Digital currencies include bitcoin, Wright coin, infinite coin, quark coin, zeta coin, barbecue coin, penny coin, invisible gold bar, red coin and prime currency. At present, hundreds of digital currencies are issued all over the world
network virtual currency can be roughly divided into
the first category is the familiar game currency. In the era of stand-alone games, the protagonist accumulates money by knocking down the enemy, entering the gambling house to win money, and using these to buy Herbs and equipment, but it can only be used in his own game console. At that time, there was no "market" between players. Since the establishment of Internet portal and community, the realization of game networking, virtual currency has a "financial market", players can trade game currency
the second type is the special currency issued by the portal website or instant messaging service provider, which is used to purchase the services in the website. The most widely used is Tencent's q-coin, which can be used to purchase membership, QQ show and other value-added services
the third kind of virtual currency on the Internet, such as bitcoin and Wright currency. Bitcoin is an electronic currency proced by open-source P2P software. Some people also translate bitcoin as "bitcoin", which is a kind of network virtual currency. It is mainly used for Internet financial investment, and can also be directly used in daily life as a new currency
< H2 > reference: virtual currency network2. Ponzi scheme is the name of investment fraud in the financial field. It is the ancestor of pyramid scheme. Many illegal pyramid schemes use it to collect money. This kind of fraud was "invented" by a speculator named Charles Ponzi. Ponzi's scam is also known in China as "robbing the east to pay the west" and "empty handed White Wolf". In short, it is to use the money of new investors to pay interest and short-term return to old investors, so as to create the illusion of making money and then cheat more investment.
3. The so-called digital currency is MLM empty handed set white wolf
4. It should be the most famous bitcoin browser. According to the current browser standard, it has basic functions: search by block, transaction or address, safe and reliable, beautiful interface. You can also view wealth statistics related to bitcoin activity in the past 24 hours. Xuanling blockchain has also been developed.
5. The most common official explanation for the financial crisis is the problem of subprime mortgage. However, the total amount of subprime mortgage is only a few hundred billion, and the US government's lout fund has already reached more than one trillion. Why can't we see the end of the crisis? Some articles point out that the root of the crisis is that financial institutions use "leverage" transactions; Other experts point out that behind the financial crisis are 62 trillion yuan of credit default swap (CDS). So, what is the relationship between subprime mortgage, leverage and CDs? What kind of interaction between them proced today's financial crisis? In many financial crisis analysis articles, there is no simple and clear explanation for these problems. This paper attempts to provide an answer to these questions through our own understanding. For the sake of being easy to understand, we use several hypothetical examples. Criticism and discussion are welcome if there are inappropriate points
one. Leverage. At present, in order to earn huge profits, many investment banks use 20-30 times leverage operation. Assuming that a bank a's own assets are 3 billion, 30 times leverage is 90 billion. That is to say, bank a borrows 90 billion yuan for investment with 3 billion yuan of assets as collateral. If the investment profit is 5%, then bank a will get 4.5 billion yuan of profit. Compared with its own assets, this is 150% windfall profit. On the other hand, if the investment loses 5%, then bank a will lose all its assets and still owe $1.5 billion
two. CDs contract. Due to the high risk of leverage operation, according to the normal rules, banks do not operate such risky operations. So someone came up with a way to take leverage investment as "insurance". This kind of insurance is called CDs. For example, bank a finds institution B to avoid leverage risk. Institution B could be another bank, it could be an insurance company, and so on. A said to B, how about you do default insurance for my loan? I will pay you 50 million insurance premium every year for 10 consecutive years, with a total of 500 million. If my investment does not default, then you will take the insurance premium in vain. If you default, you will compensate for me. A I think that if I don't default, I can earn 4.5 billion yuan, of which 500 million yuan will be used for insurance, and I can make a net profit of 4 billion yuan. If there is a breach of contract, there will be insurance to compensate. So for a, it's a business that makes no loss. B is a smart person, did not immediately agree to a's invitation, but went back to do a statistical analysis, found that less than 1% of the default. If you do business with 100 companies, you can get 50 billion yuan of insurance money in total. If one of them defaults, the maximum amount of compensation is no more than 5 billion yuan. Even if two companies default, you can still earn 40 billion yuan. A. B both sides thought the deal was good for them, so they made a deal immediately and everyone was happy
three. CDS market. After B has done the insurance business, C is jealous. C went to B and said, how about you sell me these 100 CDs? Each contract will give you 200 million yuan, a total of 20 billion yuan. B thinks that it will take 10 years for me to get my 40 billion yuan. Now there will be 20 billion yuan as soon as I change hands, and there is no risk. Why not do it? Therefore, B and C will close the deal immediately. In this way, CDs, like stocks, flows to the financial market and can be traded. In fact, after C got these CDs, it didn't want to wait 10 years to collect another 20 billion yuan. Instead, it listed them for sale with a price of 22 billion yuan; D saw this proct, calculated it, 40 billion minus 22 billion, there is 18 billion to make, this is the "original stock", not expensive, bought it immediately. As soon as they changed hands, C made 2 billion. Since then, these CDs have been copied repeatedly in the market, and now the market value of CDs has been copied to 62 trillion US dollars
four. Subprime. The above a, B, C, D, e, f... Are making a lot of money, so where does the money come from? Basically, the money comes from the profits of a and its like-a investors. Most of their profits come from American subprime loans. People say the subprime crisis is e to lending money to the poor. I don't think so. The author thinks that the subprime mortgage is mainly given to ordinary American real estate investors. These people's economic strength was only enough to buy their own house, but seeing the rapid rise of house prices, they started the idea of real estate speculation. They mortgage their houses to buy investment houses. This kind of loan interest should be above 8% - 9%, which is difficult to deal with with with their own income, but they can continue to mortgage their house to the bank, borrow money to pay the interest, and set up a white wolf empty handed. At this time, a is very happy that his investment is making money for him; B is also very happy that the market default rate is very low and the insurance business can continue to develop; C, D, e, F and so on make money
five. The subprime crisis. When the house price rises to a certain extent, it will not go up, and no one will take over the offer. At this time, real estate speculators are as anxious as ants on a hot pot. The house couldn't be sold, and the high interest kept paying. Finally, on a day when there was no way out, the house was left to the bank. At this point, a default occurs. At this time, a feels a little sorry that he can't make a lot of money, but he can't lose there. Anyway, B has insurance. B doesn't worry. Anyway, the insurance has been sold to C. So where is the CDs insurance now? It's in G's hands. G has just spent 30 billion to buy 100 CDs from F. before it has time to change hands, it suddenly received news that these CDs were downgraded, and 20 of them defaulted, far exceeding the original estimated default rate of 1% to 2%. Each default will cost $5 billion in insurance, with a total cost of $100 billion. Plus the $30 billion CDs acquisition fee, G's loss totaled $130 billion. Although G is one of the top 10 institutions in the United States, it can not afford such a huge loss. So G is on the verge of bankruptcy
six. Financial crisis. If G goes bankrupt, the insurance that a spent 500 million dollars to buy will be ruined. What's worse, because a uses leverage principle to invest, according to the previous analysis, a can't pay off all its assets. So a is in immediate danger of bankruptcy. In addition to a, there are A2, A3,..., A20, all of which should be prepared for bankruptcy. Therefore, G, a, A2,..., A20 came to the U.S. Secretary of the Treasury together and lobbied with tears. G must not go bankrupt. Once it goes bankrupt, everyone will be ruined. As soon as the Treasury secretary was soft hearted, he nationalized g. since then, the insurance of a,..., A20 totaled $100 billion, all of which were paid by American taxpayers
seven. The dollar crisis. The market price of the 100 CDs mentioned above is 30 billion. The total value of CDS market is 62 trillion. Assuming that 10% of them default, there will be 6 trillion default CDs. That's 200 times more than 30 billion. If the US government buys 30 billion CDs, it will lose 100 billion. So for the rest of the defaulting CDs, the US government will have to pay $20 trillion. If you don't pay, you have to watch A20, A21, A22 and so on close down one by one. No matter what measures are taken, a big depreciation of the US dollar is inevitable
the assumptions and figures used in the above calculation may differ from the actual situation, but the severity of the U.S. financial crisis cannot be underestimated.
one. Leverage. At present, in order to earn huge profits, many investment banks use 20-30 times leverage operation. Assuming that a bank a's own assets are 3 billion, 30 times leverage is 90 billion. That is to say, bank a borrows 90 billion yuan for investment with 3 billion yuan of assets as collateral. If the investment profit is 5%, then bank a will get 4.5 billion yuan of profit. Compared with its own assets, this is 150% windfall profit. On the other hand, if the investment loses 5%, then bank a will lose all its assets and still owe $1.5 billion
two. CDs contract. Due to the high risk of leverage operation, according to the normal rules, banks do not operate such risky operations. So someone came up with a way to take leverage investment as "insurance". This kind of insurance is called CDs. For example, bank a finds institution B to avoid leverage risk. Institution B could be another bank, it could be an insurance company, and so on. A said to B, how about you do default insurance for my loan? I will pay you 50 million insurance premium every year for 10 consecutive years, with a total of 500 million. If my investment does not default, then you will take the insurance premium in vain. If you default, you will compensate for me. A I think that if I don't default, I can earn 4.5 billion yuan, of which 500 million yuan will be used for insurance, and I can make a net profit of 4 billion yuan. If there is a breach of contract, there will be insurance to compensate. So for a, it's a business that makes no loss. B is a smart person, did not immediately agree to a's invitation, but went back to do a statistical analysis, found that less than 1% of the default. If you do business with 100 companies, you can get 50 billion yuan of insurance money in total. If one of them defaults, the maximum amount of compensation is no more than 5 billion yuan. Even if two companies default, you can still earn 40 billion yuan. A. B both sides thought the deal was good for them, so they made a deal immediately and everyone was happy
three. CDS market. After B has done the insurance business, C is jealous. C went to B and said, how about you sell me these 100 CDs? Each contract will give you 200 million yuan, a total of 20 billion yuan. B thinks that it will take 10 years for me to get my 40 billion yuan. Now there will be 20 billion yuan as soon as I change hands, and there is no risk. Why not do it? Therefore, B and C will close the deal immediately. In this way, CDs, like stocks, flows to the financial market and can be traded. In fact, after C got these CDs, it didn't want to wait 10 years to collect another 20 billion yuan. Instead, it listed them for sale with a price of 22 billion yuan; D saw this proct, calculated it, 40 billion minus 22 billion, there is 18 billion to make, this is the "original stock", not expensive, bought it immediately. As soon as they changed hands, C made 2 billion. Since then, these CDs have been copied repeatedly in the market, and now the market value of CDs has been copied to 62 trillion US dollars
four. Subprime. The above a, B, C, D, e, f... Are making a lot of money, so where does the money come from? Basically, the money comes from the profits of a and its like-a investors. Most of their profits come from American subprime loans. People say the subprime crisis is e to lending money to the poor. I don't think so. The author thinks that the subprime mortgage is mainly given to ordinary American real estate investors. These people's economic strength was only enough to buy their own house, but seeing the rapid rise of house prices, they started the idea of real estate speculation. They mortgage their houses to buy investment houses. This kind of loan interest should be above 8% - 9%, which is difficult to deal with with with their own income, but they can continue to mortgage their house to the bank, borrow money to pay the interest, and set up a white wolf empty handed. At this time, a is very happy that his investment is making money for him; B is also very happy that the market default rate is very low and the insurance business can continue to develop; C, D, e, F and so on make money
five. The subprime crisis. When the house price rises to a certain extent, it will not go up, and no one will take over the offer. At this time, real estate speculators are as anxious as ants on a hot pot. The house couldn't be sold, and the high interest kept paying. Finally, on a day when there was no way out, the house was left to the bank. At this point, a default occurs. At this time, a feels a little sorry that he can't make a lot of money, but he can't lose there. Anyway, B has insurance. B doesn't worry. Anyway, the insurance has been sold to C. So where is the CDs insurance now? It's in G's hands. G has just spent 30 billion to buy 100 CDs from F. before it has time to change hands, it suddenly received news that these CDs were downgraded, and 20 of them defaulted, far exceeding the original estimated default rate of 1% to 2%. Each default will cost $5 billion in insurance, with a total cost of $100 billion. Plus the $30 billion CDs acquisition fee, G's loss totaled $130 billion. Although G is one of the top 10 institutions in the United States, it can not afford such a huge loss. So G is on the verge of bankruptcy
six. Financial crisis. If G goes bankrupt, the insurance that a spent 500 million dollars to buy will be ruined. What's worse, because a uses leverage principle to invest, according to the previous analysis, a can't pay off all its assets. So a is in immediate danger of bankruptcy. In addition to a, there are A2, A3,..., A20, all of which should be prepared for bankruptcy. Therefore, G, a, A2,..., A20 came to the U.S. Secretary of the Treasury together and lobbied with tears. G must not go bankrupt. Once it goes bankrupt, everyone will be ruined. As soon as the Treasury secretary was soft hearted, he nationalized g. since then, the insurance of a,..., A20 totaled $100 billion, all of which were paid by American taxpayers
seven. The dollar crisis. The market price of the 100 CDs mentioned above is 30 billion. The total value of CDS market is 62 trillion. Assuming that 10% of them default, there will be 6 trillion default CDs. That's 200 times more than 30 billion. If the US government buys 30 billion CDs, it will lose 100 billion. So for the rest of the defaulting CDs, the US government will have to pay $20 trillion. If you don't pay, you have to watch A20, A21, A22 and so on close down one by one. No matter what measures are taken, a big depreciation of the US dollar is inevitable
the assumptions and figures used in the above calculation may differ from the actual situation, but the severity of the U.S. financial crisis cannot be underestimated.
6. The financial market is a battlefield without smoke! Central banks, international speculators and investors all play games with each other! This time international speculators short RMB is not without reasons: 1. The federal funds rate of the United States has been higher than the benchmark interest rate of China, and there is obvious interest rate spread income! 2. The return of interest margin leads to the return of US dollar and accelerates the strong pattern of US dollar. When RMB devalues, US dollar will appreciate and make another profit! 3. China's stock market and property market investment income is not high, will let the capital flight
why doesn't China raise interest rates? There are several problems: 1. The real estate market is in the process of deleveraging, and there is a great risk of tightening credit at this time; 2. The risk of equity pledge of private enterprises is very high, otherwise they will not use state-owned assets to help; The people's Bank of China has a big headache. It's hard to control the domestic financial risk of interest rate increase, and the RMB continues to depreciate without interest rate increase
the Central Bank of China has intervened once last time, which is called RMB "counter cyclical factor", but it's just a small scene
the intervention of the central bank mainly has a short-term effect, and its purpose is to intervene in "excessive speculation and malicious short selling"! What really affects the trend of exchange rate is: interest rate level, economic quality, monetary policy, fiscal policy, market long-term expectation
there are still examples of international speculators defeating the central bank in history, and they are the same person—— Soros< (1) in 1992, Soros successfully attacked the pound. In 1990, Britain decided to join the European exchange rate system (ERM), a new monetary system created by Western European countries. Soros believes that Britain has made a decisive mistake< In September 1992, speculators began to attack the weak currencies in the European exchange rate system, including the British pound and the Italian lira. The central banks of these countries have to spend a lot of money to support their currency exchange rates
the British government plans to borrow money from the international banking organization to prevent the continued depreciation of the pound, but this is like a drop in the bucket. Soros alone spent $10 billion in this battle with the British government. Soros took a short position of US $7 billion in the gamble and held a long position of US $6 billion mark. At the same time, considering that the devaluation of a country's currency usually leads to the rise of its stock market, Soros bought us $500 million worth of British shares and took a short position of German shares. If Soros is the only one to compete with Britain, the British government may still have a glimmer of hope, but the participation of many speculators in the world makes the strength of both sides in this competition greatly different, and it is doomed to the failure of the British government
Soros was the biggest winner in the attack on the pound, once described by the magazine as the man who defeated the Bank of England. Soros has made nearly US $1 billion from short trading in sterling. The long interest rate futures in Britain, France and Germany and short trading in Italian lira have made his total profit as high as US $2 billion, of which Soros's personal income is one third. During the year, Soros's fund grew by 67.5%
(2) snipe the Thai baht and set up the White Wolf empty handed! Attack Hong Kong dollar without success< On July 2, 1997, the Thai government exhausted all its foreign exchange reserves and had to abandon the fixed exchange rate system and implement the floating exchange rate system. The Thai baht plummeted by 17% overnight. Soros successfully used a small amount of US dollars to repay his loan in the Bank of Thailand, making a net profit of billions of US dollars and leaving the market
in the same year, it hit Hong Kong's financial market, making the exchange rate of Hong Kong dollar decline all the way and the financial market in chaos. The Hong Kong Monetary Authority immediately entered the market, and the central government fully supported it. Under a series of counterattack actions, Soros's "battle" in Hong Kong failed and suffered heavy losses< (3) short yen and rise Japanese stocks -- Abe trading
from September 2012 to may 2013, Soros Fund Management Company, the world's largest foreign exchange investor, made us $1 billion through "Abe trading". Short yen became the first beneficiary, so a new term "Abe trading" came into being in the instry
from this campaign, Soros made $1 billion in yen and $500 million in Japanese stocks, reaching a total of $1.5 billion, equivalent to nearly RMB 10 billion. In only half a year, he has gained huge wealth
some of Soros's most famous viewpoints, such as "the law of the forest", "weakness breaking" and "herding", explain his logic of shorting. On the surface, the most confusing and seemingly indestructible point of his prey must be his weakness, which must be broken by surprise
will RMB repeat the mistakes of pound sterling, Japanese yen and Thai baht? The answer is no
1. RMB is not a free exchange rate. There are both onshore and offshore quotations! There are also restrictions on the exchange of foreign exchange, making it more difficult to short
2. The trading scale of RMB is smaller than that of British pound and Japanese yen, which is helpful for the central bank to intervene in the exchange rate (small pond, less big fish!)
3. China has sufficient foreign exchange reserves to deal with international speculators
4. China has defeated international speculator Soros and accumulated sufficient experience
at present, the exchange rate of RMB is still within the expectation of the central bank, so there is no need to intervene in the market! After the domestic financial risks are resolved, the RMB exchange rate can return to the normal level again by raising interest rates.
why doesn't China raise interest rates? There are several problems: 1. The real estate market is in the process of deleveraging, and there is a great risk of tightening credit at this time; 2. The risk of equity pledge of private enterprises is very high, otherwise they will not use state-owned assets to help; The people's Bank of China has a big headache. It's hard to control the domestic financial risk of interest rate increase, and the RMB continues to depreciate without interest rate increase
the Central Bank of China has intervened once last time, which is called RMB "counter cyclical factor", but it's just a small scene
the intervention of the central bank mainly has a short-term effect, and its purpose is to intervene in "excessive speculation and malicious short selling"! What really affects the trend of exchange rate is: interest rate level, economic quality, monetary policy, fiscal policy, market long-term expectation
there are still examples of international speculators defeating the central bank in history, and they are the same person—— Soros< (1) in 1992, Soros successfully attacked the pound. In 1990, Britain decided to join the European exchange rate system (ERM), a new monetary system created by Western European countries. Soros believes that Britain has made a decisive mistake< In September 1992, speculators began to attack the weak currencies in the European exchange rate system, including the British pound and the Italian lira. The central banks of these countries have to spend a lot of money to support their currency exchange rates
the British government plans to borrow money from the international banking organization to prevent the continued depreciation of the pound, but this is like a drop in the bucket. Soros alone spent $10 billion in this battle with the British government. Soros took a short position of US $7 billion in the gamble and held a long position of US $6 billion mark. At the same time, considering that the devaluation of a country's currency usually leads to the rise of its stock market, Soros bought us $500 million worth of British shares and took a short position of German shares. If Soros is the only one to compete with Britain, the British government may still have a glimmer of hope, but the participation of many speculators in the world makes the strength of both sides in this competition greatly different, and it is doomed to the failure of the British government
Soros was the biggest winner in the attack on the pound, once described by the magazine as the man who defeated the Bank of England. Soros has made nearly US $1 billion from short trading in sterling. The long interest rate futures in Britain, France and Germany and short trading in Italian lira have made his total profit as high as US $2 billion, of which Soros's personal income is one third. During the year, Soros's fund grew by 67.5%
(2) snipe the Thai baht and set up the White Wolf empty handed! Attack Hong Kong dollar without success< On July 2, 1997, the Thai government exhausted all its foreign exchange reserves and had to abandon the fixed exchange rate system and implement the floating exchange rate system. The Thai baht plummeted by 17% overnight. Soros successfully used a small amount of US dollars to repay his loan in the Bank of Thailand, making a net profit of billions of US dollars and leaving the market
in the same year, it hit Hong Kong's financial market, making the exchange rate of Hong Kong dollar decline all the way and the financial market in chaos. The Hong Kong Monetary Authority immediately entered the market, and the central government fully supported it. Under a series of counterattack actions, Soros's "battle" in Hong Kong failed and suffered heavy losses< (3) short yen and rise Japanese stocks -- Abe trading
from September 2012 to may 2013, Soros Fund Management Company, the world's largest foreign exchange investor, made us $1 billion through "Abe trading". Short yen became the first beneficiary, so a new term "Abe trading" came into being in the instry
from this campaign, Soros made $1 billion in yen and $500 million in Japanese stocks, reaching a total of $1.5 billion, equivalent to nearly RMB 10 billion. In only half a year, he has gained huge wealth
some of Soros's most famous viewpoints, such as "the law of the forest", "weakness breaking" and "herding", explain his logic of shorting. On the surface, the most confusing and seemingly indestructible point of his prey must be his weakness, which must be broken by surprise
will RMB repeat the mistakes of pound sterling, Japanese yen and Thai baht? The answer is no
1. RMB is not a free exchange rate. There are both onshore and offshore quotations! There are also restrictions on the exchange of foreign exchange, making it more difficult to short
2. The trading scale of RMB is smaller than that of British pound and Japanese yen, which is helpful for the central bank to intervene in the exchange rate (small pond, less big fish!)
3. China has sufficient foreign exchange reserves to deal with international speculators
4. China has defeated international speculator Soros and accumulated sufficient experience
at present, the exchange rate of RMB is still within the expectation of the central bank, so there is no need to intervene in the market! After the domestic financial risks are resolved, the RMB exchange rate can return to the normal level again by raising interest rates.
7.
The most traditional way of pyramid selling is simply that the upper level (organizers) control the income of the first level; Members & quot; Accept it; Membership fee;, And use some means to let them develop the second level & lt; Members & quot;. But this kind of traditional MLM will control people in one place and force them to carry out in their way. Compared with the traditional white wolf with empty hands
both traditional and current digital money pyramid schemes are & lt; Ponzi & quot; fraud. Use the new people's money to pay the income and interest of the original group. Investors should sober up. If you want to invest, you must find legal and compliant investors to avoid being cheated. There is no free lunch in the world. Every kind of investment has certain risks, and there is no 100% profit
8. The so-called digital currency platform is an empty handed platform to trap white wolves for money. First taste the sweetness, and finally lose everything. Don't believe it! It is also hoped that the relevant departments will strictly investigate and punish such platforms. So as not to harm the common people.
9.
bus line: Metro Line 10 → Metro Line 4 → Metro Line 1, the whole journey is about 15.7 km
1. Walk about 210 meters from Shanghai Hongqiao Station to Hongqiao Railway Station
2. Take Metro Line 10, pass 8 stations, and reach Hongqiao Road Station
3. Walk about 260 meters, then transfer to Metro Line 4
4. Take Metro Line 4, pass 2 stations, Arrive at Shanghai Gymnasium station
5, walk about 210 meters, transfer to Metro Line 1
6, take Metro Line 1, pass 1 station, arrive at Caobaolu station
7, walk about 1.0 km, and arrive at Everbright International Convention and Exhibition Center
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