Virtual economy affects the speed of money circulation

1.

It is difficult to avoid the typical risks related to the payment system. In a specific virtual community, virtual currency payment activities have evolved into a "real" payment system, facing the typical risks related to the payment system: credit risk, liquidity risk, operational risk and legal risk. The nature, scale and ration of these risks largely depend on the design of the system or the degree of lack of liquidity. It is difficult for the network virtual currency scheme to avoid or control these risks. According to the core principles of important payment system (CP) issued by the bank for International Settlements (BIS), the network virtual currency scheme does not conform to most of the contents of CP, and does not belong to the systemically important payment system. Therefore, it will not cause or transmit shocks to the global financial system. At present, there is no systematic risk in the network currency system outside these virtual communities

2. Lack of corresponding supervision and protection mechanism

in the real economy, the central bank plays the role of lender of last resort and there is no default risk, so it can take actions in the case of payment crisis or unpredictable liquidity shortage to avoid chain reaction. In the network virtual currency scheme, network currency is not the settlement asset. Because network currency simply depends on the credibility of the issuer, it can not be widely accepted as a means of payment, so network currency can not be regarded as a safe currency. In addition, commercial banks are required to accept prudential supervision, which reces the possibility of default. The security of money in commercial bank accounts is higher than that of network currency. A fundamental risk of network currency is that the settlement institution of network currency scheme is not subject to any supervision, no institution is responsible for its behavior, and there is no investor / depositor protection mechanism, which causes the user to bear all the risks

(4) risk of absence of supervision generally speaking, supervision lags behind the development of science and technology. The network virtual currency program was established in the late 1990s, but it was not until 2006 that some government agencies in the United States began to analyze these programs. Due to the lack of supervision and the anonymity, invisibility and difficulty in tracking of its transactions, the network virtual currency scheme is easily used by terrorist activities, fraud, money laundering and other illegal activities. At present, many government departments in many countries are considering whether to recognize or legalize these virtual schemes and bring them into the scope of supervision, so as to support the innovation of currency and payment forms, protect consumers' rights and interests and financial stability, and restrain the use of virtual currency schemes to engage in criminal activities. At present, the uncertainty of the legal status of the virtual currency scheme may also bring challenges to the government authorities

The reputation of Monetary Authority (central bank) is the key factor to determine the effectiveness of its policies, especially monetary policy. The public's trust in fiat money is closely related to the image of the central bank, which pays close attention to its reputation. The ECB will define reputation risk as the risk of deterioration of reputation, credit or public image. As the network currency scheme is related to money and payment, it is generally believed that it belongs to the responsibility of the central bank, so it is necessary to guard against the reputation risk it may bring to the central bank. Although in the case of small scale, the impact of the failure of the network currency scheme is limited, its high volatility and instability also increase the possibility of failure and attract extensive media coverage. If the network currency is allowed to develop continuously without regulation, the central bank may be regarded as dereliction of ty and affect its reputation

Compared with the exchange value, the public has a higher recognition of the investment value of network virtual currency, and it is the transaction based on investment that accelerates the formation of virtual currency market. Like other investment markets, the participants of virtual money market will also face the potential losses caused by market risk, credit risk and policy risk. Take the bitcoin as an example: from 2009 to the beginning of 2010, bitcoin was worthless; In the summer of 2010, bitcoin trading began to enter the golden age. Because the supply was far less than the demand, the value of online trading began to rise. In early November, bitcoin was silent at 29 cents for many days, and then jumped to 36 cents; In February 2011, the bitcoin continued to appreciate, and its exchange rate with the US dollar reached 1:1; In 2013, the bitcoin price achieved a "Big Bang" growth, and hit US $1242 on November 29, 2013, exceeding the gold price of US $1241.98/oz in the same period. Fierce price fluctuations make market participants face huge speculative risks

unlike mature capital markets such as stocks and bonds, bitcoin market is not deep enough, and it is mainly held in the hands of large investors with low degree of diversification. Bitcoin price is easily affected by large investors' trading behavior and controlled by speculators. At the same time, different countries have different attitudes towards bitcoin. Germany, the United States and other countries hold an open and supportive attitude. Thailand, Brazil and other countries regard bitcoin related activities as illegal. Every country's attitude and measures will have a significant impact on its price, especially in the short term

2. 1 Price stability risk
theoretically, if the existence of network currency affects the demand for the central bank's liabilities, and then interferes with the central bank's open market operation, it will have an impact on a country's monetary policy and price stability. However, from a practical point of view, the premise of network currency affecting price stability includes the following three aspects:
(1) from the analysis of the impact on the amount of money, although it is difficult to analyze the extent to which the network currency scheme creates money in the case of lack of information The best digital currency trading platform is "currency exchange")
however, most network currency systems operate in the prepaid mode, that is, issuing network currency when changing in real currency and withdrawing currency when changing out real currency, which has limited impact. In the famous network currency scheme, the money supply is stable and the supply is small, but we still need to be vigilant whether it can ensure that the money supply will maintain a stable level in the long run, and the impact of the change of exchange rate between network currency and real currency
(2) from the analysis of the impact on the speed of money circulation, cash use and money statistics, the impact of the technological innovation brought by the network currency scheme on the speed of money circulation is not clear
as an Internet instry, this largely depends on the number of active internet currency scheme users. If the network currency is widely accepted, it will have a substitution effect on the real currency of the central bank, thus recing the use of cash in transactions. In this case, the size of the central bank's balance sheet will be reced, and its ability to influence short-term interest rates will be weakened. The central bank will need to fight against risks through ways such as setting minimum reserves for cyber currencies. Substitution effect will aggravate the difficulty of monetary statistics and affect the relationship between monetary statistics and inflation, which is not concive to the realization of long-term price stability. In addition, the issue of network currency outside the central bank and the expansion of virtual credit will have an impact on the transmission of the central bank's interest rate decision in the economy and weaken the central bank's monetary control
(3) based on the analysis of the interaction between network currency and real economy, network currency can act as a real commodity trading medium and have an impact on real GDP
the impact of Internet money on real money supply depends on two aspects: one is the substitution effect of virtual economy on real economy; the other is the substitution effect of virtual economy on real economy; The second is the crowding out effect of network currency on real currency, that is, with the increase of the total amount of network currency, the amount of cash held by the public in real life decreases, resulting in the decrease of cash / deposit ratio and the increase of currency multiplier. In reality, the network virtual currency scheme will not affect the price stability at this stage, and the currency flow speed will not be significantly affected in the short and medium term. However, the interaction between network currency and real economy deserves attention
(2) financial stability risk
when the network virtual currency scheme operates outside the banking system, the most important factor of financial instability lies in its connection with the real economy, namely exchange rate and exchange market. Obviously, the closed network currency scheme and the one-way network currency scheme are not affected, so we should focus on the two-way network currency scheme. The value of two-way network currency depends on the level of money supply and demand in the exchange market. A big difference between network currency and real currency is that the network currency scheme is not based on the country or currency region, and the influence of virtual economy intensity, trade or proction capacity on its exchange rate is limited. The price and fluctuation of virtual money depend on five factors:
(1) money supply and other actions taken by money issuers. For example: to achieve a fixed or semi fixed exchange rate by intervening in the market
(2) network currency scheme shows network externality, and its monetary value depends on the number of users and merchants. As the number of consumers and businesses increases, their monetary value will increase accordingly. In addition, the exchange rate of network currency with small transaction volume fluctuates more
(3) virtual communities with clear and transparent policies and advanced security measures are easier to boost confidence, and the currency is stronger
(4) the reputation of network currency issuers in fulfilling their commitments. There is no "lender of last resort" in the virtual community, and the trust gained by the issuer is crucial to the exchange rate of internet currency
(5) speculation on the future value of Internet money and cyber attacks on virtual communities. Due to the immaturity of the system, low trading, speculative activities and network attacks, the two-way network currency scheme is inherently unstable. At present, the trading volume of these network currencies is small and the correlation with the real economy is low, so the stability of the financial system will not be affected. However, if Internet money becomes a substitute for traditional money in the future, it will bring instability to the financial system, and even distort the relative prices of goods and services. The impact of network currency system on the financial system largely depends on the number of active users and the number of merchants willing to accept virtual currency for real transactions. In addition, virtual currency has only exchange value and no use value. Generally, network currency is not based on assets with intrinsic value and is not supported by central bank credit. At present, these network monetary systems are not allowed to lend or borrow funds, so they can not pose a threat to the stability of the financial system. However, we should pay close attention to their development. If there is any change in the future, it will undoubtedly have an impact on the financial system.

3. Wow, is bitcoin's miner real? I think bitcoin is a virtual currency. Please consult again

4. Real economy is the foundation of virtual economy

5. Virtual economy is a "double-edged sword". It is proced to meet the needs of the real economy and can promote the development of the real economy; It may also bring great negative impact or even destructive damage to the real economy, as long as the performance is:
1. The virtual economy increases the possibility of turbulence and crisis in the national economy. Virtual economy is independent of physical capital and has great liquidity. It is a paradise for speculators. With the development of derivative financial instruments, the virtual capital is far away from the physical capital, the liquidity is stronger, and the holders can operate in a large amount and a long distance, which will have an impact on a country, a region and even the global economy. From "crazy tulip", "Mississippi hoax" to "bubble on the South China Sea"; From "Black Monday", "October Massacre" to "this time is really different", every financial crisis has caused serious dislocation of inverted pyramid structure in some countries, interrupted the effective economic growth of important regions, and led to a serious recession in the world economy
2. The excessive issuance of virtual currency and the sharp increase of bank credit bad debts will shake the order and credit foundation of the normal operation of the real economy. Since the emergence of paper money, especially the later book money and electronic money, human beings have entered the era of virtual money. Although the emergence of virtual money makes the money supply flexible enough to adapt to the development of real economy, it also makes it possible for excessive issuance and inflation of money. Especially when the modern commercial banks with the function of credit creation break away from the actual needs of the real economy and provide credit by creating a large number of deposits, the whole real economy will inevitably suffer from inflation. If a large number of loans issued by banks fail to recover and form a large number of bad debts, they will not only cause the financial assets of banks to generate financial bubbles e to the fact that the real value is much lower than the book value, but also destroy the normal credit relations and shake the credit basis of the stable operation of the real economy.
3. Virtual economy distorts the way of resource allocation, reces the efficiency of resource allocation, and hinders the development of physical economy such as agriculture and instry. In the bubble economy stage, investing in stock market, currencies and real estate can get a high rate of return which is far from the real economy. The high rate of return makes a large amount of capital flow from the real economy into the stock market, foreign exchange market or real estate market. The imbalance of funds will lead to a sharp rise in interest rates, which will make the development of the real economy shrink or even stagnate e to the high financing cost; At the same time, the high returns of stock market, currencies and real estate make large numbers of talents flow into the bubble economy, and the labor costs increase rapidly e to the shortage of human capital. The excessive expansion of proction costs will rece the international competitiveness of the physical economy sector
4. Virtual economy destroys the operation of financial system, reces the ability of banks to resist risks, and causes financial crisis. Speculative activities prevailed on the basis of the bubble economy, and demand for funds increased sharply, which led banks to raise interest rates to get higher returns. High interest rates encourage banks to expand credit, relax the review of credit quality and feasibility study, and make a large number of funds from banks and other financial institutions flow into the stock market, foreign exchange market, real estate and other excessive speculative markets. The physical economy can not bear the high bank interest rates, which greatly inhibits its normal capital. As vested interest groups, banks and other financial institutions have great influence on the stock market, foreign exchange market and real estate market Foreign exchange market and real estate speculation played a negative role< 5. Fictitious economy distorts consumption behavior and worsens the balance of payments. The virtual prosperity caused by the bubble economy distorts the consumption behavior of consumers, which is an important source of over consumption. Excessive consumption can easily lead to a large increase in imports. At the same time, because of the high cost of borrowing and the increase of labor costs, enterprises will rece the competitiveness of exports. A sharp increase in imports and a sharp decline in exports, undermining the balance of trade in current account, a huge deficit in current account, a sharp decrease in foreign exchange savings, worsening the balance of payments situation. In addition, the bubble economy can redistribute national income, aggravate polarization between the rich and the poor, and seriously lead to a series of social problems, which pose a threat to social stability.
6. Excessive growth of virtual economy leads to financial risk. According to the IMF, if a country's fiscal deficit exceeds 3% of GDP and its total domestic and foreign debts exceed 60% of GDP, there will be fiscal risks. Theory and practice show that fiscal risk originates from the excessive growth of virtual economy and directly results from the hollowing out of instry. This is because the decline of old instries and the failure of new instries to form in time will lead to two consequences: one is that the slowdown or interruption of economic growth will lead to a sharp drop in fiscal revenue; Second, we can not achieve full employment, increase fiscal expenditure in vain, expand the deficit, increase debt dependence too quickly, strengthen the transformation from fiscal risk to financial risk, and force economic development into difficulties
7. The excessive growth of virtual economy objectively requires redistribution of national income, and the joining of many speculators is bound to aggravate the polarization between the rich and the poor, which leads to a series of social problems and political unrest“ The collapse of "intelligence miracle" and "Japanese myth", the impeachment of the president of the Philippines, the bankruptcy of Daewoo in South Korea and the continued instability of Indonesian political situation are all related to this. http://ke..com/view/145310.htm

6. The relationship between the virtual economy and the real economy can be summarized as follows: the real economy relies on the virtual economy, and the virtual economy depends on the real economy. The following are discussed respectively

1. The real economy relies on the virtual economy, which is manifested in three aspects: first, the virtual economy affects the external macro business environment of the real economy. If the real economy wants to survive and develop, it must have a good external macro operating environment besides its internal operating environment. In this external macro business environment, the real economy
includes the total amount of funds of the whole society, the financing situation, the capital circulation situation, etc. The situation of these aspects will greatly affect the survival and development of the real economy, and all of these are directly or indirectly related to the virtual economy. Therefore, the development of virtual economy will greatly affect the external macro operating environment of the real economy. Second, the virtual economy increases the stamina for the development of the real economy. To run the real economy, especially to develop, the first condition is to have enough funds. So, where do all kinds of funds for the development of the real economy come from? There are no more than two ways: one is to make loans to various financial institutions with banks as the main body; The other is to raise funds by issuing stocks, bonds and other securities. From the perspective of development trend, comparatively speaking, it will be more realistic, more convenient and faster to solve the problem of funds needed in the process of real economic development through the second way. In this way, the virtual economy will increase the stamina for the development of the real economy. Third, the development of virtual economy restricts the development of real economy. Historically, the development of virtual economy has gone through five stages: capitalization of idle money, socialization of interest bearing capital, marketization of securities, internationalization of financial market, and integration of international finance. Facts have proved that different stages of the development of the virtual economy have different impacts on the development of the real economy, that is, the higher stage of the development of the virtual economy has a greater impact on the development of the real economy than the lower stage of the development of the virtual economy. On the contrary, it will be smaller
2. The virtual economy depends on the real economy, which is manifested in three aspects: first, the real economy provides the material basis for the development of the virtual economy. Virtual real economy
economy is not a myth, but a reality. Therefore, it is not suspended in the sky, but based on the ground. This fundamentally determines that both its emergence and development must take the real economy as the material condition. Otherwise, it will become a castle in the air that will not touch the sky or the ground. Second, the real economy puts forward new requirements for the virtual economy. With the progress of the overall economy, the real economy must also develop to a higher level. Otherwise, it will "disappear" faster. The new requirements of virtual economy in the development of real economy are mainly reflected in the marketization of securities and the internationalization of financial market. It is precisely because the real economy in its development process, put forward a series of new requirements for the virtual economy, so that it can proce, especially make it develop. Otherwise, the virtual economy will become rootless. Third, the real economy is a sign to test the development of virtual economy. The starting point and foothold of virtual economy are the real economy, that is, the original intention of developing virtual economy is to further develop the real economy, and the final result is to serve the real economy. Therefore, the development of the real economy itself shows the degree of development of the virtual economy. In this way, the real economy will naturally become a test of the development of virtual economy. To sum up, there is an extremely close relationship of interdependence and mutual promotion between the virtual economy and the real economy. They are inseparable from each other, at least for a long time< Since there is an inseparable relationship between the virtual economy and the real economy, we must deal with them well, otherwise their normal development will be affected. So, what are the principles to deal with the relationship between the virtual economy and the real economy? First, the principle of equal treatment. Since both the virtual economy and the real economy have their own unique functions, we should adhere to the principle of equal treatment, and not take a discriminatory attitude towards any party, so as not to ignore one and lose the other. Second, the principle of overall consideration. There is an interdependent and mutually reinforcing relationship between them in the real economy. Therefore, we should not take a biased attitude towards either of them. We should make a unified plan in macroeconomic planning, strategic deployment, personnel training and the application of measures. Third, the principle of balanced development. Facts have proved and will continue to prove that both virtual economy and real economy can promote the whole market economy. This determines that they should give consideration to each other in terms of their speed of development, their scale formation, their proportion determination and their planning arrangement. Fourth, the principle of coordination. The practice of economic development has told us and will tell us that virtual economy and real economy are two different economic forms or forms after all. They are different in operation mode, operation characteristics, behavior norms, internal requirements, marketing strategies, service objects, etc. In this case, there is a great possibility of contradiction between the two. Its specific performance is that either the real economy develops independently from the virtual economy, or the virtual economy "advances by leaps and bounds" beyond the real economy. Facts have proved that the latter is the main phenomenon, and the result is the so-called "bubble economy". Therefore, in order to prevent or curb the emergence or emergence of the bubble economy, we must emphasize the principle of coherence. In order to deal with the relationship between virtual economy and real economy, we must adhere to the principle of equal treatment, overall planning, balanced development and coordination.

7. The development of virtual economy not only concentrates a large amount of idle and scattered capital into the real economy, provides direct financing support for enterprises, meets the capital demand in the development of the real economy, but also plays a very positive role in optimizing the allocation of resources. Secondly, the development of virtual economy is very helpful to disperse business risks and rece transaction costs. First, the emergence and diversification of a large number of financial derivatives provide a variety of choices for the real economy sector and investors to avoid risks. Second, make full use of financial derivatives and proct concentration, promote capital turnover and settlement, greatly ease the various frictions in real economic life, rece transaction costs, so as to improve the operation efficiency of the real economy. Thirdly, the development of virtual economy can effectively stimulate investment demand and consumption, and stimulate the growth of real economy. Not only that, the virtual economy promotes the development of the real economy, but also realizes the unconventional development and rapid expansion. However, it is particularly necessary to emphasize that once the virtual economy loses its effective restriction and strict supervision of the credit system, it will lead to bubble economy if it develops freely and over expands. This will not only have a serious negative impact on the real economy, but also proce a chain reaction, like the "Domino dominoes", which will impact the whole national economy and the global economy. It triggered a recession.

8.

Hello, building owner

get on line 1 (Luobao line) at the subway station next to Luohu railway station

take 2 stops to [Airport orient] to "Laojie station" and transfer to line 3 (Longgang line)

take 3 stops to [Shuanglong] to "Tianbei station"

the whole journey takes about 11 minutes, and the ticket price is 3 yuan

9. Cuizhu Xueersi is next to Zhuyuan hotel. You can go out at exit C of Cuizhu station of Shenzhen Metro Line 3, turn right to the intersection, cross the zebra crossing on the left, and walk along the main road for hundreds of meters
or Tianbei subway station bus stop (next to exit D of Tianbei station) take bus 333 and get off at Zhuyuan Hotel station. It's just across the road (turn right after walking back on the road)

10. Lane 51 of beiditian village is not displayed on the Internet. I asked Shenzhen 160. She said that there is a traditional Chinese medicine hospital nearby between Fuxiang street and Fuqing street, so you can find it by walking Fuxiang street. If not, you can call 0755-160

you can take bus k568 [railway station Baoan airport] & lt; Train station 6:30-22:00, airport 8:00-23:30 & gt The ticket price is 20 yuan, every 15 minutes) (bus). Get off at Gangbian village bus stop. Because this bus is a direct line, you should ask the driver to remind you to get off at Gangbian village. After you get to Gangbian village station, go ahead to Binhe branch of Bank of communications. The intersection across Binhe Avenue is Fuxiang street. If you can't cross the road there, You can go ahead 73 meters to cross the road at Chiwei overpass

if you don't want to walk, follow the following transfer route to the Municipal Hospital of traditional Chinese medicine

take & lt; Airport Line 9 (354) [Huanggang port - Bao'an airport] & lt; Huanggang: 6:20-21:00, airport: 7:30-22:00, the whole operation time is about 40 minutes & gt Ticket price: 20 yuan) & gt;, Arrive at the Exhibition Center (Fuhua No.3 Road); Take & lt; No.38 [Xiangmei North terminus railway station] & lt; Railway station 7:00-22:30, Xiangmei North 6:20-21:30 & gt Ticket price: cold bus (2 yuan) & gt& lt; No.214 [Ring Road: Shopping Park Liantang] & lt; 6:30-21:00>( Ticket price: Puba 1.5 yuan) & gt;, Arrive at the hospital of traditional Chinese medicine (Futian); The route is about 1277.0 meters long. Bus stops along the way: Bao'an airport, Exhibition Center (Fuhua Third Road), Exhibition Center (Fuhua Third Road), Century Square, Gangxia village, Fuhua new village, Fuhua Road East, Futian hospital, Chinese medicine hospital (Futian)

the following is the transfer scheme. It is not recommended that you take the transfer route. The stations along the way can give you a reference

take & lt; 330 [Hualian Building - Bao'an airport] & lt; Hualian 6:20-21:00, airport 7:30 to the end of the evening flight & gt Ticket price: 20RMB) & lt; Return trip: Shenzhen Airlines building / investment building / after 18:00 p.m., the shuttle bus will extend to the railway station & gt& gt;， Arrive at Shenzhen Airlines building; Take & lt; 364 Road [Shenhang building Dapeng town] & lt; 6:30-19:00>( Ticket price: from 2 yuan, you can use Shenzhen link) & lt; Due to the road change, ludancun station is unable to enter the auxiliary road for parking. It is suggested that you go to the nearest station to wait for the bus& gt;， Arrive at Gangbian village; Walk 347 meters to reach the route (about 1642.0 meters). Bus stops along the way: Bao'an airport, Shenhang building, Shenhang building, China Merchants Bank building (on Shennan Avenue), Shangsha Village (on Fuqiang Road), Yitian village, Yitian garden, Fumin new village, Fubin new village (on Binhe Avenue)