The influence of different platforms on virtual currency
1、 Common analysis of virtual currency (1) bitcoin solution is designed and created by Japanese programmer Nakamoto (alias) in 2009, and it is the most successful and controversial network currency at present. Bitcoin scheme is based on P2P network architecture, which has been operating in the world, and can be used for all kinds of virtual and real goods and services transactions
In theory, 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
However,however, most Internet money systems operate in prepaid mode, that is, issuing Internet money when the real money is exchanged in and withdrawing money when the real money is exchanged out. In the famous network currency scheme, the supply of money 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, the use of cash 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, it 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 scale of the central bank's balance sheet will be reced, and its ability to influence short-term interest rates will also 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 issuance of network currency outside the central bank and the expansion of virtual credit will have an impact on the central bank's interest rate decision in the economy and weaken the central bank's monetary control
(3) from 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 influence of network 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 Internet money on real money, that is, with the increase of the total amount of Internet money, the amount of cash held by the public in real life decreases, resulting in the decrease of cash / deposit ratio and the increase of money multiplier. In reality, the network virtual currency scheme will not affect the price stability at this stage, and the money 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 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 flow network currency scheme are not affected, so we should focus on the two-way flow 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 of virtual money and its fluctuation depend on five factors:(1) money supply and other actions taken by currency issuers. For example: to achieve a fixed or semi fixed exchange rate by intervening in the market
(2) the 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) the virtual community with clear and transparent policies and advanced security measures is 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
qualitative. 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 who are 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 it can not pose a threat to the stability of the financial system, but we should pay close attention to its development. If there is any change in the future, it will undoubtedly have an impact on the financial system
in a specific virtual community, virtual currency payment activities have evolved into a "real" payment system, facing typical risks related to the payment system: credit risk, liquidity risk, operational risk and legal risk. The nature, scale and ration of these risks are largely determined by the design of the system or the degree of lack of liquidity, so it is difficult for the network virtual currency scheme to avoid or control these risks. According to the core principles of 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 in 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 has no default risk, so it can take actions in the case of payment crisis or unpredictable liquidity shortage to avoid chain reaction. However, in the network virtual currency scheme
it is impossible to use network currency as 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, and 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
supervision and the anonymity, invisibility and difficulty in tracking of its transactions, the network virtual currency scheme is very easy to be 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 the rights and interests of consumers and financial stability, and inhibit 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 (5) reputation risk of monetary authority the reputation of Monetary Authority (central bank) is the key factor to determine the effectiveness of 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 defines 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 we should be alert to the reputation risk it may bring to the central bank. However, in the case of small scale, the impact of the failure of the network currency scheme is limited, but its high volatility and instability also aggravate 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 considered as dereliction of ty and affect its reputation (6) the risk of investors' loss
for exchange value, the public has a higher recognition of the investment value of network virtual currency, and it is investment based transactions that accelerate the formation of virtual currency market. Like other investment markets, participants in virtual money market will also face potential losses caused by market risk, credit risk and policy risk. Take bitcoin as an example: from 2009 to early 2010, bitcoin was worthless; In the summer of 2010, bitcoin trading began to enter the golden
period. As 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, bitcoin continued to appreciate, and its exchange rate with us dollar
reached 1:1; In 2013, the price of bitcoin achieved a "Big Bang" growth, and hit US $1242 on November 29, 2013, surpassing the gold price of US $1241.98/ounce in the same period. Fierce price fluctuations make market participants face huge speculative risks. Unlike mature capital markets such as stocks and bonds, the depth of bitcoin market is insufficient, and it is mainly held in the hands of large investors with low degree of diversification. Bitcoin price is easily affected by large investors' buying and selling behavior, and also easily manipulated 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, and Thailand, Brazil and other countries regard bitcoin related activities
as illegal. Every country's attitude and measures will have a significant impact on the price of bitcoin, especially in the short term
virtual currency is always inferior to real currency< br />
fire coin BTC can be bought at 50000 yuan for Zhang San and sold at 50000 yuan for Li Si. The transaction price is the price of fire coin platform
the transaction price of Yuan'an BTC is the price of Yuan'an platform
so the two prices are certainly different
in this case, Lin mule knows that the BTC value of the fire coin is 50000, so he must raise the price by 50000. But in the process of raising the price, because the supply exceeds the demand, Li Si may have raised the price to 52000
therefore, there is a price difference between platforms, but why is the price difference small? Because some people buy from this platform at a low price, and sell from that platform at a high price, until the gap between the two sides can not cover the handling charges - it's called "moving bricks" in the instry. In the early days, it was a business that made a steady profit without losing money.
unlike virtual currency, digital currency is neither bitcoin nor q-coin! That is to say, it is different from virtual currencies such as bitcoin and Ethernet
virtual currency can only be closed in circulation on the network, just like Tencent's q-coin and Huixin cloud software collaborative instry ecological chain platform, they can only be used for their own procts. Digital currency can be used for real goods and services transactions, but only the digital currency issued by the state is legal digital currency, bitcoin is illegal digital currency. As for legal digital currency, there is no unified international definition. Yao Qian, deputy director of the science and Technology Department of the people's Bank of China and head of the preparatory group of the digital currency Research Institute, believes that the digital currency researched and issued by the people's Bank of China is indexed RMB. From the perspective of national schemes, it belongs to legal encrypted digital currency, which is not only a payment tool but also a currency. Correspondingly, virtual currency is also called illegal fixed digital currency. Li Lihui, head of the blockchain working group of China Internet Finance Association, once said that digital currency must have legal status, national sovereignty endorsement, and clear responsibility subject of issuance. Virtual currencies represented by bitcoin and ethereal currency have no country, no sovereign endorsement, no qualified issuers, and no national credit support. These are not digital currencies
digital money is not equivalent to virtual currency
since digital money can be used for commodity trading, is Alipay and WeChat payment a kind of digital currency?
Alipay, WeChat payment and mobile phone banks are all electronic money, not digital money. These are all payment methods based on electronic accounts, which are in essence just a process of informatization of legal currency, not digital currency in a strict sense. For example, the amount of Alipay or WeChat transactions is essentially banknotes on bank accounts, but it is electronic form. The "100 yuan" displayed on the mobile phone will correspond to the real 100 yuan in the bank.
(edited by Huixin Yunxu)
from q-coin and counting roll used to buy props to bitcoin which can be exchanged with us dollar and euro today. It shows that the utilization rate and universality of virtual currency are graally increasing. I think this kind of virtual currency has both advantages and disadvantages. Virtual currency makes up for the deficiency of currency, but it will not replace the real currency
1. Security of virtual currency. The day before yesterday, a bitcoin trading platform headquartered in Japan was favored by many people. However, e to the loss of 750000 bitcoins from customers and 100000 bitcoins of its own, the company had to file for bankruptcy protection. This fully shows that the security of virtual currency is difficult to guarantee
2. The use of money cannot be regulated. The problem is that there is no manager similar to the central bank. Due to the strong anonymity, it is easy to be used for illegal transactions such as speculation and drugs, as well as money laundering. Without the network of financial institutions, it is difficult to grasp their liquidity, which will bring difficulties to taxation
although it has many uncertainties, virtual currency is very effective and reliable to a certain extent
1. The possibility of inflation of virtual currency is small, and it is not affected by policy. Avoiding the influence of the central government on finance, virtual currency can prove the stability of its value because of its limited circulation. It will not raise prices and lower the value of money because of the increase of money supply
2. Strong circulation. People can use bitcoin to trade anywhere in the world where there are networks and computers, which is very convenient
it not only saves time, but also saves a lot of transaction costs
after comparison, I think that the virtual currency will be saturated and will not pose a threat to the real currency. On the one hand, in the backward regions and countries, they rely more on currency, resulting in a gap with the developed regions. On the other hand, with the development of network technology, the security of virtual currency will be more and more difficult to determine. It is also very difficult for people to use a lot of money in the form of virtual currency in huge investment. Especially in a country with traditional culture such as China, people are more confident that they will hand over their property to the financial instry such as banks, rather than in the online world like flowers in the mirror< There is no comparability between bitcoin and stock. Stock is people's profit expectation for a company. For example, a company constantly proces new procts to increase its wealth. People can obtain wealth growth with the company by holding shares of the company. And the stock is an investment proct, without monetary attribute, it is impossible to say how much ICBC stock an iPad is worth. On the contrary, like bitcoin, the stock can be converted into legal currency through the exchange to purchase the iPad. Similarly, in the so-called companies that accept bitcoin payment, all of them are marked with legal currency. They accept bitcoin through a third-party company, and finally receive legal currency from a third-party company
therefore, stock is people's expectation for the future development of a company, and it is an investment proct. There is no comparison with bitcoin, which clamors to become a currency
2. The existence of money lies in circulation and pricing. A thing that has been reced to a speculative tool since its existence, expecting appreciation and redistributing wealth can not become money
3. As cndx God said, bitcoin will have 2.0 in the future, which will be seamlessly connected with 1.0. That's funny. Why should the inventor of 2.0 connect with 1.0? Just as bitcoin does not connect with RMB, it is another opportunity for wealth redistribution
4. The existence of virtual currency can only meet the money laundering needs of a small number of people, so there is a market. For example, if someone wants to launder US $1 million recently, the ratio of bitcoin to legal currency will change, which is also in line with the market rules. Of course, money laundering is risky. If you buy one million dollars of bitcoin, you will hold it forever without losing any money
5. My legal currency is in the bank. If I lose it, I can still get it back with my ID card. Is my bitcoin password gone? Who should I go to
6. The currency expected by cndx will not be lost. At most, it will play in a certain circle just like Q currency
7. This thing is the proct of anarchism. If you want to embody value, you can only do it without government. The distribution of wealth depends on power and blood. For example, if you hold 10000 bitcoins, ZF says not to use them, and you say I'll use them. Bang, you're dead. Oh, bitcoin has appreciated again, because the total amount is less than 10000.
(revised according to the Seventh Amendment to the criminal law) article 224-1 of the criminal law: in the name of business activities such as selling goods and providing services, organizations and leaders require participants to obtain the qualification of joining by paying fees or purchasing goods and services, and form levels according to a certain order, and directly or indirectly use the number of development personnel as the basis for remuneration or rebate, Luring or intimidating participants to continue to develop pyramid selling activities that involve others, defraud property, and disrupt economic and social order< According to Article 7 of the regulations on the prohibition of pyramid selling, the following acts belong to pyramid selling:
(1) organizers or business operators, through developing personnel, require other personnel developed by the developed personnel to join, and calculate and pay remuneration (including material rewards and other economic benefits, the same below) to the developed personnel based on the number of personnel developed directly or indirectly, Seeking illegal interests
(2) the organizer or business operator, through the developer, requires the developed person to pay fees or pay fees in disguised form by way of subscribing for commodities, so as to obtain the qualification of joining or developing other persons to join and seek illegal interests
(3) the organizer or business operator, through the development personnel, requests other personnel developed by the development personnel to join, forms the relationship between the upper and lower line, and calculates and pays the online remuneration based on the sales performance of the lower line, so as to seek illegal interests
in the regulations on the prohibition of pyramid schemes, the concept of hierarchical relationship is repeatedly mentioned. The hierarchical relationship formed by certain rules is only a phenomenon in many pyramid schemes. It must be related to the illegal possession of other people's property before it can be suspected of pyramid schemes.
on November 10, 2018, m chain was invited to participate in the world blockchain conference · New York technology conference
on November 27, 2018, the blockchain tycoon went to Korea
on December 8, 2018, m Party & the largest jungle hotel in history opened
on December 10, 2018, "m chain has an appointment with you" conference was held in Guangzhou
on December 15-17, 2018, m chain was invited to participate in the Hong Kong Station global blockchain Developers Conference
on December 29, 2018, m chain global launching conference was successfully concluded in nexus connexion Bangsar, Kuala Lumpur, Malaysia
on January 6, 2019, gbls global sleepless blockchain leaders summit · annual ceremony was successfully held, and M chain won the double awards of "global blockchain annual investment value project" and "global blockchain annual value community"
on January 11, 2019, m chain was invited to attend WBF Shenzhen Technology Conference
on January 15, 2019, m chain successfully landed in EXX, one of the top ten exchanges in the world
every event marks the recognition and achievements m chain has gained along the way.
China is a country with special national conditions and implements the policy of one country, two systems and three currencies. The three currencies in circulation in China are RMB, Hong Kong dollar and Australian dollar. Hong Kong and Macao belong to our country, but they have their own independent government mechanism. As special administrative regions, they can keep the original capitalist system and way of life unchanged for 50 years! So it can be said that although there are three kinds of currency in circulation in China, the scope of use is limited. The Australian dollar and Hong Kong dollar are treated as foreign currency in the mainland, and the RMB is also treated as foreign currency in Hong Kong and Macao. Therefore, there is no "bad currency chasing good currency" rule in Gresham's law. Naturally, Gresham's law does not work in China!