The real contribution of bitcoin
Publish: 2021-04-29 08:15:35
1. bitcoin is different from the previous currency, it completely relies on the Internet to create and trade; Bitcoin's unique technical attributes lead to its economic and cultural attributes beyond the present currency. Bitcoin is a kind of electronic currency proced by open-source P2P software. Compared with the paper currency in circulation, the biggest feature of bitcoin is decentralization and global circulation in the network world, followed by high security and high confidentiality. These technical attributes further extend to the economic attributes of no inflation, no freezing, and no man-made supply; In terms of culture, bitcoin is popular among anarchists and liberals. The advantages of bitcoin are artificially exaggerated, and its anti inflation and anti inflation functions cannot stand up to scrutiny. In the long run, the prospect of bit is hard to match that of gold. In the most optimistic case, it will become a means of payment in some areas; But in the short and medium term, bit still has room for speculation and imagination. In addition, the use of bitcoin in some sensitive areas highlights the increasingly prominent role of information in national security
1. The advantages of bitcoin are exaggerated: About decentralization, no transaction costs and anti inflation
it is true that bitcoin has various advantages over paper money, but these advantages have been over interpreted. First of all, bitcoin is a kind of decentralized currency, which will not have the same risk of central bank controlling money supply and affecting market value as paper money; Bitcoin is mainly held in the hands of large investors, and the market depth is not enough. At present, the trading behavior of large investors is also very easy to affect the price of bitcoin. Even if the attribute of decentralization is regarded as the advantage of bitcoin when it is fully mature, then the prerequisite of holding decentralization should be added. In addition, there are great differences between centralized and decentralized online payment systems in the degree and type of financial risks they are exposed to
secondly, the low transaction cost of bitcoin is not without transaction cost. On the contrary, e to the increasing difficulty of bitcoin mining and the further stability of currency value, the dependence of relevant transaction platforms on transaction cost will increase, which will certainly increase the transaction cost. Finally, the confidentiality of the bitcoin transaction needs to be discussed. The principle of the bitcoin transaction makes all the processes of each bitcoin transaction stored in each machine. If someone can determine the real background of a transaction, they can find all the transactions down and up through these data
compared with other advantages, anti inflation or anti inflation is the most publicized advantage. Although its supply is stable and the upper limit of supply is locked according to its algorithm, unless the whole world is unified and all countries use bits as currency, it can not prevent the over issuance of money only as a means of payment or a storage of value, just as the current existence of gold can not constrain the growth of each country's currency. If bits can only be used as a means of payment in local areas (such as the network), then global or some countries' inflation will still be transmitted to the areas where bits are used. Therefore, the use of bits to prevent inflation is basically untenable, or has a strong premise. As for anti inflation, that is to say, it has the function of value storage, it needs to have the property similar to gold. However, from the reality, bit's essential property and prospect are still hard to match gold. See below for details
2. Bitcoin's future positioning is too high
the expectation of bitcoin's future in the market generally compares it with gold and US dollar, which is relatively high. The recognition of gold not only lies in its natural physical properties, but also in its official acceptance as a reserve currency (or an important allocation of foreign exchange assets). In theory, bitcoin as an electronic currency does not have the unique and exclusive status, and it is more difficult to become the official reserve of central banks like gold. Therefore, it is not appropriate to expect too much bit. As an electronic currency, bit has the first mover advantage. If it can be guaranteed in terms of security, its most optimistic prospect will be as a means of payment in local areas
3. Speculation and speculative demand caused by event factors are the main reasons for the rise of bitcoin in this round
under the credit currency system, people's lack of confidence in the currencies of various countries and pessimistic economic prospects are the general environment for the rise of bitcoin in this round. The speculation of the major dealers in the market and the derivatives market of bitcoin, together with the speculative psychology of the participants, further accelerated its rise. Btcchina's investment of US $5 million and the announcement of Ben's position are the main driving factors for the recent surge
however, a lot of big players start to enter the market and buy a lot, which not only drives the bit price up to a high level, but also increases the market risk. Chamath, a former Facebook executive, has spent $5 million on bitcoin and plans to spend another $10 million. Bitcoin investment trust also exceeded its target within four weeks, raising $15 million. These people's investments not only make bitcoin further rise, but also concentrate on the holding of bitcoin, which strengthens the influence of indivials and institutions on the price of bitcoin and increases the market risk
4. There is still strong room for speculation in the medium and short term
although our previous analysis is not optimistic about the prospect of bit, it is likely that bit will still have strong room for speculation in such a short and medium term period of time as one year. As mentioned in the previous analysis, the creators of bitcoin advocate that the generation of bitcoin is not manipulated by human factors, which is quite different from the credit currencies of various countries. We expect that the monetary policies of major countries will be divided next year. With the release of economic risks and the heavy damage to traditional asset markets, bitcoin will have better room for speculation and imagination< The use of bitcoin in some sensitive areas highlights the increasingly prominent role of information in national security
the U.S. government seized the drug trading website "Silk Road" at the beginning of last month. A crowdfunding network called "assassination market" even marked the sale of murderers with bitcoin price. The founder of the assassin market, under the pseudonym of kuwabatake Sanjuro, is an extreme anarchist. Both prism gate incident and the use of bitcoin in relevant sensitive fields highlight the increasingly prominent position of information field in national security. The Third Plenary Session proposed the establishment of the national security committee, which will play an important role in China's security strategy and expand from traditional national defense, stability maintenance / urban security to information security and other emerging areas
1. The advantages of bitcoin are exaggerated: About decentralization, no transaction costs and anti inflation
it is true that bitcoin has various advantages over paper money, but these advantages have been over interpreted. First of all, bitcoin is a kind of decentralized currency, which will not have the same risk of central bank controlling money supply and affecting market value as paper money; Bitcoin is mainly held in the hands of large investors, and the market depth is not enough. At present, the trading behavior of large investors is also very easy to affect the price of bitcoin. Even if the attribute of decentralization is regarded as the advantage of bitcoin when it is fully mature, then the prerequisite of holding decentralization should be added. In addition, there are great differences between centralized and decentralized online payment systems in the degree and type of financial risks they are exposed to
secondly, the low transaction cost of bitcoin is not without transaction cost. On the contrary, e to the increasing difficulty of bitcoin mining and the further stability of currency value, the dependence of relevant transaction platforms on transaction cost will increase, which will certainly increase the transaction cost. Finally, the confidentiality of the bitcoin transaction needs to be discussed. The principle of the bitcoin transaction makes all the processes of each bitcoin transaction stored in each machine. If someone can determine the real background of a transaction, they can find all the transactions down and up through these data
compared with other advantages, anti inflation or anti inflation is the most publicized advantage. Although its supply is stable and the upper limit of supply is locked according to its algorithm, unless the whole world is unified and all countries use bits as currency, it can not prevent the over issuance of money only as a means of payment or a storage of value, just as the current existence of gold can not constrain the growth of each country's currency. If bits can only be used as a means of payment in local areas (such as the network), then global or some countries' inflation will still be transmitted to the areas where bits are used. Therefore, the use of bits to prevent inflation is basically untenable, or has a strong premise. As for anti inflation, that is to say, it has the function of value storage, it needs to have the property similar to gold. However, from the reality, bit's essential property and prospect are still hard to match gold. See below for details
2. Bitcoin's future positioning is too high
the expectation of bitcoin's future in the market generally compares it with gold and US dollar, which is relatively high. The recognition of gold not only lies in its natural physical properties, but also in its official acceptance as a reserve currency (or an important allocation of foreign exchange assets). In theory, bitcoin as an electronic currency does not have the unique and exclusive status, and it is more difficult to become the official reserve of central banks like gold. Therefore, it is not appropriate to expect too much bit. As an electronic currency, bit has the first mover advantage. If it can be guaranteed in terms of security, its most optimistic prospect will be as a means of payment in local areas
3. Speculation and speculative demand caused by event factors are the main reasons for the rise of bitcoin in this round
under the credit currency system, people's lack of confidence in the currencies of various countries and pessimistic economic prospects are the general environment for the rise of bitcoin in this round. The speculation of the major dealers in the market and the derivatives market of bitcoin, together with the speculative psychology of the participants, further accelerated its rise. Btcchina's investment of US $5 million and the announcement of Ben's position are the main driving factors for the recent surge
however, a lot of big players start to enter the market and buy a lot, which not only drives the bit price up to a high level, but also increases the market risk. Chamath, a former Facebook executive, has spent $5 million on bitcoin and plans to spend another $10 million. Bitcoin investment trust also exceeded its target within four weeks, raising $15 million. These people's investments not only make bitcoin further rise, but also concentrate on the holding of bitcoin, which strengthens the influence of indivials and institutions on the price of bitcoin and increases the market risk
4. There is still strong room for speculation in the medium and short term
although our previous analysis is not optimistic about the prospect of bit, it is likely that bit will still have strong room for speculation in such a short and medium term period of time as one year. As mentioned in the previous analysis, the creators of bitcoin advocate that the generation of bitcoin is not manipulated by human factors, which is quite different from the credit currencies of various countries. We expect that the monetary policies of major countries will be divided next year. With the release of economic risks and the heavy damage to traditional asset markets, bitcoin will have better room for speculation and imagination< The use of bitcoin in some sensitive areas highlights the increasingly prominent role of information in national security
the U.S. government seized the drug trading website "Silk Road" at the beginning of last month. A crowdfunding network called "assassination market" even marked the sale of murderers with bitcoin price. The founder of the assassin market, under the pseudonym of kuwabatake Sanjuro, is an extreme anarchist. Both prism gate incident and the use of bitcoin in relevant sensitive fields highlight the increasingly prominent position of information field in national security. The Third Plenary Session proposed the establishment of the national security committee, which will play an important role in China's security strategy and expand from traditional national defense, stability maintenance / urban security to information security and other emerging areas
2. The concept of bitcoin was first proposed by Nakamoto on November 1, 2008, and was officially born on January 3, 2009. According to the idea of Nakamoto, the open source software is designed and released, and the P2P network on it is constructed. Bitcoin is a virtual encrypted digital currency in the form of P2P. Point to point transmission means a decentralized payment system. Unlike all currencies, bitcoin does not rely on a specific currency institution to issue. It is generated by a large number of calculations based on a specific algorithm. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses cryptography design to ensure the security of all aspects of money circulation. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction. The design based on cryptography can make bitcoin only be transferred or paid by the real owner. This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity
warm tips: according to the notice and announcement issued by the people's Bank of China and other departments, virtual currency is not issued by the monetary authority, does not have legal compensation and mandatory monetary attributes, is not a real currency, does not have the same legal status as currency, and cannot and should not be used as currency in the market, Citizens' investment and transaction of virtual currency are not protected by law
the above explanation is for reference only. Before investing, it is recommended that you first understand the risks existing in the project, and clearly understand the investors, investment institutions, chain activity and other information of the project, rather than blindly investing or mistakenly entering the capital market
investors should not use such information to replace their independent judgment or make decisions only based on such information, which does not constitute any investment operation
response time: January 12, 2021. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
warm tips: according to the notice and announcement issued by the people's Bank of China and other departments, virtual currency is not issued by the monetary authority, does not have legal compensation and mandatory monetary attributes, is not a real currency, does not have the same legal status as currency, and cannot and should not be used as currency in the market, Citizens' investment and transaction of virtual currency are not protected by law
the above explanation is for reference only. Before investing, it is recommended that you first understand the risks existing in the project, and clearly understand the investors, investment institutions, chain activity and other information of the project, rather than blindly investing or mistakenly entering the capital market
investors should not use such information to replace their independent judgment or make decisions only based on such information, which does not constitute any investment operation
response time: January 12, 2021. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
3.
Although many countries do not recognize the value and status of bitcoin, bitcoin is still popular in recent years, and its existence is controversial. Some people say that it has no practical significance, just a number. If it is not officially recognized by the world, mining is a constant waste of energy. Some people say & lt; No one can be sure whether bitcoin is a black horse or not
in fact, bitcoin is calculated and proced through computer networking, also known as mining. At the beginning, there was a personal computer to dig, but the efficiency was relatively low, and the cost of graphics card was low. Then there was a special bitcoin mining machine, ranging from several hundred to two or three hundred thousand yuan
when we talk about bitcoin, we naturally need blockchain because of the blockchain, bitcoin can become bitcoin. It is a secure general ledger for all payments and transactions. It can be said that everyone can contribute to the update. We need to solve a very complex mathematical problem by brute force& mdash; Hash algorithm to complete a block
many people want to know the value of a bitcoin. In fact, the price of bitcoin is changing all the time. We need to check the figures of that day. At present, the price of a bitcoin is less than 30000
4. Bitcoin is a P2P network. Just like the familiar BT download mode, in order to keep the network running, we need to always keep someone online to upload and share data with others. Therefore, the publishers of BT seeds often ask the sowers on the forum to be "Sowers", but in fact, BT seeds are often broken, and people are selfish, You can't ask everyone to contribute their resources for free
from the perspective of network technology, that is to say, the generation of bitcoin is primarily for the continuous and safe operation of the network, which can not be used to measure the development speed of P2P virtual economy. Just like collectibles, people have proced bitcoin not to make it circulate and trade like money, but as a sign of geek's contribution to inspire people. But now people misunderstand the original intention, the proction of virtual currency itself needs cost, and people's enthusiasm will add up the cost infinitely. As a result, the price ratio between real money and virtual money is becoming larger and larger, creating the current situation
and the bitcoin network, like the BT download, needs "miners" to contribute their computer resources for calculation to ensure the operation of the bitcoin network. If the people who contribute resources like the BT download can not get the benefits, the bitcoin network will collapse. So the issue of bitcoin is designed that whoever contributes computing power to keep the bitcoin network running can get the fee paid by the network - bitcoin
As for the significance of bitcoin, bitcoin, as a currency specially designed for the Internet, is essentially a payment solution. Modern currency has never been global, let alone completely free circulation. This is the contradiction between the existing monetary system and the Internet, and bitcoin is designed to solve this contradiction, Let money become a string of data to follow the circulation of the whole networkbitcoin has a more direct significance in recing the transaction cost of Internet trade, especially small transactions, making the original unprofitable transactions profitable, and enabling the original transactions that could not be concluded e to payment to be concluded
5. Negative or positive. It's too early to draw a conclusion. Take bitcoin as an example. The generation of bitcoin depends on mining constructed by special algorithms. In other words, it is difficult to supply money on a large scale. With the development of Internet in the future, virtual currency such as bitcoin will be useful, provided that this kind of development is expected by today's people. Real money can be obtained by doing something valuable to the society, which is completely different from the generation and acquisition of virtual money. Other similar virtual currencies in China are almost all pyramid schemes with virtual concept and financial packaging.
6. Bitcoin: also known as "bitcoin", is a kind of network virtual currency. Internet users can use bitcoin to buy some virtual goods, such as clothes, hats and equipment in online games. Internet users can also use bitcoin to buy real goods
the concept of bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's ideas, open source software was designed and released, and P2P network was built on it. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses cryptography design to ensure the security of all aspects of currency circulation.
the concept of bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's ideas, open source software was designed and released, and P2P network was built on it. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses cryptography design to ensure the security of all aspects of currency circulation.
7. Tianlong spirit, set three functions in one, automatic planting, automatic play strange, automatic business. Fully adapt to any window, use the process can be moved to adjust the size of the window
Tianlong genie is a script program made by key Genie 8. X
[function description]
Tianlong spirit, automatic planting, automatic strange fighting, automatic business running
[instructions for use]
for detailed setting instructions and version update download, please see
auto mining start key Ctrl + Shift + home
note that it is better to keep a window size when starting this script
changing the window size will change the acquisition point
upload and download 6 minutes ago (25.14 KB)
collection settings
after the start of mining and mining
after the start of mining, only mining is needed
after the start-up of mining, only mining without mining
F10 stealth
No, not used
you need to put the stealth skill in the F10 column. After you find the collection, you will hide first and then collect it
F9 plus red
No, not used
Qingxin is suitable for the Qingxin and Chongxu of Emei
red medicine is suitable for medicine and symbiosis
Red percentage%
according to the percentage of blood strips, if it is lower than this value, red will be added< No, do not use it
red medicine is suitable for adding blue medicine
percentage of adding Blue%
according to the proportion of blue bars, if it is lower than this value, add blue
Q fishing coordinate points are separated
enter the coordinates that can be fished on the current collection map, and when the collection has no energy, it will automatically go fishing to hang energy< The first time you start the automatic mining system, a window will appear, as shown in the figure:
upload and download 15 hours ago (4.47 KB)
after you confirm, the big map will be opened automatically. At this time, you can right-click 20 acquisition points on the map in order. Click the script of 20 collection points to start the collection
when you start again, the following window will appear. You can choose whether to relocate. If it is in the same map, the same window size can keep the original acquisition point
upload and download 15 hours ago (5.05 KB)
Tianlong genie is a script program made by key Genie 8. X
[function description]
Tianlong spirit, automatic planting, automatic strange fighting, automatic business running
[instructions for use]
for detailed setting instructions and version update download, please see
auto mining start key Ctrl + Shift + home
note that it is better to keep a window size when starting this script
changing the window size will change the acquisition point
upload and download 6 minutes ago (25.14 KB)
collection settings
after the start of mining and mining
after the start of mining, only mining is needed
after the start-up of mining, only mining without mining
F10 stealth
No, not used
you need to put the stealth skill in the F10 column. After you find the collection, you will hide first and then collect it
F9 plus red
No, not used
Qingxin is suitable for the Qingxin and Chongxu of Emei
red medicine is suitable for medicine and symbiosis
Red percentage%
according to the percentage of blood strips, if it is lower than this value, red will be added< No, do not use it
red medicine is suitable for adding blue medicine
percentage of adding Blue%
according to the proportion of blue bars, if it is lower than this value, add blue
Q fishing coordinate points are separated
enter the coordinates that can be fished on the current collection map, and when the collection has no energy, it will automatically go fishing to hang energy< The first time you start the automatic mining system, a window will appear, as shown in the figure:
upload and download 15 hours ago (4.47 KB)
after you confirm, the big map will be opened automatically. At this time, you can right-click 20 acquisition points on the map in order. Click the script of 20 collection points to start the collection
when you start again, the following window will appear. You can choose whether to relocate. If it is in the same map, the same window size can keep the original acquisition point
upload and download 15 hours ago (5.05 KB)
8. Personal opinion: (answer the above questions one by one)
1. The value and significance of bitcoin: 1. The designer's original intention is to build a free, non central and orderly currency trading world It is a kind of realization of the designer's idea, and it is also a kind of experiment or game) 2. The time used in calculation is obtained as reward (the proposition of calculation is that infinite people's life is limited) 3. Cryptographic technology ensures its security. At the same time, it is well used and packaged Because in the early days of currency issuance, it was just a favorite of geek enthusiasts It is more like financial bonds in the early stage of the subprime crisis in the United States)
2. Businesses accept bitcoin: there are multiple needs: 1. Attract more avant-garde customers. 2. Geek lovers, etc.
3. The ratio of real money to real money is all left to the free market, which can be artificially speculated It didn't make any sense.
1. The value and significance of bitcoin: 1. The designer's original intention is to build a free, non central and orderly currency trading world It is a kind of realization of the designer's idea, and it is also a kind of experiment or game) 2. The time used in calculation is obtained as reward (the proposition of calculation is that infinite people's life is limited) 3. Cryptographic technology ensures its security. At the same time, it is well used and packaged Because in the early days of currency issuance, it was just a favorite of geek enthusiasts It is more like financial bonds in the early stage of the subprime crisis in the United States)
2. Businesses accept bitcoin: there are multiple needs: 1. Attract more avant-garde customers. 2. Geek lovers, etc.
3. The ratio of real money to real money is all left to the free market, which can be artificially speculated It didn't make any sense.
9. Why do we choose gold as reserve? It has some characteristics: long-term preservation, no loss, scarcity, and impossible to appear in large quantities. This ensures the anti currency nature of gold. Unlike legal tender, which can be controlled by the government or organizations, the output of gold is there, so its value is stable and permanent. Bitcoin also has the advantages of gold, Only one thing is real and the other is virtual. The output of bitcoin can not be controlled by any government or organization. In other words, if the quantity of an item is constant and recognized by the public, it may become currency, such as ancient shells, Copper money (when copper mining is very low) and paper money is only a representative symbol of the above real money. Bitcoin has the advantages of non plication and constant output, so the bubble theory has certain limitations. Just like what is called Road, people walk more is the road, as for whether it is recognized by the state, as long as the road can not be sealed by the state, then there will be people walking on the road. After all, the road is convenient for people, and the recognized road is charged. As for the price of the roller coaster, I understand the following: 1, the imperfect protection measures, resulting in the risk of theft. 2. Excessive speculation on a commodity leads to a bubble. 3. Disapproval of real currency. I'm not studying economics, just some of my ideas. Welcome to discuss. Amir taaki, a core developer, said: "it can be said that bitcoin follows the hype cycle of gaudner. This refers to the theoretical curve of a technology from adoption to maturity. This cycle can be divided into three stages: Technology budding stage, overheating stage, disillusionment Valley stage, recovery stage and proctivity maturity stage. According to this theory, bitcoin is coming out of the disillusionment trough.
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