Goldman Sachs bitcoin face
bitcoin, whose price has been around $9000 recently, finally broke through the $10000 mark yesterday (June 2) morning
however, around 11:00 p.m. on the 2nd, & lt; Thrilling & quot; As a result, the price of bitcoin plummeted nearly $800 in six minutes, down nearly 8%
as of 1:00 a.m. on June 3, Beijing time, the amount of bitcoin's full network exposure in the past 24 hours has exceeded 700 million US dollars, about 5.111 billion yuan, and the number of exposure is about 36000{ RRRRR}
Goldman Sachs pointed out that & lt; Cryptocurrency, including bitcoin, is not suitable as an asset class, but a security& rdquo; The reason given by the agency is that the price fluctuation of cryptocurrency has no stable correlation with other assets, and there is no evidence that cryptocurrency can be used as a hedge against inflation. In addition, Goldman said, & lt; The price rise of cryptocurrency mainly depends on whether other people are willing to pay a higher price for it, which is not a suitable investment tool for our customers& rdquo;
tools / raw materials
Download CGM software, macoin client and wallet from the official website
methods / steps
after landing on the official website, click mine pool
Click sign up on the left to register. Here I want to explain that pin is a four digit withdrawal password. Don't forget it
after registration, select login on the left to log in, and then select my works
register your user name and password here. Here you need to notice that the created miner is followed by & quot& quot;
after the miner is created, click getting started. Here we need to record the address stratum and port for the next cgminer.conf configuration
after downloading CGM, change example.conf to cgminer.conf and open it in Notepad
URL is & quot; Address: Port & quot;, User is & quot; Miner user name & quot;, Pass is & quot; Miner code & quot
after everything is configured, double-click cgminer.exe to mine
Japan, South Korea, India and other countries support bitcoin because they are optimistic about digital currency and blockchain technology itself. However, speculators inflate the price of bitcoin, making it more risky
according to a survey of Huo coin.com, 80.77% of bitcoin trading investors are in order to achieve short-term profits. They keep buying and selling along with the fluctuation of the price of bitcoin to earn the difference
Sheba Jafari, head of technology strategy at Goldman Sachs Group, recently released a chart Research Report, in which he predicted the trend of the price of the special currency in the next week. In the report, he pointed out that the digital currency is in a & quot; Impulsive & quot; Rising trend & quot; The fifth wave & quot; In the medium term, it is expected to further rise to as high as US $4827 in the short term
however, & quot; Once the complete five wave sequence is in place, theoretically speaking, the market will enter the correction stage& quot; In the world of digital currencies, it is not uncommon for prices to fluctuate by hundreds of dollars. Bitcoin hit a record high of $3025 in mid June, but fell by more than $1000 in the following month. It has risen again and reached a new high in the past two weeks. Analysts said that the reason why bitcoin prices ushered in this upward trend is that investors are optimistic about its prospects
is better
No, but it seems that it is difficult to explain in a few simple sentences. Let's study this ark article together
to expose the common myth of bitcoin
bitcoin has been established for more than 11 years and is striving to be widely recognized by institutions. Although constructive criticism is healthy, ark believes that some influential financial research institutions are refuting bitcoin based on outdated information, inconsistent arguments and flawed analysis
in view of Goldman Sachs' recent position on bitcoin, ark is reconsidering the most common misunderstanding, which has affected its acceptance. We look forward to participating in the health and ecational debate on bitcoin, as well as the important role we believe bitcoin should play in a diversified portfolio
According to ark, some influential financial research institutions are refuting bitcoin based on outdated information, inconsistent arguments and flawed analysis statement: bitcoin is too volatile to serve as a store of value. Counterclaim
: the volatility of bitcoin highlights the credibility of its monetary policy
critics often point out that the volatility of bitcoin is the "value store transaction breaker". Why would anyone want to store the price of an asset in such drastic fluctuations in daily prices
we believe that these critics do not understand why bitcoin fluctuates and why its volatility may decrease
although the fluctuation of bitcoin distracts opponents from evaluating its role as a value storage tool, it actually highlights the credibility of its monetary policy. The impossible trinity is the dilemma of macroeconomic policy. As shown in the figure below, the dilemma assumes that when setting monetary targets, the decision-maker can satisfy two of the three goals instead of three, because the third goal is opposite to one of the first two goals
source: Fangzhou Investment Management Co., Ltd. in 2020, each side of the three difficulties triangle is mutually exclusive. For example, monetary authorities that choose a fixed exchange rate and allow free capital flow cannot control the growth of money supply. Similarly, the monetary authorities that choose fixed exchange rate and control currency can not accommodate the free flow of capital, and the monetary authorities that choose to accommodate the free flow of capital and control money supply can not determine the exchange rate
based on the three dilemmas, we can understand why volatility is the natural result of bitcoin monetary policy. Contrary to the modern central bank, it does not give priority to exchange rate stability. On the contrary, based on the quantitative rules of money, bitcoin limits the growth of money supply, allows the free flow of capital, and abandons the stable exchange rate. As a result, the price of bitcoin is a function of demand relative to its supply. Its volatility is not surprising
that is to say, over time, the volatility of bitcoin is decreasing, as shown below. With the increase of adoption rate, the marginal demand of bitcoin should account for a small proportion of its total network value, so as to rece the price fluctuation. If all other conditions are equal, for example, a new demand of $1 billion with a market value of $10 billion or a network value, the impact of the price of the bitcoin should be greater than a new demand of $1 billion with a network value of $100 billion. Importantly, we believe that volatility should not rule out the main reason why bitcoin is used as a store of value, mainly because it usually occurs at the same time as a sharp rise in price
source: Fangzhou Investment Management Co., Ltd., 2020. Source: coinmetrics
for a long time, the purchasing power of bitcoin has been greatly improved. For example, since 2011, the price of bitcoin has grown at a compound rate of about 200% per year. Although significant changes have taken place in the year, since 2014, the price of bitcoin has appreciated year by year at its lowest price. It's been a good year
source: Fangzhou Investment Management Co., Ltd., 2020. Source: Coinmetrics
claims: bitcoin bubble. Counterclaim
: bitcoin is a competitor for the role of global currency
, some economists like Nouriel Roubini (Nouriel Roubini) believe that bitcoin will suddenly disappear when it is in the bubble. The line of reasoning is that bitcoin has no intrinsic value, and its appreciation depends on speculation, such as a hot potato or tulip game, and the willingness of the "bigger fool" to pay a higher price. They believe that bitcoin is not an investable asset
we believe that this statement eliminates the reason why bitcoin has accumulated value over time. Yes, bitcoin doesn't behave like a traditional investable asset[ 1] The value of equity is determined by discounting the expected cash flow. Given the high future cash flow based on growth and / or investment capital gains, the stock appreciates independently of the shareholder base
However, monetary assets such as bitcoin are unproctive, and their appreciation depends on how they effectively maintain or increase their value over time. In a sense, the value proposition is cyclical: monetary assets will appreciate with the demand of more people, and if it is an effective monetary asset, more people will evaluate it. In other words, "money is a common illusion" and "money is valuable because others think it is valuable" The claim that the value of money depends entirely on the common illusion, however, indicates that the form of money is arbitrary. In fact, according to monetary history, the most common and sustainable currencies have the quality of maintaining their demand. For example, for thousands of years, because of its scarcity, substitutability and rability, economists have regarded gold as the most successful form of moneywe think that bitcoin is usually called digital gold, which not only has many characteristics of gold, but also can improve them. Although bitcoin is rare and rable, it also has the characteristics of divisibility, verifiability, portability and transferability. A series of monetary features of bitcoin endow it with outstanding utility, which is likely to promote demand, and believes that bitcoin is suitable for the role of global digital currency even if it is not superior
we believe that as a suitable competitor for the first batch of global digital currencies, bitcoin should at least attract demand similar to gold. However, contrary to the claim that it is in a huge bubble, the net value (or market value) of bitcoin is less than 2% of gold. p>
prediction is limited in nature, so it cannot be relied on
source: Fangzhou Investment Management Co., Ltd., 2020. Source: coinmetrics
statement: bitcoin will lose the value of fork and digital . Counterclaim
: the value of bitcoin cannot be copied only by software
in the digital field, goods are invisible and can be easily copied without destroying the original goods. Indivials can send word documents extensively by e-mail, for example, while retaining the original . Similarly, thousands of people can listen to a song simultaneously and repeatedly, which actually improves the value of the original work, especially when other songwriters imitate its unique voice
Bitcoin software is no exception. It's free and open source. Indivials can software, "create network branches" and create their own versions. However, skeptics still question how scarce bitcoin will be if it is based on open source software that can be copied indefinitelyfirst, the bifurcated bitcoin network will not create new bitcoin units, just as the expansion of Venezuela's Bolivar will not add dollars to the US monetary base. Instead, bifurcated bitcoin creates a new network with new units or coins. Although existing bitcoin holders have the right to use new coins, the forked network operates under a set of independent rules supported by a single stakeholder. Open source software does not dilute the money supply of the original network. It not only encourages cheap experiments and new networks, but also encourages new tokens and competitive markets
the scarcity of bitcoin is crucial to its network. Today, the number of bitcoins has reached 18 million, which is measured mathematically to 21 million, as shown below. Each bitcoin is linked to a wallet at a time and cannot be copied. Importantly, the only way to control user bitcoin is to have access to its associated private key
source: Fangzhou Investment Management Co., Ltd., 2020. Source: coinmetrics
so, when it forks, what makes 21 million units in bitcoin network more valuable than 21 million units in bitcoin cash (BCH) or BTC? To equate the value of bitcoin cash with the value of bitcoin is equivalent to assuming that Facebook's source code can "fork" and automatically the value of its 2.6 billion users and 50000 employees. Their value comes from the network effects of bitcoin and Facebook, not just their existence
as far as bitcoin is concerned, we believe that network effects include not only the efforts to protect the hash rate of the blockchain, but also the liquidity of bitcoin and the infrastructure supporting its adoption and use. If it is dilutive, then bifurcations will have to share bitcoin's computing power, users and liquidity. As shown below, bitcoin cash and other bifurcations do not seem to derail bitcoin's network effects
source: Fangzhou Investment Management Co., Ltd., 2020. Source: coinmetrics
claims that bitcoin is for criminals
counterclaim: bitcoin is anti censorship
critics still accuse bitcoin of allowing criminal activities because of its early evil activities. In its early years, bitcoin financed the Silk Road, an online black market platform known for selling illegal drugs
In our opinion, criticizing bitcoin for promoting criminal activities is one of its basic value propositions: censorship. As a neutral technology, bitcoin allows anyone to trade and cannot identify "criminals". It does not rely on centralized permissions to identify participants by name or IP address, but by encrypted digital key and address to distinguish participants, thus giving bitcoin powerful censorship ability. Anyone can trade anytime, anywhere as long as the participants pay the miners. Once secured, the transaction cannot be easily reversedif criminal activities can be censored on the bitcoin network, then all activities can be censored. On the contrary, bitcoin allows anyone to exchange value globally and without permission. This is not to make it an inherent tool of crime. Phones, cars and the Internet are no less powerful than bitcoin in promoting crime
In other words, it seems that only a small part of bitcoin transactions are for illegal purposes. According to chainalysis, the number of bitcoin transactions related to illegal activities is still less than 1%, which may be a contribution to the transparency of bitcoin. Any user can view the complete history of transactions on the Internet, which shows that physical cash is a better means of illegal activities
first of all, I want to explain what this bitcoin is. Bitcoin is not a man-made coin, nor is it in circulation on the market. It is a virtual coin< with such a big drop in bitcoin, investors will surely suffer the biggest losses, and the futures and spot of investors will suffer double losses but in fact, it's really hard to say who can make a profit from it, because once bitcoin is sold, you will no longer own it. As for its later development, it has nothing to do with you, as long as you make a profit when you sell it
and according to the determination of relevant experts, there will be no winner after crossing positions and sharing losses. then it means that bitcoin suffered short sniping this time, which is a loss for those who have bitcoin, and no one can benefit from it< br />
In the past 24 hours, more than 110000 people in bitcoin have burst their positions, and 5.8 billion funds have been swallowed. In fact, I think the team is cutting leeks. In fact, the decline of bitcoin can be met in advance, and nothing can prosper all the time, So for most people, they still need to maintain a rational attitude to buy some funds or stocks and bonds. If it becomes a state of large-scale loss, then their money will be tied up, which is certainly not very good for them. Our attitude towards bitcoin is that it will not decline, it will only rise, So most people may not consider this situation and put all their money into it, but in such a situation, if the institutions withdraw their funds, they will inevitably face a lot of capital losses of retail investors
however, in the face of such a situation, we must understand that not all such things can have an answer, such as this kind of irregular things. As an ordinary investor, if we want to buy opportunistically, we may have to bear a greater risk, but in the face of the relative institutional investment, They may take less risk, because the risk they need to take is actually created by them. For most institutions, if they want to go up in the last stock, the probability of the stock's rise may be much greater than the probability of its decline. As for bitcoin, more than 110000 people burst their positions in the past 24 hours and 5.8 billion funds were swallowed, losing money in succession, in fact, I think the team is cutting leeks
in this paper, I would like to talk about some superficial understanding of this problem< First, we should fully understand the importance of developing computing ability
one of the aims of primary school mathematics teaching is to cultivate students' computational ability, and teachers must have enough understanding. Some teachers don't pay enough attention to the cultivation and improvement of students' computing ability, and they don't let students find the rules and interests of computing. This is a big obstacle to cultivate and improve students' computing ability, which must be removed. Computational ability is a necessary ability for students< Number and calculation are widely used in daily life, work and study. In the real world, from the perspective of mathematics, there are mainly three aspects: number, quantity and shape. However, measurement is inseparable from number and calculation, and the quantification of body size is inseparable from number and calculation. Therefore, number and calculation are the most basic tools for people to understand the objective world and the basic knowledge and skills that every citizen should master< Number and calculation are the basis for students to learn other mathematical knowledge and even other subjects. This part of the knowledge is not good, students can not enter the normal learning< Number and calculation play an important role in cultivating students' thinking ability. Mastering the process of number and calculation is also the process of cultivating students' abstract generalization ability. In this way, students also develop the ability of abstract generalization in the process of learning to master the knowledge of number and calculation
4. The teaching of number and calculation is concive to infiltrating the enlightenment ecation of dialectical materialism. The concept of number is graally formed and developed with the needs of human life and practice. When teachers want to teach the concept of number, the relationship between calculation method and calculation method, they can infiltrate the enlightenment ecation of dialectical materialism
Second, clarify the calculation theory and improve the teaching quality of calculation
in the teaching of calculation, teachers should pay attention to explain the principle of calculation and reveal the law of calculation, so that students can know what it is and why it is
1. The abstraction of arithmetic is a difficult point in primary school teaching. In teaching, we try to transform the abstraction into the concrete by means of visual demonstration, so as to make the arithmetic clear
2. Learn to operate with tools, explore and comprehend. Psychologists believe that thinking begins with action. To enable students to master mathematical knowledge and promote the development of thinking, it is necessary to build a bridge between image thinking and mathematical abstraction, and give full play to the role of learning tools. For example, if the students have difficulty in understanding the "method of making up ten" in addition within 20, we will ask them to come out with sticks to help them learn the calculation method of "making up ten" by playing with sticks
3. Contact with practice to deepen understanding. Using students' existing knowledge and experience to understand new knowledge is the main way to construct teaching knowledge structure. Properly using old knowledge in teaching, assimilating new knowledge through analogy, and realizing positive transfer of knowledge are concive to students' understanding of new knowledge and recognition of new knowledge structure. For example, when teaching the calculation method of decimal addition, we can use the rate relationship of RMB units that students are familiar with to explain the reason that decimal points must be aligned
4. Pay attention to perception and strengthen stimulation. For the parts that are easy to be ignored by students, we should pay attention to strengthen the stimulation intensity (such as emphasis on entering and leaving places, emphasis on the treatment of decimal points, etc.) to attract students' attention, leave students a clear and correct impression, and avoid and rece errors in future calculation
5. According to the characteristics that students are prone to illusion and thinking set, we should consciously differentiate and compare the similar concepts, rules and formulas, so as to promote the accurate differentiation of new and old knowledge
6. Practice in time to consolidate and improve. Carry out targeted exercises, strengthen the key points and difficulties in the calculation process, and strive to consolidate in class
7. Pay attention to feedback and correct in time. Timely feedback, find out the students' mistakes, help students analyze the reasons and correct the mistakes in time< Third, we should deal with the relationship between written and oral arithmetic
oral arithmetic is a kind of calculation method which can only calculate and get the results by thinking and language without any tools. It has the characteristics of fast and flexible
mental arithmetic is an important part of computing power. Oral calculation is the basis of written calculation and estimation. Both written calculation and estimation ability are developed on the basis of accurate and skilled oral calculation ability. Without a certain basis of oral calculation, the cultivation of written calculation and estimation ability becomes the water without source. In addition, mental arithmetic is widely used in daily life, proction and scientific research. Therefore, it is very important to insist on the training of oral arithmetic and listening arithmetic in teaching to improve students' computing ability
(1) oral arithmetic teaching must run through the whole process of primary school mathematics teaching. In the lower grades, basic oral arithmetic such as addition and subtraction within 20, multiplication within the table and division are arranged; The middle grade arranges some oral arithmetic which is the basis of written arithmetic and often used in daily life; In order to cultivate students' ability of using knowledge flexibly and their ability of oral calculation, senior students arrange some questions of using operation law to do oral calculation in exercises. Each teaching reference book puts forward the requirements for the oral arithmetic of this semester in stages. Teachers should make the cultivation of oral arithmetic ability to be implemented, and effectively improve students' oral arithmetic ability
(2) arrange oral calculation reasonably. In compulsory textbooks, the basic oral arithmetic, which is the basis of written arithmetic, is taught before written arithmetic, while some difficult but not the most basic ones are taught after written arithmetic, so as to further improve students' oral arithmetic ability. For example, addition and subtraction within 20 is an important foundation of addition and subtraction, and only oral arithmetic is taught. In addition and subtraction within 100, two digit addition, subtraction of one digit and integral tens, such as 27 + 6, 27 + 30, are the basis of both written and oral arithmetic. Therefore, this part of the content before the written calculation, only teaching oral calculation; It is more difficult for students to master double-digit plus or minus double-digit, so the first grade first teaches written arithmetic, and the second grade further requires oral arithmetic. In this way, students can not only learn written arithmetic, but also form a strong ability of oral arithmetic
(3) pay attention to the teaching of oral arithmetic. Oral examples should pay attention to the intuitive demonstration and operation to make students understand the calculation theory
(4) teach students oral arithmetic and develop their thinking. In order to improve students' ability of oral arithmetic, we should teach students correct methods of oral arithmetic. The methods are various, and we should guide students to choose the methods that they can easily understand and master. Never guide students to do oral arithmetic with the method of written arithmetic. Two digit addition: 28 + 37. I find that some students think like this: 8 + 7 = 15, indivial digit is 5, ten digit is 2 + 3 + 1 = 6, ten digit is 6. This is completely the idea of written calculation. In fact, you should think like this: 28 + 30 = 58, 58 + 7 = 75. You don't need to have a vertical pattern in your head
practice has proved that strengthening the training of oral arithmetic can not only improve the calculation level of students, but also develop their thinking ability< Fourth, encourage students to use simple algorithms to improve their ability and develop their thinking
simple calculation is a practical and effective method to improve students' calculation speed. Simple calculation often uses certain operation laws, such as addition calculation often uses addition exchange law, addition combination law, and multiplication exchange law, multiplication combination law, multiplication distribution law, etc. in multiplication calculation, some calculations are simplified from complex to easy. The study of simple calculation can not only improve the students' calculation speed, rece the calculation errors, but also help the development of students' thinking. Therefore, in the teaching process, teachers should strengthen the teaching of simple methods
in addition, let students remember some common data, which can simplify the calculation process and improve the calculation speed. I remember an ecator said that a person's memory before the age of 13 is the best. He can remember a lot of things at this stage. Although he doesn't know why and how, these things don't affect his memory. The unknown reasons of these knowledge will be solved with the growth of his age and the increase of his knowledge. Therefore, we should pay attention to the development of students' memory, especially before the age of 13. The content of calculation in middle and high grades is extensive, comprehensive and comprehensive. Some common operations are often encountered in real life. These operations have no specific rules of oral arithmetic, and must be solved by strengthening memory training. The main contents of my intensive training are as follows: 1) the square result of each number from 1 to 10 in the natural number; ② A method of oral calculation for the square result of two digit number of 5 on a digit; ③ Some specific calculation results, such as 125 × 8＝1000，25 × 4 = 100, 0.25 =, 0.75 =, 0.125 =, 0.375 =, 0.625 = etc. These special calculation results are frequently used in practice, homework and life. If we master and remember them skillfully, we can transform them into abilities, which play a good role in calculation and proce high efficiency< 5. Pay attention to cultivate the good habit of careful examination and calculation
the teaching of calculation also needs to train students to form the habit of careful examination and examination. Don't just shout "be careful!" to students, To teach methods, strict requirements, form habits, improve the accuracy of calculation
the new curriculum standard points out that we should pay attention to the cultivation of students' habit of inspection. Inspection is a good way, it can make people find their own mistakes in time and correct them in time. In the process of teaching, teachers should pay attention to strengthen the teaching of checking calculation, let students use different methods to test a problem, master the test method, and skillfully use this method to judge the correctness of the answers to similar problems
six relations between addition, subtraction, multiplication and division are often used in checking. The estimation is often based on the variation of proct and quotient. For example: according to the multiplier & gt; 1, proct & gt; Multiplicand (except 0); Multiplier = 1, proct = multiplicand; If the multiplier is less than 1, the proct is less than the multiplicand (except 0), you can judge which of the following questions is greater than the multiplicand, which is less than the multiplicand, and which is equal to the multiplicand: 8 × 、 nine × 、 one × 2、0.9 × 16、5 × 1、3 × 、 × 1 According to divisor > 1, quotient < divisor (except 0); Divisor = 1, quotient = dividend; If the divisor is less than 1, the quotient is greater than the divisor (except 0), it can be judged without calculation ÷ 14、8 ÷ 1 、21 ÷ 、 ÷ 7、2 ÷ 1、0.45 ÷ Is the quotient greater than the divisor, less than the divisor, or equal to the divisor< Sixth, enrich learning activities, be happy with teaching and learning, and stimulate students' interest
the calculation problem is composed of numbers and abstract operation symbols, which makes students easily feel irritable and tired. Therefore, teachers should
's bitcoin is rising crazily just because central banks are constantly letting money out of the water. Once liquidity is tight, the bubble will burst. according to media reports, good news is coming from the bitcoin market again. In the latest trading day, the price of bitcoin has exceeded US $58000, a new high in recent years. At the same time, in the trading day when bitcoin soared, 140000 bitcoin investors burst their positions, accumulating more than US $1.1 billion. The bitcoin market once again suffered a double day of ice and fire. Optimistic investors continue to increase their positions and bet that the price of bitcoin will soar. On the other hand, many investors have lost their money because of shorting bitcoin
in addition, there is something wrong with your words, which should be: the market plays a decisive role in resource allocation; The important lifeline of national economy is state-owned enterprises.