The trend of bitcoin in 2008 financial crisis

1. On November 1, 2008, a self styled Satoshi Nakamoto posted a research report on a secret cryptography discussion group, which expounded his new idea of e-money bitcoin came out
on January 3, 2009, Nakamoto g up the first batch of 50 bitcoins on a small server in Helsinki, Finland< On May 21, 2010, the first bitcoin transaction: Florida programmer Laszlo
hanyecz bought a $25 pizza coupon with 10000 BTC< On July 16, 2010,
the price of BTC rose by US $0.08 from US $0.008, showing the rise of new things
on July 17, 2010, the first bitcoin platform was established
on November 6, 2010, the price on mtgox reached $0.5, and the bitcoin economy reached $1 million
on December 7, 2010, the first portable device to portable device transaction was realized on Nokia 900, with a transaction volume of 0.42btc
on February 9, 2011, the price reached US $1 for the first time, which is equivalent to US $1. The news that BTC is equivalent to us dollar has been widely reported by the media, which has aroused people's great attention, and the number of new users has increased greatly. In the next two months, bitcoin and pound sterling, Brazilian currency, Polish currency exchange trading platform has opened
on March 18, 2011, the BTC / USD exchange rate hit a seven week low, falling to US $0.7
on August 20, 2011, the first bitcoin conference and World Expo were held in New York. Among Google trend counties, bitcoin's attention reached a new high, with a price of $11 at that time
on November 14, 2011, the price of bitcoin hit a new half year low of $1.99
on September 15, 2012, the bitcoin conference was held in London. At this time, the price of bitcoin was $11.8
on September 27, 2012, bitcoin fund was founded, and the price of bitcoin was $12.46
on November 25, 2012, the first bitcoin conference in Europe was held in Prague, Czech Republic. At this time, the price of bitcoin was $12.6
on February 19, 2013, bitcoin client v8.0 was released. At this time, the price of bitcoin was $28.66
on April 10, 2013, BTC set a record high price of $110
on May 9, 2013, BTC Chinese, the largest bitcoin reporting website www.sosobtc.com The company obtained the investment fund union
square's $5 million round a investment, and the price of bitcoin was $112.09< On May 17, 2013, the San Jose bitcoin conference was held with 1300 participants. At this time, the bitcoin price was US $119.1.
on May 28, 2013, the US Department of Homeland Security banned the virtual currency service of Liberty Reserve, a Costa Rican exchange company, for suspected xiqian and unlicensed fund transfer business, U.S. prosecutors said that this will become the largest international xiqian lawsuit in history, with the scale of absorbing money reaching 6 billion US dollars. A large number of users, including China, will lose all their money. At this time, the price of bitcoin is 128 US dollars
in June 2013, Netcom said that the United States will withdraw from qe3, deflationary bitcoin and quantitative easing monetary policy, which are the relationship between the two
on June 27, 2013, the German Conference made a decision: holding bitcoin for more than one year will be tax-free, which is considered by the instry to recognize the legal status of bitcoin. At this time, the price of bitcoin is $102.24
on June 28, 2013, mtgox obtained the monetary service license issued by the financial crime enforcement network office of the U.S. Department of the Treasury. Transaction standardization may mean that bitcoin is on the right track, government risk is reced, and its pace of integration into the display economy will be accelerated. At the same time, it will play an exemplary role in other virtual currencies. At this time, the price of bitcoin is $97.99< On November 28, 2013, the bitcoin trading price of Mt.
GOx, a popular bitcoin exchange, broke through $1000, reaching a record high of $1073
on November 29, 2013, the trading price of bitcoin on Mt. GOx, a popular exchange, hit a record high of US $1242, while the price of gold was US $1241.98 an ounce, surpassing that of gold for the first time.

2.

The financial crisis began in 2007, and it was not until 2008 that China's influence became obvious:

on February 13, 2007, new century finance issued a profit warning for the fourth quarter of 2006
on August 2, the German Instrial Bank announced a profit warning, and later estimated a loss of 8.2 billion euros, because its 12.7 billion euro "Rhineland fund" and the bank itself had a small amount of participation in the U.S. real estate subprime mortgage market business and suffered huge losses. The Bundesbank convened national banks to discuss the basket plan to save the German Instrial Bank

On August 8, Bear Stearns, the fifth largest investment bank in the United States, announced the closure of its two funds, which was also e to the subprime mortgage crisis

On August 9, BNP Paribas, France's largest bank, announced the freezing of its three funds, which also suffered huge losses e to its investment in US subprime bonds. This led to a sharp fall in European stock markets

< H2 > extended data:

financial crisis refers to the crisis of financial assets, financial institutions and financial markets, which is manifested in the sharp drop in the price of financial assets, the collapse or imminent collapse of financial institutions, or the collapse of a financial market such as stock market or bond market

Financial crisis is a crisis in the financial field. As the liquidity of financial assets is very strong, the international nature of finance is very strong. The fuse of financial crisis can be any country's financial procts, markets and institutions

systemic financial crisis refers to those crises that affect the whole financial system and even the whole economic system, such as the financial crisis that triggered the Great Depression of the western economy in 1930

3. 1. Look at an example
from the subprime mortgage crisis to the financial crisis, here is an original case: two people sell 20 pancakes a day (because the whole demand for pancakes is only 40), one for one yuan, and the daily output value is 40 yuan. Later, the two people discussed with each other to buy and sell 100 pancakes (a buys 100 pancakes from B, B buys 100 pancakes from a), in the form of bookkeeping, with the price unchanged, Clay oven rolls clay oven rolls to clay oven rolls. Clay oven rolls are trading at 240 yuan per day. The virtual economy has proced
if the price of each clay oven rolls is 5 yuan, the daily trading volume will be 1040 yuan. At this point, A and B will increase the market baking cake to 2 yuan. Some people have heard that the pancake is selling 1 yuan for 5 yuan, and when the market is only 2 yuan, buy it quickly. - the bubble economy proces
pancake can not be proced at once. On the one hand, a and B increase the number of pancakes (up to 100 or more per day), on the other hand, they sell pancakes, and they also start the transaction of issuing pancake bonds. The buyers buy pancakes with cash and mortgage loans. --- financing, financial intervention
some people want to buy pancakes, but they have neither cash nor collateral, A and B issued sub-prime pancake bonds and bought insurance from insurance institutions. --- sub prime bonds sowed seeds for the sub-prime crisis.
one day, they found that the pancakes they bought could not be eaten, and they had to store them in a place where they could not get moldy, so they quickly sold them, The clay oven rolls off the
even if the price is lower. The financial crisis has broken out. The burn cake shop has laid off (as long as 40 clay oven rolls are ready every day) - unemployment. Shaobing bonds have become waste paper: the subprime mortgage crisis
the mortgage loan (the collateral is worthless) can not be recovered, the liquidity crisis of loan banks, the bankruptcy of insurance companies, etc-- The financial crisis
2. financial crisis is not good for anyone. It is the breakdown of the bubble economy, just like the evaporation of water sponges being squeezed or exposed. It can be said that this is a return of value. People who hold virtual assets are evaporated e to the shrinkage of asset value. No pancake hoarding, no pancake shop, of course, nothing. But it will be more difficult to make some money

4. The financial crisis in 2008 was mainly caused by the subprime housing credit crisis in the United States. Initially, the companies affected were limited to those directly involved in housing construction and subprime lending, such as Northern Rock Bank and national financial services corporation.

5.

1. Profiteering from the sale of Thai baht

Soros borrowed Thai baht from the U.S. authorities (this kind of deed buying action is often implemented by begging for loans), and then peddled a lot of Thai baht. As a result, many foreign-funded enterprises in Thailand were affected. With peddling (Thailand's economy is export-oriented, and there are a lot of foreign capital), many people sold Thai baht. According to the principle of supply and demand, the Thai baht rose sharply, and then, Soros took advantage of the appreciation of the Thai baht to buy a large number of Thai baht and return money to the US authorities, making a lot of money

2. Make money through trading in stock market, futures market and foreign exchange market

buy stocks with my own money, pay 5% in cash, and borrow 95% of other funds from the bank; At the same time, with bonds as collateral, we can borrow more money. With 1000 US dollars, we can buy at least 50000 US dollars worth of long-term bonds.... ". They use their own capital as collateral, borrow from banks to buy securities, and then continue to borrow securities as collateral, so as to expand the repayment ratio

not only that, but also the loan is generally invested in various derivatives with the characteristics of "high leverage", thus further improving the leverage ratio. According to the report of the economist, quantum funds did buy a large number of put options as early as March 1997, borrow a large number of baht by swap, and sell baht futures and forward

3. Make economic crisis in stock market and futures market, and make profit by appreciation of commodity

based on the close contact between financial markets, the "plane structure" not only enhances the risk exposure of investors, but also greatly increases the power and income of leveraged investment. They only defend the Hong Kong dollar in appearance, and the stock market and futures market are the real main purpose of their attack. Surprise is Soros's method of investing in the Hong Kong dollar and has been successful for many times

extended information:

the subprime mortgage crisis in the United States is a storm caused by the bankruptcy of subprime mortgage institutions, the forced closure of investment funds, and the violent fluctuation of the stock market. It leads to the crisis of insufficient liquidity in the major global financial markets. The U.S. subprime mortgage crisis began to appear graally in the spring of 2006, and swept the world's major financial markets such as the United States, the European Union and Japan in August 2007

the U.S. subprime mortgage market usually adopts a combination of fixed interest rate and floating interest rate, that is, the buyers repay the loan with fixed interest rate in the first few years after purchase, and then repay the loan with floating interest rate

With the cooling of the U.S. housing market, especially the rise of short-term interest rates, the repayment rate of subprime mortgage loans has also increased significantly, and the repayment burden of home buyers has greatly increased. This situation directly leads to a large number of subprime mortgage borrowers can not repay their loans on schele, and then lead to "subprime crisis"

6. 1. The main reasons for the financial crisis in 2008 are as follows: for a long time, American banks and financial institutions have issued a large number of loans to the indivial owners and institutions with only sub-prime credit rating (poor repayment ability and unstable income), and the graal decline of American economy has led to the graal decline of the income level of these indivials and institutions, which has led to the graal decline of repayment ability, Over time, the phenomenon of failing to repay on time occurs in a large number, which leads to the difficulty of capital turnover because banks can not receive the money they should receive. Therefore, the subprime mortgage crisis has turned into a financial crisis. Therefore, the collapse of a large number of banks and financial investment institutions has a chain effect on the economic downturn of relevant countries in the world and the run on financial institutions, which has spread into the global financial crisis< On April 4, 2007, new century financial company applied for bankruptcy protection< On August 6, 2007, American Residential Mortgage Investment Corporation, the tenth largest mortgage service provider in the United States, filed for bankruptcy protection< On September 7, 2008, the US Treasury Department had to announce the takeover of Fannie Mae and Freddie Mac< On July 16, 2007, Bear Stearns, the fifth largest investment bank on Wall Street, closed down its two hedge funds, revealing its first loss in 83 years. In March 2008, the US Federal Reserve prompted JPMorgan Chase Bank to acquire Bear Stearns< On September 15, 2008, Lehman Brothers Holdings, the fourth largest investment bank in the United States, filed for bankruptcy protection
later on September 15, 2008, Bank of America issued a statement that it was willing to acquire Merrill Lynch, the third largest investment bank in the United States< On September 16, 2008, AIG provided us $85 billion in short-term emergency loans. This means that the US government has taken over AIG< On September 21, 2008, after the collapse of investment banks on Wall Street one after another, the Federal Reserve announced that only the last two investment banks, namely Goldman Sachs Group and Morgan Stanley, would be changed into commercial banks. In this way, we can get through the difficulties by absorbing deposits
so far, on September 21, 2008, history has drawn an amazing ending for the investment banks on Wall Street, which used to be very prosperous. "Wall Street investment bank" has disappeared as a historical term< On October 3, 2008, the Bush administration signed a $700 billion financial rescue plan
the outbreak of the financial crisis in the United States has greatly impacted the real economy of the United States, including the three major automobile companies of general motors, Ford Motor and Chrysler, and the real instry is in danger
the U.S. financial tsunami has also affected the world
on January 20, 2009, the new US President Barack Obama was sworn in

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7. In short, after 2001, the United States implemented expansionary economic policies to encourage private consumption, a large part of which was the loan consumption with real estate as collateral. In the period of rising house prices, there is no problem. After 2006, the U.S. economy has the risk of inflation. Therefore, the Federal Reserve has continuously raised interest rates, real estate prices have declined, and a large area of bad loans have appeared. Banks can't stand it, and private consumption has naturally declined
this has happened before - cyclical fluctuations in the market economy cannot be avoided. There are many reasons why this is so serious. One of the main reasons is the so-called mortgage securitization (subprime mortgage securitization), which may be troublesome to explain
to put it simply, the bank sells the loan to another company and recovers the funds. The company receiving the loan issues securities on this basis and sells the securities to investors in the securities market (that is, the company promises that the repayment interest and principal of these loans will eventually constitute the investment income of investors). If the borrowers do repay on time, there will be no problem in the whole chain. Moreover, the bank will sell the loan when it comes to lending. It seems that there is no risk at all. Therefore, the bank will lower the standard of lending, and many imprudent loans will be approved
with the decline of house prices, the decline of collateral value, a large number of loan defaults, and finally problems in the payment to investors in the capital market, the financial innovation of securitization has linked several markets together, causing unprecedented impact, and the adjustment is more troublesome
as a result, there is a crisis

8.

In the 2008 U.S. financial crisis, e to the fact that China's balance of payments capital account has not been fully opened, the scale of asset securitization is still in its infancy, and China has a large number of foreign exchange reserves, these factors make China immune from the severe impact of the financial crisis

although China has not suffered from a serious financial crisis, the impact of the global financial crisis and economic recession on China is also severe. In the process of global economic integration and the high degree of international division of labor, China's long-term development model of using external demand to support its economy, etc., it is impossible for China to stand alone again

< H2 > extended data

financial crisis refers to the crisis of financial assets, financial institutions and financial markets, which is manifested in the sharp fall in the price of financial assets, the collapse or near collapse of financial institutions or the collapse of a financial market such as stock market or bond market

systemic financial crisis refers to those crises that affect the whole financial system and even the whole economic system, such as the financial crisis that triggered the Great Depression of the western economy in 1930, and the financial crisis that broke out on September 15, 2008 and triggered the global economic crisis

The first is equity restructuring, capital increase and share expansion; Second, bad debt packing, cutting and stripping; Third, inject funds to solve the problem of liquidity. First of all, the government reorganizes the financial institutions in crisis and increases capital and shares. For example, the United States nationalized Fannie and Freddie and turned private enterprises into state-owned enterprises. Secondly, the bad debts of the banks should be stripped and put aside. After the recovery of the banks, the funds should be redeemed. If the banks fail, the government should pay for the bad debts and clear them. Third, when banks fall into a liquidity crisis and people run, they inject funds to increase cash flow. Or the government can provide guarantee to enhance social confidence; Or the government can provide a guarantee for other banks to lend

9. 1. The concept of subprime mortgage crisis
subprime mortgage crisis is also known as subprime lending crisis, also translated as subprime mortgage crisis. It refers to a storm in the United States caused by the bankruptcy of subprime mortgage institutions, the forced closure of investment funds, and the violent fluctuation of the stock market. It causes the global major financial market to appear the liquidity insufficiency crisis vaguely. The "subprime mortgage crisis" in the United States began to appear in the spring of 2006. In August 2007, it swept the world's major financial markets such as the United States, the European Union and Japan<

2. The emergence of subprime mortgage crisis
2.1. Principle
the direct cause of subprime mortgage market storm in the United States is the rise of interest rates and the continuous cooling of housing market in the United States. Subprime mortgage loan refers to the loan provided by some lending institutions to borrowers with poor credit and low income

the rise of interest leads to the increase of repayment pressure. Many users with poor credit feel that the repayment pressure is high, and there is a possibility of default, which has a crisis of impact on the recovery of bank loans<

the U.S. subprime mortgage market usually adopts a combination of fixed interest rate and floating interest rate, that is, home buyers repay the loan at a fixed interest rate in the first few years after purchase, and then repay the loan at a floating interest rate<

in the five years before 2006, the subprime mortgage market in the United States developed rapidly e to the continuous prosperity of the U.S. housing market and the low interest rate in previous years

with the cooling of the U.S. housing market, especially the rise of short-term interest rates, the repayment rate of subprime mortgage loans has also increased significantly, and the repayment burden of home buyers has greatly increased. At the same time, the continuous cooling of the housing market also makes it difficult for home buyers to sell their houses or refinance their mortgage houses. This situation directly leads to a large number of subprime mortgage borrowers can not repay their loans on schele, and then lead to "subprime crisis"< In the United States, loans are very common, from houses to cars, from credit cards to phone bills. Local people seldom buy a house in full, usually for a long time. But we also know that unemployment and reemployment are very common here. How can people with unstable income or even no income buy a house? Because the credit rating is not up to the standard, they are defined as sub-prime borrowers, referred to as sub-prime borrowers<

since about 10 years ago, advertisements of loan companies have appeared on TV, newspapers, streets, or filled your mailbox with attractive leaflets:

"do you want to live a middle class life? Buy a house! "

"don't you have enough savings? Let's get a loan! "

"no income? Find a Niu loan company

"can't you afford the down payment? We offer zero down payment

"worried about the high interest rate? For the first two years, we offer a preferential interest rate of 3%! "

"still can't afford it every month? It doesn't matter. You only need to pay interest for the first 24 months. The principal of the loan can be paid in two years! Think about it. You must have found a job or been promoted to manager in two years. You're afraid you can't afford it then! "

"worried about two years or not? Oh, you're too careful. Look how much the house is now higher than it was two years ago. Then you can sell it to others. You can not only live in vain for two years, but also make a fortune! Besides, I don't need you to pay. I believe you can do it. Don't you dare to borrow if I dare? "

under such temptation, countless American citizens have no hesitation in choosing loans to buy houses You worry about their debt in two years? American citizens who always feel good about themselves will tell you that every movie actor can become governor. Maybe I can run for president in two years

a Niu loan company has achieved amazing results in just a few months, but the money has been loaned out, can it be recovered? Mr. a Niu, the chairman of the company, is also a person who is familiar with American economic history. It is impossible not to know that there are risks in the real estate market, so it seems that this income can not be taken alone. We need to find a partner to share the risks. So a Niu found the leading big brother in the American economic circle, investment bank. These guys are big names (Merrill Lynch, Goldman Sachs, Morgan). What do they do every day? That is to say that it is idle to have enough food and spare time. So we came to Nobel economist to find Harvard professor. After using the latest economic data model, after making a few rounds of analysis, we made several analysis reports to evaluate whether the stock is worth buying. The stock market of some country has already had a bubble. Do you think they see any risk in this? You can see it with your feet! But it's profitable. What are you hesitating about? Take over! So economists and university professors use data model and old three methods to evaluate, repackage, and proce a new proct - CDO (Note: collateralized debt obligation). To put it bluntly, it is a bond. By issuing and selling this CDO bond, the bondholders can share the risk of housing loans

if you just sell like this, the risk is too high or no one will buy it. Suppose that the original bond risk level is 6, which is medium to high. So the investment bank divides it into two parts: Senior CDO and ordinary CDO. In case of debt crisis, senior CDO enjoys the priority of compensation. In this way, the risk levels of the two parts become 4 and 8 respectively, and the total risk remains unchanged. However, the former belongs to low and medium risk bonds. With the three inch "golden" tongue of investment banks, they certainly sell well! But what about the remaining high-risk bonds with risk rating 8

so the investment bank found the hedge fund. Who is the hedge fund? It's the role of buying short and selling more and calling the wind and rain in the financial world all over the world. It's a day of licking blood with a knife edge. It's a small risk! Therefore, relying on the old relationship, the bank borrowed money from the bank with the lowest interest rate in the world, and then bought this part of ordinary CDO bonds on a large scale. Before 2006, the loan interest rate of the Bank of Japan was only 1.5%; Ordinary CDO interest rates may reach 12%, so hedge funds can make a lot of money just by the interest margin

in this way, a wonderful thing happened. At the end of 2001, the real estate in the United States soared and more than doubled in just a few years. In this way, just like the advertisement at the beginning of a Niu loan company, there will be no case that the house can't be paid back. Even if there is no money to pay back, you can make a lot of money by selling the house. The result is that everyone makes money from people who buy houses with loans, to a Niu loan company, to major investment banks, to banks, to hedge funds, but investment banks are not very happy! At the beginning, I felt that the risk of ordinary CDO was too high, so I threw it to hedge funds. I didn't expect that these guys made more money than themselves. Their net worth kept rising. I knew I would keep playing. So investment banks began to buy hedge funds and planned to take a share. It's like "Lao Hei" has a rotten meal at home. When he happened to see the next door neighbor's annoying little dog, he was going to poison it. Unexpectedly, the little dog was not only OK, but also grew stronger and stronger. "Lao Hei" was cheated. Was the rotten meal more nutritious, so he began to eat it himself

hedge funds are very happy again. Who are these bandits who can find a way to borrow 10 yuan when they have 1 yuan in hand? Can they still be honest with a popular CDO now? So they mortgaged their CDO bonds to the bank for 10 times the loan, and then continued to chase the investment bank to buy ordinary CDOs. Hey, we signed the agreement at the beginning, and all these CDOs belong to us!!! In addition to buying hedge funds, they have come up with a new proct called CDs. Well, Wall Street is the hotbed of these gifted procts: don't they all think that the risk of the original CDO is high? I'll take out a part of the money from the CDO as the insurance every year, Free to the insurance company, but the future out of the risk, we bear together

the insurance company thought, it's good. At present, CDOs make so much money that they don't have to pay a cent to share the profits. Isn't that giving us free money every year? It's done<

hedge funds think, yes, they have made money for several years, and the risk will become greater and greater in the future. Just sharing part of the profits, insurance companies will take half the risk and do it

so everyone was happy again, and CDs also sold well! But it's not over yet: smart wall street people have come up with innovative procts based on CDs! Let's assume that CDs has brought us 5 billion yuan of income. Now I'm issuing a new "Sanmao" fund, which specializes in investing and buying CDs. Obviously, the risk of this fund based on the previous series of procts is very high, but I put the 5 billion yuan that I have earned as a margin. If the fund loses money, I'm going to invest it, Well, first use the 5 billion yuan to pay in advance. Only when the 5 billion yuan is lost, will the principal of your investment start to lose. Before that, you can redeem it in advance. The initial scale is 50 billion yuan. Oh, my God. Is there a better fund? If you buy a fund with a face value of 1 yuan, you will not lose your own money if you lose 0.90 yuan, but every cent you earn is your own! Rating agencies see this genius idea, it is no hesitation: AAA rating

as a result, this "San Mao" can be sold out of control, and all kinds of pension funds, ecation funds, financial procts, and even banks in other countries have bought it. Although the initial scale was originally set at 50 billion yuan, it is impossible to estimate how many billion yuan have been issued in the follow-up, but the margin of 5 billion yuan has not changed. If the current scale is 500 billion yuan, the margin can only guarantee that you will not lose money when the net value of the fund is not less than 0.99 yuan

when it comes to the end of 2006, the real estate instry in the United States, which has been prosperous for five years, finally falls from its peak, and the food chain finally begins to break. Because of the fall of house prices, when the time limit for preferential loan interest rate is up, the ordinary people are unable to repay the loan, then the a Niu loan company goes bankrupt, and the hedge fund loses a lot. Then the insurance companies and lending banks are involved. Citigroup and Morgan have released huge loss reports one after another. At the same time, the major investment banks that invest in hedge funds also lose money one after another, and then the stock market falls sharply, People generally lost money, and the number of people unable to repay their mortgage continued to increase... Finally, the subprime mortgage crisis broke out in the United States< On February 13, 2007, new century finance issued a profit warning for the fourth quarter of 2006<

HSBC has increased bad debt provision by US $1.8 billion for its subprime mortgage business in the US

in the face of a $17.4 billion debt squeeze from Wall Street, New Century Financial Corp, the second largest subprime mortgage company in the United States, announced on April 2 that it would file for bankruptcy protection and cut 54% of its employees

on August 2, the German Instrial Bank announced a profit warning, and later estimated a loss of 8.2 billion euros,

10. It doesn't matter. Other countries are also facing financial crisis