Bitcoin analysis

1. 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 currency 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

according to the notice on preventing the financing risk of token issuance, there is no approved digital currency trading platform in China. According to China's digital currency regulatory framework, investors have the freedom to participate in digital currency transactions at their own risk

warm tips: the above information is for reference only. Before investing, it is recommended that you first understand the risks existing in the project, and understand the investors, investment institutions, chain activity and other information of the project, rather than blindly investing or mistakenly entering the capital market. Investment is risky, so we should be cautious when entering the market
response time: December 28, 2020. Please refer to the official website of Ping An Bank for the latest business changes
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2. Bitcoin is a kind of cryptocurrency based on decentralization, using peer-to-peer network and consensus initiative, open source, and blockchain as the underlying technology
the concept of bitcoin was first proposed by Nakamoto on November 1, 2008, and was officially born on January 3, 2009. 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:
1. The above explanations are for reference only, without any suggestions
2. 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. Investment is risky, so we should be cautious when entering the market
response time: January 29, 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. Since the issue price of bitcoin was 0.008 cents in 2009, the highest price of bitcoin has risen to 1280 US dollars (equivalent to more than 8000 RMB). Now the price has been maintained at 2000-3000 RMB. Because the mining time has been very long, and now the price has been in a declining stage, so bitcoin is no longer a first chance. Khan is the successor of bitcoin The third generation of digital cryptocurrency, the current Khan currency, is equivalent to the bitcoin of 2009. Its price is very low, and it has only entered China for nearly two months

4. We usually link Ponzi fraud, pyramid schemes and asset bubbles with bitcoin, so we will analyze the past one by one. Three. Asset bubbles are strictly not fraulent, because they do not involve coercion or deception, but in order to make the discussions more complete, we also add them.
1. Is bitcoin a Ponzi scheme
what is Ponzi scheme? The funds invested by the latecomers are equally distributed to the former participants as their benefits. Do you need to hand over an extra sum of money to all current bitcoin holders when you first buy bitcoin? No, so bitcoin is not a Ponzi scheme
2. Is bitcoin MLM
what is MLM? The funds invested by the latecomers are distributed to the previous participants as their benefits. When you buy bitcoin for the first time, do you need to hand over an extra sum of money to the person who brought you into the bitcoin world? No (bitcoin brings you in a lot of times), so bitcoin is not MLM
a typical mistake that people are prone to make is to judge whether bitcoin is a Ponzi scheme or pyramid scheme according to "previous bitcoin holders will benefit from the participation of later investors". This is obviously e to the unclear concept. Previous stock holders will also benefit from later investors. Is the stock market also a Ponzi scheme? The real difference between the above-mentioned scams and the formal investment market is whether the first participants and the latter are equal in the rules. The Ponzi scheme and pyramid scheme are unfavorable to the latter in the rules, and this is concealed, which is the deception. In the bitcoin market, no matter first come first served, everyone has to complete the transaction in the market according to their own judgment. No one can use the rules to profit others, which is exactly the same as the stock market< Is br />3. bitcoin an asset bubble?
what is asset bubble? The price of an asset is too high relative to its own value (all but resale). What determines the price? Supply and demand. There is a certain supply and the price soars, which means that there are too many buyers
take the tulip bubble that we often talk about for example. The most important value of tulips is its ornamental value. When five people buy a tulip, it's red. When 500 people buy it, it's colorful. Does it bring night light at night? Obviously not. The ornamental value of tulips will not increase because of the increase in the number of buyers. Therefore, soaring prices in the short term will lead to bubbles. After analyzing bubbles, let's look at bitcoin.
what is bitcoin? Value network. What are the characteristics of Internet? Scale effect
QQ with only 200 users, QQ with 2 million users, and QQ with 200 million users are obviously different in value. The same is true for bitcoin. Every additional bitcoin holder means an additional user who is willing to accept and able to pay for bitcoin. Accordingly, the value of the whole network increases a little bit. The scale effect of bitcoin determines that its value will naturally increase with the increase of the number of buyers. Therefore, it is untenable to assume that the inference of asset bubbles is based solely on price spiking. If we want to prove that bitcoin is an asset bubble, we must prove that the price change of bitcoin is even higher than that of its scale effect.
unfortunately, at least in the discussion of bitcoin bubble that I saw at present, I did not take this proposition into account. Although such proof is complex, it is not infeasible. For example, one idea I can think of is to take the valuation of Tencent / Facebook (Social Network), Alibaba / Amazon (trading network) and visa / PayPal (value network) in different user number periods as a reference to see if the growth rate of bitcoin's market value is too high compared with that of user number. Obviously, there is more than one way to prove, but the propositions to prove should be consistent
conclusion is obvious now that bitcoin is not a hoax, and even the accusation of bubbles lacks convincing grounds. When we discuss bitcoin, there are many misunderstandings, not only conceptual and logical, but also emotional. In the final analysis, it is because of the lack of understanding of bitcoin. However, e to the openness of the network, bitcoin has indeed been artificially played bad. Useful adoption

5. On the last day of the 19th century, famous European scientists gathered together. At the meeting, W? Thomson (Baron Kelvin) made a new year's speech. Looking back on the great achievements of physics, he said that the physics building has been completed, and only some decoration work remains. At the same time, while looking forward to the future of physics in the 20th century, he said thoughtfully: "the dynamic theory affirms that heat and light are two ways of motion. Now, its beautiful and clear sky is covered by two dark clouds." the first dark cloud appears in the wave theory of light, ”"The second dark cloud appears in the Maxwell Boltzmann theory of equipartition of energy." W. In April 1900, Thomson published an article entitled "dark clouds over the dynamic theory of heat and light in the 19th century". The first dark cloud he said mainly refers to the contradiction between the results of Michelson Morey experiment and the theory of ether drift; What he said about the second dark cloud mainly refers to the results of the theoretical interpretation of the specific heat of gas and the potential radiation spectrum by the energy equipartition rule in thermodynamics, which are different from the experimental results, especially the "ultraviolet disaster" in the blackbody radiation theory. Kelvin is an outstanding theoretical physics and experimental physicist in 19th century England. He is an influential authority in physics. His statement tells the basic situation of physics development to the end of 19th century and reflects the main trend of thought in the field of physics at that time
physics developed to the end of the 19th century, which can be said to be quite perfect and mature. All physical phenomena seem to be able to get satisfactory answers from the corresponding theories. For example, all mechanical phenomena can be explained from classical mechanics in principle. Newtonian mechanics and analytical mechanics have become effective tools to solve mechanical problems. For the analysis of electromagnetic phenomena, Maxwell's electromagnetic field theory has been formed, which is the unified theory of electromagnetic field. This theory can also be used to explain the basic problems of wave optics. As for the thermal phenomenon, there are phenomenological thermodynamics and statistical mechanics theories, which can make a reasonable explanation for the macroscopic law of the thermal motion of matter and the microscopic statistical law of the thermal motion of molecules. In a word, the classical physics building with classical mechanics, classical electromagnetic theory and classical statistical mechanics as the three pillars has been built, and the foundation is solid and magnificent! Under such circumstances, it is no wonder that physicists will feel intoxicated and feel that physics has achieved great success, thus asserting that they will not be able to do anything in the future. At that time, this kind of thought not only existed universally in physics, but also had a long history
Planck made a speech in 1924. In his speech, he recalled that when he was studying physics at the University of Munich in 1875, his physics teacher P. Jolie (1809-1884) advised him not to study pure theory, because physics "is a highly developed and almost perfect science". Now this science "seems very close to taking the most stable form.". Perhaps, there is a st or a small bubble in a corner, which can be studied and classified. However, as a complete system, it is established firmly enough. And theoretical physics is clearly approaching the level of perfection that geometry has had for hundreds of years. " Another famous teacher of Planck, G? Kirchhoff (1824-1887) also said a similar thing, he said that "physics has done nothing but add a few numbers after the decimal point of the known law." Although Kelvin's evaluation of the achievements of physics is too extreme, he can find "two dark clouds" in the clear sky and is worried about them, which shows that he is far sighted. The history of the development of physics shows that it is these two small dark clouds that finally led to a big storm
the first dark cloud -- Michelson Morey experiment and the collapse of "Ether" theory. Sunlight passes through a vacuum to the earth, and light from galaxies billions of light-years away also passes through space to the earth. Why can light wave propagate in vacuum? What is its medium of transmission? Physicists have found a medium for light transmission - "Ether"
Aristotle, the ancient Greek philosopher, first proposed "Ether". Aristotle thought that the lower boundary was composed of fire, water, earth and air; Add the fifth element to the upper bound, "Ether". After Newton discovered the universal gravitation, he met a difficult problem: in the vacuum of the universe, what medium does gravitation propagate? In order to find a complete solution, Newton revived Aristotle's "Ether" theory, and believed that "Ether" was the propagation medium of gravity in the cosmic vacuum. Later, physicists developed the theory of "Ether", believing that "Ether" is also the medium of light wave propagation. Light, like gravity, is transmitted by the ether. They also assume that the whole universe is full of "Ether", which is a thin, imperceptible medium composed of very small elastic spheres. In the 19th century, Maxwell's electromagnetic theory also described the medium that transmits light and electromagnetic waves as a kind of "Ether" that has no weight and can absolutely penetrate“ "Ether" not only has the nature of electromagnetism, but also is the transmitter of electromagnetic effect, and also has the nature of mechanical mechanics. It is an absolutely static reference frame, and all movements are relative to it. In this way, the electromagnetic theory is consistent with Newtonian mechanics“ The concept that "Ether" is the common carrier of light, electricity and magnetism is generally accepted by people, forming a "etherology"
however, after confirming the existence of "Ether", a new problem arises: if the earth moves around the sun at the speed of 30 kilometers per second, it must encounter the wind of 30 kilometers per second. At the same time, it must also have an impact on the propagation of light. The emergence of this problem causes people to explore whether "yitaifeng" exists or not< In 1887, Michelson (1852-1931) cooperated with American chemist and physicist Murray (1838-1923) to carry out a famous experiment in Cleveland: "Michelson Murray experiment", namely "ether drift experiment". The experimental results show that no matter the direction of the earth's motion is the same as or opposite to the direction of light, the measured speed of light is the same, and there is no relative motion between the earth and the "Ether". Therefore, there is no "Ether" or "absolutely static space". Because this experiment is easy to understand in theory and accurate and reliable in method, there is no doubt that the experimental result denies the existence of "Ether"
the Michelson Morey experiment puts scientists in a dilemma. They may have to abandon the etheric theory that has explained many phenomena of electromagnetism and light. If they dare not give up ether, then they must give up Copernican's theory of earth movement, which is older than etherology. Classical physics is at a loss in the face of this famous experiment
the second dark cloud -- blackbody radiation and "ultraviolet disaster"
at the same temperature, the brightness and color (wavelength) of different objects are different. Dark objects have strong ability to absorb radiation. For example, the absorption rate of coal to electromagnetic wave can reach about 80%. The so-called "blackbody" refers to the ideal object that can absorb all external radiation without any reflection and transmission, and the absorptivity is 100%. There is no real blackbody, but a cavity with a small hole on its surface can be regarded as an approximate blackbody. Because the radiation entering the cavity through the small hole will not leak out from the small hole after many times of reflection and absorption in the cavity
at the end of the 19th century, lummer (1860-1925) and others' famous experiment blackbody radiation experiment found that the energy of blackbody radiation is not continuous, and its distribution according to wavelength is only related to the temperature of blackbody. From the perspective of classical physics, the results of this experiment are incredible
how to explain the results of blackbody radiation experiment? At that time, people started from classical physics to find the laws of experiments. Incorrect premise and starting point lead to failure in the end. For example, Wien, a German physicist, established a formula for the distribution of blackbody radiation energy according to wavelength, but this formula is only consistent with the experimental facts when the wavelength is relatively short and the temperature is relatively low. British physicist Rayleigh and physicist, astronomer King think that energy is a continuous change of physical quantity, establish the blackbody radiation formula which is more consistent with the experimental facts when the wavelength is longer and the temperature is higher. However, according to the Rayleigh gins formula, in the short wavelength region (ultraviolet region), the radiation intensity can increase endlessly with the shortening of the wavelength, which is far from the experimental data. So this failure was called "ultraviolet disaster" by Ellen fester. Its failure undoubtedly indicates the failure of classical physics theory in the problem of blackbody radiation, so it is also the "disaster" of the whole classical physics.

6.

According to CCTV, the price of bitcoin has fluctuated dramatically in the past four months< investors and currency holders are the first to benefit from the recent price rise

the creator of bitcoin, Nakamoto Tsung, who g 1 million coins in the early days, is now worth about US $52 billion, ranking about 24th according to the real-time ranking of the billionaires of the company

However, two weeks ago, Tesla disclosed in the SEC filing that it had purchased 1.5 billion US dollars worth of bitcoin at that time. After that, the price of bitcoin quickly exceeded the 40000 US dollars mark

some analysts said that after Tesla bought bitcoin, it has made a profit of more than US $1 billion, exceeding the profit of car sales in 2020. In addition to Tesla, many companies holding a lot of bitcoin assets have also made a lot of money in this wave of price increases

in addition, in the midst of price fluctuations, the profit-making institutions related to bitcoin trading are . In addition to the substantial increase in the value of bitcoin assets they hold, their trading income also increases as bitcoin rises and transactions increase

extended data

the price of bitcoin is affected by many factors:

analysts believe that the price of bitcoin is affected by many factors, first of all, opinion leaders like Elon Musk. Another key factor is the regulatory authorities. Recently, US Treasury Secretary Yellen's speech caused bitcoin's price to fall directly. At present, the major economies have not given a clear definition of bitcoin's regulation. The rash of this aspect will affect the development of bitcoin

7.

Bitcoin is more optimistic, and many people want to invest in bitcoin, and some enterprises want to own bitcoin, and also want to have more wealth

But in fact, we should have a rational view, and we should not rely too much on bitcoin, and we should not invest too much in bitcoin, because bitcoin is also very unstable. According to data analysis, bitcoin's profit has soared 20 times. How long can bitcoin's popularity last? I don't think the popularity of bitcoin can last long. There are three main reasons for this:

first, the value of bitcoin is not very stable

in fact, in my opinion, I don't think the popularity of bitcoin can last long, because I think the value of bitcoin is not very stable, and there may be some ups and downs. This means that many times some people may not let themselves to determine the value of their investment, and they may not be able to have a better accuracy. So there may be times when some people don't like bitcoin very much{ RRRRR}

that's my opinion. Do you have any ideas