Joule coin blockchain
It doesn't mean China's Internet of things digital currency. CITDC is the abbreviation of China digital currency Group Co., Ltd
China digital currency Group Co., Ltd. has no relationship with China Internet of things digital currency. China digital currency Group Limited cannot issue digital currency
the central bank indicated that China has not issued the Internet of things digital currency for the time being. Nor has it issued legal digital currency, nor has it authorized any institution or enterprise to issue legal digital currency. And only the people's Bank of China can issue money
extended information:
on August 24, 2018, the website of CIRC issued a risk reminder to remind the public to guard against illegal fund-raising in the name of "virtual currency" and "blockchain"
the original text is as follows:
recently, under the banner of "financial innovation" and "blockchain", some lawless elements have absorbed funds by issuing so-called "virtual currency", "virtual assets" and "digital assets", thus infringing the legitimate rights and interests of the public. This kind of activity is not really based on blockchain technology, but hypes the concept of blockchain, illegal fund-raising, pyramid selling and fraud. It mainly has the following characteristics:
1. Obvious networking and cross-border. Relying on the Internet and chat tools for transactions, and using online payment tools to balance funds, the risks spread widely and spread quickly. Some lawless elements set up websites by renting overseas servers to carry out activities for domestic residents and control illegal activities remotely
some indivials claim that they have obtained the investment quota of overseas high-quality blockchain projects in the chat tool group and can invest on their behalf, which is most likely fraud. Most of these illegal funds flow overseas, which makes it very difficult to supervise and trace
Second, deception, temptation and concealment are strong. They use hot concepts to hype, fabricate various "tall and tall" theories, and some also use celebrity "big V" platforms to publicize. They use airdrop "candy" as temptation to claim that "currency value only rises but not falls", "investment cycle is short, income is high, and risk is low", which has strong bewitchingin practice, criminals illegally make huge profits by manipulating the price trend of the so-called virtual currency, setting profit and withdrawal threshold. In addition, some criminals also issue tokens under the guise of ICO, IFO, IEO, etc., or hype virtual currency in the way of IMO under the banner of sharing economy, which has strong concealment and confusion
Thirdly, there are many kinds of illegal risks. Through public publicity, criminals use "static income" (currency appreciation profit) and "dynamic income" (development offline profit) as t to attract public investment, lure investors and development personnel to join, and constantly expand the fund pool, which is characterized by illegal fund-raising, pyramid selling, fraud and other illegal behaviorsthis kind of activity takes "financial innovation" as a gimmick, and its essence is the Ponzi scheme of "borrowing the new to repay the old", so it is difficult to maintain the capital operation for a long time. The general public should treat the blockchain rationally, not blindly believe the promises, establish a correct monetary concept and investment concept, and effectively improve the risk awareness; We can actively report to the relevant departments the illegal and criminal clues found
Beijing Huilongguan Hospital Clinical Psychology Department Cao Wensheng attending physician
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 activitiesfirst, the question of absolute value scale is raised
Second, the possibility of absolute value scale ' The future world currency -- "World Dollar"
there is a major defect in the economic theory: so far, except for the common use of legal tender (such as RMB, US dollar, Japanese yen, etc.) and gold, economics has not yet established a real "absolute value scale", This "absolute value scale" must have a high degree of objectivity, certainty, stability and accuracy. It will not change with the changes of social and historical periods, nor will it shift with the fluctuations of the country's economic, political and cultural environment, nor will it fluctuate with the rise and fall of various economic things. To solve this problem is the ultimate task of economics, which is not only the only way for economics, but also the only way for all social sciences to become Natural Science (i.e. objective, rigorous and precise)
[edit this paragraph] 1. The question of absolute value scale puts forward that if the basic measurement standard of any science is subjective, vague, unstable and imprecise, so are all the measures, indicators and models calculated through it. For all natural sciences, because the theoretical premise is the basic axiom, reasoning operations follow strict logic proceres and algorithms, and the actual results can withstand strict experimental tests, it has a high degree of objectivity, certainty, stability and accuracy. These requirements are embodied in the strict regulations of basic measurement standards in natural science, especially in physics, such as length, mass, time, force, temperature and so on. Economics is a science about economic things and their movement and change laws. The core content of any economic thing is economic value and its market reflection form price. To ensure the objective and accurate value calculation of various economic things, we must have an objective and accurate value measurement standard or value scale. In the low-level stage of proctivity development, the development scale of various economic things is small, the regional span is small, the complexity is low, and the volatility and variability are weak. This kind of calculation is relatively simple and intuitive, so its value scale is also simple and intuitive. According to the different levels of proctivity development, the value scale has gone through proct value scale stage (such as salt, cloth, rice, etc.), metal value scale stage (such as copper coin, silver dollar, gold coin, etc.), legal currency value scale stage (such as RMB, US dollar, Japanese dollar, etc.). Because the scale of metal value will change with the change of mineral reserves, mining speed, mining technology, market supply and demand, political and cultural influence, etc; The monetary value scale will also change with the changes of various economic, political and cultural environments, especially the exchange rate fluctuation between different legal currencies, especially the economic inflation rate, the national financial policy, the use and circulation of derivative currencies (such as cash cheques, acceptance bills, stocks, credit cards, futures, etc.), and international trade disputes, The real value content of legal tender in any form of unit quantity is also constantly changing. With the further development of social proctive forces, the development scale of various economic things is constantly expanding, the geographical span is becoming wider and wider, the degree of complexity is constantly improving, and its volatility and variability are constantly increasing. People need to understand the actual situation and development trend of various economic things more comprehensively and accurately. Based on this, the state will formulate a scientific, practical and practical plan Based on the realistic economic and social development planning, people will arrange their own life plans and career development direction, which objectively proces an increasingly urgent social need. In addition to the scale of metal currency and legal tender, we should also find a more stable, clear and accurate absolute value scale< Second, the existence possibility of absolute value scale
the meaning of value is broad, from the social field, it includes not only the value of economic significance, but also the value of political and cultural significance; From the perspective of human needs, it includes not only the value of food and clothing, but also the value of safety and health, the value of respect and self-esteem, the value of self-development and self realization; From the form of value existence, it contains not only the value of material wealth, but also the value of spiritual wealth; From the basic types of value, it contains not only the value of beauty, but also the value of truth and good; From the basic form of value, it includes not only use value, but also labor value. Obviously, what we need to look for here is not the absolute value scale of economy, but the absolute value scale of all forms of value. Then, is there an "absolute value scale" that can be used to measure all forms of value? The standard of evaluating the value of things is called value judgment standard. If the subject's consciousness, desire, emotion and other factors are taken as the criteria to evaluate the value of things, it is called the subjective value criterion, which is the subjective reflection of the objective value criterion. That is, there must be a unified, scientific and objective standard system behind the subjective value standard, namely "standard of standard"< In the article "physical definition of value", we can see that value is a kind of generalized ordered energy, which is composed of direct ordered energy and indirect ordered energy. Among them, indirect ordered energy plays the role of replacing, compensating, strengthening, catalyzing and expanding direct ordered energy, Its unit of measurement is exactly the same as that of energy, which is joule or kcal. Value can be divided into two basic forms: use value and labor value, and use value can be divided into two specific forms: the use value of means of living and the use value of means of proction. According to the following three steps, all values can be measured with "standard food energy" as the absolute value scale: the use value of means of living can be converted into a certain amount of standard food energy; Labor value can be measured by "consumption of social necessary compensatory means of living", and can also be converted into a certain amount of standard food energy; The means of proction can be converted into a certain amount of labor value, so it can also be converted into a certain amount of standard food energy. There are many specific forms of food energy: for fishermen and herdsmen, it mainly comes from fish, cattle and sheep; For farmers in wheat and rice procing areas, it mainly comes from wheat and rice. In order to improve the objectivity, stability and accuracy of value measurement, a kind of "standardized food energy" (such as flour or rice) can be used as the "original tool" of the benchmark scale (i.e. absolute value scale) of value measurement, and specific requirements can be made on its origin, variety, farming method, storage and transportation method, storage location, output time and other conditions“ Definition of "absolute value unit": the value of a standardized food (flour or rice) containing one million joules of heat is defined as an "absolute value unit". Conversion method: if the market equilibrium price of standardized flour is RMB 2.4 per kilogram, and the food energy contained in standardized rice is 14640 kJ per kilogram, Then: 1kg standard flour = 2.4 RMB yuan = 14.64kj = 14.64 absolute value unit; 1 RMB yuan = 6.1kkj = 6.1 absolute value unit = 0.417kg standard flour; 1 absolute value unit = 1kkj = 0.164 RMB yuan = 0.068kg standard flour, If we do not determine an objective, stable and accurate absolute value scale, its development will be greatly restricted, and this kind of restriction will be strengthened with the development of social proctive forces and the improvement of the complexity and scale of social economy. If the absolute value scale is determined, it will have the following theoretical significance: 1. Maintain the stability of the value scale between different social and historical periods. When calculating various economic indicators of the same country in different historical periods, the prices of agricultural procts and instrial procts are constantly changing in the process of the development of social proctive forces, the phenomenon of economic inflation is constantly developing, and the absolute value content of the same legal tender per unit quantity is constantly changing, If we use the same legal tender as the value measure to calculate various economic indicators in different historical periods, it will inevitably lead to great errors. 2. Keep the stability of value scale between different social environments. When the country's economic, political and cultural situation is in violent turmoil, the market prices of various commodities are relatively chaotic, and their values fluctuate greatly. When legal tender is used as the value measure to calculate and compare the actual indicators of various economic activities, there will also be large errors. 3. Maintain the stability of value scale between different countries. When measuring and comparing the economic indicators between two different countries, the exchange rate of the two legal currencies mainly depends on the comparative value of the commodity prices (or commodity values) of the two countries participating in foreign trade, while many commodity prices (or commodity values) not participating in foreign trade can only indirectly affect the exchange rate of the two legal currencies, Therefore, this kind of exchange rate does not objectively and accurately reflect the comparative value of the real value content of the two legal currencies, and this kind of exchange rate is often affected by the country's economic policies (especially the monetary and financial policies), political and cultural environment. 5. Maintain the stability of value scale between different economic indicators. The final determination of many economic parameters and models must have a relatively stable value reference system, value standard scale or calculation base period. 6. Keep the stability of value scale between economic index and non economic index. Many non economic parameters and models (such as quality of life, comprehensive national strength, degree of social civilization, comprehensive speed of social development, emotional mathematical model and value mathematical model) can not be calculated with money as the value scale. Only after the absolute value scale is determined, can the convergence of economics and other social sciences be realized, Only in this way can many research achievements in economics be applied to non economic fields, and many research achievements in non economic fields be used for reference in economic fields. This is the real reason why the problem of "absolute value scale" should be solved< The current world money market is based on the US dollar, and the United States has become the world bank, which is prone to two problems: first, it leads to economic injustice. Americans continue to create deficits, which are covered by foreign savings. Most of the payment and settlement methods of China's foreign trade are based on US dollars, and the foreign exchange reserves are also based on US dollars