The background of decentralized money
above, explain the two problems of building owners: 1. Decentralization, because the account book records are not centralized in the hands of each participant, and you will get paid if you save and keep accounts. 2. Since I can get rewards by saving and keeping accounts, can I just keep accounts instead of storing them? If you have a mining pool, you can keep accounts for it and store it for you. In this way, you can still get good rewards. There are only a few mining pools in the world, so they are centralized
decentralization in decentralized money contains multiple meanings: decentralization of money issuance, decentralization of money circulation, decentralization of money withdrawal...
as far as our current economic system is concerned, the issuance of money is carried out by the central bank or other similar institutions and endorsed by the national credit. Therefore, the issue of money is obviously a kind of centralized, controlled by the government or institutions. However, in the current economic system, the circulation of money is decentralized
although in our current financial system, the vast majority of money has been circulating through banks, this mode of circulation is mostly controlled by the money owners themselves, that is to say, the circulation of money is not controlled by central institutions. In addition to some specific financial requirements, some circulation has been regulated; Or the judicial organs may intervene and forcibly manage the circulation of money. In proportion, these centralized operations are very few. Therefore, we can say that in the existing economic system, the circulation of money is decentralized< In fact, the central bank and other financial management institutions make use of the power of currency issuance to regulate the whole market and maintain the stability of economic development and currency
we have learned in economics that the total amount of money circulation should match the current trade situation. In other words, the total amount of money circulation is closely related to the economic situation. The circulation of money needs to be regulated to influence the market; And the market also forces the regulatory agencies to regulate the currency through various feedback, so as to maintain the stability of the currency.
the emergence, development, amendment, circulation and extinction of bitcoin do not depend on the government, so "whether the government allows" has nothing to do with "whether bitcoin exists"
for example, the birth, development and extinction of the solar system do not need the permission of the government
if bitcoin is exchanged with the government controlled "legal tender" (such as US dollar), the government can influence the performance of bitcoin by controlling the legal tender
if the recognition of such assets reaches the bottom line of% 35 in 2019, the world pattern will be more reasonable, transparent and open
how should we deal with the coming risks- Buy bitcoin quickly to deal with the risk of "no bitcoin".
in terms of user groups, Linux is a developer centric operating system, while windows is a consumer centric operating system, which is the fundamental difference between the two operating systems. In short, the choice between the two systems depends on whether you develop them or use them as consumers
the advantages and disadvantages of Linux and windows can be summarized as follows
1. Linux can see the source code, but windows can't
the direct result of this point is that the required kernel moles can be tailored and customized in special applications, which is quite beneficial to the optimization of advanced system kernel management and the development of drivers. In addition, because the code is visible, there is no need to worry about malicious functions or backdoors, which is beneficial to the use of military and government enterprises. In addition, when there is a serious problem in the system, you can modify the code by yourself, or you can compile and use it after a few K patches. For windows, you have to wait for a Microsoft patch
2. Linux command line is powerful and can do anything. Windows also has a command line, but it is an accessory
the command line is the foundation of Linux. Even if you are not satisfied with some commands, you can modify or write your own commands. The advantage of the command line is that it is repeatable. To know exactly what the command line is, you can visit old boy ecation. If you want to tell others how to do a thing, you can send a command line to it. If you want to do a thing that you did before again, you can call up the historical command record and execute it again. A lot of things that need to be done regularly are written into scripts. If you set a crontab timer, it's done. In addition, this also ensures that you do the same thing with the same command line
3. Open source and highly customizable
the original intention of open source is not for freedom, but for customization. At & T UNIX has always been righted, but the source code is still available, so that users can modify it according to their needs. Most of the software and systems appreciated by the Linux community follow the same rules - they should be able to adapt to different environments of different users, easily change their behavior, and easily integrate with different environments. Instead of assuming that others are in line with your needs, give them the freedom to customize the system
4. Decentralized
software development also predestinates that the interface and form of the system are not unified because everyone likes to invent wheels. And everyone's wheel is more or less suitable for themselves and the community, rather than everyone. In the Linux environment, no one can force everyone to use their own wheel (except kernel developers, but in fact many distro also have patches on the kernel). Therefore, instead of formulating a practice, Linux allows users to choose a way of life
you can see that there are a large number of distros in the Linux ecosystem. Different distros have different init modes, different package managers and installation strategies; Everyone's habit of using different VCs, different shells and different editors is the embodiment of more choice philosophy
5. Linux is based on the network and was born in the network
when you connect to SSH remotely, you can easily control the Linux server thousands of miles away. As long as you have the corresponding permissions, it's almost the same as sitting in front of a physical machine. Even if the network speed is poor, it's just some encrypted characters being transmitted, and the bandwidth required is very small.
The theory of monetary integration is the reflection and summary of the understanding process and practice development process of monetary integration. With the strengthening of regional economic ties and the emergence of the demand for money to play a role across national boundaries, people began to discuss what kind of geographical space can meet the conditions to form the best currency area; With the development of the practice of European monetary integration, people seem to be engaged in the opposite work, focusing more on how to create a new currency in a given geographical space, which is the theme of European monetary integration. In the process of practice, the biggest problem people encounter is the transfer of monetary sovereignty and the establishment of supranational central bank. Therefore, Emerson timely put forward the idea of "one market, one currency", instead of the narrow understanding of currency as national sovereignty, which provides a theoretical basis for the establishment of the European central bank and the birth of the euro; In the 1990s, with the strengthening of global economic and financial integration, the tide of monetary integration also surged. People's vision no longer focused on the discussion of whether to establish a currency area, but realized that monetary integration has become the trend of regional economic development in the world. At this time, how can a single country judge whether to join a currency area, And when to join the currency area has become an urgent issue of concern to all countries, so the national judgment standard of joining the currency area arises at the historic moment. In short, the theory of monetary integration is accompanied by its practice. The demand and development of practice promote the birth, improvement and renewal of the theory. The development of theory points out the direction and expands the space for the practice of monetary integration
There are mainly the following aspects: first, after the real estate and Development Zone fever in the early 1990s, by 1997 and 1998, the risk problems of some small and medium-sized financial institutions had become quite prominent. At that time, the Chinese government and the people's Bank of China were faced with the important task of resolving financial risks and preventing the emergence of new and more serious financial risks; Second, although the contradiction of insufficient social aggregate demand has been exposed, the most prominent problem is the structural problem, the actual demand for effective loans is insufficient; Third, in the past, we have implemented a long-term financial system dominated by indirect bank financing, with enterprises operating in high debt and a low proportion of their own funds. If we continue to increase loans by a large margin, the problem of non-performing loans will become more prominent; Fourth, the implementation of active fiscal policy itself includes the use of monetary policy, the issuance of additional treasury bonds, and the participation of banks in the purchase, which itself includes the use of monetary policy to support economic growth< Since 1998, the steady monetary policy has achieved great success. It is mainly manifested in four aspects: first, the total amount of money and credit grew steadily. From 1998 to 2001, the growth rate of money supply in broad sense was basically controlled between 14% and 15%. Compared with the ups and downs of money and credit in the past few years, we have managed to stabilize the growth of money and credit in recent years. Second, the credit structure has been greatly adjusted. Driven by a series of credit policies, the proportion of personal housing loans, infrastructure loans and agricultural loans increased significantly. The above three loans accounted for 70% of the new loans in that year. This adjustment of credit structure has greatly promoted the adjustment of national economic structure. The third is to maintain the domestic financial stability and the stability of the RMB exchange rate. In 1997, some small and medium-sized financial institutions began to have payment problems. In recent years, they have taken advantage of the opportunity of deflation to increase refinancing, helping local governments close down some small and medium-sized financial institutions and maintaining financial and social stability. The stability of RMB exchange rate not only contributes to the Asian economy and the world economy, but also conforms to China's national interests. In recent years, the balance of international payments and the national foreign exchange reserves have continued to increase. Fourth, it has basically realized the change of monetary policy from direct control to indirect control. In the past few years after the control of loan limit was abolished on January 1, 1998, open market operation has actually become the main tool of monetary policy daily operation< Over the past few years, the national economy has achieved low inflation and high growth. The annual growth of GDP has been basically maintained at 7% - 8%, and the price fluctuation has been basically controlled at zero. Although we can't accurately estimate the low inflation and high growth of the economy and how much monetary policy has played in it, the sustained rapid economic growth and steady price growth in recent years have indeed been accompanied by the sustained and steady growth of money and credit. Looking back on the history since the founding of the people's Republic of China (including since the reform and opening up), China's economy has experienced many large-scale fluctuations. Although the reasons are complicated each time, each economic fluctuation is accompanied by a large-scale fluctuation of money and credit, which is undoubtedly an important condition for the large-scale economic fluctuation. In recent years, we have carried out the principle of prudent monetary policy, firmly set the stable growth of money and credit as an important goal, and made great efforts in specific operation< In the first half of 2006, China's national economy grew steadily and rapidly, the money supply grew rapidly, the total amount of credit increased more, and the financial operation was generally stable< At the end of June 2006, the M2 balance of broad money supply was 32.3 trillion yuan, an increase of 18.4% over the same period of last year, and the growth rate was 2.8 percentage points higher than that of the same period of last year, and 0.9 percentage points higher than that of the end of last year. The balance of M1 in narrow sense was 11.2 trillion yuan, up 13.9% year on year, 2.7 percentage points higher than that of the same period of last year and 2.2 percentage points higher than that of the end of last year. The balance of cash Mo in circulation was 2.3 trillion yuan, a year-on-year increase of 12.6%. In the first half of the year, the accumulated net cash withdrawal was 56.3 billion yuan, 5.7 billion yuan less than the same period last year. Since 2006, the broad money supply has been running at a high level and the narrow money supply has been growing faster, which has changed the trend of widening the gap between the broad money supply and the narrow money supply in 2005. The main reason for the accelerated growth of narrow sense money supply is that the demand for demand deposits by enterprises has increased e to the expansion of instrial proction and fixed asset investment< At the end of June, the balance of domestic and foreign currency deposits of all financial institutions (including foreign-funded financial institutions, the same below) was 33.1 trillion yuan, a year-on-year increase of 17.2%, an increase of 3.3 trillion yuan over the beginning of the year, and a year-on-year increase of 604.1 billion yuan. Among them, the balance of RMB deposits was 31.8 trillion yuan, an increase of 18.4% over the same period last year, an increase of 3.2 trillion yuan over the beginning of the year, and an increase of 632.4 billion yuan over the same period last year; The balance of foreign exchange deposits was 161 billion US dollars, a year-on-year decrease of 2.6%, an increase of 8.8 billion US dollars over the beginning of the year, and a year-on-year decrease of 1.7 billion US dollars
since 2006, the term structure of deposits has been characterized by a large increase in demand deposits and an increase in the proportion of balance, which has changed the trend of fixed deposit in 2005 to a certain extent
at the end of June, the balance of RMB enterprise deposits was 10.4 trillion yuan, an increase of 15% over the same period last year, an increase of 805.2 billion yuan over the beginning of the year, and an increase of 256.4 billion yuan over the same period last year; Among them, the current deposits of enterprises increased by 282 billion yuan and the fixed deposits decreased by 25.6 billion yuan. The balance of RMB savings deposits was 15.5 trillion yuan, an increase of 17.1% over the same period last year, an increase of 1.4 trillion yuan over the beginning of the year, and an increase of 116.9 billion yuan over the same period last year; Among them, current savings deposits increased by 150.2 billion yuan and fixed savings deposits decreased by 33.3 billion yuan. At the end of June, the balance of fiscal deposits was 1.24 trillion yuan, a year-on-year increase of 23.1%, an increase of 437.5 billion yuan over the beginning of the year, and a year-on-year increase of 55.8 billion yuan< At the end of June, the balance of domestic and foreign currency loans of all financial institutions was 22.8 trillion yuan, a year-on-year increase of 14.3%, an increase of 2.2 trillion yuan over the beginning of the year, and a year-on-year increase of 606.81 billion yuan. Among them, the balance of RMB loans was 21.5 trillion yuan, an increase of 15.2% over the same period last year, an increase of 2.2 trillion yuan over the beginning of the year, and an increase of 723.3 billion yuan over the same period last year. The balance of foreign exchange loans was 157.7 billion US dollars, an increase of 5% over the same period last year, an increase of 7.5 billion US dollars over the beginning of the year, and an increase of 8.7 billion US dollars less than the same period last year
the main reasons for the increase of loans since 2006 are as follows: first, the rapid economic growth, more investment projects, and the strong demand for loans; Second, the continuous accumulation of imbalance in balance of payments and the large inflow of foreign exchange lead to abundant liquidity, which provides the capital conditions for banks to expand credit; Third, after capital replenishment, commercial banks pay more attention to improving asset returns and shareholder returns, and enhance their motivation to increase profits through expanding loans
in terms of investment orientation, the total amount of RMB short-term loans and bill financing used by enterprises for working capital increased by 1.14 trillion yuan in the first half of the year, an increase of 340.3 billion yuan over the same period last year. Note financing increased by 342.1 billion yuan, an increase of 91.32 billion yuan over the same period last year, of which note financing increased by 31.61 billion yuan in the second quarter
the medium and long-term loans increased by 1.02 trillion yuan, an increase of 383.5 billion yuan over the same period last year, of which the infrastructure loans increased by 155.37 billion yuan over the same period last year. In the first half of this year, the RMB medium and long-term loans of major financial institutions (including state-owned commercial banks, policy banks, joint-stock commercial banks and city commercial banks) increased by 937.21 billion yuan over the beginning of the year, accounting for 93.1% of the new medium and long-term loans of all financial institutions. The new medium and long-term loans were mainly invested in the real estate instry, transportation, storage and postal instry, water conservancy, environment and public facilities management instry, manufacturing instry, power, gas and water proction and supply instry. The medium and long-term loans invested in the above instries increased by 656.2 billion yuan over the beginning of the year< In the first half of 2006, except for policy banks, RMB loans of all kinds of financial institutions increased year on year. RMB loans of the four major state-owned commercial banks increased by 918.53 billion yuan, an increase of 408.25 billion yuan over the same period last year; Joint stock commercial banks, urban commercial banks and rural financial institutions (including rural cooperative banks, rural commercial banks and rural credit cooperatives) increased by 491.8 billion yuan, 164.1 billion yuan and 350.4 billion yuan respectively, with an increase of 172.4 billion yuan, 74.5 billion yuan and 58.7 billion yuan over the same period last year; RMB loans of policy banks increased by 144.4 billion yuan, with a year-on-year decrease of 27.4 billion yuan< At the end of June, the balance of the base currency was 6.3 trillion yuan, an increase of 10.0% over the same period last year, a decrease of 124.7 billion yuan compared with the beginning of the year, and a decrease of 24.63 billion yuan compared with the same period last year. At the end of June, the average excess deposit reserve ratio of financial institutions was 3.1%, 0.62 percentage points lower than that of the same period last year. Among them, 2.5% of the four state-owned commercial banks, 4.2% of the joint-stock commercial banks and 5.7% of the rural credit cooperatives< 5. The loan interest rate of financial institutions rose slightly
according to the statistics of the floating loan interest rate of financial institutions in the second quarter of 2006 by the people's Bank of China, among all the loans issued by financial institutions in the second quarter, the loans with floating interest rate increased by 1.71 percentage points compared with the first quarter, Compared with the first quarter, the proportion of loans with benchmark interest rate and floating interest rate decreased by 1.66% and 0.04% respectively
Table 1: the proportion of loans in the floating range of interest rates in the second quarter of 2006
unit:%
note: the floating range of urban and rural credit cooperatives is (2,2.3]
data source: record form of loan interest rate of commercial banks
e to the impact of the increase of benchmark loan interest rate, the loan interest rate of commercial banks slightly increased. In the second quarter, the weighted average interest rate of one-year RMB loans of commercial banks was 6.05%, which was 1.03 times of the benchmark interest rate, and the interest rate level was 0.2 percentage point higher than that in the previous quarter. Among them, fixed rate loans accounted for 85.16%, and the weighted average interest rate was 6.05%, 0.2 percentage point higher than that in the previous quarter; The proportion of floating rate loans was 14.84%, and the weighted average interest rate was 6.01%, 0.2 percentage point higher than that in the previous quarter
in the first half of the year, the interest rate of RMB agreement deposits with a single amount of more than 30 million yuan increased. Among them, the weighted average interest rate of 61 month agreement deposits in the second quarter was 3.64%, which was 0.07% lower than that in the previous quarter and 0.39% higher than that in the beginning of the year; The weighted average interest rate of 37 month agreement deposits was 3.73%, up 0.27% over the previous quarter and 0.66% over the beginning of the year
the interest rates of domestic foreign currency loans and large deposits continue to rise e to the continuous increase of interest rates by the Federal Reserve and the rise of interest rates in international financial markets. In June, the weighted average interest rate of large US dollar deposits within three months (accounting for 73% of the total amount of large US dollar deposits in financial institutions) was 4.39%, up 1.11 percentage points from the beginning of the year; The weighted average interest rates of one-year fixed rate US dollar loans and floating rate loans were 6.35% and 6.23%, respectively, up 0.9 and 0.71 percentage points over the beginning of the year< Table 2: average interest rates of large US dollar deposits and US dollar loans in the first half of 2006
unit:%
data source: foreign currency interest rate record of commercial banks. 5. In June, affected by China's trade surplus data and the trend of major currencies in the international foreign exchange market, the central parity of RMB against the US dollar fluctuated around 8 yuan. On June 30, the central parity rate of RMB against the US dollar was 7.9956 yuan, with a cumulative appreciation of 0.94% in the first half of the year. Due to the sharp appreciation of the euro and yen against the US dollar in the international foreign exchange market, the exchange rate of RMB against the euro has depreciated, and the appreciation rate against the yen has narrowed
What about barter? That is to exchange what you don't want for what you need. However, this is a little inconvenient. What you don't want is not necessarily what the other party needs. We need to find something that everyone can accept as an intermediary, so money came into being.