What is the effect of regulation on decentralization

1.

If you can't sell it, you can only keep it by yourself. Let's wait for appreciation or take over. Of course, the probability of this happening is very small. If it happens, there may be the following possibilities:

1. China, the United States or the European Union suddenly announced the ban on bitcoin and its circulation

2. Bitcoin exposes fatal weaknesses and defects, which are difficult to overcome, especially security factors

3. Bitcoin has not been used as a killer for a long time, and its application scenarios are strictly limited, so people graally lose information about bitcoin

4. The emergence of a better alternative to bitcoin or the global joint issue of a virtual currency has won global recognition

2.

On June 14, the first native application of blockchain - "Du universe" app was launched online. This is another important action of network in the field of blockchain

it is reported that Du universe is currently recruiting content procers. The earlier you join, the greater the profit. In the future, "Du universe" will also open the third-party developer platform, introce more applications and play methods, complete value transfer and interaction through their own passes, further improve the ecological construction, and better serve users

since 2018, the network has been acting frequently in the field of blockchain. In April, it released the totem of blockchain original image service platform, which adopts the blockchain right registration network independently developed by the network to provide one-stop services for image rights confirmation, monitoring and protection. Then in May, the blockchain network operating system super chain was released. The operating system is compatible with the developer ecology of bitcoin and Ethereum. It can not only plug in and pull out the consensus mechanism to solve the current energy consumption problem, but also support 100000 concurrent transactions in a single chain

3. Cloudleopard network, technology can be trusted

4.

According to the data types of independent variables and regulatory variables, it can be divided into the following four situations:

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5. This should be that if there is any conflict between the bank staff and customers, a third party should intervene to mediate at this time.

6. Eye regulation plays an indispensable role in the process of human vision. Moreover, the research of modern optometry shows that the demand of vision for regulation is multifaceted. Here, there is a focal adjustment caused by defocusing (focusing on the back or front of the retina): resulting in a change in the overall diopter of the eye. For example, the so-called near regulation positive regulation, or far regulation negative regulation. In order to obtain better visual acuity, the central position of the focus can be adjusted by the coordination of the internal and external muscles and the control of the eye posture, so that the retinal imaging can be correctly located in the center of the macular area. And the compensatory adjustment, including making up for some optical defects of cornea and other eyeball structures through the subtle changes of lens local morphology, and making the image aggregation better meet the requirements of central concave imaging of macula: improving and ensuring the imaging quality of the whole focus plane.

7. 1) To establish the International Monetary Fund (IMF) to coordinate international monetary relations, especially to supervise the exchange rate policies of various countries 2) We should implement an adjustable fixed exchange rate system with gold as the basis and US dollar as the center 3) In case of balance of payments difficulties, IMF can provide short-term credit to supplement its international liquidity. In the first 20 years, the system has run smoothly and effectively promoted the reconstruction, development and prosperity of the world economy. However, because the foundation of the system is the convertibility of the US dollar and gold, and requires other countries to give up the independence of monetary policy, when the US balance of payments deficit continues to expand and cannot maintain the convertibility of the US dollar and gold, its continued existence will be obviously challenged. In the early 1970s, when the United States stopped exchanging US dollars back to the governments of other countries, many countries abandoned the fixed exchange rate between their own currencies and US dollars and implemented the floating exchange rate system, which led to the collapse of the Bretton Woods system. In 1976, under the proposal and organization of the IMF, the international community reached the Jamaica agreement, declaring gold non monetization, while recognizing the legalization of the floating exchange rate system implemented by various countries, which marks that the international financial system has once again entered a turbulent era free from global multilateral agreements. Since the signing of the Jamaica agreement, there has been no fundamental change in the international financial system as a whole. Since there is no global institutional arrangement on many basic issues, as some scholars have pointed out, the international financial system in recent 30 years is in a state of "no system". However, with the continuous improvement of international economic and financial integration, especially the rapid development of economic regionalization, some local changes have taken place in the system. Generally speaking, it includes the following basic characteristics: first, the international exchange rate system presents a basic pattern of floating exchange rate arrangement and coexistence of various exchange rate arrangements. At present, there are three basic types of exchange rate arrangements in the world: one is the independent floating exchange rate arrangement, which is implemented by the United States, the European Union, Japan and some emerging market economies; The second is the fixed exchange rate arrangement, including the countries that implement the currency board system and the traditional pegged exchange rate system, as well as the countries that have abolished the legal currency (such as the countries within the EU and the countries that implement dollarization); The third is the "middle way" arrangement, that is, all kinds of arrangements between floating exchange rate and fixed exchange rate, such as crawling peg system, interval floating system and managed floating system, mainly including some developing economies with high degree of export-oriented or serious domestic inflation. According to statistics, in 2002, among the 186 member economies of the IMF, 22%, 48% and 30% of the countries implemented the above three types of exchange rate arrangements respectively. As the United States, Europe and Japan play an important role in the global economy, the floating arrangement between them is of decisive significance to the nature of the international exchange rate system. As far as a single country is concerned, the benefits of floating exchange rate arrangement are mainly reflected in maintaining the independence of monetary policy and automatically adjusting the balance of payments imbalance to a certain extent. However, from the perspective of international financial stability, it contains at least two defects: first, the frequent fluctuation of exchange rate will adversely affect the normal international trade and investment activities, greatly increasing the exchange costs and risks of global economic activities; Second, it is easy to cause conflicts of exchange rate policy, that is, to use the policy of devaluation of local currency to carry out trade expansion and to safeguard domestic interests at the expense of other countries' interests. In the past decade or two, although there has been no competitive currency devaluation of the 1930s in the world, local conflicts have occurred from time to time. The situation ring the Asian financial crisis in 1997 is a typical example. Among the instrialized countries, from the "Plaza Agreement" which forced the yen to appreciate in the late 1980s to the adjustment of the US dollar's strong policy in the recent period, it fully shows that the US relies on the policy of exchange rate devaluation when easing its current account deficit. The main significance of the fixed exchange rate arrangement is to transfer all or part of the monetary sovereignty in exchange for the rection of exchange transaction costs and stronger domestic financial policy constraints. Various forms of "middle way" may take the advantages of both floating and fixed exchange rates, and give the monetary authorities a discretion. However, in the case of frequent currency fluctuations in the United States, Europe, Japan and other major countries, both the fixed exchange rate and the "middle way" arrangement are actually facing a severe test. Many studies have shown that an important reason for the Asian financial crisis is that the sharp appreciation of the US dollar relative to the Japanese yen after 1995 has resulted in the sharp appreciation of the currencies of countries such as Thailand that have adopted the dollar peg arrangement, and has seriously damaged the trade competitiveness of these countries. Second, the international financial market plays a significant role in the balance of payments adjustment. In the era of Bretton Woods system, e to the strict financial regulation, the role of international financial market in the adjustment of balance of payments is relatively limited, and the adjustment of current account deficit in many countries mainly depends on fiscal and monetary policies. When there is a serious deficit, we can also use the exchange rate policy to a limited extent, and get some short-term credit support from the IMF. However, since the 1970s, with the rapid development of the international financial market, countries can easily make up for their current account deficit through commercial international financing, so as to avoid adopting fiscal tightening and other regulatory measures that may affect domestic economic stability. As a market-based arrangement, the existence of international financial market provides abundant international liquidity, which greatly reces the cost of balance of payments adjustment. But on the other hand, it also proces new unstable factors. Among them, the most important is that it makes some countries relax internal constraints, abuse fiscal expansion policy, and delay necessary domestic economic reform and adjustment. As a result, not only does the current account deficit eventually become uncontrollable, but it is often burdened by the heavy foreign debt burden and even becomes the source of financial turmoil. Third, the lack of effective supervision of international capital flows has become an important source of international financial instability. Since the 1980s, with the continuous relaxation of capital control in various countries, the international capital flow has expanded rapidly. At present, the daily trading volume of various types of international capital in the world has exceeded US $1.5 trillion. In recent years, many studies show that there are serious structural defects in the international capital market, and many international investment and credit decisions are made under the condition of insufficient information. In the choice of capital flow countries, especially for developing countries, the "hunger syndrome" often occurs, that is, when the economic growth prospects of some countries are optimistic, international capital flows there on a large scale, and when these countries show signs of crisis e to excessive capital inflow, international capital leaves quickly. As a result, it often leads to internal and external economic imbalances in these countries, and eventually leads to monetary and financial turmoil. In addition, before and after the crisis, e to the lack of effective supervision, the participation of large-scale speculative short-term capital exacerbated the depth of the national crisis, and played a core role in the international transmission of the crisis. Fourth, the functions of multilateral international financial institutions are seriously flawed and obviously unfair. The IMF is a legacy of the Bretton Woods system. After 1973, the organization no longer has the power to restrict the exchange rate arrangements of various countries. Its main function is to provide short-term credit to countries with balance of payments crisis, so as to enhance their solvency. However, e to the serious shortage of funds for a long time, the rescue requirements for crisis countries are either slow or inadequate, and often attach unrealistic conditions such as austerity and economic liberalization. In addition, as shown in the process of handling the Asian financial crisis in 1997, e to the obvious influence of the U.S. government and Wall Street interest groups, the organization often seems very indifferent to the rescue requirements of crisis countries outside the Americas. This shows the functional defects and unfairness of the organization in maintaining the stability of the international financial system. Fifth, global monetary and financial cooperation has achieved little success, and regional monetary integration has made remarkable progress. At present, the main channels of global monetary and financial cooperation are the G7 summit and finance ministers' meeting. On the whole, this coordination mechanism is often a mere formality and retreat, with little substantive content. In recent years, the IMF and the bank for international settlements are also trying to play a more active role, but either the effect is not significant, or there is no real binding force on countries. In contrast, the process of regional monetary cooperation has made remarkable progress. After decades of efforts, the euro was successfully launched in 1999, and a unified central bank and monetary policy framework has been established within the euro area. It is worth noting that the birth of the euro has an obvious demonstration effect. In recent years, in Latin America, central and Eastern Europe and other regions, some countries have begun to adopt dollarization and currency board system, or implement fixed exchange rate arrangements in the region. Although the financial crisis two years ago forced Argentina to abandon the currency board system, it does not seem to change this trend. Sixth, the financial hegemony of the US dollar remains basically the same, but it is facing challenges. Since mankind entered the era of credit currency standard, there has been no independent world currency. Therefore, international economic transactions always rely on the currencies of a few sovereign countries to act as international means of payment and reserve assets. The US dollar is the most important of these currencies. Since the establishment of the Bretton Woods system, with the help of the powerful economic and political power of the United States, the US dollar has established its global financial hegemony. For more than half a century, although the share of US dollar in the international payment and reserve asset system has declined, it is still as high as about 60%. Relying on this status, the United States has gained a large amount of seigniorage income, which can continuously occupy the real economic resources of other countries by exporting US dollars. After the outbreak of the Asian financial crisis, the international academic circles had a heated discussion on the defects of the current international financial system, and put forward many positive reform proposals and programs. Among them, the more influential suggestions include: strengthening the monetary and financial cooperation between developed countries, establishing exchange rate target areas, so as to rece the exchange rate fluctuations among the currencies of big countries; Strengthen the supervision of international capital flows, especially the restrictions on speculative capital flows (such as the implementation of the "Tobin tax", that is, all countries levy taxes on foreign exchange transactions); Reform and reshape the IMF, enhance its financial strength, improve the transparency of lending decisions, and increase the voting rights of developing countries in the IMF; Strengthening regional monetary and financial integration and so on. In addition, there are also some radical proposals, such as returning to the gold standard system, restoring the Bretton Woods system and establishing the world central bank. History will not simply return to the gold standard or the Bretton Woods era. It can only be an unrealistic fantasy. The development in recent years shows that most of the other reform proposals have not been effectively implemented. One of the fundamental reasons is that the developed countries headed by the United States do not feel the pain of financial turmoil, and the reform may damage their vested interests, so they are not active in the reform of the current international financial system as a whole. They are even indifferent or even opposed to the reform proposals that restrict international capital flows, reform and restructure the IMF and other developing countries are very concerned about. in addition

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