The consequences of currency decentralization
Publish: 2021-04-18 04:00:31
1. At present, bitcoin is only a small-scale large-scale experiment of socialization, which has not been widely recognized. Most countries in the world adopt a cold attitude towards bitcoin, and the future of bitcoin is not clear. The Shanzhai currency, which replaces bitcoin, may be the future currency and can be recognized by the majority of the world
however, bitcoin is still the most popular decentralized virtual currency so far, but no one can guarantee that it will always be in this position. Now there are some alternative currencies inspired by bitcoin. However, a more reasonable assumption is that the new currency needs significant improvements to replace bitcoin in the established market. Of course, these are still unpredictable. Without changing the basic composition of the protocol, bitcoin may also adopt some measures to improve the competitive currency
I feel that Shanzhai currency can only occupy some bitcoin markets, but it can not replace bitcoin. For example, dog money has seized the charity and small reward market; Fuyuan currency seized the market of commercial integral system; Diablo has taken over the geek market (better sex) and so on.
however, bitcoin is still the most popular decentralized virtual currency so far, but no one can guarantee that it will always be in this position. Now there are some alternative currencies inspired by bitcoin. However, a more reasonable assumption is that the new currency needs significant improvements to replace bitcoin in the established market. Of course, these are still unpredictable. Without changing the basic composition of the protocol, bitcoin may also adopt some measures to improve the competitive currency
I feel that Shanzhai currency can only occupy some bitcoin markets, but it can not replace bitcoin. For example, dog money has seized the charity and small reward market; Fuyuan currency seized the market of commercial integral system; Diablo has taken over the geek market (better sex) and so on.
2. That is, no one can control, not be controlled by the living center of a living group. Therefore, it can not be used as legal tender recognized by the state. There are a group of money speculators who argue that virtual currency will replace paper money every day. It's all bullshit. We must pay attention to investment risks. Now there are many pyramid schemes with virtual digital currency gimmicks to cheat money
3. In token economics, decentralized money is not the only object of value circulation and measurement. Therefore, a fixed amount of decentralized money does not necessarily lead to rejection by the market
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.
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.
4. HNB community set up a GMH, the policy and decision were voted by decentralized participants, executed by smart contract, without human intervention. Major issues shall be discussed and voted by the general meeting of all community members. The full-time boards (development board, reserve board and arbitration board) authorized by GMH perform their respective ties. It effectively protects the rights and interests of all.
5. The impact of excess liquidity on China's economic environment can be roughly divided into the following stages:
the first stage is that monetary easing in the first half of the 1990s led to hyperinflation in the short market environment< The second stage of BR / > is from 90s to 03 and 04 years. During this period, the problem of inflation was alleviated effectively by the increase of capacity and supply, while higher return on investment absorbed excess liquidity and asset bubbles did not appear in large scale.
in the third stage, after 2005, the return on investment of export sector and traditional manufacturing sector began to decline, and the asset price rose sharply< The fourth stage of BR / > is characterized by asset bubbles and high inflation. At the same time, the danger of liquidity overflowing is more and more obvious to the economy and society. Asset bubbles and high inflation are in response to macroeconomic regulation and control policies, and economic policies begin to face the pressure of continuous passive tightening. In the past two decades, China's total broad money has expanded from 2 trillion yuan in the early 1990s to 70 trillion yuan. The total money has expanded 35 times, with an average annual growth rate of 21%, twice the growth rate of real GDP. Before 2009, the scale of M2 relative to nominal GDP has been maintained at a stable level of about 150%. Since 2009, the fiscal and monetary easing has led to the relative scale of M2 rising to 175%, which is far higher than that in developed regions such as Europe and the United States, but also higher than that in emerging markets such as India and Brazil, as well as Japan and South Korea, which also focus on indirect bank financing. Judging from the fact that the dependence of domestic economic growth on investment and credit is increasing, and the government's leading ability to the total amount of social credit is still very strong, it is speculated that China will not have the situation of credit stagnation and deflation like Japan's, and it has become an inevitable trend that the scale of money will continue to expand in the future
direct harm 1: inflation
inflation has become one of the biggest challenges in China's economic development. According to the view of monetarism, inflation is a monetary phenomenon whenever and wherever. The implication is that as long as the issue of money exceeds the market value of all commodities, inflation is inevitable. As far as China is concerned, excessive currency issuance is obviously one of the important factors leading to the increasingly severe inflation problem< In the latest global economic research report, UBS pointed out that China's CPI inflation is mainly driven by the prices of food, especially vegetables, and is not obviously the result of currency over issuance. UBS expects the year-on-year growth rate of CPI to reach about 5% in November, but it will fall slightly in December
management can and should play a key role in controlling inflation expectations, preventing food price inflation from expanding to the overall economic situation, increasing interest rates and liquidity. UBS is expected to raise interest rates once more and two to three times in 2011. It is also expected that the central bank will intensify hedging operations and appropriately rece the credit growth target (6.5-7 trillion yuan of new loans). UBS believes that so far, the rise in CPI has been mainly driven by the rise in food prices, rather than food prices and the "core" inflation rate. Bad weather and natural disasters have affected crops, especially vegetables, so vegetable prices have risen sharply in the past few weeks. In addition, the rise in diesel and transportation costs (the power rationing measures led many enterprises to switch to diesel generators, resulting in a "shortage of diesel") led to the rise in prices of other agricultural procts.
the first stage is that monetary easing in the first half of the 1990s led to hyperinflation in the short market environment< The second stage of BR / > is from 90s to 03 and 04 years. During this period, the problem of inflation was alleviated effectively by the increase of capacity and supply, while higher return on investment absorbed excess liquidity and asset bubbles did not appear in large scale.
in the third stage, after 2005, the return on investment of export sector and traditional manufacturing sector began to decline, and the asset price rose sharply< The fourth stage of BR / > is characterized by asset bubbles and high inflation. At the same time, the danger of liquidity overflowing is more and more obvious to the economy and society. Asset bubbles and high inflation are in response to macroeconomic regulation and control policies, and economic policies begin to face the pressure of continuous passive tightening. In the past two decades, China's total broad money has expanded from 2 trillion yuan in the early 1990s to 70 trillion yuan. The total money has expanded 35 times, with an average annual growth rate of 21%, twice the growth rate of real GDP. Before 2009, the scale of M2 relative to nominal GDP has been maintained at a stable level of about 150%. Since 2009, the fiscal and monetary easing has led to the relative scale of M2 rising to 175%, which is far higher than that in developed regions such as Europe and the United States, but also higher than that in emerging markets such as India and Brazil, as well as Japan and South Korea, which also focus on indirect bank financing. Judging from the fact that the dependence of domestic economic growth on investment and credit is increasing, and the government's leading ability to the total amount of social credit is still very strong, it is speculated that China will not have the situation of credit stagnation and deflation like Japan's, and it has become an inevitable trend that the scale of money will continue to expand in the future
direct harm 1: inflation
inflation has become one of the biggest challenges in China's economic development. According to the view of monetarism, inflation is a monetary phenomenon whenever and wherever. The implication is that as long as the issue of money exceeds the market value of all commodities, inflation is inevitable. As far as China is concerned, excessive currency issuance is obviously one of the important factors leading to the increasingly severe inflation problem< In the latest global economic research report, UBS pointed out that China's CPI inflation is mainly driven by the prices of food, especially vegetables, and is not obviously the result of currency over issuance. UBS expects the year-on-year growth rate of CPI to reach about 5% in November, but it will fall slightly in December
management can and should play a key role in controlling inflation expectations, preventing food price inflation from expanding to the overall economic situation, increasing interest rates and liquidity. UBS is expected to raise interest rates once more and two to three times in 2011. It is also expected that the central bank will intensify hedging operations and appropriately rece the credit growth target (6.5-7 trillion yuan of new loans). UBS believes that so far, the rise in CPI has been mainly driven by the rise in food prices, rather than food prices and the "core" inflation rate. Bad weather and natural disasters have affected crops, especially vegetables, so vegetable prices have risen sharply in the past few weeks. In addition, the rise in diesel and transportation costs (the power rationing measures led many enterprises to switch to diesel generators, resulting in a "shortage of diesel") led to the rise in prices of other agricultural procts.
6.
Bitcoin falls into & lt; Tug of war;, I don't think bitcoin will be enough in the future; Become a regular & quot
Bitcoin is decentralized, no one can control it, and no country can manage itbitcoin, as an emerging instry, has attracted many people's attention. If bitcoin can be bought in the whole few years, it must have made a lot of money now. The crazy money making effect of bitcoin has attracted more and more people's attention. Bitcoin falls into & lt; Tug of war;, I don't think bitcoin will be enough in the future; Become a regular;, There is no way to manage bitcoin decentralised countries, and no way to manage bitcoin decentralised countries; Become a regular;, Bitcoin is not affected by monetary policy, and the state has no way to regulate, which affects the development of the country. Bitcoin has no sovereignty; Become a regular & quot; It will challenge the national formal currency
Third, bitcoin is not affected by the national monetary control, which is not concive to the development of the country. The country manages or controls its economy through monetary policy adjustment, but bitcoin is not affected by these factors, which is why it can't & lt; Become a regular & quot; The reason for that7. Analysis of the advantages and disadvantages of RMB appreciation
from: financial circles
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -. The competitiveness of procts of export-oriented enterprises will be weakened, especially the export of primary procts. The domestic competitiveness of imported procts will be significantly improved. For example, the export price of 8000 yuan worth of procts may be 1000 US dollars, while after the appreciation of RMB, the export price of the same procts will be 1111 US dollars, up 11%. The original low-cost advantage will be lost, and the instries relying solely on the price advantage will be greatly impacted. The competitive advantage of imported procts will be improved. Take the relatively popular car as an example, the domestic price of the imported car with the original price of 100000 US dollars will be reced from 800000 yuan to 720000 yuan (without considering the influence of taxes and fees), and the price comparison effect is very obvious. Similarly, for enterprises that rely heavily on imported raw materials, cost rection will directly increase their profitability. In addition, the hottest topic at present is the soaring price of crude oil. In 2003, China imported 90 million tons of crude oil, which is estimated to exceed 100 million tons this year. An appreciation of 10% (based on the average price of 40 US dollars / barrel) will save nearly 24 billion yuan
as the ability to attract foreign investment weakens, more domestic enterprises will go abroad to invest and build factories abroad. Although the appreciation of RMB will increase the profitability of foreign-funded enterprises in China (in US dollars), the corresponding new investment costs will rise. The original foreign-funded enterprises will continue to stay and the new capital will be transferred back to other countries for investment; However, the cost of domestic enterprises to invest abroad will be reced, which will promote a large number of enterprises to go out, especially the home appliance instry suffering from anti-mping. It is a very good choice to go to the United States to build a market
the pressure on debt service will be relieved, and the profitability of a number of projects relying on foreign loans will be improved. Taking several listed companies as examples, it is found from the 2003 annual report that the exchange losses of Zhangze electric power, Shanghai electric power and Liaotong chemical are more than 50 million yuan, especially the Japanese yen exchange loss of Zhangze electric power is more than 180 million yuan. The exchange losses withdrawn in previous years will have the opportunity to be written back into profits step by step
the international status of China's GDP will be improved. In 2003, China's GDP was US $1.4 trillion, ranking seventh in the world. If RMB appreciation is combined with the growth of more than 9% this year, China is expected to surpass Italy and France and rise to the fifth place in 2004
in addition, it is good for training and studying abroad, increasing the national tax revenue and improving the people's real purchasing power; The disadvantages are that it may increase market speculation, rece exports may increase domestic employment pressure, may lead to deflation, may appear "sudden wealth effect", may aggravate the expenditure burden of low-income groups, etc. Comprehensive analysis shows that RMB appreciation has both advantages and disadvantages. At present, the advantages outweigh the disadvantages<
positive impact:
concive to China's import
cost rection of raw materials import dependent manufacturers
enhanced foreign investment capacity of domestic enterprises
increased profits of foreign-invested enterprises in China
concive to talents' study and training abroad
reced pressure on foreign debt repayment
more cost-effective asset sales in China
improved international status of China's GDP
Increase the national tax revenue
increase the international purchasing power of Chinese people
negative impact:
the appreciation of RMB will bring greater pressure on China's deflation
the appreciation of RMB exchange rate will lead to a decline in the attractiveness of foreign investment, Recing foreign direct investment in China will cause certain harm to China's foreign trade exports
the appreciation of RMB exchange rate will rece the profit margin of Chinese enterprises and increase the employment pressure
the fiscal deficit will increase e to the appreciation of RMB exchange rate and affect the stability of monetary policy
at the same time http://www.51windows.net/data/?url=/data/files/file_ 633.asp
from: financial circles
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -. The competitiveness of procts of export-oriented enterprises will be weakened, especially the export of primary procts. The domestic competitiveness of imported procts will be significantly improved. For example, the export price of 8000 yuan worth of procts may be 1000 US dollars, while after the appreciation of RMB, the export price of the same procts will be 1111 US dollars, up 11%. The original low-cost advantage will be lost, and the instries relying solely on the price advantage will be greatly impacted. The competitive advantage of imported procts will be improved. Take the relatively popular car as an example, the domestic price of the imported car with the original price of 100000 US dollars will be reced from 800000 yuan to 720000 yuan (without considering the influence of taxes and fees), and the price comparison effect is very obvious. Similarly, for enterprises that rely heavily on imported raw materials, cost rection will directly increase their profitability. In addition, the hottest topic at present is the soaring price of crude oil. In 2003, China imported 90 million tons of crude oil, which is estimated to exceed 100 million tons this year. An appreciation of 10% (based on the average price of 40 US dollars / barrel) will save nearly 24 billion yuan
as the ability to attract foreign investment weakens, more domestic enterprises will go abroad to invest and build factories abroad. Although the appreciation of RMB will increase the profitability of foreign-funded enterprises in China (in US dollars), the corresponding new investment costs will rise. The original foreign-funded enterprises will continue to stay and the new capital will be transferred back to other countries for investment; However, the cost of domestic enterprises to invest abroad will be reced, which will promote a large number of enterprises to go out, especially the home appliance instry suffering from anti-mping. It is a very good choice to go to the United States to build a market
the pressure on debt service will be relieved, and the profitability of a number of projects relying on foreign loans will be improved. Taking several listed companies as examples, it is found from the 2003 annual report that the exchange losses of Zhangze electric power, Shanghai electric power and Liaotong chemical are more than 50 million yuan, especially the Japanese yen exchange loss of Zhangze electric power is more than 180 million yuan. The exchange losses withdrawn in previous years will have the opportunity to be written back into profits step by step
the international status of China's GDP will be improved. In 2003, China's GDP was US $1.4 trillion, ranking seventh in the world. If RMB appreciation is combined with the growth of more than 9% this year, China is expected to surpass Italy and France and rise to the fifth place in 2004
in addition, it is good for training and studying abroad, increasing the national tax revenue and improving the people's real purchasing power; The disadvantages are that it may increase market speculation, rece exports may increase domestic employment pressure, may lead to deflation, may appear "sudden wealth effect", may aggravate the expenditure burden of low-income groups, etc. Comprehensive analysis shows that RMB appreciation has both advantages and disadvantages. At present, the advantages outweigh the disadvantages<
positive impact:
concive to China's import
cost rection of raw materials import dependent manufacturers
enhanced foreign investment capacity of domestic enterprises
increased profits of foreign-invested enterprises in China
concive to talents' study and training abroad
reced pressure on foreign debt repayment
more cost-effective asset sales in China
improved international status of China's GDP
Increase the national tax revenue
increase the international purchasing power of Chinese people
negative impact:
the appreciation of RMB will bring greater pressure on China's deflation
the appreciation of RMB exchange rate will lead to a decline in the attractiveness of foreign investment, Recing foreign direct investment in China will cause certain harm to China's foreign trade exports
the appreciation of RMB exchange rate will rece the profit margin of Chinese enterprises and increase the employment pressure
the fiscal deficit will increase e to the appreciation of RMB exchange rate and affect the stability of monetary policy
at the same time http://www.51windows.net/data/?url=/data/files/file_ 633.asp
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