The influence of digital currency bifurcation on currency price
because the value growth of online gold is different from other digital currencies, it is mainly e to the value superposition of more and more businesses, rather than the price growth brought by interpersonal transactions. Because of the value-added property of online gold, businesses and consumers are more willing to accept it. Such a virtuous circle is the main factor to promote the net gold to rise but not fall. Since the price of online gold is determined by market transactions, it will not be controlled by the market like stocks,
Author: Huang Shiliang
source: Lightning HSL
Introction
this problem has been bothering me for a long time. I don't understand why those forked coins that have no technology, no team, and even no one to do publicity still have good prices. Who is buying them
Chapter 1 the greatest wealth making movement in human history from the perspective of history
the first historical event was the enclosure movement in England. This incident is described by our history books and Marx's political economy as a terrifying and aggressive movement, in which one part of the people want to occupy the land of another part. But if you go to the history books written by the British, you will find that this is a power confirmation event. That is, the state and the government give clear private ownership to the ownerless land in the name of law. Distribute the original ownerless land to indivials, and the ownerless land becomes wealth. Britain also started the first round of wealth creation revolution in human history - Instrial Revolution
the second historical event is the western development of US dollar. At that time, the American government encouraged the people to go to the West for proction and construction, and the measures adopted were similar to the British enclosure movement. The U.S. government announced that as long as the people go to a place, and then insert a flag, then how many kilometers of land around the flag belongs to you. The western part of the United States, once totally destitute, has become an unprecedented wealth
The third historical event is the Meiji Restoration in Japan. At that time, the Japanese upper class realized that it was necessary to engage in enterprises to make the country strong and rich, but the common people did not understand. The Japanese government has set up many state-owned enterprises. After the success of the enterprises, they were sold to private enterprises for one yuan. The Meiji Restoration turned a pan dependent state of the Qing Dynasty into a country that defeated its master. Later, Japanese enterprises did very well. Up to now, there are still a large number of world-class enterprises. This kind of distribution of state-owned (non owned) assets to the private sector with clear property rights is inseparable The fourth historical event is much closer to us. That's new China, which was founded 49 years later, and it eliminated private ownership very quickly. Land is owned by the state, that is, it is owned by no owner, and enterprises become state-owned enterprises. As a result, we all know, poor, miserable. In 1978, a new China began. In the 1980s, the state restored private ownership for the first time, though very implicitly. The 30-year system of land property rights has suddenly made us Chinese rich. Nima, if you have land, you don't have to starve at last In the 1980s, the state began to let people speculate in stocks. You know, as long as you dare to buy stocks, you will earn money. In fact, the stock market in the 1980s was the process of privatization of state enterprises. At that time, the enterprises were basically set up by national resources
in the 1990s, there was a more extensive movement to create wealth in China. At that time, if you dare to set up an enterprise, the state would dare to grant you a piece of land, and then you just need to buy a few machines and put them there, You can borrow money from the bank. Your enterprise is called a limited liability company, but if you think about it carefully, in essence, the factory building was originally the state, the capital was the bank loan, and the bank was the state's. So the process is similar to that of the Japanese buying enterprises with one yuan
Liu Chuan and Zhang Ruimin in the 1990s?? This wave of entrepreneurs, who are now well-known, are actually "occupying" national resources and getting rich. Of course, Lenovo started with the nation, and the whole engineering team of Lenovo was also trained by the nation. But all these things that were originally in the name of the country are not wealth. As long as they are in the name of Liu Chuan, they immediately become enviable wealthwell, I think that's about it. Finally, an example is given
Do you think the Himalayas are wealth? No, at least not now. But if our country announces that this mountain is yours, you can build a fence at the foot of the mountain. Whoever can enter, who can climb the mountain, has the final say. Then you must be the richest man in the worldyou can see that if you turn a ownerless thing into a private thing, it will become wealth. This is the process of wealth creation
After the invention of the Internet, another online world paralleled the offline world appearedwhen I was in 1998, I went to the Internet bar and registered a lot of 5-digit QQ numbers. Now the 5-digit QQ is worth tens of thousands of yuan..... It's a pity that I forgot the password long ago
these QQ numbers were originally ownerless, but as long as they were registered and owned by specific people, they were worth so much money. You don't tell me what bubbles, what virtual wealth, TMD is someone willing to spend tens of thousands of dollars to buy a 5 digit QQ number. This is a real wealth. p>
another myth of wealth creation is domain names. We all know that the registration cost of domain names is very low. The domain name does not belong to anyone, but as long as you register, it belongs to you. Domain names are now a huge wealth market. The largest share of domain name wealth does not belong to domain name management companies, such as Wannet and Gouda. The real domain name wealth belongs to those who have been registered and belong to the private. Even if Alibaba gets a new suffix or something, it is very cheap at the beginning of the auction process, but after it is privately obtained, NIMA becomes more and more expensive
do you see that in the parallel world of the Internet, as long as we try to distribute the originally ownerless things to the private, wealth will come into being
Chapter 3 why is the fork coin valuable
no matter what it is, as long as there is a clear property right system and it belongs to the private, no matter how rubbish it is, it belongs to you, and it is likely to become wealth
land is like this. Ownerless land is not wealth, so Russia is the world's largest territorial country, but it is extremely poor. If Putin sells Siberia to private Chinese, so that the Chinese can buy a few hectares of land with just a few bitcoins, I tell you, in ten years, Russia will become a major center of the world's wealth. Re create the enclosure movement of British Empire and the myth of western development of American imperialism
If anyone owns the Himalayas, he must be the richest person in the world. But now that this thing is owned by the state, it's not wealth
the same is true for enterprises. As long as we find a way to give clear ownership to the private, no matter what the way is, we can give it for nothing, sell it to the private for one yuan, or cross the river by feeling for the stone. As long as the state recognizes it and the real executable law guarantees it, the enterprise will become a huge fortune and the stock will become wealth
The same is true for domain names and QQ numbers
bitcoin and blockchain naturally have a clear ownership system. As long as you master the private key, it's yours, and no one can take it away. For any kind of currency, you don't care what it is, as long as it is really owned by you, because the property of blockchain, which is owned by you, is so guaranteed that it doesn't need the law or the government. As long as we believe in mathematics, we can clearly know that this thing really belongs to me. With such characteristics, it is very easy to become wealth. Everyone will think, this thing is mine, even if it's shit, it's also mine. If you want to take it away, it's impossible to give it away. You can buy it with money
that's the underlying reason why fork coins can be sold at a good price
Chapter 4 Why did Li Xiaolai give away the token of big.one for free. And a token PRS for press.one. Why send it
maybe the logic is the same. As long as specific things are fixed as ownership according to specific rules, then this thing will become wealth
Some of the big coins are given away free of charge, but the larger share is owned by the issuers. The part sent out becomes personal goods and wealth. By the way, the issuer's part is also estimated as a huge amount of propertyChapter 5 Conclusion
How can bitcoin, which clearly and accurately guarantees private ownership, be cheap
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Digital currency is a double-edged sword. On the one hand, the blockchain technology it relies on has been decentralized and can be used in other fields besides digital currency , which is one of the reasons why bitcoin is popular; On the other hand, if digital currency is widely used by the public as a kind of currency, it will have a huge impact on the effectiveness of monetary policy, financial infrastructure, financial market, financial stability and so on. Specific Wu Xiaoxia:
1. Impact on monetary policy
if digital currency is widely accepted and can play the role of currency, it will weaken the effectiveness of monetary policy and bring difficulties to policy-making
because digital currency issuers are usually unregulated third parties, money is created outside the banking system, and the amount of circulation depends entirely on the wishes of the issuers, which will lead to the instability of money supply. In addition, the authorities are unable to monitor the issuance and circulation of digital currency, which will lead to the inability to accurately judge the economic operation and bring trouble to policy-making, At the same time, it will weaken the effectiveness of policy transmission and implementation
2. Impact on financial infrastructure. The use of distributed ledgers also poses challenges to trading, clearing and settlement, as it promotes the disintermediation of traditional service providers in different markets and infrastructures. These changes may have potential impacts on market infrastructure other than retail payment systems, such as large payment systems, securities settlement systems or trading databases
3. The impact on financial intermediation and financial market in a broad sense. As a financial intermediary, banks perform the ties of acting supervisors and supervise borrowers on behalf of depositors
generally, banks also carry out liquidity and maturity conversion business to realize the financing from depositors to borrowers. If digital currency and distributed ledger are widely used, any subsequent disintermediation may have an impact on savings or credit evaluation mechanisms
4. The impact of security risks and financial stability
assuming that digital currency is recognized by the public, its use increases significantly and replaces legal currency to a certain extent, negative events such as network attacks on user terminals related to digital currency will lead to currency fluctuations, which will have an impact on the financial order and the real economy
in addition, the virtual currency based on blockchain technology is usually held by a few people at the beginning. For example, the first purchase of bitcoin in May 2010 was $25 pizza purchased by 10000 BTC, and the price of each bitcoin rose to $1200 in more than three years by the end of 2013
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extended materials
Amazon will launch digital currency project in Mexico. Amazon is recruiting software development managers for digital and emerging payments (DEP) to develop new payment procts that will enable customers to convert cash into digital currency
the digital and emerging payments sector intends to launch the proct in Mexico first. The follow-up will be extended to Brazil and India. It is reported that the digital currency project will completely focus on payment services in emerging markets
"bifurcation"
so what is bifurcation? What is the effect of bifurcation
blockchain
before talking about forking, we should popularize a little knowledge of blockchain to help us understand what forking is (if you don't have any concept of blockchain, please read my previous articles, which are all popular words to help you understand what blockchain is)
blockchain, as the name suggests, is a chain composed of blocks. Of course, this kind of chain is just a metaphor. To put it bluntly, data blocks are connected in an orderly way. In bitcoin, the transaction records of bitcoin are stored in the block. The size of the block and the space occupied by the transaction records determine how many transactions can be stored in a block. These transaction records are packaged into blocks, and then the blocks are connected one by one to form a blockchain
why should we bifurcate
we know that bitcoin software, like other software, needs to be updated and modified regularly in order to make it better. So a new version will appear, but not everyone will download the new version, so one miner will run the old version, and some will run the new version. If the old and new versions are not compatible, the blockchain will bifurcate. Because there may be differences between the version blocks and the old version blocks, they cannot be connected to the same blockchain, so there will be two or even more chains, which is called bifurcation
soft fork
soft fork refers to that when a new consensus rule is published, nodes that have not been upgraded will proce illegal blocks because they do not know the new consensus rule, resulting in temporary fork. This kind of bifurcation will be graally repaired with the upgrading of nodes
hard fork
hard fork refers to the permanent divergence of the blockchain. After the release of the new consensus rules, some nodes that have not been upgraded cannot verify the blocks proced by the upgraded nodes, and usually hard fork occurs. Therefore, in the field of digital currency, hard bifurcation often leads to the emergence of new currencies. For example, the hard bifurcation of Ethereum leads to the emergence of
eth.