Will China shut down Ethereum

1. Xiaoyi blockchain, I'm in Duoyuan

2. At present, there is no objection to indivials holding cryptocurrency in China, but it is not allowed to trade or exchange in kind, that is to say, it is allowed to hold but not to circulate

3.

Prior to that, the regulatory authorities decided to close the exchanges of virtual currency in China. On September 14, regulatory rumors finally came to the ground. Just now, bitcoin China, one of China's three major virtual currency trading platforms, announced that bitcoin China would stop all trading business on September 30

according to public information, bitcoin China is the longest operating bitcoin trading platform in China, which was established on June 9, 2011. Affected by the news, bitcoin, lightcoin and Ethereum all fell sharply

4. According to the notice on preventing the financing risk of token issuance, there is no approved digital currency trading platform in China. According to the regulation of digital currency in China, investors have the freedom to participate in digital currency transactions at their own risk
the concept of bitcoin was first proposed by Nakamoto on November 1, 2008, and was officially born on January 3, 2009. According to the idea of Nakamoto, the open source software is designed and released, and the P2P network on it is constructed. Bitcoin is a virtual encrypted digital currency in the form of P2P. Point to point transmission means a decentralized payment system. Unlike all currencies, bitcoin does not rely on a specific currency institution to issue. It is generated by a large number of calculations based on a specific algorithm. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses cryptography design to ensure the security of all aspects of money circulation. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction. The design based on cryptography can make bitcoin only be transferred or paid by the real owner. This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity

warm tips:
1. The above explanations are for reference only, without any suggestions
2. Before investing, it is recommended that you first understand the risks existing in the project, and clearly understand the investors, investment institutions, chain activity and other information of the project, rather than blindly investing or mistakenly entering the capital market. Investment is risky, so we should be cautious when entering the market
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5. 10 of the equipment: not to say, excessive. 20's equipment: there are many people to pursue the main attribute of the equipment. In my opinion, the main attribute of equipment is not bright. If you brush monsters, monster damage + 2 is not more affordable than power + 1 (power + 1, you only have 1 more blood to chop monsters, monster damage + 2. More blood). But the price of this kind of equipment is much lower than that of the main attribute.) If you want to bring advanced equipment to meet the required attributes, that's another point. In my opinion, the attributes that brush monsters need are monster damage > elemental damage > power (elemental damage means that you see holy light damage, shadow damage and so on on on weapons. This kind of damage increases the general attack on monsters and characters. Also, the damage of element skills is increased.)

6. Unknown_Error

7.

Charles Ponzi

the story begins in the spring of 1899. William Miller successfully persuades three members of his Brooklyn prayer corps to invest in him, and promises to give investors 10% of their income every week. Investors will get a certain amount of bonus when they find new investors. Soon, a large number of investors flocked to break the threshold of William Miller's family. Miller used "inside information" to explain his high earnings. But his method was really named and "carried forward" by a young Italian named Charles Ponzi 20 years later

this" Ponzi scheme ", which uses the capital of the later investors to repay the early investors, will collapse when no new investors enter and the capital chain breaks. Like many recent P2P lending cases, Zhang Xiaolei of qianbao.com is one of them. He promises high returns to the other party. If the collection period is shorter, he is doomed to not last long

but suppose that if the promised income is not so high, the time of income distribution is not so short? Let's take a long view. What if a "Ponzi scheme" is based on the principle that investors invest money when they are young and only get profits when they are old? In the return period of tens of years, this "Ponzi scheme" does not need to worry that no one will take over the offer, because it can fully wait for the next generation to be born and grow up, and then repay the money invested by the new generation to the old generation of investors. In theory, this cycle can be infinite e to the continuous reproction of human beings. In addition to natural and man-made disasters, there will be new latecomers every day

this intergenerational succession is the theoretical basis behind the common pay as you go pension scheme in many countries. People fund their pensions at working age and receive them after retirement. Many people think that the pension they get is from the old pension. But in fact, it is the young people who are still working at this moment who pay the pensions of retired people. The money will be transferred between two generations

for example, social security in the United States is basically a pay as you go model. As a result, opponents often compare these safeguards with the Ponzi scheme and discredit it. But if you look at this in reverse. The social security plan of the United States is a way to prevent millions of people from having no pension after retirement. Although it has some similarities with the Ponzi scheme, the principle of the Ponzi scheme can also be used to do good deeds under certain conditions.

it may be easier to understand a classic Island Fable:

on an island, there is a towering peach tree, Under the trees were hungry Islanders. In terms of setting, there are only two generations of young people and old people on the island, and only young people can climb up trees to pick peaches. Peaches can't be stored and can only be eaten as soon as possible

on this island, the elderly can't support themselves, they can't move easily, they can't pick peaches from trees, they can't get something to exchange through other labor, and they can't get food from young people. Old people can't save peaches when they are young, because fruits are perishable. Fruits picked when they are young can only be eaten at that time, and there are no other forms of assets on the island that can stand the passage of time as a kind of savings

The solution is an intergenerational Ponzi scheme. Young people give part of the fruit they get to the old people for free, because they know that when they get old, the new generation of young people will also give them fruit in this way. This is equivalent to young people investing money in their parents and getting it back from their children. In this way, the two generations living on the island become a link in the huge investment chain, connecting the past and future Islanders

the back wave of the Yangtze River pushes the front wave, and one wave is stronger than the other

the premise that this kind of "inter generational Ponzi scheme" can be carried out indefinitely is that "the future generations are infinite". If one day human beings stop reprocing, the last generation will get nothing. If the younger generation knows that there is no hope for their return, they will not invest in their father's generation, and the father's generation will not pay back to the grandmother's generation for the same reason. From this, we can see that all grasshoppers in this capital chain can not have any of the above ideas, Otherwise, it will lead to a crash. If this intergenerational plan requires a generation to be the last successor, then this plan can not be carried out at all

the "island experiment" mentioned above obviously has little reference value in reality. The Ponzi scheme can benefit the islanders there only because the author of the story willfully makes the return of the islanders' efforts for the future zero. In a more realistic version, islanders can exchange surplus fruits for fixed assets when they are young, exchange these "savings" with young people for fruits when they are old, or dect some fruits from grain as seeds to plant as investment. Through lifelong irrigation, these fruit trees can be sold or leased to young people when they are old

In most cases, saving and investment are better choices than intergenerational transfer of assets. Capital accumulation expands the proctive capacity of the economy to create wealth, unlike the Ponzi scheme, which simply moves money from one place to another. And saving + investment will keep the capital and make profits, just like planting fruit trees. Therefore, retirees are expected to get a return higher than their investment

However, if people in the society generally hope to transfer the existing resources to the future, they will accumulate a large amount of capital stock, which may lead to the rection of investment return. Imagine everyone trying not to spend as much as possible, and then all the money saved will be invested, because the competition is too fierce, and everyone's return will become very low

the trend of growing population just meets the needs of pyramid users of Ponzi scheme. There are more people in the new generation than in the old one, so the old one is sure to get more than the principal

and the new generation itself has a high probability of being richer than their parents' generation. In addition to a simple increase in the total amount of capital, the new generation will also be helped by fundamental factors of economic growth, such as scientific and technological progress. This spiral of historical progress can bring positive returns to the participants of the "intergenerational Ponzi scheme", even if only the same percentage of the income of each generation is taken out. Because of economic growth, the 10% collected from the income of today's young people will be more than the 10% collected by the poor generation of parents in the past

in terms of specific figures, suppose that the population of a country increases by 1% every year and the per capita income increases by 4%. In this case, the intergenerational Ponzi scheme can provide an annual rate of return of about 5% indefinitely by taking a similar share of the income of each generation of participants. If there is excessive capital accumulation in the economic environment, everyone will deposit and no one will consume, the return on savings and investment may be lower than that of "Ponzi scheme", especially the risk factors may lead to lower return on investment. Under the so-called "dynamic inefficiency" in economics, "intergenerational Ponzi scheme" will never collapse

then there will be speculative bubbles, which is a non-governmental way to transfer young people's money to the pockets of the elderly. P>

in an economic bubble, people buy some assets (such as commercial housing) with more than worth of money, and then expect the next player to buy it at a higher price. The overpayment of the receiver is equivalent to an investment in the Ponzi scheme. The "income" generated in this process is actually the overpayment of the receiver. Assuming that every generation is richer than the previous generation, the price of this asset will continue to rise, even if every generation of investors only invest the same proportion of income to invest in the bubble assets, such as housing prices. p>

the newborn leeks are not afraid of cutting

all mechanisms will have side effects, and" intergenerational Ponzi scheme "is no exception

, for example, a lot of money in society is bought to buy "Ponzi bonds" or foam assets, resulting in no investment in instry. p> However, this crowding out effect is not necessarily a bad thing for the economic environment struggling in the dynamic inefficiency environment. This type of economy has accumulated a lot of capital. The government can make proctive investment from the "intergenerational Ponzi scheme" fund pool to keep a large number of machinery, equipment, buildings and infrastructure growing with the economic growth

one of the reasons for the excessive accumulation of capital is that young people want to transfer their existing resources to the future pension. But the rate of return is very low. It is a more efficient way to transfer young people's money to the elderly through the social security system, government bonds or buying bubble assets of the elderly, because future young people will do these things with higher rate of return, so that we can slow down the dynamic inefficiency. p>

several scholars including Professor Qian Liangxin of Anhui University also pointed out that China's capital stock investment is greater than the income. At the stage of China's development, this may not be a bad thing, because the capital intensity of China's economy is still fluctuating. However, combining China's "rapid economic growth" and "low interest on savings" these two characteristics may help explain why China is prone to speculative bubbles, especially what is in real estate. Young people in China often buy houses at high prices (many of them are not used to live in), expecting to sell their houses at higher prices in the future. The people who take over these houses at high prices are not stupid, but because they are younger and richer

Back to the opening story, William Miller's original Ponzi scheme lasted less than a year. Then he was inundated with negative reports and the bank froze his account. He fled to Canada before being found by the police. But even if he had already fled the United States, letters to him still piled up in the post office near his home in the United States, and the envelopes were filled with the money of the next batch of dish takers