Analysis on the competitive market of virtual currency related p
1. The advantages of bitcoin are exaggerated: About decentralization, no transaction costs and anti inflation
it is true that bitcoin has various advantages over paper money, but these advantages have been over interpreted. First of all, bitcoin is a kind of decentralized currency, which will not have the same risk of central bank controlling money supply and affecting market value as paper money; Bitcoin is mainly held in the hands of large investors, and the market depth is not enough. At present, the trading behavior of large investors is also very easy to affect the price of bitcoin. Even if the attribute of decentralization is regarded as the advantage of bitcoin when it is fully mature, then the prerequisite of holding decentralization should be added. In addition, there are great differences between centralized and decentralized online payment systems in the degree and type of financial risks they are exposed to
secondly, the low transaction cost of bitcoin is not without transaction cost. On the contrary, e to the increasing difficulty of bitcoin mining and the further stability of currency value, the dependence of relevant transaction platforms on transaction cost will increase, which will certainly increase the transaction cost. Finally, the confidentiality of the bitcoin transaction needs to be discussed. The principle of the bitcoin transaction makes all the processes of each bitcoin transaction stored in each machine. If someone can determine the real background of a transaction, they can find all the transactions down and up through these data
compared with other advantages, anti inflation or anti inflation is the most publicized advantage. Although its supply is stable and the upper limit of supply is locked according to its algorithm, unless the whole world is unified and all countries use bits as currency, it can not prevent the over issuance of money only as a means of payment or a storage of value, just as the current existence of gold can not constrain the growth of each country's currency. If bits can only be used as a means of payment in local areas (such as the network), then global or some countries' inflation will still be transmitted to the areas where bits are used. Therefore, the use of bits to prevent inflation is basically untenable, or has a strong premise. As for anti inflation, that is to say, it has the function of value storage, it needs to have the property similar to gold. However, from the reality, bit's essential property and prospect are still hard to match gold. See below for details
2. Bitcoin's future positioning is too high
the expectation of bitcoin's future in the market generally compares it with gold and US dollar, which is relatively high. The recognition of gold not only lies in its natural physical properties, but also in its official acceptance as a reserve currency (or an important allocation of foreign exchange assets). In theory, bitcoin as an electronic currency does not have the unique and exclusive status, and it is more difficult to become the official reserve of central banks like gold. Therefore, it is not appropriate to expect too much bit. As an electronic currency, bit has the first mover advantage. If it can be guaranteed in terms of security, its most optimistic prospect will be as a means of payment in local areas
3. Speculation and speculative demand caused by event factors are the main reasons for the rise of bitcoin in this round
under the credit currency system, people's lack of confidence in the currencies of various countries and pessimistic economic prospects are the general environment for the rise of bitcoin in this round. The speculation of the major dealers in the market and the derivatives market of bitcoin, together with the speculative psychology of the participants, further accelerated its rise. Btcchina's investment of US $5 million and the announcement of Ben's position are the main driving factors for the recent surge
however, a lot of big players start to enter the market and buy a lot, which not only drives the bit price up to a high level, but also increases the market risk. Chamath, a former Facebook executive, has spent $5 million on bitcoin and plans to spend another $10 million. Bitcoin investment trust also exceeded its target within four weeks, raising $15 million. These people's investments not only make bitcoin further rise, but also concentrate on the holding of bitcoin, which strengthens the influence of indivials and institutions on the price of bitcoin and increases the market risk
4. There is still strong room for speculation in the medium and short term
although our previous analysis is not optimistic about the prospect of bit, it is likely that bit will still have strong room for speculation in such a short and medium term period of time as one year. As mentioned in the previous analysis, the creators of bitcoin advocate that the generation of bitcoin is not manipulated by human factors, which is quite different from the credit currencies of various countries. We expect that the monetary policies of major countries will be divided next year. With the release of economic risks and the heavy damage to traditional asset markets, bitcoin will have better room for speculation and imagination< The use of bitcoin in some sensitive areas highlights the increasingly prominent role of information in national security
the U.S. government seized the drug trading website "Silk Road" at the beginning of last month. A crowdfunding network called "assassination market" even marked the sale of murderers with bitcoin price. The founder of the assassin market, under the pseudonym of kuwabatake Sanjuro, is an extreme anarchist. Both prism gate incident and the use of bitcoin in relevant sensitive fields highlight the increasingly prominent position of information field in national security. The Third Plenary Session proposed the establishment of the national security committee, which will play an important role in China's security strategy and expand from traditional national defense, stability maintenance / urban security to information security and other emerging areas
network virtual currency can be roughly divided into
the first category is familiar game currency. In the era of stand-alone games, the protagonist accumulates money by knocking down the enemy, entering the gambling house to win money, and using these to buy Herbs and equipment, but it can only be used in his own game console. At that time, there was no "market" between players. Since the establishment of Internet portal and community, the realization of game networking, virtual currency has a "financial market", players can trade game currency
the second type is the special currency issued by the portal website or instant messaging service provider, which is used to purchase the services in the website. The most widely used is Tencent's q-coin, which can be used to purchase membership, QQ show and other value-added services
the third kind of virtual currency on the Internet, such as bitcoin (BTC), Fuyuan coin (FTC), Wright currency (LTC), etc. bitcoin is an electronic currency proced by open-source P2P software. Some people also translate bitcoin as "bitcoin", which is a kind of network virtual currency. It is mainly used for Internet financial investment, and can also be directly used in daily life as a new currency.
(1) virtual currency based on entity
since ancient times, all "money" made of paper is called paper currency, and all countries in the world are actually paper currency. In Marx's time, paper money was only a symbol of metal money. The actual gold content of paper money was equal to the nominal gold content. When the nominal gold content was greater than the actual gold content, the price index of metal money would increase because of too many paper money. When it exceeded a certain limit, inflation would occur. Marx called these over issued bank notes without gold as guarantee virtual currency. In Keynesian era, paper money was the symbol of GDP. He defined the issue of paper money caused by making up the fiscal deficit as deficit money, and believed that the issue of paper deficit money could promote the development of proction to a certain extent, but only cause half inflation. Zhang chunjia's research in "Introction to virtual currency" also proves that paper money without precious metal and GDP guarantee will cause price rise, and this kind of money is called virtual currency
(2) virtual currency based on virtual
virtual currency is a new type of currency emerging at a certain stage of network social and economic development to meet the security and convenience needs of users. It represents the development direction of future currency existence form. It comes from the Internet, and acts as a general equivalent in the network society completely or partially. Virtual currency is a real currency with the basic attributes of currency, but it is virtual and depends on the network virtual environment. Virtual currency is born without borders, which makes it more liquid than traditional currency in the world. Virtual world corresponds to the real world. Through the exchange relationship between virtual currency and traditional currency, under certain conditions, specific virtual currency can buy physical goods, and traditional currency can also buy specific virtual goods< Second, the characteristics of virtual currency
1. Value: users get utility value by consuming the procts and services provided by operators. Virtual currency has value by providing exchange to meet the utility of consumers. The quantity of virtual currency measures the value of general goods. The issue essence of virtual currency is credit issue, which is the creditor's right of the holder to the issuer. To a certain extent, the value of this kind of claim is the right of claim
2. Virtual environment dependence. The existence of virtual currency is based on the virtual economic environment provided by the issuers and the sustainable operation of the issuers themselves. Otherwise, virtual currency has no significance.
3. Short sighted currency. As the highest price in the process of commodity exchange, the form of currency value can be regarded as the real currency. Because of the limitation of circulation scope, virtual currency can not be used as the general equivalent of all commodities; But in a certain range, it has the function of monetary value scale and circulation means. Therefore, it can be considered that virtual currency is similar to the form of money value, and it is a primary form of money, which is similar to money< The issue and circulation of virtual money is limited, but it will enlarge the money supply through the money multiplier effect, and affect the difficulty and accuracy of macroeconomic regulation and control. The issuers of virtual money need to report their circulation and circulation to the central bank, and obey the unified management of the central bank at any time
5. Virtual currency, which is issued by non-financial entities outside the financial system, aims to obtain business opportunities and competitive advantages. It is a market behavior and will inevitably lead to competition among issuers. This kind of competition will proce unfair competition behavior or obtain competitive advantage through rent-seeking, which determines the need to regulate the market behavior of the market subject according to the laws and regulations
6. Virtuality: as a kind of approximate currency, virtual currency is virtual existence if it only exists in the virtual world and can purchase the virtual property in it; If it is linked with sovereign currency, it can exist in the real world and purchase real assets, then it is a virtual thing of sovereign currency. Virtual currency is actually a series of data files existing in the computer system. It has the meaning of virtual currency only after the issuers explain the system. Therefore, the existence form of virtual currency is virtual< In general, virtual currency can purchase the procts and services provided by the issuers, and it can also be exchanged with the issuers outside the scope of issuance at a certain rate to purchase the procts of the alliance. For procts outside the alliance, virtual currency has no value significance; Similarly, when virtual currency is only authorized to buy different procts in different sales cycles, the use of virtual currency has limited application in time and scope, unlike sovereign currency, which can be completely freely exchanged
8. Separability: virtual currency has no physical form and is a digital storage information. Unlike traditional paper currency, it needs to consider the balance relationship between the circulation of main currency and subsidiary currency and the proportion of various currency values. It can be split infinitely. For example, although the total number of dark coins is only 2300, each bitcoin can be split into eight directions of ten< Although virtual currency exists in the virtual world, the process of new technological revolution has closely linked the virtual world with reality, and the virtual world has become an important part of people's spiritual life. It can promote the development of real economy, for example, a large number of entertainment application projects provide people with rich spiritual wealth and real wealth, and more and more people invest in virtual currency, which represents a trend, and the more successful ones are bitcoin, Leyte coin and the new domestic King coin; On the contrary, money laundering, gambling and network theft in the virtual world will have a negative effect on the real economy.
bitcoin is the overlord, and other shanzhais such as Laite coin, Fuyuan coin, doggy coin and Ruibo coin have a certain market share
bitcoin is the ancestor of digital cryptocurrency, with the highest market value, attention and popularity. Moreover, bitcoin related companies have obtained billions of dollars in financing, and also have a certain share in the payment field
lightcoin is the ancestor of Shanzhai coin and an unsuccessful experiment of bitcoin, but its popularity is second only to bitcoin
Fuyuan coin is the main application, and its future application scenario is the business points of jewelry business, which is the best of the three generations of coins, supported by large jewelry groups
dog coin is a kind of counterfeit coin that is well done in marketing, and it has certain competitiveness in the small reward and charity donation market
reborn took the route of cooperation with the government and traditional financial institutions, and obtained more than US $30 million in financing.
now it's only divided into wild, cunning and tenacity, which are shown in the BB talent panel. It's better to use wild pets for level training. This kind of pets have high output, such as leopard, wolf, Velociraptor and so on. This kind of BB's talent skill level is high, such as wild call, frenzy, heart of Phoenix (2 lives). If you point out bloodthirsty, you don't need to feed it. There is no need to manage so much in the early stage, just use a leopard
if you have talent, don't think about group A, as long as you have strong continuity. The talent of the king of beasts is almost the same. If you practice level, think about the output first. If you pay attention, you don't need to have enrance and thick skin, There are also fierce inspiration of group plus damage
beast control (51 points)
5 / 5 strengthen Eagle guard
2 / 2 focus attack
3 / 3 strengthen monkey guard
1 / 1 master guard
5 / 5 fury release
2 / 2 strengthen treatment pet
5 / 5 ferocity
2 / 2 soul connection
1 / 1 coercion
2 / 2 beast discipline
2 / 2 Slave keeper
5 / 5 frenzy
1 / 1 wild anger
5 / 5 Viper swift
3 / 3 qualification
1 / 1 heart of beast
5 / 5 similar interests
1 / 1 Beast Master
shooting (7 points)
2 / 2 enhanced concussion shooting
5 / 5 lethal shooting
survival (3 points)
3 / 3 eagle eye
BB talent wild (16 points)
2 / 2 Viper reflex
1 / 1 gallop
2 / 2 bloodthirsty
3 / 3 prick collar
3 / 3 dodge
1 / 1 Phoenix heart
3 / 3 spider bite
1 / 1 Crazy
BB talent cunning (16 points)
2 / 2 Viper reflex
1 / 1 gallop
2 / 2 owl's concentration
3 / 3 prick collar
3 / 3 Dodge
1 / 1 scavenging
2 / 2 Crazy predation
1 / 1 Wolverine bite
1 / 1 Recovery roar
if you like PK in the future, you must point out the speed of wild boar
when the king of beasts talent points out the Beast Master (51 points), go to Angelo crater to catch a Tyrannosaurus Rex level 55, The output of his unique skill giant's power is very considerable
as for bringing trumpet in the future, you can consider using the tenacity system of wild boar, orangutan, tortoise, etc., which can be ridiculed by groups BB
the Dragon Eagle you use belongs to the cunning class. After 60, you can consider that the talent skills of crazy hunting (damage to targets with less than 35% life increased by 12%) and recovery Roar (return to 35% blue) are not bad, You can save food by ordering corpses
but there is no problem, so it can not be determined
few investors and poor liquidity; Lack of supervision and serious manipulation.
In the past 24 hours, more than 110000 people in bitcoin have burst their positions, and 5.8 billion funds have been swallowed. In fact, I think the team is cutting leeks. In fact, the decline of bitcoin can be met in advance, and nothing can prosper all the time, So for most people, they still need to maintain a rational attitude to buy some funds or stocks and bonds. If it becomes a state of large-scale loss, then their money will be tied up, which is certainly not very good for them. Our attitude towards bitcoin is that it will not decline, it will only rise, So most people may not consider this situation and put all their money into it, but in such a situation, if the institutions withdraw their funds, they will inevitably face a lot of capital losses of retail investors
however, in the face of such a situation, we must understand that not all such things can have an answer, such as this kind of irregular things. As an ordinary investor, if we want to buy opportunistically, we may have to bear a greater risk, but in the face of the relative institutional investment, They may take less risk, because the risk they need to take is actually created by them. For most institutions, if they want to go up in the last stock, the probability of the stock's rise may be much greater than the probability of its decline. As for bitcoin, more than 110000 people burst their positions in the past 24 hours and 5.8 billion funds were swallowed, losing money in succession, in fact, I think the team is cutting leeks
The instrialization of virtual money will form a virtual money market. If the emergence of the stock market is the proct of the combination of instrial capital and financial capital, then virtual currency will be the proct of the combination of service capital and financial capital. Modern service instry, especially personalized modern information service instry, will become the instrial foundation of personalized virtual currency. Personalized virtual money market is different from stock market and derivative financial instrument market. The latter is established for the needs of instrialization, which is also reflected in meeting the needs of the so-called modern service instry; The instrial foundation of the former is closely related to the demand of informatization. The future of the tertiary instry is different from the service instry, its development direction is the post-modern service instry, that is, the experience instry, that is, more personalized instry to meet the development needs of spirit, culture and entertainment. The stock market will make more use of information to guide the rational investment of instry and service instry, while the personalized virtual money market will make more use of information to guide the perceptual consumption of experience instry
in this context, the instrial basis and role of virtual currency will reflect its special side
with information function
the biggest difference between personalized virtual currency and stock market is not only the integrated pricing function of reference point, but also the distributed pricing function of reference point. This process is not completed in the virtual money market, but in the development of personalized modern services. For example, in the process of indivial auction, the bargaining process combined with frame should include not only a process of utility exchange leading to value unification, but also a process of value realization leading to value diversification. This means that virtual currency must be combined with the development of personalized information service instry. Although the stock also has certain information function, but this kind of information is subordinate, it is instry centered. In the future, virtual currency may have three functions: currency, stock and information card. On the one hand, it can be used as the base currency (or exchanged with the base currency) to obtain liquidity; On the one hand, it can have value-added function; The most important thing is that additional information can be added. And this kind of information is just a kind of interface information to be completed, which needs to continue to realize its value in the service instry
cultural value positioning
in the future personalized virtual currency trading market, price level information similar to stock index will also be formed. But different from the stock index, the price index of personalized virtual currency will not reflect the investment value-added information, but the entertainment value, cultural value, spiritual value, free value and personality value similar to cool value. For example, the game index may reflect not the investment value, but the degree of indivial freedom value. For another example, in the super girl vote, it is reflected in the popularity index rather than the professional index. If it does not refer to SMS voting, but a personalized IC card with integrated currency and derivative financial instruments functions, such as corn card and fans card, the value of the card will fluctuate with the fashion information, reflecting the freedom of indivial choice. Once combined with the development of personalized service instry, a benign interaction mechanism is formed
upgrading traditional instries
with the development of game instrialization and instrial Gamification, indivial freedom has been comprehensively developed, that is, personalized self realization, which will become the ultimate goal of instrial upgrading. Traditional instries, including proct manufacturing and service instries, will take the satisfaction of spiritual and cultural values as the pursuit of added value of procts and services. In the background of the development of this instry, the role of personalized information service instry in driving traditional instries may be realized through the guidance of personalized virtual money market. That is to say, after the procts and services of traditional instries have reached the optimal homogeneity, they will eventually find out under the guidance of the information market that those things that are cool enough will sell well, and those that are not cool enough will not sell. In the future, the instry development will not only need the guidance of GNP stock index, but also need the guidance of GNH cool value index. The paper points out that GNC (National cool value) Japan is moving towards a mode of instrial development, thus following the Meiji Restoration, it is moving towards the road of modern instrial development. The United States and South Korea are also ahead in this regard. China is facing the choice of the second modernization. Many small things like virtual currency actually contain significant information< After October 30, 2008, indivials in China have to pay personal income tax on the income from purchasing virtual currency of players through the Internet and selling it to others after price increase. On October 29, 2008, the State Administration of Taxation announced the "reply on the issue of collecting personal income tax from indivials' income from online trading of virtual currency"
in response to the Beijing Local Taxation Bureau's request for instructions on how to calculate and levy indivial income tax on indivials' income from online sales of virtual currency, the State Administration of Taxation has clearly stipulated that the income obtained from indivials' online purchase of players' virtual currency and sale to others after price increase belongs to the taxable income of indivial income tax, The indivial income tax shall be calculated and paid according to the item of "income from property transfer"
at the same time, the State Administration of Taxation emphasizes that the original value of an indivial's property selling virtual currency is the price and related taxes paid for his purchase of network virtual currency. If an indivial is unable to provide evidence of the original value of his property, the original value of his property shall be verified by the competent tax authorities Reporter Zhao Peng)
the tax rate of selling virtual currency is fixed at 20%
on October 29, 2008, the reporter called Beijing Local Taxation Bureau, and the relevant person in charge disclosed that the tax rate of paying indivial income tax according to the "income from property transfer" project is fixed at 20%, and Beijing Local Taxation will also introce relevant measures to verify the original value of indivial selling virtual currency property
according to the introction, Beijing Local Taxation Bureau has not yet started to levy indivial income tax on the income of indivials from online sales of virtual currency. However, the bureau is aware that this kind of behavior is already a relatively common phenomenon, which should be strengthened. In order to better implement the requirements of the State Administration of Taxation on the "reply to the issue of personal income tax on the income of indivials from the sale of virtual currency through the Internet", Beijing Local Taxation Bureau will also issue relevant operational measures to verify the original value of the property of indivials selling virtual currency
some gyroscopes can't be removed, so they can't be replaced.