Solutions to the disadvantages of virtual currency
It is difficult to avoid the typical risks related to the payment system. In a specific virtual community, virtual currency payment activities have evolved into a "real" payment system, facing the typical risks related to the payment system: credit risk, liquidity risk, operational risk and legal risk. The nature, scale and ration of these risks largely depend on the design of the system or the degree of lack of liquidity. It is difficult for the network virtual currency scheme to avoid or control these risks. According to the core principles of important payment system (CP) issued by the bank for International Settlements (BIS), the network virtual currency scheme does not conform to most of the contents of CP, and does not belong to the systemically important payment system. Therefore, it will not cause or transmit shocks to the global financial system. At present, there is no systematic risk in the network currency system outside these virtual communities
2. Lack of corresponding supervision and protection mechanism
in the real economy, the central bank plays the role of lender of last resort and there is no default risk, so it can take actions in the case of payment crisis or unpredictable liquidity shortage to avoid chain reaction. In the network virtual currency scheme, network currency is not the settlement asset. Because network currency simply depends on the credibility of the issuer, it can not be widely accepted as a means of payment, so network currency can not be regarded as a safe currency. In addition, commercial banks are required to accept prudential supervision, which reces the possibility of default. The security of money in commercial bank accounts is higher than that of network currency. A fundamental risk of network currency is that the settlement institution of network currency scheme is not subject to any supervision, no institution is responsible for its behavior, and there is no investor / depositor protection mechanism, which causes the user to bear all the risks
(4) risk of absence of supervision generally speaking, supervision lags behind the development of science and technology. The network virtual currency program was established in the late 1990s, but it was not until 2006 that some government agencies in the United States began to analyze these programs. Due to the lack of supervision and the anonymity, invisibility and difficulty in tracking of its transactions, the network virtual currency scheme is easily used by terrorist activities, fraud, money laundering and other illegal activities. At present, many government departments in many countries are considering whether to recognize or legalize these virtual schemes and bring them into the scope of supervision, so as to support the innovation of currency and payment forms, protect consumers' rights and interests and financial stability, and restrain the use of virtual currency schemes to engage in criminal activities. At present, the uncertainty of the legal status of the virtual currency scheme may also bring challenges to the government authorities
The reputation of Monetary Authority (central bank) is the key factor to determine the effectiveness of its policies, especially monetary policy. The public's trust in fiat money is closely related to the image of the central bank, which pays close attention to its reputation. The ECB will define reputation risk as the risk of deterioration of reputation, credit or public image. As the network currency scheme is related to money and payment, it is generally believed that it belongs to the responsibility of the central bank, so it is necessary to guard against the reputation risk it may bring to the central bank. Although in the case of small scale, the impact of the failure of the network currency scheme is limited, its high volatility and instability also increase the possibility of failure and attract extensive media coverage. If the network currency is allowed to develop continuously without regulation, the central bank may be regarded as dereliction of ty and affect its reputation Compared with the exchange value, the public has a higher recognition of the investment value of network virtual currency, and it is the transaction based on investment that accelerates the formation of virtual currency market. Like other investment markets, the participants of virtual money market will also face the potential losses caused by market risk, credit risk and policy risk. Take the bitcoin as an example: from 2009 to the beginning of 2010, bitcoin was worthless; In the summer of 2010, bitcoin trading began to enter the golden age. Because the supply was far less than the demand, the value of online trading began to rise. In early November, bitcoin was silent at 29 cents for many days, and then jumped to 36 cents; In February 2011, the bitcoin continued to appreciate, and its exchange rate with the US dollar reached 1:1; In 2013, the bitcoin price achieved a "Big Bang" growth, and hit US $1242 on November 29, 2013, exceeding the gold price of US $1241.98/oz in the same period. Fierce price fluctuations make market participants face huge speculative risksunlike mature capital markets such as stocks and bonds, bitcoin market is not deep enough, and it is mainly held in the hands of large investors with low degree of diversification. Bitcoin price is easily affected by large investors' trading behavior and controlled by speculators. At the same time, different countries have different attitudes towards bitcoin. Germany, the United States and other countries hold an open and supportive attitude. Thailand, Brazil and other countries regard bitcoin related activities as illegal. Every country's attitude and measures will have a significant impact on its price, especially in the short term
Recently, the people's Bank of China held a national teleconference on money and gold and silver work in 2018. Fan Yifei, vice governor of the people's Bank of China, pointed out at the meeting that this year we should solidly promote the research and development of digital currency of the people's Bank of China, strive to improve the level of cash service, carry out the rectification and clean-up of all kinds of virtual currency, closely communicate and cooperate with relevant departments, and vigorously rectify the chaos in the field of cash circulation
Fan Yifei pointed out that the current work of currency gold and silver is facing new challenges, the traditional business environment has undergone major changes, the development of digital economy, the diversification of means of payment and the change of the public's habit of using banknotes have had a profound impact on the issuance and circulation of RMB, and the public has put forward new and higher requirements for the level of cash service“ The central bank's monetary gold and silver work needs to be continuously deepened in serving the real economy, effectively promoted in improving services for people's livelihood, and comprehensively strengthened in preventing and defusing risks. " 
"commercial banks should give full play to the pivotal role of cash delivery and withdrawal, further do a good job in the issuance of ordinary commemorative coins, and effectively improve the public satisfaction; Further strengthen the cash analysis, improve the level of cash management, strengthen the management of large amount of cash, and effectively protect the people's demand for small denomination RMB; We will further strengthen the anti-counterfeiting work, strengthen internal control and management, and constantly improve the ability of employees and cash machines to intercept counterfeit money. " Fan Yifei said
According to the official announcement, digital assets and RMB recharge functions will be closed at 12 noon on September 27, and all trading functions will be closed at 12 noon on September 30. So far, bitcoin trading was officially sentenced to death
some people applaud the state's move to control bitcoin transactions, believing that this money laundering tool should have been closed long ago the invention of bitcoin in the United States disturbs the Chinese market. We should learn from Russia's ban on bitcoin. Although bitcoin makes money, it is not good for the development of the country because it is divorced from the real economy. Many young people are addicted to bitcoin and lose both money and people
however, at present, the state only restricts it, but it has not been completely banned. Big exchanges can not provide bitcoin exchange, so many of them go underground, making it more difficult to control
for young people, the state has banned trading, so it is too risky to re-enter the bitcoin market, so they should be cautious to intervene, and regret if they break the law
The contract transaction of digital currency is not safe. There are still many loopholes in the digital currency trading platform, for example, the most common ones are as follows:
1. Denial of service attack
denial of service attack is the most important attack against the digital currency trading platform at present. Through the denial of service attack, the attacker makes the trading platform unable to access normally, while the user cannot accurately distinguish the attack degree, It often leads to panic asset transfer, which brings some loss
We should consider recing the CPU consumption
CPU utilization rate is actually the CPU resources occupied by running programs, which indicates the running situation of your machine at a certain point in time. The higher the utilization rate, it means that the machine runs a lot of programs at this time, and vice versa
the utilization rate is directly related to the strength of your CPU. Modern time-sharing and multitasking operating systems use CPU in time slices: for example, process a takes 10 ms, process B takes 30 ms, and then idle for 60 ms, process a takes 10 ms, process B takes 30 ms, and idle for 60 ms; If this is true for a period of time, then the occupancy rate ring this period is 40%. The response of CPU to thread is not continuous, usually it will interrupt thread automatically after a period of time. The increase of unresponsive threads will increase the CPU utilization. There are many reasons for high CPU utilization, but they are generally caused by too many virus Trojans or boot items. High CPU utilization may also indicate poor tuning or design of the application. Optimizing applications can rece CPU utilization
memory usage refers to the memory consumed by this process. The program with large memory does not necessarily occupy a lot of CPU resources, and the program with large CPU does not necessarily spend too much memory. If the CPU occupancy rate of a program is too high, it will affect the operation of other programs. And a program occupies too much memory, which will affect the overall performance of the machine
Internet RMB:
is the form of Internet existence of RMB, which is essentially the same as the currency circulating in e-banking in reality. Don't treat it as virtual RMB. It is issued by the state. No matter which website it exists in, it is only the flow of e-money in different accounts, not the increase<
virtual currency:
is a payment and value measurement method issued by the website operators themselves and circulated in the website. It is a kind of currency form proced by the needs of website operation and service. When operators issue virtual currency, it directly increases the currency stock of the whole website
it should be emphasized here that Internet RMB is not a virtual currency, nor is virtual currency RMB. If we treat the two as the same, we will agree that "website issuing virtual currency is equivalent to issuing RMB", which is extremely dangerous and fatal
for a long time in the past, q-coin has been used to stimulate users' behavior by distributing q-coin, which is actually issuing RMB<
two or four basic problems:
every website operator hopes to design a virtual currency system to stimulate user behavior and transactions, but seldom considers several basic problems to be solved in establishing a currency system:
1. Should Internet RMB account and virtual currency account be separated
2. Is exchange between virtual currency and RMB allowed
3. If exchange is allowed, what is the exchange rate and how to form the whole exchange rate< 4. Who is responsible for the value of the issued virtual currency
if these four problems can not be solved, the network virtual currency system will eventually harm the whole instry. Q coin can answer the above four questions? So far, we don't see any convincing answers.