Virtual sovereign currency
in the era of stand-alone games, the protagonist accumulates money by knocking down the enemy, entering the gambling house to win money, etc., which can be used to buy Herbs and equipment, but only in his own game console; The special currency issued by the portal website or instant messaging service provider is used to purchase the services within the website
there are four types of virtual currency in the market:
1. Game currency developed by game operators for players to use as a trading medium in online games
2. A special virtual currency issued by the portal or instant messaging tools for use in the operating cyberspace
3. Interactive virtual currency, which can be used in the issuing entity of virtual currency and can purchase goods and services from non issuing entities
4. Based on cryptography and modern network P2P technology, a special electronic and digital network cryptocurrency is proced through complex mathematical algorithm
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
the personalized virtual money market is different from the stock market and derivative financial instrument market. The latter is more 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 instryThere is no official recognition of any virtual currency in China
different from sovereign currency, the "credit" basis of "virtual currency" is mathematical algorithm, and its price depends on the reliability of the algorithm, market confidence and other factors. There are many defects and loopholes in technology, and its value foundation is very fragile
the China Internet Finance Association recently announced that bitcoin and other so-called "virtual currencies" lack a clear value basis, the market has a strong speculative atmosphere, the price fluctuates violently, and investors blindly follow suit, which is easy to cause capital losses. There is no legal basis for the establishment of various so-called "currency" trading platforms in China
extended information:
in recent years, the price of bitcoin has risen rapidly, attracting a large number of people to enter. A large number of "virtual currencies" followed suit. In 2017, the price of Leyte increased by 476%, the price of Ruibo increased by 54 times, and the price of ether increased by 13 times
Li Aijun, Dean of the Internet Finance and Law Research Institute of China University of political science and law, believes that virtual currency is the proct of networking, and the digital information flowing in the network is beyond everyone's control. The code of cyberspace is the basis of the operation of virtual currency, investors can only operate through the front-end interface, seemingly "control" the virtual currency. The operator of the virtual currency service organization may become the actual controller of the virtual currency through the control code
Li Aijun, Dean of the Internet Finance and Law Research Institute of China University of political science and law, believes that virtual currency is the proct of networking, and the digital information flowing in the network is beyond everyone's control. The code of cyberspace is the basis of the operation of virtual currency, investors can only operate through the front-end interface, seemingly "control" the virtual currency. The operator of the virtual currency service organization may become the actual controller of the virtual currency through the control code
Du Yan believes that the existence of bitcoin and exchanges and other instrial chains has constructed an illegal financial market for asset transfer and financing beyond legal tender, increased the difficulty of regulatory authorities in managing financial security and stability, and promoted regulatory arbitrage and financial crimes. The risks and social security risks it brings to the financial market are far higher than its innovative value
investors should stick to rational investment, not blindly follow the trend, nor take chances. There are risks in investment, especially in the face of a new model, we should be more cautious in investment, so as not to become the target of wealth plunder by criminals
The emergence of virtual currency is inseparable from the transaction, then you can get the price difference
But no matter which side is right, as a kind of virtual currency, its existence form has irreconcilable conflict with the legal sovereign currencies of various countries, and now the leading bitcoin price plummets, the final result can not be avoided. Juhui foreign exchange Xiaobian thinks that it is better to choose a reliable way of investment than to go on the hopeless road(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.
Caixin reporter: on January 20, the people's Bank of China held a seminar on digital currency and proposed to strive for the early launch of the digital currency issued by the central bank. What is the reason for this< In fact, the central bank has been studying digital currency for a long time. From the perspective of historical development trend, money has always evolved with the development of technological progress and economic activities. From the early physical money, commodity money to the later credit money, it is a natural choice to adapt to the development of human commercial society. As the currency of the previous generation, paper money has low technology content. From the perspective of safety and cost, it is the general trend to be replaced by new technology and new procts. In particular, with the development of the Internet and the great changes in payment methods all over the world, the establishment of digital currency issuance and circulation system is very necessary for the construction of financial infrastructure and the promotion of economic quality, efficiency and upgrading
how to replace it? There are several ideas: one is to imitate paper money. For example, transactions between paper money are anonymous, and digital currency also wants to be anonymous, which leads to its technology choice. But the reason why banknotes are anonymous is not designed intentionally at first, but no other technology can guarantee the convenience of a large number of small transactions. Of course, some people think that anonymity is better for future digital currency transactions, because assuming that the government may make mistakes, the privacy of private wealth and the use of wealth should be absolutely protected
from the perspective of the central bank, the future digital currency should try its best to protect private privacy, but social security and order are also important. In case of criminal problems, it is necessary to retain the necessary verification means, that is to say, it is necessary to find a balance between protecting privacy and cracking down on criminal activities. The mastery of the balance between these two motivations also makes the tendency of technology choice different<
Caixin: what are the central bank's ideas on the issue and management of digital currency? What's the difference between digital currency and digital currency spontaneously appearing in the current market< / > Zhou Xiaochuan: at present, what many countries in the world recognize is the framework of digital or electronic money dominated by the central bank, which may be different from that of the people
when the central bank issues digital currency, it mainly embodies the following principles: first, it provides convenience and security. Second, as mentioned above, we should balance the protection of privacy with the maintenance of social order and the fight against illegal and criminal acts, especially for money laundering, terrorism and other criminal acts. Third, it should be concive to the effective operation and transmission of monetary policy. The fourth is to retain the control of currency sovereignty. Digital currency is freely convertible and controllable. Therefore, we believe that digital currency as legal tender must be issued by the central bank. The issue, circulation and transaction of digital currency should follow the idea of integration of traditional currency and digital currency, and implement the same principle of management
Caixin: is there a timetable for the launch of digital currency? Is it going to replace paper money in the end
Zhou Xiaochuan: we can't say the timetable of digital currency yet. China has a large population and a large volume. For example, a new version of RMB can be changed in a few months for small countries, but it will take about 10 years for China. Therefore, digital currency and cash will be parallel and graally replaced for quite a long time. In the later stage, the transaction cost of cash will graally rise. For example, in the past, banks were asked to count a large number of coins, and there was no charge for them. Later, they may need to charge. With the incentive mechanism, people will naturally use more digital currency, but the two will still co deposit in the longer term< However, there are many other applications of virtual currency. For example, the European crowdfunding platform uses blockchain technology to combine digital currency with real assets.
The form and expression of "virtual" is not the first important, the first important is the internal value. In other words, what is the relationship and difference between the value of virtual currency and that of general currency. In view of the depth of the background of the problem, we need to stand higher in the starting point of the research. The problem of currency is the problem of modernity, and the problem of virtual currency is the problem of post modernity. They do not share the same basic paradigm. It is the difference of paradigm, not virtual phenomenon, that leads to the difference between them
the formation mechanism of value is different
the value basis of general currency and virtual currency is different, the former represents utility, the latter represents value. From the point of view of behavioral economics, money, as a general equivalent, is called value in language, but it actually refers to utility. Virtual currency does not represent the "effect" of general "price", but the value itself. Virtual currency is not a general equivalent, but a manifestation of value relativity, or a symbol; It can also be said that virtual currency is personalized currency. In another way, it can also be called information currency. Their commonness lies in that they are symbols of uncertain value and relative value. When we say that, the traditional meaning of currency has been broken through. Money in its original meaning can only be a special case of the new currency in a broader sense. Money can be used as the symbol of general equivalent or relative value set
the monetary decision mechanism is different
the general currency is decided by the central bank, and the virtual currency is decided by indivials. The sovereignty of general currency is in the center of the Republic; The sovereignty of virtual currency lies in distributed indivial nodes. From the perspective of information economics, general currency is a special case of virtual currency. The special points of this special case are: first, the reference point does not change. Therefore, value is specialized from a set to a recible value. When the reference point remains unchanged, value is equivalent to utility; Second, the gain and loss of utility relative to the reference point remain unchanged. This means that the value of reference point is a stable rational value and equilibrium value. In a rational economy, the reference point may remain unchanged, but it is still a scattered set. The difference is that every point (the actual transaction price) of this decentralization is unstable, and only the equilibrium value is stable; But in the value concentration of virtual currency, every point may be stable, on the contrary, the rational equilibrium value may be unstable. Reflecting on the monetary decision mechanism, the central bank is the personified representative of a fixed reference point of rational value, while the virtual money market (such as stock market and game money market) is determined by forces other than the central bank. In this sense, some people in economics call the stock market as the virtual money market, and the economy formed by the stock market and derivative financial market as the virtual economy. The essence of virtual economy is information economy with indivial as the center
the value exchange mechanism is different
the value conversion of general currency is completed in the money market; The value conversion of virtual money is completed in the virtual money market. The value exchange between general currency and virtual currency is completed through the overall exchange of the two markets. Under special conditions, there is an immature exchange relationship between indivial markets. Therefore, it can be said that general currency and virtual currency are in different markets. Fisher Equation (QP = MV) describes the value conversion relationship between commodity market and money market; The extended Fisher Equation (MV = BH) describes the value conversion relationship between money market and virtual money market. Some people worry that the game virtual currency may cause inflation. This is because he does not understand the market exchange mechanism of virtual currency and confused the money market with the virtual currency market. Just as the imbalance of supply and demand in the commodity market can not directly lead to the imbalance of supply and demand in the money market, it must lead to inflation by issuing more money in the overall market; The imbalance of supply and demand in the virtual money market can not directly lead to inflation in the money market. The key to the problem is whether a unified virtual money market has been formed. The stock market is a unified market, but the game market is not. For example, the ratio of a game virtual currency to RMB may initially be 800000 to 1, and then it may change to 8 million to 1. Maybe we can buy a castle's virtual currency today, and maybe we can only buy a Tomahawk tomorrow. This phenomenon is indeed possible; If virtual currency forms a unified market, it may indeed exert pressure on the money market. The problem is that there is no such unified market. The issuers of game currency are independent of each other and do not have the status of financial subject, let alone the exchange with money at the level of financial market. What's more, whether it's base money or value-added money, the amount of money (m) and the level of money price (V, i.e. velocity of circulation) have not changed, so we can't think that there will be monetary inflation or deflation. For the current game currency depreciation phenomenon, it is better to explain that the service conditions of a game as a value-added service have changed. Due to the general improvement of the level of players or the increase of the number of players, the demand for virtual currency increases, and the price of services and virtual currency decreases. As a result of this change in the supply and demand conditions of services, service prices have declined. This is a phenomenon that can be explained by a real commodity market