There are applications for virtual currency
On June 28, 2009, the Ministry of culture and the Ministry of Commerce jointly issued the "notice on strengthening the management of virtual currency in online games", which made it clear that virtual currency is expressed in the form of prepaid recharge card, prepaid amount or points of online games, but does not include game props obtained in game activities; Virtual currency shall not be used to pay for, purchase physical procts or exchange for any procts and services of other enterprises< The following is the full text of the Circular of the Ministry of culture and the Ministry of Commerce:
the Circular of the Ministry of culture and the Ministry of Commerce on strengthening the management of virtual currency in online games
the cultural departments (bureaus) and commercial departments (bureaus) of all provinces, autonomous regions and municipalities directly under the central government, the Cultural Bureau and commercial bureau of Xinjiang proction and Construction Corps, Beijing, Tianjin, Shanghai and Chongqing Ningxia Hui Autonomous Region Cultural market administrative law enforcement corps:
with the rapid development of online games, online game virtual currency is widely used in online game business services. The virtual currency of online games not only promotes the development of online game instry, but also brings new economic and social problems. Mainly reflected in: first, the lack of protection of user rights and interests; Second, market behavior lacks supervision; Third, the online game virtual currency in the use of disputes
in order to standardize the operation order of online game market, according to the spirit of Interim Provisions on Internet culture management, notice on Further Strengthening the management of Internet cafes and online games (Wen Shi Fa [2007] No. 10) and notice on standardizing the operation order of online games and banning the use of online game gambling (Gong Tong Zi [2007] No. 3), etc, With the consent of the people's Bank of China and other departments, the notice on strengthening the management of virtual currency of online games is as follows
paper money and bitcoin seem to be the same. First of all, you need to understand that bitcoin is not a virtual currency. Money is guaranteed. Paper money is guaranteed by national credit. Even game currency is guaranteed by the company, stocks are guaranteed by the company's asset revenue, and bitcoin is nothing without guarantee. So as long as bitcoin doesn't have a credible guarantee, beware of fraud. At present, it seems that tycoons are speculation, speculation arbitrage, and then escape the rhythm
the person in charge said that bitcoin was born in the environment of quantitative easing in the United States, and people realized that paper money can also be devalued. But the devaluation of paper money is related to the credit of the country, even the survival of the country
after the Chinese took over bitcoin, the tide rose. Do you pay attention to foreign media? Foreigners are selling bitcoin. Don't talk about the quality of bitcoin, it's not controlled by the government and so on. Let's see what people are doing? It's bitcoin for paper money. So you know who's reliable? Since bitcoin is good, what do you do with paper money
the most distressing thing is that foreign "players" are exchanging a string of codes for Chinese banknotes“ The Chinese who play catch
I suggest you search for "Ponzi scheme". Bitcoin pretends to be money, but money can buy things. Can you buy things with bitcoin? So bitcoin is money, and it's a fraud. Money needs circulation value
bitcoin is being bought and sold, so it's a commodity. Goods need use value. Taobao can wear pants. Next, please refer to the Ponzi scheme.
Background: the financial application of blockchain technology brings high investment value
2018 China international big data instry Expo opened in Guiyang City, Guizhou Province on the 26th. At the meeting, it was pointed out that China will vigorously develop the digital economy in the future, deeply implement the action plan for the development of big data and cloud computing, and deeply study blockchain technology and application. Especially in the field of finance, the landing application has become the focus of the scientific and financial circles
1. The value source of blockchain is that it can perfectly solve the pain points of the current financial instry:
in today's asset securitization, insurance, supply chain finance, commodity trading, asset custody and other financial scenarios, e to many participants, high cost of credit evaluation, low settlement efficiency of intermediary institutions and other reasons, Traditional financial service methods are difficult to effectively solve the long-standing core pain points in the instry, such as information asymmetry, complex and rendant processes, and high information verification cost
2. Why can blockchain solve the above pain points:
blockchain technology integrates many basic technologies, such as distributed accounting, tamper proof, built-in contract, etc., and constructs a trust building mechanism with lower cost. The financial application based on blockchain technology can realize the ability of all market participants to obtain all transaction information and asset ownership records in the market without discrimination, and effectively solve the problem of information asymmetry; Smart contract embedding reces the error rate of payment and settlement, simplifies the process and improves efficiency; At the same time, based on transparent information and brand-new trust mechanism, there is no need to spend manpower, material resources and financial resources to confirm information among participants, which will greatly rece the trust cost between institutions, and then rece the price of financial services and transaction costs
3. The application of blockchain technology in the financial field mainly includes the following aspects:
① digital currency
among which bitcoin is the most famous. On the basis of bitcoin, a large number of other types of decentralized digital currencies have been derived. Such as: the heyday of bits
Compared with the traditional payment system, blockchain payment can directly carry out end-to-end payment for both parties without the help of the banking system, which can greatly improve the speed and rece the cost③ digital bills
④ bank credit management: the advantage of blockchain is that it can rely on program algorithm to automatically record credit related information and store it on every computer in the blockchain network, with transparent information, tamper proof and low cost
The major financial institutions and exchanges in Europe and the United States have explored the application research of building the next generation of financial asset trading platform based on blockchain technology4. The development prospect of blockchain. The future development of blockchain technology will have the most vitality with alliance chain as the entry point, and will have a significant effect and far-reaching impact on the transformation of traditional financial instry pain points
in response to the good investment prospects of blockchain, domestic enterprises such as Alibaba, Jingdong and Netcom have entered the market. The application of financial scenarios based on blockchain technology not only brings us security and convenience, but also provides us with broader investment space. The rise and price surge of digital currency represented by bitcoin (bitcoin was about RMB 20 cents when it was first listed in 2009, and its current price is about US $7300!) It's the best proof that people with a keen sense of smell have made a lot of money from it
Abstract: This is an encrypted digital currency based on the bitcoin developed by Nakamoto Tsung, which improves and adds many new functions, such as the double-layer reward system network, also known as the main node network. It also includes anonymous payment to improve the interchangeability (bitage) and real-time payment function docking to realize real-time transaction confirmation without relying on the authority of the center (P2P mall) In 2009, Nakamoto put forward the concept of bitcoin. Since then, bitcoin has spread rapidly in mainstream applications and commercial uses, becoming the first digital currency to attract a large number of users, which is a milestone in the history of digital currency. However, from the perspective of completing the transaction, we can find an important problem, that is, it takes too long for bitcoin block to confirm the transaction. Traditional payment companies have found a solution to enable the buyer and the seller to realize zero confirmation of bitcoin transaction, but this solution usually requires a trusted third party to complete the transaction outside the agreementbitcoin provides pseudonym transaction, realizes the one-to-one transaction relationship between sender and receiver, and can always record the transactions occurred in the whole network. Bitcoin only provides low-level privacy protection, which is well known in academia. Despite this deficiency, many people still believe in the transfer history recorded by blockchain
based on Nakamoto's achievements, bitshengshi is an encrypted digital currency with the purpose of protecting privacy. We have made a series of improvements on the basis of the concept of bitcoin, resulting in a decentralized cryptocurrency with good anonymity. It supports tamper proof real-time transactions, and has a point-to-point sub network that can provide service reward system for bitsheng network
2. Master node network
the whole node is the server running on the P2P network, so that small nodes can use them to accept the dynamic changes from the whole network. These all nodes need significant traffic and other resources that consume a lot of cost. Therefore, it will be observed that the number of these nodes on the bitcoin network presents a steady downward trend over a period of time, so that the block broadcast time needs an additional 40 seconds. In order to solve this problem, many solutions have been put forward, such as the introction of Microsoft Research's new incentive plan and bitnodes incentive plan
Figure 6: Mining reward model
in the future, blockchain will be applied in any field and bring great impact on human life. Blockchain technology is regarded as one of the main protocols of the next generation of value Internet. Blockchain technology will be useful in any field of proction and life that lacks trust. From digital currency to securities and financial contracts, health care, games, artificial intelligence, intelligent contracts, Internet of things, identity authentication, asset trading, e-commerce, social communication, file storage and other fields can be widely used
in the aspect of medical treatment
when the blockchain technology is used to save the personal medical records, there will be the historical data of personal medical treatment, which can be understood as the electronic medical records on the blockchain. In the future, there will be data for medical treatment or health planning, and the real master of this data is the patient himself, not the hospital or a third-party organization. In addition, these data have strong privacy, and the use of blockchain technology also helps to protect the privacy of patients
payment system
compared with the existing traditional payment system, blockchain technology can avoid the complex system, directly between the two sides of the transaction, does not involve intermediary institutions, even if part of the network is paralyzed, it will not affect the operation of the whole system. This method has the characteristics of low price, fast speed, and no intermediate fees
banking
as a digital, secure and anti-interference account, blockchain realizes the core function of Banking: the safe storage and transfer center of value. Some banks with keen sense of smell in the world have begun to actively plan to join the army of blockchain research and application in order to gain the initiative in the fierce competition in the future
identity authentication of blockchain
blockchain has the feature of being accessible to everyone. Everyone can query the block information in any place with network. The high transparency also makes blockchain full of charm. In the future, ID card and account book are basically not needed, because every identity information can be written into the blockchain. When you need to verify the information, you only need to look it up to find it
election
based on the voting transaction on the blockchain, it can be confirmed that no vote has been modified or deleted, and there will be no improper voting
Real Estate
blockchain technology can change the operation mode of the real estate market. It can combine many complex processes and cases that real estate companies usually deal with, speed up the transaction process, rece fraud, and provide more transparent and secure transactions for each participant. Provides a way to achieve paperless and fast trading needs
securities issuance and trading
the probability of various kinds of errors in general stock and other securities trading is too high, which requires manual correction, thus prolonging the time required for transaction settlement. Through the transaction of distributed ledger, the automation of the whole process can be realized, and the security and efficiency can be improved. The identity and transaction volume of the trading party are recorded on the blockchain in real time, with an open, transparent and traceable system. It is concive to the market maintenance of securities issuers and regulatory authorities, and can rece the occurrence of black box operation and insider trading
in the scenario of relatively closed, multi-party trust problems and carrying value transmission, blockchain has unique technical advantages and also shows unique charm, which has great application imagination space. At the current stage, blockchain is worth exploring in some scenarios.
2) no storage cost
3) it is not up to any institution or organization to determine the issue volume. For example, bitcoin agreement limits the total supply, so it has a value preservation and anti inflation attribute similar to "gold". However, it should be noted that there are regulatory risks in the decentralization of cryptocurrency; The value of cryptocurrency based on blockchain technology is unstable; The payment network based on blockchain is difficult to achieve the number of transactions per second needed in real life
different from the encrypted digital currency designed and promoted by private organizations in the United States, the digital RMB (DC / EP) researched and launched by the people's Bank of China is an electronic cash based on national credit and has the status of legal currency
1) in recent years, the development of digital economy has accelerated, and the introction of digital currency connects the transaction needs of residents, enterprises and financial institutions in the era of digital economy
2) the central bank's digital RMB is the replacement of paper currency RMB and a kind of electronic RMB. Compared with cash and bank card payment, it is more convenient and has the status of legal currency (that is, behind the national credit) compared with the third-party payment
3) through the central bank's digital currency wallet, both parties can achieve point-to-point currency transaction and double offline payment without intermediary, so as to achieve privacy protection
4) Facebook and other institutions plan to promote the stable currency Libra (a global currency payment system without borders), which may have an unknown impact on the legal currencies of various countries
after the introction of the central bank's digital currency, we believe that the form of financial services may change, and the digital ability of financial institutions may be an important factor in the future market competition. After the introction of the central bank's digital currency, the form of financial services provided by financial institutions may change, including not only the transformation of infrastructure and service channels, but also the remodeling of business processes such as payment, deposit and loan, financial management and risk control
these trends have been emerging since 2013 (the first year of Internet Finance). We believe that the introction of central bank digital currency will accelerate this process, and more banking institutions will be deeply involved in it, rather than just Internet companies. Although the central bank's digital currency itself will not have an impact on the instrial competition pattern, all institutions are in the same starting line again when it comes to how to connect the new central bank's digital currency system and how to deal with the uncertainty brought by digital currency
we believe that in addition to the competitiveness driving factors such as channels, scenarios, data utilization, proct R & D and infrastructure construction, the importance of digital capability in future market competition will be significantly enhanced
risk
we believe that innovation and regulation will be in a state of dynamic balance. We continue to pay attention to the impact of the development of digital currency on the financial instry, as well as the possible risks, including data security and privacy protection, ownership of data assets, new financial risks, etc.
Mr. mafroji's track record in the financial sector is not brilliant. In 1994, mafroji created the world-famous MMM company's investment fraud by using pyramid scheme. Today, the MMM case is still considered as a typical case of pyramid scam in academic circles
at present, the MMM financial mutual aid community with internet vest is the same as MMM company's stock case. But up to now, there is no evidence to prove the direct connection between the two
some people in the instry believe that the financial model of repaying the old by borrowing the new is similar to the pyramid scheme, which not only has no actual investment target, but also covers up in the name of "helping each other"
according to a senior lawyer of a well-known law firm in Beijing, if the above-mentioned mode is used to seek illegal benefits, it is suspected of pyramid selling. At the same time, if the investor's investment fund cannot be returned or cashed, the evidence shall be retained to prove that the case shall be reported to the Economic Investigation Brigade with jurisdiction.