Virtual currency with public ledger

2.

According to the news on February 10, 2018, on September 4, 2017, seven ministries and commissions of the people's Republic of China issued the notice on preventing the financing risk of token issuance, which regulates the issuance of tokens. In the notice, the nature of all kinds of tokens and "virtual currency" is clearly defined: it is not issued by the monetary authority, and it has no monetary attributes such as legal compensation and mandatory, It does not have the same legal status as currency and cannot and should not be used as currency in the market. Nevertheless, it is undeniable that all kinds of "virtual currency" still have a certain property value and are part of the property of the holder. So, how to identify the nature of the theft of such tokens

In order to protect the legitimate rights and interests of "virtual token" holders, the author intends to discuss such issues through a relevant news report and relevant cases

stealing bitcoin

recently, a news report said that Haidian police in Beijing cracked a case of destroying computer information system. The suspect Zhong used his administrator's authority to modify the company's computer applications and steal 100 bitcoins. Before he could sell the stolen money, Zhong was arrested by the police. At present, Zhong was detained for the crime of destroying computer information system

it can be seen from the report that the police detained the perpetrator for stealing bitcoin on suspicion of damaging the computer information system. The crime of destroying the computer information system stipulated in Article 286 of the criminal law of our country refers to the act of deleting, modifying, adding or interfering with the functions of the computer information system in violation of the provisions of the state, resulting in the abnormal operation of the computer information system and serious consequences, or deleting, modifying or interfering with the data and application programs stored, processed or transmitted in the computer information system Modifying or adding operations with serious consequences, or deliberately making or spreading destructive programs such as computer viruses, which affect the normal operation of the computer system with serious consequences

In the author's opinion, this crime is one of the crimes of impairing social management order in Chapter 6 of the criminal law, that is, the legal interest protected by this crime is actually the public order of our society, not the property interests of the digital currency holders, which in fact denies the property value of digital currency, It is only protected as a data or system function in a computer system. The author thinks that there is some irrationality in this way

first of all, in the notice on the prevention of bitcoin risk issued in 2013, it is mentioned that bitcoin is not a real currency because it is not issued by the monetary authority and does not have such monetary attributes as legal compensation and compulsion. Bitcoin has four main characteristics: no centralized issuers, limited amount, no geographical restrictions and anonymity. Because it belongs to a specific virtual commodity in nature The notice also clearly mentioned that bitcoin does not have the same legal status as currency and should not be used as currency in the market. However, as a virtual commodity, the property value behind bitcoin cannot be ignored

Secondly, Article 127 of the general provisions of the civil law, which came into effect on October 1 last year, stipulates that if the law has provisions on the protection of data and network virtual property, such provisions shall prevail. Although only the protection of the network virtual property has made the principle provisions, but it can not be denied that this shows our country's attitude towards the protection of the network virtual property. Although there is no special law for the protection of data and network virtual property in China, from the perspective of the general provisions of civil law, it is predicted that there will be relevant legislation in the future

finally, from the relevant cases, we can also see the recognition of the property attribute of virtual currency such as bitcoin in China's judicial practice. In April and may 2013, Liu premeditated to set up a bitcoin trading platform, so he recruited Jin and Huang (both sentenced) to jointly set up a "bitcoin" trading platform. During this period, Liu, Huang, Jin, Jin and the defendant he, in addition to other acts of directly stealing customers' funds, also frequently cashed RMB by selling customers' bitcoins, and transferred 120 bitcoins from the website. Finally, the court convicted and punished the defendant for fraud, and the bitcoin transferred by the defendant was also included in the property loss of the victim. Therefore, from the judicial cases, we can also get the recognition of the property attributes of virtual currency such as bitcoin

based on the above reasons, the author thinks that it may be unreasonable to regulate the theft of virtual currency only as the crime of damaging computer information system. We should face up to the hidden property value and consider the application of the crime of infringing property in China's criminal law. Only in this way can we effectively protect the legitimate rights and property of digital currency holders in China

3.

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 cost

③ 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 technology

4. 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 agreement

bitcoin 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

4.

Bitcoin BTC 2009 Satoshi Nakamoto is bitcoin / org ~ $24.3 billion is SHA-256; LTC 2011 coblee is litecoin / org ~ $3.6 billion is script infinite; IFC 2012 ifccion is ifccoin / ORG~$ $20 million is a script quark, qrk 2012, qrkcion is cgbcion / org - $10 million is a script zeta, ZET 2012 zetcony is ZET / org - $10 million is a script proof of work / POS

5. Bitcoin is hardly bankrupt. At most, its market value is zero

there are many unsuccessful currencies in history, such as the Deutschmark in the Weimar Republic and, more recently, the Zimbabwean dollar. Although previous currency failures were usually e to over inflation that could not happen on bitcoin, there were always potential technical errors, currency competition and political problems. The basic lesson is that no currency can be considered absolutely safe from failure or difficult times. Bitcoin has been proven reliable for several years since its birth, and it has great potential to continue to grow. But no one can predict the future of bitcoin< The rapid rise in price of BR />
does not constitute a bubble. Artificial overestimation will lead to a sudden downward revision, which will form a bubble. The price fluctuation of bitcoin caused by the indivial behavior of thousands of market participants is the result of the market determining the price. From the emotional point of view, the reasons for price changes include: the loss of confidence in bitcoin, the huge difference between price and value not based on the fundamentals of bitcoin economy, more and more news reports stimulating speculative demand, fear of uncertainty, and outdated irrational prosperity and greed.

6.

According to the information released yesterday by the office of the people's Government of Heshun County, Shanxi Province, a slope landslide accident occurred in the a6-1 mining area of the fourth mining area of Lvxin coal instry in the county from 15:00 to 17:00 on August 11. After preliminary inquiry of the person in charge of the mine, five excavators were buried, four people died and five people were missing. At 0:52 a.m. yesterday, the person in charge of the mine surrendered himself

On the morning of August 15, the office of Heshun county government issued a notice saying that under the strong working pressure of the municipal and county governments, Gao Yang, the legal representative and general manager of Lvxin coal instry, surrendered to the County Public Security Bureau at 0:52 on August 15. At present, Gaoyang has been controlled by the police. Rescue headquarters have been set up at the municipal and county levels to further verify the number of missing persons and search and rescue. Seven working groups have been set up, and relevant work is in progress

7.

Hello, player

you should be talking about the Yellowstone mine, right? Huangshi cave is a place where mining can be carried out, and raw materials for craftsmen and inlays can be proced

only line 1 can enter Huangshi mine. It is located in the lower right side of the map in the south of Jingshan mountain between Jiangling city and Xiangyang City (as shown in the figure below)

after entering the map, as long as there is a mine hoe of the corresponding grade purchased from the sikin Zhonglang in Jiangling, you can right-click a pile of ore at will and start mining

for details, please refer to the official website of QQ Three Kingdoms: http://sg.qq.com/webplat/info/news_ version3/159/23162/23167/23185/m14774/201604/453793.shtml