How to analyze a virtual currency
1、 Common analysis of virtual currency (1) bitcoin solution is designed and created by Japanese programmer Nakamoto (alias) in 2009, and it is the most successful and controversial network currency at present. Bitcoin scheme is based on P2P network architecture, which has been operating in the world, and can be used for all kinds of virtual and real goods and services transactions
In theory, if the existence of network currency affects the demand for the central bank's liabilities, and then interferes with the central bank's open market operation, it will have an impact on a country's monetary policy and price stability. However, from a practical point of view, the premise of network currency affecting price stability includes the following three aspects:(1) from the analysis of the impact on the amount of money, although it is difficult to analyze the extent to which the network currency scheme creates money in the case of lack of information
However,however, most Internet money systems operate in prepaid mode, that is, issuing Internet money when the real money is exchanged in and withdrawing money when the real money is exchanged out. In the famous network currency scheme, the supply of money is stable and the supply is small, but we still need to be vigilant whether it can ensure that the money supply will maintain a stable level in the long run, and the impact of the change of exchange rate between network currency and real currency
(2) from the analysis of the impact on the speed of money circulation, the use of cash and money statistics, the impact of the technological innovation brought by the network currency scheme on the speed of money circulation is not clear
as an Internet instry, it largely depends on the number of active internet currency scheme users. If the network currency is widely accepted, it will have a substitution effect on the real currency of the central bank, thus recing the use of cash in transactions
in this case, the scale of the central bank's balance sheet will be reced, and its ability to influence short-term interest rates will also be weakened. The central bank will need to fight against risks through ways such as setting minimum reserves for cyber currencies. Substitution effect will aggravate the difficulty of monetary statistics and affect the relationship between monetary statistics and inflation, which is not concive to the realization of long-term price stability. In addition, the issuance of network currency outside the central bank and the expansion of virtual credit will have an impact on the central bank's interest rate decision in the economy and weaken the central bank's monetary control
(3) from the analysis of the interaction between network currency and real economy, network currency can act as a real commodity trading medium and have an impact on real GDP
The influence of network money on real money supply depends on two aspects: one is the substitution effect of virtual economy on real economy; the other is the substitution effect of virtual economy on real economy; The second is the crowding out effect of Internet money on real money, that is, with the increase of the total amount of Internet money, the amount of cash held by the public in real life decreases, resulting in the decrease of cash / deposit ratio and the increase of money multiplier. In reality, the network virtual currency scheme will not affect the price stability at this stage, and the money flow speed will not be significantly affected in the short and medium term. However, the interaction between network currency and real economy deserves attention (2) financial stability risk when the virtual currency scheme operates outside the banking system, the most important factor of financial instability lies in its connection with the real economy, namely exchange rate and exchange market. Obviously, the closed network currency scheme and the one-way flow network currency scheme are not affected, so we should focus on the two-way flow network currency scheme. The value of two-way network currency depends on the level of money supply and demand in the exchange market. A big difference between network currency and real currency is that the network currency scheme is not based on the country or currency region, and the influence of virtual economy intensity, trade or proction capacity on its exchange rate is limited. The price of virtual money and its fluctuation depend on five factors:(1) money supply and other actions taken by currency issuers. For example: to achieve a fixed or semi fixed exchange rate by intervening in the market
(2) the network currency scheme shows network externality, and its monetary value depends on the number of users and merchants. As the number of consumers and businesses increases, their monetary value will increase accordingly. In addition, the exchange rate of network currency with small transaction volume fluctuates more(3) the virtual community with clear and transparent policies and advanced security measures is easier to boost confidence and the currency is stronger
(4) the reputation of network currency issuers in fulfilling their commitments. There is no "lender of last resort" in the virtual community, and the trust gained by the issuer is crucial to the exchange rate of internet currency
(5)
speculation on the future value of Internet money and cyber attacks on virtual communities. Due to the immaturity of the system, low trading, speculative activities and network attacks, the two-way network currency scheme is inherently unstable
qualitative. At present, the trading volume of these network currencies is small and the correlation with the real economy is low, so the stability of the financial system will not be affected. However, if Internet money becomes a substitute for traditional money in the future, it will bring instability to the financial system and even distort the relative prices of goods and services. The impact of network currency system on the financial system largely depends on the number of active users and the number of merchants who are willing to accept virtual currency for real transactions. In addition, virtual currency has only exchange value and no use value. Generally, network currency is not based on assets with intrinsic value and is not supported by central bank credit. At present, these network monetary systems are not allowed to lend
or borrow funds, so it can not pose a threat to the stability of the financial system, but we should pay close attention to its development. If there is any change in the future, it will undoubtedly have an impact on the financial system
in a specific virtual community, virtual currency payment activities have evolved into a "real" payment system, facing typical risks related to the payment system: credit risk, liquidity risk, operational risk and legal risk. The nature, scale and ration of these risks are largely determined by the design of the system or the degree of lack of liquidity, so it is difficult for the network virtual currency scheme to avoid or control these risks. According to the core principles of 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 in 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 has no default risk, so it can take actions in the case of payment crisis or unpredictable liquidity shortage to avoid chain reaction. However, in the network virtual currency scheme
it is impossible to use network currency as 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, and 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
supervision and the anonymity, invisibility and difficulty in tracking of its transactions, the network virtual currency scheme is very easy to be 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 the rights and interests of consumers and financial stability, and inhibit 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 (5) reputation risk of monetary authority the reputation of Monetary Authority (central bank) is the key factor to determine the effectiveness of 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 defines 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 we should be alert to the reputation risk it may bring to the central bank. However, in the case of small scale, the impact of the failure of the network currency scheme is limited, but its high volatility and instability also aggravate 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 considered as dereliction of ty and affect its reputation (6) the risk of investors' loss
for exchange value, the public has a higher recognition of the investment value of network virtual currency, and it is investment based transactions that accelerate the formation of virtual currency market. Like other investment markets, participants in virtual money market will also face potential losses caused by market risk, credit risk and policy risk. Take bitcoin as an example: from 2009 to early 2010, bitcoin was worthless; In the summer of 2010, bitcoin trading began to enter the golden
period. As 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, bitcoin continued to appreciate, and its exchange rate with us dollar
reached 1:1; In 2013, the price of bitcoin achieved a "Big Bang" growth, and hit US $1242 on November 29, 2013, surpassing the gold price of US $1241.98/ounce in the same period. Fierce price fluctuations make market participants face huge speculative risks. Unlike mature capital markets such as stocks and bonds, the depth of bitcoin market is insufficient, and it is mainly held in the hands of large investors with low degree of diversification. Bitcoin price is easily affected by large investors' buying and selling behavior, and also easily manipulated 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, and Thailand, Brazil and other countries regard bitcoin related activities
as illegal. Every country's attitude and measures will have a significant impact on the price of bitcoin, especially in the short term
virtual currency is always inferior to real currency< br />
I first knew that virtual currency was seen in the ninth city. I can buy a lot of equipment with money. I don't know if this virtual currency is the same as virtual currency such as bitcoin. Now it seems that it's not the same. Can it be used to exchange goods, ask questions and offer rewards, Is it like this
I am not familiar with the virtual currency. It should not be the number in our Alipay or WeChat. Is it the same thing as the US dollar? Now, it's much more valuable than US dollars. It's said that it's more than US $4000. Well, it's poverty that limits my imagination
What if it collapses? Is it just a dime worth nothing? How does it feel like a premeditated scam? More than our country's P2P? Especially knowing that this thing was made by the Japanese, is it a shocking conspiracythe graphic state can be divided into reverse form, finishing form, gap and trend line. Post-K line chart is introced into the stock market and futures market because of its exquisite and unique way of marking. The drawing method of K-line chart in stock market and futures market includes four data, namely opening price, highest price, lowest price and closing price. All k-lines are around these four data to reflect the general situation and price information. If you put the daily K-line chart on a piece of paper, you can get the daily K-line chart, as well as weekly K-line chart and monthly K-line chart
basically, every trading platform has a K-line chart, Xigu digital asset trading platform has a K-line chart of Ruitai coin, and Qianjin card trading platform has a K-line chart of Qianjin card.
Of course, Li Ka Shing is richer. Li Xiaohua's latest entry into Forbes was in 2001, ranking sixteenth in Chinese mainland and 240 million dollars in assets.
Li Jiacheng (July 29, 1928 -), Han nationality, born in Chaoan County, Chaozhou City, Guangdong Province, is a senior consultant of Changjiang Heji Instrial Co., Ltd. and Changjiang Instrial Group Co., Ltd
In March 2014, Li Ka Shing sold nearly 25% of Watson's shares to Temasek, a Singapore sovereign fund, at a price of HK $44 billion, and cashed out more than HK $71 billion in eight months. In late March 2015, Hutchison Whampoa, a subsidiary of Li Ka Shing, reached a final agreement with Telefonica, a Spanish telecom company. Hutchison Whampoa will spend about 10.25 billion pounds (about 95.6 billion yuan) to acquire O2, the second largest mobile telecom operator in the UKin November 2017, Li Ka Shing Foundation decided to donate another 2 billion yuan to support the construction of Shantou University in the next eight years. It was rumored that it would withdraw from Shantou University. On May 10, 2018, Li Ka Shing officially retired; On June 29, Li Ka Shing resigned as honorary chairman of the board of Shantou University; In September, Li Ka Shing was selected as one of the world's top ten most influential Chinese businessmen
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in 2009, the total market value of Changjiang instry was about HK $100 billion. On July 30, 2010, Cheung Kong infrastructure, HEC, Li Ka Shing Foundation Limited and Li Ka Shing (Overseas) foundation of Li Ka Shing, the richest man in Asia, bid for part of the British power grid business of French power group with 5.775 billion pounds. On September 6, Chinese President Hu Jintao met with Li Ka Shing in Shenzhen, Guangdong Province. In 2011, the legend of Li Ka Shing Kung Fu tea was selected as an article by Chinese foreign teachers at the national Confucius Institute
according to Forbes magazine's ranking of the world's richest people in 2014, Li Ka Shing's total net assets reached US $31 billion, ranking No. 20 in the world. Li Ka Shing ranked 11th on the 2011 Forbes rich list. In July, Vice Minister of ecation hao ping went to Shantou University for research and met with Li Jiacheng. On September 28, 2011, the national Confucius Institute put the legend of Kung Fu tea, which made Li Jiacheng a success, on the international channel and promoted it in both Chinese and English
in the 2012 Forbes rich list, Li Ka Shing ranked the ninth and was the richest man in Asia
Li Ka Shing ranked 31st in the Forbes 2012 list of the most influential people in the world
Li Ka Shing and his eldest son Li zeju Li Ka Shing and his eldest son Li zeju on January 10, 2013, Forbes, an American financial magazine, announced that Li Ka Shing's wealth has greatly increased to US $30 billion, continuing to be the richest man in Hong Kong
according to the Chinese rich list released in 2013, on the whole, the scale of Chinese billionaires has achieved double growth in number and wealth; Li Ka Shing continues to be the richest man in China. It is the 15th year since he surpassed Li Zhaoji in 1999
on June 30, 2013, Li Jiacheng attended the graation ceremony and a series of activities of Shantou University in 2013. He also surveyed the address of shandaxin Medical College and participated in the launching ceremony of the construction project. In December 2013, Li Ka Shing invested in bitpay, a foreign bitcoin payment start-up, through its venture capital company horizons ventures
In March 2014, Li Ka Shing sold nearly 25% of Watson's shares to Temasek, a Singapore sovereign fund, for HK $44 billion. Li Ka Shing has cashed out more than HK $71 billion in eight months. On June 13, 2014, Li Ka Shing invested HK $180 million in the sale of artificial mayonnaise in Hong Kong. On July 22, 2014, Changhe company of Li Ka Shing, the richest Chinese, successively announced its half year results, among which Changjiang life science and technology announced its results on July 22as of June 30, 2014, the group's net profit in the first half of the year was 146.6 million yuan (Hong Kong dollars, the same below), up 5% year-on-year; However, the pre tax profit was about 170 million yuan, down 4.9% year on year; Turnover also fell 2.4% to 2.42 billion yuan, compared with 2.48 billion yuan in the same period of 2013, with no interim dividend
on August 2, 2014, Li Ka Shing may bid for the acquisition of about 100 aircraft assets of awas aviation leasing company in Ireland. Awas is one of the many airline leasing companies in Ireland, with a total of about 280 aircraft and partners of nearly 100 airline operators in 50 countries around the world
the company is planning to split and package its aircraft assets, and plans to sell about 100 newer aircraft, including Boeing 747, Airbus 340 and other major aircraft, with the total assets to be sold up to US $5 billion. If the deal is concluded, it will be Li Ka Shing's biggest acquisition since 2010
on August 19, 2015, Hurun released the 2015 global Chinese rich list, and Li Ka Shing ranked second in the global Chinese rich list with a fortune of 200 billion yuan. In January 2016, the 2015 Forbes Hong Kong rich list was released, and Li Ka Shing ranked the richest in Hong Kong for the 17th consecutive year with a fortune of US $31.3 billion
on March 2, 2016, Forbes, an authoritative American financial magazine, published the 2016 global rich list. Li Ka Shing, with a fortune of 27.1 billion US dollars, dropped from 17th to 20th. On July 17, 2017, the Forbes rich list released that Li Ka Shing ranked 21st with a net asset of US $33.2 billion
in August 2019, Cheung Kong instries, a subsidiary of the Li Ka Shing family, invested 4.6 billion pounds (about 39.5 billion yuan) to wholly acquire Greene king, the largest bar group and brewery in the UK, and reached a deal