Tic coin mining
Publish: 2021-04-14 23:17:44
1. In order to understand the technical principle of bitcoin, we need to understand two important cryptographic techniques: hash code: it converts a long string into a fixed length string, and its conversion is irreversible, that is, it is impossible to guess the original string from hash code. Sha256 is mainly used in bitcoin protocol
public key system: corresponds to a public key and a private key, keeps the private key in the application and publishes the public key. When Party A transmits information to Party B, it can use Party A's private key to encrypt the information, and Party B can use Party A's public key to decrypt the information, so as to ensure that the third party cannot impersonate Party A to send the information; At the same time, when Party A transmits information to Party B, it is encrypted with Party B's public key and sent to Party B, and then Party B decrypts it with his own private key, so as to ensure that the third party cannot eavesdrop on the communication between the two people. RSA is the most common public key system, but the lliptic curve digital signature algorithm is used in bitcoin protocol. What's the difference between cash and bank account? Bitcoin is an electronic currency in BTC. In this article, it is also used to refer to the whole bitcoin system. Like opening an account in a bank, the corresponding concept in bitcoin is address. Everyone can have one or more bitcoin addresses, which are used to pay and collect money. Each address is a string that starts with 1. For example, I have two bitcoin accounts, and. A bitcoin account is uniquely determined by a pair of public key and private key. To save the account, you only need to save the private key file. Unlike bank accounts, banks keep all transaction records and maintain the book balance of each account, while bitcoin's transaction records are jointly maintained by the whole P2P network through a pre agreed protocol. How much money is in my account address? Although the current account balance can be seen by bitcoin software, unlike banks, there is no place to maintain the book balance of each address. It can only calculate the account balance in real time through all historical transactions. How do I pay? When I pay from address a to address B of the other party, the payment amount is e. at this time, both parties will announce the transaction information to each network node, telling address a to pay to address B, and the payment amount is e. In order to prevent the third party from forging the transaction information, the transaction information will be encrypted with the private key of address A. at this time, the network node receiving the transaction information can use the public key of address a to verify that the transaction information is indeed sent by address a. Of course, trading software will help us do these things, we just need to input the relevant parameters in the software. What will the network node do after receiving the transaction information? This is the most important part of the bitcoin system, which needs to be elaborated. For the sake of simplicity, only bitcoin protocol has been implemented. In the current version, each network node will save all transaction information synchronously. There are two kinds of transaction information in history, one is & quot; Verified & quot; The transaction information, that is, the verified transaction information, is stored in a series of "blocks". Each & quot; block" Is the previous & quot; bock" The ID of each block is the hash code of the hash code of the block and the new transaction information (see an actual block). The other category refers to those who also & quot; Unverified & quot; The transaction information just paid above belongs to this category. When a network node receives new unverified transaction information (possibly more than one), it can calculate the book balance of each address at that time because the node keeps all the transaction information in history, so it can calculate whether the transaction information is valid, that is, whether there is enough balance in the payment account. After eliminating the invalid transaction information, it first takes out the last & quot; block" Then, the unverified transaction information is combined with the ID, and a verification code is added to form a new "block". It needs a lot of calculation to build a new block, because it needs to calculate the verification code, so that the above combination becomes a block, that is, the first several bits of the hash code of the block are 1. At present, the first 13 bits need to be 1 (generally, the specific method is uncertain), which means that if the block is generated by enumeration method, the average number of enumerations is 16 ^ 13. Using CPU resources to generate a block is called "gold mining", because the proction of the block will get a certain reward, and the reward information has been included in the block. When a network node generates a new block, it will broadcast to other network nodes. However, this network block may not be accepted by the network, because it is possible that other network nodes have proced the block earlier. Only the earliest block or the block with the largest number of subsequent blocks is valid, and the remaining blocks are no longer used as the initial blocks of the next block. How does the other party confirm that the payment is successful? When the payment information is distributed to the network node, the network node begins to calculate whether the transaction is valid (that is, whether the account balance is enough to pay), and attempts to generate blocks containing the transaction information. When six blocks (one direct block and five subsequent blocks) contain the transaction information, the transaction information is considered "verified", so that the transaction is formally confirmed, and the other party can confirm the successful payment. A possible problem is that I will pay the balance of address a to address B, and at the same time pay to address C. If I only verify that the single comparison transaction is valid. At this point, my way of cheating is to generate six blocks including B to B and six blocks including C to C before the truth is revealed. Because I need a very long CPU time to generate a block, compared with the whole network, the probability of my cheating success is very small. What is the motivation of network nodes to proce blocks? As can be seen from the above description, in order to make the transaction information effective, the network node needs to generate 1 and 5 subsequent blocks to contain the transaction information, and such block generation is very CPU intensive. How to let other network nodes help to proce blocks as soon as possible? The answer is very simple. The agreement stipulates that BTC will be rewarded for the address where the block is proced, as well as the Commission promised by both parties. At present, the reward for procing a block is 50btc, which will be halved every four years in the future. For example, the reward will be 25btc from 2013 to 2016. Is the transaction anonymous? Yes, and No. All bitcoin transactions are visible. We can check all transaction records of each account, such as mine. But what's different from the banking monetary system is that everyone's account itself is anonymous, and everyone can open many accounts. In general, anonymity is not as good as it claims. But bitcoin has another advantage in doing black market trading: it can't be frozen. Even if the police trace a bitcoin address, there is nothing they can do unless they trace the computer used by the exchange based on the Internet address. How to ensure that bitcoin does not depreciate? Generally speaking, in the case of equivalent trading activities, the value of money is inversely proportional to the amount of money issued. Unlike the traditional money market, the central bank can determine the amount of money issued. Bitcoin does not have a central issuing institution. Only by procing blocks can we get a certain amount of BTC currency. Therefore, bitcoin's new amount of money depends on: 1. The speed of procing blocks: bitcoin's agreement stipulates that the difficulty of procing blocks is fixed at an average of 2016 every two weeks, about 10 minutes. Moore's law of doubling CPU speed every 18 months will not speed up the proction of block. 2. The number of rewards for block proction: at present, 50 BTC is awarded for each block proced, which is halved every four years. In 2013, 25 BTC is awarded, and in 2017, 12.5 BTC is awarded. Considering the above two factors, bitcoin's currency issuing speed is not controlled by any single node in the network. Its protocol makes the currency stock known in advance, and the maximum stock is only 21 million BTC
public key system: corresponds to a public key and a private key, keeps the private key in the application and publishes the public key. When Party A transmits information to Party B, it can use Party A's private key to encrypt the information, and Party B can use Party A's public key to decrypt the information, so as to ensure that the third party cannot impersonate Party A to send the information; At the same time, when Party A transmits information to Party B, it is encrypted with Party B's public key and sent to Party B, and then Party B decrypts it with his own private key, so as to ensure that the third party cannot eavesdrop on the communication between the two people. RSA is the most common public key system, but the lliptic curve digital signature algorithm is used in bitcoin protocol. What's the difference between cash and bank account? Bitcoin is an electronic currency in BTC. In this article, it is also used to refer to the whole bitcoin system. Like opening an account in a bank, the corresponding concept in bitcoin is address. Everyone can have one or more bitcoin addresses, which are used to pay and collect money. Each address is a string that starts with 1. For example, I have two bitcoin accounts, and. A bitcoin account is uniquely determined by a pair of public key and private key. To save the account, you only need to save the private key file. Unlike bank accounts, banks keep all transaction records and maintain the book balance of each account, while bitcoin's transaction records are jointly maintained by the whole P2P network through a pre agreed protocol. How much money is in my account address? Although the current account balance can be seen by bitcoin software, unlike banks, there is no place to maintain the book balance of each address. It can only calculate the account balance in real time through all historical transactions. How do I pay? When I pay from address a to address B of the other party, the payment amount is e. at this time, both parties will announce the transaction information to each network node, telling address a to pay to address B, and the payment amount is e. In order to prevent the third party from forging the transaction information, the transaction information will be encrypted with the private key of address A. at this time, the network node receiving the transaction information can use the public key of address a to verify that the transaction information is indeed sent by address a. Of course, trading software will help us do these things, we just need to input the relevant parameters in the software. What will the network node do after receiving the transaction information? This is the most important part of the bitcoin system, which needs to be elaborated. For the sake of simplicity, only bitcoin protocol has been implemented. In the current version, each network node will save all transaction information synchronously. There are two kinds of transaction information in history, one is & quot; Verified & quot; The transaction information, that is, the verified transaction information, is stored in a series of "blocks". Each & quot; block" Is the previous & quot; bock" The ID of each block is the hash code of the hash code of the block and the new transaction information (see an actual block). The other category refers to those who also & quot; Unverified & quot; The transaction information just paid above belongs to this category. When a network node receives new unverified transaction information (possibly more than one), it can calculate the book balance of each address at that time because the node keeps all the transaction information in history, so it can calculate whether the transaction information is valid, that is, whether there is enough balance in the payment account. After eliminating the invalid transaction information, it first takes out the last & quot; block" Then, the unverified transaction information is combined with the ID, and a verification code is added to form a new "block". It needs a lot of calculation to build a new block, because it needs to calculate the verification code, so that the above combination becomes a block, that is, the first several bits of the hash code of the block are 1. At present, the first 13 bits need to be 1 (generally, the specific method is uncertain), which means that if the block is generated by enumeration method, the average number of enumerations is 16 ^ 13. Using CPU resources to generate a block is called "gold mining", because the proction of the block will get a certain reward, and the reward information has been included in the block. When a network node generates a new block, it will broadcast to other network nodes. However, this network block may not be accepted by the network, because it is possible that other network nodes have proced the block earlier. Only the earliest block or the block with the largest number of subsequent blocks is valid, and the remaining blocks are no longer used as the initial blocks of the next block. How does the other party confirm that the payment is successful? When the payment information is distributed to the network node, the network node begins to calculate whether the transaction is valid (that is, whether the account balance is enough to pay), and attempts to generate blocks containing the transaction information. When six blocks (one direct block and five subsequent blocks) contain the transaction information, the transaction information is considered "verified", so that the transaction is formally confirmed, and the other party can confirm the successful payment. A possible problem is that I will pay the balance of address a to address B, and at the same time pay to address C. If I only verify that the single comparison transaction is valid. At this point, my way of cheating is to generate six blocks including B to B and six blocks including C to C before the truth is revealed. Because I need a very long CPU time to generate a block, compared with the whole network, the probability of my cheating success is very small. What is the motivation of network nodes to proce blocks? As can be seen from the above description, in order to make the transaction information effective, the network node needs to generate 1 and 5 subsequent blocks to contain the transaction information, and such block generation is very CPU intensive. How to let other network nodes help to proce blocks as soon as possible? The answer is very simple. The agreement stipulates that BTC will be rewarded for the address where the block is proced, as well as the Commission promised by both parties. At present, the reward for procing a block is 50btc, which will be halved every four years in the future. For example, the reward will be 25btc from 2013 to 2016. Is the transaction anonymous? Yes, and No. All bitcoin transactions are visible. We can check all transaction records of each account, such as mine. But what's different from the banking monetary system is that everyone's account itself is anonymous, and everyone can open many accounts. In general, anonymity is not as good as it claims. But bitcoin has another advantage in doing black market trading: it can't be frozen. Even if the police trace a bitcoin address, there is nothing they can do unless they trace the computer used by the exchange based on the Internet address. How to ensure that bitcoin does not depreciate? Generally speaking, in the case of equivalent trading activities, the value of money is inversely proportional to the amount of money issued. Unlike the traditional money market, the central bank can determine the amount of money issued. Bitcoin does not have a central issuing institution. Only by procing blocks can we get a certain amount of BTC currency. Therefore, bitcoin's new amount of money depends on: 1. The speed of procing blocks: bitcoin's agreement stipulates that the difficulty of procing blocks is fixed at an average of 2016 every two weeks, about 10 minutes. Moore's law of doubling CPU speed every 18 months will not speed up the proction of block. 2. The number of rewards for block proction: at present, 50 BTC is awarded for each block proced, which is halved every four years. In 2013, 25 BTC is awarded, and in 2017, 12.5 BTC is awarded. Considering the above two factors, bitcoin's currency issuing speed is not controlled by any single node in the network. Its protocol makes the currency stock known in advance, and the maximum stock is only 21 million BTC
2. Every other time, the bitcoin system will generate a random code on the system node. All computers in the Internet can search for this code. Whoever finds this code will generate a block and get a bitcoin. This process is often called mining
at present, one bitcoin is divided into eight decimal places, namely 0.00000001btc, based on the current data structure. The smallest unit of bitcoin g by miners is 0.00000001btc
generally speaking, bitcoin is like a gold mountain composed of 21 million gold coins. To get it, players need to use the computing power of the computer to calculate a group of numbers that conform to specific rules according to the existing algorithms.
at present, one bitcoin is divided into eight decimal places, namely 0.00000001btc, based on the current data structure. The smallest unit of bitcoin g by miners is 0.00000001btc
generally speaking, bitcoin is like a gold mountain composed of 21 million gold coins. To get it, players need to use the computing power of the computer to calculate a group of numbers that conform to specific rules according to the existing algorithms.
3. In order to understand the technical principle of bitcoin, we need to understand two important cryptographic techniques: hash code: it converts a long string into a fixed length string, and its conversion is irreversible, that is, it is impossible to guess the original string from hash code. Sha256 is mainly used in bitcoin protocol
public key system: corresponds to a public key and a private key, keeps the private key in the application and publishes the public key. When Party A transmits information to Party B, it can use Party A's private key to encrypt the information, and Party B can use Party A's public key to decrypt the information, so as to ensure that the third party cannot impersonate Party A to send the information; At the same time, when Party A transmits information to Party B, it is encrypted with Party B's public key and sent to Party B, and then Party B decrypts it with his own private key, so as to ensure that the third party cannot eavesdrop on the communication between the two people. RSA is the most common public key system, but the lliptic curve digital signature algorithm is used in bitcoin protocol. What's the difference between cash and bank account? Bitcoin is an electronic currency in BTC. In this article, it is also used to refer to the whole bitcoin system. Like opening an account in a bank, the corresponding concept in bitcoin is address. Everyone can have one or more bitcoin addresses, which are used to pay and collect money. Each address is a string that starts with 1. For example, I have two bitcoin accounts, and. A bitcoin account is uniquely determined by a pair of public key and private key. To save the account, you only need to save the private key file. Unlike bank accounts, banks keep all transaction records and maintain the book balance of each account, while bitcoin's transaction records are jointly maintained by the whole P2P network through a pre agreed protocol. How much money is in my account address? Although the current account balance can be seen by bitcoin software, unlike banks, there is no place to maintain the book balance of each address. It can only calculate the account balance in real time through all historical transactions. How do I pay? When I pay from address a to address B of the other party, the payment amount is e. at this time, both parties will announce the transaction information to each network node, telling address a to pay to address B, and the payment amount is e. In order to prevent the third party from forging the transaction information, the transaction information will be encrypted with the private key of address A. at this time, the network node receiving the transaction information can use the public key of address a to verify that the transaction information is indeed sent by address a. Of course, trading software will help us do these things, we just need to input the relevant parameters in the software. What will the network node do after receiving the transaction information? This is the most important part of the bitcoin system, which needs to be elaborated. For the sake of simplicity, only bitcoin protocol has been implemented. In the current version, each network node will save all transaction information synchronously. There are two kinds of transaction information in history, one is & quot; Verified & quot; The transaction information, that is, the verified transaction information, is stored in a series of "blocks". Each & quot; block" Is the previous & quot; bock" The ID of each block is the hash code of the hash code of the block and the new transaction information (see an actual block). The other category refers to those who also & quot; Unverified & quot; The transaction information just paid above belongs to this category. When a network node receives new unverified transaction information (possibly more than one), it can calculate the book balance of each address at that time because the node keeps all the transaction information in history, so it can calculate whether the transaction information is valid, that is, whether there is enough balance in the payment account. After eliminating the invalid transaction information, it first takes out the last & quot; block" Then, the unverified transaction information is combined with the ID, and a verification code is added to form a new "block". It needs a lot of calculation to build a new block, because it needs to calculate the verification code, so that the above combination becomes a block, that is, the first several bits of the hash code of the block are 1. At present, the first 13 bits need to be 1 (generally, the specific method is uncertain), which means that if the block is generated by enumeration method, the average number of enumerations is 16 ^ 13. Using CPU resources to generate a block is called "gold mining", because the proction of the block will get a certain reward, and the reward information has been included in the block. When a network node generates a new block, it will broadcast to other network nodes. However, this network block may not be accepted by the network, because it is possible that other network nodes have proced the block earlier. Only the earliest block or the block with the largest number of subsequent blocks is valid, and the remaining blocks are no longer used as the initial blocks of the next block. How does the other party confirm that the payment is successful? When the payment information is distributed to the network node, the network node begins to calculate whether the transaction is valid (that is, whether the account balance is enough to pay), and attempts to generate blocks containing the transaction information. When six blocks (one direct block and five subsequent blocks) contain the transaction information, the transaction information is considered "verified", so that the transaction is formally confirmed, and the other party can confirm the successful payment. A possible problem is that I will pay the balance of address a to address B, and at the same time pay to address C. If I only verify that the single comparison transaction is valid. At this point, my way of cheating is to generate six blocks including B to B and six blocks including C to C before the truth is revealed. Because I need a very long CPU time to generate a block, compared with the whole network, the probability of my cheating success is very small. What is the motivation of network nodes to proce blocks? As can be seen from the above description, in order to make the transaction information effective, the network node needs to generate 1 and 5 subsequent blocks to contain the transaction information, and such block generation is very CPU intensive. How to let other network nodes help to proce blocks as soon as possible? The answer is very simple. The agreement stipulates that BTC will be rewarded for the address where the block is proced, as well as the Commission promised by both parties. At present, the reward for procing a block is 50btc, which will be halved every four years in the future. For example, the reward will be 25btc from 2013 to 2016. Is the transaction anonymous? Yes, and No. All bitcoin transactions are visible. We can check all transaction records of each account, such as mine. But what's different from the banking monetary system is that everyone's account itself is anonymous, and everyone can open many accounts. In general, anonymity is not as good as it claims. But bitcoin has another advantage in doing black market trading: it can't be frozen. Even if the police trace a bitcoin address, there is nothing they can do unless they trace the computer used by the exchange based on the Internet address. How to ensure that bitcoin does not depreciate? Generally speaking, in the case of equivalent trading activities, the value of money is inversely proportional to the amount of money issued. Unlike the traditional money market, the central bank can determine the amount of money issued. Bitcoin does not have a central issuing institution. Only by procing blocks can we get a certain amount of BTC currency. Therefore, bitcoin's new amount of money depends on: 1. The speed of procing blocks: bitcoin's agreement stipulates that the difficulty of procing blocks is fixed at an average of 2016 every two weeks, about 10 minutes. Moore's law of doubling CPU speed every 18 months will not speed up the proction of block. 2. The number of rewards for block proction: at present, 50 BTC is awarded for each block proced, which is halved every four years. In 2013, 25 BTC is awarded, and in 2017, 12.5 BTC is awarded. Considering the above two factors, bitcoin's currency issuing speed is not controlled by any single node in the network. Its protocol makes the currency stock known in advance, and the maximum stock is only 21 million BTC
hope to solve your problem.
public key system: corresponds to a public key and a private key, keeps the private key in the application and publishes the public key. When Party A transmits information to Party B, it can use Party A's private key to encrypt the information, and Party B can use Party A's public key to decrypt the information, so as to ensure that the third party cannot impersonate Party A to send the information; At the same time, when Party A transmits information to Party B, it is encrypted with Party B's public key and sent to Party B, and then Party B decrypts it with his own private key, so as to ensure that the third party cannot eavesdrop on the communication between the two people. RSA is the most common public key system, but the lliptic curve digital signature algorithm is used in bitcoin protocol. What's the difference between cash and bank account? Bitcoin is an electronic currency in BTC. In this article, it is also used to refer to the whole bitcoin system. Like opening an account in a bank, the corresponding concept in bitcoin is address. Everyone can have one or more bitcoin addresses, which are used to pay and collect money. Each address is a string that starts with 1. For example, I have two bitcoin accounts, and. A bitcoin account is uniquely determined by a pair of public key and private key. To save the account, you only need to save the private key file. Unlike bank accounts, banks keep all transaction records and maintain the book balance of each account, while bitcoin's transaction records are jointly maintained by the whole P2P network through a pre agreed protocol. How much money is in my account address? Although the current account balance can be seen by bitcoin software, unlike banks, there is no place to maintain the book balance of each address. It can only calculate the account balance in real time through all historical transactions. How do I pay? When I pay from address a to address B of the other party, the payment amount is e. at this time, both parties will announce the transaction information to each network node, telling address a to pay to address B, and the payment amount is e. In order to prevent the third party from forging the transaction information, the transaction information will be encrypted with the private key of address A. at this time, the network node receiving the transaction information can use the public key of address a to verify that the transaction information is indeed sent by address a. Of course, trading software will help us do these things, we just need to input the relevant parameters in the software. What will the network node do after receiving the transaction information? This is the most important part of the bitcoin system, which needs to be elaborated. For the sake of simplicity, only bitcoin protocol has been implemented. In the current version, each network node will save all transaction information synchronously. There are two kinds of transaction information in history, one is & quot; Verified & quot; The transaction information, that is, the verified transaction information, is stored in a series of "blocks". Each & quot; block" Is the previous & quot; bock" The ID of each block is the hash code of the hash code of the block and the new transaction information (see an actual block). The other category refers to those who also & quot; Unverified & quot; The transaction information just paid above belongs to this category. When a network node receives new unverified transaction information (possibly more than one), it can calculate the book balance of each address at that time because the node keeps all the transaction information in history, so it can calculate whether the transaction information is valid, that is, whether there is enough balance in the payment account. After eliminating the invalid transaction information, it first takes out the last & quot; block" Then, the unverified transaction information is combined with the ID, and a verification code is added to form a new "block". It needs a lot of calculation to build a new block, because it needs to calculate the verification code, so that the above combination becomes a block, that is, the first several bits of the hash code of the block are 1. At present, the first 13 bits need to be 1 (generally, the specific method is uncertain), which means that if the block is generated by enumeration method, the average number of enumerations is 16 ^ 13. Using CPU resources to generate a block is called "gold mining", because the proction of the block will get a certain reward, and the reward information has been included in the block. When a network node generates a new block, it will broadcast to other network nodes. However, this network block may not be accepted by the network, because it is possible that other network nodes have proced the block earlier. Only the earliest block or the block with the largest number of subsequent blocks is valid, and the remaining blocks are no longer used as the initial blocks of the next block. How does the other party confirm that the payment is successful? When the payment information is distributed to the network node, the network node begins to calculate whether the transaction is valid (that is, whether the account balance is enough to pay), and attempts to generate blocks containing the transaction information. When six blocks (one direct block and five subsequent blocks) contain the transaction information, the transaction information is considered "verified", so that the transaction is formally confirmed, and the other party can confirm the successful payment. A possible problem is that I will pay the balance of address a to address B, and at the same time pay to address C. If I only verify that the single comparison transaction is valid. At this point, my way of cheating is to generate six blocks including B to B and six blocks including C to C before the truth is revealed. Because I need a very long CPU time to generate a block, compared with the whole network, the probability of my cheating success is very small. What is the motivation of network nodes to proce blocks? As can be seen from the above description, in order to make the transaction information effective, the network node needs to generate 1 and 5 subsequent blocks to contain the transaction information, and such block generation is very CPU intensive. How to let other network nodes help to proce blocks as soon as possible? The answer is very simple. The agreement stipulates that BTC will be rewarded for the address where the block is proced, as well as the Commission promised by both parties. At present, the reward for procing a block is 50btc, which will be halved every four years in the future. For example, the reward will be 25btc from 2013 to 2016. Is the transaction anonymous? Yes, and No. All bitcoin transactions are visible. We can check all transaction records of each account, such as mine. But what's different from the banking monetary system is that everyone's account itself is anonymous, and everyone can open many accounts. In general, anonymity is not as good as it claims. But bitcoin has another advantage in doing black market trading: it can't be frozen. Even if the police trace a bitcoin address, there is nothing they can do unless they trace the computer used by the exchange based on the Internet address. How to ensure that bitcoin does not depreciate? Generally speaking, in the case of equivalent trading activities, the value of money is inversely proportional to the amount of money issued. Unlike the traditional money market, the central bank can determine the amount of money issued. Bitcoin does not have a central issuing institution. Only by procing blocks can we get a certain amount of BTC currency. Therefore, bitcoin's new amount of money depends on: 1. The speed of procing blocks: bitcoin's agreement stipulates that the difficulty of procing blocks is fixed at an average of 2016 every two weeks, about 10 minutes. Moore's law of doubling CPU speed every 18 months will not speed up the proction of block. 2. The number of rewards for block proction: at present, 50 BTC is awarded for each block proced, which is halved every four years. In 2013, 25 BTC is awarded, and in 2017, 12.5 BTC is awarded. Considering the above two factors, bitcoin's currency issuing speed is not controlled by any single node in the network. Its protocol makes the currency stock known in advance, and the maximum stock is only 21 million BTC
hope to solve your problem.
4.
The new coin issued in 2006 in Mozambique, a southern African country, has a ratio of 5:1 to RMB. The other side of the coin is shown in the picture, which can be seen in the foreign coin book issued in China
5. HTIC is the abbreviation of Huatai Property Insurance Co., Ltd. Huatai Property Insurance Co., Ltd. is the first national joint-stock property insurance company in China. It officially opened in Beijing on August 29, 1996, with a registered capital of 1.333 billion yuan. Most of its 54 shareholders are large enterprises and enterprise groups with strong strength, large scale and good benefits, covering 24 instries including petroleum, electric power, metallurgy, chemical instry, aviation, shipbuilding, etc, The total assets exceeded 2 trillion yuan. The company has about 1500 employees and has set up branches in 30 cities across the country, which has formed a nationwide business layout.
6. Everything is in use. According to its characteristics, find the appropriate use. For example, in China to pay tips abroad, shopping, send living expenses to children studying abroad. What is a red coin? First, understand what money is. Take RMB as an example. It is an accounting system that records how much contribution each of us has made to society. How much contribution you make, how much money you get; As much money as you have, you can get as much goods or services from the country. Red coin is also such an accounting system, recording how much contribution each person who supports red coin has made to the red coin circle and how much wealth they should share.
7. *30334;*21033;*29980;*37202br /> http://ke..com/link?url=_a6rK9zjTcvbqwRIgQIXNG2e-
8. If we look at the trend of Asian currencies since 1965, we will find that the recent eight years have been particularly special: both the weighted average exchange rate against the US dollar and the unweighted average exchange rate are almost a flat curve, that is to say, there has been almost no fluctuation of Asian currencies against the US dollar in the past eight years, which is not the case in previous years. This leads us to think: does Asia really intend to peg to the US dollar for a long time? If not, where will Asian currencies go in the next five to 10 years? How much impact will this have on the US financial market? Will Asia "abandon" the US dollar
1 new Bretton Woods system
our story starts outside Asia< In 1944, the European economic system was unable to operate and needed an external power to start economic reconstruction. In July of that year, 45 countries held a meeting in Bretton Woods to discuss post-war reconstruction and international financial system order, and finally reached the Bretton Woods Agreement<
this agreement has two main contents: first, the implementation of a fixed exchange rate system; second, it stipulates that the system should be promoted by a series of international institutions, such as the International Monetary Fund and the world bank, and the future GATT
according to this system, Europe pegs its currency to the US dollar and implements fixed interest rates. In order to ensure exports to the US, the exchange rates of most European countries are undervalued. As a result, US consumers continue to spend money and form balance of payments deficits, which are made up by the continuous inflow of foreign exchange reserves from the European Central Bank into US assets
this system has worked well and maintained for nearly a quarter of a century“ At that time, Europe had become a developed and mature economy and a financial center. In other words, Europe no longer needed the United States
does it sound familiar? In the past eight years, Asia's economic growth is just like this. Asia's economic growth relies heavily on the United States, resulting in the growing current account deficit of the United States and the growing current account surplus of Asia. Many countries intervene in exchange rates, and the exchange rates of Asian currencies are undervalued (at least in the short term). With the rapid growth of foreign exchange reserves in Asia, these foreign exchange reserves are flowing back to US assets
it looks very similar to the Bretton Woods era: the world has entered a new era of fixed exchange rate for growth<
Asia is eager for economic growth and needs to grow much faster than domestic demand alone. Due to the large rural population of China, India and other developing countries, Asia is in great need of labor-intensive manufacturing exports. Naturally, only developed countries, especially the United States, can become the final market for these procts. The best way for Asia is to peg its undervalued currency to the US dollar and keep its domestic wages at a low level to ensure its competitiveness
how long can this situation last? In theory, as long as Asia is willing to do so, as long as tens of thousands of rural people are not fully absorbed into the instrial labor force, and as long as Asia still relies on labor-intensive export instries, this situation can be maintained
this is a general explanation, but we don't think it's true< It is wrong to think that Asian countries are pegged to the US dollar in order to get a huge trade surplus. In fact, except in the late 1980s, Asian currencies excluding yen had been floating against the US dollar for 25 years before 1998, and there was little official intervention in the foreign exchange market. What's more, in these 25 years (except in the late 1980s), Asia has always had a trade deficit, not a trade surplus< However, since 1998, the whole situation has changed. Asian currencies hardly fluctuate against the US dollar. Now Asia's huge trade surplus has not existed before
did Asia suddenly decide to adopt new policies eight years ago? We don't think so< In most years after 1998, the share of Asian exports in GDP did not increase. In fact, the continuous expansion of trade surplus is e to the rection of the proportion of Asian imports, which is precisely e to the sharp rection of capital expenditure in Asia after the Asian financial crisis
most Asian countries have entered the "depression" economy from the normal economic development track. The sharp drop of investment demand leads to the decline of import expenditure, which makes the trade surplus constantly set new records. This naturally brings huge foreign exchange inflows and causes the pressure of currency appreciation. However, policy makers are faced with weak domestic demand, overcapacity and deflation, And exports become one of the few engines that can drive the economy. If we let the currency appreciate, it will mean more deflation pressure and damage the export, which may lead to more serious shortage of domestic demand, insufficient import demand and larger trade surplus, which will lead to more appreciation pressure and form a vicious circle. Therefore, we believe that the central banks of Asian countries had no choice but to keep the exchange rate stable at that time
how to end
if domestic demand and capacity utilization return to normal, there is no reason to use the US dollar peg. The Asian central bank will rece intervention in the foreign exchange market and allow the exchange rate to float more freely
how long will it take to implement this process? It is best to start with an assessment of domestic investment and trade balance. Our conclusion is that the worst time has passed, but the process will still be slow
let's look at investment first. The proportion of investment in GDP has begun to show signs of recovery. More importantly, the actual construction activities have recovered to growth in the past two years. The rise in real estate prices also shows that the era of oversupply in Asia is coming to an end
on the other hand, we are still looking forward to the reversal of the huge trade surplus in Asia. China's surplus in 2005 and 2006 made the surplus of the whole Asian region rise sharply. However, if China is not included, the surplus of other Asian economies will not decline. Only two countries experienced a decline in trade surplus in 2006: India and South Korea
this fact seems to lead us to a subtle view: if the trade surplus reaches 6% of GDP, then the policy makers of the economy may tolerate the graal appreciation of the currency, although it does not necessarily lead to a substantial increase in monetary flexibility
why should it appreciate graally? Because there is a lot of external pressure for appreciation, and Asian central banks do respond to these external pressures. By observing the relationship between the monthly foreign exchange reserves and the pace of currency appreciation in smaller Asian economies (i.e. except China and India), we can find that the correlation between the two is very strong. When the foreign exchange reserves exceed 3.5% of GDP, the exchange rate also rises, and when the growth of foreign exchange reserves decreases, the exchange rate appreciation will also pause
we believe this will happen further in the next 24 months
which currencies will appreciate
will the currencies of all the economies in the region appreciate soon? Our answer is "not all", but we don't think any Asian currency is overvalued against the US dollar. There is no perfect way to determine the exchange rate. In practice, there are various methods, but when we discuss the short term, we like to base on the balance of payments
from the short-term appreciation pressure chart of various currencies, we can see that the appreciation pressure of Hong Kong dollar, Indian rupee and Korean won is not big, but it seems that other currencies are under great appreciation pressure
China and India
now let's talk about China and India. These two countries have the largest number of rural workers in the world, and the demand for export growth is very large. In addition, these two economies are the only two in the region that did not show a downward trend in investment after the Asian financial crisis. In other words, these two countries do not belong to the "depressed economy" camp. Will China and India become the core of the new Asian Bretton Woods system
the answer is No. India is not a quasi dollar pegged system, and its exports are not strong. In the past eight years, India has been the only Asian economy with a trade deficit
although it is China's strategy to keep the exchange rate of RMB basically stable, many investors forget that China adopted the exchange rate system of pegging to the US dollar in 1997 to prevent the devaluation of RMB caused by capital outflow. It was not until 2003 that there was an external surplus, which led to the inflow of foreign capital. If China's trade surplus jumps sharply and import growth drops sharply, as it did in mid-2005, the Chinese government will allow exchange rate flexibility to increase
3 how should Asian currencies go in the medium term
the return of Asian economy to normal development means that Asian currencies should also have greater flexibility against the US dollar, but which direction will Asian currencies run in
in the short term, the answer to this question is obvious. Asia's trade surplus is so high that almost every economy in the region faces the risk of currency appreciation. Under such an environment, we predict that it will further appreciate in the next 24 to 36 months
to what extent? We don't think there will be a particularly large appreciation. Maybe Asian currencies are a bit undervalued today, but this is only a temporary phenomenon because most economies are unusually weak in imports. As the proportion of investment increases, the pressure of appreciation will graally ease, and there is no need for the nominal exchange rate to appreciate by 20% to 40%. We think Asian central banks understand this< When the external surplus decreases and the ratio of savings and investment returns to normal, Asian central banks will not be forced to intervene in the foreign exchange market to prevent appreciation, but can increase the flexibility of currency two-way floating
theoretically, we believe that the long-term direction of Asian currencies is clear, and they will rise against the US dollar, euro and yen
the so-called low-income countries, as the name implies, are "low-income". The hourly wage level of countries such as the Philippines and Bangladesh is far lower than that of France or the United States. Therefore, in the Philippines and Bangladesh, the price of non trade services is far lower than that of France and the United States, and the nominal exchange rate mainly depends on the price of trade goods in the manufacturing instry, So it means that the GDP of developing countries in dollar terms is far lower than that of "purchasing power parity"
according to the comparison between nominal GDP and purchasing power parity GDP concted by the world bank, the gap between nominal GDP and purchasing power parity GDP is very small in developed economies such as the European Union and Japan, as well as more mature economies such as Hong Kong and Singapore, because the wage level of these economies is similar to that of the United States. The gap between the two is very large in developing countries, such as India and Vietnam, where nominal GDP is only one fifth of PPP GDP
with the economic growth of developing countries, what will happen? If it develops faster than the United States or Europe, its wage level and income will also be faster than those of the United States and Europe. In general, the proctivity growth of manufacturing instry in developing countries is faster than that of non trade service instry, which means that domestic inflation is higher than that of non trade service instry
1 new Bretton Woods system
our story starts outside Asia< In 1944, the European economic system was unable to operate and needed an external power to start economic reconstruction. In July of that year, 45 countries held a meeting in Bretton Woods to discuss post-war reconstruction and international financial system order, and finally reached the Bretton Woods Agreement<
this agreement has two main contents: first, the implementation of a fixed exchange rate system; second, it stipulates that the system should be promoted by a series of international institutions, such as the International Monetary Fund and the world bank, and the future GATT
according to this system, Europe pegs its currency to the US dollar and implements fixed interest rates. In order to ensure exports to the US, the exchange rates of most European countries are undervalued. As a result, US consumers continue to spend money and form balance of payments deficits, which are made up by the continuous inflow of foreign exchange reserves from the European Central Bank into US assets
this system has worked well and maintained for nearly a quarter of a century“ At that time, Europe had become a developed and mature economy and a financial center. In other words, Europe no longer needed the United States
does it sound familiar? In the past eight years, Asia's economic growth is just like this. Asia's economic growth relies heavily on the United States, resulting in the growing current account deficit of the United States and the growing current account surplus of Asia. Many countries intervene in exchange rates, and the exchange rates of Asian currencies are undervalued (at least in the short term). With the rapid growth of foreign exchange reserves in Asia, these foreign exchange reserves are flowing back to US assets
it looks very similar to the Bretton Woods era: the world has entered a new era of fixed exchange rate for growth<
Asia is eager for economic growth and needs to grow much faster than domestic demand alone. Due to the large rural population of China, India and other developing countries, Asia is in great need of labor-intensive manufacturing exports. Naturally, only developed countries, especially the United States, can become the final market for these procts. The best way for Asia is to peg its undervalued currency to the US dollar and keep its domestic wages at a low level to ensure its competitiveness
how long can this situation last? In theory, as long as Asia is willing to do so, as long as tens of thousands of rural people are not fully absorbed into the instrial labor force, and as long as Asia still relies on labor-intensive export instries, this situation can be maintained
this is a general explanation, but we don't think it's true< It is wrong to think that Asian countries are pegged to the US dollar in order to get a huge trade surplus. In fact, except in the late 1980s, Asian currencies excluding yen had been floating against the US dollar for 25 years before 1998, and there was little official intervention in the foreign exchange market. What's more, in these 25 years (except in the late 1980s), Asia has always had a trade deficit, not a trade surplus< However, since 1998, the whole situation has changed. Asian currencies hardly fluctuate against the US dollar. Now Asia's huge trade surplus has not existed before
did Asia suddenly decide to adopt new policies eight years ago? We don't think so< In most years after 1998, the share of Asian exports in GDP did not increase. In fact, the continuous expansion of trade surplus is e to the rection of the proportion of Asian imports, which is precisely e to the sharp rection of capital expenditure in Asia after the Asian financial crisis
most Asian countries have entered the "depression" economy from the normal economic development track. The sharp drop of investment demand leads to the decline of import expenditure, which makes the trade surplus constantly set new records. This naturally brings huge foreign exchange inflows and causes the pressure of currency appreciation. However, policy makers are faced with weak domestic demand, overcapacity and deflation, And exports become one of the few engines that can drive the economy. If we let the currency appreciate, it will mean more deflation pressure and damage the export, which may lead to more serious shortage of domestic demand, insufficient import demand and larger trade surplus, which will lead to more appreciation pressure and form a vicious circle. Therefore, we believe that the central banks of Asian countries had no choice but to keep the exchange rate stable at that time
how to end
if domestic demand and capacity utilization return to normal, there is no reason to use the US dollar peg. The Asian central bank will rece intervention in the foreign exchange market and allow the exchange rate to float more freely
how long will it take to implement this process? It is best to start with an assessment of domestic investment and trade balance. Our conclusion is that the worst time has passed, but the process will still be slow
let's look at investment first. The proportion of investment in GDP has begun to show signs of recovery. More importantly, the actual construction activities have recovered to growth in the past two years. The rise in real estate prices also shows that the era of oversupply in Asia is coming to an end
on the other hand, we are still looking forward to the reversal of the huge trade surplus in Asia. China's surplus in 2005 and 2006 made the surplus of the whole Asian region rise sharply. However, if China is not included, the surplus of other Asian economies will not decline. Only two countries experienced a decline in trade surplus in 2006: India and South Korea
this fact seems to lead us to a subtle view: if the trade surplus reaches 6% of GDP, then the policy makers of the economy may tolerate the graal appreciation of the currency, although it does not necessarily lead to a substantial increase in monetary flexibility
why should it appreciate graally? Because there is a lot of external pressure for appreciation, and Asian central banks do respond to these external pressures. By observing the relationship between the monthly foreign exchange reserves and the pace of currency appreciation in smaller Asian economies (i.e. except China and India), we can find that the correlation between the two is very strong. When the foreign exchange reserves exceed 3.5% of GDP, the exchange rate also rises, and when the growth of foreign exchange reserves decreases, the exchange rate appreciation will also pause
we believe this will happen further in the next 24 months
which currencies will appreciate
will the currencies of all the economies in the region appreciate soon? Our answer is "not all", but we don't think any Asian currency is overvalued against the US dollar. There is no perfect way to determine the exchange rate. In practice, there are various methods, but when we discuss the short term, we like to base on the balance of payments
from the short-term appreciation pressure chart of various currencies, we can see that the appreciation pressure of Hong Kong dollar, Indian rupee and Korean won is not big, but it seems that other currencies are under great appreciation pressure
China and India
now let's talk about China and India. These two countries have the largest number of rural workers in the world, and the demand for export growth is very large. In addition, these two economies are the only two in the region that did not show a downward trend in investment after the Asian financial crisis. In other words, these two countries do not belong to the "depressed economy" camp. Will China and India become the core of the new Asian Bretton Woods system
the answer is No. India is not a quasi dollar pegged system, and its exports are not strong. In the past eight years, India has been the only Asian economy with a trade deficit
although it is China's strategy to keep the exchange rate of RMB basically stable, many investors forget that China adopted the exchange rate system of pegging to the US dollar in 1997 to prevent the devaluation of RMB caused by capital outflow. It was not until 2003 that there was an external surplus, which led to the inflow of foreign capital. If China's trade surplus jumps sharply and import growth drops sharply, as it did in mid-2005, the Chinese government will allow exchange rate flexibility to increase
3 how should Asian currencies go in the medium term
the return of Asian economy to normal development means that Asian currencies should also have greater flexibility against the US dollar, but which direction will Asian currencies run in
in the short term, the answer to this question is obvious. Asia's trade surplus is so high that almost every economy in the region faces the risk of currency appreciation. Under such an environment, we predict that it will further appreciate in the next 24 to 36 months
to what extent? We don't think there will be a particularly large appreciation. Maybe Asian currencies are a bit undervalued today, but this is only a temporary phenomenon because most economies are unusually weak in imports. As the proportion of investment increases, the pressure of appreciation will graally ease, and there is no need for the nominal exchange rate to appreciate by 20% to 40%. We think Asian central banks understand this< When the external surplus decreases and the ratio of savings and investment returns to normal, Asian central banks will not be forced to intervene in the foreign exchange market to prevent appreciation, but can increase the flexibility of currency two-way floating
theoretically, we believe that the long-term direction of Asian currencies is clear, and they will rise against the US dollar, euro and yen
the so-called low-income countries, as the name implies, are "low-income". The hourly wage level of countries such as the Philippines and Bangladesh is far lower than that of France or the United States. Therefore, in the Philippines and Bangladesh, the price of non trade services is far lower than that of France and the United States, and the nominal exchange rate mainly depends on the price of trade goods in the manufacturing instry, So it means that the GDP of developing countries in dollar terms is far lower than that of "purchasing power parity"
according to the comparison between nominal GDP and purchasing power parity GDP concted by the world bank, the gap between nominal GDP and purchasing power parity GDP is very small in developed economies such as the European Union and Japan, as well as more mature economies such as Hong Kong and Singapore, because the wage level of these economies is similar to that of the United States. The gap between the two is very large in developing countries, such as India and Vietnam, where nominal GDP is only one fifth of PPP GDP
with the economic growth of developing countries, what will happen? If it develops faster than the United States or Europe, its wage level and income will also be faster than those of the United States and Europe. In general, the proctivity growth of manufacturing instry in developing countries is faster than that of non trade service instry, which means that domestic inflation is higher than that of non trade service instry
9. As one of the sections in the collection field, the post currency card not only has unique artistic value, but also is endowed with the function of preserving the value of collection, and can be used in the collection market. Post money card investment can be said to be the third largest investment sector after the stock market and the real estate market. Naturally, there will be investment risks, but compared with the stock market and the real estate market, the risk is smaller. But it does not mean that you don't have to pay attention to the risks of investing in postal cards. On the contrary, once you don't pay attention to the risks, you will lose your property and lose your money. How to deal with the relationship between risk and return correctly is what every investor must know
market risk
the formation of market risk is generally e to national policies, macroeconomic factors, and indivial or neutralizing factors such as technology and human factors acting on the post currency card market, which leads to the price fluctuation of the post currency card market and brings the risk of economic loss to investors
do not understand the risk of protection
whether it is stamp procts or coins, how to save after buying is a key and very important issue. Generally speaking, the investment time of stamp procts or coins will be long. Because the growth cycle of post currency cards is long, and they will not be priced one day like stocks, so it is necessary to preserve the collections well. The prices of stamps or coins of different procts vary greatly. Once they are not properly preserved, devaluation is inevitable, so this risk must be reced or even avoided
when protecting stamps, we should choose the appropriate stamp album according to the different stamps. If we want to make stamps into a stamp album for exhibition, we should choose to paste the album, save the whole sheet of stamps, and naturally buy the whole sheet for storage. We should not be careless in the preservation of all kinds of stamp procts, such as covers and sheets. The more precious ones can be put into the protective pouch or the first day cover or sheet album. As for coins, we should pay attention to the chemical stability of the materials, the materials used for packaging that are in contact with coins, and the atmospheric conditions for storing coins. The packaging materials should avoid containing PVC, and polyethylene and polypropylene films can be selected. When playing with naked coins, it is not suitable to touch them directly with hands. Where the coins are touched by hands, they are easy to corrode and turn black. If you must pick up the coins, you can separate them with clean soft or cloth
purchasing power risk
purchasing power risk is actually what we call inflation risk. Nowadays, global inflation is spreading all over the world, and China is not immune. Inflation makes the purchasing power of the income from the investment of postal money cards decrease, which may bring losses to investors. In the investment market, no matter what the investment is, the recovery of principal or income is realized by money, and inflation will directly affect the value of money. The more serious the inflation is, the smaller the purchasing power of money will become, which will also bring losses to investors. But in any case, it's better to invest in postal money and card money than to deposit in the bank for interest.
market risk
the formation of market risk is generally e to national policies, macroeconomic factors, and indivial or neutralizing factors such as technology and human factors acting on the post currency card market, which leads to the price fluctuation of the post currency card market and brings the risk of economic loss to investors
do not understand the risk of protection
whether it is stamp procts or coins, how to save after buying is a key and very important issue. Generally speaking, the investment time of stamp procts or coins will be long. Because the growth cycle of post currency cards is long, and they will not be priced one day like stocks, so it is necessary to preserve the collections well. The prices of stamps or coins of different procts vary greatly. Once they are not properly preserved, devaluation is inevitable, so this risk must be reced or even avoided
when protecting stamps, we should choose the appropriate stamp album according to the different stamps. If we want to make stamps into a stamp album for exhibition, we should choose to paste the album, save the whole sheet of stamps, and naturally buy the whole sheet for storage. We should not be careless in the preservation of all kinds of stamp procts, such as covers and sheets. The more precious ones can be put into the protective pouch or the first day cover or sheet album. As for coins, we should pay attention to the chemical stability of the materials, the materials used for packaging that are in contact with coins, and the atmospheric conditions for storing coins. The packaging materials should avoid containing PVC, and polyethylene and polypropylene films can be selected. When playing with naked coins, it is not suitable to touch them directly with hands. Where the coins are touched by hands, they are easy to corrode and turn black. If you must pick up the coins, you can separate them with clean soft or cloth
purchasing power risk
purchasing power risk is actually what we call inflation risk. Nowadays, global inflation is spreading all over the world, and China is not immune. Inflation makes the purchasing power of the income from the investment of postal money cards decrease, which may bring losses to investors. In the investment market, no matter what the investment is, the recovery of principal or income is realized by money, and inflation will directly affect the value of money. The more serious the inflation is, the smaller the purchasing power of money will become, which will also bring losses to investors. But in any case, it's better to invest in postal money and card money than to deposit in the bank for interest.
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