区块链打破美元霸权 2023年会怎样,区块链打破美元霸权的原因

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A. When the central bank’s digital currency is launched, the U.S. dollar hegemony system collapses

The central banks of various countries can’t wait to study or test the operation of digital currencies. This is the reason why the U.S. dollar hegemony system collapses in the digital currency. It will be vulnerable to a single blow and collapse quickly, thus re-forming the power structure of sovereign currency. The power of central bank digital currency lies in cost-free currency transfer settlement between point-to-point based on blockchain technology. In this way, it becomes a reality that trade settlements and financial market transactions between countries around the world completely bypass the US dollar system. Just like domestic commodity transactions and all currency circulation activities completely bypass the existing mobile payment model and are uniformly controlled by banks, Alipay and WeChat Pay will lose their role as mobile payments.

If central banks of various countries officially use digital currencies, the SWIFT system of the Association for Worldwide Interbank Financial Telecommunication, with a daily transaction volume of US$1.5 trillion, will cease to exist. The United States will not be able to financially sanction other countries, and the United States’ financial hegemony will be lost. It will collapse, and the US dollar will lose its role as the world's reserve currency. Countries will sell off the US dollar and US debt, and the currencies of various countries will lose the stable standard of anchoring the US dollar, which will cause chaos in the world monetary system. Judging from the current trend of global quantitative easing, flooding of liquidity is inevitable, and global inflation will only push up the price of virtual assets, such as the rise of the stock market.

Looking at the current central bank digital currency-related videos, I have a hunch that digital currency will be a big hot topic today. Think about it, the space can be comparable to that of the brokerage stocks sector, and stocks in related sectors will double. Bull stocks, we will wait and see.

B. Understand the future of central bank digital currency and grasp the trend of wealth creation

This year marks the 20th anniversary of the Boao Forum for Asia, from 55 About 2,000 representatives from countries and regions attended the meeting, and a number of hot topics including digital payments, "Belt and Road" cooperation, industrial transformation, etc. were discussed. At the "Digital Payment and Digital Currency" themed forum, Zhou Xiaochuan, Vice Chairman of the Boao Forum for Asia, Vice Chairman of the 12th National Committee of the Chinese People's Political Consultative Conference, and former Governor of the People's Bank of China, expressed his views on digital currency.

Zhou Xiaochuan said:

Regardless of digital currencies or digital assets, they must be Physical services. While the market is promoting the development of digital assets, it should also pay attention to the benefits of digital assets to the real economy?

Since entering the Year of the Ox, cryptocurrency has continued to be popular, and central banks of various countries are also conducting research on central bank digital currencies (CBDC) in full swing.

Central bank digital currency, the full name is Central bank digital currencyies, referred to as CBDC, translated as central bank digital currency.

Currently, 86% of the world’s central banks are exploring central bank digital currencies. Among them, China has launched digital renminbi pilot projects in many cities, the Federal Reserve is studying the digital dollar, and the European Central Bank has just concluded its public consultation on the digital euro and said it will decide whether to launch a digital euro research project in the next few months. It is expected that The relevant research took about two years.

Regarding the officially favored central bank digital currency, Morgan Stanley Chief Economist Chetan Ahya believes that , it is likely to become the new global reserve currency in the future.

In short, if a country’s digital currency is recognized in international financial transactions, its issuing country may impose restrictions on financing costs and financial transaction controls. It has gained a major advantage, similar to the current "privilege" of the US dollar, that is, the international reserve currency status.

In this regard, Morgan Stanley analyzed that central banks of various countries will issue “retail digital currencies” for consumers and open them to the public through financial intermediaries. The central bank's intention to develop digital currency mainly has the following three points:

The first is the issue of monetary sovereignty: private payment networks are developing rapidly. As they gain market share, these networks can become the primary means of transaction for many users. What central banks are worried about is that currency will circulate almost entirely in these networks, posing a threat to the central bank's control of the monetary system;

The second is financial stability: Any potential failure of private digital currency providers has the potential to disrupt the entire payment system and pose risks related to financial stability. Although regulators have taken steps to mitigate risks, these risks cannot be eliminated. In contrast, central bank digital currency is created and held by the central bank, which can ensure its reliability as a medium of transaction exchange;

The third is financial inclusion: The rise of private, narrow currency networks could exclude certain groups of people, such as the unbanked. But central bank digital currencies, like physical cash, can be widely used and can even do a better job of financial inclusion.

However, Morgan Stanley also mentioned that commercial banks may face certain disintermediation risks as the central bank implements central bank digital currency (CBDC). Because once the central bank’s digital currency goes online, consumers will be able to directly use the corresponding accountMake a transfer.

China’s version of CBDC

China’s version of CBDC is described as digital renminbi, which is issued by the People’s Bank of China and operated by designated operating agencies. It is exchanged to the public, is based on a broad account system, supports the "loose coupling" function of bank accounts, is a controllable and anonymous payment tool that is equivalent to banknotes and coins, and has value characteristics and legal liability.

Recently, Li Bo, deputy governor of the People's Bank of China, revealed that the People's Bank of China is considering piloting digital renminbi in more scenarios and cities.

However, there is no timetable for the official launch of the digital renminbi. Li Bo said that three aspects of work need to be done before promoting it nationwide.

The first thing is to continue to do a good job in pilot work and expand the scope of pilot projects.

The second step is to further build the infrastructure of digital renminbi, including ecosystems. At the same time, the security and reliability of the system are further improved.

Once again, it is necessary to establish a corresponding legal and regulatory framework to supervise the use of digital renminbi.

The real reason for promoting CBDC

The core technology of digital renminbi (CBDC) is "blockchain", "blockchain" It is essentially a decentralized shared ledger and database, which is decentralized, non-tamperable, open and transparent. The central bank's promotion of digital renminbi is also based on the advantages of this technology.

In addition, the implementation of CBDC has the following advantages:

First, digital RMB can reduce the cost of paper printing and reduce unnecessary pollution.

Second, digital RMB can greatly improve the security and anti-counterfeiting level of currency, effectively resisting the risk of counterfeit currency.

Third, digital RMB has changed the traditional way in which third-party intermediaries participate in transactions. As long as you have a physical electronic wallet and have electricity, you can directly Trading.

Fourth, issuance of digital RMB can effectively balance portability, anonymity andThree antis (anti-money laundering, anti-terrorist financing, and anti-tax evasion).

Fifth, from a global perspective, issuing digital RMB can also enhance the international influence of the RMB. Today, the hegemony of the U.S. dollar has not ended because a global system network settled in U.S. dollars has been formed, and it is very difficult to decouple it.

Now, relying on the issuance of digital RMB, the RMB is expected to break away from the shackles of US dollar hegemony and re-establish a new global payment system.

The future of digital currency

Under the new crown epidemic, central banks around the world have been at the forefront of digital payments, and the development of central bank digital currencies has been steadily advancing. in the process of.

Wang Xin, director of the Research Bureau of the People's Bank of China, said that my country's digital renminbi is mainly designed for domestic retail payments. When conditions are mature, if there is market demand, Cross-border transactions using digital renminbi can be realized.

Wang Xin introduced that in the early stage, the Digital Currency Research Institute of the People's Bank of China and the Hong Kong Monetary Authority conducted technical tests on the cross-border use of digital renminbi in the mainland and Hong Kong. , this is a routine R&D test for the RMB pilot project.

Domestically, digital renminbi is being trialled in many regions, including being used in the context of the Winter Olympics , there are more and more testing scenarios for digital renminbi and they are becoming more and more abundant. The current digital renminbi pilot has accumulated rich experience. The next step will be to continue to promote the digital renminbi pilot and further accumulate experience.

So, how valuable is digital currency?

Returning to the essence of money, it must have liquidity and the ability to store and pay. Digital currencies are decentralized and confidential. The shortcomings of traditional currencies are becoming increasingly apparent. Electronic payments are becoming more and more popular. Once banknotes no longer work, future digital currencies will disrupt our lives.

Zhou Xiaochuan once said that for digital assets controlled by the central bank, a series of technical means and mechanism designs and laws and regulations will be used to ensure that the digital assets operating system safety. From the beginning, it was designed differently than Bitcoin.

As can be seen from the above, the central bank may be the first to dare to eat crabs. However, digital goodsAfter all, currency is not a specific institution, so the big trend in the future is to be subject to "strict management" from all over the world.

Overall, central bank digital currency is a promising innovation. In the future, the establishment of retail payment systems and the optimization of cross-border payments will be the trend and focus. , will create huge business opportunities for the growth of financial services such as digital banking and financial technology.

C. Why digital currency can replace the hegemony of the US dollar

Take the RMB as an example for a brief analysis. My rough opinion is that even if it cannot replace the hegemony of the US dollar, it can greatly promote the internationalization of the RMB and challenge the hegemony of the US dollar. The same applies to digital currencies in other countries. The reasons are as follows:

First of all, let’s popularize the digital RMB:

Digital currency is with the continuous maturity of blockchain technology. At present, many countries have begun to study and implement digital legal currency. China After years of research, the People's Bank of China has made major breakthroughs in technology and is currently arranging pilot projects in some cities. The so-called digital currency, simply put, is a legal encrypted digital currency that has the same functions as RMB banknotes and coins, except that it exists in an electronic state. It is essentially different from the current deposits in banks, or the change in Alipay and WeChat. The above deposits in Alipay, WeChat and banks are only electronic banknotes, and their transactions rely on the payment and clearing system and network of the People's Bank of China. The use of digital currency is It's like taking RMB notes out of your wallet. The digital currency promoted by the People's Bank of China is a cryptocurrency. Its operating logic is similar to that of Bitcoin currently on the market. It is a decentralized currency system. However, Bitcoin is not a legal currency, but The digital currency promoted by the Bank of my country is legal tender, and its credit is endorsed by our country. Digital currency solves the difficulties that traditional currency (or traditional transaction model) cannot solve: complete information records of all transactions, authenticity of transaction information, and non-tampering of transaction information.

Financial transactions in today’s world are centralized, and the center is the U.S. dollar. For more than 100 years, the U.S. dollar has been the world's currency. Now about 40% of the world's international trade is settled in U.S. dollars, and 88% of global foreign exchange transactions use the U.S. dollar. Next, let’s take a look at whether the digital RMB can replace the dominance of the US dollar? First of all, currency is the medium of exchange. The competition between different currencies is actually the competition between the purchasing power of currencies. Which currency can stably buy more products and services, then this currency may become a universal medium of exchange. , as the world's second largest economy, there is no doubt about the stable purchasing power of China's RMB, and it will have a strong competitive advantage in future currency competition.

Since the digital RMB is decentralized, cross-border transactions between countries do not need to go through the Federal Reserve for settlement. I believe that in the foreseeable future, even if it cannot replace the US dollarThe dominant position may also greatly promote the internationalization of the RMB.

D. The United States is using dirty tricks to continue Bitcoin’s hegemony after the end of US dollar hegemony

Just before July 24, Bitcoin’s economic role in the United States was still the same as that of crude oil. , like wheat, is considered a commodity.

Later, the U.S. Federal Court stated in an economic case judgment that Bitcoin is a form of "currency".

Although Shanrang did not have a very clear identification, it also brought a wave of positive impact to the crazy Bitcoin market, which broke through the $10,000 mark in one fell swoop.

What needs to be recognized is that this is a purely commercial incident on the surface, but behind it is a variant of dollar hegemony.

From a historical perspective, in the "Bretton Woods" system after World War II, the U.S. dollar was linked to gold. Later, the U.S. dollar and oil were tied together, and only the U.S. dollar could be used as the unit of settlement.

It is not difficult to see that at any time, the United States must tightly grasp the lifeline of the world economy. This is a typical hegemonic thinking.

Who will be the next global currency? The United States will never let go of the opportunity for man-made secret operations, and it is close to the water.

As mentioned in the previous article, if you want to become a world hegemon, you must be ahead of all countries in three aspects.

The first is military strength, the second is cultural influence, and the third is economic leadership.

Correspondingly, the United States has 374 overseas military bases and 300,000 troops; the American freedom and democracy promoted by Hollywood; and the US dollar as the world economic benchmark.

Bitcoin is likely to become the next economic control target of the United States, so let’s talk about Bitcoin.

Although there is a word "coin", it can be said to be a virtual program. But this program has a characteristic, that is, it cannot be modified and indelible, which is the so-called decentralization.

I don’t agree with the so-called decentralization, and what we get is a more fair and open economic environment.

Because such logic is based on distrust and is an extreme form of "violent" fairness.

People assume a bad outcome in advance and then brazenly replace it with something less harmful.

The advantages of centralization have been deliberately ignored.

Ironically, the so-called decentralization has not been achieved at all, and those virtual currency exchanges have become the new center.

CipherTrace, an American company that specializes in blockchain anti-money laundering, released a report showing that in the past two years alone, hackers have stolen more than $1.2 billion from exchanges.Cryptocurrency.

This is much more efficient than robbing a bank vault, and these cryptocurrencies are very easy to launder, making it perfect for hackers.

At the same time, the FBI said that from 2015 to 2017, cases related to virtual currencies increased nearly six times.

On the contrary, decentralization gives criminals opportunities. Because the source cannot be traced, Bitcoin has become the best tool for money laundering.

In addition, only the tip of the iceberg of the dark web has been revealed, and most of its illegal transactions are completed through virtual currencies.

No account or user name is required. All these features have become tools of darkness.

Moreover, the emergence of virtual currency is actually a regression of the attributes of currency.

The birth of currency was due to the emergence of equivalents when the actual need for exchange for things could not be met.

The essence of the financial system is "artificial control" of time and space.

For example, if you purchase goods from place A and sell and settle them in place B, the currency recognized by both places can overcome the barriers of space.

For another example, if you want to buy food, but the harvest season has not yet arrived, you can buy it in advance. This is like stocks and futures. Currency breaks the barrier of time.

So is there any progress in this so-called new form of Bitcoin? Nothing.

What on earth is the United States going to do?

The essence of this country is clear just by looking at its history.

Through exquisite design and at the very right time, he perfectly intervened in the two world wars and became the most successful "fisherman" in history.

This is a country that made its fortune through speculation.

When it was first established, it relied on the help of indigenous Indians to gain a foothold. Once its wings were hardened, it began to eradicate race for more than 300 years for the sake of resources and interests.

The Indian population has dropped from more than 20 million to only about 500,000 today.

This is a cold-blooded country that does not understand kindness.

The United States brought slaves from Africa and practiced slavery for 245 years in the so-called free land.

This is an oppressive country.

The United States wants to control everything and be the "master" of the earth. It is really insatiable greed.

So, how long do you think the American clown can keep dancing?

E. Digital currency is coming with the wind: seize the opportunity and return with a full load

MeIt was once said that digital currency has broken out of the circle and entered the art circle. There is an eternal story behind it. The advancement of digital currency has put Alipay and WeChat under pressure. The reason why our country attaches so much importance to digital currency is because we are playing a big game. .

1. Grasp the big and let go the small, get twice the result with half the effort

As the game between China and the United States intensifies, everyone is worried about one thing. In the event of a financial war, the United States will unilaterally China's cutting off from the payment system will cause the entire trade to be unable to carry out, which will bring us a huge blow.

As the saying goes, be prepared for a rainy day, and we hope to find a way to deal with it as soon as possible. The internationalization of the RMB is the best way to gain global recognition of the credit of the RMB and establish its own settlement system.

So our country attaches great importance to digital currency. From last year, members of the Standing Committee of the Political Bureau organized a special trip to study blockchain, to the central bank issued the digital currency DCEP, and now six major state-owned banks have launched it. In the past year, Our country’s pace in digital currency is constantly accelerating.

Digital currency can be said to be a very good overtaking opportunity for our country, and of course it will also be a very long-term track.

If a country can grasp the flow of currency and manage it well, there are many benefits. Not only can it combat money laundering and prevent financial crimes, it can also guide the rational flow of funds, improve the efficiency of fund use, and avoid many risks in advance, such as the use of credit funds for real estate and stock speculation that everyone is worried about.

In the digital age, a currency system that can achieve full traceability can quickly determine the flow of funds and accurately crack down on illegal and criminal activities. In fact, the government can also take many regulatory actions to allocate resources to reduce waste and achieve refined management.

Of course, a corresponding legal system is also needed. Our privacy cannot be exposed just because big data requires data mining; we cannot inhibit innovation just because we want to avoid risks, otherwise the gains will outweigh the losses.

2. The cradle of the birth of great companies

Digital currency is very important to China for two main reasons. On the one hand, digital management can greatly improve the entire society. Improve work efficiency and create more value; on the other hand, digital currency is a good overtaking track that can promote the internationalization of the RMB.

China has many social problems, such as financing difficulties for private enterprises and small and medium-sized enterprises, high housing prices, stock market problems, financial monopoly problems and lack of supervision. In the end, these problems are essentially financial problems.

When we look at it from the perspective of the rejuvenation of the entire Chinese nation, we will find that this is an issue of the internationalization of the RMB in the true sense, and it is also the issue that the dispute between China and the United States will ultimately resolve.

So this is a very important question, and it also contains many opportunities. Will be in the futureMany great companies have emerged, including companies related to blockchain technology, digital currency and digital currency applications, and new business models may also be derived.

The United States will also attach great importance to it, because blockchain technology challenges the United States’ dollar hegemony. Therefore, there will be more investment opportunities in related fields. Because the track is long, there are many opportunities, and there are endless stories to tell, so there will be periodic hype.

I previously wrote "What is the United States Worried About?" 》This article mentioned several revolutionary changes in finance, technology, energy and military, which contain many investment opportunities. You can look back at that article.

Finance can be superimposed on technology, and technology will lead to technological breakthroughs. Digital currency is a revolution in finance superimposed on technology. The superposition of the two fields brings huge investment opportunities. And the two fields are also superimposed on new energy vehicles, which are superimposed on the two fields of energy and technology. It is also a long-term track and a long-term theme. There will be twists and turns along the way, but many great companies will definitely emerge.

Energy is the most important factor in promoting the development of science and technology, and it is also the main contradiction affecting the speed of human development. Whether it is the exploration of space or the research of genes, the ultimate pursuit of mankind is freedom. Technology makes us freer, and great companies will emerge in the technical field that allows humans to be freer.

So, in the face of long-term tracks such as digital currency and new energy, how can we grasp more investment plans?

In fact, these two fields are like four-season ranches, and we can use the trend of four-season hunting (hunting C) to deal with it.

Of course, at critical moments, you can participate in the hype of the Four Seasons. For those companies that can already see performance, they can be included in Value Ranch A.

When we invest, we don’t need too many good stocks. Even if you only focus on these two long-term tracks, the final return will definitely not be bad.

F. The great chess game of the times: the central bank’s digital currency supports China’s bold implementation of free convertibility of the renminbi - Draft

The great chess game of the times: the central bank’s digital currency supports China’s bold implementation of free convertibility of the renminbi

Coin Circle Zi Zhi Tong Jian 6 days ago

The central bank’s digital currency is a great chess game of the times!

Asia Weekly published an article in 2019. A visionary god predicted that the RMB will be freely convertible and thoroughly dismantled the logic!

As of June 18, 2020: The top decision-makers of the Party Central Committee in the fields of economy, finance, and securities simultaneously announced the "free convertibility of the RMB" at the 12th Shanghai Lujiazui Forum, and Singapore's senior officials took advantage of the opportunity to Shanghai is about numbersExchange opinions on currency interconnection!

01

The central bank's digital currency in disguise realizes the free exchange of RMB

If today's RMB is restricted by free exchange, it cannot become overseas to become overseas to become becomes overseas. As the basic settlement currency in international trade, if the virtual digital currency issued by the central bank relying on blockchain technology is accepted by a large number of digital currency exchanges, it will be equivalent to realizing the free convertibility of RMB from another level. In international trade, any party holding the virtual digital currency of the Central Bank of China can exchange this digital currency for Bitcoin or other virtual digital currencies through an exchange, and then exchange it for other legal currencies. In this way, China will get rid of the traditional foreign exchange settlement channel under the hegemony of the US dollar and is expected to create a new settlement currency for international trade. Even if it cannot replace the US dollar for the time being, it can replace stablecoins such as USDT in Internet trade, and it can also become the basic currency for international personal payments.

At present, China is worried about foreign exchange outflows and dare not allow the free convertibility of the RMB. In the future, the outflow of the central bank's virtual digital currency will have nothing to do with foreign exchange, because the anchor behind it will definitely still be the RMB. This also breaks the current curse of asset outflows and foreign exchange declines. Even if the outflow of virtual digital currencies is allowed, there is no need to worry about a decrease in foreign exchange reserves. This is why we believe that at this moment, the central government should elevate to the Politburo level to pay attention to the development of blockchain technology.

The third type of virtual currency is a comprehensive innovation of security tokens that takes advantage of blockchain technology to "confirm ownership." The 2017 ICO made many people discover that tokens combined with smart contracts can actually use funds more effectively than stocks, bonds, options, etc., while improving efficiency. However, because the existing legal regulatory framework cannot effectively regulate the responsible parties for token financing, the token economy has begun to become somewhat bleak in the past two years. There are also various problematic projects that use tokens to fish in troubled waters, making tokens Economies are consideredAs a "scam". However, as the world gains a greater consensus on blockchain and more information and rights are put on the "chain", the token economy, which has made huge innovations in the existing financial system, will eventually return.

Under the influence of the "cypherpunk" organization led by libertarians, the road to virtual digital currency starting from Satoshi Nakamoto's Bitcoin white paper was originally intended to subvert the US dollar. The international financial system must subvert the global economic order centered on any country's legal currency. Now, with the help of blockchain, China may be able to challenge the hegemony of the US dollar, but it also has to face the challenge of decentralization, and it is impossible for China to establish an international financial system dominated by RMB. The line written by Satoshi Nakamoto in the Bitcoin genesis block mocked the old financial order. Today’s financial order in China is also within the scope of his ridicule. As China fully embraces blockchain, it needs to understand and utilize blockchain better than the United States to help rebuild the new global economic order and financial system. This is the real breakthrough.

China also has a more favorable advantage than the United States, which is that China is not as dependent on the hegemony of the US dollar as the United States, so it is easier for China to turn around. With the top-down emphasis on blockchain technology, in addition to finance, blockchain, a decentralized social organization idea that combines "people" and "machine", will inspire more people. Gradually manifest and play its role. This may have more far-reaching consequences.

02

RMB 3.0, that is, the central bank's digital currency will break through the US dollar monopoly. Find a way to achieve economic breakthrough and challenge the hegemony of the US dollar. China is studying to launch a "RMB 3.0" cryptocurrency system, which will be linked to sovereign credit and establish an appropriate proportional relationship with national GDP, fiscal revenue, and gold reserves. China leads the world in the field of blockchain, ranking of invention patents of global blockchain companiesThere are seven Chinese companies in the top ten on the list, and Chinese patents account for 67%.

Blockchain is China's search for an economic breakthrough during the Sino-US trade war. It is not only a new industrial economic growth point, but also regarded by China as a good way to challenge the hegemony of the US dollar. Blockchain has recently received great attention from China's top leaders. In a speech on October 24, they called blockchain "a breakthrough for independent innovation in core technologies." Subsequently, the People's Daily and other official media published editorials in support, which also led to China's Blockchain-related stocks in the stock market have surged. Bitcoin surged by 20% on October 27, and blockchain concept stocks in the Shanghai and Shenzhen stock markets are also rising. The development of blockchain in China has two directions. The first is to combine blockchain technology with real industries to promote and improve the efficiency of existing industries. The second is to launch the "RMB 3.0" currency system to fight against the hegemony of the US dollar and find a new way to develop. The currency system further digitizes the RMB (digital, digital).

RMB 3.0 represents the RMB entering a new stage. Huang Qifan, Vice Chairman of the China Center for International Economic Exchanges, said that the People’s Bank of China is likely to be the first central bank in the world to launch a digital currency. RMB 1.0 is a paper currency, while RMB 2.0 is going electronic, entering the homes of ordinary people through Alipay, WeChat payment and other systems, and becoming a daily payment tool. RMB 3.0 is digital and becomes a cryptocurrency. Any currency involves the issue of mortgage and support. Huang Qifan believes that digital currency should be linked to sovereign credit and establish an appropriate proportional relationship with national GDP, fiscal revenue, and gold reserves to serve as credit support for RMB 3.0. He also said that the digital currency of the People’s Bank of China should be (DCEP) is a replacement for M0 (cash in circulation), rather than digitizing existing currencies, that is, gradually converting cash on the market into cryptocurrency. RMB 3.0 will get rid of concerns about exchange rate fluctuations with the US dollar, compete with each other, and promote the digital RMB to form a new ecosystem. With the support of huge domestic demand and the "One Belt, One Road" initiative, the hegemony of the US dollar will be challenged. At the current juncture of the Sino-US trade war, this is China's "sudden emergence" as a bargaining chip, posing strong pressure on the United States.

China has long been a pioneer in blockchain applications. In 2014, when Vitalik Buterin, the inventor of Ethereum, developed the "next-generation cryptocurrency and decentralized application platform," he relied on the support of Chinese investors. Today, at least seven of the top ten global virtual currencies are closely related to the Chinese and global Chinese. The Chinese’s deep involvement in the blockchain field is actually also reflected in the Bitcoin “mining” project. Today, about 70% of miners are still in China. The world's largest mining company "Bitmain" and Canaan are both Chinese companies.

China’s blockchain scientific research results are also among the best in the world, according to a report jointly released by the intellectual property industry media IPRdaily and the incoPat Innovation Index Research Center."Global Blockchain Enterprise Invention Patent Ranking in the First Half of 2019", seven of the top ten companies applying for patents are Chinese companies, and only two are from the United States. The top two are China's Ant Financial and China Safety. In terms of countries, China accounts for 67% of patents, and the United States ranks second, accounting for only 16%. On the contrary, China has overtaken the United States in scientific research on blockchain. Alibaba's blockchain application scenarios include drug authenticity traceability, cross-border mobile phone transfers, electronic bills, etc., reflecting that in addition to cryptocurrency, China is also working hard to support the real economy with blockchain.

The "2018 China Blockchain Industry White Paper" released by the Ministry of Industry and Information Technology of China last year also planned that the industries for future blockchain development include: commodity traceability, copyright protection and transactions, and electronic evidence storage. In more than a dozen industrial fields such as certificates, financial science, precision marketing, big data trading, industry, energy, medical, and digital identity Internet of Things, the "People's Daily" commentary also stated that blockchain innovation should be related to the hype of cryptocurrency and air currency. Differential treatment also points out that blockchain needs to be further developed and improved in terms of security, standards, and supervision, which means that it must be implemented and contribute to the real economy.

03

The source flow of the blockchain

Ten years ago, the founder of Bitcoin, Nakamoto, wrote a line in the creation block of the world. The permanently preserved text is the title of the front-page article in The Times that day: "On January 3, 2009, the chancellor is on the verge of implementing a second round of bank emergency bailouts." The purpose of Satoshi Nakamoto's move Obviously, he wanted future generations to look up the genesis block to see that a new financial system was born at a moment when the old financial system was weak.

In the past ten years, Bitcoin has transformed from a game played by a few technical geniuses into a global financial tool. The blockchain technology summarized by Bitcoin has become the future The underlying foundation of the smart era. The span of this decade has dazzled many people. In fact, there is no need to extend the time to ten years. Even the changes in recent months have shocked many people.

                 04

Facebook to build libra frustrated

In June 2019, Facebook launched a stablecoin libra anchor with a variety of currencies, almost almost going to Rewrite the global payment landscape. Of course, this ambitious plan has been strongly blocked by the vested interest groups that currently control the hegemony of the US dollar in the name of supervision, causing Libra to be in trouble. On October 23, Facebook founder Mark Zuckerberg testified before the U.S. Congress: “We need to discuss the risks of not innovating, especially the Chinese central bank’s digital currency... If China’s financial system becomes With the standards of more and more countries, it will be difficult for the United States to implement sanctions and various protective measures in the future.”

In the context of the current confrontation between China and the United States, Zuckerberg’s warning has just finished. There was an echo. China stepped forward from the highest level and cleared the biggest obstacle to the central bank’s digital currency. On the afternoon of the 24th, the Political Bureau of the CPC Central Committee held its 18th collective study session on the current status and trends of blockchain technology development. The country emphasizes: "We must strengthen basic research, improve original innovation capabilities, and strive to make our country at the forefront of theory, occupy the commanding heights of innovation, and gain new industrial advantages in the emerging field of blockchain."

On September 4, 2017, after seven departments including the Central Bank, the Cyberspace Administration of China, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission issued an absolute ban on ICO financing, the development of the blockchain industry in China actually entered a new phase. A gray area. The ban has been imposed from top to bottom, seeming to limit the exploration of blockchain applications and development within the industry. The current top-level characterization of "taking blockchain as an important breakthrough for independent innovation in core technology" is tantamount to completely lifting the ban. Central bank digital currency can soon move from theory to practice, and other aspects should be liberalized accordingly.

As a technology, blockchain is not complicated. The key to blockchain is that it provides a decentralized social organization idea that combines "people" and "machine". What is important is society’s consensus and practice of this idea. If we say that in the first five years of Bitcoin, it was difficult for many people to see the birth of a new financial system, but in the last five years, especially the smart contracts that Ethereum relied on, people saw an upgraded version of Bitcoin. That is to say, the emergence of the so-called blockchain 2.0, people can really use this to completely rewrite the existing financial order, not only the payment order, but also the securities order, including the banking order, etc.

05

Switzerland Singapore has promoted blockchain

In the past five years, many countries that seek to occupy a higher status in the global financial system have already taken action and fully accepted the blockchain. , typical ones are Switzerland and Singapore. They have long become believers of Satoshi Nakamoto and have long believed in the grand goal of Bitcoin's design. They are also practicing. But although their efforts have had an impact on the blockchain industry, they are not enough to shake the world's financial system. why? Because they are too small, the "consensus" formed by their country is not enough to drive the entire world.

Therefore, once major countries like China or the United States that can influence the world recognize the idea of ​​blockchain and then apply specific technologies to various industries, then a global consensus will be established. Only then will a new financial order emerge. Therefore, China and the United States are bound to encounter each other in terms of blockchain consensus standards. In recent months, such encounters have suddenly come to light.

Satoshi Nakamoto, who originally designed Bitcoin, whether he is a person or a team, whether he lives or dies, he laid the foundation for the creation of a financial system based on the Internet. However, the subsequent development of virtual currencies starting from Bitcoin and blockchain exceeded Satoshi Nakamoto's expectations and became more complex. Satoshi Nakamoto's design was to make Bitcoin a third-party payment currency in Internet trade. This goal has obviously not been achieved. Today's Bitcoin, in Internet trade, fulfills the role of another kind of financial work.

The so-called Internet trade does not refer to e-commerce, which moves offline stores online and then sells them. In the design of Satoshi Nakamoto's Bitcoin white paper, Internet trade refers to trade that arises from the Internet ecosystem and is then traded in the Internet ecosystem. Because there is no offline involvement at all, transactions can be conducted through Bitcoin, a purely virtual currency. But now, with a constant total amount, Bitcoin is increasingly becoming a reserve currency and a tool that can be regarded as a store of value like gold. On the contrary, Libra in the design, or the central bank virtual currency that the People's Bank of China has been mentioning for a long time, can become a payment tool in Internet trade.

Today, relying on blockchain technology, three different types of virtual currencies have emerged. The first is Bitcoin. As more and more people around the world recognize Bitcoin, the so-called "consensus" is getting stronger and stronger. At present,Bitcoin, whose price continues to fluctuate, is bound to find a balance in valuation.

The second type is "Stablecoin" as a payment tool. Libra's mission is to "build a simple global monetary and financial infrastructure to serve billions of people." Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, said in September that the People's Bank of China's version of digital currency is "ready to come out" and that the People's Bank of China's version of digital currency will adopt a two-tier structure and will be issued to institutions and directly to individuals. This means that China’s central bank’s version of digital currency is expected to become a tool for global netizens to enter the virtual currency trading market, replacing the current role of stable currencies such as USDT. More importantly, with the recognition of the world's second largest economy, which is the consensus of more than one billion people, the Chinese central bank's version of virtual digital currency can easily be accepted as a transaction tool for cross-border payments.

Original publication time is 2019-11-06

G. Please tell me why digital currency can get rid of the hegemony of the US dollar. What is the principle? Principle, principle, principle. Don’t answer questions that are wrong, thank you

Digital currency is actually a set of passwords generated using blockchain technology.
What is a world currency is a means of circulation and a measure of value that countries around the world recognize and are willing to use.
Digital currency is extremely confidential and safe. Once widely promoted and used, it will become an international payment method and a world currency standard, creating conditions for a unified currency in the world.
Of course it can replace currency.

H. Zuckerberg’s digital currency plan was strongly halted. What is the United States worried about?

When Zuckerberg issued a digital currency, I can only say that he was too brave and he really died.

Facebook has 2.7 billion users. Once it successfully issues digital currency, Zuckerberg will immediately have countless money, among other things. He will definitely be the richest among the richest people in the world.

In those simple days, he just ran a money printing press, and he could have as much money as he wanted.

It is normal for the United States to stop him, because in doing so, Zuckerberg directly challenges the global hegemony of the US dollar and weakens the functions of the Federal Reserve.

With such a large number of users, once his digital currency is successfully issued, it will slowly become the settlement currency for 2.7 billion people, which directly threatens the settlement status of the US dollar.

Moreover, the exchange rate between digital currencies and the US dollar will definitely fluctuate, and will interact with the value of the US dollar. If the US dollar appreciates, digital currencies may depreciate or appreciate. On the contrary, it is also possible for digital currencies such as the US dollar to appreciate. There are two manifestations of appreciation or depreciation.

If most people in the United States use this digital currency for transactions, it means that the United States has a dual currency, and any monetary policy of the Federal Reserve may be completelyInvalid.

These two items alone are enough for the United States to stop it.

In addition, if any of these digital currencies are issued by Zuckerberg, this is simply a direct replacement of the Federal Reserve. It would be strange for the United States to let him issue them.

What’s more terrible is that Zuckerberg’s actions directly harmed the collective of large financial groups in the United States. Once most Americans use his digital currency for transactions, it means that most of the United States Banks are closing.

Moreover, those American consortiums had to convert their U.S. dollars into digital currencies and hand them over to Zuckerberg for control. It is strange that those American consortiums agreed to him doing this.

Now the U.S. Congress is just forcefully calling a halt and holding hearings, so it’s a good thing that it doesn’t cause him any trouble. In fact, it doesn’t matter whether it is opened or not. The upper class society in the United States will not allow its digital currency to be circulated in all areas. I can be sure of this.

Zuckerberg wants to use this digital currency as a market transaction currency, which is simply a dream. At most, the United States only allows this currency to become a transaction currency used internally by Facebook, or it can only be used in certain fixed areas.

Maybe it won’t be long before he encounters new troubles.

As expected, just when everyone was shocked by Facebook’s issuance of encrypted digital currency, Libra was stopped by the U.S. Congress. Correspondingly, the Organization for International Settlements supported central banks in various countries to accelerate its development. Digital currency.

It can be said that Facebook’s suspension is inevitable, because in doing so, it disturbs the cheese of the United States. I pointed this out very clearly in an answer on June 25.

What is currency? It is the lifeblood of the economy. A company can issue it if it wants to, so how can it be allowed? Facebook's issuance of cryptocurrency relies on its huge user base and does not have any unique technical advantages. As Ma Huateng said after hearing about it, digital currency technology is very mature. As soon as policies allow it, it is very simple to issue digital currency. It seems that Ma Ge is much more mature than Zuckerberg.

If Facebook were to issue encrypted digital currency, the first thing it would have to do is subvert the hegemony of the U.S. dollar. The Federal Reserve would definitely not be happy, nor would some large American consortiums, and the U.S. government would not agree. It is believed that once Libra becomes a currency in circulation, it will be very difficult for the United States to control global trade settlements through the US dollar.

Because of this, the United States cannot freely issue U.S. dollars and must be linked to Libra. If the value of Libra is constant, the U.S. dollar will become volatile, which is equivalent to Libra replacing the status of the U.S. dollar. How can we watch decades of hard work go down the drain?This should be the issue that the United States is most worried about!

Facebook’s Libra has the image of an emperor, so it is inevitable to be blocked. There won't be opportunities for some time, but the economic cycle will provide the necessary conditions, just wait! Bitcoin's mission has been completed. It has opened the curtain on the evolution of currency, but the inefficiency of the universal participation model is fatal. Goldman Sachs and JPMorgan Chase’s cryptocurrencies have no future. They must join forces with Google, Facebook, Twitter, and credit card giants to have a future. However, to realize this kind of revolution, the United States may have to go through another Civil War, but this time it is not to liberate the black slaves, but to subvert the existing monetary system. The post-revolutionary Fed will be composed mainly of representatives from major technology companies and payment companies. However, the possibility of failure is also very high, because the United States is on the eve of dangerous division and it is difficult to form a social consensus. China does not yet have the necessary demand in this regard. The dividend period for the mobile payment system is still there. There is still a huge gap between the existing financial system and the United States. It needs to wait for the weaknesses of the U.S. system to be concentrated and strongly exposed before it can stimulate a leap forward. Evolutionary needs. It is hoped that the country will continue to invest and reserve in these basic technologies.

In essence, "notes from various countries" are also "digital currencies", but they are currency "quantity" certificates guaranteed by "national credit". Therefore, the replacement of national paper-based "digital currency" by national non-paper "digital currency" will inevitably be like "paper currency" replacing "gold and silver coins" in circulation. There will be a complex game of "growth process", and this "growth process" is its "credit" Guarantee the process of "body's growth". Because it has huge production cost advantages and convenient circulation advantages over "paper money", it will definitely become popular in the future!

——Before this, there must be various forms of specific "opposition"! ①Safety issues ②Profit issues. The United States' suspension of "digital currency" is equivalent to ending Zuckerberg's "private" currency issuance.

What happened
On June 18, Facebook released a white paper on Libra, a global digital currency, which sparked a craze. The price of Bitcoin directly exceeded 10,000 US dollars due to this incident, and investor sentiment began to rise. However, U.S. officials have always questioned this attitude. Recently, on July 2, members of the U.S. House of Representatives Financial Services Committee jointly sent a letter to Facebook CEO Mark Zuckerberg, demanding the immediate suspension of the digital currency Libra and The development of the digital wallet Calibra and participation in the hearing held on July 17 confirmed thatUnderstand how Libra operates and what measures are taken to protect user privacy.

Official concerns
1. The essence of digital currency

In fact, for digital currencies, the official and public concerns about Libra are the same as those for Bitcoin, both about the security of funds. , the issue of user privacy. After all, digital currencies are now based on software, and there may be loopholes that can be attacked by hackers and cause losses to users.

There is also an impact on commercial banks and the monetary system. After all, Libra can be used for payment, and users can use Libra for financial services such as consumption and transfer. For the time being, Facebook has not announced many details about Libra. The announcement of a white paper is no surprise to old leeks in the currency circle. Many projects have one set of white papers, but in fact another set. No one is sure that Facebook will not do this for the time being.

2. Large number of users

Facebook can be said to be the social media with the largest number of users in the world, with up to 2 billion users. Once the use of digital currency is implemented, it will be widely used. The current regulations and attitudes towards digital currencies vary from place to place, and this may involve issues of sovereignty of different countries. After all, Libra's goal is to make customer transfers as easy as sending pictures.

3. Facebook has a criminal record

In fact, this is not the first time that officials have been so harsh on Facebook. Not long ago, Zuckerberg had participated in a hearing on user privacy. Officials accused Facebook of deceiving users about the issue and the issue of pushing related advertisements during the US election to influence votes. The release of Libra is also a big test for users' privacy.

4. Impact on the traditional financial system

At present, the scale of digital currency is still very small, and its impact on the traditional financial system is limited. After all, the number of users is small, and the number of users in the global currency circle is There are only tens of millions of people, and most of them are currency speculators. Only a few actually use digital currencies for daily transfers and other financial services, and maybe only those who launder money.

When Libra can be implemented and widely used, the number of users will increase by 2 billion. The public will gradually become familiar with digital currency. As Libra becomes more used, the demand for currency will decrease, and related financial There will be more and more services, such as credit cards, long-distance transfers, etc., taking away the business of traditional financial institutions, so it will have a certain impact on the traditional financial system.
Final summary
It is understandable that the United States is worried about it, but there are certain difficulties in implementing Libra. It should take 5-10 years to officially implement it. After all, the location of traditional legal tenderBits will not be replaced at once, and legal currency-related technologies are also constantly improving. Mobile payment is a good example. This is also the reason why mainstream digital currencies cannot be widely used. Mobile payment technology is already very mature, and digital currencies The technology for transferring money is still at the white paper level.

The foundation of Libra is blockchain. Whether blockchain technology can change the world is still unknown. We need to be vigilant about unfamiliar things. After all, there are security risks in digital currencies. , there are no standardized management issues, these issues have never been resolved, and it is normal for US officials to be worried about this.

Libra can be worth looking forward to, but its full implementation is still far away from now.

Hello friends!

It can only be said that Zuckerberg is too courageous! Zuckerberg's digital currency plan was strongly stopped. The main reason is that the United States cannot allow Zuckerberg to have the right to issue currency, and digital currency will have a huge impact on the existing financial system, and digital currency will have a huge impact on existing wealth. The impact was huge.
Historically, issuing currency has been a core right of a country
Historically, only sovereign states have been able to issue currency, which is a core right of sovereign states. If Zuckerberg can also issue digital currency, it means that Zuckerberg also has the core rights of a country, which means that Zuckerberg has created an independent kingdom in the United States. The United States will definitely not allow such a thing, and the United States will never allow an independent kingdom to be established within the United States. Especially when it comes to the issue of currency issuance rights, the United States will never allow Zuckerberg to create such a digital currency.
Digital currency is a huge impact on the existing financial system
If Zuckerberg comes up with a digital currency plan, it will be a huge impact on the existing financial regulatory system. It is simply impossible for the existing financial regulatory system to supervise such a digital currency system, not to mention that the digital currency system was not originally designed for good supervision, but was designed to evade supervision. Therefore, if digital currency comes out, it may be used by criminals and become an ideal currency to evade supervision. If this is the case, it will cause great harm to the stability of the existing financial system.
If digital currency is issued, it will have a huge impact on the existing wealth
If digital currency is issued, it will have a huge impact on the wealth of the existing American wealthy. If Zuckerberg's digital currency is successfully issued, it may mean that the existing wealth system will be revalued. Such a thing will have a great impact on the existing wealthy and wealthy classes in the United States.

Moreover, Facebook has a total of 2 billion users. If these 2 billion users no longer use U.S. dollars when making transactions, but directly use digital currencies, then U.S. dollars willThere is a risk of being replaced, the value of the US dollar may decline, and everyone's wealth will slowly be revalued. For the United States, this risk can be said to be immeasurable.

To sum up, Zuckerberg is really bold to issue digital currency. The United States has strongly halted Zuckerberg's digital currency plan. The main reason is that the United States must not allow Zuckerberg to have the right to issue currency, and digital currency will have a huge impact on the existing financial system, and digital currency will have a huge impact on the existing financial system. The impact on wealth is huge.

Thanks for reading!

Digital currency is also a type of currency. Similarly, banknotes are also a type of currency. In essence, they are generally equivalent and have the same function.

When you use Alipay and WeChat to pay, or transfer money through mobile banking, it can also be said to be digital currency. It’s just that the entity that records how much money is in your account is different. The traditional record-keeper is the bank, and the only legal record-keeper of how much money you have. We all know that banks are the lifeblood of the country that is primarily controlled by the regime.

But now FB stands up and says, I can also record how much money you have! No bank is needed. The advantages of traditional currency are: 1. Credibility, 2. Accurate records, and 3. Guarantee that it will not depreciate. As for my Libra, it is digital encryption, distributed accounting, credibility, and accuracy. It is transparent and clear. Anyone can check it, no problem.

I can guarantee that there will be no devaluation, because I will not issue Libra randomly and keep it rationed. This way it won't depreciate.

If Libra replaces the role of the US dollar in circulating in the world, wouldn’t FB become the next Federal Reserve? The shareholders of the Federal Reserve are hundreds of banks in the United States. If the banks agree with FB's approach, it is tantamount to committing suicide slowly.

Only if the Bank of America launches a digital currency based on blockchain technology and the U.S. Congress will approve it, will the president approve it.

Of course, blockchain technology has a natural advantage, which is transparency. This is very important, this is a trend and it is irresistible. The Federal Reserve also understands that now JPMorgan Chase, the most important bank in the United States (equivalent to China’s ICBC), is already working on blockchain technology.

FB is too naive. Issuing Libra is like a certain printing house saying that the money printed by my family is the same as US dollars and has more anti-counterfeiting technology than theirs. And I don’t print more. In total, There are 1 trillion copies in circulation. After I print these 1 trillion, I will burn down the factory and equipment. Don’t even think about copying. Hey, anti-counterfeiting technology will make you doubt your life.

In fact, even if this printing factory prints money, it will still be 1 trillion pieces of waste paper. The cost is quite high...

If it is directly linked to the currency exchange rate of each country's central bank, it is equivalent to a country's sovereign currency, and it has more than 2 billion users., spanning many countries, once it successfully becomes the world's largest monetary institution, it will involve many things, such as money laundering, taxation, etc. No country will allow its own country to have such things that are not absolutely controlled by the government. Things appear

Currency is money in the hands of the people, and it is a tool of rule in the hands of the ruling class (for example, devaluation or appreciation actually depends on the needs of the ruling class). Without the right to manage currency, it means that there is no money. gained the right to rule. So…

Too bold

I. Is it possible for the United States to continue the hegemony of the US dollar through blockchain technology and digital cryptocurrency

From more than a year ago Judging from the actions of American political and business circles, the idea of ​​continuing hegemony is inevitable.

Due to various reasons, they also have a better internal and external environment: for example, the United States has now become the number one country for Bitcoin mining, and various American institutions have almost arbitrary control over the Bitcoin market. Control, major innovative public chains such as ADA, Solana, Mina, Algorand and the main stablecoin types on the market are all from the United States. Objectively speaking, they have already occupied a dominant position in the fields of blockchain technology and cryptocurrency.

Having said so much, the core meaning is that the United States and China may have completely different paths to develop digital fiat currencies, and their attitudes towards private cryptocurrency are also completely different. In competition in one field, both sides adopt completely different playing styles, which is very scary and very worrying.

Bitcoin was invented by Americans.

It’s impossible. Blockchain and encryption technology themselves are de-hegemonic logic. Although blockchain and encryption technology occur in the United States, they essentially do not belong to any country, because all technical codes are sourced and no one person can control or manipulate it.

J. What is the underlying logic behind the skyrocketing rise of Bitcoin?

Who are the big players behind Bitcoin? Once you understand this, you will understand the reason why Bitcoin is skyrocketing! The capital of Wall Street is the largest Bitcoin player, Morgan Stanley, Goldman Sachs, Jewish consortium, Rothschild, XX Society, etc... There is also the inventor whose name cannot be found. The real surge is just another capital manipulation tool after U.S. debt, U.S. stocks, U.S. dollars and other financial capital have harvested the world. The Federal Reserve's involvement in Bitcoin has fully demonstrated that all conspiracies have been planned! Bitcoin also has a more insidious purpose, which is to travel across digital networks without being subject to monetary supervision by a sovereign country. It can inadvertently destroy or damage the financial system of a sovereign country! This is also the reason why the Federal Reserve intervened! That’s why we vigorously launched the digital renminbi. This is a tit-for-tat duel!

Finally, for us ordinary people, there is a joke about the stock market and funds in China: Even the aunties in the wet market are here When discussing fund stocks, that’s when the leeks are ripe! I think Bitcoin will probably not jump out of the three realms....I am not an economist, I just rely on the information I usually collect to run through it. Whether it is right or wrong is a joke...

Inflation expectations, many currencies need to find relatively safe places, currency flows Demand increases, and Bitcoin facilitates the cross-border flow of non-free convertible currencies, so it rises. This is one of the reasons.

Because of speculation, because money is being distributed all over the world

1. Underground currency must ensure financial attributes

2. Inability to promote national currency It is one of the ways for countries to get rid of the hegemony of the US dollar

3. The release of water by the United States leads to the devaluation of capital as a safe-haven investment.

Tulip speculation and underground trading are all phenomena. The core reason is the flattening of power in the Internet era. Blockchain technology and the battle over government-guaranteed currency issuance rights.

The four-year production reduction cycle, which overlaps with the large over-issuance of US dollars in the United States, are the two direct causes of this round of skyrocketing prices.