区块链玩家的众生相都是怎样的,区块链云服务平台

区块链玩家的众生相都是怎样的？这是一个值得深入探讨的问题，本文将介绍三个与区块链相关的关键词：区块链技术、区块链云服务平台和智能合约。

区块链技术是一种分布式账本技术，可以用来记录财务交易和其他数据。它是一种分散的、去中心化的数据库，它可以把数据存储在网络中的多个节点上，而不是在一个中心化的服务器上。它的特点是，它可以把数据存储在多台计算机上，而不是在一台计算机上，这样就可以防止数据被篡改或丢失。此外，它还可以提供可靠的认证机制，以确保数据的安全性和完整性。

区块链云服务平台是一种基于区块链技术的云服务平台，它为企业提供了一种可靠的、安全的、可扩展的数据存储和处理环境。它可以帮助企业更快地构建和部署区块链应用，以及更简单地管理和监控区块链网络。此外，它还可以提供帮助，以便企业能够更好地理解和利用区块链技术，更快地实现业务目标。

智能合约是一种基于区块链技术的自动执行程序，可以在网络上自动执行合同。它可以把一个合同的条款和条件编码成一个可以被执行的程序，当双方满足了合同的要求时，智能合约就会自动执行，以确保双方的利益得到有效保护。智能合约可以提高交易的透明度和可信度，确保双方的权利和义务都得到充分保护。

总之，区块链玩家的众生相都是怎样的？以上介绍的区块链技术、区块链云服务平台和智能合约都是区块链技术的重要组成部分，它们都可以帮助企业更好地理解和利用区块链技术，更快地实现业务目标。

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❶ Bull market in the currency circle: Some people make profits of over 100 million, while others leave the market in disappointment | Extraordinary "epidemic" year

Editor's Note

On the Internet In the world, we laugh at ourselves as workers. We have no names, only symbols.

But in the real world, we are riders, teachers, flight attendants, screenwriters, financiers, tourists...

In the past 2020, we were just a drop in the sea of ​​all living beings, and we were also the common people. The oneness of breathing.

When ordinary life comes and encounters an extraordinary "epidemic" year, we are worried and confused together, but also moved and looking forward to it.

During the Spring Festival of the Year of the Ox, China Business Network specially launched the special topic "Extraordinary 'Epidemic' Year". These seemingly ordinary human journeys reflect the extraordinary changes of the "epidemic" year, and also describe the endless soul of craftsmen.

If every day without dancing is a failure of life, then every ordinary and extraordinary person among us is making life more passionate.

Text/Xun Shilin

The past 2020 will definitely leave a mark in history.

Since mid-January, the black swan of the new coronavirus epidemic has spread around the world. In this era of globalized capital flows, no matter individuals or institutions, whether poor or rich, one issue that everyone is worried about is what to do with their wealth.

Panic became the norm. On February 3, the first day the A-share market opened in the Year of the Rat, the Shanghai Stock Exchange Index fell 8.73%, and more than 2,900 stocks in the two cities fell by the limit at the beginning of the session. The same is true for overseas markets. In March, US stocks experienced circuit breakers four times in 10 days, and the US Congress even passed the largest economic stimulus plan in US history of US$2.3 trillion.

On the contrary, digital currency has experienced a year of headwinds. From the big rise at the beginning of the year to the March 12 tragedy, Bitcoin once fell to a price of less than $4,000. Over time, it recovered and re-entered the upward trend, entering the first year of DeFi. At the end of the year, Bitcoin ushered in a big explosion. By the beginning of 2021, the price reached US$40,000, pushing the currency circle further. It seems that even the old leeks began to shout that the bull market has arrived.

So, in 2020, have people in the currency circle really made money?

Trader born in 1998: Trading profit of over 100 million

"I would like to introduce you to a great guy, born in 1998." A senior currency practitioner This is the introduction to the author.

His name is Qingtian (pseudonym). He was born in 1998. He is 22 years old and has graduated from high school. For Qingtian, 2020 is a year of reorganization and a comeback. Three years after bidding farewell to the currency circle, he returned to the currency circle and reappeared on the trading platform of the crypto asset market.

As lucky as he was, he happened to catch up with the bull market. This year, sunny days in crypto asset futuresMarket trading profit was more than 100 million yuan. "Although my assets are only more than 10 million yuan, for me, it can be regarded as realizing the value of being a trader."

But now he suffers from severe insomnia and only does Sleeping four or five hours is very stressful. "You see, now we basically chat in the evening." At only 22 years old, he is more cautious and mature. "Although I had about 30 million yuan in assets at the time, I was very cautious in my operations this year because of previous failures."

Qingtian recalled the joys and sorrows of just entering the currency circle. years.

In 2017, he just turned from the stock market to the crypto asset market. At the end of 2016, digital currencies such as Bitcoin began to enter the public eye.

2017 can also be called the first round of bull market in the confidential asset market. However, unfortunately, it began to stagnate in the second half of 2018, and then another round of bull market occurred at the end of 2020, which happened to be a cycle on a sunny day.

"At the beginning of 2018, a lot of big things happened in the currency market, and the market was also crazy. I made my first million in my life."

Unfortunately, in 2018 In February of that year, Qingtian believed his friend's words and thought that Bitcoin would plummet, so he tried to go short, but his position was liquidated. In five or six days, Qingtian lost 20 to 30 million yuan.

The maximum profit from short selling is only 100%, but there is no upper limit for losses. In 2018, Qingtian not only suffered an investment failure, but was also deceived by his "partner", who simply took the money and ran away.

"That was when I was most broken down. I was bankrupt and even thought about committing suicide." Qingtian said.

But Qingtian did not give up. He kept reviewing his past experiences and opened Weibo to talk about his experiences. "One day, someone was suddenly willing to give me start-up capital. That was a turning point in my mentality."

Qingtian started to form his own paid group because a big investor in the group gave some good investment advice. "He gave me one Bitcoin, plus the other income I earned, and I had a chance to make a comeback. With this one Bitcoin, I later doubled my fortune dozens of times."

Looking back After making a comeback in 2020, Qingtian said: "For me, 2020 is a year to prove myself, and it is also a magical year. Looking forward to 2021, I think there will still be some opportunities in the currency circle. After all, the Federal Reserve is still going all out to print money. Banknote machine. My advice to people who are interested in the currency circle is that this market is full of risks and opportunities. Sometimes you think of heaven and sometimes you think of hell."

New media people who sit and watch the ups and downs: No money is made in the bull market

"Many things cannot be considered with hindsight from God's perspective. There are no what-ifs in this world. In 2018, everyone was very hesitant. At that time, many people even thought about whether this industry would disappear in the future. .Similarly, put it in 2The same is true for the bull market in 2020. "Xiao Lizi (pseudonym) expressed his feelings about this year in this way.

According to Xiao Lizi's description, he also entered this circle in 2017. "I have been speculating in digital currencies for more than three years. In December of that year, he entered a blockchain company and was responsible for the new media sector, and has since been exposed to digital currency. "

Xiao Lizi also witnessed the fiery, even crazy, currency circle. "It started to get popular in 2017, when ICO (initial coin offering) was very popular. To put it bluntly, traditional companies have to achieve a certain level. Only scale can lead to listing, and ICO in the currency circle means that as long as you have an idea and write a white paper, you can raise funds in the market. ”

“By 2018, the Big Bear Market has been completely wiped out, and many projects have finally returned to zero. "

Xiao Lizi said that he did not make any money in 2020. "Maybe it is also related to the fact that I entered this industry in a bear market. I have never experienced a big bull market and my thinking is relatively conservative. When the big trend comes, I see it rising a little and think it can't go up any more, and then I start going short against the trend, resulting in serious losses. "

Regarding the trend of digital currencies in 2021, Xiao Lizi does not have many ideas. He just believes that the bull market will not end so soon, because in the past bull markets were driven by the main force of Bitcoin. "They are purely In order to pursue profits, the cycle of opening a position, pulling orders, and shipping is like this. "

When talking about whether digital currency has collectible value, Xiao Lizi said: "I don't have much faith in digital currency. I regard it as a speculative product. However, I have kept some Bitcoins, and I will not sell them regardless of whether they rise or fall. I will just treat them as a collection and leave them to my children in the future. Maybe they are worth 1 million yuan each. "

The unemployed who are determined to leave: Just missed the so-called "bull market"

"Hey, I ran away before the bull market. Now I think, I may have to break my thigh. "

For Xiaoxue (pseudonym), the currency circle in 2020 is like a dream. She is 25 years old and originally worked in investment-related work in the primary market. "Later, my leader When I took myself into the currency circle, I felt that this thing was really magical. ”

Xiaoxue came into contact with digital currency in 2018, when she joined a financial media company. “I’m afraid it’s really hard for you to imagine how enthusiastic this circle was in the first half of 2018. All the people in the circle When talking about this matter, I would put an X in every gesture. "

According to Xiaoxue's description, when she first joined the company, the company gave employees FT (digital currency) ICO quota, and she got a quota of 4,000 yuan.

She said: "No What comes to mind is that FT has increased 100 times in two weeks, which is very crazy. But because the ICO quota was locked and required mining every day to unlock it, I didn’t completely sell it at that time. "

According to Xiaoxue's description, she had "lost her mind" because of the fierce rise at the time, and later invested in the new digital currency issued by Fcoin. "But basically no one accepted the new offer, hahahahaha, I lost money."

Xiaoxue did not give up the idea of ​​getting rich in the currency circle, and then bought Ether and Bitcoin intermittently. "But I couldn't see the hope of getting rich suddenly, especially when Bitcoin plummeted in the first half of last year, so I sold everything and fled."

"However, what I didn't expect was that after the crash, A big bull market is coming. Maybe, without faith, you can’t make money in the cryptocurrency industry,” she said.

When talking about his views on digital currency in 2021, Xiaoxue felt that he might never return to this circle again. "I don't believe in Bitcoin anymore, and I don't believe in anything else. Maybe the future trend will be more volatile, and maybe it will rise, but I don't care anymore. I have decided to invest in the stock market!"

< p> A Kun (pseudonym), a senior practitioner in the currency circle, told the author that in fact, there are too many people with stories in the currency circle. "Every industry will have its losses and profits. You cannot draw any conclusions just because of one or two bull markets and bear markets."

Time never stops for anything, and the story of the currency circle continues. , for Akun, although there are times of success and failure, the wave has not stopped. Digital currency is an opportunity in the eyes of money, and it is also the destiny that technology brings to mankind. His eyes are not only focused on 2021, which has already arrived.

A Kun said: "Digital currency is a major trend, just like the significance of the unified currency of the Qin Dynasty. Maybe one day in the future, the whole world will use the same digital currency (BTC), and it will circulate globally. Blockchain technology will also be the future of mankind, because I firmly believe that science and technology are the ultimate secrets of the universe. To quote Musk, humans will walk out of the earth, settle on Mars, and use doge."

< p>❷ Offline communication gives one more perspective on thinking and raises awareness to a higher level

On the last Saturday of October, Sanjiu Xi’an Branch held offline activities as scheduled. Long Congyi, the guest speaker invited this time, holds a master's degree in computer science from Xi'an University of Electronic Science and Technology. He has 10 years of experience in R&D and market expansion at Huawei and ZTE. He is the founder of the intelligent software development platform and is a senior project developer.

Teacher Qiao said at the beginning that from the number of people participating in offline activities now, it can be seen that in the long bear market, more and more people are leaving the market, and fewer and fewer people are paying attention to learning. Investment is an attitude towards life that refuses to be ordinary. Sanjiu Xi'an Branch always insists on organizing regular offline learning activities, so that everyone can communicate with each other face-to-face and grow together.

In this event, Long Congyi shared the following content:
1. About blockchain
Describes the current status of blockchain and personal understanding of the blockchain industry from aspects such as the value of blockchain, the law of the jungle, development speed, functional evolution, and regional policy differences.
2. About the currency circle
From the production in the primary market, including coin issuance, mining and mining machine manufacturers, to the circulation in the secondary market, including exchanges, traders, funds, investment agents, Retail investors, etc., and then to related supporting facilities, including media, communities, training, currency speculation tools, etc., tell the story of all living beings in the currency circle.
3. About the media
Shared the characteristics, establishment methods, community maintenance and possible risks of media and self-media. Through the example of Shilian Finance having 70,000+ WeChat groups, it illustrates the current relationship between media and self-media. The influence of self-media.
4. About doing projects
First of all, let’s put forward several questions that need to be considered before doing the project: a. Industry pain points, b. Why is blockchain needed, c. Why choose our blockchain project, d. How to realize, e. Team.
Secondly, based on the above thinking, the necessary factors for doing the project were shared from the three aspects of the project itself, consultants and underwriting team.
Finally, the organization’s concerns are described from the aspects of team, market, technology, and valuation.
Long Congyi shared his detailed and clear experience on the key points of the project from the above three aspects.
5. About the SDP project
The SDP (Smart Development Program) project is a blockchain project that Long Congyi is currently working on. It is an intelligent software development platform that provides strong collaboration based on the blockchain. Long Congyi introduced the development process and project evolution from aspects such as functions, business models, and fundraising.
6. About making money
Shared how to make money in the blockchain from three aspects: forming your own team, joining other people's teams and sorting out your own advantages.

The round table discussion is the most intense and exciting part of this event. From the perspective of a project developer, Yizhan focuses more on technology development, teamwork, and fundraising promotions. He mentioned the bottlenecks encountered when operating projects in traditional ways. A friend is not optimistic about the development of EOS because the current operation of EOS cannot reach the height mentioned in the white paper. On the contrary, despite the sluggish state of the secondary market, EOS ecological games are going on in full swing in the community. The runner-up has seized this development trend, paid attention to research and participated in it, and has gained a lot from using EOS games. Regarding the explosive development of the EOS ecosystem, Yajun gave Congyi some suggestions on project development and operation, asking him to refer to the development models of various EOS games and change his thinking.

Through this face-to-face discussion, we can clearly see that everyone has different concerns and interests, and looks at the problem from different angles. WireThe collision of ideas generated by the exchange allows us to see more possibilities for each other. Break your own conventional thinking patterns, listen more to other people's ideas and opinions, learn from other people's successful experiences, and provide more perspectives for your own thinking. At the same time, in the face of trends, follow the trend, give yourself one more opportunity to understand and try, respect the consensus, and improve your knowledge.

This is the power of offline communication, the benefits are just that, but not just that.

❸ What is the greatest consensus of the blockchain?

The greatest consensus of the blockchain is to make money.

There will be a process for the advancement of blockchain consensus. In this prehistoric period, making money based on cognition and circles is still in the consensus 1.0 stage. Fortunately, However, its size is not large enough to affect the overall world economic structure, and the cost of supervision and policy intervention is low. In the large community of blockchain, more parties need to intervene, especially governments with service functions. It cannot be absent, and people in the community should not act like frightened birds, independent from the outside world.

The lively blockchain communities are not even forests. At most, they are bird nests on a few trees, chattering for food. Even if there is a Category 3 wind, everyone will Will be like birds and beasts scattered. If you really want to dream of creating a forest, then bravely cut down trees, dig ditches, and divert water into streams.

❹ Is the crazy Bitcoin a god or a ghost? A long article analyzing the investment value of Bitcoin

About Bitcoin, it is a bit complicated, and we need to talk about it bit by bit.

Bitcoin was created by Satoshi Nakamoto in 2008. Satoshi Nakamoto is a mysterious figure. After publishing the Bitcoin white paper "Bitcoin: A Peer-to-Peer Electronic Cash System" on the website, Then he disappeared without a trace, which means "People in the past have gone away on the Yellow Crane, and the Yellow Crane Tower is empty here. Once the Yellow Crane is gone, it will never return, and the white clouds will remain empty for thousands of years." The mystery of Satoshi Nakamoto also creates the mystery of Bitcoin. All living beings often have an inexplicable awe for mysterious things. If Satoshi Nakamoto was your neighbor's Aunt Zhang's son, Ergouzi, who fiddled with computers after going to college and getting a Ph.D., would your impression of Bitcoin be greatly reduced?

Bitcoin is a digital cryptocurrency, which is a complex string of codes generated by a computer. New Bitcoins can be created through a preset program, called mining. The so-called "mining" is to use a computer to solve a complex mathematical problem, and then the Bitcoin network will generate a certain amount of Bitcoin as a block reward. Due to program limitations, its total number will be permanently limited to 21 million. In addition, unlike legal currency, Bitcoin is a decentralized design. It does not have a centralized issuer, and anyone can participate in the production of Bitcoin.

Let’s summarize: Bitcoin is a virtual currency with no central issuing machine, limited quantity, and tradable.

In order to understand this problem, we need to discuss some basic knowledge first.

The first question is: What is money?

In fact, there is no money in the world. The mother of money is "transaction". It can also be said that "transaction" is the mother of "currency". In primitive society, exchange was achieved through barter. For example, I have a cow for you two sheep. At this time, there was far from a commodity economy. Later, with the development of the agricultural and animal husbandry economy, the division of labor in social production came into being. In addition to self-sufficiency, a lot of food materials became surplus, and the demand for exchange became stronger and stronger.

There are many disadvantages to bartering. First, a cow may not be exchanged for two sheep, but for two and a half sheep, but half a sheep cannot be delivered; secondly, you There are cows and I have sheep. You want my sheep, but I may not want your cows. What I want is Zhang San’s pigs, but Zhang San doesn’t want my sheep, nor your cows. , he wanted John Doe’s plow.

Since bartering is too inconvenient, people look for things that are rare, easy to carry and preserve as a medium of trade. Stones, shells, and metals all served as this medium of exchange, and later gold, silver, copper coins, and banknotes, and this is how money was created. To put it bluntly, money is a tool for transactions. This is its core function and the reason why it emerged from the mother body.

Of course, money has two other major functions, pricing method and value storage. The unit of measurement is its second function, which is also a necessary condition for being a trading tool. If a cow costs 2,000 yuan and a sheep costs 1,000 yuan, we will know what is expensive and what is cheap. We will know that one cow is equal to two Sheep. People often say "saving money" refers to a means of storing value, which is also the third function of money. I exchanged a cow for 2,000 yuan, but I don't want to eat mutton now, so I will save the 2,000 yuan until I want to Buy sheep when you eat mutton. But no matter how long you save, the ultimate goal is to buy, buy, buy. Storage only delays exchange in the time dimension. Currency is not the only means of storing value. Smart people often like to use non-monetary assets to store wealth.

Although money has three functions in the economy, its core function is still the medium of exchange, and it is a tool for realizing transactions. In order to deepen the impression, I removed the attributive and said it several times, "Money is a tool, money is a tool, money is a tool, money is a tool, money is a tool, money is a tool."

Chapter Two questions: How much money does society need?

Money is a medium of transaction, and money is a tool. As a tool, it is natural that it is sufficient. This is just like the chopsticks we use to eat. Chopsticks are tools for eating. They can bring food to your mouth. Five pairs of chopsticks are enough for a family of five, and at most two pairs can be added as backup.

A country needsHow much money you need depends on the quantity of goods that need to be traded and the efficiency of using money. More is not always better. This must be easy to understand. Let’s simplify this model and deduce it. For example, there are only three people in a closed world. They are Zhang San, Li Si, Wang Wu. One day Zhang San paid 1,000 gold in exchange for Li Si's cow. The 1,000 gold came into Li Si's hands. Six months later, Li Si used the 1,000 gold to buy it. Wang Wu bought two sheep from Wang Wu, and the money was in Wang Wu's hands again. After another six months, Wang Wu used the 1,000 gold to buy Zhang San's three pigs, and the 1,000 gold returned to Zhang San's hands. There are only these 1,000 gold in this closed world. This 1,000 gold is used three times in a year. The traded commodities are one cow, two sheep and three pigs, with a total value of 3,000 gold. If the only commodities that need to be traded in this closed world are one cow, two sheep and three pigs, and only these three transactions are needed in a year, then this 1,000 gold can be used as a medium to meet the needs of the transaction. The conclusion is that if there are 3,000 gold worth of goods that need to be traded in a year, and the efficiency of using money is three times a year, then the currency amount of 1,000 gold is enough.

The above is just a minimalist model, but any complex theory is born from simplicity. Sometimes we are obsessed with this vast and noisy world and forget the most essential things. "Tao gives birth to one, gives birth to two, two gives birth to three, and three gives birth to all things." Rushing around among all things every day, it is easy to be physically and mentally exhausted, and the thinking becomes from complex to simple, reversing the order of thinking, and forgetting what Tao is. things.

How much money a country needs depends on the number of goods that need to be traded and the efficiency of using money.

Still the above closed model, let’s make a derivative. If 1,000 gold becomes 2,000 gold in this closed world, what will happen? At this time, the price of a cow changed from 1,000 gold to 2,000 gold, the price of two sheep also changed from 1,000 gold to 2,000 gold, and the price of three pigs also changed from 1,000 gold to 2,000 gold. This closed world did not They were not richer, their wealth was still only one cow, two sheep and three pigs. But at this time, Zhang, San, Li, Si, Wang and Wu all claimed that their wealth had increased from 1,000 gold to 2,000 gold. The increase in commodity prices at this time is called inflation.

Speaking of inflation, we have to mention Zimbabwe, where everyone was once a billionaire. There is a kind of inflation called Zimbabwe inflation, which is simply super hyperinflation. A banknote with a face value of 10 million Zimbabwe dollars can only be exchanged for 1.5 US dollars, and buying a chicken in Zimbabwe costs 13 million Zimbabwe dollars.

Still using the above example, let’s assume that Zhang San has the right to mint coins. Zhang San bought Li Si’s cow and paid 1,000 gold. Zhang San had no money at this time, so Zhang San started the money printing machine and printed money again. 1,000 gold was printed, and Wang Wu’s two sheep were bought with 1,000 gold. At this time, the currency in circulation became 2,000 gold, andThe price changed to 2,000 gold for a cow, 2,000 gold for two sheep, and each of Li Si and Wang Wu had 1,000 gold. At this time, Li Si wanted to buy back the cow he sold to Zhang San, but found that he could not afford it. 1,000 gold can only buy half a cow; Wang Wu also wants to buy back the two sheep he sold to Zhang San, but finds that the 1,000 gold in his hand can only buy back one sheep. The money in the hands of Li Si and Wang Wu was worthless, and their wealth was ruthlessly plundered by Zhang San, who had the right to mint coins.

Take the country as an example. The power to mint money is in the hands of the central bank. The whole world is not a royal territory. The country has no motive to plunder people's wealth. The central bank's money printing machine is also relatively restrained. How much money is printed depends on GDP growth and monetary policy tightening.

Once again, how much money a country needs depends on the number of goods that need to be traded and the efficiency of using money. In the normal operation of a country, under normal circumstances, in the normal economic activities of more than one billion people, the efficiency of money use can be considered constant. So we can generally say that how much money a country needs depends on the amount of goods that need to be traded.

Let us say it again, how much money a country needs depends on the number of goods that need to be traded. What is GDP? If a country's GDP increases by 1%, it can be roughly considered that the country has 1% more goods and services that need to be traded. Therefore, in the absence of inflation, M2, that is, the amount of broad money, also increases by 1%.

But generally speaking, the growth rate of M2 will be slightly higher than the growth of GDP, because moderate inflation does no harm to the entire society, but will stimulate economic development. We know that inflation will cause the money in everyone’s hands to become worthless, which in turn will cause prices to rise. If the growth of currency is less than the growth rate of GDP, it may lead to deflation. Deflation means that the money in everyone’s hands becomes more valuable. In turn, prices have fallen. Some people may say that falling prices is not a good thing? There are more things we can buy. In fact, it is far from that simple. If you open a factory to produce shovels, the raw material is steel, and you sign a contract with the store. If you sell a shovel for 20 yuan, you can earn 1 yuan. Money, at this time you find that the price of steel is constantly falling, and you can earn 2 yuan for a shovel. You are very happy. You think that the number of shovels the store buys from you is a certain amount every year. Why don’t I buy it again after a while? Steel, steel should be cheaper then, so I can make more profit per shovel, so you call the store, "Hey, Lao Wang, I will deliver the shovel two months late. I can't help it, I'm sorry." Considerate”. Therefore, deflation will cause everyone to be passive in production, because falling prices means that the money in their hands will become more and more valuable, so everyone tends to hold the money in their hands instead of facilitating transactions. To take another simple example, if house prices have been falling moderately, would you still be in a hurry to buy a house? Everyone will hold the currency in hand and wait for the house to fall even lower. The lower it falls, the less likely they will buy it. On the contrary, every time house prices rise, everyone rushes to buy a house.

So moderate inflation is beneficial to economic development. How much inflation is appropriate? It is generally believed that 1%-2.5% is a relatively good range. An annual price increase below 2.5% is considered unconscious inflation, which can invisibly make everyone feel that they have made more money, because raising prices can make manufacturers more profits, stimulate manufacturers' enthusiasm for investment, and also increase workers' enthusiasm for investment. The average salary is also a little higher, stimulating the enthusiasm of employees. Mild inflation will not lead to social unrest. Mild inflation can stimulate economic development like lubricating oil, which is the so-called "lubricating oil policy."

Summary: How much money a country needs depends on the number of goods that need to be traded. More money will lead to inflation, less money will lead to deflation, and moderate inflation is like lubricating oil, which is beneficial to the operation of the economy.

The third question: Why do we need to print more money when encountering a crisis like the epidemic?

2020 is a special year. The new coronavirus struck, Wuhan was locked down, and the people across the country immediately entered into a vigorous fight against the epidemic. On the first trading day after the Spring Festival, A-shares fell 7.72%. The central bank immediately implemented loose monetary policies to inject liquidity into society. In March, the new coronavirus spread in European and American countries. The Dow Jones Index fell from 28,000 points to 18,000 points, and the Nasdaq fell from more than 9,000 points to more than 6,000 points. The Federal Reserve immediately started the money printing press and even launched unlimited quantitative easing. policy.

Not only this year, when the U.S. subprime mortgage crisis broke out in 2008, the Federal Reserve also restarted the U.S. economy through the money printing press, which later ushered in a mighty 10-year slow bull run for U.S. stocks.

Have you ever wondered why every time a crisis comes, economic rescue always starts with the money printing press? Why can money solve these problems?

We said in the previous question that how much money a country needs depends on the quantity of goods to be traded and the efficiency of money use. Because under normal circumstances, the efficiency of a country's use of money can be regarded as constant, we simplify the statement by saying that how much money a country needs depends on the number of goods that need to be traded. At this point, some friends may have discovered the answer to the problem of printing money. The secret lies in the sentence we just said, "Under normal circumstances, the efficiency of using money in a country can be regarded as constant. ” Yes, under normal circumstances, under normal circumstances. The subprime mortgage crisis in 2008 and the impact of this year's epidemic are abnormal. When the economic order and financial system are affected by external shocks, the efficiency of money use will drop sharply. At this time, money will suddenly be insufficient.

I think this is relatively easy to understand, but many people may not have thought about it too much.

I remember the epidemic spread in Europe and the United StatesAfter a delay, a friend asked me a question. This question is "Isn't gold a safe haven asset? Why did the U.S. stock market plummet and gold also plummeted? Isn't it said that gold is bought in troubled times?"

My answer is this. To put it simply, when you panic due to a certain event (such as an epidemic), what do you do? The answer is to grab masks, grab disinfectants, and go to supermarkets to grab daily necessities and food. If everyone does this, it will cause a liquidity crisis for masks and disinfectant. If there are not enough masks and disinfectant, the price of masks and disinfectant will increase. This is talking about the commodity market.

In the capital market, what will each participant grab when they encounter panic? The answer is a money grab. Because I am afraid that my capital chain will be broken, because I have to pay the salary that should be paid, the debt that should be repaid, and the rent that should be paid. How can I do it without grabbing money? How to grab money? Just exchange the things in your hands for money. If the supply of money exceeds the demand, the price of money will rise sharply, and the corresponding performance is that the prices of everyone's investment products will plummet. Money is in a liquidity crisis. The less people can grab it, the more panicky they become. The more they want to grab it, they would rather pay a higher price. This is similar to the rush for masks during the epidemic.

Why is gold, a safe-haven asset, also falling? In fact, this is also true. What everyone is short of now is money, and they are afraid that the capital chain will be broken. The company has to pay wages to pay off debts, and the fund has to deal with large redemptions. What to sell for money? Sell ​​whatever you have on hand! No one wants low-quality investment products, they cannot be sold, or they are sold at extremely low prices. This is too harsh and painful. So what to sell? You can only sell products of good quality, at least with a lighter discount, so that you can buy them back after the crisis is over, so as not to lose too much.

At this point, I think the question of why more money needs to be printed during the epidemic is probably clear. When the economic order and financial system encounter a huge impact, many businesses cannot continue to operate and cash inflows are cut off. However, the amount of money required to maintain the situation is not less. Enterprises and people need to reserve more money in order to survive. Meet unexpected needs. At this time, everyone will grab money, the prices of liquid assets will plummet, and the stock market crash will intensify panic, resulting in a stampede. The best way at this time is to increase the supply of money, so a series of policies such as money printing, interest rate cuts, debt deferrals, and tax exemptions are all aimed at solving the liquidity crisis of money and helping companies and people get out of trouble.

Money can also be considered as the lubricating oil for economic operation. When the economic order is impacted, the friction cost of economic operation rises sharply, and the lubricating oil suddenly becomes insufficient. At this time, liquidity is released and lubrication is injected. Oil must be done, otherwise the economic machine will be burned out. If companies have no money to repay debts and pay wages, they will go bankrupt in large numbers; people will not receive wages and will be miserable; the government will have no taxes and public services. Stagnation. The country may enter a long Great Depression, and the transition from order to disorder may take only a few months, but the transition from disorder to order may take years. United States 1929The Great Depression is a good example.

The value of this world comes from order, the value of enterprises also comes from order, and the value of machines also comes from order. The value of an enterprise comes from organizing the right employees through appropriate rules and regulations, using the appropriate production materials through appropriate division of labor and cooperation, producing appropriate products, and selling them to the appropriate downstream. This is order. It is precisely because of order that many companies have net assets of only tens of billions, but they can support a market value of hundreds of billions, because these tens of billions of net assets can continuously create wealth through orderly operations. Similarly, the value of a machine also comes from order. Just a pile of parts cannot be called a machine. Going from disorder to order requires a long period of coordination, organization and adjustment. Money printing to save the market is to prevent the orderly economy from entering a disorderly economy. After the Great Depression in the United States, many economists studied this period of history, and Keynes was the leader. He proposed that when the economy is in crisis, the government should actively intervene in the economy to prevent the economy from entering a state of disorder. After Keynes, there will only be financial crises, and then there will be financial crises. No Great Depression.

The fourth question: After the previous foreshadowing, we can talk about why Bitcoin cannot replace fiat currency?

To illustrate this problem, I would like to quickly go through the story of gold.

This sentence was said by the great Marx. This sentence is so insightful that my admiration is like a torrential river, endless!

Gold and silver are naturally not currencies. This sentence is easy to understand. Gold and silver are just a type of metal, and they are also two of the 118 elements in the periodic table of elements. They already existed when Pangu created the world. At this time, Nuwa had not yet created humans, so currency was out of the question.

However, in the process of historical development, both Europe and China chose gold and silver as currency. Fundamentally, this is inseparable from the natural characteristics of gold and silver. As a metal, gold is easy to ductile, easy to cut, and not easy to deteriorate. The mining cost is high and the quantity is limited. In addition, gold is inherently noble. This thing has no other uses except to look good. It can neither make production tools nor be used as production materials. Gold is completely a lady's body and life. Therefore, history chooses gold and silver as the general equivalent, fate!

2. Paper money is originally a receipt of gold and silver

Although gold and silver are naturally beautiful, they are the chosen ones of money. But gold and silver are still not convenient to carry. With the development of cross-regional trade, many people deposit gold and silver in banks, and the banks issue receipts to these people. Today, I received one hundred taels of silver from Zhang San. Zhang San took this With the receipt, you can travel from Sichuan to Shanxi, take out the silver from the bank in Shanxi, and then purchase fur fabrics. Later, everyone thought that anyway, the receipt of one hundred taels of silver can be exchanged for one hundred taels of silver at the bank. It was quite troublesome to exchange it back and forth. Many peopleShops began to directly accept receipts as payment for goods. Gradually, these receipts became popular, and names were no longer signed on the receipts. Whoever took the receipt could go to the bank to exchange money. Paper money was formed in this way. Paper money is the shadow of gold and silver. A receipt of one hundred taels has one hundred taels of silver.

3. The Bretton Woods System under the gold standard

On the eve of the end of World War II, the upstart United States and the old aristocratic British organized a group of young men to begin discussing post-war reconstruction work. With evil intentions, they all have their eyes on the international monetary system. How big a deal is it to have the right to mint international currencies? Britain moved out the famous economics guru Keynes and formulated the "Keynes Plan", hoping to academically shock the United States and make the United States give some face. But Britain overthinks and pretends to be weak in the face of reality. Its academics are not as strong as its legs. The United States' "White Plan" won in one fell swoop by relying on the United States' three-quarters of the world's gold reserves and strong military and economic strength. Since this meeting was held in Bretton Woods in the United States, the international monetary system proposed this time is also called the "Bretton Woods System"

The Bretton Woods system is briefly as follows: the U.S. dollar is linked to gold. International currency, 35 U.S. dollars can be exchanged for one ounce of gold; other national currencies are pegged to the U.S. dollar.

In this way, gold and the U.S. dollar are tightly tied together, and the U.S. dollar becomes the shadow of gold. How many U.S. dollars are issued as much gold as there is. But as we said in Chapter 3, how much currency is needed depends on the number of goods that need to be traded with this currency, so a magical thing happens. Since the amount of gold is limited, the issued dollars are far from enough for the total market transactions. need.

What to do? What the United States does is screw it. If there are not enough dollars, just print them. As a result, more and more dollars are circulating in the market. As more and more U.S. dollars are printed, many countries cannot sit still. "You turn on the money printing machine and replace our high-quality and cheap things. Why do you use a piece of paper to fool yourself? Do you have that much gold in the United States? What can we do if one day this piece of paper doesn't work anymore?" So many countries began to take dollars to the United States to exchange for gold. The United States is still very generous. If you come to exchange it, I will exchange it for you. Who asked us to exchange it for gold in Bretton Woods? I had my chest patted at a meeting in the forest. However, more and more young people came to exchange for gold, and the United States could no longer sit still, and the landlords had no food left. In 1971, President Nixon officially cheated and stopped fulfilling the obligations of foreign governments to exchange U.S. dollars for gold. Since then, the U.S. dollar was decoupled from gold and the Bretton Woods system collapsed.

4. Love and hatred between gold and the US dollar

After the US dollar was decoupled from gold, by chance, the US dollar focused on oil. We will not introduce this history in detail. , in short, under the hegemony of the United States, oil, as a necessity with a large volume of international trade, must be settled in US dollars. In addition, it is not the US dollar that is domineering, but other countries in the world.His currency is not up to par, and there is no currency that can challenge it. Therefore, although the monuments established by the Bretton Woods system are shattered, the US dollar is still the US dollar, and most international trade is still inseparable from it. Without the shackles of gold, the US dollar is freeing itself, which is a blessing in disguise for the United States!

After talking about the U.S. dollar, let’s talk about gold. Since they were untied from the U.S. dollar, gold and the U.S. dollar have grown to hate each other, and their trends have shown a strong negative correlation. When the dollar falls, gold rises; when the dollar rises, gold falls. Over the past few decades, the negative correlation between gold prices and the U.S. dollar index has averaged over 70%.

5. Is Bitcoin digital gold?

Many people think that the surge in Bitcoin this time is attributed to gold. Because the United States is printing a lot of money, the world is bound to move towards a weak dollar cycle. Gold has been considered to be an anti-inflation product after the collapse of the Bretton Woods system. assets, and this is indeed the case. Generally speaking, when the U.S. dollar is strong, gold is weak, and when the U.S. dollar is weak, gold is strong. So this time, many voices say that Bitcoin is digital gold, and the surge is due to the release of the US dollar.

I agree that the current rise of Bitcoin has the attributes of gold, but is Bitcoin really digital gold? I still disagree with this statement.

Gold is the chosen son of currency. Gold knows no borders and does not distinguish between races. Everyone in the world likes gold and everyone recognizes the value of gold. However, Bitcoin is not. Only people in the currency circle sincerely recognize the value of Bitcoin, and those who speculate in coins are just trying to make a fortune and be stupid.

Gold has its own commodity properties, its color is beautiful and valuable, and it is often used in various jewelry, gold necklaces, and gold rings. However, Bitcoin has no such value.

The gold market is a global market with strong liquidity. If you have gold, you don’t have to worry about not being able to sell it. In addition, no individual or consortium has enough funds to control the global gold market, so the price of gold can always truly reflect the actual supply and demand relationship. However, the Bitcoin market is not. Many countries prohibit Bitcoin transactions, and the liquidity of the Bitcoin market is also very poor. In many cases, there is a price but no market. If you have a large number of Bitcoins, it may not be easy to liquidate them quickly.

Central banks in various countries reserve large amounts of gold, which can be used to regulate the balance of payments and international gold prices. The attitude of governments of various countries towards gold is also as a reserve of value. If there is war or international turmoil, many legal currencies may not be able to buy supplies in international trade, but gold will certainly be able to. I don't think Bitcoin has such natural properties.

Let’s talk about the attitudes of governments. China has long banned Bitcoin and closed the Bitcoin trading market. The U.S. government is also cautious about the cryptocurrency market, Russia is not optimistic about Bitcoin, and South Korea refuses to recognize Bitcoin’s legal status. Many governments have reminded that virtual digital currencies are very risky and illegal.Zi uses it as a tool for fraud and money laundering, warning investors to be cautious when investing in Bitcoin. The summary is that most governments do not recognize Bitcoin’s currency status, and as an investment product, they remind everyone to be cautious when participating.

The value of Bitcoin comes from consensus, that is, some people think it is valuable, but the coverage of this consensus is still too small. The consensus of gold is for every country and everyone. It is too difficult for Bitcoin to reach such a consensus range.

Why do we start from currency to gold and then compare them one by one with Bitcoin? Because I have always believed that blockchain is just the form of Bitcoin, and its essence must have appeared in the long history of history. Every time everyone is obsessed with the madness of the bubble, there are always some people who say that this time is different, but every time they can find their shadow in history. The so-called decentralization, why is gold not decentralized? The so-called scarcity, there are many things that are scarce, why not the tulips that were popular in the Netherlands in the 17th century?

Right, tulip bulbs, if I were to say that Bitcoin is essentially the most similar to that thing in history? I would definitely say tulip bulbs.

Let’s look at their similarities.

1. A mysterious story

In the mid-16th century, tulips were introduced to Western Europe from Turkey. Since tulips did not grow in the Netherlands, this beautiful flower had a A mysterious and exotic feeling. The Eternal Augustus strain became a masterpiece at the time due to a virus infection, and was auctioned for a sky-high price.

2. The consensus of some people

Since tulips were introduced to Europe, the quantity was limited, so the price was extremely expensive. In Europe, where glitz and luxury are valued, many dignitaries have tulips in their homes as ornamental items and luxury items to show off to outsiders. Tulips are a consensus symbol of wealth among wealthy people.

Bitcoin uses blockchain technology. This unprecedented distributed accounting method has made many technology fans become sincere followers. Bitcoin represents some people’s consensus on technology and fashion.

3. Scarcity

Why are tulips scarce? Because the origin of tulips is not in the Netherlands, and it takes 7-15 years from planting tulip seeds to cultivating a flowering bulb. Or it relies on the division of bulbs after flowering every year. Since the cultivation technology at that time was not up to standard, it was difficult to increase the yield in large quantities.

We won’t go into detail about the scarcity of Bitcoin, there are 21 million in total.

4. Speculative mania

In the Netherlands at that time, tulips were no longer purchased for their intrinsic value orFor ornamental purposes, tulips are expected to increase indefinitely in price and thus make a profit. Tulips have become a silly game of beating drums and passing flowers around. Many people buy tulips just to sell them when the price is higher.

So what if today’s Bitcoin is not the same? How many people can really recognize the value of Bitcoin? How many people buy Bitcoin because they really like it? Most people just want to sell when the price is higher and make huge profits.

We talk about investment, what is investment? One kind of investment is in machinery, factory and equipment, which can generate more cash flow in the future, because they can truly create wealth. Even if you invest in equity stocks, behind them are machinery, factory and equipment, intellectual property and labor, etc. They are all assets that can create wealth. One kind of investment is gold and real estate, which can be condensed and stored as wealth.

What is investing in Bitcoin? I don't know yet. Below is a summary table I made. If you are interested, you can check it out.

If you want to invest, I suggest investing in something of value that you really think has value and really want to own it. Not just because it's skyrocketing and you want to buy it low and sell it high to the next sucker. If you really think 10 tulip bulbs are worth a house, you can trade them, as long as you really think so. If you really think that the string of digital symbols in Bitcoin is worth $30,000, then you can exchange it, assuming in your mind that when Bitcoin is worthless one day, you will still like it as much as you do now.

I think investment must be true love. You must really think it is worth it, and you must not waver even if everyone is separated from you. If you are really convinced that Bitcoin is like this, even if one day everyone in the world abandons it, you still love it, then it is a real investment for you.

Of course, there is nothing shameful about speculation, but when speculating, please don’t mention your beliefs. Go to bed and go to bed. What kind of love is there?