The hacker “killed” the Internet of things? Block chain is becoming the Savior

Editor’s note: This article from the value chain (ID:cc-value), the translator Wang Zelong, from the original 14 carbon; breakermag, author Benjamin Powers; authorized reprint by Odaily daily planet.

Last month, according to the “Chicago Tribune” (Chicago Tribune), Illinois (Lake Barrington) at Bahrain lake a couple found someone is through the baby monitor to a seven month old baby.

“I immediately rushed into the room, because I was like, ‘Oh God, maybe someone in’,” the 29 year old Arjun Sud told “Tribune”. “But I’m in the moment, it’s very quiet.”

He also noticed that their Nest thermostat was transferred to 90 degrees, when he left the room with a child, the voice is also followed up, and the Nest security camera in the downstairs with vulgar language for them to raise a hue and cry.

Sud staring at the camera, the voice asked: “Why are you looking at me? I saw you looking at me.”

Their equipment was hacked, so that hackers can do almost anything on the latter. He can use the devices on the network to watch and listen to, speak and change the temperature. Nest belong to Google, then Google on the user’s response is Nest itself has not been destroyed. However, the company encourages users to choose stronger password.

For example, your Nest password is set to the shopping website account, the website information and suffered a leak, then your login information could fall into the wrong hands.” According to various reports, Google in reply to Nest security monitor owner said in the mail. “So you have access to relevant information may cause similar problems we saw recently.”

It is only with the networking expansion and security risks doubled and the risk of a case. You may have heard of things most of the equipment. If there is a Amazon or Echo smart refrigerator in your house, you will have access to the Internet of things.

In addition, there is Nest, it provides a smart thermostat function, and indoor and outdoor safety monitoring function, and many other networking products. Of course, although the user error or safety problems can be avoided, but the basic structure of networking makes it appear vulnerable to malicious attacks; now the equipment even in the same room, or a few feet away, still is interacting with the cloud server.

Networking equipment includes sensors, processors and other devices allow interaction on the same network technology. If you want your computer connected to a wireless printer, this may not be surprising. But if you want to control your thermostat by car, let your refrigerator temperature tell you, let your Echo to towel orders — all of this in a minute, you will start to see the information sharing on the network layer by layer. The connection layer and connected to the Internet a lot of equipment will produce numerous loopholes.

Block chain may help to solve the security problem of Internet of things and explore new business models, such as dynamic product leasing (dynamic poduct leasing) and (self-sovereign identity) – Sovereign identity service).

Block chain technology is the open Internet with its lack of scalability, privacy and reliability of the bridge, “Ahmed Banafa wrote in an e-mail, he is a professor of engineering at San Jose State university. Block chain technology could be used to track the billions of connected devices, support and coordination between the transaction processing equipment, and networking industry manufacturers save a lot of money. This way to the center of the removal of a single point of failure, to create a more flexible ecological system for equipment operation, and the encryption algorithm using the block chain will enable consumers to more private data.”

Commercial use

The networking industry rapid growth. According to the consumer and market data provider Statista, the number of the world’s networking equipment is expected to reach 31 billion in 2020 or so, the next few years, this kind of equipment market is expected to exceed $1 billion per year.

Companies, especially business focused company, has bought things block chain, and forward supply chain tracking and transparent investment. For these companies, which relates to the security of data and products and services are correct, efficient, can be calculated.

If the company’s supply chain failure, terminal products or defective, it will cause the financial impact on the company. But if your Amazon Echo will you call records with someone to send you any contact in one, it will not have the same direct property losses. However, this does not mean that it is not so important. In fact, it may be more important. Companies already use block chain solutions we see in the consumer networking on vulnerability. The possibility of their practice can let us understand consumer technology, and has been used in the real world content.

Filament is a company located in Nevada, focused solutions company to provide enterprise chain blocks for the company, which makes the transmission between machines and distributed books data remain unchanged. CEO Allison Clift -Jennings the company using block chain to complete things, people early on the Internet to do comparison. Although the Internet can only be used for early mutual exchanges between researchers, but eventually it becomes contains everything from banking to e-commerce and social media, these have not been foreseen in the early.

Clift -Jennings said:

This is called the Internet, look dull, obviously a global network, is absolutely revolutionary and not for a long time. Radio data transmission in the air seemed revolutionary, but we usually think it is behoove. But when you think about it, will still feel this idea is crazy, like black magic.

For products like the Blocklet, it is used to provide the security contract system and block chain hardware wallet through the machine sensor management ledger encryption machine, the company can build a product or service in the system.

Usually, trying to track their operations involving multiple suppliers or department data of the company, all in an effort to ensure the accuracy, reliability and safety of data. Ensure that usually take different forms and does not match the data can meet the relevant requirements, is a very high requirement for any company when done manually when it is so. The security contract block on the chain to make this process easier, and automation. In essence, Blocklet compared to other companies to provide more possibilities for the products.

Clift -Jennings is interested in the concept of dynamic leasing caused by chain block. The concept of dynamic lease is only paid you the actual use of the car or truck costs, and the cost of wear caused by you, not whether you use the car number, are usually charge a fixed fee, now only used to measure the car rental contract pricing is your mileage number.

Another example is WAL-MART, the latter using block chain technology to track a bag to return the farm production of mango. The block chain and networking system, this process takes 2.2 seconds. The traditional method of manual tracking spend almost 7 days.

Although the Filament focuses on enterprise blockchain application, but the CEO said the blockchain market consumer level may ultimately is the most important. Consumers to promote its large-scale use, and are the most affected person. Even if things have more data, and therefore more likely on the theory of data leakage occurred, block chain will store data in a secure, decentralized way, greatly reducing them because of things being hacked or extended the possibility of leakage.

Clift -Jennings said: “I expect that in the future may be, we will have a strong resistance to data leakage, it collects personal data and used for profit.” She reflects on why the blockchain is a useful tool for networking, data leakage will become like pollution and other irresponsible global social behavior is not acceptable.”

Self sovereignty identity

The block chain is integrated into consumer electronics products in the Internet of things, can help protect your data, for example, if you need third party data, you can use the blockchain system settings, so you can choose wisely to share what. Not only that, block chain integration further can also provide alternative income for the enterprise (e.g., dynamic lease) which may lead them to no longer rely on money to promote sales of personal data.

Adam Gunther is engaged in the technical aspects of the chain block in the IBM block, believe that the chain will be proof of identity, how to limit information diffusion and key networking security. “The current technology, there are always some source of trust or authority of the center center point, may be compromised, the system is not safe,” said Adam Gunther. “This is where the solution to the problem of block chain.”

He spoke in IBM focusing on identity verification work, Adam Gunther proposed a public key and private key encryption combined with prospects, including biometrics potential (depending on the use case), the end result is obtained than we currently have more security index level.

He will be further integrated into the blockchain consumer IOT, people go to the store to buy a new mobile phone to mobile phone or plan. The store may want to do a credit check, or get information from your bank, but they are not without your knowledge to do so. Your bank will come to you, allows you to share some information with the request of the telecom service providers, is designed to give you a new mobile phone, then you must give permission.

Block chain technology makes us more control of information shared by the. “For example, I do not have to share my exact amount of wages,” Adam Gunther said, “I just need to prove my annual income of more than a certain amount (such as $25000) to obtain a service. Another classic example is that I can prove my age without exposing my birthday.”

The final result is that your information is less exposed to the migration to the networking company, and the company is less affected by those attacks, the latter is the data storage center. Remember Goolge and Nest users said? They remind people that “if you put your Nest password for the shopping website account, the website information and suffered a leak, then your login information could fall into the wrong hands”.

Thus, you have access to relevant information may cause similar problems we saw recently. But the basic problem is that your information and hundreds of others are controlled by a single information, shopping sites such as Amazon.

Since both of these areas are in rapid development, but only in specific populations within the circle, using block chain network in consumers in some slow progress. Volareo claimed is a privacy oriented, distributed intelligent speaker company. The company plans to use the block chain and ERC -20 smart contract technology based on the combination of Wifi and Bluetooth and other traditional technology, a more transparent and secure smart speaker model development. Snips is a manufacturer of voice assistant technology, this technology is private, decentralized. The company also launched a DIY intelligent speaker, using the block chain to emphasize security and privacy.

Adam Gunther said, the enterprise in terms of things should also see creating a more decentralized network benefits. The enterprise does not actually need a lot of information provided by us. For example, they may need or want your age, but may not need your birthday, if it is stolen, can be used for fraud. If all of these data the company was hacked or stolen data, then the public will of their opposition to bring a lot of challenges.

A good example of this is Facebook against the consequences. According to market research firm Honest Data 32% said, Americans think Facebook have negative effects on society, which is the highest proportion of all technology companies.

Banafa said the blockchain completely into the rapid growth of Internet of things is certainly not without challenges, such as scalability, processing, and storage time. Involved in networking, data security and block chain is difficult to conceptualize. But imagine all your data is like a puzzle, put them together, showing you. Each piece of the puzzle is composed by giving up you imperceptibly data, these data are stored in a bank vault.

Of course, it is safe enough, such insurance can make you feel at ease. But the fact is, if someone broke in, they will get everything. The block chain integration to the consumer in the Internet of things, like the puzzle is split into tens of thousands of blocks, then each block is locked in a separate vault. To construct a complete data is not impossible, but great challenges.

These tools are designed to create a more oriented privacy, more safety and the purpose of the network, to provide support in the process of the development of the Internet of things, this is just a different from today’s value to the future problems.

“In the network, the blockchain can maintain the intelligent equipment history can not be tampered with. The autonomous operation can realize the function of intelligent devices, without centralized authorization.” Banafa said. “Therefore, the block chain is a series of networking scene opens the door, without it, the scene is very difficult, or even impossible to achieve.”

In an interview with the star | fire coins: Prime ladder price buy, seventh period will not increase

The | cool tea

Odaily produced | Daily Planet (ID:o-daily)

 In an interview with the star | fire coins: Prime ladder price buy, seventh period will not increase

“This time of day and night to see Li Lin personally project, because the Prime high demands on the project specifications.” Weng Xiaoqi said.

Weng Xiaoqi is the Global CEO fire coins, “seventh flower”.

3 June 20, fire currency suddenly announced that Global will open fire coin money channel fire coins preferably in Singapore 3 26 April (Huobi Prime), while the on-line starting project Top Network. Even Japan, the major domestic trading platform launched a new trading channel, Prime launch will be a concern, but also to Top Network project quickly become the focus of hot pursuit.

Although the fire coins in many times and emphatically stressed that foreign Prime mode is not IEO, there are still a lot of voices came after another.

Prime is not to provide opportunities for early investors of the project cash? This pattern is not only to follow the trend of platform plate heat coins, how long can persist?

What requirements up to three, Prime lock design complex grab money mechanism and HT is how to design, how to ensure the rationality? What is Prime’s next project, what kind of project can Prime?

Facing all sorts of questions, in March 21st, the daily planet Odaily for an exclusive interview with Weng Xiaoqi.

He told the above questions a positive response, also revealed that their hands now have a lot of items to be selected, the project on-line fire coins Prime next week will be launched in 2~3.

“It is difficult to talk about the project, the need to persuade all flesh, the balance of various interests.” Talk to the depths, Weng Xiaoqi said. In the face of competing on the Prime project, he said, the essence of this model is none other marketing platform, only suitable for head + head exchange project.

The following is the interview:

“It’s hard to talk about the project, need to balance the interests of many parties

Q1: Huobi Prime rumor (hereinafter referred to as “Prime”) by Li Lin himself, after the daily planet interview with Top Network, the founder of Li Lin is also mentioned the initiative to find them, spend a lot of time to chat, is it?

Seventh: Yes, Prime coins in the fire in a very high standard, Li Lin Prime plays a very important role, and to look at the project, we introduced a block chain asset evaluation system of SMART Chain 2 to help us put some pre screening project, the project does not meet the standard to filter out, then to Li Lin. Two or three weeks have studied dozens of projects.

Q2:Prime is a set of project selection evaluation system? What dimensions is more important? To compare the value of what the track project?

Seventh: some, first with the SMART Chain 2 model was selected in line with our standard items, then mainly from the following dimensions to consider the quality of the project, this is Li Linqin’s own several dimensions:

The project has financial strength, not for financing: unlike IEO, Prime positioning is not a financing platform, but the project of community party early low price discount to sell the initial share of their own, we give to the holder of the HT and of course of this project is a good marketing opportunity, favorable to the to promote the development of the entire project.

The feasibility of the project landing: when a lot of projects just out of a powerful and unconstrained style, the concept looks very fierce, wait until the last to fall when it was discovered that the problem is not feasible, it is also the largest ICO era. We select the track is mainly related to infrastructure, such as the chain, is not limited to the public the main chain, the hope project is already landing scene, there are business transformation opportunities.

The economic design and passes the circulation structure is reasonable: if a reasonable design model, at the same time, the market value of circulation to be matched with the development stage of the project itself, talk to the white point is to control risk concentration zapan, sure everyone was afraid of being “cut”.

The founding team no evil history: We selected the project must not appear broken, the whole team’s record is clean and beautiful.

Q3: it is because Prime itself has to emphasize “early participants” to provide an exit channel, according to the daily planet to understand TOP’s investors, consultants, fund holdings through credit ratio is very high, the general investors would have worried about their zapan, you have what he terms it will. Let them pay a deposit?

In addition, according to the TOP Prime to let you speak on the price of them is profit, we see TOP investors are more actively with the publicity in Prime, how to negotiate?

Seventh: have the corresponding protective measures, this project belongs to us and the confidentiality clause, this can not be disclosed, but this measure is more strict.

Also you are right, this is difficult to talk about, we spent a lot of time to reach a balance and understanding of all aspects of TOP, a lot of investors, to convince the project and investors who resort discount is very difficult, the Prime project will certainly have to take a long time to do a background check is very deep, balance the interests of all parties.

The essence is dependent on fire currency platform influence to persuade them, he knew the project, the marketing opportunity is very rare. From the current situation is indeed to this effect.

Q4:Prime project launched the cycle?

Seventh: we announced Prime, a large number of projects take the initiative to come over, we are now in the hands of now there are many alternative projects, the early launch of the rhythm of the project may be quicker, give you an exclusive news, 2 to 3 weeks after we will launch a Prime project.

Q5:Prime’s first project did not participate in the second phase of the project began to threshold, you need 30 days before the average positions reached 500 HT in order to participate, this is to participate in the Prime users now still need to cover the HT?

Seventh: right, then revealed an exclusive news, we set the user positions the threshold is 1000HT, while HT was only 1 dollars in the first, the results of a recent rose too much, was adjusted to 500HT, because the project is near, is not the implementation of the rules, you can also participate in, experience, experience, second officially started. You say, we 2-3 weeks to push a project, you should now hold (HT), then we can meet the conditions of participation.

Prime is not IEO, even if the project will also consider

Q6: why set the “ladder price”? (TOP three price limit: $0.00177, $0.00213, $0.00255), each stage how to design pricing? Whether and cornerstone of discussion?

Seventh: will, this is a reasonable price to help market process, like the stock market before the opening day there will be an opening price, the opening price is by a group of traders trading down through the initial pre price, relatively scientific, express the relationship between supply and demand. Then a certain volatility in the price based on the price volatility will not give money.

Without this mechanism, there will be some friends of the situation, after the project launched after the opening was pulled up to several times suddenly smashed down, the risk is too big.

So we started to set up a fixed line, from the first turn of the third round of the trading price is not the same, each round will have a trading board, which are round after the end of the beginning of free trade stage. Free trade began trading on or HT, separated after a period of time (half to one day or so) will open USDT and BTC transactions on, we started when South Korea free trade station will be officially on this coin.

Q7: now the IEO model we certainly not directed to the value of the investment, the opening is waiting behind, a “run fast” game, how do you see?

Seventh: Friends of the business to a certain extent with a bad head, let everyone to form this cognitive tokens up to 10 times the line after this, we can see that we set up the purchase of three stage currency price increase is very small. Our hope is to achieve the steady rise in prices rose its token, is to continue to release good projects and continuous landing is directly proportional to the value, we will try to prevent its spike.

Q8: Although the pattern is different, or a lot of people think that Huobi Prime is a IEO, an Launchpad user through currency exchange in all the chips, directly with the project transaction; and Prime is directly open transactions, players transaction is the Top investment institutions and early investors, no essential difference between the two, how do you see?

Seventh: their essence is not the same. IEO well, first of all to a panic buying page, game player to give money, the project put money away, it will show the panic buying progress bar, this is actually trading in the primary market. A few days before their two secondary market transactions. So IEO has several typical characteristics: project financing; concept is independent of the level of the market to raise public offering; non continuous trading, only one initial start-up.

While Prime directly open two market transactions, the initial start-up is multi (early users, community members and private investors), continuous trading.

But our friends and solve the problem is the same, focusing head project, for their empowerment, and we are the head and feet before and after the exchange, is launched, so we often put us together. But the DNA is completely different.

Q9: if some of the projects have been on the other before the exchange, Prime will consider?

Seventh: Yes, as long as I just said that the project selection dimensions will be considered.

Q10: fire fire currency currency Prime in the entire ecosystem in what role?

Seventh: because the fire coins do early, early won the trust of a large number of users, after a long period of precipitation, fire currency in currency (BTC, ETH, EOS and other currencies) is a great advantage. But the fire coins in the layout of the small coins far enough money an advantage is “driven eye effect in small coins”.

The launch of the Prime is to make the fire coins in the layout of small coins, small money market is diversified, no matter how to grab, there will still be many high-quality projects, an exchange is endless. So overall we play is to consolidate our currency in the advantage of the depth distribution of small money market, Prime is a key US strategic layout.

This model is only suitable for head + head exchange project

Q11: Now on the market some projects, exchange and the media with plate cut chives case, what do you think of this industry “flooding” of the problem?

Seventh: cut a two times, you will not be deceived, these exchanges will lose their credibility. So my personal judgment is suitable for the “head exchange + head project”. Because the head of the project will not pick the “long tail” (small) exchange, they can only attract more bad projects, these projects have not so high attraction.

Q12: many people say that this model is not sustainable, up to two to three months or so, what do you think?

Seventh: actually this kind of pattern with you as a team, the team is a marketing strategy, for example, a restaurant would send prices low in order to attract users, let consumers taste after eating, give me a praise, or recommend some friends here, so with the fire of my restaurant. First there are many people who say that this model can not last long, but it still lasted many years, and now in the public comment on the still very fire, many platforms have “fight to purchase” function.

IEO is a profit sharing marketing model, according to this logic to understand, will also look at how far the industry how many good projects, and if our friends selected projects are rubbish project, the two or three months that this pattern is dead. If these projects do profit to the user, so the model can be sustained.

Q13: a lot of people say Ann Launchpad with money to raise public equity like, Prime is similar to A shares of preferred shares subscribed, are the traditional financial circles that play, do you agree?

Seventh: traditional finance exists for so many years, it is played for so many years Zhejichensha left behind, is a valuable experience.

The past is play new, has proved the value of the model, we designed this mode after the discovery of this hit new mode is really a bit similar, our heart is still relatively solid, because a completely innovative new model will inevitably have to spend some of the cost of verification.

Q14:Prime is also on the on-line trading system put forward new requirements, if a lot of people are afraid to grab a problem?

Seventh: some of our past trading system, there is a peak in the history of design, the average value of the transaction with a more secure buffer (buffer). But Prime has gathered head and head exchange project, will attract a large number of investors to panic buying amount, this may be beyond our original peak, so we do a lot of design to ensure that when a large number of users of the system will not come in at the bottom of the paralysis, is the need for several months in advance began to design and calculation. Now the peak can accommodate millions of users.

Q15: why the name “Prime”?

Seventh: I personally like to eat steak, just began to want to use what words to say “head project” of the concept, then think of the word “Prime” (Odaily Daily Planet note: the United States Department of agriculture the beef is divided into 8 grades, the highest grade is indicated by “Prime”).

Q16: the last question, why outsiders call you “seventh”?

Seventh: some of this story, from the beginning I enter the workplace do product manager, product manager, we used to call “chief guest”, because we have to solve the problem of users in the community.

When did the first product we pulled up a WeChat group, there are a lot of users in communication problems, I answered. Because my name is Weng Xiaoqi, was in the group name “seven”, but I think this is found when the amiable and easy of approach, chat with everyone in the group, no one talk to me. I wonder why we don’t talk to me, is not that I do not have the right to speak, so I had the name of “seventh”, to end after everyone came to me, lol (laugh).

Later, a lot of people say my name is hard to pronounce, but called “seventh” very smooth, so we always use this name, also to recall the first time to make good products at the beginning of the heart.

Exchange liquidity case study

In the field of digital assets, liquidity (Liquidity) is simply refers to the ability of passes into another card or cash. In more and more difficult to guarantee the authenticity of digital data exchange trading volume of the case, through the introduction of transaction depth, spread and order volume dimension can describe exchange liquidity relatively objectively, so as to reflect the degree of active exchange.

TokenInsight statistics of the higher qualification in the market 7 day exchange order book data, in a smaller section provides a new method to evaluate the measure of exchange.

The results can reflect the local trading liquidity sample exchange in the short term.

 Exchange liquidity case study

 Exchange liquidity case study

 Exchange liquidity case study

 Exchange liquidity case study

 Exchange liquidity case study

 Exchange liquidity case study

 Exchange liquidity case study

 Exchange liquidity case study

 Exchange liquidity case study

 Exchange liquidity case study

 Exchange liquidity case study

 Exchange liquidity case study

The wisdom of Nakamoto So: bitcoin random number model is still a mystery

Editor’s note: This article from the BitMEX, the BitMEX research team, the daily planet Odaily authorized reprint.

Abstract: we note that the distribution of random numbers in the region’s bitcoin does not seem to be random, the gap can not be explained, the random number in the gap appears less. Then we speculate why this is the case, and provide a description of this phenomenon chart. Although in our opinion, interpretation of the starting point is good, but it is still a mystery.

 The wisdom of Nakamoto So: bitcoin random number model is still a mystery

Overview and recent tweets

Bitcoin random number is a part of the district’s miners, use it to provide entropy, as part of a process that meets the requirements of the difficulty to find the hash. Although it will depend on how to configure the mining software and hardware, but the distribution of the random numerical theory should be random. In 2009, when the Satoshi is considered to be an important miner, random numbers follow a specific pattern.

In January 4, 2019, @100trillionUSD posted a picture on twitter, explains the distribution of the random value of bitcoin. It seems that, from mid 2010 to early 2016, the random number is random, after the appearance of a mysterious region of four random number reduced.

The weird #bitcoin nonce pattern is still there at block 556995…

I would expect nonces to be totally random, like block 100000-400000. But ever since block 400000 there are 4 areas with less nonces. Of course before block it was Satoshi playing around. pic.twitter.com/XsIRhDXXAq 100000

PlanB (@100trillionUSD) January 4, 2019

A few days later, in January 7, 2019, @khannib Monero seems to have noticed the unusual distribution of random numbers. Monero bifurcation may prevent the use of ASIC, seems to make distribution again randomization, which may indicate that this model can lead to ASIC.

Interesting patterns emerge when looking at $XMRnonces. Red overlay is mining difficulty.

Can you spot the ASICs?

H/T @100trillionUSD who did the same for BTC pic.twitter.com/s23WrdTIY0

Antoine Le Calvez (@khannib) January 7, 2019

1 2019 23, TokenAnalyst by the random value of mine pool coloring, explores the distribution patterns of bitcoin random values.

Time of each block vs nonce. Values coloured by top-10 most active mining pools (by number of blocks mined since Jan Dashed-blue vertical lines 2016). Are block rewards halving. Red line is log difficulty. As you can see is now dominated by – mining a few large pools. pic.twitter.com/wvgtdJmaHA

TokenAnalyst (@thetokenanalyst) January 23, 2019

From another TokenAnalyst tweets suggesting that Antpool is a major cause of accidental random numerical distribution, while Bitfury and Slushpool with the random value of “blank interval” may not produce effect.

The random number distribution of scatter NEW

We replicated the above analysis, the scatter similar figure (from 2018); trying to in-depth understanding of the problem.

We also provide Antpool, BTC.com, F2Pool, Slushpool and Bitfury made the single scatter diagram. These charts seem to be consistent with the data of TokenAnalyst, the “blank zone” for Antpool, Slushpool and Bitfury is more visible than. Although Slushpool, the blank interval is still visible, but relatively weak. Bitfury could not find enough for people to observe clearly the block pattern. Statistical analysis may be useful, but with the human brain to interpret these scatterplots may function with some form of the same statistics.

Bitcoin random numerical distribution – all random value (since 2018)

 The wisdom of Nakamoto So: bitcoin random number model is still a mystery

(data source: BitMEX)

Bitcoin random numerical distribution – Antpool (since 2018)

 The wisdom of Nakamoto So: bitcoin random number model is still a mystery

(data source: BitMEX)

Bitcoin random numerical distribution – BTC.com (since 2018)

 The wisdom of Nakamoto So: bitcoin random number model is still a mystery

(data source: BitMEX)

Bitcoin random numerical distribution – F2Pool (since 2018 years)

 The wisdom of Nakamoto So: bitcoin random number model is still a mystery

(source: BitMEX)

Bitcoin random numerical distribution – Slush (since 2018)

 The wisdom of Nakamoto So: bitcoin random number model is still a mystery

(source: BitMEX)

Bitcoin random numerical distribution – Bitfury (since 2018)

 The wisdom of Nakamoto So: bitcoin random number model is still a mystery

(source: BitMEX)

Bitcoin cash ABC

Bitcoin cash ABC also has a random distribution pattern with the same numerical bitcoin.

Bitcoin cash ABC – (random assignment since 2018)

 The wisdom of Nakamoto So: bitcoin random number model is still a mystery

(source: BitMEX)

AsicBoost

The recessive AsicBoost may be one of the causes of this model or its cause. Many people speculated that at the start of the recessive AsicBoost algorithm, this model began to appear; and this model could be a coincidence in the implementation of the implicit AsicBoost, the need for random number manipulation. However, when people think that 2018 has stopped using the recessive AsicBoost in bitcoin, this pattern continues. But there may be hidden, although AsicBoost itself is disabled, but the firmware coincidence still exists.

In the following chart, we observed the distribution of random numbers using the dominant AsicBoost mining block. Similarly, the pattern is still visible, but is weak. This may indicate that the independent pattern and recessive AsicBoost, but it is far from conclusive.

Bitcoin random numerical distributions of dominant AsicBoost block (since 2018)

 The wisdom of Nakamoto So: bitcoin random number model is still a mystery

(source: BitMEX)

conclusion

At present, the distribution of random numbers is unusual in the bitcoin is still a mystery. The community may wish to further study this problem, more and more detailed analysis, such as check pool software and ASIC. We suspect that this is only an abnormal phenomenon with a benign cause of meaningless; but such a mystery in the bitcoin, may attract some analysts’ interest.

The public not to tell the story of the chain is no future, but most people do not understand what is “a story”

Editor’s note: This article from the orange book (ID:chengpishu), the original link: https://medium.com/@nlw/narrative-marketing-memes-1a1d33e1765 Author: Nathaniel Whittemore translation: Jessie, authorized reprint by Odaily daily planet.

In the encryption monetary areas, why some people can tell the story of suction eye of numerous, my project is so hardcore or not?

For all of the block chain industry projects, not only do you need to catch the opportunity to do the right thing at the right time, really want to get more attention, but also consider the environment based on how to speak their own story.

The following translation from Nathaniel Whittemore’s “how to win the marketing through the story of the struggle for attention crypto currency war”

Story marketing is a way of communicating with your users. This way, without any marketing activities can take place in a vacuum. Every decision, every piece of information released by the foreign, every piece of content output, will be based on the company’s industry environment and greater market background to make a judgment.

It looks obviously. But the fact is that most companies I contacted in the planning of marketing content, do not spend time thinking he wanted to tell this story in the market background.

So, the story of marketing in practice is what? Why is it in the encrypted currency industry is very important? Let’s start at the beginning:

First of all, what is the “story”?

The story is our understanding of the way of the world

Each market there are many stakeholders and various incentives, they influence each other in a constantly changing environment and competition. Because many of these forces are scattered, it is difficult for you to find and track them at the same time.

It is difficult to see the interactions between these forces for ordinary people, we can only through the suction eye “story” to establish their own set of understanding and judgment mode. So, the story essentially provides a shortcut, so that we can quickly understand how the world works.

In other words, the story is to find resonance (MEMEs), which is to find your users really care about. (transfer of cultural or behavioral factor imitating behavior for MEMEs- by the original. According to the information of our intuition and to simplify the complex resonance information. In this paper, a simple translation for resonance.)   

The data can be used as the support of the story, but not the decisive factor

The relationship between the data and the story is an interesting mutual understanding and mutual accommodation.

Some of the stories by means of marketing, analyze and interpret data. However, most of the time, the story is in the market marketing activities, in the process of observation in the sympathy of the public.

In fact, even if the market information started is wrong to suggest that the resonance, data itself is not enough to change the story. Although the data itself may be objective, but choose which data and analysis methods of these data is still relatively subjective.

What’s more, sometimes even resonate with the story that people can turn to doubt data. Recently Alex Krueger (Alex Kruger) and Matt Odell (Matt Odell) interaction on Twitter is a good example.

Alex used a set of data to illustrate the discussion about bitcoin Twitter reached its lowest level since 2015. Matt immediately raised some questions, he pointed out that it is because the mainstream interactive voice was encryption currency domain issued tweets rarely. Alex argued that he was in the display of data.

Finally, people generally begin to question and think there is something wrong with the root of the problem is that the data used (specific data is about #bitcoin, rather than bitcoin itself). So the point is that people only believe what they want to believe the story, and will go to support the story on the opposite side of the data query.

Between the story and the story of the competition

No one stayed in the crypto & Bitcoin people in the community can prove the fact that all of the stories are in the fight for users love and loyalty.

For example, “what is bitcoin?” “P2P pay?” this is a store of value? Is a free and independent currency?

Around these issues the story of competition, not only in the Twitter sparked a heated debate, also led to a multibillion dollar agreement hard branch. In this case, although we used different methods, but the explanation is the same thing.

Another form of competition is more common in crypto currencies in the company, is to attract people’s attention with irrelevant and limited the theme of the story.

For example, when the Layer 1 platform has just started, the market of each project are telling a different story. They need to those developers could create value in their environment, as well as the final user to explain why they do things that are very important.

“We should be concerned about governance? The throughput of TPS is the most important factor? The consumption of Gas rules, consensus algorithm and the underlying technology of privacy protection logic is what? “

These different stories are from the Layer 1 of people should be concerned about what the final, which can cause the most strong resonance, the user might flow to where.

This leads to our argument……   

All marketing is all about the story

We entered the core story marketing philosophy: all marketing is all about the story.

Let us take the above example, look at the community for the underlying protocol exactly what.

12 to 18 months ago, people feel like they are in agreement with each block chain to promote its throughput.

  • “We reached 1200 TPS!”

  • “5000 TPS!”

  • “4 billion TPS, read our white paper!”

Today, if a chain continue to TPS the story to the market, no one will pay attention to him. First of all, there are too many to tell this story, let people feel he is running. Secondly, people think of bitcoin appeared to change, “this is our technology bitcoin better” offensive has intensified, thirdly, people generally have a feeling that things are finally set up open source technology will inevitably move towards homogenization based on the function of.

Another example. Not long ago, Grin through the fair distribution, to the center of the privacy protection and indefinite inflation economic mechanism of Mimble based on Wimble protocol is attracting a lot of attention. The fair distribution of the “three noes” concept, namely the founding team incentive, no pre mining, a new concept of non sale to let the market excited.

However, after a successful win market attention, Grin began to face problems to encourage developers. Because there is no pre mining, the founding team has no incentive for investors, pre-sale, developers can only rely on community donations to keep working. This process is expected to be more difficult, the price of Grin in the two level of speculation on the market at the same time, the project was the only full-time developer Yeastplume raise salary activities is not very smooth, then only raised enough funds 10%. Ignotus Peverell also issued a document in the founder expressed disappointment with the ecological development mode in the early Grin.

Because of the market on the Grin either advantage or challenges the discussion continues to ferment, which caused the people of the incentive mechanism of a wider range of attention. Create a story space which is some incentive system clear project.

The project developer incentive and shareholder incentive combination, such as the Zcash with the founding team reward, can jump out of some topic.

Better the controversial story of the effect of anti mainstream market

Can be seen from the above examples, the story is constantly changing.

For those who recognize the importance of the story marketing staff, they have the power to change according to the market adjustment story. Not only do you need to give your potential customers to tell the story, but also to provide an alternative to those who will not buy it.

For example, there is a new project, it preaches can be best coordinated, developers and other stakeholders is set aside a reasonable incentive mechanism of the founding team. Obviously, in turn, emphasizes the importance of incentives, and the concept of the market of the fire story draw further apart Grin “fair distribution”. This story will be for those who do not buy Grin users, provide another option.

Or, you can continue to make a fuss in the concept of “fair distribution”, upgrade the version of the story. Simply change the details of the story, such as the early developers on the platform to obtain financial support to provide a solution.

These two methods are likely to be successful, or at least can resonate with mainstream users in the market group.

In fact, for the project, the bigger problem is that they often nobody cares about the theme for marketing. You don’t do the story line for the mainstream market, users on any topic you propose will lose interest, feel boring or irrelevant.

Generally speaking, marketing behavior to do a controversial anti mainstream story line, tend to have better effect.   

The story is very important in the marketing chain of this market edge blocks

In the currency market on the edge of this encryption, tell a good story of great.

Although from Nakamoto published for 10 years, but because of the vast majority of participants are involved in recent years, so people do not know where to focus, because the encryption currency and no historical data and experience very long for reference.

In this context, each item in doing things in the eyes of the public is very homogeneous (such as competition TPS) to some extent, this competition has evolved into the competition for the attention of the user.

In short, money is a idea of encryption and attention contest.   

Crypto currency community is still willing to capture the idea of good quality content

For this project that a powerful and unconstrained style, is undoubtedly good news.

At present, the people left the encryption currency in the world, through the ICO fever period, return to bear, willing and able to pay attention to the real industry inside the good idea. They are willing to a lot of reading and listening to podcasts, watch long speeches and interviews.

I have said before, crypto currency is the learner’s paradise. In many ways, the world is like a huge encryption Open University, everyone uses the open source content of self-education, self improvement. This creates a great opportunity for interaction for the enterprises, so that they can use high quality content to attract the attention of the user, and to build up trust and affinity.

But this situation will not continue. The market will shift, currency price will rise, retail investors will come back, and now most of the space of public discussion of various abstruse content and sparks are occupied, in the bull market, the analysis will be on behalf of the cast were peddled and overwhelmed by the price trend chart.

So, seize the time, now is the best time for marketing story.

The significance of the bottom line

Here, a group of out of the ordinary people

With wisdom, rational analysis

Accompany you through contracts, the layout of the future

 

The | |

 

Shen Napeng said in an interview, “finance and economics”, whether it is business or investment, where a final, are derived from the values of the victory”.

 

This value, we use good words, Wikipedia explanation is “values are made based on certain sensory thinking of human cognition, understanding, judgment or choice, that is, things that set the debate is a kind of thinking or non orientation”.

 

Compared to the “values”, I have a word, want to push lightly out and talk to everyone, that is, the bottom line.

 

Before, in the circle of friends, have a state:

 

 The significance of the bottom line                            

The same is the expression of the meaning of “bottom line” for the people and things.

 

A few days ago, I watched a movie called “Twelve citizen”. The film adapted from the 1957 American film “Twelve Angry Men”.

 

 The significance of the bottom line

 

The story mainly occurred in a university in the summer, did not pass the final exam of Anglo American law students in the exam. They are composed of moot court, lawyers, prosecutors, judges and other roles, the trial is a pile of highly controversial social “20 year old rich two generations of Patricide” case. 12 parents of students formed a jury. They listen to the students in the court, will make the final decision on this case “. The 12 jurors do not know each other, but according to the rules, they must agree to the end of the trial.

 

In addition to juror number 8, in the first vote, almost one-sided given two rich generation guilty judgment.

 

The play, a jury accused by He Bing as a juror number 8 for the details of the case obviously too carp, wasting your time.

 

He Bing gives the answer, worthy of our consideration:

We are now in a legal university classroom, in order to judge the future is likely to become a group of young people, in the discussion of a murder, for my children, but also for your children, for our children in the discussion of a person’s life and death, this is not the critical? Decide a person should not shoot it the carp? To a large extent, it is related to a country’s future is just not the legal carp? Even if a person is really guilty, we have to spend time discussing this sentence, you hold the reins, killed an innocent man. What is the difference between you and the murderer?

 The significance of the bottom line

Inside this, serious outlook on life is the bottom line, above all is the bottom line of human rights.

 

Only always adhere to the bottom line, it may avoid seeing and heard while ignoring the facts and details of the pursuit, will it be possible to avoid that even 1/10000 mistakes. Because the 1/10000 mistake, for a party, is one hundred percent of the disaster.

 

Of course, the bottom line, not only is to help us avoid mistakes. Further said, reflected in our business competition, will materialize, real and complete reflected in the user for an enterprise’s brand awareness.

 

For example, in the IEO above it. In the market or in a haze, the future uncertain, currency security IEO started the first shot, why can succeed, and success sparked a brief boom in IEO?

 

We except that the currency an ox, the essence of market analysis, as the participation of the public, not because I think the bottom line of currency security in the choice of the subject, has a high standard on the bottom line in a coin? The bottom line, let the outstanding project will go through currency IEO, and accept the strict lock and margin requirements; also let users dare to participate in a bear market.

 

Similarly, the rise of the IEO boom, also can not give no bottom line trading – the new breakthrough and turn overtaking opportunity. Because there is no bottom line, so there is no recognition of brand recognition, no market consensus will again become a harvest short game.

 

This morning, received a coin to see the sixth anniversary of the establishment of the commemorative gifts. A box of chocolate.

 

 The significance of the bottom line

 

Once in the trading stage – the most crazy, the industry is regarded as the “thousand war”, some people even joked that “the transaction than traders, users are not enough”.

 

During that time, I was wondering, as a user, flow, brand coins to see why not shun “wind” open exchange. At that time, as currency trading would be better than winning, most game player, that was to take the IDG and bit mainland investment; secondly, a coin to see who in 2015 first OTC innovation function, once set off a new wave of industry trade, have certain trading operation experience.

 

Later see, in fact, also feel very happy. A lively, “thousand”, with the deterioration of the overall economic environment and the global market, There is not much left.

 

The ancients cloud, into a major event, there must be static; I think the team into the event, there is no shortage of such force.

For many on the market “hot deals” say no, not only need courage, but also adhere to the bottom line.

 

For example, do not participate in IEO now, this wave will have obvious upsurge, for trading – operators, is a test of courage and the bottom line.

 

Most of the time, you don’t do what everyone else is doing, will be regarded as heterogeneous.

 

Heterogeneous definition, not by right and wrong and assessed, but by the opposition minority and majority to define. The minority is “otherness”, and man as a social animal, often used to do the majority of people are doing things, because it makes people feel safe.

 

Do the “otherness”, it requires more courage, and more profound cognition as support.

 

After the “one thousand war” feather, trading – public awareness, apparently is no longer a good deal. So this time, the new deal is different”.

 

Again, look at this coin six years old “choose” otherness “, after the” transaction “Miss Perfect outlet, decided to open the” transaction “function.

 

PS; magistrate will launch trading function in 4 10, is expected in the 3 month invited some 28 users running.

 

For me personally, has been relatively capricious, love for people and things, never stingy praise. After the opening yesterday to see about a coin to see “transaction” function of the magistrate push, my first thought was, to get a beta experience.

 

Why?

The team from the understanding of contact to the present, always give me a great feeling, 2012 up to now, experienced a round of bull and bear, experienced so much, they still keep the beginning of the heart, still stick to the bottom line. So rest assured.

 

I remember in 2017 when, once, I want to see the wallet out of hundreds of BTC from the currency, because of the neglect of the wallet out of coins to see on-line restrictions, try to contact the coins to see the buddy, the hope can let brother authorized repair technology limited. Day or weekend, did not think this buddy just pull technology will help complete the brother, and to turn out, by the accelerated processing of ore pool.

 

Not only this, and later settled in the currency at K station, even if only a simple state, I often can receive in the above coin to see CEO Liu Yang, co-founder of Fangfang, message interaction and see other buddy’s money.

 

Above, I can understand the bottom line without boast coins look right. Love does not boast, Heaven and earth will not tolerate.

 

This love, in addition to my personal preferences, I want to or from the past six years, money to see the team adhere to high because of the bottom line as in the past.

 

The bottom line: the meaning of Title back.

 

What is the meaning of the bottom line?

 

I think, simply said, is “from the bottom of my heart, make sure that you make people feel out of the ordinary”.

END

 

Moderator introduction: words of summer. Reading fund and the founder of Dappcc, a personal micro signal neicanjun02. Attention blockchain areas of investment, and industry investment opportunities in mining and sharing. While writing, just as the output of individual understanding, which can be used as reference point of view, does not constitute investment advice, investment risk, market to be cautious.

More analysis, can focus on the word “summer to see the city public, timely access to push

Read an article bitcoin preexistence

Preface

For a long time, I found a lot of people will bitcoin have a skeptical attitude, still have to put bitcoin and tulip bubble in. Of course, bitcoin believers are not so think about this question. There are too many arguments and arguments that bitcoin is not a huge bubble There was no parallel in history.

The holder, bitcoin most practical benefits may be this is a type of currency deflation. You may encounter in real life because of excess and the formation of dollar devaluation. But bitcoin will not happen, the design mechanism of bitcoin can guarantee never over. As everyone knows, we now use the money, more by the government’s credit guarantee, so the government will issue too much money, loss is a serious form of credit and inflation. But in the design of this hearing, bitcoin does not appear the situation of spamming.

In October 31, 2008, a man named in the Cong in cryptography forum mail group posted an article entitled (“bitcoin: a point-to-point electronic cash system”) of the paper demonstrates a central bank payment system to break the monopoly of the point to the center of the. This is bitcoin’s white paper, from this day, legend of bitcoin prelude.

Bitcoin presents 3 characteristics: first, block chain characteristics, anonymous, cross-border, decentralized, trading volume and other characteristics of the convenience of the transaction based on the value embodied in the black market, low cost and so on cross-border transactions; second, deflation and unable to adjust the circulation of money, easy to store, stimulate the psychological value; third that has the typical characteristics of precious metals such as gold.

Why bitcoin will be called “digital gold”, the historical origin of this name now Wucongkaozheng, but bitcoin indeed showed general characteristics such as gold. For example, gold has very good ductility, chemical stability not easy to be oxidized, can be kept for a long time feature.

 Read an article bitcoin preexistence

Bitcoin as a digital gold, with gold incomparable advantages:

1. gold is not easy to counterfeit, so each transaction need to verify the purity and authenticity of true and false; bitcoin relies on cryptography and block chain technology, ensure receipt of bitcoin bitcoin is true.

2. gold is not easy to carry, so the risk of large transactions is very high; and the nature of bitcoin is a group of encrypted data, the transmission efficiency is high.

3. physical gold is difficult to split to integer conversion. But bitcoin is unlimited data segmentation.

Save only 4. physical storage of gold, and bitcoin as data need only cold wallet, safe and convenient storage.

Of course, compared to gold, many people criticized at present is mainly compared to gold, bitcoin mobility is still relatively poor. In addition, gold as a more than million years of big IP, the brand is much more than the current consensus of bitcoin. For most investors, gold is still a good choice of hedging.

In addition, for many of its defenders, they often come up with an important point of view that gold coins, in addition to the recognized value and practical function, stored value, from the computer circuit board applied to decorative jewelry and gold teeth replacement are required. This is the actual function to create the circulation of gold. It is the circulation, to ensure the value of gold is a universal recognition.

 Read an article bitcoin preexistence

On this last point, I think it was more difficult to comment on the reason is now bitcoin has lightning network, lightning and existence of network is to solve the bitcoin in addition to stored value circulation outside demand, so at this point, there seems to be no much worse than gold.

But for me personally, I have almost no amount of bitcoin. The reason for this is not absolutely I personally do not see bitcoin, but my decision of investment properties. It’s like many traditional investors feel that investment bitcoin is a very aggressive behavior, but in the world currency circle you think the investment bitcoin is the most conservative behavior. The margin of safety is not the same, leads to feeling deviation on the product attributes of investment.

Compared with the traditional investment market, my personal investment decision is always advanced and aggressive. If I had to make a choice in gold, real estate and stock, I will choose the stock, because gold is a kind of investment means a relatively conservative and stable, while the real estate is not a particularly good asset liquidity. On the other hand, the gold for a glance in the past can be exciting metal does not seem entirely can let me have the desire, investment frontier science and technology in the future to change the world seemed to be able to touch me. That is why I will eventually enter the industry chain block.

 Read an article bitcoin preexistence

However, I am especially interested in why gold has become the perfect embodiment of human wealth? The silver in the past 5000 years has played an important role in wealth performance. We often hear the emperor said, huangjinwanliang 102000 silver plus million mu of farmland. This becomes our inner source of wealth for the gold and silver, and property. What is the reason for shaping the whole human consensus.

Prehistoric civilization – gold origin

Golden worship, refers to the human gold color crazy. In the human eye, the most important only five colors: red, yellow, green, black, white. Yellow and green is human vision in chromatographic center, it is the result of evolution, because the human food source that is green, plants, and most mature crop colors are yellow. So yellow gives people a feeling of happiness, comfort and satisfaction.

The worship of golden sun related. The ancient period of human to the sun filled with fanatical worship in the ancient view, only the sun can bring light. And the gold and the sun exudes a mysterious light, as the sun is the human incarnation, holds the gold have the sun, you also have a supreme power and wealth. So the ancient kings are wearing yellow robe, with distinguished gold to decorate their house, hope like the sun shines the earth, dominate the world.

The earliest worship of the history of gold is not due to the Chinese, but with the Red Sea coast of ancient Semitic people, this is a nationality of worship of the sun. The concept comes from the Bible, not a single nation, but there is a group of the National Association of native attribute. With the relocation of the Sumerians, the formation of the ancient Egyptians, Babylonians, Canaanites, Hebrew, Phoenician and so on, the concept of gold worship also entered the ancient Mesopotamia, Egypt, Greece Peninsula peninsula.

 Read an article bitcoin preexistence

Chemical symbol Au gold, originated in Rome in the myth of the “Aurora” ourela (Aurora), gold is the first prehistoric metal processed, as early as 6200 years ago in the stone age, primitive man began processing Bulgaria’s gold. The Sumerian civilization is the earliest culture of gold, so far the archaeological discovery of the oldest gold jewelry is found in ancient Mesopotamia in Iraq today, more than 5300 years of history. The ancient Egyptians were the first time in human history, the formation of gold civilization. As early as 4000 years ago in ancient Egypt have gold map, above accurately marked the Nile River and the Red Sea between the gold position. The earliest use of the golden place gave birth to the world’s earliest civilization, the earliest found a lot of gold mineral place gave birth to the world’s earliest ancient civilization.

In ancient Egypt, people are more likely to use gold as decoration and worship to the gods gift, has not formed the real currency. Until 700 years ago, Asia Minor has been made some gold and silver alloy coins, known as amber gold. Then, in about 50 BC, the Western Empire of Rome issued a Anreus gold, gold in the portrait is engraved on the Kaiser earth.

The father of Western history of Herodotus “history”, began in 700 BC, the kingdom of asia. Wrote in the “history” in Asia: adjacent to Phrygia, therefore, Asia’s history, largely thanks to the buck Toulouse river full of gold, gold shine. It is in the “history” was first mentioned in “Asia is the first people we know and use the national currency of gold and silver casting”.

So what exactly is the ancient Egyptian defeat? The first cast silver currency people defeated the first use of the national circulation of gold and silver. Ancient Egypt from 700 BC to thirty BC was constantly Asians, Persians, Greeks and Romans conquered the. In particular, in 671 BC, the occupied capital of Memphis Egypt, and ransacked the temple of Thebes; in 653 BC, King Sutter I, with the help of the Celtics phsar Greek mercenaries regain dominance from Egypt, Egypt began in Greece; in 525 BC, the Persian Empire captured psamtik III, the ancient Egypt was incorporated into Persia, become a part of the Sixth District Governor, this time known as Egypt’s twenty-seventh dynasty.

In 402 BC, the Egyptians ruled Egypt right back. 380 BC to 343 years, the last generation of native Egyptian Dynasty, that is the last of the Egyptians own dynasty, thirtieth Dynasty of egypt. In 343 BC, the Persians ruled Egypt again, this time is called the thirty-first dynasty. From then on the true meaning of the ancient Egyptians in Egypt have perished.

 Read an article bitcoin preexistence

In 332 BC, the Persians will surrender to the emperor Alexander of egypt. When Emperor Alexander died in an expedition on the way, then governor of Egypt, the Greeks Ptolemy modeled the Pharaoh of Egypt and established the Ptolemy dynasty mode (Ptolemy rulers are Greeks), although the Ptolemy Dynasty was a Greek rule, but basically follows a series of institutional culture and the era of ancient egypt. In the river for 400 years, why ancient Egyptian culture still exists is because no matter who occupied Egypt is a continuation of the Pharaoh system. The highly centralized autocratic system did not produce the circulation for the formation of gold and silver money.

In Rome after the strong, the Ptolemy dynasty became the protectorate of the Republic of Rome. Until 30 BC, David Wu Tim defeated Mark Anthony in a sea battle, kill Cleopatra VII of Egypt Cleo Patra, officially became a province of ancient Rome. From ancient Egypt disappeared completely.

Here we found a very interesting phenomenon. No form of ancient gold and silver currency empire was formed gold and silver monetization of the ancient empire defeated, but gold and silver form currency empire finally defeated the general circulation of the Empire to gold and silver. Only in the gold decoration value of ancient Egypt, the core system is a system that is Pharaoh, Pharaoh highly centralized autocratic system. Pharaoh is the supreme representative of the nation, military, political and economic control, law, right. The army by his master, the officials appointed by him, the production of products from the country controlled by him, he also asked the subjects of distribution, pay taxes and labor, is absolute centralization.

No monetary demand of Pharaoh had no means of production system, and the distribution of the product demand, so there is no need for monetization of gold. But gold finally let the ancient Rome Empire has become the final winner, why?

Asian civilization, the use of the currency is cast by gold and silver amber gold, and not really let people have a “golden” feel the money. Although the king all the production of goods, but still failed to impress the people of large-scale circulation amber gold. Only to the ancient Rome Empire when the world’s first gold coin, people really accepted the money, thus forming a large scale circulation.

Why was the Asian civilization used AMBER GOLD instead of gold and silver coins? Because the king is the essence of Asia still want to exercise the Pharaoh system, as a representation of God become the highest embodiment of centralized empire, only hope that gold and silver as money and don’t want the money circulation mass storage. Unfortunately, the gods of gold and silver was eventually formed a large-scale currency fell down, the altar.

The decline of ancient Rome empire under inflation

The ancient Rome Empire created a glorious history of civilization, the fading often marvel. From the historical point of view, the ancient Rome’s political crisis, economic crisis, social crisis and military crisis stems from the so-called “golden age” period. Revel in the flourishing in feelings of the Romans, public welfare project, high level, and the war continued, they need to finance tax support. At that time, the economic development level is not enough to support the rapid growth of the city and the huge public spending. The Rome government had control of economic power, so often take devalue way to alleviate the crisis. This is a dangerous way, make the crisis continue to accumulate, become an important cause of the decline of Rome.

“Open” history of the decline and fall of the Empire of Rome, see Edward Gibbon writing the glory of Rome, and the decline of deep reflection of the Empire, it’s so easy to fall. Speaking of the decline of the Empire of Rome, it is often attributed to the emperor’s militaristic, the battle around; aristocratic, corrupt and even lapped in luxury; merchant price gouging, disturb the market.

These are gradually eroding the glory of ancient Rome, make it escape the fate of extinction, but the decline of the Empire of ancient Rome, a very important reason, but few people know. It is inflation, the ancient Rome empire fell into the abyss of collapse.

 Read an article bitcoin preexistence

Ancient Rome not only use paper money, gold and silver coins. Ancient Rome currency an kapugen gold Dinar (aureus), silver silver (denarius) and copper (as) as three. The gold is mainly dedicated to homecoming or other important moments of commemorative coins, silver coins in circulation circulation rarely, most widely. So the ancient Rome empire is actually a “silver” currency.

In 59 BC, Caesar first from the Senate hands made of gold and silver coins manufacturing power, and the establishment of a national institution as the ancient coinage, consul of Rome. In 50 BC, Caesar began issuing coins “Ann Rivers”, Caesar also had a fixed exchange rate of gold and silver currency, unified the various provinces of the local currency, effectively promoted the economic development of Rome. The gold purity is high, stable currency to the Empire of Rome commercial prosperity in all walks of life have been greatly developed. From 50 B.C. to 50 A.D., the Empire of Rome’s economic and military power in the Golden State, the money can not be stable.

Since then, Rome Imperial Emperor Augustus (Octavius) has established more perfect monetary system. Roma Square, the temple of Jupiter is not only a religious center, but also plays a role in the central clearing bank, the Rome monetary credit system is established in the great temple gold reserves. Augustus after reunification, one of the major decisions he made was established in Rome city as the center of the Empire of Rome monetary settlement system in Rome, vaults of gold as a reserve. Augustus believes that the coin credit lies in the unity of currency value and the actual value of the stick makes enough money. Until the period of Nero, the silver material from the silver containing 92% alloy silver rate adjustment. But for the study of the history of Rome the Japanese writers Shiono seven students believe that Nero was made of silver depreciation is mainly adopted in order to cope with the economic overheating monetary easing measures.

Why is the economic overheating? Because all of the money to expand the Empire of ancient Rome, this is to “grab” started, of course, more difficult exceptions. The expansion will fight, so huge military expenditure has become a heavy burden for the imperial government; plus the new province management requires administrative expenses, the nobility also lead a gay life a lot of money, and the emperor, in order to win over the people, often let them eat two free lunch. Government spending more and more huge, more and more flat pocket. Then, the imperial government naturally embarked on the creation of money road.

Especially the welfare of citizens. Ancient Rome has long established a republic, in addition to the heads of state (sometimes more than one person), Rome citizens and nobles in the national management plays an important role in. Under this system, in order to voters, Rome is not looking for the perfect financial system, but directly to the public welfare, low-cost or free distribution of wheat, in order to protect the poor living in the capital Rome citizens.

In 123 BC, when the Tribune of the Gracchi in brother Gaius pioneered the “law” provisions of the wheat, all in the capital of the people of Rome low selling the wheat. It lasted for 150 years, and gradually expand the scope of welfare, standards gradually improved, as the Empire economic strength also gradually spread to the local city and the province, so in the vast empire of Rome hunger caused by collective death events never happened.

However, the conflict between Rome’s economic base and upper political construction, the high welfare policy has produced a series of negative effects. In Caesar’s reign, the Senate sent a small poor support for Cato, the abolition of price rationing restrictions; and his enemies, the tribunes Claudian will be changed to low price rationing, free rationing. Caesar during the reign of the city of Rome has more than 320 thousand people from the national free food supply. Although Caesar later reduced the population distribution, but there are still 150 thousand people to receive free food.

 Read an article bitcoin preexistence

The free distribution of food policy encourages more farmers leave the land, to the city of Rome, which makes the agricultural tax reduction. To supply Rome city wheat, also need to establish a granary, road port, increase public servants, gap is more and more daily expenses of the Empire of Rome. Later, as the fiscal costs of solving wheat supply, the Rome government began to resort to currency devaluation, inflation. The Rome government had financial problems left the root cause, with the passage of time, increasing shortcomings. Currency devaluation and inflation in Rome in the history of a long time continues, inflation and inflation expectations engulfed Rome light.

No money, the imperial government certainly can not rely on printing money to overissue currency, but it has its way of reducing the fineness of gold and silver coins. In order to make up for the deficit, in the year 117, the Emperor Trajan had to be the silver content in silver Dinar, Augustus from the era of close to 100%, down to 85%, the currency devaluation rate of up to ten percent, which is equivalent to the cash holdings of the whole empire population imposed the same proportion of implicit tax money. Since then, Rome silver devaluation.

 Read an article bitcoin preexistence

In 150 ad, the Empire of Rome gold content is only equivalent to Caesar era thousand two, to the year 300, is one of the only sixty million points. The imperial government with less gold, casting out more and more money, money is worth less, in about the same period, the price of wheat rations people missing for up to two hundred times.

In decline, rulers of the stimulus policy seems to be only the immediate, regardless of long-term development. In the year 301, in the face of hyperinflation and poor riots, Emperor Dacre of Rome first issued the famous “highest price law”, the implementation of price control out of the list of items in all provinces within the scope of the implementation of administrative control of price.

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When the archaeologists found the price list, detailed above a government set price: 1000 kinds of goods, goods and services to the price and wage. The price is higher than the prescribed price, are punished by death. The price control set is far lower than the fair market value, many farmers and manufacturers will lose sales incentive. Considering this point, Dacre is still the first act provisions, once found hoarding goods, will be severely punished, the goods will be confiscated, hoarders will be put to death. This decree was to suppress inflation, but brought more bad consequences.

The price control on the market no goods to sell, more and more trade to the object, the free market is paralyzed and lost circulation value of gold and silver. This time a man named Lark Tanti Lucius (Lactanius) of the Romans so the description of Dacre: “he first determined to control all the price for the sale of goods. Not worth mentioning because people blood flow; people don’t want to bring more material supply to the market, because they can not get a reasonable price for themselves, which leads to lack of so many, so many people died, and eventually, the law has been shelved.”

On the destruction of ancient Rome Empire, there is a critical turning point. That is the Constantin Thi period (AD 306 -337 years in Rome) abandoned the traditional “silver” into “gold standard”. It can be said that Constantin successfully established a strong currency for currency stability critical, also laid the foundation for the later European gold standard. However, Constantin’s reform in Rome silver dollar devaluation in the background, as a result of increased polarization of the consequences.

At that time, public servants receive salary is stable value of gold, while ordinary people get paid is devalued silver or copper. In the payment of taxes, the use of gold is required, and the exchange rate of gold than silver and copper coins for the laissez faire “change system”. The gold standard plundered the wealth of society, so that people own gold coins become rich, especially the emperor became one of the richest men, but no official people increasingly poor. This measure is equal to let people for the country’s currency bill.

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A series of policies in fourth Century Rome’s direct impact on the society as the backbone of the middle class before, which is reduced to the brink of collapse. At the same time, as the war continued, barren land, sharp decline in productivity, economic stagnation and inflation exist at the same time, the “stagflation of the ancient Rome empire”. Economic strength led to a decline in population decline. The legend of second Century, Rome city has 1 million 500 thousand people. At the beginning of the fourth Century, the population has been reduced by half, by the end of fourth Century, only about 300 thousand people, returned to the level of 500 years ago.

The Byzantine Empire – rampant counterfeit money caused by the crash

Most of the time, the trajectory of history like dominoes, money is making these dominoes engineer. At the same time, the first domino push is hands by it personally.

After Constantin ascended the throne, in order to keep the East Rome Empire, conducted a series of reforms, finally abolished the four emperor rule, re unification of the Empire of Rome, until he capital of Constantinople, the Rome regime is finally saved down. In the year 378, but good times don’t last long, the battle of Fort Hadrian makes the Rome empire was One divides into two. again. In A.D. 526, Rome emperor Justin died, his nephew, a man named Char J Martin Ni (here later namesake is refers to Char J Martin Ni I) who ascended the throne.

Char J Martin Ni inherited the Rome Empire throne, he started up the conquests of addiction. The East Rome has another name, called the Byzantine Empire, the Byzantine Constantinople after its name, became the Empire of all, so the Rome Empire also gradually known as the Byzantine empire.

At the time of emperor Constantin who rely on economic reform and looting to cast a lot of money by the name of Sori DOS gold. The characteristics of this kind of money is of good quality, high gold content, but the first issue is difficult, because many mints are unable to cast it. But also because of this, only to not produce counterfeit money.

Until 15 years after the birth of the Empire economy gradually pick up, it gradually became the mainstream of currency, but the name of Suolidousi will become synonymous with hedging. In this regard, Constantin’s record on the economy is positive, at least he is ancient Rome Empire only one correct governance inflation of the emperor, but note that this is just to say he inflation approach is correct, but the final can not successfully removed the cancer.

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The economic base determines the superstructure. In A.D. 527, Justinian accession to the throne, a lot of gold because of the age of Constantin Suolidousi accumulated so that the new emperor had a sense of security for the economy, so he kept conquests, be busy at putting up installations. During this period, the Byzantine Empire is a small-scale peasant economy, the economic structure is gradually formed during the period of Constantin. This economic structure makes the economy of the Empire to recuperate, but its disadvantage is that the rule framework is the lack of the slave society, cold violence, and lost the feudal political structure of the four emperors cohabitation period sensitive and severe. This situation is the result of the whole empire, in economic management in a passive, and can not effectively deal with various emergencies.

Here, you will find a very interesting problem. In successive years, leading to the Treasury empty, and no money repeatedly issued Justinian dilution, so according to common sense, should happen to deflation, but inflation, this is undoubtedly the shortage of materials and illegal coinage results. On the one hand, the war led to a decline in the level of the amount of labor and productivity, material supply shortage; on the other hand, Justinian around crazy Crusade, led the Byzantine Empire many neighbors have been implicated, a large population was forced to leave by war burned homes.

These refugees have two choices, one is to escape, some refugees have fled to North Africa and North Africa also results in the war, most people died in the war, and finally there is a small part of big life are not killed, more run farther, to the Great Rift Valley, and finally all died; another is this part of the refugees fleeing East, ventured to Constantinople, they urgently need shelter, and have come up with all the gold in his hand to the local household population, to get a place.

The news quickly spread like wildfire, more and more refugees into the Byzantine Empire, has brought a lot of gold and silver. To the Ostrogothic Kingdom and North Africa where the gold and silver coins but here for a time, so there are many large and small illegal coinage of the workshop, but could not reach the official coins fineness, circulation results from the two kinds of coins, is a good color Suolidousi official, the other is a color the folk Suolidousi. Unable to distinguish control currency, ultimately resulting in a panic. With the official coins of the people are no longer put it out of circulation, due to the color of the rampant counterfeit money, which makes Sori DOS overnight, there has been a substantial devaluation.

 Read an article bitcoin preexistence As inflation is more and more serious, and did not like the past rulers of Justinian, take measures to dilute money by increasing taxes, but to increase revenue. Due to the expansion of the Empire territory population grows rapidly, the trade also active, so when Char J Martin Ni wanted to solve the military expenditure by increasing taxes, those who had engaged in labor production people have to give up farming production, run to do the businessman, time caused a lot of barren land. So the rule layer and increased trade tax. As a result, people’s subsistence, so the main commodity prices rose sharply in a short period of time, which means that the relative decline in the purchasing power of money, didn’t have a good day for a few days old people once again into the economic panic.

Money is the economic balance of the weight, it always love act as a pawn of the economic crisis, but also played a “last straw” role. And the most important is, at this time, Western civilization began a historic intersection.

Under heavy taxes, businessmen prices relative, people in the hands of money and more money. At this time, from the ancient oriental India businessman with a lot of goods to reach the mediterranean. They found that the Byzantine Empire, inflation is very serious, if you use the same goods to trade more gold here, back then re melting gold casting, it will be quite a fortune.

So, they began to sell all kinds of goods for less than the price the price of a Byzantine local time, was warmly welcomed by the people, both parties think they represent a great deal. This trade boom soon spread to Constantinople, after the rule layer research thinks this is a good thing, to a certain extent effective to save the economic situation, and those from the east of the luxury goods also make them interested in.

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But the merchant of India has also brought a terrible plague. After the outbreak of the plague, the whole country 80% of food crops, the bodies pile up like a mountain hand. After the plague, Char J Martin Ni will believe in God, until his death. The plague raged to the Byzantine Empire to the decline of the edge, and those by Justinian barely recovered back strength depleted territory, people of different nationalities have begun Naoqi independent. The plague is past, inflation and war will spread in this land. Finally, the ancient Rome empire in hyperinflation, gradually disappear. After the church and taken advantage of the rise, the whole of Europe, officially entered the dark ages.

The intersection of East and west civilization brought the first global wealth migration, a large number of gold and silver into the ancient oriental civilization, laid a historical footnote for the later development of gold and silver currency.

The Spanish Empire – explosive wealth destruction

In the hundred years war in Europe at the end of that moment, redistribution of power and settled in Western countries. The war destroyed the feudal system of European tradition, bud of capitalism provides for the original soil. At that time the entire European shortage of materials, this is the first step of western capitalism from the capital circulation and market trade change simply for plunder as the dominant mode of economic development, is the pioneer in Spain, the first beneficiary is the age of discovery.

When a country with gold and silver as currency, which means that its economic expansion is likely to be accompanied by a bloody killing, Spain is a country. After nearly two hundred years of war, the Moors from Liberia Peninsula away, this is known as the unified appellation of the European powers actually facing the national treasury, until the old embarrassing situation.

Plus the 1453 Osman imperial army captured Constantinople and the Balkans, Asia Minor area, often with a caravan of looting money and goods, and in the policy mandatory prior to the commodity charge demanding tax, led to the European market since East commodity prices soaring, and European goods also difficult to transport to the east. Osman imperial practice is actually equal to at that time at the throat of the East West trade.

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In this case, the Spanish royal family remembers the best-selling book of Marco Polo at the end of thirteenth Century. The book describes a chapter about Oriental Wealth heart, remember that there was a wrote, “this country has gold, the number is infinite, a palace monarch, roofs with gold forging”. Yellow glazed tile of this section is written above the Chinese palace.

The Europeans believe that gold. Because the Portuguese trade in Africa to Europe have red eyes, 1481 was the king of Portugal, Joao S began to implement the prince Enrique’s behest, actively expand the Cape of Good Hope East route. A neighboring Spain has both jealous and helpless, Queen Isabel also feel a crisis of existence. As Europe’s gold reserves is very small, in the last resort, Queen Isabel summoned a man. The life in Italy, was to publicize their sailing plan in Portugal, but has been suffering from a cold, because his sailing plan and strategy draw further apart from Prince Enrique set, so in Portugal got very lonely, he is Christopher Columbus.

Not to be outdone, the queen of Spain at the sale of jewelry, to believe that “funding round theory” of Columbo, for his ship and capital to the east looking for spices and other treasures. Columbo deliver the goods, discovered the new continent of america. Although America looks a desolate, but Spanish here found something more valuable than spices, that is a lot of gold and silver.

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According to statistics, from 1502 to 1660, Spain 1.86 million tons 200 tons of silver and gold from america. To 16 at the end of the century, the world of precious metals mining in the amount of 85% for Spain. In the occupation of Latin American 300, Spain where looted gold accumulated millions of kilograms of Silver billion kilograms, no wonder people say, America made Spain was wealth to “spill over”.

An unexpected windfall to eliminate the spirit of diligence in spain. At the time of the Spanish pop with a contempt for industrial atmosphere. At that time a Spanish words may represent the most people’s psychological satisfaction: “let the London production of fiber; let Holland satisfied production stripes; let the West Indies with production of beaver and pack it; let Milan satisfied production brocade; only to prove that all countries in the lowlands for the training of skilled workers and Madrid, Madrid is all parliamentary queen, the whole world to serve her, and she need not serve anyone.”

Drive this sense of pride, the Spaniards began lapped in luxury life. What is a luxury? The answer is derived from the ancient oriental Chinese porcelain, silk, tea etc.. At that time, the Ming Dynasty is used silver as currency, while the Ming Dynasty itself silver production is very low. But love these luxuries in Spain by Columbo a lot of silver from the Americas plunder. So, the Spanish silver began to seamlessly into the Ming dynasty.

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Spain’s love for Chinese luxury? From 1571 to 1644, there are about 6294 taels of silver outflow from Spain, the equivalent to 37.3 today every two grams, which is 23496 tons of silver. Ming Longqing five years (AD 1571), the state revenue is revenue 250 taels of silver; Wanli twenty-eight years (AD 1600), the national fiscal revenue is 400 taels. At that time, Daming but the earth the highest national fiscal revenue, while Spain each year to buy luxury goods money amounted to 25% of revenue daming.

When the class differentiation in Spain is also very powerful. Spain accounted for less than 2% of the population of the aristocracy and church officials have 95% of the land. While accounting for 95% of the population of farmers almost no land. The remaining 3% ordinary priests, merchants, and other special occupation, according to their understanding of the wealth, not the middle class. Wealthy Chinese are addicted to crazy on the real estate and the pursuit of luxury, the manufacturing industry is serious contempt. The gap between rich and poor has reached the proportion of There was no parallel in history.

Why do people have bad? Because of the large number of American domestic gold and silver into gold and silver prices, resulting in decline, rising prices, the first is agricultural products, but both industrial products. By the end of sixteenth Century, Spain’s average price rose more than 4 times. The average price method, Britain and Germany and other regions rose more than 2 and a half times. Because the gold and silver currency inflows explosive Spain appeared serious inflation.

Primary products and food prices especially the speed. From 1480 to 1650, timber and grain prices rose 5-7 fold, manufactured goods prices rose only 3 times. In the past 170 years, prices rose at an annualised rate of 700%, if prices rise, the annual rate of only 1.2%. This does not seem high, but the wage increases speed is only half the inflation rate. At the time of the tax system is unreasonable, is mainly caused by the poor to pay taxes, so in the period of inflation, the fate of the poor.

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In international trade, prices, the Spanish products with other than the more expensive, while in the international market has lost competitiveness. On the other hand, for the domestic market, as prices rose faster than the Spanish people’s income growth rate, resulting in a decline in the purchasing power of ordinary people, the domestic market is also increasingly narrow. If the goods are not dominant in the domestic and foreign businessmen to make money, Spain, have put the products of other countries smuggled into Spain, and a further blow to the already weak business in spain.

A lot of money into the hands of bankers. No more value-added treasure is not the large-scale war lords boundless consumption and kings continued. 1557, 1575, 1597, the Spanish government has announced a national bankruptcy. In spite of many bankruptcy, but America shipped an endless supply of silver and gold or let the Spaniards very satisfied, did not feel what a big deal. The most fatal, mineral resources are not unlimited, 1630s, Spain’s largest treasure – Mexico silver production falling rapidly, the Spanish royal family to wake up, no silver outflow, but it was too late.

Because the gold and silver into the kings and nobles of the hand, not Huize folk, so he did not develop the bourgeoisie, the whole country system not because the inflow of precious metals and any advance, not to the capitalist countries development direction. Spain from overseas search precious metal behavior, just “the accumulation of capital”. This accumulation, the result is the palace luxury rampant, while Spain abandoned the development of industry and commerce, business growing depression.

Serious inflation monetary Spain by a large number of predatory America brought gold and silver has affected the other side of the earth an oriental ancient civilization of the Ming Dynasty, Chinese happened serious currency deflation There was no parallel in history., once again, the gold and silver war to a climax.

The destruction of the Ming Dynasty Chinese Baiyin Empire

Many people think that sixteenth Century is Spain led European world, in fact, not. At the time of the Ming Empire with European trade, won the world nearly 50% silver. It can be said that the Europeans are so hard in America to dig silver, is to do business with Chinese. The result is: the Ming Dynasty absorbed half of the world’s silver production, become worthy of the name of the Empire of silver.

Poor Zhu Yuanzhang was born, who see their parents, relatives and neighbors were starved to death in the exploitation of corrupt officials, the uprising succeed when the emperor, he emphasized highly centralized and real economy, later known as the “Hongwu system”. Money, Zhu Yuanzhang continued the tradition of issuing yuan, issued the people for having heard it many times Daming Bao Chao, this is a typical cannot be exchanged for any metal coins and other quasi currency fiat money, but it is not sufficient reserves as a guarantee, which makes it highly excessive risk.

Da treasure from the beginning is not popular in the Hongwu Dynasty (1368-1398), folk prices have collapsed into 160 coins for banknotes (the official 1000 consistent = consistent notes), traders refused to use the notes and the alternate use of gold and silver. The Ming government began to use the means of prohibiting the use of folk silver, Hongwu seven years “not to ban civil goods trading of gold and silver, gold and silver in the crime offender; Yi Chao; to listen to” the Pope generation began to relax with a silver ban, but still have the responsibility to note, “notes” resistance after ten thousand penetration, and the family”. Even so, people still refuse to use the popular silver coins and notes.

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But because of the officials’ salaries also have to pay Bao Chao has led to serious, health officials do not talk”. The late Ming and early Qing Dynasty “three scholar” of Gu Yanwu has publicly lamented “since ancient times, the salary is thin, not so”. When he was 45 years old, Chunan county magistrate, mother too to buy a couple of pounds of pork, but let the officialdom people rush about telling the news around spreading. That is not generally poor.

Finally in the concerted efforts of officials and the public, Bao Chao issued Finally slowly began to stagnate, the government gradually began to admit the silver tax (Jinhua silver) and currency. In the first year of Longqing Ming Mouzon (1567), finally announced that “where the sale of goods, the value of more than one silver money, money and money to make a stop following Xu money”. Another important reason is longqinghuangdi open ban and European trade to solve the serious shortage of the Ming Empire of silver.

From then on, completely silver monetization, then officials salary gradually silver, the Ming Dynasty eventually enter the silver gate. It is the silver standard system has brought prosperity and downfall of the Ming Dynasty last.

Longqinghuangdi after Emperor Wanli took office, his prime minister is Zhang Juzheng. The Ming Dynasty was in fact very low taxes, but because it is the use of physical delivery, resulting in the operation of large space under the corrupt officials, this is the most direct result: the Empire and the people were very poor, and in the middle of the corrupt officials made a profit. So Zhang Juzheng decided to reform the law. In simple terms, is that all taxes are calculated by silver, rather than real. This Law represents folk identity silver have official endorsement, while Chinese trade is the largest exporter in the world, which means the whole world to recognize and Chinese silver to do business.

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In fifteenth Century, Zheng He’s seven voyages, folk smuggling rose gradually, and the Ming Dynasty and the European and American trade relations in sixteenth Century officially concluded, commercial prosperity wake up call for money. The outbreak of the international trade, the massive inflow of foreign silver, silver in the Ming Dynasty completely laid the status of monetary standard.

Chinese is poor in the domestic market of new silver, silver circulation mainly from overseas in Europe, America and japan. The European settlers in Portuguese and Spanish as the representative, since America silver will be mined and shipped back to Europe from the Americas, through trade flows to India and Southeast Asia, China international import and export, buy Spices, tea, silk, porcelain and other luxury goods. While the Japanese domestic copper rare, cheap silver is expensive, so the continued inflow of silver China.

This is how much? The annual yield about 30 taels of silver, the stock at the beginning of sixteenth Century a total of 5000 taels of silver, and this period overseas each year into millions of two, the total inflow of about 2 million taels, is about 4 times of local stock.

On the one hand, the inflow of overseas silver enhance the commodity exchange efficiency, on the other hand, the global trade in the Ming Dynasty, stimulate economic vitality, “harutaka Tang” spirit of birth. Silver tide also spawned many social changes: the city population, agriculture more commercialized, industrial and commercial prosperity, the late Ming Dynasty gradually transformed into a new world of business and secular.

So far, Daming country completed QE quantitative easing in the history of shape.

As countless human enlightenment “Jin Ping Mei”, written during the late Ming Dynasty to economic silver, Ximen Qing from the buckeens born to fight to the right to tilt to one side of the rich, there appeared a high probability the riches myth only highly open economy, monetary easing in the background, and even can be said that the silver trade and the making of Ximen Qing who.

A county upstart luxury meet the eye everywhere in the book, the court has strengthened as can be imagined. At this time of the Ming Dynasty on, whether it is finally starting to lead the Sydney, silver salary to turn fortune rich businessman, Jiangnan silver by the ordinary people to moisten the food, or by coastal remote areas hungry forgotten, still immersed in the spirit of Daming dream, we are not aware of, for the Ming Dynasty rely on silver, actually have far more than the degree of dependence on Western Chinese silk tea.

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But after a series of seemingly accidental but inevitable event for the whole Ming Dynasty on the coffin nails.

The most powerful empire, but trapped in the battlefields of Europe to protect the Spanish maritime trade, the western trade is often in the UK and Holland in Spain because of looting; China commodity goods in the market value of the space occupied Spain and America trade restrictions; in 1630, American Silver yield fall; the winter of 1639, more than 20000 in Philippines, the Chinese were then, after the Spanish massacre, Philippines China America silver amount into. The summer of the same year, the Japanese government decided to ban Tokchon from Macao Merchants Trading in Nagasaki, who used to bring a large number of Japanese China silver line was shut down.

It was Disasters pile up on one another. is Chinese in the history of the cold little ice age, around the natural disasters, such as smallpox and bubonic plague plague is rampant. When the silver currency mainly in the “Jiangnan – Beijing – northeast border – South” circulation, lack of raw silk and cotton in the northwest and other places is basically no silver “irrigation”. At the time of the Ming Dynasty in the tax policy, the tax base for “food”, but must be translated into the “silver” settlement, reduce, in the late Ming Dynasty silver input crop under the condition of the emergence of the “silver expensive rice base” situation, is deflation.

After the 1640 Henan disaster, due to the inflow of silver is reduced, also the superposition of parity between silver and copper collapse: rice per bucket 3000 wheat per bucket 2700 money, money, The people are destitute. No silver in the northwest region are getting poorer, ratio of tax discount silver has soared, more farmers are unable to pay (do not have any silver), finally cornered. At that time, Ming general Sun Chuanting said a word: Li Zicheng lost a war, I can not afford to lose. That is because a large number of farmers in the ready to ride.

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This silver shortage even spread to the capital, because the government has lost most of the financial and tax capacity, but also to aid in remote areas. “By 1629, the court ruling bureaucrats and nobles annually to the (only in as many as 40 thousand people in the capital) payment of salary, only 15 yuan less than the national budget 1%”. Obviously this is not good news, because of the lack of salary raises bureaucracy more stringent search, also formed a lot of people think that the collapse in the impression of corruption.

At the time of the late Ming Dynasty, at the same time to face deflation (Silver Circulation decrease) and monetary loss of sovereignty (cannot issue silver), also added tax system leads to the collapse of the silver deflation, eventually found that the fiscal policy of complete failure (not in the rescue of victims and pay rates).

The whole process is: even if the government can receive a tax in kind, also need to break a part of silver to save transportation loss, and then to the destination and silver grain purchasing. But because of the lack of any official monetary policy, dominated the silver and grain merchants and landowners, began to use their own advantages, the price scissors, and price arbitrage in the price of silver in the. The final outcome is that most of the silver precipitation to the landlord businessman, not into the treasury.

With the acceleration of Baiyin deflation, merchant landlords began to accelerate the withdrawal from circulation of silver, silver, on the one hand, exacerbating deflation, on the other hand the hand only coins and grain farmers, fold silver tax increasingly high cost. While the government is unable to print money also unable to adjust the tax system, only to increase a dead end. The final outcome is the people, a life-and-death struggle against the emperor’s death, the soldiers died, left a large silver merchant landlords tun.

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In 1644, Li Zicheng besieged Beijing, Chongzhen appeal to everyone, father Zhou Kui would only donate 1 dollars only raised 20 taels of silver. 8 days later, Li Zicheng defeated Beijing, Chong Zhendi hanged himself, while the Ming Dynasty treasures only 17 taels of gold and silver, 13 taels. The unofficial history, Later Zhou Kui is silver was running in only 53 of the giant million copy.

The rise of the British Empire – the gold standard power

The Ming Empire conquered, the Qing Empire successor. But do not change the status to make only superficial changes of silver, silver silver status more secure. The emperor Kangxi (1661-1722), Europe has quietly a coin plot to destroy.

In fact, the British in seventeenth Century are based on a silver, and after the English Civil War, the Anglo Dutch war and the war between Britain and France, gradually strong, became the new European powers.

One important reason is the middle, the UK has been to maintain monetary stability and enjoy an excellent reputation in Europe as a whole, so as to promote the strong economic development in support of the war. But to maintain reputation is the need to pay a heavy price, is frequently recoinage.

The use of precious metals such as gold and silver coins, it is very easy to cause the currency devaluation, but in the event, the monetary system will collapse. There are many causes: one is the silver coins in circulation of natural wear. Then there will be a private cast silver speculation, leading to bad money markets. After making counterfeit money is also very popular, the last is Coiners itself because the interests of drivers making counterfeit money, causing confusion in the market.

Finally, if the lack of value of money in circulation, and people generally in accordance with the value to accept money, there will be a Gresham’s law had shown: bad money drives out good money. In this way, the flow field of the full value of the currency will be less and less, lack of value of the currency will be more and more. In order to guarantee the national credit and monetary authority of the rulers of the people will lose credit, instead of money in accordance with the actual content of noble metal (usually is gold and silver) to accept the money.

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Because holding the full value of currency exchange is uneconomical, driven by bad money, a lot of people will be worth the money (such as silver) melting to exchange for gold. Because gold is few in the currency in circulation as before, on the formation of a large number of money value phenomenon. If the whole society is so, then a country’s monetary system basically was paralysed. This situation has occurred many times in British history, national basic reason of frequent recoinage lies in the monetary system is not stable. In the history of England famous recoinage respectively in 1257-1551 years occurred 16 times.

There appeared an important historical figure, is the scientist Newton. In 1696, Newton became the director of the Royal mint. Just this year, the British once again recoinage. Newton played a scientist’s strength, immediately let the mint Mint efficiency improved several times. Then he found a serious problem, the whole country is less and the silver, he not only spent the silver reserves, even the nobility to buy silver coins, but these coins like a clay ox entering the sea. Newton has been thinking about how to solve the problem of shortage of final silver.

It was not until 3 years later became the director of the Royal Mint, Newton made a decision to change the history of the world: it is gold and silver by the official price, but the most important thing is that he will set the price of silver is particularly low, while the price of gold of high. At the same time, the mint secretly reduced the amount of silver coins, silver coins lead to a listing of depreciation. This result led directly to the people to take foreign exchange gold and silver, and then back home to mint coins cast. This back and forth, a lot of gold into the UK, while silver shortage. In the course of time, people will default gold as a daily currency.

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In 1705, due to Newton’s scientific achievements and worked at the mint during the credit, the queen of England awarded him the title of nobility, so Newton was praised as Sir Isaacs. So until Newton’s death in 1727, Newton and the Royal Mint in thirty years of work, when the director of the mint for 27 years. It is in this period, the British standard to the fact that the gold standard. “Monetary history: from 800 AD” author Jon, “in Newton after the reform, the United Kingdom to the fact that the gold standard, and in 1816 was officially confirmed”. (until late nineteenth Century), “gold and silver exchange rate since Newton in 1696 has remained fairly stable since the recoinage”. In fact, the gold standard almost run after the establishment of British hegemony in 1815 two hundred years.

Just like 100 years ago, the Ming Empire, because all over the world to do business with the Ming Dynasty so the silver standard currency in the world. Because Britain has completed the industrial revolution, the whole world is to provide raw materials to the UK, while Britain has completed the conversion from standard silver to gold, so the whole world had to exercise the gold standard. Here is a key event leading to the gold standard finally completely defeated the silver standard.

East India Company and the Opium War

Britain is not the first contact with Chinese later than western countries, Portugal, Spain, Holland and other countries for a long time, from eighteenth Century in late after gradually become the main trade country Chinese, has become a leader in the Western powers most of the time in nineteenth Century, the monopoly of trade with China is big, a China modern diplomatic history also can be seen as the Sino British relations history, from the history of foreign trade in modern Chinese is Sino British trade history.

The early British expansion in Asia is conducted by the British East India Co, the overseas colonial expansion by commercial organizations to perform the task, which is characteristic of business empire. In 1600 the queen of England awarded exclusive rights to India China trade to the East India Company, with the East India Company in South Asia expansion, in 1680s it reached the trade Chinese south, is a historical coincidence, just with Kangxi recovered Taiwan (1684) after the lifting of ban on maritime trade during the same period, until 1760s the Sino British trade limited in Guangzhou system, what big without friction on the whole place.

When British Chinese imports mainly from porcelain tea silk and other luxury goods, especially in the tea. The number of East India Company from Chinese imported tea growing exponentially, from late seventeenth Century to eighteenth Century in the year of 200 pounds, 400 thousand pounds a year, and then to the beginning of nineteenth Century 28 million pounds, become the main varieties of Sino British trade, brought a financial source for the East India Company and the two sides. Until the two Opium War period, Britain and Ceylon in the introduction of India Chinese tea successfully gradually replace part of Chinese tea imports of high-quality tea such as Qimen red China still relies on imports.

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Before the start of China to carry out large-scale opium trade in Britain, China at a distinct advantage in international trade. China tea, porcelain and silk constitutes a breakthrough in conquering the world market barriers to export the “iron triangle”.

When the market is the real scene China: coastal Fujian tea export brought hitherto unknown prosperity to the local economy, the monopoly in the market in the production and processing, Wuyishan merchants to become a pilgrimage; in the Yangtze River, silk and cotton products is the most important industry, hundreds of thousands of cotton production and textile professional army to create excellent quality and competitive prices of goods, all over the world market invincible hand; in the Pearl River Delta region, the formation of the Jingdezhen – Guangzhou industrial chain, will be sent to the European luxury porcelain Everfount Royal rich living room. The end of the 19 century, the competent customs Chinese inspector general of the British Hird said in the “China travelogue”: “Chinese has the world’s best food: rice; the best drink tea; the best clothes, cotton, silk and fur. They do not need to buy a penny from elsewhere.”

From the 16 century to the beginning of the 19 century, Chinese developed nearly 400 years of market-oriented economy and currency, far more than europe. As a result, 133 thousand tons of silver from the European discovery of the Americas, the final 48 thousand tons were shipped to Europe Chinese. The basic framework of international trade is Chinese, create the main part of the world trade in goods, the main part of the world of Western plunder resources, in the process of silver from the west to the East Everfount, accompanied by China goods rolling die.

The continuous flow of Oriental silver, caused a serious imbalance in the world financial balance.

Due to the long-term Chinese net output of silver, by the end of the seventeenth Century European silver shortage, prices generally decline, while trade began to shrink. 1649~1694 years, the European average annual circulation of silver has drastically reduced the ratio of average annual circulation of 1558~1649 years reduced more than 50%, while gold circulation has increased by nearly 50%.

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Silver reduction is the logical thing, how can increase gold? At the beginning of seventeenth Century, China Guangzhou’s gold and silver price ratio is 1:5.5 ~ 1:7, and the UK price for 1:16, transportation can not only change China silver to a large number of high profit goods, can also use the gold and silver price ratio of more than 1 times the price difference, with cheap expensive gold and silver for back in China, Japan and India. Even the British philosopher John Rock had complained: “I was told they (East India Company) imported from some parts of India (Huang Jin), at least to be able to get more than 50% of the profits. But the real wealth of Britain was buried in India ocean, now is the time for people to tell the truth frankly, why are we facing the era of unheard of silver shortage.”

When the gold influx of British bankers, by means of the huge bribe, bribe “1666 free coinage act” the birth certificate. This bill is essentially an important turning point in the history of currency, it changed the world monetary system, its specific effect is to abolish the monopoly of the currency of the king”. The provisions of the bill, everyone has the power to get the gold bullion mint, free legal gold casting. The bill is formed by Newton’s drive.

This bill will fundamentally help bullion bankers and business capitalists, they will have the actual control of the money supply. Due to hold a large number of physical gold chips, they will be able to decide according to their own interests in money supply. When they are creditors, would reduce currency casting, making the deflation effect, making the creditor’s rights value their ascension; when they are debtors, increasing the money supply to inflate away the debt. This is the first time in the Western currency essentially belongs to the government issued the transfer of the right to a private. Since then, the legal basis for the issue of the right to establish private central bank currency, and opened through the control of money supply of a country and even the whole world to control the distribution of wealth of the door.

In the case of the bankers, monetary control is a great struggle, control the production and distribution of money is to control the wealth, resources and humanity. To control the world, we must first conquer money; to conquer the currency, we must first conquer conquest and gold; gold, silver, we must first conquer.

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Since the industrial revolution, the British Empire strength unprecedented increase, established by gold standard monetary conditions have been fully equipped in 1717. Although in 1816, the final establishment of Britain did not legally complete gold standard, but after one hundred years, Britain has in fact under the gold standard.

The British Empire bankers, the highest strategic goal is: to London as a global financial center, with gold as the currency of the world’s standard, the British Empire to the global output of sterling credit through the Bank of England, the major countries in Europe and the United States became the core members of the gold standard, the edge of the world countries become affiliated area of war with violence to maintain the operation of the system to the currency in order to maximize control and mobilize global resources, the final completion of the wealth of the world and human control.

To establish the gold pound world currency hegemony, must first defeat the silver currency. One of the biggest, the most difficult to fix is China.

After years of trying, the international bankers chose opium as a blow Chinese silver standard weapon. And is responsible for the implementation of the strategy of organization is a East India Company. It is generally difficult to imagine a company to recruit troops, grazing coinage, administrative justice, to declare war and peace treaty, but the East India Company did it. To have such a huge energy was so powerful company? The answer is in the city of London international banker, a bankers empire.

In eighteenth Century, the British China place to bribe officials and businessmen, a large number of China imported opium, and because of the serious addiction dependence leads to Chinese people more and more high demand for opium. In 1773, the East India Company in Bangladesh made the exclusive right of the opium trade. But because the East India Company ships are prohibited from transporting opium to China, so the first opium production in Bangladesh for sale in Calcutta, and then transported to Chinese there.

Although the Qing government has banned the Opium China entrance, and reiterated the ban in 1799, but eventually become a mere scrap of paper. The company is through the traders and brokers from Bangladesh to China smuggling of opium in Guangzhou and other places, as high as 900 tons per year on average. The endless input Chinese, the Sino British Trade and formed a huge deficit, although Chinese output of tea and silk were unable to prevent the silver outflow problem.

In 1838, when the number of input Chinese opium as high as 1400 tons, Chinese to smugglers sentenced to death, and sent the imperial envoy Lin Zexu oversaw the ban. Smoking and tobacco sparked days after the Opium War in 1840, the Chinese ceded Hongkong to britain.

So far, the East India Company and the Opium War, the British defeated the gold standard China silver standard.

Shanxi Bank – the world’s oldest encryption currency

The history of mankind has never lacked story, who would have thought 200 years ago unprecedented Chinese large Ming Dynasty silver by the British Opium war weapon to defeat finally established the gold standard? But it is an episode of the time hiding in the history, the birth of the world’s oldest encryption currency. Maybe 200 years later will change the pattern and the fate of the whole world.

In ancient Chinese daoguangnianjian, taking an operation for more than 500 years of help – Shanxi, entered the third stage of development. The first Shanxi bank, with the bank development, combined with the commercial and financial capital, Shanxi became the originator of the China financial industry.

First bank called Chang Piaohao, founded in 1823 (Dao Guang three years). The first president Lei Lvtai. When is the largest West Yucheng paint merchant capital, often Shanxi Association asked Lei Lvtai, from the capital to his home in a silver, they gave money to the West Yucheng Beijing semicolon, a semicolon written notice to the total number of Pingyao, then in Pingyao extraction, West Yucheng earn some exchange fees, said “in the post”. The talented Lei Lvtai sensitive this is a great opportunity, so the club will suggest that Zhuang pigment to financial institutions a franchise exchange.

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They may not think at that time, this small decision has led to the Shanxi again. Crucially, Lei Lvtai invented a “method to precision, to Chinese characters representing numbers password method, using 10 digital number Chinese characters as a draft code and a silver in 365 days. This is the earliest history of forming a crypto currency.

This kind of combination often change, prevent leakage, in its decline in the past one hundred years, never happened with the impersonator events the system effectively. According to the draft rules, draft in the payment immediately after burned, so no one used the bill passed down.

The extraordinary business acumen, certainly will not let alone benefit reachall. The transition in the West Yucheng after three years, most of Pingyao businessmen, “Hou million” said Hou Yinchang will make a prompt decision, wth silk to Shanxi, the total number of reachall stand shoulder to shoulder with only a wall. Hou Yinchang also had two reachall dispensers, with big thunder Lvtai trouble Mao Honghui to hire wth. There is also a refuge after being squeezed out of a remarkable talent of many ages, Chang Hou family, in order to reachall competition, he put the Shengchang Hou Wei Zhuang, Heng textiles, silk Tiancheng Xintai thick silk cloth Zhuang and Wei rich silk breath into wth, Heng Wei, Xintai Tiancheng, Shengchang thick and the huge ticket known as the “Wei” five word chain, immediately formed a situation meet as equals.

And the five word chain for our development in the fierce competition in the thunder and hair, and lucrative. The huge profits to attract a large number of rich resources of Shanxi merchants have to follow, so that the rapid development of Shanxi bank. From 1823 to 1852, Shanxi bank by a number of development, developed by Pingyao County three, Qi, too, began to form three for its flat shape.

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The development opportunity of Shanxi bank is right in exchange for our internal manager when, this has led to a certain extent, the prosperity of Shanxi bank. In Lee, Hou two under the guidance of the late Qing Dynasty, Shanxi had as many as 33, only Pingyao has appeared in 22 banks, they set up more than 400 in the semicolon 77 national ports, towns involved. So far, north to Baotou, Zhangjiakou, West to Tihua (now Hohhot), Liangzhou, South to Hongkong, constitute a far-reaching and financial network, known as the “land of wealth”. Among them, there are 31 reachall semicolon, wth amounted to 34, for each of the most.

It is these banks to form financial network nodes, the world’s first distributed bank, no China Qing central bank authorization, still can ensure the safety of funds and freedom. While accounting has become the world’s first miners return.

Shanxi bank is prudent for the word to Xinyi huitong. As in the TV series “Joe courtyard” said, 100 years ago, these merchants almost monopolized the China financial market, will advance the cause to Russia, India, Korea and Japan and other countries, has created a miracle in the history of commercial Chinese. Part of the business philosophy has been quite modern, after hundreds of years in Wall Street.

At the beginning of the twentieth Century, bank, banks, foreign banks in Shanghai once had a situation dominated by three powerful rivals. When a manager of Shanghai HSBC told banks give such evaluation: “twenty-five years of HSBC and businessmen in Shanxi made a lot of transactions, the number of Jiyiliang, but did not encounter a deceptive Chinese.” Shanxi had a hundred years of history, never make mistakes or do not give any bad record of payment.

At the end of the Qing Dynasty, Shanxi city of Pingyao have a living by begging the old lady, holding a silver 1200 two draft, to honour our silver. This bill has been more than thirty years, the inspection is correct, they have no oppression, no repudiation, immediately to the full payment of principal and interest. The original 30 years ago, the old lady’s husband fur trade in the field, after making money into bills hidden in the body, the way sick to death. 30 years after her husband up possessions, was found accidentally. It makes our banks “honesty, fair trade” reputation. Shanxi rely on good faith rule the roost in the country 500 years remarkable.

All China even circulating around the world, anyone can enter the bank deposit bank. No matter where you are, as long as the exchange node can cash exchange. Wait for the ticket confirmation P2P network node after the transaction, a large amount of money can directly transfer or withdraw. Without any control mechanism, will not leave any cross-border transactions. Just look at the bank security, the private key password, completely anonymous, free, free regulation. 100% honesty, fair trade.

“One day can deceive; playing rape, two days can be playing rape, obscurantism. But no one firm, a few years, decades can be removed from the world by playing rape.” This is the year of Shanxi bank’s business philosophy. In the United States Reagan museum with a Chinese Qing Dynasty notes, it comes from “rishengchang”. This note to watermark printing, the other is equipped with anti fake cipher “book”. Losangeles State University of California Department of Finance Director P B professor William has said: the modern currency anti-counterfeiting technology originated in the China, and their construction of credit system, which can not make people respect for Shanxi bank and its contribution to the financial industry and the world China.

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Unfortunately, at that time, Yoshimichi years, Chinese economy has undergone a long recession, known as Daoguang depression, from silver expensive copper base, deflation, Daoguang depression is like a financial crisis or financial crisis plays an important role in Daoguang depression.

The Qing Dynasty inherited the Ming silver coins, money is small, the ratio of copper and silver on behalf of the monetary base of the trend, the ratio theory is 1000:1 (1000 of the value of 1 two silver), but then two things happened: one is the Latin American Revolution caused global production of silver silver rose. Two is the Chinese trade surplus becomes deficit, the outflow of silver. From sixteenth Century to eighteenth Century, Chinese has been the world’s largest importer of silver in nineteenth Century, the first ten years, there is a net inflow of 28 million dollars. The silver flow reversal, 1808 to 1856, the average annual net outflow of 8 million yuan, the peak in 1840s to 50s year net outflow of 17 million yuan of.

The Qing Dynasty was in monetary management has not adopted a fixed exchange rate, but with the floating exchange rate. The results of the early eighteenth Century is generally 700:1 or 800:1, in the 40 year of nineteenth Century is 1600:1 1800:1, and then to Xianfeng more up to more than 2000:1. The ultimate currency system confusion, caused the credit crisis made a lot of money, Bandar’s failures, such as deflation effect of modern economy, the real economy recession, the social crisis, is the Daoguang depression.

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Due to the development of banks rely heavily on the Qing government’s political environment and monetary system. The violent impact of war and political change in the “Eight Power Allied forces invaded by” and the 1911 Revolution in the storm, caused great trauma and even fatal blow on it. After the Boxer Rebellion, although the Shanxi bank had a recovery increased, but this is just the “internal damage degree, the last radiance of the setting sun” has been considerable, barely support 10 years. To the success of the Wuchang uprising, the Qing Dynasty was overthrown, the government of the Republic of China was founded, all its privileges and advantages do not exist, it also does not support the building collapse.

Bitcoin again – intersection of eastern and Western civilizations

From prehistory to the ancient Egyptian civilization, the ancient Rome Empire to the Byzantine Empire from Spain to the Ming Dynasty emperor China maritime hegemony, destruction from the Empire to the Qing dynasty. We have gone through nearly 10 thousand years of history, and finally back to the point of bitcoin.

The earliest of gold gold worship from the sun, this is the consensus of gold. It is no wonder that the majority of people to complete with no reality whatever bitcoin can not find the feeling. After all, how to see with the naked eye, bitcoin is just a set of code data completely not to the point.

From the beginning of the earliest human culture, the human activities and the origin of civilization and the gold, and the gold is closely related. The ancient civilization of mankind from the earliest Pharaohs system highly autocratic centralization system to drive the gold exchange by slavery, itself is a decentralized process. From a single node to multiple nodes, this process is not because bitcoin appears, there is a natural human needs. Today we see the birthplace of civilization is accompanied by the development of gold and mineral. Like bitcoin earliest development is accompanied by the world’s different network miners made computer nodes join the bitcoin digital golden world.

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From the long history, we have seen the human system from centralization to step to the center of the system. The formation of gold and silver currency brought large-scale development of human activities, while the first has a large quarry country formed a new civilization system. Like bitcoin and invention is not Chinese, but bitcoin is inextricably China decomposition of kinship. Today, 70% of the world’s mines are derived from the China, first with a large field to master the national final advantage. This is what we will see into the human civilization — is civilization, civilization to machine intelligence chip based.

While gold in history for a long time, not only is the silver currency. Ancient Rome began to implement the “silver” to the Byzantine Empire was forced to turn to the gold standard, gold and silver has experienced the war of 2000. The ancient Rome Empire to the two World War, human civilization has been in constant change. The core reason for change in who is the ruler of the world. The rulers of monetary decision attributes.

It seems from this perspective, bitcoin as a currency machine intelligent civilization, and no violation of the ruler’s attribute. Bitcoin currency is just the machine intelligence Empire “”.

But the biggest cancer from inflation the Rome economy era has been accompanied by human witnessed another Empire collapsed. The era of ancient Rome has reduced the content of gold and silver coins to the devaluation of the currency act, to not judge so that the fineness of the Byzantine Empire rampant counterfeit money, money can not distinguish between true and false, unable to confirm the power, cannot be traceable into a human’s long nightmare, the nightmare with the human world for 2000 years, until the emergence of bitcoin.

 Read an article bitcoin preexistence With “digital gold” to describe the bitcoin is very appropriate, now known as the world no more than 200 thousand tons of gold reserves. From the beginning of 1493, has produced 180 thousand tons of gold. For technical reasons, 91% of which are from 1900 after mining. This ratio seems to bitcoin is just the opposite, because bitcoin due to the network setting mechanism, the sooner the digital gold mining, “more”. The later joined the gold miners, “digital” less. But overall, the attribute of bitcoin indeed and gold showed high similarity.

But is not the natural gold standard, as you read this, gold throughout human history has been in the fight with silver. Today, the emergence of bitcoin, but a higher dimensional species on gold dimension blow. I don’t believe that gold will always be currency like the United States in 1970s and the gold standard to the oil. This new species today, will be relentless rolling on gold.

Bitcoin will never appear like the Spanish Empire once appeared: because of abundant monetary wealth leads to currency prices collapse, which led to rising prices, and ultimately the formation of serious inflation.

Then in turn, bitcoin has been a controversial place, is the attribute of deflation. Because the total amount of bitcoin is not constant and adjustable. So there are a variety of experts has been stressed that bitcoin may not be money. Even out of the Ming Dynasty historian China last silver standard deflation collapse to describe bitcoin future prospects.

Let us first look at the definition of money again. Marx has described the theory on currency: currency is fixed as a special commodity general equivalent (this definition is based on the metallic monetary base). Explain this sentence, money first is commodity, commodity is used to exchange products, with value and use value. There is no distinction between the value of human labor in commodities; the use value of goods to meet people needs certain attributes; the exchange value of commodities is a relationship with another kind of the use value of commodity exchange amount.

Bitcoin as a special commodity, the cryptography, network machine compulsory form a right of exchange contract, separated from the commercial world can be taken as the unified expression value of all other commodities, and can serve as a general equivalent, is 100% in line with the definition of money.

But as we know today gold around the world total storage volume of 200 thousand tons, the real circulation in the real gold accounted for only 0.95% of the total. This has included the sale of gold bullion was and actual use value of products etc.. I don’t think the future of bitcoin is used as currency as worldwide large share high turnover rate of. The future of bitcoin is more like gold is used for value function of appreciation.

As I said earlier, many people have misunderstood the meaning of bitcoin network lightning. Lightning network can not make bitcoin notes produce similar features used, lightning network is to solve bitcoin in addition to mass transfer produced value practical value of the scene. The value only in the real scene, bitcoin will eventually enter the human world view, truly become “digital gold” attribute.

A lot of people who don’t understand to the center of the end is a concept of what. Throughout history, mankind has experienced a single currency to the intersection of eastern and Western civilizations by a single huge empire, world hegemony for the gold standard and the silver standard, then to the British Empire rise all over the world for 200 years the gold standard of anchoring.

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But the decline of the British Empire is a historical necessity, not because the natural currency value of sterling. Just mentioned notes of metal currency on behalf of Max. This is a symbol of value. Is the value of gold and silver standard currency. The British Empire was accompanied by a pegged currency and gold in different countries around the world, which means the world of gold to the center from the beginning of ofanchoring gold currency diversification. The Bretton Woods system from the British establishment of gold standard collapsed, a total of more than 170 currencies pointing to the center of gold.

The world from a single civilization to a multipolar civilization, the transition from single Empire to many countries, and there are 233 countries in the world today (region), the historical process contains thousands of tens of thousands of provinces, city and numerous villages and towns, it is the best explanation to the center.

China is not absent in the bitcoin development in. Many people have said that the British established the world’s most complex and the most comprehensive financial system, that it is only through the Opium War and the East India Company, with immoral means, let the gold standard over the silver standard a final performance. See things, to understand the essence of things. Although China failed in the gold and silver money in the war, but the birth of the world’s oldest encryption currency, Shanxi Merchants’ piaohaos. The concept of management and financial system unprecedented perfect, even better than the Wall Street 100 years earlier.

Chinese will play a crucial role in the bitcoin war and the rise of the blockchain civilization, its importance will be far more than the United States, Russia or any other country, and we all human imagination. World science and technology center from the Silicon Valley gradually become a city of Silicon Valley and the China. For a long time in the future, we will see that the transition.

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Look at the past million years of human history, the core of the story has never changed. The Byzantine Empire replaced the ancient Rome Empire, is the gold standard against the change of the silver standard. In the modern history of hundreds of years, it is also accompanied by the war gold standard behind the eastern and Western civilizations and silver war. This story, today called the Sino US trade war. Nature is the collapse of the Bretton Woods system after the old oil dollar hegemony and the rise of the yuan Chinese become a world currency war.

History never simple repetition, today, the first man to face a new variable, called intelligent machine civilization. The currency of this civilization is called bitcoin.

This is the long history of mankind for the first time to face non human civilization, and bitcoin, is the starting point of intelligent machine civilization. Today many people think bitcoin has absolutely no sense, because it is only a group of data encryption.

But please try to consider this problem from the angle of network machine. Now it seems human into Sumer, the network is desperate to bitcoin this “digital gold” appearance. And then there will be a network of machines of ancient Rome civilization, the Byzantine Empire, the Spanish Empire of the sea, Chinese of the Ming Dynasty, the British Empire and so on a series of process. The human walk nearly ten thousand years are likely to be in a very short period of time by the network machine copy, because the stress evolution faster, intelligent hardware and robot will upgrade to speed the arrival of far more than the human imagination.

May be an inappropriate analogy, but if the human civilization from the prehistoric civilization began to today, with the earliest Sumerian civilization with gold ornaments and today the world’s total wealth to do comparison, we can see the human wealth growth from tens of thousands of dollars to this day more than $320 trillion range. Is more than 10 billion times growth. Why do we see bitcoin soared in the past ten years? It is precisely because the network civilization is the machine with a very short period of time to finish the process of human history. We see bitcoin highest increased only to 3 million times today, seems from human civilization as well as 10 thousand fold growth space. Of course, this is just a kind of analogy, is not to say that the future of bitcoin will grow to this figure, it is likely that the entire block chain could reach the value of civilization, even beyond the number.

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But there is a very easy to understand the data, is if has not developed the gold account, excluding off our temporary technology cannot make use of 1 million tons of sea gold, at present the global gold market value of about $12 trillion. Human civilization from the gold and silver standard war to the dollar Renminbi currency of the world’s war to human currency and currency war machine network. Mankind is gradually to the machine network migration, it will be a machine civilization There was no parallel in history. demographic dividend.

We see the events before 2017 9.4 only 5 million people around the world concerned with bitcoin digital currency, and by the end of 2017, this figure reached 15 million by the end of 2018, because of the bear market reasons, we estimate the number should be 20 million people. A distance of 7 billion and 350 times the growth space.

I have said before, the next ten years is a big recession, this is the gold investment growth period, so from the beginning of 2019 ten years, we will see bitcoin and the value of gold common growth in ten years. In the next ten years, the total market value of bitcoin will reach the total market value even more than the gold market, which is $12 trillion. Now bitcoin only $80 billion of the total market value of the future based on at least 150 times growth space.

Chinese has a saying: call the promise of Tai Chi, Tai Chi astrotech, astrotech students four images, four images and gossip. This sentence highly summarized Chinese the wisdom of the ancients. With a simple point to say, is a life of two, two, three, three things.

In the past, the whole world has experienced from a single civilization to the confluence of eastern and Western civilizations bipolar civilization. Today, we see the Chinese as the representative of the ancient oriental civilization to rise with the United States as the representative of the Western civilization gradually fading mixed human civilization and civilization emerged in the history of machine intelligence.

Next time, we will see in the next 70 years of human civilization and civilization and the unity of human civilization evolution machine and machine mixing, three things.

Finally, Marx apply for the precious metal in the demonstration of “critique of political economics” to the end of this paper, and this sentence is known to the world: “the natural gold and silver is not money, but money is a natural treasure.” Today I want to add a sentence in this sentence, in order to make the meaning more complete:

The natural gold and silver is not money, but the money is in the natural gold, not previously appeared bitcoin.

Missed two times IBM, can block chain seize the next era

Odaily produced the daily planet

The | gourmets

| editor Lu Xiaoming

IBM is crazy to seize the market chain block.

3 March 18, IBM announced that it has signed a letter of intent with the six international banks, the World Wire issued a payment network stable currency in the IBM bank plan.

Morgan chase after a hundred years of stable currency olive branch.

Stable currency is a digital currency anchor encryption currency, its role is controversial in stable currency has not yet received regulatory approval at the federal level. On the same day that Citibank has abandoned its attempt to stabilize currency related, and that the block chain technology in cross-border payment does not improve the efficiency. As the first attempt to make a public stable currency technology giants, IBM this is bold. IBM announced this action.

For a time, the public opinion to the attention of IBM rising. In fact, the company was founded in 1911, it established technology companies in the old world, in recent years, with the blockchain technology closely.

In the field of hard block chain propaganda and commercial rapid, in contrast with previous caution.

The era of the IT mainframe market monopoly “blue giant” IBM, computer software to the Microsoft era, the era of cloud computing by amazon.

This time, IBM can pass the next time to seize the blockchain bonus?

Block chain layout IBM: $160 million a year investment

IBM is the earliest in the enterprise to invest the company chain block.

IBM Jerry, vice president of blockchain Cuomo revealed that IBM has made some exploration in 2014 years, and try to achieve in the etheric Fang, but because of the licensing mode, IBM chose to start to build their own block chain from zero.

The selection of the final product, is the field of today’s most famous super league chain books. The end of 2015 IBM announced support from the Linux foundation for the establishment of the Open Ledger Project open book project, and became a founding member of the enterprise, contributed 44000 code to the Linux community. This is later we see Hyperledger Fabric super books project.

International companies led the formation of a few open source chain project. In addition to Hyperledger Fabric, JP Morgan Quorum, R3 Corda, Microsoft Coco. The Hyperledger community is the most mature, also held a number of online promotional activities, coupled with IBM’s strong impetus, the awareness should be the highest international alliance chain project.

At the end of 2015, Microsoft has launched a joint venture in New York, ConsensYs block chain cloud based technology platform; in 2016 announced the launch of “open, modular block chain components” plan Bletchley; but obviously IBM open source strategy is better, has earned its reputation in the community. Finally, Microsoft in 2017 following the footsteps IBM launched the open source project Coco chain.

In February 2016, IBM announced the launch of a block chain service platform, also launched the “shadow lending process can improve the chain Shadowchain, identity authentication system, cloud security services block chain project, and said the launch block chain commercial project in the history of the largest in September. At the end of 2017, IBM and Stellar cooperate to build a new “international payment solutions” World Wire, in a variety of cross-border payments between monetary promotion.

The IBM block chain business development today, has been covering food safety, Global trade supply chain, financial industry, advertising publishing, advertising department, insurance industry, networking and other 7 scenes. Accordingly, IBM’s staff and funds invested a lot of money.

In 2018, the general manager of the Marie Wieck block chain business revealed that they have recruited about 1600 employees exploration block chain technology projects, and in this emerging industry investment and human resource layout are ahead of the competition. According to the average annual salary of $100 thousand calculation, IBM’s annual expenditure on the block chain on the project cost up to $160 million.

The latest TNW Glass Forkor according to the collected shows released statistics, field block chain recruitment needs most is IBM, there are nearly 110 jobs, far more than the oracle and other companies.

 Missed two times IBM, can block chain seize the next era

Source: TNW

Compared with IBM and Microsoft, Amazon’s cloud service way ahead in the cloud services market (AWS) is more cautious. Amazon cloud services CEO Andy Yach had said last year, Amazon AWS will be less likely to provide services based on block chain.

In the field of IBM block chain significantly behind the positive and in the cloud computing market are not unrelated, it needs new customers, reduce the gap between Amazon and Microsoft. IBM Blockchain vice president Jerry Cuomo said: “our sales department is to block chain could not be more love, because of the block chain brought composite business opportunities. A few companies in the supply chain can share a block chain system, if we fix one of them, the company can help us to do effective stealth propaganda.”

More importantly, IBM in the development of the hundred years of history, has experienced “need time to get back to its former position”, but each time oneself stumbled, and it did not return to the first.

The transformation history of tumble

IBM CEO Gerstner in his autobiography, “who says elephants can’t dance” in the company to reverse the decision about the predicament, and the development process of IBM corporation.

The IBM architecture is large, every transition, are like a dancing elephant: hard and jerky, but not successful.

In the IBM century, it can be divided into transformation, from hardware manufacturers to software services both part of the transition from traditional manufacturing to hardware manufacturers.

This transformation stumbled: the era of IT missed two key parts of the PC’s most valuable; software service period, and missed the cloud computing market opportunities.

The era of hardware IBM, whether it is a large computer business or personal computer business, IBM has an absolute advantage in the market. Helpless, because underestimate Microsoft this “software service provider”, IBM will allow Microsoft operating system has been sold to other manufacturers. Finally, Microsoft opened the era of software and hardware of software subsidiary.

After IBM began the transition to software service industry in 2002 years. The newly appointed CEO Peng Mingsheng put forward the “on demand” strategy. IBM even representative Thinkpad was sold to Lenovo, PC announced its withdrawal from the market; on the other hand, the acquisition of PWC and many other software companies strive to complete package of software products, entered the knowledge service, software and consulting services market.

 Missed a couple of times IBM, can block chain seize the next era

The light blue part of the software business income ten years gradually occupied most of the revenue of IBM

By means of active business transformation, IBM stock at the time of the financial crisis and achieve “contrarian”, in the 2011 years up to 2 times in 2009 years during the ebb period, catch up with rivals such as HP and CISCO.

However, later the force of IBM still can not catch up on the background of Microsoft software. More sad is that when it is completed the transition of an era, the next era: AWS in the crazy layout of cloud computing, Microsoft is also the comprehensive service cloud. The most direct consequence is that since 2012 5 years, IBM almost every quarter revenues are in decline.

 Missed two times IBM, can block chain seize the next era

Source: www.statista.com

Amazon launched the AWS in 2002 2009, Microsoft also joined the cloud computing market. The IBM hit from 2013, the U.S. Central Intelligence Agency (CIA) $600 million worth of high profit private cloud contracts to AWS. 2015 years 5 months, AWS said it 2014 years to achieve revenue of $4 billion 600 million. In 2017, AWS cloud services reached 45% in the global IaaS market share is higher than the sum of the public, Microsoft, Google and IBM, the king has been set.

Qinghua University papers mentioned, “IBM announced cloud computing plans at the end of 2007, the concept of cloud computing in front of the public”. It is hard to imagine a in 2007 on the proposed plan and the concept of cloud computing to the public view of the company, how in the cloud computing market failure.

Although at the end of 2007, the proposed cloud computing plan, but until 2013 to about $2 billion acquisition of SoftLayer Technologies, IBM officially entered the public cloud market, and not as the main business development training, actively deploying private cloud while ignoring the Gong Youyun market. Multiple factors, IBM cloud computing in the market competition by AWS, Microsoft, Google behind.

Although IBM did not admit in cloud computing is the identity of followers, but until 2018 Q4, IBM cloud computing services is still ranked in the AWS, Microsoft and Google, only has a market share of 7.5%.

 Missed two times IBM, can block chain seize the next era

Source: Synergy Research Group

Consecutive years of declining revenue, Buffett holdings of stocks also makes IBM a difficult situation, the “dancing elephant” is now seeking a new breakthrough, and this time, the block chain appeared.

Has missed too many times IBM. This time, do not want to miss.

The IBM block chain renewal?

In September 2017, the Union Bank of Switzerland (UBS) said in a note to clients, block chain technology is the technology giant IBM in the future. “IBM’s traditional business is gradually declining, we believe that the block chain and intelligent computing technology is the best choice to help its return to the former position”.

It can be said that IBM is unprecedented in the layout of the block chain field strength, it is trying to embrace new technology to revive the company’s business, cloud computing and block chain technology etc.. So far, the strategy seems to be quite effective.

The most straightforward is that falling revenue achieved revenue and profit growth in both the situation in 2018. In addition, WinterGreen Research reported in 2017 that IBM and Microsoft to carve up the global market chain block 51%, which accounted for 32% of IBM.

 Missed two times IBM, can block chain seize the next era

WinterGreen Research

The IBM block chain layout results, but it is not without a crisis. Microsoft, Google, Amazon and other giants have begun to layout the blockchain. At present, several are powerful in their user base, block chain layout is also more diverse: in addition to business oriented service platform, Microsoft also launched a user oriented to the center of the ID verification technology based on block chain; Google books actively promote distributed technology, and actively invest in the block chain.

Another problem is worthy of consideration, the blockchain market size comparable to the operating system and cloud computing? Today, block chain but also IBM and Microsoft in the cloud computing services provided by AWS’s characteristics, carefully into the Bureau, but also for the high cost of trial and error. In the future the blockchain shouting outside, there are a few adhere bearish voice. Jinsha River venture capital director Zhu Xiaohu accepted the media interview when he said that the application block chain technology is very limited, even as the theory itself is a problem.

He believes that the current blockchain pain point is imagined. For example, the issue of trust in the developed area does not exist, such as bank account, securities account through a few problems, in addition to ensure the accuracy of accounting, and the high cost of storage and technical efficiency of the blockchain is very low.

Previously, the famous American information security guru Bruce Schneier, in the “connection” magazine published an article entitled “There’s No Good Reason to Trust Blockchain Technology”, the article points out that the blockchain claims can replace human social trust with technology, but in fact verification (verification) is not equal to the trust (trust). He urged them not to blindly believe the blockchain, there is no meaning to block private chain access mechanism, no public chain.

In the era of software glorious blue giant, whether this perfect dance? Are betting on the wrong?

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I’m Odaily the daily planet reporter Wu Suixin (micro signal wsuixin12), editor Lu Xiaoming (lohiuming) plus friends please note Name, unit, position and reason.

Swiss Confederation’s parliament approved | weekly policy about encryption currency regulation bill; Beijing gold association risk prompt “IEO and other illegal financial activities

This week, the block chain and digital currency related positive and regulatory policies coexist.

In our country, strengthen the supervision of the overall trend, less favorable policies, Beijing Gold Association issued a risk warning, at IEO and other illegal public financing, to remind investors to guard against criminals, IEO IFO issued tokens to retrofit project, the state information center Zhu Youping also said that the IEO essentially still belongs to the illegal fund-raising behavior and communication activity”. Block chain technology in local area is slowly advancing, enabling the real economy, the agriculture committee will use block chain platform to solve the problem of rural supply side; Shandong province will promote the big data and cloud computing, the depth of integration block chain and virtual reality technology.

Internationally, favorable policies continue, the government of Commonwealth of Australia announced the national blockchain roadmap, and an additional $100 thousand subsidy; New York encryption currency operating license number is expected to increase in the next 12-24 months; the Singapore government will launch a professional jobs plan to promote the understanding of the block chain and other emerging industries; the United States Department of health and human services investment 7 million dollars, using the block chain technology procurement platform; the SEC ask for feedback on the encryption of assets and hosting rules; Swiss Confederation’s parliament approved on the encryption currency regulation proposal; U.S. lawmakers in Colorado bill 1247, suggested the formation of block chain advisory group.

Currency market

Bitcoin BTC at $3985.7, within 7 days of decline up to +2.48%;

The etheric Fang ETH at $136.13, within 7 days of decline up to +1.70%;

Reboxetine currency XRP reported $0.3103, within 7 days of decline up to -0.25%;

The above currency market data acquisition time for 3 2019 22 at 18 on 49.

Source: Invsting.com website Chinese station

This week the focus

Domestic plate

First, promote

To solve the problem of rural supply side West Agriculture Committee will use the blockchain platform

In March 15th, the Committee on rural development work with the Xi’an Agel Ecommerce Ltd in the city of Xi’an caotan Jean Conference Center signed a strategic cooperation agreement, the Committee on rural development work will rely on the Xi’an Jean block chain platform an important measure to comprehensively promote information villages and households, effectively solve the problems of Western Rural supply side. According to the national agricultural information technology research center director Zhao Chunjiang, block chain, big data, artificial intelligence technology to build a green supply chain of agricultural products, can open up the supply side and the consumer side circulation channels, optimize the supply chain.

Shandong province will promote the big data and cloud computing, the depth of integration block chain and virtual reality technology

In March 20th, the Shandong Provincial People’s Government Office issued a notice on the issuance of digital Shandong 2019 action plan. The circular pointed out, to accelerate the development of large data industry innovation, to promote the depth of integration of big data and cloud computing, artificial intelligence, networking, block chain, virtual reality technology.

Two, regulatory upgrades

Beijing Gold Association issued a risk warning, directed IEO illegal public financing behavior

In March 21st, Beijing Gold Association released on the prevention of “virtual currency” “ICO” “STO” “stable currency” and other variants of the name of illegal financial activities, risk warning, alert criminals to IFO, IEO and other items issued or retrofit tokens, under the banner of “sharing economy”, “economic card”, “raise” and “consensus economy” banner, in the way of IMO virtual currency speculation.

The state information center Zhu Youping: IEO essentially still belongs to the illegal fund-raising behavior and communication activities”

The state information center in the network management center, deputy director of the blockchain economist Zhu Youping “Beijing Gold Association released risk IEO illegal public financing behavior tips said: go outside heat, hot IEO, in our country is strictly prohibited. IEO essentially still belongs to the illegal fund-raising behavior and communication activities “, this policy is clear. Block chain is the value of the efficiency technology revolution. In the past, ICO STO, and has just launched IEO, the technology can not do business logic loop, prone to fraud, only through the policy to make up for the defects of the ban logic.

International plate

A good news

The government of Commonwealth of Australia announced the national blockchain roadmap, and an additional $100 thousand funding

In March 18th, the Commonwealth of Australia government announced a national chain block strategy and roadmap, and increase of 100 thousand Australian dollars ($71 thousand) funding, to boost the blockchain industry in australia. Minister of industry and the Ministry of science and technology, Australia Karen Andrews said the roadmap will focus on a series of development in the field of blockchain policy, including regulatory and technological progress and innovation, infrastructure, investment, international competitiveness and cooperation etc..

The encryption currency operating license number is expected to increase in the next 12-24 months

According to a report recently released by the Abacus Journal, the number of encryption currency operating license issued in New York is expected to increase in the next 12-24 months. At present, the New York legislature has introduced several encryption currency bill. The bill includes a crypto currency working group, the group will provide the extensive use of digital currency have potential impact on the country’s financial market information, will also provide local currency exchange in the State Encryption and other information exchange operations.

The Singapore government will launch a professional jobs plan, promote their understanding of the block chain and other emerging industries

The government appropriations bill Singapore President Halima before the date of approval, marking the Singapore 2019 budget came into effect. In terms of the development of its own staff, the Singapore government attaches great importance to the national quality education, create a good environment for the growth of talent, launched a professional conversion plan, so that they understand the block chain and other emerging industries, become talents.

The United States Department of health and human services, investment of $7 million, using the transformation of its procurement platform block chain technology

The United States Department of health and human services (HHS) are continuing to explore the blockchain technology, and to the BUYSMARTER / AI block chain plans to invest $7 million. The plan is to use block chain technology to transform HHS procurement platform. BUYSMARTER predicted that if the full implementation of the new system, which can save $720 million a year.

The South Korean government agency issued a 2018 South Korean financial enterprises of science and technology manual, block chain and virtual currency enterprises accounted for 9%

The Internet in Korea Development Institute (KISA) and the Ministry of information and communication technology (MSIT) released the 2018 Korean financial enterprises of science and technology handbook. The manual records of the 302 South Korean financial technology companies, funds in 100 million won the following accounts for 20.2%, 100 million won -10 billion won accounted for 45.1%, more than 1 billion accounted for 34.7%, 100 million -10 billion won among the most enterprises. From the field division, convenient remittance and payment and settlement of 55 enterprises, block chain and virtual currency enterprises 27.

Two, advance

CFTC is trying to audit the Bakkt proposal

The Commodity Futures Trading Commission (CFTC) chairman Dan Berkovitz said the agency is stepping up efforts to audit the Bakkt proposal. Although he refused to provide the deadline for approval, but he said the agency is not anti encryption or anti block chain, the agency is committed to the encryption market from fraud and manipulation in the rescue, not to fight the new technology.

The United States SEC to solicit feedback on encryption rules and managed assets

The United States Securities and Exchange Commission (SEC) is to solicit the views of the industry, because it might reconsider hosting rules existing in digital asset trading and settlement in particular. In March 12th, the United States SEC in an open letter to the chairman of the American Association of investment adviser and chief executive Karen Barr launched this information collection plan.

Japanese commercial law amendment to the “quasi Gold Exchange” licence to set a time limit

In March 15th, the Japanese cabinet approved the relevant strengthening of virtual currency trading restrictions “financial commodity trading act” and “settlement law” amendment. The new “financial commodity trading law” for encryption currency exchange for a licence to set a time limit: since April 2020 (the effective date of the amendment is expected), 18 months did not complete the license registration quasi exchange will not be allowed to operate. That is, if it fails to complete the registration before October 2021, will be forced to stop the service of the exchange.

FSA officials: the regulatory authorities should focus on the definition of encryption currency

March 11th, University of Tokyo Financial Education Research Center (CARF) held the “2018 annual forum on science and Technology Forum – no public financial cash under a future”. At the meeting, the meeting is the basic argument: encryption currency is speculative, as the settlement is useful, small influence on the financial system. Japan’s financial services agency market planning bureau staff officer Matsuo Motoshinobu said, in the discussion of the application of encryption currency, should pay attention to what is real encryption currency; only to see it (encrypted currency) by what the policy, this is the system of financial law issues. At present, compared to the application as the settlement means, more important is the encryption of money is a means of speculation, the regulatory authorities should focus on what it is, not that it had much effect.

Swiss Confederation’s parliament has approved a bill on encryption currency regulation

The legislature of the Swiss government, the Federal Parliament has approved a motion to amend the relevant provisions of the existing federal committee of judicial and administrative authorities, so that these Provisions also apply to the encryption of money. The bill aims to determine how to contain encrypted currency related risk, and whether the entity operating encryption trading platform should be equal to the financial intermediaries, and accept the supervision of financial markets.

Japanese finance minister Taro Aso: virtual currency name change does not mean that the definition and related to the change of tax system

In March 20th, Japan’s deputy prime minister and finance minister Taro Aso said that although the cabinet passed the virtual currency name to encrypt asset resolution, but earlier in the definition of “settlement law” has not changed, so in the tax system, the virtual currency tax belong to the “miscellaneous income” point of view has not changed.

The United States SEC received 84% applications on bitcoin ETF negative feedback

The United States SEC released in February 2019 on the application of bitcoin ETF consultation, recently, SEC received seven responses, six of them want the Commission to cancel the application bitcoin ETF, the negative rate was 84%, negative rate fluctuations around problems and market manipulation. The discussion about whether bitcoin ETF may have been delayed until the fourth quarter of 2019.

The United States lawmakers in Colorado bill 1247, suggested the formation of block chain Advisory Group

The United States of Colorado, four representatives and senators on Fridays (3 Sept. 18) jointly submitted a bipartisan House bill 1247, the recommendation of the Commissioner of the Ministry of agriculture set up an advisory group, the potential application of block chain technology in agricultural management in. Lawmakers have proposed several blockchain use cases, including the improvement of product “from the farm to the shelf” traceability, control inventory and monitoring site conditions.

Third, regulatory upgrades

Montana. Sura county plans to regulate the encryption.

Montana. Sura county (Missoula) meeting will be held in 4 at the beginning of the month, to discuss the draft regulations recently issued the mining encryption, and plans to regulate the mining measures including encryption, encryption mining device must bring their own renewable energy, such as solar energy, wind power or geothermal etc.. The draft pointed out that encryption mining consumes a lot of energy, will affect the environment.

Japan will limit the leverage of virtual currency trading

Japan’s cabinet has approved a draft amendment to the Japanese financial instruments and payment service law, restrictions will leverage the virtual currency trading is the initial deposit of 2 to 4 times. The new rules will come into effect on April 2020.

Intelligent platform must have a contract currency premium, but how to achieve it?

Editor’s note: This article from the chain ChainNews (ID:chainnewscom), Wen wrote: Dan Zuller, Vision Hill password monetary investment agency partner, translation: James Juan, authorized reprint by Odaily daily planet.

 Intelligent platform must have a contract currency premium, but how to achieve it?

With many projects to support intelligent public chain contract gradually on-line, the attention of the market gradually from the “magic” of technological breakthroughs, to their development of ecology, ecological value, ecological value in the ability to capture. The operation level and the economic model of the ability and project design.

The smell of public number push chain recently famous blockchain investment firm Multicoin Capital co-founder Kyle Samani to write the article, he put forward a theoretical framework to explain the Layer 1 and Layer 2 of the agreement on how to capture value.

Almost at the same time, Vision Hill partner Dan Zuller investment institutions also wrote an article on how to create intelligent contract platform should be “monetary premium” value premium, it becomes a public chain competition winner, and points out that the etheric Fang still has the advantage in these areas. Dan Zuller in the text with the “value” refers to a programmable network public chain project can support the generation of these smart contracts.

I’ve been thinking of programmable value network, especially the etheric fang. From afar, there seems to be many “competitors” to become “smart contract platform area leader winner”; in the two class market, we have a square, EOS, Tezos, Ethernet Zilliqa, Cardano and so on, not to mention the new line of Cosmos, but not on the line in a market, there are DFINITY, Coda, Near, Polkadot, Oasis, Kadena, Thunder etc..

The purpose of this article is the analysis of each block chain network relative to other merits, and is a “win” the possibility of a specific network – I even do not think that the emergence of a “winner”. In this article I will be more focused on one point: “the currency premium”.

I believe that for those who want to achieve large-scale application and success of programmable value network, which is a necessary component.

What is the “premium” currency

Here the “premium” currency, simply refers to the sensitivity and can withstand the test of time ability of information assets. That is to say, to be used in the transaction of assets, users should not worry about the future value of it, and does not mind its economic history. Anti censorship, safe, predictable and stable monetary policy, and other reasonable and sustainable value proposition, the key is to achieve social scalability.

But the social scalability is how to achieve it?

We know that monetary assets must get a lot of physical capital support, in order to make its internal value is reasonable and sustainable. But the physical capital is not appear out of thin air, it also needs social capital.

The interaction of physical capital and social capital.

Social capital, or some people say “cultural capital”, refers to the relationship between the network of people living in a particular society and work. It includes interpersonal relationship and common sense of identity, common understanding, common norms, shared values, trust, cooperation and mutual benefit.

Then, the relationship between material capital and social capital is?

Is the material capital lead to social capital or social capital lead to physical capital? The relationship between the two is or cycle?

If there is no monetary assets physical capital substantial, so a human society may not be willing to support it. However, as we have learned, can be encrypted network at first case as an early supporter of scanty idea started, but as time goes on, it will be able to attract physical capital. This is one of the most typical example is the bitcoin. This shows that social capital will initially attract capital.

However, in order to continue to expand the scale of capital needs over time to attract more social capital, and social capital in turn need to continue to attract more capital. This indicates that the relationship between social capital and physical capital is the circulation, especially in network encryption. I believe more people willing to tell the story, the more it people; more people about this argument, transmission of the higher frequency, this cycle is repeated.

 Intelligent platform must have a contract currency premium, but how to achieve it?

How to realize the positive cycle?

Recall that the block chain creates the financial incentive mechanism. In this mechanism, community acquired catalysis, combined to provide to the center of the digital products or services, then the digital products or services, or network specific digital products or services to pay.

In general, the encryption network involves 3 main characters: developers (Builders) and workers (Supplier) and investors (demand side). The investment company Placeholder encryption with this point of view is similar, but slightly different argument, workers replaced the miners, developers changed their mouth users. One type of network participants may not more important than the other participants. On the contrary, the right combination of these roles, and coordinate their behavior towards the common goal of consistent, is necessary to create and capture value network, such as the star represents the position shown.

 Intelligent platform must have a contract currency premium, but how to achieve it?

Investors will be injected into the physical capital to the center of the encrypted network, expect these investment capital returns in the future. Similarly, workers by non Byzantine ways to provide all kinds of service supply side to lead to the center of the encrypted network, and is expected to put into labor after the network can get rewards, or return. As a result, consistent with investors and staff motivation, and hope the tangible capital and labor into their money can provide attractive benefits in the network.

Then, developers?

To attract and retain developers

The developer is the lifeblood of encryption network, but also the need of the development of social capital. Without the developers, the network will not be able to maintain its future security will also be questioned.

It should be clear that the developers do not directly protect their constructed encrypted network; this task is by the verifier, namely above the “workers”, the completion of the.

Each network has different security mechanisms, some of which may be safer than others, but this need to find a separate post analysis. The key is that developers need to maintain and upgrade and participate in the management of their support in social network encryption. Appropriate financial incentives are strong, but the social incentive and mutual connection can be said too strong.

If the developer because of certain from an encrypted network transfer, investors and workers will be very difficult for them to physical capital and labor allocation value. They need the material capital and social capital to create economic value, they contributed to the design of support value. Therefore, the ability to earn money online premium depends largely on the strength of the developer alliance.

If the calculation efficiency of a better user interface / user experience, based on a higher developers, or just a better community or a sense of belonging, give up a network to build another, if the early network developers did not get full complement, catch up with or exceed the level before, then, the initial network the currency premium may not with the passage of time still maintain its value. In this case, investors and workers speculative currency premium is only an illusion.

Then, the square and the ether and other programmable value competitors have what relation?

The etheric Fang is still leading

Around the square and 2 Ethernet 1.x roadmap, implementation plan and schedule, there is a lot of controversy. DeFi/ open financial fanatic issued various complaints, pointed out that there were more than 2% ETH supply is locked in intelligent MakerDAO protocol, but also be used for other ETH DeFi/ open financial (Dharma, Uniswap) application, which indicates that ETH is a global digital value reserves and reserve assets, there is bullish trend. However, it is important to remember that the ERC20 token is transferable, can be transferred to other network. Therefore, should continue to focus on staff development activities.

According to the Electric Capital March 2019 development report, in the past year, the etheric Fang showed extremely strong and sustained growth in active developers, including bitcoin, the most valuable public projects, it is the core and the overall number of developers. Therefore, although the development of Ethernet network route Fang choppy, uncertainty, and execution risk can be very high, but the developer activity continues to increase, which indicates that it has a very broad base of social capital.

If these trends remain unchanged, in time, in physical capital attracted more and more, the etheric Fang may get sustainable and reasonable premium currency.

However, this is not to say that the etheric Fang faces too many challenges in the future will not. The execution risk inherent in ETH 2 roadmap is ignored, in addition, to attract more physical capital, you need to have a predictable and stable monetary policy and anti censorship resistance. From the network of social capital in the current situation, the trend seems to be moving in the right direction.

We should also remind ourselves, DFINITY, Near, Polkadot and other private programmable value network has not been on the line. If these items are “better”, will lead to the development of staff leave the etheric Fang? Other programmable value network can also produce equal or greater currency premium? Now it seems that the future is not likely to happen, however, could not say impossible.

Another thing to remember is that we should not ignore the point: with respect to the upcoming on-line programmable value network, Ethernet Fang has great regulatory advantage, because it is not regarded as securities regulators.

Nevertheless, when these projects into the grid and fully operational, should continue to pay attention to the etheric Fang developer activity; so far, because the main competition is limited to a certain extent, these developers in considering where to build, may not have too many attractive options. The real test is yet to come.

However, as mentioned earlier, the etheric square community relationships, common sense of identity, common understanding, common norms, shared values, trust, cooperation and mutual benefit are “sticky” factors on the likelihood of migration will bring no small resistance. In other words, I have told the story.

Disclosure: the author holds ETH and BTC, Vision Hill and some other assets through the indirect holding.