Wang Yongli: bitcoin can not become the currency block chain 50 years is the current system

Wang Yongli, doctor of economics. At the peak of personal occupation career served as executive director of China bank, Chinese became the governor of the Bank of the most popular candidate, but missed.

Away from the banking system at the time, Wang Yongli has been fifty years old, even so, he still kept a great deal of attention enthusiasm for the Internet finance, bitcoin, block chain of these new things, and actively participate in the research.

As early as 2016, when the financial LETV CEO Wang Yongli came to the attention of the blockchain, in this year, Wang Yongli not only in music as internal based laboratory block chain technology, has also participated in the “China block chain research alliance (CBRA), Chinese block chain technology and Industry Development Forum” (CBD-Forum), “China distributed ledger protocol based Alliance (ChinaLedger), launched in Fujian province the block chain research institute, to promote China’s play a positive contribution in the block chain application and standardization.

After two years, Wang Yongli has repeatedly publicly stated for bitcoin blockchain, argued that whether the monetary attribute of bitcoin, or token chaos regulatory measures, or the future development of the blockchain, Wang Yongli can always stand in the perspective of the essence of professional economics, has a very high significance.

This paper summarizes the wonderful view for bitcoin and blockchain published from Wang Yongli in public speaking, for the readers to understand the Chinese banking system out of the most understand blockchain financial experts in the shortest possible time comes to see e.g.. The following enjoy~

– 2016 years-

1. must be positive to look at the block chain technology, when the Internet into a commercial application of the era, the commercial exchange parties in the process of identity verification, identity authentication, data acquisition, transaction confirmation, funds clearing and continuous records, and prosecution, verification has become a very urgent problem. Block chain technology for us to think about the problem to enlightenment of great impact, its meaning no trivial matter.

The 2. reason at the block chain, to block chain application requirements: to be used for docking online and offline; the application of “circle money” in the form of business; the frequent trading in cross-border capital clearing areas.

3. although the bitcoin block chain is not in Chinese appeared, but the blockchain may heat has more than any other country in China.

4. from the perspective of currency, bitcoin is a completely artificial, man-made environment, not with the reality of a social relationship. A virtual environment with gold, creating the currency through the way of mining. Then the pure virtual things, it has no real value of things, can not be used as currency, is going to be a big question mark.

5. block chain is very important, especially on the line this time, create new rules provide the enlightenment to us is very big, must grasp, do not have to subvert the existing system, 20, 50 can not do.

6. using the Internet method, block chain technology to promote innovation and cross-border financial integration has great potential. China should rely on a certain space, accelerate the development of standards, to affect the unity of global standards and rules.

7. bitcoin use very sophisticated technology and strict mathematical calculations, but in this system is high imitation of monetary gold. The past CF gold to design a new monetary system itself is a violation of the logical development of the currency will rule, from this perspective, bitcoin may not be real money. These things can only be a kind of network virtual assets, or is used in a circle inside the tokens, currency values.

– 2018-

8. bitcoin blockchain cannot subvert the world. Bitcoin, go to the center point of the transaction is a strict premise. From the outset, must be enclosed in a network system, the transaction of assets can only be a chain of assets, it is not possible to send real wealth. When not the real wealth to run, how can this solve the problem?

9. block chain is still in early development, we may think it is the development of space, but do not easily say it can subvert this, subvert the current, can see the real application is limited, we need to do a lot of exploration.

10. you want to jump out of the bitcoin mining Mint block chain paradigm to find applications, do not go to the center, to the pursuit of intermediary. These scenarios include: with our property or debt have no other thing so close interactive relationship, such as online games, public welfare undertakings. The field of government documents, contracts, a large number of images on the chain. To the computer network, information network and value network, is the integration of networking development.

The 11. Nobel prize in economics Mr. Hayek had said to the non national currency of today, often see someone playing the banner of digital currency, but why Mr Hayek the money not to fall, because it does not conform to the logic of the development of currency.

12. such bitcoin currency is not real money, does not mean it has no value, like gold currency exit stage, does not mean that it has no value. It is also in a certain currency attribute values, so I prefer to define currency like bitcoin virtual assets and currency values, then this district monetary currency must be regulated once joined, not just out of the ring circulation, otherwise it will challenge the legal tender of the authority, so basically stable currency is to ensure that regulators will follow.

A lot of things to go to the intermediary center, 13. block chain, in a very long time is not to fall. But if you try to block the chain used in information storage, encryption, irreversible, traceability, it’s actually a lot of application scenarios. If you can put down the information fidelity, the future value of the blockchain should be great.

14. dealing with the financial and monetary transactions, if there is no strict supervision, but must make a good liar can hardly be avoided, bad, the risk is extremely difficult to control. We should promote the healthy development of the digital currency and the blockchain, effectively play its role, and supervision to catch up, the implementation of effective supervision, to prevent the emergence of malignant results.

This article from Babbitt

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