What will be the future of Bitcoin?

Let me emphasize my point again: Bitcoin is not a currency, but a commodity.

For example, if you play a game, you need to complete many tasks in the game to get the money in the game. Let's call this game "Bits", and the coins in this game are called "Bitcoins". Is it valuable to have a lot of bitcoins in bitgames? Yes! You can use this coin to buy equipment in the game, such as the hero's sword and the heroine's beautiful clothes.

Without the game, is this "bit game coin" still valuable? There will be more.

For example, there is a person who plays the same game. He doesn't have this "bit game coin". Either he plays games hard to make money himself, or he buys from you. Buy from you in real RMB or USD, or in any currency issued by any country.

Is this "bit game coin" money or not? Or a commodity? Actually, it is very clear. In the real world, it is a commodity that can be bought and sold. In the game world, it is money.

Bitcoin, right? In the real world, it is priced in dollars and is a commodity. In the bit circle, it is money.

I have argued many times that bitcoin is the currency or game equipment in the game. You can search related articles if you are interested. The key word should be "Sun Jianbo+Bitcoin+Game Equipment".

In this way, the future of Bitcoin depends on the players and believers of this game. Games with many players and firm believers, game coins and game equipment are valuable.

Not only bitcoin, but also numerous decentralized virtual currencies in the world. This is a trend, and even if a few countries unite, there is no way to stop it.

The most important connection between legal tender and virtual currency is exchange, or buying and selling. Because it is technically impossible to prevent or supervise the exchange, the legal cost is high, and any country will evaluate the advantages and disadvantages.

Allowing foreign exchange means recognizing trade liberalization and economic globalization, including exchange rate marketization and globalization. Therefore, all countries that support liberalization and globalization will not oppose the transaction of virtual currency, on the contrary, they will supervise or ban it at high prices. For small free economies, virtual currency will have new opportunities, especially finance and its derivatives.

Virtual currency and blockchain technology may have many other applications, which will bring new opportunities for economic development. Once new applications have a market prospect, supporting countries will get them first.

For China, this is a huge challenge. I believe that the country has the wisdom to seek advantages and avoid disadvantages and make decisions.

Buffett also said that Bitcoin is a scam, so don't buy it.

So let's talk about it. What exactly is Bitcoin? In my opinion, Bitcoin is an unspeakable horror. At present, the market value of Bitcoin has exceeded $330 billion. At the time of writing this article, the price has approached $20,000, which is less than one month away from the threshold of $654.38+0,000. So we can say that Bitcoin is now equivalent to a Fortune 500 company. What's next?

Almost all other virtual coins can be called shanzhai coins. Nowadays, virtual currencies all over the world take Bitcoin as a reference. The market value of the world's top ten virtual currencies is about 550 billion US dollars, or about 4 trillion yuan.

What is the future of Bitcoin? I am convinced that this is something that all speculators and bitcoin believers are thinking about. How much does it cost?

Looking at it now, I think the final price must be beyond everyone's expectation. The inventor of Bitcoin must be crazy. He wants to recover the right to issue money by technology, and people can master Bitcoin by themselves. This idea is undoubtedly crazy.

At present, the daily trading price of global foreign exchange is 6 trillion US dollars, and the annual trading volume of global foreign exchange is more than 2000 trillion US dollars. I believe that if the final form of Bitcoin becomes foreign exchange reserves, the final price of Bitcoin will be $654.38 billion each. At this point, the global foreign exchange legal tender will disappear!

But is it possible? What about the financial power of countries around the world? I believe that all countries in the world have not fully aroused their vigilance. Once the total market value of Bitcoin exceeds $1 trillion, the final crazy price of Bitcoin is not far away.

The United States killed Gaddafi and set up a new government. It makes sense to abolish the original currency and print new currency. If the economy of Taiwan Province Province can't play any longer, it will be abolished and re-developed. It's called NT It makes sense to print US dollars and send 20 trillion dollars to buy buy all over the world. I think the so-called legal tender is the most unreliable. How many legal tender have been abolished and reissued in the world? India abolished it several months ago. Digital currency is. I'm not worried about shearing wool in America. I think this is the bud of the fourth generation currency in human history. (The first three generations of money are the animal shells of primitive society, the second generation of metal coins, the third generation of paper money and the fourth generation of digital coins) are suitable for global economic integration and convenient for economic activities. I think it's good. Blockchain technology is now more and more widely used. Only when you have to see it will you think it is money. Have you seen the software in various electronic devices? Computers, robots, cars, planes and other equipment have invisible things, which are still very valuable. Just think about it. Better than buying American bonds.

This is the inevitable trend of social progress. I don't have bitcoin, but I think it is inevitable that digital currency will replace paper money in the future. Now, killing this new technology in China is like persecuting Galileo in medieval religion, because vested interests have always been the killer of hindering new technology.

Personally, I am not optimistic about the future of Bitcoin. I even think these virtual currencies have no future at all. The value of virtual currency is just hype. If this hype comes to that day, those coins will become a historical memory. In fact, any hype can't last forever. They are not diamonds, so it is only a matter of time before they fade.

After the popularity of Bitcoin, various air coins appeared on the Internet. These coins with the banner of selling dog meat in the blockchain are nothing more than a platform, a local area network and a small circle. This is probably unexpected by Satoshi Nakamoto, the founder of Bitcoin. He never thought that his blockchain technology would be closely related to today's local area network hype, and he never thought that there would be so many "blockchain coins" completely unrelated to blockchain technology.

Bitcoin is just a network technology, a blockchain technology, and coins are just a long string of numbers. The reason why Bitcoin can flourish is that this unprecedented network technology has aroused people's extensive concern, which has brought fire to this string of digital currency. Human technology is changing with each passing day. Today, you are the master of Hua Dan. Tomorrow, you may be left out in the cold, because you are old and no longer suitable for the development of the times, and a new Hua Dan will emerge to take your place.

I don't think the future of Bitcoin is very clear, especially after the two national rectifications from 65438 to July 2008. ...

Does Bitcoin have a future?

This question actually involves a concept, that is, what are the existing currencies in circulation, such as RMB, USD, Euro, etc. What does it stand for? Anyone who has read an economics textbook may know that according to the textbook, money is a unit of measurement and has the functions of exchanging media and storing value. Bitcoin seems to meet these standards, but these discussions ignore one of the most important things, that is, the currency used in daily life, which is called "legal tender"-referred to as "legal tender", which is issued by the state with the franchise granted to banks or central banks, and the key behind it is national credit.

First of all, behind modern currency is "national credit"

After World War II, the Bretton Woods system established the international core position of the US dollar, that is, the US dollar is linked to gold and other currencies are linked to the US dollar. This system allows any global trade to be settled in US dollars, and all countries have to issue national debt overseas in US dollars. International commodities such as oil, natural gas and iron ore are all denominated in dollars. At that time, the establishment of the Bretton Woods system was supported by the strong national strength of the United States. At that time, the total economic output of the United States accounted for 1/4 of the world's total economic output, and it also had more than two-thirds of the world's gold reserves. After World War II, the reconstruction of Europe depended on American financial loans. It is in this international context that the US dollar naturally becomes the reserve currency for international pricing and settlement, and becomes the center of the international monetary system.

After the 1970s, the economies of all countries in the world began to recover, and the dollar began to face the pressure of depreciation. As soon as the dollar depreciated, the price of gold rose. In this way, the United States simply announced that the dollar was decoupled from gold, and the issuance of the dollar was no longer restricted by gold reserves, but only related to the economic growth and credit scale of the United States. But at this time, the international monetary status of the US dollar has stabilized, and the Federal Reserve has become an invisible world central bank. With the decoupling of the dollar from gold, the global currency has entered an era of complete credit currency with the dollar. This credit is not the credit of private individuals or institutions, but the national credit of the United States. This is the evolution path of the US dollar becoming an international monetary center.

From this, we come to a simple principle. Modern currency is a credit currency, and the fluctuation of its value depends entirely on the strength of a country and the confidence of other countries in this country.

Therefore, a currency without national credit blessing cannot become a common currency even if it can complete the functions of pricing, storage and exchange. This logic can also explain many puzzles in our lives, such as why the international status of RMB has risen in recent years? Because the country is strong. Why does the euro fall at the slightest sign of trouble within the EU? Because people's confidence in the EU has declined. ...

Secondly, the state and the bank have reshaped the concept of money together.

The national credit behind currency issuance is the core and key. In fact, in the process of currency issuance, there is another hub-the central bank. The state issues money by giving the central bank legal power. On the one hand, the state dominates the issuance of legal tender, which can obtain long-term and stable funds, and the state power becomes greater. On the other hand, the government can control the credit scale of the whole society and regulate the economy through the issuance of money. Therefore, money is the protagonist of national credit. Therefore, under the background that "state" is still the most important organizational form of human society, it is unreasonable and unrealistic to talk about money without state credit.

Look back at Bitcoin and you will understand. Bitcoin is a digital encryption technology, which can complete the traditional functions of money in many scenarios, such as pricing, payment and storage. Digital currency may be a direction of currency issuance in the future, but as long as the concept of "country" still exists, I think it is very unlikely that decentralized currency like Bitcoin will replace legal tender issued by central banks.

Welcome to comment in the comments section. (Wu Xu)

Chaos University answers this question, please watch the video:

Distributed Ponzi Scheme —— Virtual Currency or Blockchain

Many people don't understand the basic technical knowledge of virtual currency or blockchain, and are confused by its various tall terms, but ignore the most basic common sense!

? Whether you know the economy or not, money is not created out of thin air, which is basic common sense. No country can get rich by printing money. But bitcoin is that everything advertised as a blockchain is just for issuing coins. The result is made out of thin air and has no value.

At the beginning, the goal of Bitcoin was to become a currency, and exchange was an inevitable attribute of currency, but Bitcoin could not. The liar found another value, exchange! Open positions through so-called exchange, exchange legal tender, and use speculative manipulation to obtain real money and silver.

First of all, there is no so-called blockchain technology. If you are engaged in blockchain, there will be no coins. Blockchain is essentially a hash linked list, which is not revolutionary. Tampering mainly comes from asymmetric encryption algorithms, banks, Alipay, WeChat and so on. It is used in many places and has been used for many years. It has nothing to do with blockchain. Blockchain invented a safe mining method (also called * * * knowledge mechanism), which is the only creation, so virtual currency is equal to blockchain, no difference!

Second, it was with Wu and other big money circles that was first advocated. Because the speculation of virtual currency is really criticized, they use blockchain as a cover. Blockchain is just a hash linked list. It has appeared for 10 for many years, and it has never been discovered how great it is. Ironically, it has been turned into an epoch-making technology by a group of speculative swindlers.

Why does the blockchain only issue coins, but it has no valuable application? Because the mining methods and distributed nodes have been decided, it has the characteristics of slow speed, small capacity, high cost and poor privacy protection, and it will not work without issuing coins.

If the blockchain is regarded as a database (Ali thinks so), any other database, plus a simple server cluster, is more efficient in solving problems than the blockchain 1 thousand or even a million times. In order to get involved in the blockchain, things have become extremely complicated. The problem that blockchain can solve has been well solved by human beings. The non-tamperability of blockchain has long been realized in other fields. Have you ever seen Alipay Tencent Bank tamper with your balance? ! A low-cost and efficient problem has become an epoch-making technology in the mouth of scammers, but it is actually just a cover for speculating virtual currency!

As for the safety brought by mining, the cost is high and it is not absolutely safe. The 5 1% attack has been around for a long time, and the concentration of mining has also brought the privilege of the mine pool, which can refuse a specific transfer and can not be hard forked or even rolled back without a lower limit. 10 years have passed, and the geek spirit has long since disappeared. At present, there seems to be no application except hype.

? Everyone cares about the price of money, which actually shows that the usability of this technology is very poor, and it has basically become a tool for speculation and money. In the past five years, the Internet has brought great changes. What did the blockchain bring at 10? In addition to hype or hype. Can't solve the pain point, no technical advantage, no money is slag (even the value of hype), don't be fooled by the blockchain!

? It is said that Bitcoin is a Ponzi scheme, but the big money circles argue that Bitcoin is not controlled by anyone, and experts are fooled. Really can't find a leader or a group of traders!

In fact, this is an unprecedented new form, that is, decentralized distributed Ponzi scheme, which is determined by the nature of Bitcoin. In fact, all blockchain projects are the same model. Because of the same attributes, they are also decentralized cheating. This method is very clever, and it has reached the point where the liar will do whatever it takes. If you don't believe me, look at how pitted ICO is.

The decentralized nature of virtual currency seems to be not controlled by a certain person or group, but it has created a group of holders. Although this group is scattered, it has the same knowledge, raising the price of money and turning virtual numbers into real money! So there are all kinds of similar pyramid schemes in BLACKPINK, such as faith, creation, greatest, eternal rise and so on. And they are also keen to hold events and summits, which are often funded by all these stakeholders, such as big money holders, mines and exchanges.

Let's fool together. Everyone has been cultivating leeks. Let's cut it together. Because of decentralization, everyone's pace can't be exactly the same, so all kinds of stolen goods are unevenly distributed, tearing at each other, and dog-eat-dog things are staged every day!

Why can a liar be so unscrupulous? Decentralization makes everyone safe, not the goal, and they don't have to bear any legal responsibility, so it has created the biggest scam in human history. Why do scammers claim that Bitcoin has risen to 654.38+0 million? Do you think if a stock will rise to 654.38+0 million, and now it is only 654.38+0 million, will you tell others? No way!

The constant hype and rise in front has actually made the liar have the aura of a prophet. But this goes against common sense and laws, and there must be demons in it. All virtual coins are actually naked counterfeit money, and then the real money in people's hands is changed, leaving a chicken feather.

It is suggested that the state crack down on virtual currency like pyramid schemes, and don't be fooled by the big boss's hat of cracking down on technological progress. Do not believe in equality 10 years. The so-called blockchain technology will not bring any progress, but will only take away real money.

? Finally, if any technology is not aimed at creating value, but at making money, it must be making counterfeit money!

With the understanding and application of Bitcoin in the world, I believe it will become a common currency in the future.

At present, the development of Bitcoin has had an impact on legal tender and caused restrictions by governments around the world. This is doomed that the development of Bitcoin will not be smooth sailing, and its appearance bears the responsibility of overthrowing the old monetary system in the world.

The country's opening of Bitcoin is not positive, but it is also a last resort. Because most countries in the world have not banned it, if we ban it blindly, we will separate ourselves from the world digital currency trend. Opening bitcoin is a huge challenge to traditional monetary management institutions, which may infringe on the interests of the original vested interest groups. In the long run, the development of bitcoin can promote financial efficiency, but it also brings many problems. Transactions that can usually be controlled by controlling legal tender will become difficult to supervise. The well-known dark network can use bitcoin to trade illegal goods.

If bitcoin develops smoothly, it will mercilessly impact the status of legal tender in various countries. The control that can be achieved by manipulating the exchange rate in the past will become difficult to control. In the past, the impact of government bankruptcy on the economy would be reduced. People enjoy more voice in the economy, and it is difficult for state authorities to plunder residents' wealth by issuing additional money, and so on! I believe that the overall economic order of Bitcoin is beautiful! Maybe it will also affect the international political structure.