Gold is good, Bitcoin is better, and Meer is the future

比特币和数字黄金.pdf (831.2 KB)
While gold has historically played a central role in economies driven by physical exchange, the world we live in today is digital. As our money and payment systems evolve, Bitcoin threatens to displace gold as the ultimate monetary asset. That’s because Bitcoin possesses a superior composition of “good money” qualities made for a digital global economy:

  • Scarcity: Like gold, bitcoins are scarce assets. The total supply of bitcoins that will ever enter circulation is limited to 21 million coins. As of April 15, 2019, approximately 17.65 million bitcoins have been issued. It is estimated that the total 21 million supply will be mined by the year 2140.

  • Verifiability: Bitcoins are unique cryptographic assets6 that are directly verifiable on the Bitcoin blockchain, in real-time, from anywhere in the world.

  • Durability: Bitcoins reside on an open-source network maintained by a global base of users. The open-source nature of the Bitcoin protocol has made the network incredibly durable to threats, eliminating single points of failure and allowing for continuous adaptation and improvement. Moreover, users on the network have a shared incentive to make it better.

  • Portability: With digital transferability, bitcoins are far more portable than gold. Whether via a computer or even the simplest of mobile devices, connectivity to the internet is all that is needed to transact. Bitcoins can be sent quickly and securely, to and from anywhere in the world, in any amount, at low costs, with transparent and verifiable transaction records. So, the 4.7 billion global mobile phone users can already carry, send and receive bitcoins.7

  • Divisibility: All bitcoins are displayed to the eighth decimal place, creating 100 million units within each. The smallest possible unit, a ‘satoshi,’ represents 0.00000001 of a single bitcoin (or $0.00005121 based on the April15, 2019 price of $5,121).8 This feature allows Bitcoin to facilitate digital micro-payments and financing in ways that other forms of money cannot. Imagine a world in which you can send a small fraction of a bitcoin instead of a “like” on Twitter to crowdfund charities, independent projects, or show your appreciation for content with the click of a button.

  • Fungibility: One bitcoin represents the same exact value as another on the network.

  • Recognizability: Despite its short history, Bitcoin has achieved global awareness and is now legally permissive in the majority of countries around the world.9 In the U.S. specifically, Bitcoin is classified as a commodity by the CFTC10, as a non-security by the SEC11 and as property by the IRS.12 Other governments and regulatory bodies around the world have their own legal classifications. Additionally, over 100,000 merchants worldwide now accept bitcoin including Shopify, Overstock.com, Dish, Expedia, PayPal, and Microsoft.13 Each day Bitcoin continues to exist, it becomes more globally recognized as a real monetary asset.

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Compared to Bitcoin, Qitmeer is far more usable for mainstream adoption. It could act as the next generation financial infrastructure.

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@Abdullahhan I have made some format adjustments, sir, you can review if it’s right.

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感谢分享。

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我相信未来是属于数字 经济的未来,但是金融基础设施是什么?

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数字黄金,btc

数字货币是趋势!

趋势为王 理解了……

支持价值互换的金融基础设施,到底是什么样的呢? 瑞典中央银行在准备推出主权数字货币的过程中对底层基础设施的要求如下:

  1. 开放、灵活、可扩展;
  2. 区块链技术和其他的技术可以融合;
  3. 和清算,以及支付层可以对接
  4. 无法绝对匿名
    5.2.1 The e-krona system should be an open, flexible and scalable infrastructure
    The Project proposes that an e-krona platform be based on an open architecture with a
    standardised interface. This is so that it could be an integrated part of the existing payment
    system and could interact with other systems, such as clearing institutions (including
    Bankgirot), the instant payment system and the Riksbank’s system for large-value payments
    (RIX). It is also the opinion of the Project that the Riksbank should not have direct contact
    with the e-krona’s end-users, but that payment service providers and other financial
    institutions should easily be able to join the platform and supply different services from it.
    Further, a technical solution is needed so that an e-krona could be used in and interact with
    other digital services and solutions, both private and public. An e-krona should be able to be
    used in different marketplaces and, for example, function in the retail trade, in e-commerce
    and for payments between private individuals. It should also be possible to use an e-krona in
    various types of public authority services. To guarantee the greatest possible flexibility, the
    solution should consistently apply international standards in addition to an open architecture
    and standardised interface.
    Developing a technical solution for an e-krona involves substantial work. The technical
    solution will need to be developed in stages and must be able to be extended and further
    developed as, for example, the functions of an e-krona change, user volumes increase or new

84 See Grym (2018).
36 FUNCTIONS AND TECHNICAL SOLUTIONS
technology becomes available. It is important that the solution is constructed in such a way
that future adaptations can be made in a safe and efficient manner.
5.2.2 A combination of new and older technology is possible
In interim report 1, one of the conclusions was that it was probably best to use both new and
old technology if an e-krona were to be developed. We wrote that blockchain technology or
some other form of Distributed Ledger Technology (DLT) was considered immature in the
current situation, but probably had future potential. In this report, too, our opinion is that it is
not appropriate to develop an e-krona based on one of the current versions of DLT. This is
mainly due to DLT still being inefficient technology with, among other things, inadequate
performance (for example the number of transactions that can be processed per second and
how long an individual transaction takes) and scalability, which makes it very difficult to sue
the technology in the event of large payment volumes. Technological development continues
apace.85 The Project cannot therefore rule out a DLT solution becoming relevant in the longer
term. Regardless of the choice of technology, an e-krona should be able to interact with DLT
solutions. An important conclusion from the dialogue with technology suppliers is that
traditional technology can currently be combined with DLT, which means that payment
service providers should be able to base their services on different technologies, DLT or
others, regardless of what e-krona platform technology the Riksbank chooses.
5.2.3 Technical preconditions for offline payments
For the e-krona to be constantly available, it must also be possible to use it when the payer
and/or payee has no internet connection or telecommunications. This applies to both the
value-based and the account-based solution. Offline functionality, which works without risk
and when either the payer or the payee does not have access to the
Internet/telecommunications and which is also completely safe, is not achievable using
current technology. To prevent the same e-krona being used more than once (known as
“double spending”), either the payer or payee needs a connection to be able to verify the
payment against the payment service. Offline payments, where both the payer and payee
lack a connection, are inherently possible, but since the payments cannot be checked in real
time, the transaction involves some risk-taking by the parties. These risks can, however, be
controlled and limited with the aid of regulations, which is currently the case with card
payments. The parties agree on who bears the risk and on how many payments, and for what
amounts, should be possible to make offline.
5.2.4 Complete anonymity and integrity cannot technically be fully offered
It is technically possible to build a value-based e-krona that can be used anonymously, that is,
without the payer having to identify herself when making a payment. A pre-loaded card could
also be transferred to another person after a purchase, in principle when cash changes
ownership. However, this is not a question of a completely anonymous solution as an e-krona
will always, due to its digital form, be possible to trace when used to make a payment and
must also fulfil the traceability requirements stipulated in the Money Laundering Directive. In
this way, the card will always be traceable to its buyer if it is used to make an electronic
payment.

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