Tuur: My third point is about PoS's promise of permanent income for ETH holders. Vitalik is no stranger to the idea of ​​free lunch. For example, in his 2014 ETH announcemBitcoin engine bonusent speech, he described a coin with a 20% inflation rate as having no cost to users.

Coin holders can use coins to buy votes. Voting users can build a full node by themselves (the server stays online) for solo, or entrust votes to a voting service provider (VPS, vote pool). When verifying each block, The network will randomly obtain 5 votes from all vote pools and all solo nodes to verify this block. As long as three or more votes consider the block to comply with the rules, the block will be recorded.

Compared with other exchanges, Coinbase's multi-channel customer acquisition channel is slightly single, but it is effective enough to kill others. As the largest cryptocurrency trading platform in the United States, it received the first green light for advertising on Facebook. After a strict review by Facebook, it allowed specific relevant advertisements to be placed on its website. Facebook has a monthly active user base of more than 2 billion, which means that when the natural market flows in, Coinbase will be the first stop. After Coinbase obtains the permission for advertising from Facebook, it will also pay more attention to reasonable compliance and operate very carefully to avoid losing this privilege.

However, this mechanism is based on the expectation that the demand for money will continue to grow, otherwise no one will buy discount bonds, and this mechanism will fall into a death spiral. In order to solve this problem, Basecoin set the bond maturity period to 5 years, after which it will not perform the repayment responsibility. But buyers may tend to pursue higher interest rates and lower discounts to compensate for risks. With the fall in bond prices, the number of stablecoins that can be recovered also declines, which in turn leads to the need to issue more bonds with lower discounts. If such a vicious circle is formed, it will not be solved, but it will accelerate the death spiral.

MorganCreekDigital's Anthony Pompliano believes that Bitcoin is a hedging tool for loose monetary policy; billionaire and investor Michael Novogratz believes that it is an anti-risk or safe-haven asset.

And whether the central bank’s digital currency needs to adopt a design that can distribute deposit currency and interest is indeed a topic worth considering. Although it can solBitcoin engine bonusve the incentive problem of using digital currency and improve the participation of all users, it brings The new problem is no less than the problem it solves. Once deposit currency can be created, then digital currency will not only belong to the category of M0. How to coordinate with the existing currency system and how to create a reasonable framework that is not contending for profit is a very complicated issue. However, the author still believes that although this is a controversial and radical, but very attractive solution, I will try to explain this in the following chapters.

The proof of funds in the traditional financial field is generally performed by a third-party authority, such as the bank's transaction fund custody model. Transaction fund custody business means that the bank, as the custodian, accepts the entrustment of the parties to the agreement, signs the custody agreement, opens a special custody account according to the custody agreement, provides safe custody of account funds to the trustee of the custody agreement, and uses the funds according to the agreement Provide services such as supervision, verification, payment and directed information reporting, as well as custody services of various value-added services.

The author of this article, Chris Burniske, is a partner of Placeholder Funds and the author of the book "cryptoassets". From a very early stage, Chris Burniske has long-term observation and in-depth research on the valuation theory of cryptocurrencies. Valuation is a quantitative form of value understanding. Although its accuracy cannot be assessed, the classification framework provided in this article is very helpful for us to conduct meaningful discussions and thinking under certain common assumptions and definitions of terms.

A large number of new, small-scale encrypted media channels appeared in 2018, and large-scale media organizations were also slightly affected by the long-term bear market and the decline in people's interest. This can be reflected in the average number of articles published in each issue-from the peak of 360 in March to around 250 in December.