超安全资产：BTC估值9万刀-21万刀

The author Liu Jiaolian published a new work on the microeconomics of public chain practical tokens in the backup number Liu Jiaolian last night, which creatively put forward the economic significance of decentralization, that is, the more decentralized the public chain, the closer its supply curve is to the level, that is, the inelastic supply curve, as shown in the following figure. Will the upgrading of the teaching chain in Cancun, the internal reference, open up the microeconomics of this token? This paper analyzes the potential impact of the expansion of Ethereum on the price of currency. Decentralization is a kind of security technology. The security here includes not only technical security, such as avoiding cracking, but more importantly, economic security, such as not corrupting, enduring, dying, deteriorating, being centralized, devaluing, not being confiscated, etc. Before Bitcoin, the greatest value of gold and dollars was a global security asset. See the teaching chain article "The twilight of dollar hegemony". Of course, they each have their own shortcomings or major security leaks. Cave gold is not satisfactory in terms of avoiding robbery and confiscation. Roosevelt confiscated gold vividly in 1998. See the teaching chain article. Gold, gold and dollar are centralized and infinite. winning numbers has the mechanism of over-issuance. The Ponzi spiral of American debt. See the teaching chain article. The four lies of the dollar. Bitcoin just overcame all their shortcomings. As a super-safe asset, the supply curve of Bitcoin is closer to the inelastic level than all other known commodities and monetary commodities. What we are talking about here is not. The secondary trading market or speculative market is the primary market, especially the demand side, that is, the application side has two primary markets, one at the production side and the other at the demand side, which are connected through the secondary market. It shows that the role of speculative market is to lubricate the trading friction between the production side and the demand side, improve the circulation efficiency, and strictly follow the elastic balance between supply and demand. The free market has the function of price discovery. Satoshi Nakamoto has made a wonderful design here. First, no matter what the miners do. Expanding production and improving computing power can't increase the output rate. Secondly, this output rate will drop by about half every year, which will bring marginal supply shocks and force the balance between supply and demand to change, because it is not the object of this paper. Let's focus on the fact that as a super-safe asset, its supply curve is horizontal on the margin, that is to say, no matter how much it is transported, it will not change. The marginal value in the middle will be completely accepted by demand. The upper limit determines this thanks to the hoarding effect, because the cost of hoarding is almost safe, so that people can have the confidence to hoard it forever, and there will be no forced sale to suppress the price and the price will be lower than the marginal value. What is the marginal estimate that people can accept on the demand side simply quantitatively? The known main use value is as a low-friction value transmission tool without permission across national borders. Subjectively, on average, the price that people are willing to pay for an international remittance is about US dollars. According to the objective benchmarking query, the charging standard of a bank's international wire transfer business is the lowest yuan and the highest yuan of the remittance amount, plus the telecommunication fee. Obviously, the subjective estimation of the US dollar is far lower than the current charging standard of the banking industry. Then, through the blockchain public data, it can be known that the recent average transaction fee is the median rate, which is the marginal valuation that can be calculated by using the above data. The current pricing given by the secondary market is more than 10,000 yuan, which means that the secondary market is subsidizing. At the same time, it is easy to find out why the activities that cause network congestion, such as inscriptions, increase miners' income, but increase the handling fee rate, thus reducing the marginal value and ultimately damaging the economic value of the whole system. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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