认真理解金融和DeFi：金融和DeFi在解决什么问题

Finance is very complicated, and there are many misunderstandings about it. It has its own advantages, advantages and disadvantages, and it is also very bad. Decentralized finance is more complicated, and its advantages and disadvantages are more prominent. The world's love and hatred for it are several times that of traditional finance, which has developed for hundreds of years and precipitated a very rich knowledge. I have been studying traditional finance for less than a year, trying to understand it and give some scientific explanations. I want to write a series of practices on using the knowledge of traditional finance on this topic. For the time being, there is a vague outline in the article, and I have never been satisfied with the delay in writing it, which makes me even more dissatisfied with myself. Let's start writing it directly. If it is not well written, please forgive me and thank you for reading the ultimate goal of traditional finance. From the perspective of financial development, I have read a lot about debt, stock accounting system and supervision. Finance should be committed to solving a deep-seated problem of capitalism, that is, the principal-agent problem caused by the separation of ownership and management rights. The core of information asymmetry finance is to provide a series of mechanisms for mining this information and encouraging and punishing it. Debt is the separation of ownership and use right of money, and the money has moved from the creditor to the borrower. This can also be regarded as a principal-agent problem, that is, the creditor entrusts the money to the borrower, which will inevitably lead to information asymmetry. In finance, a complicated method has been designed to coordinate the principal-agent including the legal and law enforcement shares supporting the bank bond system. It is better to understand that stocks are the principal-agent relationship between shareholders and people who actually run the company. The same kind of finance has designed complicated and messy mechanisms for stocks, including investment banks, exchange accounting and so on. Money is also a kind of debt in essence. Now there is a great consensus in economics that money originates from debt. Modern credit money is a direct debt, which is the kind of debt issued by the state and will never be repaid. Everyone just needs to believe that the country will not fail. In order to issue debt forever, the government usually issues currency fiat by issuing treasury bonds, and then the central bank directly buys treasury bonds and generates a sum of cash in the government account. This special debt is of course a set of principal-agent problems, such as how to limit inflation and ensure fair distribution of employment, and so on. Similarly, many mechanisms have been designed around the fiat financial system, especially the complex concepts of the central bank and the reserve ratio. The above paragraphs are the highly abstract financial world I have seen, that is to say, the financial system is the east. West is probably playing with these things and solving these problems, and decentralized finance is a branch of financial innovation. I think it is still trying to solve the principal-agent problem of separation of asset ownership and management rights. The specific application scenario of this set of things is also debt and stock encryption. digital currency itself can be interpreted as a kind of debt or a kind of stock, and many tools have been born to realize the separation of asset ownership and management rights. The biggest solution to the principal-agent problem is to eliminate the separation of asset ownership and management rights. Blockchain asset ownership can generally be interpreted as private key ownership. These assets are mainly managed by various smart contracts, and the premise of smart contracts to manage and control assets is that they will not deprive the original users of digital currency of their ownership, that is, users will not lose the control of private keys when entrusting assets to smart contracts. Of course, this highly abstract description is a very ideal writing of smart contracts. Renewal and operation also need people to do it, which will also lead to the separation of asset ownership and management rights. This financial technology makes the risks and benefits very clear. For example, traditional financial banks may deal with bad debts for several years, but the bank lending agreement in the bank, such as dealing with bad debts, is also a block of seconds, because whose assets, risks and benefits are determined in real time and can be settled in real time. This is the real private property right, and the principal-agent problem can be eliminated as much as possible. Another idea is extreme. Transparency Everyone knows where the coins are, how much the total amount of coins is, and how the distribution of coins is completely transparent. This transparency can greatly alleviate the information gap in the agency process. This is one of the biggest problems in traditional finance. Facing the same principal-agent problem, by contrast, it relies on blockchain and smart contracts to provide a more transparent and efficient financial system without trust. 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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