比特币交易转移到地下：一日交易流水30万，一个月赚9万

昨天（10月30日），比特币价格再创新高，一度突破6345美元。

915监管大限后，国内比特币交易所陆续关闭，却并没有阻挡投资者的步伐，在各大场外平台、微信群、QQ群，散户投资人们依然活跃。

Yesterday (October 30), Bitcoin prices were re-innovated, reaching 6345 dollars at a time. After

915 regulatory limitations, the domestic Bitcoin exchange was shut down without blocking the pace of investors, and the diasporas, micro-messages, groups of QQQs, were still active.

刘伟（化名）是一个比特币场外交易群主，群里有300多人，日交易流水30万，他从中获得0.5%-1%左右的撮合费，同时经营着好几个场外交易群。这样，刘伟一天赚3千元，一个月赚9万。

Liu Wei, who is the owner of a Bitcoin out-of-the-field trade group of more than 300 people, who trades 300,000 dollars a day, receives around 0.5 to 1% of the co-payment from him and operates several out-of-the-way trading groups. Thus, Lau Wei earns 3,000 dollars a day and 90,000 dollars a month.

除了微信群，场外交易平台也非常火爆，LocalBitcoins，Paxful，CoinCola以及BitcoinWorld，都吸引了大量中国用户，公开数据显示：2017年以来，Paxful的交易订单，有96.3%通过支付宝完成人民币转账；在CoinCola，85%的卖单广告选择的支付方式为支付宝。

In addition to the micro-message, the off-site trading platform is also very hot. Local Bitcoins, Paxful, CoinCola and BitcoinWorld attract a large number of Chinese users. Public data indicate that since 2017, 96.3 per cent of the trading orders in Paxful have been made available through payment bonds; and in CoinCola, 85 per cent of the bill advertisements have been selected for payment.

火币网、OKCoin这2家主流比特币交易平台也在转型，火币全球旗下专业站Huobi.Pro即将上线场外点对点交易服务，支持全球法币对数字资产的汇兑。

The two mainstream bitcoin trading platforms, the Currency Net and the OKCoin, are also being transformed, and the professional station Huobi.Pro, under the global flag of the coin, is about to go to the off-site off-site trading service to support the global exchange of French currency against digital assets.

从交易所转战场外平台，这场愿赌服输的游戏远没有结束。

From the exchange to the out-of-the-ground platform, this game of gamblers is far from over.

微信群主日撮合30万交易

乍一看，刘伟是一个略显非主流的少年，瘦小的身材，不起眼的夹克，时刻不忘戴墨镜的自拍，很难让人想象到，他的账户里每天滚动着大额资金。

At first glance, Liu Wei is a slightly out-of-the-mainstream young man with a small body, a low-visibility jacket and a self-screech with his sunglasses, and it is hard to imagine that he rolls a large amount of money every day in his account.

今年8月之前，他的朋友圈还比较单调，发些吃牛排的照片，拍拍路上的小花小草。他的朋友圈封面写着：“永远相信美好的事情会发生。”

Before August of this year, his circle of friends was more monolithic, sending pictures of steaks, taking pictures of flowers and grasses on the road. His cover of the circle of friends said, "Always believe that good things will happen."

9月中旬，监管一声令下，刘伟的比特币场外交易生意开始火爆起来。

In mid-September, under the supervision of Liu Wei's Bitcoin off-site business began to explode.

他组建了若干个比特币场外交易微信群，每个群都有几百名用户，一天往往能撮合30多万的交易。最近，他开始在朋友圈晒最近的支付宝、微信转账截图，6位数来来往往是常事。

He has set up a number of Bitcoin out-of-the-field micro-message groups, each with hundreds of users, often making up for more than 300,000 transactions a day. Recently, he began to hang out with his friends on recent payment treasures, micro-mail transfers, and six figures are often the norm.

除了比特币、以太币这些主流数字货币，他也涉足其他数字代币的交易。每天，参与者们在群里不断叫卖，异常热闹：

In addition to Bitcoin, Ether, which is the mainstream digital currency, he is also involved in the trading of digital tokens.

“38700，出2个比特币。”

"38,700, out of two bitcoins."

“2300收10个以太币，出的直接叫我联系交易，网银付款，支持担保。”

“Twenty-three hundred in taels, direct calls for me to contact the deal, pay online money, support the guarantee.”

“这两天币价涨得太快了，都来不及收币了。”

"The price has risen too fast in these two days, and it's too late to collect."

（比特币场外交易截图）

♪ Bitcoin Off-Street Trade Cartograph ♪

风险是难以回避的。

Risks are inescapable.

刘伟的OTC场外交易群里，用户各自带着目的，常常会加好友，拉人组建新群。

In Liu Wei's OTC out-of-the-ground trading group, users have their own goals and often bring friends to create new ones.

他曾在群里大声疾呼：“近期发现大量私自加人成员组建小群，已有群内成员受骗上当，群主不推荐本群以外的任何担保群，如果在别的小群被骗，请自理。”

He had spoken out in the crowd: “Recently, it has been discovered that a large number of members of the private sector have formed small groups, that members of the group have been deluded, and that the group owners do not recommend any guarantee groups other than their own, if they have been defrauded in other small groups.”

群里时常有一些骗子，以交易为诱饵，套出手里有币的人，让其把币打到自己的钱包后，并没有给如约付款。

There are often liars in the group, who use the trade as bait to put money in their hands, and who, when they strike it into their wallets, do not pay as promised.

这样的情况不断发生。刘伟发明了一个方法，群主担保，从中撮合有成交意向的参与者，每次交易会单独建立一个微信群，交易完成之后撤去，群主并收取一定的担保费。

Liu Wei invents a method whereby the group guarantees, which brings together the participants who have made a deal, and each transaction creates a separate micro-conveyor, and when the transaction is completed, it withdraws, and the group is charged a certain amount of security.

刘伟有很多矿工客户，交易所被禁后，大量矿工矿场主正在寻找出口。

Liu Wei has a large number of miner clients and a large number of mine owners are looking for exports after the exchange has been banned.

“P网B网价格实时收以太，无手续费，大量收，上不封顶，支付宝网银现钞秒结，欢迎各位矿工老板长期结算。”他在朋友圈写道。

“Netnet B prices are collected in real time, without charge, without charge, without capping, to pay the gold banknotes for a second, and the miners' owners are welcome to settle for a long time.” He writes in his friends' circles.

（比特币场外交易截图）

♪ Bitcoin Off-Street Trade Cartograph ♪

这只是火热场外交易的一角。

It's just the tip of a deal out of a hot spot.

从公开数据来看，近日国家互金专委会发布的《比特币场外交易监测报告》显示：

According to public data, the Monitoring Report on Out-of-Sale Transactions in Bitcoin, published by the National Task Force on Mutual Funds in recent days, shows that:

“自2017年6月国内主要交易平台开放提币以来，交易规模明显减少，随着9月初国内ICO和比特币交易的业务清理，场外交易规模再一次繁荣，近两周，LocalBitcoins，Paxful，CoinCola三家海外场外交易平台的比特币合计交易额达6.8亿元。”

“Since the opening of the main domestic trading platform in June 2017 for the withdrawal of currency, there has been a marked decline in the volume of transactions. With the clean-up of domestic ICO and Bitcoin transactions in early September, the volume of off-site transactions has again prospered. In the last two weeks, LocalBitcoins, Paxful, CoinCola's three offshore trading platforms together accounted for 680 million dollars.”

报告指出：目前国内用户常用的比特币场外交易平台4家，均在海外，分别是LocalBitcoins，Paxful，CoinCola以及BitcoinWorld，场外交易往往没有国界限制，相关平台可以面向全球提供服务。

The report states that four Bitcoins off-site trading platforms, which are now commonly used by domestic users, are overseas, including Local Bitcoins, Paxful, CoinCola and BitcoinWorld, where off-site transactions often have no border restrictions and where platforms can provide services globally.

其实场外交易（over-the-counter OTC ）这一概念由来已久，又称“店头交易”或“柜台交易”，此前，一些非上市或上市的证券，不在交易所内进行交易，而在场外市场进行交易，私下以高于或低于交易所规定的价格或附有其他条件，比如搭配次货、以物易物等，达成交易。

In fact, the concept of off-site transactions (over-the-counter OTC) has a long history and is also referred to as “stand-to-house” or “counter-to- counter transactions”, following which a number of non-listed or listed securities are not traded in the exchange, while transactions in the off-site market are carried out in private at or below the price specified in the transaction or under other conditions, such as blending, barter, etc.

今年以来，场外交易经历了几次起伏。

Since the beginning of the year, off-site transactions have experienced a number of ups and downs.

上述报告显示：2017年2月以前，场外交易额相对较小；2月初国内主要比特币交易平台禁止提币，交易规模出现爆发式增长；6月国内主要交易平台开放提币以来，交易规模明显减少；而9月初国内ICO和比特币交易的业务清理，推动了场外交易的再次繁荣。

The above-mentioned reports show that the volume of off-site transactions was relatively small until February 2017; that the main domestic Bitcoin trading platform prohibited the withdrawal of currency in early February and that the scale of transactions had increased in an outbreak; that the volume of transactions had decreased significantly since the opening of the main domestic trading platform in June; and that the clean-up of domestic ICO and Bitco dealings in early September had contributed to the resurgence of off-site transactions.

比特币火爆的场外交易，不断高涨的价格，也让围观者们疑问：是否有泡沫？

In the case of the Bitcoin off-site trade, rising prices have also raised the question of whether there are bubbles.

在Alan S.Blinder的《音乐停止之后》一书中，也许我们可以找到答案：

In Alan S. Blinder's book After Music Stops, maybe we can find the answer:

“人类往往过度自信，又会受到羊群行为、臆想推断和大量个人主观的想法的影响，这些都是产生泡沫的重要原因。只要市场上存在投机，就永远有泡沫……我们很难阻止泡沫的产生，也不可能消灭泡沫，但我们应当做一些更可行的事，如降低泡沫产生的频率，缩减泡沫的影响范围，以及影响泡沫破裂时的破坏力。”

“Humans tend to be overconfident, influenced by sheep behavior, hypotheses, and a large number of individual subjective ideas, which are important reasons for the bubbles. As long as there is speculation in the market, there will always be bubbles. We can hardly stop the bubbles from being created, nor will it be possible to eliminate them, but we should do something more feasible, such as reducing the frequency of foams, reducing their impact, and affecting the destructive power of foams when they break.”

炒币江湖转移至地下

刘伟的生意受益于监管大潮。

Liu Wei's business benefits from a wave of regulation.

随着机构加入，火币网、OKCoin继续开拓场外交易平台，他的业务必然受到影响，此刻他正在不断组建新微信群，抢占最后的机会，发展交易。

As the institution joins, the gunnet and OKCoin continue to open off-site trading platforms, and his operations will inevitably be affected, he is constantly forming new micro-messages, taking the last chance to develop the trade.

场外交易平台也吸引了大量用户，国内的otcbtc.com、CoinCola等网站依然活跃。otcbtc.com是国内的场外交易平台，类似淘宝网，用户可以自由发布买币卖币等广告信息，交易方式包括支付宝、微信、银联。每次交易中，平台向用户收取0.001BTC的广告费，以及0.1%的手续费。CoinCola是香港的场外平台，由于语言沟通无碍，吸引了不少国内投资者。

Off-site trading platforms also attract a large number of users, and websites such as otcbtc.com, CoinCola and others remain active in the country. otcbtc.com is an off-site trading platform in the country, similar to the Treasures Network, where users are free to publish advertising messages such as buying and selling money, including payment of treasures, micro-letters, and silver unions. In each transaction, the platform charges the user 0.001 BTC for advertising, and 0.1% for paperwork. CoinCola is an off-site platform in Hong Kong that attracts a number of domestic investors as a result of language communication.

火币网的场外交易，由火币全球旗下专业站Huobi.Pro上线场外点对点交易服务，支持全球法币对数字资产的汇兑。所谓“点对点交易服务”，就是有买币和卖币需求的人，上平台发布消息，然后自己讨价还价，完成交易。

An off-the-shelf transaction on the gunnet is supported by an off-the-shelf exchange service for the global French currency against digital assets at the Humobe. The so-called "point-to-point trading service" is for those who have a demand for money and a demand for it, go on to the platform and negotiate for it and do it themselves.

火币网公关负责人向全天候科技表示：最近将会进一步公布场外点对点交易的详细操作和布局情况。

The official in charge of public relations in the currency network has indicated to all-weather technology that further details of the operation and layout of point-to-point transactions from off-site sites will be published in the near future.

布局场外，出海交易，是平台们完成中国大陆地区用户清退工作后的下一步棋。

Out-of-the-horizon, trading out to the sea is the next step after the platform completes the process of clearing users in mainland China.

就火币网来看，火币全球专业站目前提供近十个数字资产品类的交易及点对点投资服务，总部位于新加坡，在香港设有子公司；火币韩国是基于韩元的数字资产交易平台；火币全球美元站将向全球合格投资者提供基于美元的数字资产交易服务。

In terms of the Democratic People's Republic of Korea, the Democratic People's Republic of Korea has a Korean dollar-based digital asset-trading platform, and the Democratic People's Republic of Korea has a United States dollar-based digital asset-trading service to eligible global investors.

此外，OKCoin前几天在官微和官博突然发了一篇文章，标题为《这可能是10月31号之后，炒币最安全、简单、快速的方式了》，很快，OKCoin删除了原文，不少用户猜测：10月31号之后，OKCoin的海外平台OKEX有上线场外交易的计划。

In addition, a few days earlier, an article entitled " This may be the safest, simplest and fast way to bargain money after October 31 ", was suddenly released by OKCoin. Soon, the original text was deleted by OKCoin, and many users assumed that after October 31, the overseas platform OKEX of OKCoin had plans for off-site transactions.

火币网、OKCoin、比特币中国是国内交易量最大的三家交易所，在监管禁令出台后，它们先后推出了海外版网站，大量用户涌至海外网站交易。在业内人士看来，主流平台开设场外交易的决定，将对市场影响巨大，甚至重塑国内交易格局。

In the view of industry, the decision by mainstream platforms to open off-site transactions will have a significant impact on the market and even reshape domestic trading patterns.

场外交易无孔不入

场外交易是比特币交易者们在强监管下的一种应对方式。

Off-site transactions are one of the ways in which Bitcoin traders respond under strong supervision.

9月15日，国家监管层下令禁止比特币交易，政策暴击下，火币网的比特币价格一度跌至16827元人民币，9月15日之后，价格不断上涨，近日甚至达到37887元。而活跃的场外交易，价格往往比交易所更高，差价和获利空间也更高

On September 15, the state regulatory board ordered a ban on Bitcoin transactions, and under a policy shock, the price of bitcoin on the gunnet fell to 16827 yuan. After September 15, prices rose steadily, reaching $37,887.

这也是参与者们无畏监管阴影、前赴后继的原因。

This is why the participants, fearlessly, followed the shadow of regulation.

目前比特币场外交易主要形式有三种，包括：线上P2P交易、线上B2C交易、线下交易。

There are currently three main forms of off-site transactions in Bitcoin, including online P2P transactions, off-line B2C transactions and off-line transactions.

线上P2P交易一般通过LocalBitcoins、CoinCola等场外交易平台完成，该类平台为比特币买家和卖家提供信息发布的场所，类似“淘宝”，买家和买家根据发布的信息进行一对一交易。

Online P2P transactions are generally done through off-site trading platforms such as LocalBitcoins and CoinCola, which provide information-distribution sites for Bitcoin buyers and sellers, similar to “weaves”, where buyers and buyers make one-on-one transactions based on published information.

《比特币场外交易监测报告》显示：场外交易的付款方式涵盖银行转账、现金汇款、支付宝、微信、礼品卡等。

According to the Bitcoin Out-of-Sale Transaction Monitoring Report, out-of-Standard transactions cover bank transfers, cash remittances, payment treasures, micro-mails, gift cards, etc.

在线上B2C交易中，用户直接向平台购买或卖出比特币，其价格由平台指定。平台在收取用户的付款后，将直接释放比特币给买家用户，或在收到比特币后，将资金释放给卖家用户。B端的资金或比特币为平台自有或来自于合作商户。

On-line B2C transactions, the user buys or sells bitcoin directly to the platform, the price of which is specified by the platform. After receiving payment from the user, the platform releases bitcoin directly to the buyer or, upon receiving bitcoin, to the seller.

刘伟的微信群属于线下交易。买卖双方在线上或线下，通过在线聊天工具如QQ群、微信群、Telegram群组、Slack群组，或面对面的纯线下方式进行交易。

Liu Wei’s micro-groups are offline transactions. Both buyers and sellers deal online or offline, either by means of online chat tools such as QQ, micro-message, Telegram, Slack, or by means of face-to-face plain-line transactions.

场外交易被很多用户接受，因为比特币交易还局限于比较小的圈子里，参与者对新事物的接受程度较高，背后也风险暗涌。

Off-site transactions are accepted by many users, as bitcoin transactions are also limited to smaller circles, participants are more receptive to new things, and there are risks behind them.

“比特币本身是没有国境概念的，比特币交易也是如此，不过场外的撮合成交成本很高，缺乏可信中介，也面临着资金安全、虚拟货币安全等问题。”苏宁金融研究院互联网金融研究中心主任薛洪言告诉全天候科技。

“Bitcoin itself does not have the concept of borders, and so does the Bitcoin transaction, but the extra-synthetic transaction costs are high, there is a lack of credible intermediaries, and there are problems of financial security, virtual currency security.” The Director of the Center for Internet Finance Studies at the Suning Institute of Finance, Xue Hong, told all-weather technology.

在锦天城律师事务所吴卫明律师看来，场外交易少了中立第三方的监督，投资者遭遇欺诈的风险会增加，解决办法有2个：一是投资者具备投资的基本技能，能够实施必要的操作；二是确认收取比特币之后，再付款。

In the view of Mr. Wu Wei Minh, a law firm in Jinten City, out-of-the-art transactions are less monitored by neutral third parties, and investors are at increased risk of fraud, with two solutions: first, investors have the basic skills to invest and be able to carry out the necessary operations; and second, payment is made after confirmation of the receipt of Bitcoin.

击鼓传花的游戏？

比特币玩家刘冠洲看到火币网开放场外交易的消息，并不意外，在监管大潮中，他没有卖掉手里的比特币。

It was no surprise that Bitcoin player Lau Crawford saw the news of the exchange off the opening of the gunnet, and he did not sell the bitcoin in his hand during the regulatory wave.

而他工作的数字代币交易平台，虽然停止交易，却并没有解散。他听说平台创始人有做一级市场投资的打算，于是开始准备私募从业资格考试。

And the digital money trading platform that he worked on, though it stopped trading, did not dissolve. He heard that the founders of the platform were planning to invest in the first level of the market, and he started preparing for the private qualification examination.

没有参与比特币交易的人看不懂比特币的价值，而持有者们相信价格还会上涨。

Those who were not involved in the Bitcoin transaction did not understand the value of the bitcoin, and the holders believed that prices would rise.

这个有趣的现象，可以用今年诺贝尔经济学奖获得者Richard Thaler提出的“禀赋效应”来解释：“人们把已经拿到手的东西看得很重，会在它的本来价值之上附加另一重价值。”

This interesting phenomenon can be explained by the “grant effect” proposed by Richard Thaler, the Nobel laureate in economics this year: “People look very hard at what is already in their hands and add another value to its original value.”

从另一个维度来看，场外交易就是投资者们的自我舞蹈。

In another dimension, off-site trading is the self-dancing of investors.

“流动性就像音乐，一旦音乐停下，事情就会变得复杂，但只要音乐还在，舞蹈就得继续，我们还在跳舞。”这是2007年7月8日，花旗银行集团前董事长Chuck Prince的原话，在他说完这句话后的一个月，音乐和舞蹈突然停止了，次贷危机爆发了。

"Mobility is like music, and once music stops, things get complicated, but as long as music is there, dance goes on, and we're still dancing." This is what Chuck Prince, former head of Citibank Group, said on July 8, 2007, and one month after he said that, music and dance suddenly stopped and subprime loan crises broke out.

如此看来，政府出台关于比特币及数字代币的监管消息，突然打断了市场中的音乐，跳舞的人们纷纷摔在了地板上，每个人都在找椅子，有人找到了椅子，还有些人继续跳舞，自己哼出了音乐。

Thus, the government issued regulatory news about Bitcoin and digital tokens, suddenly breaking the music in the market, dancing people falling on the floor, everyone looking for a chair, someone finding a chair, some continuing to dance and groaning their own music.

刘伟的群，依然热闹，新的交易消息不断蹦出。

Liu Wei's troupe is still lively and news of the new deal keeps popping up.

只要有市场，有信息差，有赚钱的机会，就永远有人会参与其中。

As long as there are markets, there are poor information and opportunities to make money, there will always be people involved.

（来源：华尔街见闻—全天候科技（iawtmt），作者：孙骋）

(Source: Wall Street News - All-weather Technology (iawtmt), by Sun Rao)

（编辑：梁宇芳）

(ed. Leung Woo Fung)

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