is more attracted by the economic thought behind it.

April Fools ' Day this year, I had several exchanges with senior players in the industry before bitcoin broke the 100 dollar mark. Now it has been found that all investors who believe in Bitcoin have earned a bowl of money (at least in numbers), and the results of those who laughed at the crazies or pure speculation were mixed.

When Bitcoin was still a few cents, Li Huilai, the super player, predicted that it would be at $100 trillion, when everyone around him thought he was crazy. For the rest of the time, Li Yu has been trying to dig mines, trade on the Bitcoin exchange, and even his own book release can be paid or rewarded with Bitcoin. He bought all of his savings in Bitcoin, Li Yu, two years ago, Bitcoin accounted for One-fourth of his personal assets, half a year ago he was his personal assets the other person is the Mpex Chinese translation Liu of the bitcoin Stock exchange, Liu began to fry and Fry gold from university Overall it looks more like a speculative master who is familiar with capital operations. He was concerned that Bitcoin began as the first company to be listed in the Mpex with Bitcoin. After discovering Bitcoin, he was so excited that he called his parents late at night and asked to take out all the money they invested in U.S. stocks to invest in the new currency. After in-depth study, he helped Mpex to do translation, and now began to invest in Bitcoin's similar currency LTC and TTC. But he rarely looked at the exchange rate of Bitcoin, only buying and hoarding.

Why are these people so obsessed with Bitcoin? In addition to the economic rewards, the root cause of investment lies in their value identity, and their methodology for analyzing Bitcoin can be used for reference.

First, Bitcoin's fundamental reversal of the existing currency is that it is the first deflationary currency in human history. In the design of Ching, the mysterious founder of Bitcoin, the total amount of Bitcoin is 21 million, dug up by 2140, from the end of 2008 to the current currency of about 10.5 million, in the remaining more than 100 years, mankind can only dig out the other half of the bitcoin. At a time when the price of bitcoin is still at 100 dollars, those technology addicts have joked that the money earned by digging up a bit of cash will not run the bill, let alone make a profit. The funnel-style design has made bitcoin less productive, and it is now more necessary for Bitcoin to be traded on the exchange. Game to increase the number of players plus the amount of Bitcoin production to reduce the total, the nature of the deflationary currency to let the Bitcoin rose without falling.

Second, technology subversion centralization and information control. The traditional monetary system relies on the government credit, in the design structure of bitcoin, its transmission mode is Peer-to-peer network communication, does not rely on the government and central bank credit guarantee, is a natural to the central structure, can guarantee that no organization can control it. At this point, bitcoin's credit mechanism is divided into two levels--for pure market regulation of the natural credit of the economy or completely without credit. And Li Huilai is the crazy follower of the former economic thought.

Third, the first time in human history to ensure "the sanctity of private property". Li Huilai A simple example, now go abroad and visa is very easy, but for most people, a lot of money to go abroad is not so easy, so money laundering become a strong black industry chain, property is really controlled by the bank. But Bitcoin has technically ensured that pure private property is inviolable.

Finally, to solve the problem of dual payment of electronic money, this is Li Huilai and Liu common identity bit currency. In the preface of Ben Cong's manuscript design thesis, it is suggested that the root cause of Bitcoin design is to solve the problem of double payment of electronic. Liu's real obsession with Bitcoin was that after reading song's currency war, he began to rethink whether the money in the vault really existed, and Bitcoin guaranteed it could not be repeated.

In their eyes, the medium of exchange that can be used to trade and buy things is money. Fundamentally, this group of avid Bitcoin followers really obsess about the simplicity of the design and the economic ideas behind it. Of course, the premise of this economic thought is based on Friedman's theory of neo-liberal economics-a pure market-led economy, and if you believe in the government's macro-control Keynesian, Bitcoin can only be a speculative tool.

Throughout the history of mankind, the evolution of economic thought has been difficult to separate from the development of social productivity and political form. To suppress the many advantages of design, Bitcoin brings more and more problems, such as lack of regulation, hacker attack and loss can not be recovered; today's highly volatile exchange rate discourages Bitcoin from acting as a medium of exchange, but more like an investment vehicle. Whether Bitcoin can become a world currency in its entirety is also dependent on various accidental and inevitable factors, but the danger of a deflationary currency is also clear: the real economy is growing, and if money circulation does not follow the change in aggregate, prices will become cheaper, and food, house prices and clothes are cheaper every day. And the less wages, can humans imagine the day when everyone is storing money instead of physical?