虚拟货币市场弥散“暴富勾魂曲”

资讯 2024-07-03 阅读:46 评论:0

　　“受损太大，还在郁闷中……”自首次代币发行（ICO）被监管叫停后，北京市民赵先生开始烦恼于自己的另类投资，“我近两年才开始尝试比特币、ICO以及区块链等新鲜的投资领域。说实话，我连ICO都没搞清楚就冲进去了，没想到这个市场波动这么大。...

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　　“受损太大，还在郁闷中……”自首次代币发行（ICO）被监管叫停后，北京市民赵先生开始烦恼于自己的另类投资，“我近两年才开始尝试比特币、ICO以及区块链等新鲜的投资领域。说实话，我连ICO都没搞清楚就冲进去了，没想到这个市场波动这么大。”

“It's too much damage, it's still depressed.” Since the first ICO regulation stopped, Mr. Zhao, a Beijing citizen, began to worry about his alternative investment, “I've only been trying fresh investment areas like bitcoin, ICO, and block chains for almost two years. To be honest, I didn't even know what ICO was doing, and I didn't think the market was so volatile.”

　　近年来，随着比特币等虚拟货币发展日益火爆，“挖矿”、平台交易、ICO等派生的另类投资开始进入普通投资者的视野。每天“挖”出数十万元、半月价格增长50%、“上市”首日涨幅达到33倍……这些“暴富勾魂曲”的背后，是人们寻求财富增长的愿望和对高风险的忽视。业内人士表示，随着互联网金融专项整治深度推进，金融创新的红利将从监管套利转向合规红利，投资者权益也将得到更好地保护。

In recent years, as virtual currency developments such as Bitcoin have become more intense, alternative investments such as “mining”, platform trading, and ICO have begun to enter the horizon of ordinary investors. Every day, hundreds of thousands of dollars have been “drawed”, half-month prices have increased by 50 per cent, and the first day of the “marketing” has increased 33 times. Behind these “breaths” are the desire for wealth growth and high-risk neglect.

　　我国比特币“矿池”数量全球居首

The number of pits in our country's bitcoin is the world's leading

　　中国人民大学重阳金融研究院客座研究员董希淼表示，在房地产调控、金融监管趋严的背景下，一些资金开始流向个别监管薄弱地带，另类投资开始兴起。

?赵乃育/绘

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　　亲戚朋友都知道吴先生花300万元在云南曲靖投资了一个“矿”，却谁也说不清楚这矿到底产啥，只知道挖出的东西论“个”卖。但圈里人一听就明白，吴先生是投资了一个比特币“矿场”。

Relatives and friends know that Mr. Wu has invested $3 million in a “mine” in Yunnan, but no one can say what the mine actually produces, but only what it digs up for sale. But it becomes clear to everyone in the circle that Mr. Wu invested in a “mine” in bitcoin.

　　比特币需要通过计算机运算获得，俗称“挖矿”。起初计算机达人们的“炫技”，逐渐演变成全球的“挖矿潮”。随着比特币越挖越少，人工逐渐跟不上，市场上又出现了专门用来挖比特币的“矿机”。

Bitcoin needs to be obtained through computer calculations, commonly known as “mining”. Initially, computers became “tweepers” of people, which evolved into global “mining tides.” As bitcoin became less digged, labour became less and the market saw the emergence of “mine machines” specifically designed to dig bitcoin.

　　据北京邮电大学教授杨义先介绍，2009年初第一枚比特币诞生，随后比特币在中国取得了快速的发展，形成挖矿、交易、项目融资等较为完整的产业链，中国从事比特币挖矿的“矿工”和“矿池”已居世界第一。

According to Yang Yijin, a professor at Beijing Post and Telecommunications University, the first bitcoin was born in early 2009, followed by rapid development of bitcoin in China, which formed a more complete industrial chain of mining, trading and project financing, with China's “miners” and “pools” engaged in bitcoin mining being among the first in the world.

　　经营一家“矿场”至少都是上百万元的投入，买矿机、搭厂房、缴电费，都是不小的支出，更别说还需要专职维护人员和相关措施保证“矿场”24小时持续运转。

The operation of a “mine” is an input of at least millions of dollars, and the purchase of a miner, the building of a plant and the payment of electricity are all significant expenses, not to mention the need for dedicated maintenance staff and related measures to ensure the continued operation of the “mine” on a 24-hour basis.

　　“我6月投了300万元打算买300台电脑矿机。但由于比特币市场火爆，矿机也变得紧俏了，需要买期货矿机，所以7月只买到了200台。”吴先生告诉《经济参考报》记者，“200台矿机一个多月挖出了30个比特币，按照现在的比特币价格，再挖八个月就可以回本了。”

“I put 3 million dollars in June to buy 300 computer machines. Because of the bursting of the Bitcoin market, the machines became tight and needed to buy futures machines, only 200 were bought in July.” Mr. Wu told the Economic Reference Reporter that “200 machines dug up 30 bitcoins in more than a month, and at the current bitcoin price they could dig back in eight months.”

　　“高收益背后是高风险，一些投资领域因市场容量有限、监管尚不完善，任何风吹草动都将影响价格波动和产业前景。”董希淼说。

“Behind high returns are high risks, and some areas of investment are not yet well regulated due to limited market capacity, and any rashing will affect price volatility and industrial prospects.” Dong Xing said.

　　业内人士表示，影响挖矿收益的首先是比特币价格，其次是难度和成本。按照比特币的算法规定，比特币总数量是有限的，大约2100万枚，目前已经大约挖了1600万枚，在2140年左右或将挖完。一开始，按照算法每十分钟产生50个比特币，每四年效率减半。所以比特币不仅越来越少，而且“挖矿”的难度会越来越大。

According to industry sources, the profits from mining are affected first by bitcoin prices, and secondly by difficulties and costs. According to the Bitcoin algorithm, the total number of bitcoins is limited, about 21 million, and about 16 million have already been dug, or will be dug out in around 2140. At the outset, 50 bitcoins per ten minutes of the algorithm are generated, reducing efficiency by half every four years.

　　吴先生告诉记者，现在经营“矿场”已经比之前困难多了，后期再进入的投资人将面临更高的资本投入和更长的回报周期。而大量“矿工”的涌入也使得单机效率变低，赚钱越来越难。

Mr. Wu told reporters that operating “mines” is now much more difficult than before, and that investors who re-enter at a later stage will face higher capital inputs and longer return cycles. And the influx of large numbers of “miners” also makes it less efficient and more difficult to make money.

　　此外，“挖矿”的计算机功率较大，需要消耗大量电力，庞大的电费支出让“矿主”们不得不将“矿场”搬往成本相对较低、电力资源丰富的四川、内蒙古、新疆等地区。

In addition, “mining” has a high computer power and requires large amounts of electricity, and massive expenditure on electricity has forced “minepers” to move to relatively low-cost, power-rich Sichuan, Inner Mongolia, Xinjiang, etc.

　　对于经营比特币的“矿场”，许多地方政府的态度并不一样。监管对于“矿场”并没有限制，亦不曾明确鼓励。在大多数接受采访的地方官员来看，只要“矿场”不违规从事金融业务、不参与洗钱活动、不要“偷电”，就持观望态度允许其经营。

Regulation is not limited or explicitly encouraged for “mines.” According to most local officials interviewed, “mines” do not engage in financial operations, do not engage in money-laundering, and do not “steal” electricity.

　　日前，陕西省延安市公安局打掉比特币“矿场”的盗电窝点七处，查获“比特币挖矿”设备847套。这些“矿场”将电线杆、变压器等私自偷接在靠近油田输电主干线上。这些比特币“挖矿”设备每月耗电约220万度，按工业电费初步估算，已造成国家损失上千万元。

Today, the Public Security Bureau of Yanan City, Shaanxi Province, knocked out seven of the stolen houses of the Bitcoin mine and seized 847 pieces of “bitcoin mining” equipment. These “mines” have stolen power poles, transformers, etc. from the main power transmission line near the oil fields. These bitcoin “mining” equipment consumes approximately 2.2 million degrees of electricity per month, which, according to preliminary estimates of the cost of industrial electricity, has resulted in a loss of tens of millions of dollars to the country.

　　吴先生说，现在只有电力资源有盈余的地方愿意接纳“矿场”，生怕哪天地方政府对“挖矿”项目不欢迎了，只有加紧在深山老林或戈壁荒漠里没日没夜地挖……

Mr. Wu said that only places with surplus power sources were willing to accept “minefields”, fearing that local governments would not welcome “mining” projects on a day-to-day or night-to-day basis, except to step up digging in the old forest or the Gobi desert...

　　部分交易平台推波助澜暗中操纵

Partial trading platform contributes to manipulation

　　“如果不懂投资领域、不了解市场发展，只知道一味地投机炒作，最后还是得给市场交学费。”一位比特币投资者告诉记者。

“If you do not know the area of investment or market development, you know nothing but speculation, you end up paying the market fees.” A Bitcoin investor told journalists.

　　“有时，在市场投机就像赌博，不仅伤钱还伤人。”比特币的早期投资者潘瑾健在说出这番话时，刚卖掉了账上最后一枚比特币，宣布彻底在炒币圈“退隐”。

“Sometimes, speculation in the market is like gambling, hurting not only money but also people.” At the time of that statement, the early investor in Bitcoin, Pan Yong-jung, just sold the last bitcoin on the books, declaring that he was completely “depositing” in the ring.

　　潘瑾健2012年开始接触比特币，当时每枚比特币的价格不到1000元。“2013年我赶上比特币行情看涨，投资翻了十倍。那时我整个人有些疯狂，入群就发大红包，见人就赠比特币。”潘瑾健告诉《经济参考报》记者，“由于忙于追涨杀跌，我一天只能睡几个小时，情绪也被市场左右着，根本无暇工作，连第一个创业项目也弄砸了。”

Pan Yong-jung started contacting Bitcoin in 2012, when the price for each bitcoin was less than $1,000. “I caught up with Bitcoin in 2013, and the investment doubled ten times. At that time, I was a little crazy, and the whole group gave me a big red bag, and people gave it to Bitcoin.” Pan Yong-jung told the reporter of the Economic Reference newspaper, “I can only sleep for a few hours a day, my emotions were on the market and I had no time to work, even the first business project was ruined.”

　　然而好景不长，2014年比特币迎来一波暴跌，从每枚7000多元跌到2000多元，熊市一直延续到2016年上半年。一些像潘瑾健这样的投资者，把之前赚的钱都又还给了市场，到头来两手空空。

But the good news is not long, with Bitcoin falling in a wave in 2014, from 7,000 to 2,000 each, and the Bear City continuing into the first half of 2016. Some investors, like Pan Jianxian, returned all the money they had earned to the market and ended up empty-handed.

　　今年以来，比特币行情见涨，从年初的每枚6000多元一路升破三万元，不少投资人趋之若鹜。目前，国内交易平台客户资金余额已高达数十亿元人民币，资产规模大于零的投资者超百万人，深圳的投资人许先生就是其中一员。

Since the beginning of the year, Bitcoin’s movement has increased, rising from 6,000 to 30,000 yuan a year, with a large number of investors. Currently, domestic trading platforms have a fund balance of billions of yuan, with millions of investors with more than zero assets, and Mr. Shenzhen’s investor is one of them.

　　许先生今年3月开始接触比特币、以太币等虚拟货币，在国内国外的平台共投入近30万元。“看到今年比特币走势这么好，我就加大了投资。没想到这种投资价格波动这么大，尤其是近几天价格波动剧烈，此前挣的钱全部回吐了。”他说。

Mr. Xu began contacting virtual currencies such as Bitcoin and Ethers in March this year, and invested nearly 300,000 dollars in foreign and domestic platforms. “I increased my investment when I saw how well bitcoins were moving this year. I never thought that the price of such investments would fluctuate so much, especially in recent days, when all the money earned was vomiting.” He said.

　　只能作为虚拟商品进行交易的比特币，一个劲地喊涨却让市场感到不踏实。中国社科院支付清算中心特约研究员赵鹞表示，不少投资者承受风险能力不足，认为虚拟货币是“一本万利”的投资品，却忽视了背后的高风险。部分平台更是怂恿投资者参与高杠杆的期货交易，自己坐庄暗中操纵市场，虚假交易，令投资人的资产权益难以保障。

Some platforms encourage investors to engage in highly leveraged futures transactions, operate under false pretences, and make it difficult to safeguard investors’ asset interests.

　　目前，我国比特币交易大多以交易平台为核心，交易区域主要集中在广东、北京、浙江、江苏、上海等地。其中，北京地区比特币平台的日均成交量占85%以上。“比特币在中国较高的换手率，凸显了部分投资者的投机心理，而在背后推波助澜的则是部分交易平台。”赵鹞说。

At present, most of our Bitcoin transactions are centred on trading platforms, which are concentrated in Guangdong, Beijing, Zhejiang, Jiangsu, Shanghai, etc. Of which the Beijing region has an average daily turnover of more than 85% of the Bitcoins platform. “The high exchange rate of bitcoins in China highlights the speculation of some investors, while behind it is the trading platform.” Zhao Xing said.

　　目前，国内比特币平台高达数十亿元的客户资金缺乏第三方存管，普遍面临“跑路”风险。对此，央行相关人士告诉记者，今年以来，央行联合相关部门组成联合检查组，对几家主要的比特币交易平台开展现场检查，资金安全隐患是重点检查内容之一，并对一些交易平台实施行政处罚。目前，央行加强了对比特币交易平台的监测分析，及时掌握其交易规模、用户数量、资金和比特币存量变化情况。

In response, central bankers have informed journalists that since this year, the central bank has joined forces with the relevant departments to form a joint unit to conduct on-site inspections of several major bitcoin trading platforms, and that financial security risks are one of the key checks and administrative penalties imposed on some of the trading platforms. At present, the central bank has strengthened its monitoring and analysis of the Bitcot trading platform to keep abreast of changes in the scale of transactions, the number of users, the funds, and the Bitcoin stock.

　　“随着我国相关监管趋严，比特币等虚拟货币的交易市场已经发生转移。以前全球八成比特币交易在中国，现在日本的交易量已占到四五成。”中央财经大学金融法研究所所长黄震介绍，“比特币在国内外形成产业，相关交易难以消失。只有正确引导投资者的投资心态，才有利于这个产业健康发展。”

“As the country becomes more regulated, the trading market for virtual currencies, such as Bitcoin, has shifted. Before, 80% of the world’s transactions were in China, Japan now accounted for 45%.” The President of the Central Financial and Economic University Institute of Financial Law, Huang Xing, explained that “Bitco formed an industry at home and abroad, and the transactions in question are difficult to disappear.

　　对于今年比特币的暴涨，潘瑾健并没有动心，“现在我只想做好新的创业项目，虽然公司营收没有投机炒币快，但是至少觉得踏实”。

In response to this year's surge in bitcoin, Pan Yong-man was not moved, “Now I just want to start a new business, and although the company's collection is not fast, it at least feels solid”.

　　另类投资游走法律边缘

　　日前央行等七部门叫停包括ICO在内的各类代币发行融资，重申融资中使用的虚拟货币不具有货币属性，为另类投资敲响了警钟。

Seven former central banks and others called a halt to the issuance of financing in various currencies, including ICO, reiterating that the virtual currency used in financing was not monetary in nature and sounded a wake-up call for alternative investment.

　　被监管紧急叫停的ICO到底是啥？类似于企业IPO融资，很多区块链相关企业想要发展也需要融资，但是他们融来的“钱”是比特币、以太币等虚拟货币；而投资人用虚拟货币换来的不是企业股份，而是企业发行的代币，并根据代币的涨跌获取收益。

What is the ICO that has been shut down by regulation? Like corporate IPO financing, many of the firms associated with the block chain need to be financed if they want to develop, but the “money” they amortize is a virtual currency, such as bitcoin, and a virtual currency, which investors trade in is not the shares of the enterprise, but the tokens issued by the enterprise, and the returns are derived from the rise and fall of the tokens.

　　随着比特币等“虚拟货币”交易火爆，ICO融资也呈现爆发式增长，甚至出现了暴涨数百倍、上千倍的“成功项目”。量子链第一天“上市”，最高价格66.66元，涨幅达33倍；公信宝涨了90多倍；最夸张的项目甚至一年涨了1500倍……

With the explosion of “virtual currency” transactions, such as Bitcoin, ICO financing has also increased in an explosive fashion, with hundreds and thousands of “successful projects” rising. The first day of the quantum chain, “marketed”, with a maximum price of $66.66, a 33-fold increase, a more than 90-fold increase in public treasures, and a 1,500-fold increase in the most exaggerated projects a year.

　　中央民族大学法学院教授邓建鹏介绍，在2016年以前，ICO尚局限于一个小圈子内，投资人主要是理解区块链技术的专业人士。但自2017年年初以来，由于ICO融资的便利，许多骗子混进来。ICO的融资对象在中国开始由小众渗透至大众市场，大量完全不具备风险承受能力、完全不了解区块链技术的散户型投资者蜂拥而至，幻想一夜暴富。

Professor Deng Jianjun, Faculty of Law, University of the Central Nation, explained that until 2016, ICO was confined to a small circle, with investors mainly professionals who understood block chain technology. But since the beginning of 2017, many fraudsters have been mixed up because of ICO financing.

　　比特币、以太币等虚拟货币不由货币当局发行，不具备货币属性，也不能作为货币在市场上流通使用，更不可以用于融资。一些个人和组织却利用ICO的概念行骗，编造虚假项目，时刻准备卷钱“跑路”。中国互联网金融协会曾提示风险称，大多数ICO项目资产不清晰，投资者适当性缺失，信息披露严重不足，投资活动面临较大风险。

Some individuals and organizations use the ICO concept to defraud, fabricate false projects, and always prepare money for “runs.” The China Internet Finance Association (CIFA) has warned of the risk that most ICO projects are characterized by lack of clarity of assets, lack of appropriateness of investors, serious lack of disclosure and high risk to investment activities.

　　“当前高达90％以上的ICO项目涉嫌欺诈，ICO已经由助力区块链初创企业融资的高效工具，化身为大量骗子非法集资的手段。”邓建鹏说。

“up to 90 per cent of the current ICO project is suspected of fraud, and the ICO has been used as an efficient tool for the financing of enterprises in the chain of support blocks as a means of illegally collecting funds by a large number of fraudsters.” Deng Jianping said.

　　一些ICO项目发起人抱着幻想，认为其向公众募集的是比特币等虚拟货币，而非法定货币，不属于社会资金，因此不属于非法融资或集资的范畴，试图借机逍遥法外。

Some ICO project sponsors have the illusion that they raise virtual currency such as bitcoin rather than legal currency for the public, that they do not belong to social funds and therefore do not fall within the scope of illicit financing or fund-raising and seek impunity.

　　对此，央行相关人士表示，目前，所有ICO项目均未经有权机构批准，通过众筹平台向不特定对象募集资金，即便募集的是虚拟货币也难改ICO公开发行证券、公募融资的本质。虚拟货币可以便捷和无成本地转化为法币，按照穿透式监管可视为涉嫌非法融资、非法集资。

In response, central bankers have stated that, at present, all ICO projects raise funds from specific targets through public fund-raising platforms without the approval of the competent institutions, and that it is difficult to change the nature of ICO’s public issuance of securities and public fund-raising, even if it is collected in virtual currency. Virtual currency can be easily and costlessly converted into French currency, and penetrating regulation can be considered to be suspected of illicit financing and illegal fund-raising.

　　在监管靴子落地之后，ICO市场反应剧烈，大部分正在进行的ICO项目戛然而止，部分平台已经打开通道开始清退之前融到的虚拟货币。9月5日，小蚁区块链NEO发布公告称，结合世界各国对于ICO监管要求的逐步明确，决定继续允许ICO参与者退回所投入的比特币。

Following the fall of the regulatory boots, the ICO market reacted strongly, and most of the ongoing ICO projects came to an end, with some platforms already opening access to the virtual currency that had melted prior to the beginning of de-escalation. On September 5, the small ant block chain NEO issued an announcement stating that, in the context of the progressive clarity of ICO regulatory requirements around the world, it was decided to continue allowing ICO participants to return the bitcoin they had invested.

　　与此同时，ICO代币价格应声下挫。“这实质上是一些毫无实质对应项目的代币前期累积高风险所致。”邓建鹏表示，央行等监管部门及时出手，挤压了泡沫，阻断风险的蔓延与扩散，有利于真正的区块链创新项目稳健发展。

At the same time, the price of the ICO’s currency should be frustrated. “This is essentially the result of the high risk of pre-currency accumulation in some of the non-substantiated projects.” Deng said that regulators, such as central banks, were in a timely position to squeeze bubbles, disrupt the spread and spread of risk, and contribute to the robust development of genuine block-chain innovation projects.

　　随后，比特币、以太币的价格经历了一番波动。9月5日，比特币价格一度跌破23000元，日内跌幅超过10%。亚太未来金融研究院执行院长杜艳表示，虚拟货币价格波动是前期不可持续的价格暴涨的理性回归，不能全部归咎于监管的果断出手。“监管若推迟出牌，将让更多的非理性融资行为被裹挟，将加剧金融风险的酝酿。”

The price of Bitcoin, the price of which then fluctuated, fell by more than 23,000 dollars on September 5, and by more than 10% in the day. The Executive President of the Asia-Pacific Institute for Future Financial Studies said that virtual currency price volatility was a rational return to the previous period’s unsustainable price boom, and could not be attributed entirely to the decisive efforts of regulation.

　　业内人士表示，由于互联网金融的野蛮发展，不少监管套利开始向虚拟资产等另类投资领域转移。但随着互联网金融专项整治深度推进，金融创新的红利将从监管套利转向合规红利，投资者的权益也将得到更好地保护。

According to industry sources, as a result of the brutal development of Internet finance, a number of regulatory arbitrage has begun to shift to alternative investment areas, such as virtual assets. But, as Internet financial specialization deepens, the dividends of financial innovation will shift from regulatory arbitrage to compliance dividends, and investors’ interests will be better protected.

　　“目前，一些另类投资仍游走在法律的边缘，监管部门要积极掌握动向，对投资者们进行充分的监管提示和风险预警，不能够视而不见。”黄震认为，针对整个另类投资领域应建立风险监控以及风险提示体系。

“A number of alternative investments are currently on the margins of the law, and regulatory authorities need to be proactive and to provide investors with adequate regulatory alerts and risk alerts that cannot be ignored.” The earthquake argued that risk monitoring and risk alert systems should be established for the entire alternative investment area.

　　专家指出，对于另类投资，投资者在暴利面前要保持足够的理性，对投资的标的和风险要有充分的认识；要有储备足够的知识，对行业前景进行清醒判断；要根据自身的风险承受能力，在可承受范围之内进行投资。

Experts noted that for alternative investments, investors need to be sufficiently rational in the face of windfalls and be fully aware of the subject matter and risks of the investment; have sufficient knowledge to have a clear judgement about the industry's prospects; and invest to the extent that they are affordable, depending on their own risk tolerance.

　　“ICO的叫停影响了比特币的行情，说明这个市场的投机氛围过重，需要泼些冷水。”投资人许先生表示，“叫停ICO对于整顿市场乱象是个好事，未来虚拟货币市场可能会朝着健康方向发展，所以我没有清仓，还在观望。”

“ICO's stoppage has affected Bitcoin's behavior, suggesting that the speculative climate in this market is too high for cold water.” Mr. Investors suggested that “it is a good thing to stop the ICO and that the future virtual money market may move in the direction of health, so I am not clear and still watching.”

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