CCTV Bitcoin Documentary Subtitles - Part 2/5

gistfile1.txt

http://www.youtube.com/watch?v=YQ574_hxXNY

It's the worlds strongest currency.

It's a collectible virtual currency. 

Mining bitcoins is analogous to mining gold.


虽然是看不见摸不着的虚拟货币，但是比特币已经变得不容忽视了。4月23日，壹基金宣布，已收到意向捐赠50个比特币。这是比特币在中国第 一次成为捐赠物。而在遥远的欧洲小国塞浦路斯，比特币也风光了一把。今年以来，塞浦路斯政府对储户的银行存款征税。而人们突然发现，不受管制的虚拟货币比 特币可以避税，也可以和美元等多种货币兑换，这减少了他们的财富流失。在塞浦路斯街头，甚至出现了比特币的提款机。那么在玩家们的眼里，比特币到底是什 么？有人认为它和黄金一样贵重，但也有人认为它一文不值。北京安邦咨询有限公司研究员刘枭说：“相比黄金而言，它最大的缺陷就是它只是一个二进制的一个文 件。”
Although it’s a virtual coin which can’t be saw and touched, but the Bitcoins Can not be ignored.  On 23th April, “One” Foundation announced, had received the Intention to donate of 50 Bitcoins. This is the first time Bitcoin becoming the donation in China. And in the remote European  small country--Cyprus, Bitcoins showed its great promise once. Since this year, Cyprus government collects taxation to deposit in bank. And people suddenly found, unregulated virtual currency Bitcoin can evade tax, and also exchange US dollar and many other currency, it decrease their loss of wealth. In Cyprus streets, even the Bitcoins ATM appears. Then in the players’ perspective, what Bitcoins really is? Someone think it’s valuable as gold, but someone believe it worthless. Beijing Anbang consultation company’s researchers Liu, Xiao said: compare with gold, the Bitcoin’s biggest defect is that it’s only a binary file.

 尽管关于比特币的争论没有共识，但是所有的人都看到，世界上没有任何一种货币比虚拟货币比特币的增长轨迹更加刺激。在2011年，曾经有报道说， 过去一年涨幅最高的货币是澳元，它兑美元的涨幅是27%；然而同样的一年之内，比特币兑美元，却是从0.5美元，涨到了13美元，涨幅高达2600%。并 且比特币丝毫没有放松大涨的势头，今年四月的比特币更是一路冲到了一比特币兑换266美元！惊人的比特币行情，让一批人搭上了这趟财富的过山车。
Although there is no general agreement with  Bitcoins. But everyone can see that, there’s no any other currency rather than virtual Bitcoins growth trajectory which is so exciting. In 2011, it was reported once that Australia dollar is the world's biggest gainers against  the U.S. dollar─increased 27%; but at the same year,  the Bitcoins exchange US dollar, arising from 0.5$ per one bitcoin to 13$ per one, the increasing reach up to 2600%. And the upward trend still doesn’t slow down, at this year April, Bitcoins even reaches up to one bitcoin exchange 266 dollars.  What a surprising bitcoin market quotations, make a lot of people getting the chance to be rich.





在全球最大的挖比特币的网站上，有一个代码为67717的帐号，始终排在挖矿数量的第一名。翟文杰说：“国内超级玩家，这个人他们是个公 司，公司化的挖矿，他们这个叫烤猫，深圳的一家公司。你看它的ID，全网，全世界排名第一。”根据公布的运算能力算来，这家仅有四个人的公司每天挖到比特 币财富的数量十分惊人。翟文杰说：“它(运算力)是7549G一天能产生357个。现在357个，简单的按800元(每比特币)算的话，一天是28万6千 元。”
In the world largest digging bitcoins website, exists an account with the code named 67717, always ranking at the top one of the mining amount. Zhaiwenjie said: it’s a domestic super player, this one actually is a company, corporatization digging, their name is kaomao, it’s a company from Shenzhen. You can see the ID is at the top one in the whole site, even the whole world. According to the publishing computing capability, the company which only owns four people digging bitcoin wealth amount is very astonishing. Zhai,wenjie said: the computing power of it is 7549G per and produce 357 bitcoins. Currently 357 bitcoins, simply according to 800RMB per bitcoin, the profit is 28600 RMB per day.

不光是挖矿者，制就连造挖矿机的人也成了亿万富翁。这台机器是一个网名叫南瓜张的博士改装的，用它挖比特币的运算速度远远地超过了一般的显 卡挖矿机。翟文杰说：“今年已经挣很多钱了，他(南瓜张)卖了一批是600个单位，当时算是4万人民币一台其实很简单600台就是2400万，它第一批第 二批的研发费用这一批全赚回来了”
Not only the miners, even the mining machine producer also become to billionaire. This machine is refitted by a doctor whose name is” pumpkin Zhang”, using this kind of machine can dig much more faster than the normal graphics mining machine. Zhai,wenjie said: he had earned a lot of money this year, he sold a batch which is 600 units, at that time the machine is 40000RMB for one, Simply 600 machines earning 24 million, the research and development expenditure for the first batch and second batch would make the profit in this batch.

不仅如此，国内最大的比特币交易网站也是日进斗金。翟文杰说：“它的手续费是0.3%，千分之三的样子。像现在交易8400个(比特币)，千分之三它就赚到了24个，现在我们一算就是2万人民币了，它只是交易的，它买家卖家都收，它赚到了4万8。”
Not only that, the largest bitcoins trading website is also rolling in dough. Zhai,wenjie said:” the transaction fee is 0.3%, 0.3 percent around. For example trading 8400 bitcoins currently, the trading website can earn 24 bitcoins by 0.3 percent transaction fee, which is 20 thousand RMB now, and it’s by deal, and charged between buyers and sellers, then it will make 48 thousand RMB.  
翟文杰亲眼目睹了太多的人靠比特币发家。他觉得自己再也不能错过这次机会。于是他花了840个比特币，从南瓜张那里订了十二台挖矿机。如果按现在一 个比特币800元的市价计算，这批挖矿机已经价值近70万元。新的机器会比翟文杰现在挖矿用的机器效率高十几倍，翟文杰算了笔帐，新机器一天可以挖到24 个比特币，一个月便可以收回所有的成本。
Zhai, wenjie saw a lot of people becoming rich through bitcoins with his own eyes. He thinks he can’t miss the chance anymore. So he pays 840 bitcoins, ordering 12 mining machines from “Pumpkin Zhang”. And if calculated by 800 RMB per bitcoin, this batch of ming machines already cost 70 hundred thousand. The new machines digging efficiency is more than Zhai,wenjie’s machines a dozen times. Zhai,wenjie made a calculation, the new machine could dig 24 bitcoins per day, only one month working can recover cost.

同样尝到了比特币甜头的孙敏杰也刚刚下了挖矿机的订单，他和他的同事们从美国买来了五台挖矿机。然而，比特币的“金矿”并不是取之不尽用之不竭，根据创始人中本聪的设计，比特币的总量只有2100万个，目前比特币的货币生产速度是每10分钟25个新比特币。但是每四年，比特币产出的数量就会 减半，直到达到数量上限。随着挖掘的人增多，每个参与者能挖到的币也会越来越少。
Sun, minjie who has hit a sweet spot from the bitcoins also places the mining machines, he and his colleagues buy 5 mining machines from America. However, The” gold ore” of Bitcoins are not inexhaustible, according to the founder Satoshi Nakamoto’s design, the amount of bitcoins only have 21 million,  the production rate of bitcoins is 25 per 10 minutes in the current.  But for every four years, the output of bitcoins will reduce by half, until up to quantity ceiling.  With the diggers increasing, every participant obtained coins will be less and less.





因此，对于矿工们来说，时间十分的宝贵。翟文杰说，下个月，等他新的挖矿机到了，他打算给它们安排个新家，甚至还要请个“保姆。” 
Therefore, to the miners, the time is very precious. Zhai,wenjie said, in the next month, once the new mining machines arriving, he planned to arrange them a new home, even hiring a baby-sitter to them.


我们看到了“矿工们”的掘金生涯。可以说在诞生之初，比特币还只是玩家们的玩具，如今却已是增速最快的虚拟货币。从2010年比特币开始与 实体商品实现了兑换，从专营数字产品的网站，到经营红酒的厂商，从餐厅到电话公司，越来越多来自不同国家的商家开始接纳比特币，比特币越来越像真的货币 了，我们再来看记者的报道。
We have seen the miners digging career. We can say at the beginning of bitcoins born, it’s only the toy for the players, now it become the fastest growing virtual coins. From 2010 bitcoins start achieving to exchange with physical commodities, from the products website specializing in digital, to the red wine manufacturers, from the restaurants to the telephone companies, more and more merchants from different countries start to accept the bitcoins, bitcoins increasingly looks like the real currency, let’s take a look at the reporter of journalists again. 



这是位于北京市海淀图书城附近的一家主题咖啡厅， 浓厚的创业氛围、20元咖啡可以坐一天的消费理念吸引了众多的电脑极客和互联网创业者聚集于此。而就在一个半月前的一天，咖啡馆员工马凤凤在这里第一次收 到了0.012比特币。从未收过比特币的马凤凤不敢轻易做主。咖啡馆员工马凤凤：“我就去问我们老板，我们可不可以收比特币？老板说当然可以。他就是我们 第一个用比特币付款的客人。”
This is a theme café near Beijing Haidian district book city, the strong business atmosphere、20RMB with one cup of coffee and staying for one day’s consumption concept attract numerous computer geeks and Internet entrepreneurs gathering together. And just before a month someday, the coffee shop staff Ma, fengfeng received 0.012 bitcoin for the first time. Ma, fengfeng never received the bitcoins before who can’t make the decision easily. Ma said: I go straight to ask the boss, should we take the bitcoins? And the boss said of course. He is the first client who pay the bill with bitcoins.



这个美国男孩叫杰克，是北京语言大学的一名留学生，三年前来到中国。就是他在这家咖啡馆里促成了第一笔非网络的比特币交易，而从此以后，杰 克几乎都是用比特币在这里购买咖啡的。杰克告诉记者，他经常去一个叫btcchina的网站，这个网站类似于比特币银行，这里有即时变化的比特币兑换人民 币的汇率，根据这个汇率，就可以算出一杯咖啡所需要的比特币单位，然后只需要扫描一下咖啡馆比特币账户的二维码，交易就完成了。 杰克接触比特币不过3个多月的时间，但已经深深的爱上了比特币的便捷，他除了用它购买咖啡，还经常去一个接受比特币付款的中国购物网站。比特别玩家杰克： “这个网站叫做：我就想买，这个面罩是防流感的，如果你想买这个就点击这个按键。”
This American boy names Jack, who was an overseas student studying at Beijing Language and Culture University, he came to china three years ago. And from then on, Jack almost buy the coffee with bitcoins. Jack told the journalist, he often visited a site whose name is btcchina, the website was similar to the bitcoin bank, which showed the Instant change between the bitcoins and the RMB, according to the exchange rate, you could calculate the bitcoin with one coffee, then you just need to scan the coffee shop’s bitcoins 2D code, and the deal was done. Jack gets in touch with the bitcoins not more than 3 months, but he has already loved the bitcoins convenience very much, except using it to buy coffee, he frequently visits a Chinese shopping website which accepting the bitcoins. The bitcoins player Jack said: the site name is: I want to buy, and this mask can prevent influenza, if you want to buy it, once you click the button, the deal is completed. 
杰克向记者演示了他购买面罩的全过程。记者看到，每个比特币玩家都会在网络上有一个电子钱包，购物时，只需要将物品的价钱换算成比特币单 位，再扫一下网站设置的二维码，找到网站的收款地址，便可以轻松的对货品进行付款。整个过程不过一两分钟的时间。比特别玩家杰克：“在我用比特币前，为了 把我的钱存回我美国的账户，我需要带上我的人民币，去银行排队，然后等上好几天，钱才会到帐。现在我只需要给我美国玩比特币的朋友说，我卖给你一些比特 币，然后我的钱当天就能到帐。”
Jack demonstrated to the journalist of his whole mask purchase process. The journalist saw that, every bitcoins players own a  e-Wallet online, when they do the shopping, they just need to exchange the items price to bitcoins units, then scan the website setting 2D code, find the website beneficiary address, then pay for it easily. The whole process just cost 1 or 2 minutes. Bitcoins player Jack said: before I use the bitcoins, to deposit my money back to my US account, I have to take my RMB, go to the bank and stands in a queue, after a few days, the money will arrive. But now I only need to tell my friend who play bitcoins, I sell you some bitcoins, then my money will arrive at the same day.
在比特币还没有被大多数人所熟知时，它却已经拥有了大量铁杆的粉丝。杰克说：“我的一位在北京的朋友，他其实搬到北京就是因为比特币，因为 他喜欢用造币机挖矿，那是一个很耗电的数据处理过程，巴西的电费特别贵，所以他决定来中国，因为中国的电费便宜。他来中国只带了200块人民币，然后他在 北京认识了其他挖矿的比特币玩家，他还用比特币跟他们交易，买了辆自行车。”比特币玩家之间仿佛有一种天然的信任感，就在我们采访期间，杰克就从另一位年 轻人手中交易了2个比特币。
Before the bitcoins be known to most of the people, it has owned a lot of die-hard fans. Jack said: one of my friend in Beijing, the reason why he move here is about bitcoins, because he like using minting machine to dig the coins, that’s a really power consumption data handling process, and the electric charge in Brazil is very expensive, so he decides to move to China, because the electric charge is cheaper here.  He come to China with 200 RMB, and then he meets some bitcoins players in Beijing, trading with them, buy a bike.” It  seems  to have a natural sense of trust among the bitcoins players, during our interview process, Jack had traded two bitcoins with another young man.

这个叫田甲的男孩，毕业于清华大学计算机系，也是比特币的资深玩家。最近壹基金接受比特币捐款，还引起了人们对比特币的匿名性和透明性的高 度关注。田甲也给记者演示了壹基金的捐款网站。比特币玩家田甲：“已经233个比特币了。这个是4月21日之前或者是某个时间。82是说一共有82笔捐 款。它现在的余额就是233。换算大概乘以900吧。233乘以900就是20万人民币左右。每一笔捐款你都可以看到他的记录。这个捐款不仅可以很透明， 还可以接受国外的捐款。你只要把这个地址贴到国际论坛上去，他比较关心国内的事情，他会捐款。它是匿名的，你也不会担心会透露你的信息，而且它的每笔资金 流向，如果它想公开的话，也是可以做到的。这上面不仅有收款还有发款。”
The boy whose name is Tian Jia, graduated from Tsinghua University computer engineering dept, who is also a senior player. Recently One Foundation accept the bitcoins donation, Also caused the people to the bitcoin anonymity and transparency of the high degree attention. Tian jia also demonstrated the foundation's donation website. The balance of it now is 233. Converting it with Multiplied by 900. 233 multiply by 900 is about two hundred thousand RMB. You can see every donation record. Not only can this donation is transparent, it can also accept foreign donations. As long as you put the address on the BBS, if he cares about the domestic affairs, he will donate. It’s anonymous, you don’t need to worry about disclosing your information, and every money flows, if it want to make it public, it can also do it. It has collection and sending money.


比特币的每笔交易既透明，又匿名，也就是说，每一个拥有网络客户端的人都可以查到全世界所有即时产生的比特币交易，但是却无法得知这笔交易 来自哪里，去向哪里，用作什么用途。杰克说：“人们说比特币是半匿名的，因为如果有人知道你的账户地址，他们可以给你付钱，也能看到你收钱，但他们无法得 知，钱从哪里来，到哪里去，或者说谁付你的钱，你给谁打了钱。”
Bitcoin’s every transaction is transparent, and anonymity, that means, everybody who has a network client can find all over the world instant bitcoin transactions, but can’t learn where the transaction coming from, where to go, and the purpose. Jack said:” People say it is half on condition of anonymity, since if someone know your account address, they can pay you, and also see if you receive the money, but they can’t know where the money come from and where to go, or who pay you the money, and who receive your money.
就在上月中，加拿大艾伯塔省的居民泰勒?莫尔准备出售一栋独立屋，这桩买卖瞬间成为各大媒体的焦点，因为其附带的条件是，如果买家选择用比 特币付款，他愿意给折扣。这一幕让我们联想起了17世纪郁金香泡沫盛行时，一个郁金香球茎的价格也被炒到可以换一栋房子。今年年初，比特币还徘徊在20美 元左右，但是到了4月份，就飙升到200美元以上，整整涨了10倍。离谱的涨势，让比特币成为世界各国投资者眼中的猎物，不少中国人也成了第一批吃螃蟹的 人，我们来认识一下他们。
Just last month, Alberta, Canada resident Taylor· Moore prepare to sell a single house, the deal instantly become the focus of every medias, Because it is included with the conditions, If buyers choose to use bitcoins than the currency of payment, he is willing to give discount. This scene makes us reminiscent of the 17th century when tulip bubble prevail, the price of one tulip bulb also fired to worth a house. Early this year, bitcoins are still lingered around 20$, but in April, it soared above to 200$, almost increased 10 times. Ridiculous upward trend, it made bitcoins becoming the investors around the world in the eyes of their prey, quite a few Chinese become the  first to taste the Bollywood Burner, let’s meet them.
端宏斌，国内首个比特币对冲基金管理人，财经专栏作家。随着比特币在国内的急剧升温，端宏斌忙得不可开交。比特币投资者端宏斌说：“很多邮 件发给我的，电话、邮件、QQ、微信、微博，基本上各种渠道都有。都是看了我一些关于投资方面的报告，然后对比特币有一些疑问，然后跑来问我。”
Duan,hongbing, the first bitcoins hedge-fund administrator, the finance and economics columnist. With the bitcoins rising rapidly, Duan,hongbing rushed his off the feet. Bitcoins investor Duan,hongbing said:” I have received a lot of mails, phones, QQ, weixin, microblog, a variety of sources. All of them had watched my investment reports, and have some questions about bitcoins, then come to ask me.




今年4月10日，比特币一路摸高到266美金，又在短短几天跌至50美金，随后又迅速回到140美金左右震荡。端宏斌的比特币对冲基金，在 这个疯狂的4月经手了四五百个比特币的买卖，而国内比特币交易所的交易量更比去年同期增长近千倍。比起比特币的支付功能，比特币投资，更像这场摇滚盛会的 最强音。
10th April this year, Bitcoins reached 266$ all the way, and falled to 50$ in a few days, after that it went back to 140$ shocks. Duan,hongbing bitcoins hedge fund, he handled 400-500 bitcoins transaction in these crazy 4 months, and domestic bitcoins exchange trading volume increased nearly one thousand times than last year. Compare with bitcoins payment function, bitcoins investment, was more like the rock games loudly.


端宏斌在自己的博客上惊呼“比特币疯了”。而比特币散户炒家，网名多啦的这个年轻人，有着两年的比特币投资经验，在网上管理着两个比特币炒 家群。他对这个四月也是记忆犹新。比特币炒家多啦说：“常说的话就是说杀红眼了，这些人看到了这里的利益非常的浑厚，而且尤其是对于投机者来讲，就好像是 斗牛士手里边的红靶子，猛牛看到了之后就会不顾一切地向前冲过去。”
Dong,hongbing exclaimed on his blog ”Bticoins is crazy”.  And the bitcoins retail investor, a young man whose network name is “duola”, who own 2 years bitcoins investment experience, and manage two bitcoins investors group. The April issue remained fresh in his memory. Bitcoins speculator “Duola” said:” everyone is crazy, these people noticed here the rich interests, and especially to the speculators, seemed like a matador hold a red mark, the brave bull saw it and it would desperate to rush forward it.”



2010年7月17日，世界最大的比特币交易网站MTGOX成立，当时比特币的价格不到0.05美元。当时，多啦还是大学三年级学生，端宏 斌还是个财经专栏作家。那时赚到钱的是比特币的挖矿工，炒家们谈到那段历史都只能望而兴叹。端宏斌说：“很多人想的，比特币是什么东西，没听说过，然后就 忽略了，这是很大的失误，因为那个时候非常便宜嘛，一个币才一两个美分，到现在相当于涨了一万倍。”
On 7th July 2010, the largest bitcoins trading website MTGOX established in the world, the bitcoins price was 0.05$ at that time. At that moment, “Duola” was still a junior, Duan,hongbing was still a financial columnist. The people who earned the money at that time were bitcoins miners, when the speculators talked about that history could only envy them. Duan, hongbing said: a lot of people want to know how exactly bitcoins are, never hear of it, then ignore it, this is a very big mistake, as it’s very cheap at that time, one coin only worth 1 or 2 cent, and it rises almost 10 thousand time since now.

而比特币的投资魅力第一次爆发，也就在2011年的6月。端宏斌说：“30美元之后就开始下跌了，一下子从十七美元打到0.01美元，就是1美分，就是我看他从17掉到0.01大概就四个小时里面。”端宏斌迅速从淘宝上买了自己的第一块比特币，而还是大三学生的多拉，揣着自己攒下的5000元和从兄弟姐妹那凑来的5000元，买下了一台用来挖比特币的挖矿机。但是随着比特币的暴涨暴跌，多拉的想法改变了。
The first outbreak of Bitcoin investment charm was in June of 2011.Duan hongbin said:”It began to fall after $30,then from $17 to $0.01,1 cent, just in 4 hours as I can see.”Duan bought his first Bitcoin from Taobao, while Dola, as a junior student, With himself saved 5000 RMB and 5000 RMB from brothers and sisters, bought a mining machine to dig out Bitcoin. But, as the surge and crash of Bitcoin, Dora’s idea changed.
端宏斌抱定了比特币长期相当于硬通货的信念，杀入比特币市场，多拉则看中了比特币频繁的涨跌，玩起了比特币的高抛低吸。虽然两个人都不愿向记者透露投资比特币到底收益多少，但我们的确看到，比特币从交易诞生至今，升值了5320倍，并且持续戏剧化的涨跌。多啦说：“(四月)一下从1000多人民币，掉到了五、六百人民币的时候，已经是造成大规模地恐慌性的抛售了，但是等到后两天被专家操盘之后，价格又再一次地压低。
Duan hongbin held the belief that Bitcoin was equal to hard currency in the long run and crushed into Bitcoin market while Dola saw the frequent ups and downs in Bitcoin and started to do high throwing and bargain hunting. Either one of them wanted to tell reporters how much return they realized from Bitcoin investment, but we did see Bitcoin had risen 5320 times since its birth till now and continued dramatic rise and fall. Dola said:”When fell from more than 1000 yuan to 5 or 6 hundred yuan (in April),it had already caused panic selling on a large scale. But the price was depressed again just two days after the experts’ operation.
刚刚过去的4月这次暴跌，把很多炒家的信心压到了谷底。端宏斌认为，比特币的这种极致状态已经呈现出了泡沫化的征兆。端宏斌说：“现在的价格就是一个投机，如果比特币未来没有很好地应用的话，比特币的泡沫我估计还是要破裂的。”
The past April slump depressed many investor, confidence in the bottom. Duan hongbin regarded that the extreme condition had presented the portent of bubblization.”The present price is speculation and the Bitcoin bubble is estimated to burst if Bitcoin is not applied well.” said Duan hongbin.
尽管比特币的核心开发人员一再明确强调比特币只是一个“实验性”的项目，并反复提示投资的风险，但显然没有浇灭投资者的热情，比特币会否存在泡沫？我们说，实体货币具备支付手段、流通手段、价值尺度、世界货币和贮藏手段五大特性，以比特币目前的定位这些都可以实现。甚至相比于实体货币，比特币因为不受政府管控，总量恒定等特点，在某些方面更优于传统货币。那么像比特币这样的虚拟货币生命力有多强？未来又将何去何从？我们来听听专家的观点。
Though the core developers of Bitcoin repeatedly stressed that Bitcoin was just an “experimental” project and warned the risk of investment again and again. Apparently, the enthusiasm of the investors was not dampened. Does bubble exist in Bitcoin? We may say, the hypostatic money has five features, means of payment, circulation, value, world currency and storage means, which all can be achieved to the current position of Bitcoin. Even better than hypostatic money, Bitcoin is more superior to the traditional currency in some aspects for its out of the control of government and the characteristics as constant volume. So how strong vitality of such virtual currency like Bitcoin? What will the future hold? Let’s listen to experts’ opinion.
刘枭所在的北京安邦咨询有限公司已经连续两年对比特币进行跟踪研究，刘枭认为，比特币发展迅速的原因是，它是一种去中心化的货币。北京安邦咨询有限公司研究员刘枭说：“每个人都可以成为发行者，都可以成为金融机构，也都可以成为买卖货币的，没有任何规制的这么一个交易者。”刘枭观点，得到了中国建设银行高级经济师赵庆明的认同。
Beijing Anbound consulting co.,LTD, which Liu xiao works in, has done researches on tracking for two consecutive years. Liu xiao thinks that it is a kind of decentralized currency why Bitcoin develops rapidly. The researcher Liu xiao from Beijing Anbound consulting co.,LTD says:”Everyone can be publishers, financial institutions, or a trader do buy-and-sell currency with no regulation.”Liu xiao’s view gains acceptance from Zhao qingming, a senior economist of CCB.
中国建设银行高级经济师赵庆明说：“过去几年内，因为这种全球流动性泛滥，央行各家主要的央行都在搞量化宽松，就是流动性应该说似乎是一下子就泛滥了，所以引起了一些人的不满和担心。”而曾任央行货币政策委员会委员的李稻葵则给出了不同的观点。清华大学中国与世界经济研究中心主任李稻葵说：“与其说它现在很多的投资者对于主权货币，包括人民币产生的不信任，倒不如说主权货币现在发行得太多，就这种情况下，有大量的资金正在寻求投资的对象，正在寻求投资的通道。”
The senior economist of CCB Zhao qingming said:”Because of the global overflowed in the past few years, the major central banks are proceeding quantitative easing. The liquidity seemed to be in flood suddenly which makes some people dissatisfied and worried. While Li daokui, the former member of central bank’s monetary policy committee put out different viewpoints. The director of the economic research center in China and the world, Tsinghua university, said:”It seems too much sovereign currency has issued, than investors’ distrust to the sovereign currency, including RMB. In this case, there is a large amount of money is seeking investments and investment channels.
短短不到四年时间，比特币的市值从最初每枚5美分飙涨到最高时266美元，3年飞涨了5100倍，刘枭认为比特币的暴涨暴跌已经远远超出了它本身作为一种货币的功能。刘枭说：“最重要的是2100万上限这么一个特征，这个特征使得比特币成为了一个具有强烈投机属性的一个工具。”
Less than four-year time,the market value of Bitcoin from the initial 5 cents each spiked to the top of $266,soar 5100 times in 3 years. Liu xiao regarded the ups and downs of Bitcoin had gone far beyond itself as a kind of currency function.”It is the feature of 21-million upper limit, which is the most important and makes Bitcoin a tool within intense speculation attribute.”
比特币，这个在设计之初意图对抗现有货币体系的网络工具，正在成为一种投资甚至是投机的工具。疯狂的比特币，到底是完美货币还是新的庞氏骗局？李稻葵说：“是传递热山芋的机制，而不是真正拿去使用的功能。这是判断它是不是旁氏骗局的，是否是旁氏骗局的最根本的标准，如果它的购买者真正喜欢这个产品，觉得这个产品有使用功能、投资功能，这就是一个正常的投资品或者产品。如果投资者购买者他的目的并不是使用，并不是投资，而就是要把这个产品在短期内 以更高的价格卖给下一个受骗者，这就是旁氏骗局。”
Bitcoin, which was firstly designed to cope with the network tool of current currency system,is becoming a kind of investment and even speculative tool. Was crazy Bitcoin perfect monetary or a new Ponzi scheme?”It is the mechanism transferring hot potato, but not really the function taken to use. This is the most fundamental standard of Ponzi scheme, judging whether it is Ponzi scheme.If the buyer really likes the product and thinks the product has the using and investment function, then it is a normal investment or product. If the investor or buyer’s purpose is not using or investing, but selling to the next at a higher price in the short term, then this is Ponzi scheme.” said Li daokui.
刘枭：我们认为现在比特币价格这么高，它实际上是一种投机泡沫，比如说像早期的“郁金香泡沫”，再像后来最近的最近的次债危机，就仅仅从投机这个角度来讲，它和之前的郁金香和次债衍生品没有本质的区别。”
Liu xiao:”We think that it is a kind of speculate bubble for the current price of Bitcoin is so high, such as the early “Tulip Mania” and the latest sub-prime crisis. Just from the aspect of speculation, it has no essential difference between tulips and sub-prime derivatives.”
那么比特币的未来究竟会走向哪里？赵庆明说：“我觉得极有可能是昙花一现，首先是我觉得就目前他已经成为一个投机的标的了。另一方面缺乏金融体系给它支撑。”如今，美国已经开始对比特币进行监管，对虚拟货币实行反洗钱法规。而在中国，针对虚拟货币的监管条例是文化部与商务部联合下发《关于网 络游戏虚拟货币交易管理工作的通知》。不过在李稻葵看来，现有针对虚拟货币的法律条例不能完全适用于对比特币这种新型虚拟货币的监管。李稻葵说：“该怎么去监管、该怎么去防范我们的中间的一些不规范的现象，怎么保护相关的使用者、投资者，这个可能还需要研究新的办法。”
Where will the future of Bitcoin go to? Zhao qingming said:”I consider it most likely to be a flash in the pan. First,it has been a kind of speculation in my view. On the other hand, it lacks the support of financial system.”Today, American has started the regulations of Bitcoin, the virtual currency on anti-money laundering laws .While in China, the regulation of virtual currency is “the notice about the trading management of network game virtual currency”, issued by the ministry of culture and commerce. However, according to Li daokui, the existing legal regulations aiming at virtual currency can not fully apply to the new virtual Bitcoin currency regulation. Li daokui said:”How to regulate, guard against some of our non-standard regulation, protect relevant users and investors, this may also need to study a new way.”
有人将比特币比作类似黄金，因为他们的总量都是恒定的，但是我们看到，即便是被称为“硬通货”的黄金，金价也不会只涨不跌。黄金本身没有泡沫，但价格过高，就有泡沫了，而泡沫最终都会破灭，比特币等虚拟货币同样如此。更可况，除了比特币以外，难道未来就不会出现新的虚拟货币吗？通用虚拟货币越多，比特币的价值越接近于0。这种纯粹运算出来的数字符号的货币，没有任何资产支持，没有财务收支，没有现金储备，没有使用价值，本身只是一个流通符号而已， 一旦失去了信用保证，就是一堆印刷漂亮的废纸。投资者应该警惕，这个世界没有所谓安全的投资，所有的投资都是有风险的。
Someone thinks Bitcoin as gold for both of them are constant. But what we can see is that even gold is referred as “hard currency”, the price of it will not only go up. Gold itself has no bubbles, but there is a bubble when the price becomes too high. The bubble will eventually burst while the virtual currency goes the same .Moreover, won’t there appear any new virtual currency in the future in condition to Bitcoin? The more general virtual currency is,the more the value of Bitcoin close to zero. The digital symbol currency from pure operation, without any assets support, no financial revenues and expenditures ,no cash, no value, is just a bunch of beautiful printed paper once lost credit guarantee. Investors should be alert that there is no safe investment in the world and all investments are risky.

Some people think it as precious as gold, but some people think it is worthless. Ampang Consulting Co., Ltd. Liu Xiao, a researcher, said: "Compared to gold, its biggest flaw is that it is just a binary one file."

Despite the controversy there is no consensus about bitcoin, but all of them see the world without any kind of currency is more exciting than the growth trajectory of the virtual currency Bitcoin. In 2011, there was reported that over the past year or the highest currency is the Australian dollar, it rose against the U.S. dollar is 27%; same year, however, the bit against the U.S. dollar, but it is from 0.5 U.S. dollars, rose to 13 U.S. dollars, or up to 2600%. Bitcoin did not relax rose momentum, the Bitcoin April this year all the way rushed a Bitcoin exchange $ 266! Bitcoin market, so amazing group of people to catch a roller coaster of the purpose of his wealth.
The world's largest digging Bitcoin website, an account code 67717, has always ranked first in the number of mining. Zhai Wenjie said: "super players, this person is a company, the company's mining, they called baked cat, a company in Shenzhen. You see the ID of the whole network, the world ranking." According to the published computing power calculation, the number of this day only four people dug Bitcoin wealth is very alarming. Zhai Wenjie said: "It (computing power) 7549G day can produce 357 357 by 800 yuan (bitcoins) count is $ 280,006 a day."
Not only diggers, system and even made mining machine has become a billionaire. This machine is a network called pumpkin Dr. Zhang Di modified, use it to dig Bitcoin operations much faster than the general graphics mining. Zhai Wenjie said: "This year has earned a lot of money, (pumpkin Zhang) sold a batch of 600 units, was regarded as one of the 40,000 yuan is actually very simple 600 is 24 million, it is the first batch of the second batch of R & D The cost of this group of full money back "
Not only that, the nation's largest Bitcoin trading site is vast fortune. Zhai Wenjie said: "It's fee is 0.3%, thousandths look as they are now trading 8400 (bitcoin), it earned 24 per thousand, a calculation is 20,000 yuan, it's just trading, buyers and sellers are collected, which earn 40,008. "
Zhai Wenjie witnessed too many people rely on Bitcoin fortune. He felt he could not miss this opportunity. So he spent 840 bitcoins, from pumpkin Zhang Order 12 mining. If the at a Bitcoin market price of 800 yuan now, these mining machine has a value of nearly 70 million. The new machine than Zhai Wenjie mining machine efficiency ten times higher, Zhai Wenjie just T account, new machines dug 24 Bitcoin day, a month will be able to recover all the costs.
Also tasted the sweetness of Bitcoin Sun Minjie just under the orders of the mining machine he bought five mining machine and his colleagues from the United States. However, the Bitcoin "gold mine" is not inexhaustible only 21 million, according to the founder Nakamoto design, the total amount of the Bitcoin Bitcoin currency production speed every 10 minutes 25 new bits credits. But every four years, the number of bitcoins output is cut in half, until it reaches the maximum number. With the increase of mining, each participant can be dug coins will be less and less.
Therefore, for the miners, the time is very valuable. Zhai Wenjie said that next month, such as his new mining machine, he is going to give them a new home, or even a "nanny."
We see the "miners" Nuggets career. It can be said that the birth, Bitcoin players toys, now already is the fastest growing virtual currency. From 2010 Bitcoin began with physical goods exchange, wine vendors site specializing in digital products, to operate from the restaurant to the telephone company, more and more from different countries and then Na Bite $ Bitcoin increasingly more like the real currency, we will look at reports of journalists.
This is a theme cafe, located in Beijing Haidian Book City near strong entrepreneurial atmosphere, $ 20 coffee can take a day's consumption concept has attracted a lot of computer geeks and Internet entrepreneurs gathered here. A half months ago, one day, cafe staff Mafeng Feng in here first received 0.012 bitcoins. The never received Bitcoin Mafeng Feng not dare to call the shots. Cafe staff Mafeng Feng: "I ask our boss, can we close Bitcoin? Boss said he is our first payment Bitcoin guests."
The American boy named Jack, is a student of the Beijing Language and Culture University, came to China three years ago. Is in this cafe, he contributed to the first non-network Bitcoin transactions, Since then, Jack almost all Bitcoin buy coffee. Jack told reporters that he often went to a place called site of btcchina, this site is similar to the Bitcoin Bank, there is immediate change Bitcoin exchange the RMB exchange rate, can be calculated according to the exchange rate, Bitcoin units need a cup of coffee, and then only need to scan the the Bitcoin account cafes two-dimensional code, the transaction is complete. Jack contact Bitcoin But more than three months time, but have been deeply in love with the Bitcoin convenient, in addition to use it to buy coffee, he also often go to one that accepts Bitcoin payment shopping site. Than special players Jack: "This site is called: I want to buy this mask is anti-influenza, if you want to buy this click on the button."
Jack demonstrated to reporters he bought the whole process of the mask. Reporter saw, each bitcoin players will be on the network has an electronic purse, shopping, just the price of goods to the translation into Bitcoin unit, and then sweep the Site Settings two-dimensional code, find the payment address of the site, can easily make a payment of goods. The whole process, but a minute or two. Than special players Jack: "I with Bitcoin ago, in order to save my money back to my account, I need to bring my RMB, go to the bank queue, then wait a few days, the money will arrive. Now I just need to give me play Bitcoin friends, I sell you some bitcoins, and then my money will be able to arrive the same day. "
Bitcoin is not yet well known by most people, it already has a large number of die-hard fans. Jack said: "One of my friends in Beijing, he actually moved to Beijing because Bitcoin, because he likes the Mint machine mining that data processing is a very power-hungry, Brazil's electricity is particularly expensive, So he decided to come to China, because China's electricity is cheaper, he came to China with only 200 yuan in Beijing, and then he met other mining bitcoin players, he Bitcoin transactions with them, buy a bicycle. Bitcoin player seems to have a natural sense of trust, in our interview, Jack 2 Bitcoin transactions from the hands of another young man.
This is called Tian A boy, graduated from Tsinghua University Department of Computer Science, also Bitcoin senior players. Last One Foundation to accept Bitcoin donations, but also aroused great concern bitcoin anonymity and transparency. Tian A demonstration to reporters contributions to the One Foundation website. Bitcoin player field A: 233 Bitcoin This is April 21 or before a certain time. 82 that a total of 82 contributions it is now the balance is 233. Conversion multiplied by about 900. 233 multiplied by 900 is about 200,000 yuan each donation you can see his record this donation can not only be transparent, can also accept donations from abroad you just paste it into the address international forums up, he was more concerned about domestic affairs, he will donations it is anonymous, you will not worry disclose your information, and its per capital flows, if it wants to open, but also can be done not only above the closing shall there Paymaster. "
Bitcoin each transaction is transparent and anonymous, that is, a network client can be found all over the world an instant Bitcoin transactions, but not know where the deal from the whereabouts of where , for what purposes. Jack said: "People say Bitcoin is a semi-anonymous, because if anyone knows the address of your account, they can give you to pay can see you money, but they can not know where the money comes from, where to go, or who pay your money, you who fought the money. "
In the middle of last month, residents of Alberta, Canada Taylor? Moore ready to sell a detached, the deal instantly become the focus of the major media, because of the conditions attached to, if the buyer chooses to use Bitcoin payment , he was willing to give discounts. This scene so we think of the prevalence of the tulip bubble in 17th century, a tulip bulb prices also pushed up to you can change a house. Earlier this year, the Bitcoin is also hovering around $ 20, but in April soared to more than $ 200, a full up 10 times. The outrageous gains Bitcoin to become the prey of the world the eyes of investors, many Chinese people were the first to eat crab, we come to know about them.
End Hongbin, China's first the Bitcoin hedge fund managers, financial columnist. With the rapid warming of the bitcoins in the country, the end Hongbin busy. Bitcoin investors end Hongbin said: "a lot of e-mail sent to me by phone, mail, QQ, micro-channel, micro-blog, is basically a variety of channels.] Are read my report on investment, then Bitcoin have some questions, and then came to ask me. "
April 10 this year, Bitcoin Mogao all the way to $ 266, in just a few days dropped to $ 50, followed by a quick shock back to around $ 140. End Hongbin Bitcoin hedge funds, in this crazy 4 menstrual hand sale and purchase of four to five hundred Bitcoin Bitcoin Exchange trading volume growth of nearly 10 times more than the same period last year. Than the the Bitcoin payment function, Bitcoin investment, like this rock event the strongest voice.
End Hongbin exclaimed in his blog "Bitcoin crazy. Bitcoin retail speculators, bitcoin investment experience much more attractive by the screen name of this young man, has a two-year, on-line management two Bitcoin speculators group. He is also on the April fresh. The Bitcoin speculators Dora said: always used to say that to kill the red-eye, these people see the interest here is very deep, and especially for speculators in terms of, like the red side of the target in the hands of the matador, Meng Niu After they see the desperate rush forward. "
July 17, 2010, the world's largest Bitcoin trading site MTGOX established Bitcoin price of less than $ .05. At that time, much more attractive or college students, the end Hongbin was a financial columnist. Then make money dig Bitcoin miners, speculators were talking about that period of history can only be Despair. End Hongbin said: "A lot of people think Bitcoin is something, never heard of, and then ignored, this is a big mistake, because at that time very cheap thing, only one or two cents a coin, equivalent to up to now a million times. "
Bitcoin investment charm of the first outbreak, it was in June 2011. $ 30 later began to fall, and, all of a sudden hit $ 0.01 from 17 U.S. dollars, is 1 cent, that is, I think he dropped from 17 to about 0.01 for four hours inside. "End macro end Hongbin said: Bin rapidly from Taobao bought his first piece of Bitcoin, or junior Dora Chuaizhuo she saved $ 5,000 and brothers and sisters that scrape together $ 5,000 to buy a used dig Bitcoin mining machine. However, with the rises and falls of Bitcoin, Dora the idea of ​​change.
End Hongbin clung to the belief of the the Bitcoin is equivalent to long-term hard currency, reached the Bitcoin market, Dora fancy the Bitcoin frequent ups and downs, the playing bitcoin buy low sell high. Although two people are reluctant told reporters investment Bitcoin income in the end, but we do see that bitcoin since the birth of the transaction, the appreciation of 5320, and continued the dramatic ups and downs. Dora said: "(April) look at from more than 1000 yuan, fell to the five or six hundred yuan, has caused massive panic selling, but wait until two days after the expert manipulator, the price once again depressed
Just past the crash in April, a lot of speculators confidence pressure to the bottom. End Hongbin believe that this extreme state of Bitcoin has been showing signs of a bubble. End Hongbin said: "Now the price is a speculative, if Bitcoin is not well applied, Bitcoin bubble is estimated to be broken."
Although the the Bitcoin core developers has repeatedly clear emphasis on bitcoin is just a project of "experimental" and repeatedly prompted the investment risk, but apparently did not dampen to destroy investor enthusiasm, the Bitcoin whether there is a bubble? We said, the the entity currency with means of payment, means of circulation, the value scale, world currency and storage means of the five characteristics, Bitcoin locate these can be achieved. Even compared to the physical currency, Bitcoin is not subject to government control, constant total, in some respects superior to the traditional currency. Such as Bitcoin virtual currency vitality? In turn go in the future? Us listen to the views of experts.
Liu Xiao Ampang Consulting Co., Ltd. has been two years in a row Bitcoin follow-up study, Liu Xiao, The Bitcoin rapid development of the reason is that it is a decentralized currency. Ampang Consulting Co., Ltd. Liu Xiao, a researcher, said: "Everyone can be a publisher, financial institutions can become can become trading currency, there is no regulation of such a trader." Liu Xiao, been China Construction Bank senior economist Zhao Qingming recognition.
China Construction Bank senior economist Zhao Qingming, said: "In the past few years, because this world is awash with liquidity, the central bank to various major central banks are engaged in quantitative easing, liquidity should be said that seems to be a sudden flood, caused some people's dissatisfaction and worry about. "and a former central bank monetary policy committee, David gives a different view. Tsinghua University, China and the World Economy Research Center Director, David said: "so much that it now a lot of investors for sovereign currency, RMB distrust, it would be better to say that the sovereign currency issue too much, this case , there is a lot of money seeking investment object, is seeking investment channel. "
In less than four years, the market value of the Bitcoin from the initial 5 cents each costing $ 266 soaring to the highest three years of soaring 5100 times, Liu Xiao Bitcoin spike has gone far beyond its own as the function of a currency. Liu Xiao said: "The most important thing is such a feature of the 21 million limit, this feature makes Bitcoin become a strong speculative property as a tool."
Bitcoin, early in the design intent against the existing monetary system network tools, is becoming an investment or speculative tool. Crazy Bitcoin, in the end is the perfect currency or new Ponzi scheme? Mr Li said: "to pass the hot potato of the mechanism, not really take it to use the function. This is the judgment it is not beside's scam of, whether Pond's scam of the most fundamental standard, if its purchase by really like this products, think this product is a function, investment function, this is a normal investment goods or products. investors to buy his purpose is not to use, not investment, is to put this product in the short term at a higher sell it to a people who were fooled, this is a Ponzi scheme. "
Liu Xiao: We think it Bitcoin prices so high, it is actually a speculative bubble, for example, like the early days of the "tulip bubble", like later in the recent subprime crisis, it is only from this point of speculation in terms of no essential difference between it and the previous tulips and subprime derivatives. "
Bitcoin future what will go where? Zhao Qingming, said: "I think most likely be short-lived, first of all I think that he has become the subject of a speculative the other hand, the lack of the financial system to support it." Today, the United States has begun to Bitcoin regulation, the implementation of anti-money laundering laws and regulations of the virtual currency. In China, the virtual currency regulatory Ministry of Culture and Ministry of Commerce jointly issued a notice on the online game virtual currency transaction management. However, David, existing for virtual currency laws and regulations can not be fully applicable to the regulation of this new type of virtual currency Bitcoin. Mr Li said: "how to monitor, how to guard against some of us in the middle of the non-standard phenomena, how to protect the users, investors, this may also need to study new approaches."
Bitcoin was compared to similar gold, because their total amount is constant, but we see, even if it is referred to as "hard currency" gold, the price of gold will not only rise. Gold itself is no bubble, but the price is too high, there is a bubble, and the same is true of the bubble will eventually burst, Bitcoin virtual currency. Can conditions, in addition to the Bitcoin Is the future does not appear the new virtual currency? The more common virtual currency Bitcoin value the closer. This purely out of the operation of digital currency symbol, no asset-backed financial revenue and expenditure, no cash reserves, there is no value in use, is just a symbol only in circulation, lose credit guarantee, is a pile of beautiful printed waste paper . Investors should be wary of this world is not the so-called safe investments, all investments are risky.