Babbitt column | Let technology return to technology, financial return to finance

Although Internet finance is so hot now, when we talk about the Internet itself, we clearly understand that it is a technology, not that the Internet itself is financial.

However, when we talk about the blockchain, we always unconsciously think that it is a financial phenomenon, saying that its biggest application is in the financial field, and even its role in other fields is limited. Like this?

First, the essence of the blockchain is finance?

The development of the Internet to today has undoubtedly brought about earth-shaking changes in our lives, whether it is e-commerce, video content, mobile payments or anything else. But back to the essence, the Internet is a set of information transmission protocols defined by the TCP/IP protocol. Others are services developed on the basis of Internet technology, such as WeChat, games, and live broadcasts. Strictly speaking, they should be called Internet+.

The Internet itself is a pure technology, just as the blockchain itself is a mere technology.

But there is still a difference between the two. The Internet is moving from the technical layer to the financial layer. The blockchain is just the opposite. It is slowly decoupled from the financial layer into a technical layer. This is why everyone will default to the Internet as technology and blockchain is financial.

Or we can look at it more subdivided:

A. From the perspective of digital currency

The community has given a lot of meaning to the blockchain. Some say it is a factual machine that cannot be tampered with. Some say it is a value Internet. These arguments all make sense, but strictly speaking, these are the meanings of "blockchain+". The approximate relationship is this:

Blockchain + currency = Bitcoin blockchain + financing = ETH

Bitcoin itself is of course a financial product, because the purpose of Bitcoin is money. He creates a world-wide, peer-to-peer, small-paying, trust-free transaction and clearing currency. The impact of the financial system and the monetary system of the central bank has already led many merchants to include bitcoin in payment methods. Many countries have turned bitcoin into a currency reserve. This is the fact that bitcoin is actually financial. However, this is the effect of blockchain + currency realization, more is the role of money, the blockchain itself is only the underlying technology.

So, when you talk about how great Bitcoin is, you are actually talking about the role of blockchain + currency, and more about currency functions; when you say how efficient and convenient ICO financing is, you are actually talking about The role of blockchain + financing is more focused on financing functions; when you say that assets are programmable and can be efficiently circulated, you are actually talking about the role of blockchain + asset chaining. These are more of the meaning of the blockchain +, not just the meaning of the blockchain itself.

But some people will say that blockchain is very different from Internet technology. For example, bitcoin, Ethereum, and other public chains, digital currency is not optional for them, but must be there. Naturally built into the entire system, is the power of the entire system, is the basis of the underlying game theory of the entire system, they are mixed and can not be separated, then from this perspective, the blockchain does have financial attributes.

There is a certain truth to this argument. A few public-chain projects are really inseparable from digital currency, but more projects can use only blockchain technology, not digital currency; and a few are inseparable. Digital currency projects are basically public chain projects, which are naturally cold startable.

Just like Bitcoin, it doesn't have to be financed in the market, and it doesn't have to be financed in the market. It is a kind of currency itself. As long as it accepts more people, as long as its price keeps rising, its project will It can continue to operate, which is the new wealth logic of the blockchain era. Except for Bitcoin, most of the projects that cannot be separated from digital currency, their TOKEN can be circulated in the form of use rights, and all can use cold start to obtain the development of the project through appreciation of the currency.

These projects need to sell the certificate as a commodity, a commodity, rather than a financial product.

B. From the perspective of financing

Many people regard ICO as a kind of financial innovation. Of course, the ICO here is a collective term, including a series of terms such as IEO, IBO, and STO. It should be said that through the ICO, the blockchain project is indeed easier to integrate money, and it is directly distributed to the world through the form of TOKEN, and TOKEN can be traded naturally and with excellent liquidity. From this perspective, it is like financial innovation. .

The relaxation of these conditions is guaranteed by technology. Blockchain is such a technology. If you regard the blockchain as a kind of finance, it is the inversion of the cart, ignoring its technical nature.

It is as if the registration system on the stock issuance is obviously more free than the review system, so that more people can have projects to invest, so that more projects have channels to finance. However, China’s A-shares have not adopted a registration system, and the stock market in most countries in the world is not a registration system. Why? There is not only a question of freedom, but also a question of financial stability.

The implementation of the registration system in China's stock market is technically not difficult. The reason why it is not implemented is because it requires a process that needs to be gradually and gradually needs to be perfected. In the case of such a strong supervision of China's stock market, the phenomenon of making money in the market is endless, not to mention the phenomenon of doing things and manipulating the market. If the registration system is directly implemented, the situation will only be more serious, thus affecting the country's financial stability.

ICO changed the form of financing, which led to a round of economic liberation. A few projects became a great company with the help of ICO financing, such as Ethereum, but more projects were carried out in the form of ICO. False financing and fraud. High-quality projects can raise enough funds even in the current capital market. ICO is only more conducive to the financing of waste projects when the system is not perfect.

Of course, new things are always mixed, and the emergence of one or two companies in this model is enough to prove his potential.

The shareholding system is a financial model, and borrowing is a financial model. If there is no borrowing model, and now there is a borrowing model, then this is financial innovation, and there is no new financing model in the blockchain field.

The essence of ICO's financial innovation is to make financial globalization, no threshold, and automation through blockchain technology. The key point here is: finance is still the original finance, financing is the original financing, or one person pays another for sale. Equity gains, this is the essence of finance, has not changed from beginning to end, the real change is only the financing of customers, financing methods, financing conditions, threshold .

C, technology is worth promoting, financial needs norms

Free currency and free financing are good ideas, at least in the short term , because human greed will enlarge the ugly face before there is good regulation and regulation, which will ultimately affect financial stability.

The most reliable approach is that the project is mainly based on private equity financing; the equity and the right to use are separate, most of the certificates do not represent equity, but play the role of use; the certificate does not finance, but can be distributed free of charge. Secondary market exchanges (this is already on the verge of violating regulations).

Again, the blockchain itself is not finance, but technology.

The state's attitude towards the blockchain is to strongly support the development of the blockchain, but against financing such as digital currency. Although many people question the country's lack of understanding of the blockchain and believe that the development of blockchain is inseparable from digital currency, I think it is correct for the country to adopt such a strategy in the early stage of industry development, which corresponds to what I said above: because of the block The essence of the chain is technology, and the digital currency is finance.

Second, the blockchain is the production relationship?

In the field of blockchain, a very popular sentence is: "Artificial intelligence is productivity, blockchain is production relations, big data is production data."

In this way, it seems that the new thing of the blockchain is associated with the traditional philosophical theory from the bottom, and the theory is complete. Production relations is a word in labor theory, and also a philosophical vocabulary. If you don't tell the truth, I really don't really study what is a production relationship. In order to write this article, I Specifically looking for the definition of production relations:

The labor mutual assistance and cooperation relationship formed by the laborers in the process of material civilization and spiritual civilization product production is the production relationship.

This definition is quite broad. If the cooperative relationship formed in the labor process is a production relationship, then there are many things in the world that belong to the production relationship level.

For example, sharing bicycles has changed the way people travel and changed the relationship between bicycles and various public transportations, which affects the production relationship. For example, after the P2P network is loaned out, the scale is rapidly expanded, making the borrowers and lenders An effective docking has been achieved, which has subverted the previous lending system to some extent, which changed the production relationship.

Even the most common takeaway in our daily life makes the original aspect of people in the company can stay at home, enjoy the food and save time, and at the same time make the business get rid of the geographical restrictions to some extent, While winning with price and quality, there is no need to worry about the customer's problems, and this is indeed a significant change in the production relationship;

The relationship of production, if it is simple, is the relationship between people and people. Any change in the relationship between people and people belongs to changing the relationship of production. Then everything in the world has basically not changed the relationship of production.

Since the word is so vague, then we don't have to emphasize this function in one fell swoop, because the blockchain will of course change the production relationship, just like everything else in the world.

More importantly, it is useless to argue that the topic “blockchain is not a production relationship”. A blockchain is a production relationship, or it is not a production relationship, and it does not affect its changing the world.

I visited the forum two days ago and saw such a problem. Someone is asking: Is the blockchain a productivity or a production relationship?

I think this question: discussing the macro concepts of productivity and production relations, in addition to wasting time, won't make you a penny. We need to spend more time on the research of specific projects, and spend more time on real money to make money.

Most of these air-to-air theories don't make much sense. For example, you told me that the Internet is developing today, is it productivity or production relations?

Buffett said that we never make a fortune by macro forecast. Similarly, blockchain depends on technology and products to influence the world, more useful products and applications, and less vague concepts and theories.

Author: Monte Carlo