Imagine a company that issued shares that can be transferred using electronic payment. The maximum number of shares is 21 million shares, and the outstanding shares are 18 million shares. The rest are pending shares.
The company has no income and no dividends. And the company has to pay 5 billion + US dollars each year to issue stocks to be issued.
Are you excited about holding the stock of this company?
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This analogy is from Emin Gun Sirer, a professor at Cornell University. He is very well known in the currency circle and has written many articles and papers on encrypted digital currency to support BCH.
As a fan, in order to support Bitcoin and various Tokens, we often take analogies, such as classifying them into stocks. In other words, is the user holding Bitcoin really a shareholder of the Bitcoin system?
The shareholders of a company also enjoy the rights and obligations of the company. The core rights of shareholders are to have voting rights on major matters of the company, to enjoy the profit and dividend rights of the company, and to enjoy the right to dispose of the remaining property when the company goes bankrupt. The obligations of shareholders are divided into limited liability companies and unlimited liability companies. The former has limited money, and the latter must bear unlimited capital responsibility for the company's operations.
If we compare Bitcoin to a company, the holder has no rights and no obligation. The only option a holder can make is to buy or sell coins.
From the enjoyment of rights and obligations to evaluate, there is no relationship between Bitcoin and stocks. We need to think deeply to find out the logic behind it.
What do we mean when we say rights? A shareholder holds the company's stock and thus has the voting rights and dividends of corporate governance. The right consists of two parts: the equity and the method of realizing the equity. (The latter is also known as power).
Shareholders' equity refers specifically to the possession, use and disposal of company property (which can be approximated as being able to sell stocks at a higher price and to receive more dividends). The method specifically refers to supporting or suppressing by way of voting. Certain company behavior.
Bitcoin holders also have corresponding rights and methods of achieving equity. The holder's equity refers specifically to the possession, use and disposal of valuable bitcoin (which can be approximated as being able to sell bitcoin at a higher price); the method specifically refers to support by means of utterance (posting, attending meetings, publicity). Or inhibit the development of the Bitcoin system, which in turn will affect whether Bitcoin can attract other investors to buy or sell.
Shareholders participate in the company's decision-making, mainly voting rights, which is guaranteed by the legal system. However, in actual operation, the rights of the majority of retail investors are basically negligible, and the main decision-making power is in the hands of major shareholders and company operators. In particular, the current company's equity has the structure of AB shares, and the shares have different rights. Like Jingdong Liu Qiangdong only holds 15.4% of the shares, but has 79% of voting rights.
In the Bitcoin system, the right to speak to the users of the currency, without any legal system, can guarantee the user's right to system governance. In the actual operation process, the user can participate in the actual governance by posting on the Internet and participating in technical discussion meetings. The user's right to speak has nothing to do with the amount of money held.
In the company's equity governance, retail investors can also participate in corporate governance by posting and participating in the company's shareholder meeting. However, the major shareholder can shut up and not talk, and use the voting right to veto the retail support plan directly under the premise of leaving the vote, let the retailer's embarrassment be 10W+.
However, in the Bitcoin system, the method for users to realize the rights of holding money does not have the pressure to suppress the throat, even if Nakamoto does not have the ability to block others.
The rights of the company's shareholders are protected by the law, and the major shareholders can sleep on the equity, and then wake up to the eye and vote for a vote. However, the power of retail investors can hardly be guaranteed in the actual operation process, and retail investors can only follow large customers.
The power of Bitcoin's money-holding users is that they need to fight for themselves. If you don't say anything, you will be buried. There are a lot of rights groups in the currency circle. Take the lead in defending rights. The more fierce, the more you can get compensation. This has nothing to do with the amount of money invested. It is only related to the fierceness of your troubles.
Perhaps the hard-working money-bearing talent is the major shareholder, and the hard-working holder is the retail shareholder. This is also why there are so many “self-contained five” and “rights defending rights” in the currency circle. You don’t work hard, it’s not a shareholder.
Bitcoin is not dividends. But some coins are dividends. Bitcoin not only does not pay dividends, but it is still necessary to pay for miners using bitcoin. This is consumer behavior.
PoS coins often have mining dividends, which require the holder to take the initiative to lock the coins in a certain mechanism, and then obtain the proportion of the system's super-currency. This is completely different from the stock dividend. Dividends are the company's revenue, not stocks. Correspondingly, there is a speculation mechanism such as “high transfer” in the stock, which is similar to the holder of the money issued by PoS.
Most coins have no revenue. The appreciation of the currency is reflected in the increase in the price of the currency.
Similar to platform currency, BNB, HT, OKB, there are positive operating income, the exchange will destroy through repurchase or directly send other coins as dividends.
There are a small number of public chains that generate additional revenue for the holder. For example, at the moment of splitting BTC and BCH, the holders of the currency have a BCH for no reason. Although at the moment of splitting, in economics, the holder of the coin does not have extra wealth, just a digital game. There are also some public chains that issue tokens on the chain and give the holders a token. For example, the holder of trx has ever obtained BTT. These can be understood as dividends.
Overall, I think the rights of coins and stocks are similar, but there are differences in how to achieve equity. The rights and interests of the currency are not guaranteed by the law, and the holder of the currency can only strive for it. Stock rights are guaranteed by law, but at the same time, large shareholders can sleep on power. It is also because the stocks have legal protection, so the major shareholders can crush the minority shareholders in the way to realize their rights. The currency is not protected by law, and the method of realizing the rights depends on the efforts of the holder and the amount of money held.