Everyone talks: believe that our direction is to move forward-Thoughts after reading "Digital Currency: Inheritance and Innovation from Slate Economy to Digital Economy"

This author Zhu Wei , a blockchain developer, has hosted and participated in the development of multiple blockchain projects. Founder of Edison Blockchain Lab. In-depth application of mainstream blockchain technology to maintain long-term tracking research on cryptography, distributed consensus algorithms and blockchain protocols. He used to work for companies such as UFIDA and Stone, and graduated from Beijing University of Science and Technology.


In 2008, the financial crisis struck, and panic and anxiety permeated the media and the Internet. A friend, who worked in the US financial industry, told me that the flight from the US to India was full of Indian programmers returning home from unemployment. He used speech and tone to express exaggeration and amazement. In the popular online language of today, the subtext is-"Look for a long time." The crisis in 2008 was like a shower in Yanqing. I could hear thunder in Haidian, but the raindrops did not fall on me. It was only after a few years that I discovered that working in foreign companies is no longer the first choice for programmers. Domestic Internet companies are rising rapidly, and the brothers are taking BAT as the trend. At that moment in 2008, I was at a loss, that the change was happening, and that the world was moving in a new direction.

It was also a few years before I realized that there was another big thing in 2008. A cryptographer designed a system that can realize reliable payment in a peer-to-peer network environment. He named it Bitcoin.

In the late winter of 2020, the epidemic situation is beginning to show. It is the Spring Festival holiday, and people cannot close their doors. I read a sentence that read: " No one can really expect what kind of events will affect and change the world's economic, political, social, and ecological systems in the third decade. " It feels like a proverb to the situation. This sentence comes from Long Baitao's "Digital Currency: Inheritance and Innovation from Slate Economy to Digital Economy", which is the first sentence in the preface made by Jia Ming.

Thanks to the book given by Brother Bai Tao, I got a sample book on January 17th before the Spring Festival. I was very impressed. At the time, I turned this book at home. The children at home were curious and asked, "What book are you reading?" The teacher wrote. "She was two and a half years old, and in the words of her work style," I don't know much about the fields of computer and economics and digital currency. " But then she knew that this huge book was called "Digital Currency".

I know a little bit about digital currencies. The reason for contacting Bitcoin in 2014 was not technology, but Austrian economics. I have read Hayek ’s book, and it has been led to Bitcoin by online review articles. In 2015, I started to talk to Ethereum technology, and then I tried to make applications on the blockchain. Until today, it is barely called a "blockchain developer."

But my understanding of digital currency is more about "digital", but "currency" can only say "not much understanding". There are only two currency-related books on my shelf. One is "Denationalization of Currency." I have read all of Hayek's books, and one is not missing. His book is easy to read; the other is Mises' "Money and Credit Theory" is ashamed of this book. From entry to abandonment, I only used 10 pages. I have a copy of David Orrell's "History of Human Currency" in my Kindle. This is a popular science. It is very simple. I have browsed the whole book in order to write a blockchain article and eager to gather information and temporarily hold the foot. Instead, I remember one of the words: Currency is information. This sentence has won my heart. After all, I'm doing information technology. This sentence is to put the currency under the control of our programmers.

David Orrell seems to be in the same position as Teacher Long in some points, such as "Money does not come from transaction of things". In fact, regarding Brother Bai Tao's point of view, I have learned a few at several meetings in the summer of 2019. In August 2019, at the reading meeting of the University of Political Science and Law, from the speech of Brother Bai Tao, I heard the word CBDC for the first time, for the first time I heard the theory of "loan to create money", for the first time I heard "two The design of the "layer account structure" … many times for the first time, one of my feelings is "the strange knowledge has increased", so I listened happily.

After that, when I was doing blockchain training, after talking about asymmetric encryption, SECP 256 K1 curve, POW mechanism, hash SHA 256, Merkle Tree, etc., I always added a paragraph "Do you know? Your deposit is Currency issued by commercial banks ". Think about it, how cool it is for a technician, a programmer to talk about money science. Everyone heard it with enthusiasm, and I was also talking with enthusiasm. In a warm atmosphere, I seemed to be an interdisciplinary all-rounder.

However, Teacher Long is a true interdisciplinary all-rounder. He is a member of the Sanqing League, a master's degree in Tsinghua University, and a chief architect of the trading system of the Shanghai Stock Exchange. With a profound academic literacy in science and technology and computer technology, he has become an economist and wanders between science and technology and economics. , How not to let people look up, how not to worship?

The all-round talent of Teacher Long is in line with the elite tradition in the history of digital currency development. Satoshi Nakamoto knew both cryptography, computer, and economics, and was even nominated for the Nobel Prize in Economics. Nick Saab is also a scholar of cryptography, computer plus law. Counting backwards according to approximate age: David, Halfini, Adam Baker, Jom, Diffie, none of these people are nerd, and they are not only proficient in technology, but also economic and social. Cipher punk, punk, rebellion, what rebellion? That is naturally not to compete with technology. When rookie Vitalika and BM appeared, they simply created a new school: a crypto economist.

Qiao's "Untraceable Electronic Cash" article was published in 1988 with the purpose of protecting privacy. This is a breakthrough in imagination after the emergence of asymmetric encryption technology. Asymmetric encryption technology is no longer limited to simple message communication. The hole is opened to enter the payment field, and people can copy the "money" to the PC in a digital way. Qiao's ecash is well-deservedly a pioneer of digital currency, although it hasn't gotten rid of centralized servers. Although David's B-Money did not write the code, but the concept is extremely radical, Satoshi Nakamoto wants to use it as a teacher. Until today, I still think that the scope of blockchain applications does not exceed the definition of B-Moeny. After the birth of Bitcoin, finally, the sword was paid out peer-to-peer, and the cold light was like water. The double-spend problem is overcome, and the “scarcity” of the digital world is also there. Digital gold is shining. Bitcoin is no longer a debt (IOU), it is no longer a description of the value in the real world, it has its own value. This is the real digital currency.

As a technician, my knowledge is limited to technology, and my praise for Bitcoin is nothing more than: "Good guy, this POW mechanism is too delicate, and it is difficult for him to come up with it. How much lightning is in my mind Hacked? ". Inspired by Brother Bai Tao ’s book “Money comes from the debts recorded by the ruler on the slate”, I also wondered if currency is a bookkeeping method, then it can be said that currency is for human understanding. Value (debt) is written as a number, and a digital currency like Bitcoin is "digitized (computer readable)" for "number (human readable)". With such a thought, there is a sense of understanding and seeing through the phenomenon. WOW, the original nature is so simple.

But it's not that simple. "Digital Currency: From Slate Economy to the Inheritance and Innovation of the Digital Economy" has more than 480 pages, from the theory of currency origin to the current status of the financial system, from slate to smart contracts, from mint taxes to inclusive finance, from Libra to CBDC, from From banks to digital currency exchanges, from DCEP ideas to Token mechanism design, this book covers all aspects of digital currency, with rich connotations and profound insights, and gives answers and solutions to many problems in this new field. The first time I read this book, I used it for 2 weeks. I have remembered the easy-to-understand, and I still need to think about the hardships. It is too difficult. I advise myself … Give up, give up, as an adult, To take the initiative to relieve yourself of the burden, you do not have to wait for the Ministry of Education. Furthermore, it is enough for me to be a technologist who "does not understand too much" about finance and currency. But in any case, the training of blockchain courses, I should add one more hour should not be a problem, I would like to thank Brother Bai Tao.

There is more to this than thanks. I love Hayek, there are sentimental factors, in fact, I like this vote: Rock, Montesquieu, Hume, Tocqueville, Acton, Mises, Hayek, Rosbah De … However, to really understand their theories in terms of academic details, I really dare not be brazen, and haven't read all the books. I chose Quanxin for Hayek, including his private currency theory and currency competition theory. It is said that Hayek's ideas are realized in Bitcoin, and Satoshi Nakamoto is really a programmer of Hayek's product manager. Of course, Satoshi Nakamoto is more radical than Hayek. Hayek said he wanted to stabilize the currency. Satoshi did n’t care, Hayek also supported commercial banks, and Satoshi Nakamoto said that you all leave me. No third party is required. However, despite my admiration for Hayek, after reading Brother Bai Tao's book, I still thought, maybe I have to read more books and think more. After all, no matter what kind of theory, "fatal arrogance" must not be.

Brother Bai Tao did not question because the other party was a master. In fact, his criticism of many status quo is very sharp, whether it is the chaos of ICO and digital currency exchanges, or some so-called authoritative theories and ideas. In the group, he has always been good at "streaking" people, a style of attacking mistakes, a style of Wei Jin celebrities. I once praised his prestige of being "done" in person. He said, "I used to be different." I asked, "Oh, you used to be gentle?" He replied, "No, I used to be more fierce."

Brother Bai Tao ’s comments on cryptopunk in the book are gentle but esoteric. He said that cryptopunk “ advantages are driven by idealism, exquisite technology, and constant innovation”. The disadvantage is “extreme idealism, lack of theoretical guidance, and easy to go astray” Cannot be the decisive force in the future currency structure . " This conclusion won my heart. A geek "Mr. Slider" has mastered everything in the digital world and the real world in a science fiction novel "Real Names and Surnames" (Nakamoto Satoshi's British English, which imitates the characters in this book) Power, but he gave up because he suspected that "I may not be as good as the current ruler in the end, and I can't stop these things." So, the future may belong to Libra, but it will not be Bitcoin.

I thought that Bitcoin was a Tangjidi-style challenge, and Ethereum claimed to be a "decentralized development platform", but it was a low eyebrow, and when it came to Libra, the flag of Shuntian protects the country and flutters in the wind. As the book "Digital Currency" says, "Libra is a 'Trojan horse' that brings the ruling power of the old world into the new world." Compromise and compromise may not be the compass in the direction of travel, but it must be the app for navigation.

In 2008, due to the economic crisis, Satoshi Nakamoto designed bitcoin, his ideals were pinned in the code, and his dissatisfaction was also reported. However, the success or failure of digital currency is beyond his control. Today, maybe he will say one thing, but only one thing: my direction is right. In 2020, the 21st century is entering its third decade. The four words of stormy waves may not be an exaggeration. In times of crisis, perhaps we can only choose to believe that our direction is correct and that we are moving forward. After reading the book "Digital Currency" by Brother Bai Tao, the direction of humanity is to move forward from the slate economy to the digital economy, and this book by Brother Bai Tao also gives us blockchain and digital currency practitioners a confidence, believe us The direction is to move forward.

The new book " Digital Currency: Inheritance and Innovation from Slate Economy to Digital Economy " by Dr. Long Baitao, Executive Deputy Director of the Academic and Technical Committee of the Digital Asset Research Institute, is the first domestic academic monograph to establish a theoretical framework of digital currency finance. Zhu Jiaming, director of the Academic and Technical Committee of the Digital Assets Research Institute, Yi Xiqun, former chairman of the Beijing Holding Group, and Wang Wei, chairman of the China Finance Museum, jointly recommended. To join the readership, please subscribe to the "Digital Economic Commune" public account.

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