The disenchantment of Bitcoin: unveiling the myth of a digital currency

Bitcoin and its peculiar, decentralized transaction system, have already ignited interest by professional and retail traders in search for profits and by economists and legal experts, looking for possible regulation to contain illegal uses. We instead examine the unexpected and ongoing success of Bitcoin from a sociological perspective, first questioning its unusual legitimation system, backed by the so called ‘blockchain technology’, instead of by governmental authorities. Then we collect data and elements to reconstruct Bitcoin’s history as a cryptocurrency, starting from the mysterious story surrounding its birth. We then follow its spread and development through social networks and words of mouth, together with its sudden booms and bursts, finally to suggest that both users and institutional regulators should be aware of the risks of Bitcoin and of its alleged power to challenge our very notion of money.     

基于交易模式的比特币对人民币的影响分析

比特币近期由于持续升值而广受关注。本文在分析比特币信用程度与交易模式的基础上提出比特币远不足以影响人民币的地位,比特币既不会改变人民币的数量,也不会对中国的金融体系造成巨大冲击,只需要防范比特币作为投资品的风险。     

On the role of local blockchain network features in cryptocurrency price formation

Cryptocurrencies and the underpinning blockchain technology have gained unprecedented public attention recently. In contrast to fiat currencies, transactions of cryptocurrencies, such as Bitcoin and Litecoin, are permanently recorded on distributed ledgers to be seen by the public. As a result, public availability of all cryptocurrency transactions allows us to create a complex network of financial interactions that can be used to study not only the blockchain graph, but also the relationship between various blockchain network features and cryptocurrency risk investment. We introduce a novel concept of chainlets, or blockchain motifs, to utilize this information. Chainlets allow us to evaluate the role of local topological structure of the blockchain on the joint Bitcoin and Litecoin price formation and dynamics. We investigate the predictive Granger causality of chainlets and identify certain types of chainlets that exhibit the highest predictive influence on cryptocurrency price and investment risk. More generally, while statistical aspects of blockchain data analytics remain virtually unexplored, the paper aims to highlight various emerging theoretical, methodological and applied research challenges of blockchain data analysis that will be of interest to the broad statistical community. The Canadian Journal of Statistics 48: 561–581; 2020 © 2020 Statistical Society of Canada     

比特币的世界货币特征探索

"比特币"作为网上兴起的一种新型数字化货币,因其具有去中心化、虚拟性、不通胀、交易和制作成本低、不可造假和可自由流通兑换等特征,受到广泛关注和热捧,也引起了各国政府的重视。比特币能否成为世界货币尚另当别论,但其特征对未来理想的世界货币的构建却有着重要的借鉴意义。本文论述了比特币的概念、发展历程和特点,分析了其为未来世界货币的构建提供的有益思路和借鉴。在此基础上提出了促进国际货币体系改革和发展的建议。     

比特币的现实风险及中国的法律规制研究

诞生于2009年的数字货币——比特币,凭借其不同于传统电子货币以及虚拟货币的点对点交易特性,迅速风靡全球,成为人们口中最为自由的"货币"名词。比特币的一系列独特属性,不仅吸引了大批炒家的目光,而且隐藏着洗钱犯罪的危险,其高度不稳定的价格对金融市场的威胁,使各国政府对比特币的法律地位也多持保守态度。虽然比特币及其衍生币种的未来充满未知性,但可以肯定的是这种数字货币形式难以在数年内消失,与其否定其合法地位,或者放任它的发展,政府更应该做的是用法律的框架有效地监控其可能的风险,保障比特币用户的合法利益。     

What was Bitcoin,what will it be? The techno-economic imaginaries of a new money technology

In its first decade, Bitcoin has not proven to be a practical money form for most circumstances, but it has become a staging ground for debate around the cultural role of money in society. This debate is poised between two related but ultimately incompatible techno-economic imaginaries: infrastructural mutualism and digital metallism. Each offers a theory not just of money, but also of relations, identities, and the larger imaginaries we call ‘society’ and ‘the economy’. In particular, they offer distinct visions of what it means to be a ‘peer’ in a peer-to-peer money system, and perhaps, a peer-to-peer society. This article traces the pre-history of Bitcoin, as well as more recent developments, to inquire about its future, as well as the future of money more broadly.     

比特币的现实风险及中国的法律规制研究

诞生于2009年的数字货币---比特币,凭借其不同于传统电子货币以及虚拟货币的点对点交易特性,迅速风靡全球,成为人们口中最为自由的“货币”名词。比特币的一系列独特属性,不仅吸引了大批炒家的目光,而且隐藏着洗钱犯罪的危险,其高度不稳定的价格对金融市场的威胁,使各国政府对比特币的法律地位也多持保守态度。虽然比特币及其衍生币种的未来充满未知性,但可以肯定的是这种数字货币形式难以在数年内消失,与其否定其合法地位,或者放任它的发展,政府更应该做的是用法律的框架有效地监控其可能的风险,保障比特币用户的合法利益。     

区块链技术下智能合约的民法分析、应用与启示

区块链被称为第四次工业革命的发动机,是具有普适性的底层技术框架,它不仅与民法息息相关,更有可能深刻改变传统私法领域的既定规则。区块链使用了独特的方式对现实世界交易流程进行模拟,因而能被民法原理所解读,并加以拓展和运用。在其之上建立的智能合约技术,被认为可能引发金融、法律活动的深度蜕变,通过将合同内容进行数字化编码并部署于区块链上,使合同的履行过程能够以一种去中心化、去信任、高度自治的方式进行。然而智能合约并未超越现有的法学概念,它的实质是运用技术手段在合同或要约之上添加辅助履行的担保功能,使合同指向的财产利益能得到确定移转。从现有发展来看,区块链及智能合约技术尚处于初级阶段,绝大多数应用都集中在定型化的虚拟场景之中,离全面普及仍有一定距离。智能合约还有多重法律及技术瓶颈,在诸如编码漏洞、语言转化、现实交互、跨国监管等问题上存在一系列风险与挑战。     

数字资产视角下货币法律概念的界定

以比特币为代表的数字资产是否属于货币，决定了其是否受到货币支付相关公私法律的约束。数字资产不依赖于法定货币体系、不限定使用范围、具备较强的去中心化特征，其更具独立的货币功能对货币概念界定带来了更大挑战。在既有法律仅规定人民币是法定货币以及"货币形式""货币性资产"外延的情况下，我国径行认定数字资产不是货币，未能遵循"相同业务、相同风险、相同监管"的原则，因而难以保护当事人的支付预期以及推进数字支付的进一步创新。基于国家与市场在货币流通中的定位不清、不同法律部门存在立法目的差异等因素，经济学与社会学中的货币理论难以直接用于界定货币法律概念，而法学界创造的准货币论和货币认同论在适用范围、前置条件等方面亦存在诸多局限。现代货币支付体系已形成以法定货币作为基础、以法定货币计价的支付手段多样化发展，以及不以法定货币计价的支付手段共存的分层特征。货币分层体系本质是国家与市场、公共与私人的混合体，国家处于该体系的顶端，而法定货币则成为信用程度最高的货币类型。在该分层体系下，货币法律概念不具有同一性，更不能仅限于法定货币，而应将货币的法律内涵确定为用于清偿货币债务的，可以被普遍接受的"支付系统要素"，以区分于投资工具、货币载体及仅少数人或小区域内认可的支付手段。其中，可参考反垄断法中的相关市场和市场份额的理论内容，从子服务市场、使用权限、可替代的另一货币认定被普遍接受的市场范围，并通过币值稳定机制和接受货币的商家数量认定普遍接受的程度。另外，货币的法律外延包括在宪法与中央银行法中具有法定偿付效力的法定货币，以及在支付服务法、反洗钱法中具有支付监管效力，或在财产保护、行政费用征缴法律中具有货币财产效力的其他支付手段。其中，随着数字资产和法定数字货币的兴起，货币分层体系的构成更为丰富，具有支付监管效力和货币财产效力的货币数量将愈发增多。