![\"lehman-brothers-put-their-artworks-up-for-auction\"](\"https:\/\/static.coindesk.com\/wp-content\/uploads\/2020\/09\/GettyImages-104396071-710x458.jpg\")
<\/p>\n2020\u5e749\u67088\u65e5\u4e16\u754c\u6807\u51c6\u65f6\u95f418:30\u66f4\u65b0 2020\u5e749\u67088\u65e5\uff0c\u4e16\u754c\u6807\u51c6\u65f6\u95f4\uff08UTC\uff09<\/p>\n
<\/p>\n
\uff08Oli Scarff \/\u76d6\u8482\u56fe\u7247\u793e\uff09<\/p>\n
Frances Coppola, a CoinDesk columnist, is a freelance writer and speaker on banking, finance and economics. Her book \u201cThe Case for People\u2019s Quantitative Easing\u201d explains how modern money creation and quantitative easing work, and advocates \u201chelicopter money\u201d to help economies out of recession. <\/p>\n
The 2008 financial crisis created an extraordinary financial melting pot. Into the soup went the legacy system, now shown to be unfit for this purpose: new ways of transacting in old currencies and new types of money. This witches\u2019 brew has now been stewing for over a decade, but the type of potion it will eventually produce is still unknown. Will it be a financial system fit for the digital age? Or will it simply be a souped-up version of the old system, with all its flaws and toxicity? <\/p>\n
\u5bf92008\u5e74\u5371\u673a\u7684\u7acb\u5373\u53cd\u5e94\u662f\uff0c\u5c06\u90a3\u4e9b\u51e0\u4e4e\u70b8\u6bc1\u4e86\u4e16\u754c\u7684\u94f6\u884c\u675f\u4e4b\u9ad8\u9601\u3002\u521b\u5efa\u4e86\u65b0\u89c4\u5219\u4ee5\u9650\u5236\u5176\u6d3b\u52a8\u3002\u6210\u7acb\u4e86\u65b0\u7684\u76d1\u7ba1\u673a\u6784\u6765\u76d1\u7ba1\u5176\u6d3b\u52a8\uff0c\u5e76\u9632\u6b62\u4ed6\u4eec\u4ece\u4e8b\u4efb\u4f55\u770b\u8d77\u6765\u8fc7\u4e8e\u5192\u9669\u7684\u4e8b\u60c5\u3002\u5bf9\u5b83\u4eec\u65bd\u52a0\u4e86\u65b0\u7684\u8d44\u672c\u548c\u6d41\u52a8\u6027\u8981\u6c42\uff0c\u56e0\u6b64\u5b83\u4eec\u5728\u5371\u673a\u4e2d\u8017\u5c3d\u8d44\u91d1\u7684\u53ef\u80fd\u6027\u8f83\u5c0f\uff0c\u5982\u679c\u8fd9\u6837\u505a\u4e86\uff0c\u5219\u7eb3\u7a0e\u4eba\u9700\u8981\u7ebe\u56f0\u7684\u53ef\u80fd\u6027\u4e5f\u8f83\u5c0f\u3002 <\/p>\n
See also: Frances Coppola \u2013 Mr. Powell, If You Want Higher Inflation, Give People Money<\/em> <\/p>\n But preventing banks from crashing the financial system and wrecking sovereign finances didn\u2019t necessarily mean making them safer for their customers. In 2014, the government of Cyprus, egged on by the International Monetary Fund and the European Central Bank, imposed losses of more than 50% on uninsured bank deposits in the island\u2019s two largest banks. The shockwave from this reverberates around the world to this day.\u00a0 <\/p>\n The financial crisis had been destructive, yes, but depositors had been protected: The U.S. government had temporarily removed the limit on FDIC deposit insurance, and governments in other countries had guaranteed all deposits in failing banks. But after the Cyprus haircuts, bank deposits were no longer safe. And it wasn\u2019t just large deposits that were suddenly at risk. The Cypriot government originally intended to impose losses on smaller deposits \u2013 deposits that were supposedly 100% guaranteed. Fortunately, the Cypriot Parliament had the sense to refuse to pass the legislation. But what is to stop the government of another country, one with a more compliant legislature, from reneging on deposit insurance? <\/p>\n While European governments were busy making bank deposits less safe, central banks were preventing depositors from earning anything. Interest rates were cut to nearly zero at the time of the financial crisis. Twelve years later, they are still nearly zero. At the time of writing, the average interest rate on U.S. bank savings accounts is 0.06%. So central banks are chasing a target of 2% price inflation while keeping the return on savings at close to zero. You\u2019re being robbed, folks.\u00a0 <\/p>\n \u91d1\u878d\u5371\u673a\u76f8\u5f53\u4e8e\u6740\u6b7b\u5c0f\u6050\u9f99\u7684\u5c0f\u884c\u661f\u7684\u94f6\u884c\u4e1a\u52a1\u3002<\/i><\/p>\n \u6240\u6709\u8fd9\u4e9b\u7684\u7ed3\u679c\u662f\u7ed9\u65b0\u7684\u63d0\u4f9b\u8005\u4ee5\u52a8\u529b\u3002\u84ec\u52c3\u53d1\u5c55\u7684\u91d1\u878d\u79d1\u6280\u884c\u4e1a\u4e3a\u6e34\u671b\u56de\u62a5\u7684\u94f6\u884c\u5b58\u6b3e\u4eba\u63d0\u4f9b\u4e86\u9ad8\u6536\u76ca\u7684\u50a8\u84c4\u8d26\u6237\u3002\u4f46\u662f\u5373\u4f7f\u662f\u8fd9\u4e9b\u4e5f\u53ea\u80fd\u63d0\u4f9b\u5927\u7ea61%\u7684\u5e73\u5747\u4ea7\u91cf\u3002\u5982\u679c\u60a8\u60f3\u8981\u6bd4\u8fd9\u66f4\u597d\u7684\u8bdd\uff0c\u90a3\u4e48\u60a8\u5fc5\u987b\u53bb\u522b\u5904\u3002\u00a0 <\/p>\n And you don\u2019t have far to look. The cryptocurrency marketplace offers yields of hundreds and thousands of percent for people who are willing to risk it. Freed from the regulation that prevents banks, and even new fintech providers, from taking the risks that are necessary for high returns, the cryptocurrency has become the go-to place for tech-savvy people who want to make a lot of dollars.\u00a0 <\/p>\n But in becoming a high-risk, high-yield playground for dollar investors, the cryptocurrency world sold its soul. The early adopters of Bitcoin believed it would replace the financial system that had crashed and burned so badly. And today there are still people who believe bitcoin will become the new \u201cgold\u201d in a global cryptocurrency system that will eventually replace the dollar for international transactions.\u00a0 <\/p>\n But most people now playing in the crypto shark pool aren\u2019t interested in world domination. Bitcoin replacing the dollar as the global reserve currency would seriously interfere with their plans to become dollar billionaires through crypto trading. What they want is cryptocurrencies to be securely tethered to the major fiat currencies, especially the dollar, so they can be confident that when they have made their billions of notional dollars, they will be able to convert them to real ones. So now we have \u201cstablecoins\u201d to protect them from the extreme volatility in cryptocurrency prices that can, in a heartbeat, wipe out their notional dollar returns. \u201cStablecoins\u201d such as tether are the ropes that tie the cryptocurrency system firmly to the fiat currency system. And even though everyone knows stablecoins aren\u2019t dollars and the guarantees provided by stablecoin issuers are no more reliable than the deposit insurance guarantees provided by governments, these ropes are getting ever stronger.\u00a0 <\/p>\n See also: Frances Coppola \u2013 The Stablecoin Surge Is Built on Smoke and Mirrors<\/em> <\/p>\n As investors\u2019 confidence in the dollar backing of the cryptocurrency ecosystem grows, the risks they are prepared to take in search of yield increase. \u201cYield farming\u201d is all the rage. True, you might get scammed and lose your shirt \u2013 indeed as more sharks enter the pool, the likelihood of this happening is rising fast. But there will be plenty more opportunities to make megabucks.\u00a0\u00a0 <\/p>\n So what began as a simple transaction system independent of the dollar has evolved into a complex ecosystem backed by billions of faux dollars in which the chances of getting defrauded are high but the returns for the lucky \u2013 or the fraudulent \u2013 are even higher. It even now features cryptocurrency versions of the toxic derivatives that trashed the global economy in 2008. Whatever Satoshi\u2019s vision for Bitcoin was, I doubt if it was this.\u00a0 <\/p>\n Depressing though I find this digital version of the Devonian ocean, there is still hope. The bloodthirsty monsters that roamed that ocean drove some creatures onto the land, where they\u00a0 became the ancestors of today\u2019s land-living vertebrates. Eventually the monsters died out, apparently because of competition from something that wasn\u2019t even in the ocean. Their nemesis was trees, which fundamentally changed the global climate, making it impossible for them to survive.\u00a0 <\/p>\n See also: Frances Coppola \u2013 Why Bitcoin-Like Scarcity Would Be a Disaster for the Dollar<\/em> <\/p>\n What will be the nemesis of the cryptocurrency monsters? Perhaps it could be the quiet growth of digital money transmission services. Or maybe the \u2013 now inevitable \u2013 introduction of central bank digital currencies (CBDCs). Perhaps some cryptocurrency providers will tether to CBDCs instead of relying on the faux dollars created by tether and its kind. It\u2019s hard to say how this will evolve. <\/p>\n The death of the cryptocurrency monsters, when it comes, won\u2019t mean the end of cryptocurrencies. When monsters die, the smaller things on which they preyed become free to grow and develop. Like the Devonian vertebrates, cryptocurrencies may evolve into new forms but they are here to stay.\u00a0 They will become a familiar and vital part of tomorrow\u2019s global financial system. <\/p>\n \u76f8\u53cd\uff0c\u4f20\u7edf\u94f6\u884c\u4f3c\u4e4e\u786e\u5b9e\u6b63\u5728\u8d70\u51fa\u56f0\u5883\u3002\u91d1\u878d\u5371\u673a\u76f8\u5f53\u4e8e\u6740\u6b7b\u5c0f\u6050\u9f99\u7684\u5c0f\u884c\u661f\u7684\u94f6\u884c\u4e1a\u52a1\u3002\u4ece\u90a3\u65f6\u8d77\uff0c\u4ed6\u4eec\u5728\u76c8\u5229\u80fd\u529b\u65b9\u9762\u8dcc\u81f3\u8c37\u5e95\uff0c\u800c\u672a\u80fd\u5f00\u53d1\u670d\u52a1\u6216\u65e0\u6cd5\u63d0\u4f9b\u5ba2\u6237\u60f3\u8981\u7684\u56de\u62a5\u3002\u00a0 <\/p>\n \u6211\u770b\u4e0d\u5230\u6211\u4eec\u73b0\u5728\u77e5\u9053\u7684\u94f6\u884c\u4ecd\u7136\u5b58\u5728\u7684\u672a\u6765\u3002\u4f46\u662f\u5b83\u4eec\u4e5f\u53ef\u80fd\u6f14\u53d8\u6210\u4e0d\u540c\u7684\u4e1c\u897f\u3002\u6bd5\u7adf\uff0c\u5c3d\u7ba1\u5927\u578b\u6050\u9f99\u65e9\u5df2\u4e0d\u590d\u5b58\u5728\uff0c\u4f46\u4eca\u5929\u7684\u6050\u9f99\u4ecd\u5728\u6211\u4eec\u8eab\u8fb9\u3002\u6211\u4eec\u73b0\u5728\u77e5\u9053\u5b83\u4eec\u662f\u9e1f\u3002 <\/p>\n<\/p>\n \u7ecf\u6d4e\u610f\u89c1<\/p>\n \u63ed\u9732<\/p>\n \u533a\u5757\u94fe\u65b0\u95fb\u7684\u9886\u5bfc\u8005CoinDesk\u662f\u4e00\u5bb6\u81f4\u529b\u4e8e\u5b9e\u73b0\u6700\u9ad8\u65b0\u95fb\u6807\u51c6\u5e76\u9075\u5b88\u4e00\u5957\u4e25\u683c\u7684\u7f16\u8f91\u653f\u7b56\u7684\u5a92\u4f53\u673a\u6784\u3002 CoinDesk\u662fDigital Currency Group\u7684\u72ec\u7acb\u8fd0\u8425\u5b50\u516c\u53f8\uff0c\u8be5\u516c\u53f8\u6295\u8d44\u4e8e\u52a0\u5bc6\u8d27\u5e01\u548c\u533a\u5757\u94fe\u521d\u521b\u516c\u53f8\u3002<\/p>","protected":false},"excerpt":{"rendered":" 2020\u5e749\u67088\u65e5\u4e16\u754c\u6807\u51c6\u65f6\u95f4\uff08UTC\uff0918:30\u66f4\u65b02020\u5e749\u67088\u65e5\u4e16\u754c\u6807\u51c6\u65f6\u95f4\uff08Oli Scarff \/ Getty Images\uff09CoinDesk\u4e13\u680f\u4f5c\u5bb6Frances Coppola\u662f\u4e00\u4f4d\u81ea\u7531\u4f5c\u5bb6\u548c\u6f14\u8bb2\u8005 [\u2026]<\/span><\/p>","protected":false},"author":1,"featured_media":1706,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/1705"}],"collection":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/comments?post=1705"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/1705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/media\/1706"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/media?parent=1705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/categories?post=1705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/tags?post=1705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Read more about\u2026<\/h4>\n