English
7024
  Guangming.com commentator: In mid-May, the ups and downs in the price of dogecoin brought this joke-like currency into the eyes of ordinary people. Like Bitcoin, the Dogecoin market has experienced a roller coaster ride due to the intervention of the contemporary legend Musk. At the end of April, Musk called himself the godfather of Dogecoin in a tweet ； On May 7, Musk retweeted a video titled "Musk says Dogecoin may be the future of cryptocurrency." Musk's blessing caused the price of Dogecoin to soar, and huge amounts of money rushed into the cryptocurrency market. The emergence of cryptocurrency is a novel scene in the contemporary financial field and even in the economic and social field. In the past, the credit of the currency issuer (country), which was the foundation of traditional currency, was replaced by credit constructed and guaranteed by high technology and technical beliefs, and appeared in the form of ("mining") technical processes, and the "rigid" power of digital procedures highlighted the essential characteristics of currency. Not only that, the emergence and spread of cryptocurrencies such as Bitcoin have more clearly described the capital structure of the contemporary world than any theory, outlining the relationship between currencies, financial institutions, multinational corporations, markets, society and countries. Cryptocurrencies are not currencies in the traditional sense. For ordinary people, the mystery of cryptocurrency, in addition to the technical limitations of its acquisition methods, the limited application scenarios also greatly limits people's imagination. In particular, the characteristics of decentralization "entrust" the credit of traditional currencies to technology that can never be broken, thereby filling the credit structure of traditional currencies with more reliable and trustworthy content. Of course, credit is only the foundation of currency, but credit is not equal to currency. Without the exchange process, the utility of currency cannot be reflected. This is why when Musk roars, the cryptocurrency market becomes turbulent. Because Musk is a capital player in the real world, Musk's "implementation" of cryptocurrencies in capital operations undoubtedly creates a realistic application scenario for cryptocurrencies, thereby affecting the value of cryptocurrencies. It is worth noting that relevant analysis of cryptocurrency shows that this year’s main trading institutions of Dogecoin, Binance, OKEx, and Huobi, accounted for more than 60% of the total trading volume of Dogecoin, and the market scope covered by these three trading institutions is mainly the Chinese market. “This may mean that the main buyers of Dogecoin are Chinese users.” After Musk's "speech", the price curve of Dogecoin rose sharply. On April 20, the total market value reached 50 billion U.S. dollars, surpassing Ford Motor Co., Ltd. ； On May 6, the market value of Dogecoin reached US$87 billion, surpassing the market value of FedEx and becoming the fourth largest digital cryptocurrency after Bitcoin, Ethereum, and Binance Coin. The attraction of Dogecoin to Chinese users was only possible in the Internet era. The birth of the Internet has made credit control somewhat independent of state power. This change brings structural changes to credit guarantees. As a digital cryptocurrency credit guarantee, the biggest difference between blockchain technology and the national credit guarantee foundation is that it is independent of the physical organization of traditional credit guarantees. Editor: Cao Mengyang Editor: Yue Pei Article source: Guangming.com (please indicate the source when reprinting, the author is "Guangming.com commentator") |
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