金融市场发生了一件大事。
A major event took place in the financial markets.
央行，联合了银监会、证监会、保监会，以及网信办、工商总局和工信部，宣布此前大热、甚至可以用“疯狂”来形容的ICO属于“非法公开融资”，“涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。”之后，比特币等数字货币应声暴跌，比特币已经在4天内跌掉了30%。
The Central Bank, in association with the Silver Supervisory Board, the Securities Supervisory Board, the Insurance Supervisory Board, and the Web-based Information Agency, the Directorate-General of Commerce and Industry and the Ministry of Industry and Communications, declared that the ICO, which had previously been hot and could even be described as “crazy”, was “illegal and open financing” and that it “is suspected of illegal sales of currency coupons, illegal issuance of securities, and criminal activities such as illegal collection of funds, financial fraud, and distribution.” After that, digital currency such as Bitcoin fell sharply, and Bitcoin fell by 30 per cent in four days.
事实上，虚拟货币市场发展已有多年历史，经历多年蛰伏，在2017年出现井喷。那么红极一时的货币价值是如何膨胀起来的呢？是如何从“暴富神话”到定性非法，从投资狂热到泡沫破灭？
In fact, virtual money markets have developed for many years, through years of collapse, and well blow-outs in 2017. So how does the monetary value of the red extreme swell?
到底什么是ICO？
ICO （initial coin offering），类似于股票里面的IPO（首次公开募资）。打个比方，我的公司要上市了，可以公开发行股票，这是IPO；但要买股票，需要支付货币。ICO也是融资，但是它融的不是人民币、美元这些，而是融数字货币，基本上融的都是比特币、以太币等。
ICO (indigenous coin offering), similar to the IPO in the stock (first-time public fund-raising). For example, my company is going to be on the market and it can publicly issue stocks, which are IPOs; in order to buy stocks, it has to pay money. ICO is also financing, but it does not mix the renminbi, the dollars, but the digital currency, mostly bitcoin, the ethaco.
起源
公开数据显示，最早诞生的虚拟货币是比特币，其历史可以回溯到2009年。比特币本质上是根据中本聪的思路设计发布的开源软件以及建构其上的P2P网络。比特币是一种P2P形式的数字货币，点对点的传输意味着一个去中心化的支付系统。在比特币发展之初，由于市场尚未接受这种新型虚拟货币，而矿工也还很少，其价格相当低廉。
Public data show that the first-born virtual currency is Bitcoin, whose history dates back to 2009. Bitcoin is essentially an open-source software designed on the basis of medium-brained ideas, as well as the construction of its P2P network.
2009到2010年初，比特币价值低廉，2010年4月开始交易的头半年，1比特币的价值低于14美分。虚拟货币不同于真金白银属于信用货币，其价值完全取决于人。随着越来越多的“矿工”参与挖矿，比特币的产量逐渐增加，2010年夏天比特币交易开始进入黄金时期，由于供远小于需，网上交易价值开始上升。到11月初，比特币在29美分处沉寂多日后窜升至36美分。2011年2月，继续升值，和美元的兑换率达到了1:1，此后比特币稳定在87美分上下，也曾涨到过1.06美元。比特币价值的增长催生了其他虚拟货币的发行，包括2011年进入市场的莱特币，瑞波币等等。尽管如此，此时的虚拟货币仍然是一个相对小众的市场。
发展 虚拟货币大发展是在2013年11月比特币价格暴涨的时候。当时，比特币价格到达1242美元的阶段性高点，其价格一度逼近黄金。不过这种疯狂的涨幅并未持续很久，随着2013年12月5日央行等五部委发布《关于防范比特币风险的通知》，比特币价格在两天内下跌超过50%，最低探至576美元。尽管如此，比特币此番价值上涨让虚拟货币市场的投机者看到了新的商机，伺机而动，新货币的种类和都出现了大幅增长。截至2013年底，虚拟货币市场总值达到15亿美元，其中有8种虚拟货币的市场价值在100万美元以上。而比特币一枝独秀，其货币总值占虚拟货币市场总值的92.5%。 Despite the fact that the price of Bitcoin rose sharply in November 2013 at a stage high of $1242, the price of which was once close to gold. But this crazy increase did not last long, with the issuance of a circular by five ministries, including the Central Bank, on 5 December 2013, the price of Bitcoin fell by more than 50% in two days, at a minimum of $576. 在2014年，虚拟货币迎来了新一轮的增长。随着越来越多的国家承认虚拟货币的合法性，其需求量水涨船高，市场中诞生了更多种类的虚拟货币。截至2014年底，多达32种虚拟货币的价值超过100万美元，是2013年的4倍，而虚拟货币市场的总价值比2013年翻了将近5倍，达到了7.1亿美元。不过并非所有货币都迎来大幅增长，市场中有354种货币的价值小于5万美金，它们的价格大多以美分计算。在这个极度贫富不均的市场中，比特币仍然独占鳌头，贡献了92.3%的市场价值。 By the end of 2014, up to 32 virtual currencies were worth more than $1 million, four times as much as in 2013, while the total value of the virtual currency market was nearly five times higher than in 2013, reaching $710 million. But not all currencies are growing significantly, with 354 of them worth less than $50,000, most of them in dollar terms. 然而进入2015年后，虚拟货币市场进入了多样化发展的阶段。各种虚拟货币的走势都不相同，没有呈现清晰的总趋势。例如比特币在2015年初价格一路下跌，最低跌到150美元左右，相比2013年11月跌幅超8成。然而进入2015年后期，比特币价值开始稳步回升，又经历了一波增长，站上了428美元的价格，涨幅达40%。但是大多数货币并非像比特币一样后劲十足，在价格下跌之后就一蹶不振，导致2015年虚拟货币的市场总值收缩至40亿美元。不过，有33种虚拟货币的市场价格超过了100万美元，而比特币市值的占比也下降到了84.5%。 After 2015, however, the virtual currency market entered a phase of diversified development. Virtual currencies changed and did not show a clear overall trend. For example, Bitcoins fell down all the way to around $150 in early 2015, a drop of 80% over November 2013. 在进入了2016年之后，虚拟货币市场进入了稳定发展的轨道。经过2015年的市场低迷之后，存活下来的虚拟货币活力更胜以往，市场价值进一步上升。随着越来越多的热钱开始进入这个领域，投资者越来越意识到虚拟货币市场的潜力和价值，虚拟货币价格也随之上涨。2016年，市值在百万美元以上的虚拟货币种类是前一年的2倍，达到了69种，市场的总价值也上升到113亿美元，站上了历史的新高度。 As more and more hot money begins to enter this area, investors become more aware of the potential and value of virtual money markets, and virtual currency prices rise. In 2016, the market value of virtual currencies above $1 million was twice as high as the previous year, reaching 69, and the market’s total value rose to $11.3 billion, a new level in history. 狂飙突进 不过，虚拟货币在进入2017年以后才迎来真“狂飙突进”的时代。由于比特币总量维持在比特币总量才2100万个，每天只能产出1800币，在越来越多的人认识到虚拟货币的价值，需求指数飞升的情况下，出现供不应求价格暴涨的现象。现在，虚拟货币市场总值跃升到1170亿美元，相比去年已经上涨了100%。同时，市值超过百万美元的货币种类暴增至392种。比特币虽然一如既往表现优异，但不能在市场中占垄断性地位，市值占比下降至49.2%。 However, the virtual currency has only entered the era of a real “surge” after 2017. As the amount of bitcoins has remained at only 21 million bitcoins, it can produce only 1,800 yen a day, and with a growing recognition of the value of the virtual currency and rising demand indices, there has been a surge in supply and demand. The total value of the virtual currency market has now jumped to $117.0 billion, up 100% from last year. 不过，如今的虚拟货币市场又迎来新一轮动荡。昨日，央行下发的《公告》，将代币发行融资定性为一种未经批准非法公开融资的行为，虚拟货币开始在交易平台出现集体直线暴跌。 Today’s virtual currency market, however, is in the midst of a new wave of turmoil. Yesterday, the Central Bank issued a Proclamation that characterized the financing of currency issuances as an unauthorized act of illegal public financing, and virtual currencies began to fall in a direct and collective direction on the trading platform. 为什么要叫停？为什么说这是非法集资？ 从ICO的特点，不难看出为何监管要下杀手。 From the characteristics of the ICO, it is not difficult to see why a killer should be under supervision. 通过对比分析可以看出，ICO融资过程中，发行方可以绕开传统融资工具严格的资本监管，对投资人的进入门槛也比较低，ICO融资后在资金的使用上没有托管、更没有监管，资金去向是一个谜；那么，这样的平台有多少？规模有多大？什么样的人在参与呢？都不知道。拿这些钱用来干什么？洗钱？违法犯罪？跨境转移？也不清楚。 A comparative analysis shows that, in the ICO financing process, issuers can circumvent the strict capital controls of traditional financing instruments and lower entry thresholds for investors, and that the ICO financing is a mystery about the use of funds without trusteeship, let alone supervision, and the movement of funds; then how many such platforms are there? How large are they? What kind of people are involved? Don't know. What kind of money is used for money-laundering? 也就是说，ICO项目的低门槛和监管空白下，参与人数多、涉案金额大、波及面广、行业相对集中，诸多潜在风险，包括项目技术失败风险、跑路造成的资金损失风险、数字货币价格暴涨暴跌的交易风险、诈骗和非法集资等违法犯罪风险等，都是不能忽视的。 In other words, under the low threshold and regulatory gaps of the ICO project, the large number of participants, the amount involved, the wide reach, the relative concentration of the industry, the many potential risks, including the risk of technological failure of the project, the risk of financial loss as a result of running, the risk of transactions in which digital currency prices soar and fall, and the risk of criminal offences, such as fraud and illegal fund-raising, cannot be ignored. 南方+新闻综合自侠客岛、枕头财经、愉见财经 The South + News Combining The Island, the pillow money, the money money. 【整理】唐嘉欣 [Cleaning] Don Gahin.
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