CFA考点解读：区块链＝钱？

———— /CFA考点解读：第3期 / ————

— — / CFC test reading: No. 3 / — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —

编辑：羽墨

Editor: Ink

文：赵teacher

Man: Zhao Taicher

CFA考纲解读

CFA syllabused interpretation

大家好，我是赵老师，今天要和大家介绍一下CFA考纲里新加入的区块链和比特币-FinTech。

Hi, I'm Mr. Zhao. I'd like to introduce you to the new blocks chain and Bitcoin-FinTech in the program of the CFA today.

CFA协会在近期公布的考纲中加入了FinTech，主要涉及内容为加密货币和区块链。不仅是CFA，去年，FRM就已经加入了区块链方面的知识，由此可见FinTech的潜在价值。

In its recently published programme, the CAFA has included FinTech, which deals with encrypted currency and block chains. Not only with the CFC, FRM has joined the knowledge of block chains in the past year, which shows the potential value of FinTech.

我们今天要和大家探讨的是为什么CFA协会要把区块链加入教材，以及区块链到底是什么？它和比特币又是什么关系？

What we're going to discuss with you today is why the CIA wants to add blocks to the curriculum, and what the chain of blocks is? What's it got to do with Bitcoin?

01 比特币和区块链的关系

01 Relationship between bitcoin and block chain

区块链是比特币的一个基础技术，是实现比特币去中心化的一个关键。

The block chain is a basic technology for Bitcoin and a key to centralizing bitcoin.

02 区块链是什么？

What's the block chain?

区块链是一种按照时间顺序将数据区块以顺序相连的方式组合成的一 种链式 数据结构， 并以密码学方式保证的不可篡改和不可伪造的分布式账本。

Block chains are a chain of data structures that sequence the data blocks in sequence, and a non-frozen and non-falseable distribution book , which is guaranteed by cryptography.

03 为什么协会要把区块链加入教材？

03 Why does the Association want to add blocks to the curriculum?

用一句话来解释，区块链可以解决现有货币市场体系存在的四大问题。

Explain

那么问题来了：

So here's the question:

现有货币市场体系是什么？

What is the existing money market system?

现有货币体系存在的四大问题又是什么？

What are the four main problems of the current monetary system?

1

现有货币市场的记账体系

The accounting system of the existing currency market

问一个问题：为什么一张成本可能只有几厘钱的纸币，却能够购买到价值百元的商品呢？

Question: Why can a banknote that may cost only a few cents buy a hundred dollar worth of goods?

要回答这个问题，首先要理解我们人类社会从实物货币到信用货币，再到记账货币的演变，其次要理解我们现在所处的互联网世界里信息的传递机制。

To answer that question, first of all, we need to understand the evolution of our human society, from money in kind to money of credit to money of account, and, secondly, the mechanisms for the transmission of information in the Internet world in which we now live.

这也是理解比特币的关键所在。

That's the key to understanding Bitcoin.

从货币发展史的角度来看，货币一开始是实物货币，如贝壳、羽毛等，被当做一般等价物，我们开始用纸币进行商品交易。

From the point of view of the history of monetary development, currencies are initially in kind, such as shells, feathers, etc., and are treated as generic equivalents, and we begin to trade commodities in banknotes.

纸币即我们现在的信用货币，它区别于实物货币最大的特点是，实物货币的价值等于被交换物的价值，而纸币制作成本可能只有几厘钱，却能够换取价值100元的物品。

The most characteristic of the difference between a banknote, now our credit currency, and a real currency, is that the value of the money is equal to the value of the exchange, while the cost of making the banknotes may be a few sums of money, but it can be exchanged for items worth $100.

因为这是国家信用在为其做背书，让人们相信这一文不值的纸币能够换100元的物品，能够提供100元的购买力。

This is because the country's credit is being endorsed, making people believe that this worthless piece of paper currency can be exchanged for $100 and can provide a purchasing power of $100.

随着移动互联网的高速发展，我们逐渐减少了纸币的使用，随处可见的二维码可以让我们轻松买单。如今之所以这么方便，是因为我们大部分时候使用的是记账货币。

With the rapid growth of the mobile Internet, we have gradually reduced the use of banknotes, and the two-dimensional code that can be seen everywhere allows us to buy our bills easily. This is so convenient today because most of the time we use money to keep accounts.

比如发工资只是在银行卡账户数值上做加法，买衣服只是在银行卡账户数值上做减法，整个过程中不需要见到纸币，只需要记账。

For example, wages are only added to the value of the bank card account, clothing is purchased less than the value of the bank card account, and there is no need to see banknotes throughout the process, but only to keep an account.

记记账，就可以完成发工资、购物等，这么轻松的事，到底由谁来负责呢？

Who will be responsible for such an easy task when you keep the books and you can get paid, shop and so on?

在我们国家，就是各家银行、第三方支付机构和央行来负责记账，而央行拥有整个国家大账本的记账权，这是一种中心化记账的方式。

In our country, it is banks, third-party payment agencies and central banks that are responsible for accounting, while central banks have the power to record large accounts for the country as a whole, which is a central method of accounting.

2

现有货币体系存在的四大问题

Four major problems in the current monetary system

问题一：中心化的记账方可以随意增发货币

Question I: Centralized book keepers can add money at their disposal

比特币产生的历史原因正是源于记账。

The historical reason for Bitcoin was precisely because of the bookkeeping.

有一个叫中本聪的密码学专家，他发现，在2008年全球经济危机中，美国政府可以无限增发货币，因为在这个体系里只有它有记账权。

There was a cryptography expert called Nakamoto, who found that in the global economic crisis of 2008, the United States Government could increase its currency indefinitely, because it was the only one in the system that had the right to account.

中本聪觉得这样很不靠谱，于是他思考能不能有这样一种现金支付体系：不需要一个中心来记账，大家都有记账的权力，货币不能超发，整个账本完全透明公开，十分公平。

Nakamoto thinks it's unconscionable, so he wonders if there can be a cash payment system:

而关于中本聪本人，却一直是一个迷，没有人知道他的真实国籍、姓名与性别。如果大家感兴趣的话，也可以研究一下，说不定你就是那个破解秘密的人。

As for Nakamoto himself, it's always been a mystery, and no one knows his true nationality, name and sex. If you're interested, you can study it. Maybe you're the one who broke the secret.

中本聪之所有这种想法，相信你也已经看到了问题的所在。

I am sure that you have also seen the problem.

问题二：中心化记账法容易受到黑客攻击

Question II: The central accounting system is vulnerable to hacking

记账货币必须有一个记账方，这个记账方多数时候是银行或第三方支付机构等等，这是一个中心化的记账方式。

The currency of the account must have an account, which is mostly a bank or a third-party paying agency, etc., which is a centralized method of accounting.

中心化是由银行或第三方支付机构的信用来担保的，如果银行受到黑客的攻击，数据是有可能会被篡改的，并且它高度依赖银行的信用，如果银行失信，便存在不安全的可能。

Centralization is guaranteed by a letter from a bank or a third-party paying agency, where data may be tampered with if the bank is attacked by hackers, and where it is highly dependent on the bank's creditworthiness, there is a risk of insecurity if the bank fails to believe.

而如果由一个中心变为多个中心，由原来只能由银行记账，变成了人人都能参与记账，是不是就可以化解这个问题呢？是的，这也就是“去中心化”概念的由来，也是中本聪发明了比特币的原因。

Would it be possible to solve the problem if one centre were to become more than one centre, from a bank to one where everyone could be involved? Yes, that is, the origin of the concept of “decentralization” and why Nakamoto invented Bitcoin.

比特币实现了在一个没有中心化机构记账的情况下，能够安全地进行比特币的发行、记账和激励，这是一个非常伟大的发明，它完全有可能重新定义这个世界。

Bitcoin achieved the safe issuance, recording and stimulation of bitcoin in the absence of a centralized institution, a very great invention that has the potential to redefine the world.

而比特币的基础技术，也就正是区块链。

And the basic technology of Bitcoin is the chain of blocks.

问题三：现有的互联网记账体系，不能实现价值传递

Question III: Existing Internet accounting systems that do not deliver value transfer

互联网的的体系是21世纪最伟大的发明之一，它解决了信息传递的问题。

The Internet system is one of the greatest inventions of the twenty-first century, and it solves the problem of the transmission of information.

我们一共经历了三次互联网时代下的巨变，第一次是全球性的联网，第二次是全球性的应用。互联网不依赖于某一机构、或者某一国家而运行。在这个网络世界里，你可以很轻易地传送信息。不论你在哪里，只要有互联网，就能实现点对点的信息传递。

In total, we have experienced three major changes in the Internet age, the first on a global network and the second on a global application. The Internet does not depend on an institution, or on a country. In this network world, you can transmit information very easily. Wherever you are, you can get a point-to-point message.

互联网传递信息的方式是复制。假如你有一张照片，传给了朋友，其实不是传给了朋友，而是发给了他一份副本。照片传递给你朋友之后，你手里还是这张照片，你朋友手机里多了一张照片的副本而已。

The way the Internet transmits information on the Internet is by copying . If you have a picture that goes to a friend, it's not to a friend, it's to a copy. You've got this picture, and your friend's cell phone has a copy of it.

即使互联网在信息传递方面的贡献是巨大的，但是却不能解决价值传递的问题。互联网这种副本的信息传递方式，在诸如版权、货币、票据等价值载体的传递中会出现问题。

Even though the contribution of the Internet to the transmission of information is enormous, it does not solve the problem of the transmission of values. The way in which such copies of information are transmitted on the Internet can be problematic in the transmission of value carriers such as copyrights, money, instruments, etc.

举一个极端的例子，你给别人转过去一笔钱，你自己将不可能再拥有这笔钱的。

By way of extreme example, you'll never have the money yourself if you give it to someone else.

价值的传递和信息的传递，不一样在于：价值的传递要求信息的传递与价值的转移同时进行。

The transmission of values and the transmission of information is different: the transmission of values requires that the transmission of information takes place simultaneously with the transfer of values.

而区块链就是这样一个在没有中心化机构的情况下，能够实现全球范围的价值的传递。

The block chain, in turn, is such a way of delivering values on a global scale without a centralized institution.

如同互联网将人类社会带入了信息时代一样，区块链有可能成千上万倍加速人类资产的交换，人类社会将有可能会进入一个全新价值交换时代。

As the Internet has brought human society into the information age, it is likely that the chain of blocks will accelerate the exchange of human assets by thousands of times and that human society will enter a completely new age of value exchange.

问题四：现有的记账体系没办法最根溯源和存在价值传递的滞后性

Question IV: The existing accounting system cannot be most traceable and there is a lag in the transmission of value

虽然我们现在进入了记账货币时代，但是我们现在的记账货币，还严重依赖于账户体系。发工资，就是在企业账户数值上做加减法。但是企业的这些货币，是哪里得来的呢？上一轮又是从哪里得来的呢？

Although we are now in the age of bookkeeping money, we are still heavily dependent on the system of accounts. Paying wages is a reduction in the value of an enterprise’s accounts. But where does the money come from? Where did the last round come from?

我们没有办法对每一张货币都追根溯源。

We can't trace every currency to its roots .

因为互联网只能做信息的传递，不能做价值的传递。银行在进行数字的加减之后，它的实际结算可能是过了24点后进行的，甚至有的是1个月结算一次。在其中，价值的传递是脱离信息的传递，是滞后的，并且依赖于整个中心的运作。

Because the Internet only transmits information and does not transmit value. After the number increases and decreases, banks may actually settle after 24 o’clock, or even once a month. In this case, the transfer of value is out of touch with the transmission of information, lags behind, and depends on the operation of the centre as a whole.

但是，在比特币网络里，每一笔比特币的转账就是价值的转移。并且，在这个网络里，你能够知道每一笔转账的来源，追溯到最原始的那一笔转账，过程十分清楚。这也是为什么我们国家可能会用区块链技术研发自己的数字货币的原因之一。

But every bitcoin transfer is a transfer of value in the Bitcoin network. And, in this network, you know the source of every transfer, dating back to the original transfer, and the process is clear.

比特币的去中心化、价值传递特性将有可能给传统社会带来巨大改变。社会各界对此也有几种不一样的看法。各种说法，见仁见智。

The decentralisation of Bitcoin and the transmission of values are likely to bring about significant changes in traditional societies.

不管怎么样，比特币已经发展成为区块链在全球最成功的应用，市值高达几百亿美金。它的存在，代表了一种新的价值传递方式。

In any case, Bitcoin has developed into one of the most successful applications of block chains in the world, with a market value of tens of billions of dollars. Its existence represents a new way of transmitting values.

总结

summary

今天我们讲了2个知识点，也是CFA协会考察的区块链的知识点：

Today we speak of two points of knowledge, which are also the knowledge points in the chain of blocks examined by the CFA Association:

第一，我们讲了记账货币是实物货币的自然演化，比特币是去中心化的记账货币的产物，人人都可记账；

First, we spoke of the natural evolution of the bookkeeping currency as the physical currency, which is the product of a decentralised bookkeeping currency that everyone can keep;

第二，我们讲了区块链竞争记账的的基本运行原理、互联网信息自由传递的机制以及区块链可以同步传递信息和价值的特性；

Secondly, we spoke about the basic operating principles of block chain competition, the mechanisms for free transmission of information on the Internet and the properties of block chains that can transmit information and value simultaneously;

赵老师想和大家讨论的问题：

Mr. Zhao wants to discuss with you:

比特币目前的市场价格是否合理？比特币到2140年发行完毕之后，大家还有动力竞争记账吗？哪些数字货币是值得投资的呢？

Is the current market price of Bitcoin reasonable? Is there any incentive to compete when Bitcoin is released in 2140? Which digital currencies are worth investing?

欢迎大家在下方评论区留言哦

You're welcome to leave a message at the comment section.

·END·

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