“币圈神话”？清醒一点！

近期的虚拟货币市场犹如“过山车”，价格暴涨暴跌，引发舆论关注。5月19日，比特币曾一度跌破30000美元，其他虚拟货币价格也出现大幅度波动。5月20日，比特币价格出现反弹，突破42000美元。

The recent virtual currency market, like the “cruise”, was a cause for public concern when prices jumped and fell. On May 19, Bitcoin fell by $30,000, and other virtual currency prices fluctuated significantly. On May 20, Bitcoin prices rebounded, reaching $42,000.

▲上图：5月20日“币圈”实时价格；下图：5月19日“币圈”实时价格。图片来源：coindesk

“过山车”还是“冰河期”？

"Rideer" or "ice age"?

5月初，“币圈”一路高歌猛进。“柴犬币”“狗狗币”等虚拟货币价格一路攀升，“柴犬币”一个月涨幅300倍，最高价触及0.000038美元；“狗狗币”一度刷新0.74美元的新高，较年初暴涨158倍。

At the beginning of May, the “currency ring” went all the way up. Virtual currency prices, such as the “chicken” and the “dog price”, rose 300 times a month, reaching a maximum price of US$ 0.000038; the “dog price” was once a new high of US$ 0.74, 158 times higher than it was at the beginning of the year.

在虚拟货币惊人涨幅和特斯拉CEO马斯克的接连“带货”下，市场情绪高涨。“狗狗币”“柴犬币”等虚拟货币当前价格较低，对新投资者来说入门门槛较低，在亢奋的市场环境下，一些投资者希望通过购入大量低价虚拟货币实现暴富。

Market sentiment has risen in the wake of the spectacular rise in virtual currency and the successive “carrying” of Tesla CEOmasque. Virtual currencies like “dog coins” are currently low prices, low entry thresholds for new investors, and, in an uplifting market environment, some investors want to be rich by buying large amounts of low-priced virtual currencies.

▲“狗狗币”近两年的涨幅。图片来源：coindesk

自5月中旬以来，虚拟货币市场出现多轮暴跌。马斯克也多次唱衰虚拟货币，并暗示特斯拉或已卖出比特币。5月19日，比特币价格较本月初最高点缩水超30%，狗狗币价格日内跌幅一度扩大至20%。有网民称，从买买到拜拜（from buy to bye），“币圈”凛冬突然来临。

On May 19, the price of Bitcoin was more than 30% higher than its peak at the beginning of this month, and the price of the dog price increased to 20% per day. According to Internet users, the “currency ring” suddenly came to winter, from purchase to goodbye.

▲马斯克在5月8日《周六夜现场》节目中说“狗狗币就是一场骗局”。图片来源：新浪微博

有网民分析，当前虚拟货币市场与2017-2018年暴涨暴跌的情形相似。比特币价格走高后带动虚拟货币市场的热潮，投资者涌入，“山寨币”涌现并挤压比特币市场占比，随后比特币走跌，虚拟货币市场也随之进入长达2年的“冰河期”，大部分投资者在这一过程中可能损失惨重。

Netizens have analysed the current virtual money market as similar to the surge and collapse that occurred in 2017-2018. When bitcoin prices rose, they triggered a boom in virtual money markets, investors poured in, “shelves” emerged and squeezed the Bitcoin market, which then fell, and virtual money markets then entered a two-year “ice period” in which most investors were likely to lose a significant part of their lives.

投资热下乱象多

Investments are hot and messy

虚拟货币本质上是没有实际价值支撑的虚拟商品，并不是真正的货币，且投资风险较高，为什么还能如此“令人疯狂”？

Why is virtual money so “crazy” when it is essentially a virtual commodity that is not supported by real values, is not a real currency, and there is a higher risk of investment?

狂热的投机客、煽风点火的宣传、坐享其成的中介……投机炒作盛行，推动虚拟货币市场走热。有关炒币的营销信息在互联网平台上屡见不鲜，加上一些自媒体和“炒币客”的推波助澜，不少投资者由此“入坑”。但这类宣传信息有意放大了虚拟货币的所谓高额回报率，却时常刻意忽略投资的高风险。

Inflamed speculators, inflaming propaganda, and serving as intermediaries... Speculation flourishes, pushing the virtual money market to heat up. Marketing information about the currency is common on Internet platforms, aided by a number of media outlets and “loafers,” whereby a number of investors “get into the pit.” But such publicity messages deliberately magnify the so-called high return on the virtual currency, while often deliberately ignoring the high risk of investment.

此外，大部分虚拟货币交易平台不受法律监管，虚构交易、操纵价格、“断网”跑路、诈骗勒索等情况时有发生，尤其在我国，一些“地下”交易所服务器往往设置在境外，投资者财产较难获得保护。

In addition, most virtual money-trading platforms are not regulated by law, such as fictional transactions, price-fixing, “breakout” circuits, fraud and extortion, etc., especially in our country, where a number of “underground” exchange servers are often located outside the country and investor property is less protected.

其实，炒作虚拟货币，风险不仅存在于金融市场，还让一系列违法犯罪活动如影随形。

In fact, the risk of being a virtual currency is not only present in financial markets, but is also associated with a range of criminal offences.

直接以“币币”交换、“炒币”等名义实施诈骗。例如，诈骗分子谎称准备大量收购虚拟货币，请专业“炒手”操盘，并承诺交易费用和一定的比例的报酬。为了使“炒手”对“代购”深信不疑，前期成功交易几笔使对方完全入套。最终以最大的一笔交易为目标，得到“炒手”的虚拟货币后不支付交易费用，直接跑路并将虚拟货币套现。

For example, fraudsters falsely claim that they are prepared to buy large amounts of virtual money, ask professional “breathers” to do business, and promise a share of the transaction’s costs. In order to be convinced of “breathing hands” against “substitutes,” successful transactions in the previous period fully encumber each other.

▲Plus Token虚拟币钱包宣布停止提现，并写道：对不起，我们跑路了。图片来源：央视新闻

故意夸大虚拟币、炮制“空气币”概念，进行非法融资、吸收公众存款，最终“爆雷”跑路。例如，虚拟币钱包Plus Token用分红和奖励催促会员发展下线，通过拉人头，导致200万人卷入传销组织，涉案金额超400亿元。还有传销组织，自称“国币”、用“天河二号”运算，以提供虚拟数字货币增值服务为幌子，进行非法集资、传销、诈骗活动。

The virtual currency wallet Plus Token, for example, uses a bonus and incentives to push its members off the line, leading to the involvement of 2 million people in distribution organizations, amounting to over $40 billion. There are also distribution organizations, calling themselves the “national currency” and using the “Tianha II” calculations to carry out illegal fund-raising, distribution, and fraud activities under the guise of providing virtual digital value-added services.

利用虚拟币可以变现的特点，为犯罪行为洗“黑钱”。有媒体报道，日前遭遇黑客勒索的美国最大成品油管道运营商，就被迫以虚拟货币支付了赎金。

“Black money” for criminal offences can be laundered by using virtual currency. Media reports indicate that the largest American oil pipeline operator who has been subjected to hacker blackmail in the past was forced to pay ransom in virtual currency.

高风险更要严监管

High-risk regulation

▲视频来源：新华社

与传统投资工具相比，虚拟货币市场不成熟，波动性高、投机性高、炒作性高，且缺乏明确交易监管规则，风险极高。如何防范虚拟货币炒作、交易风险，是监管部门一直关注的问题，严监管也是大势所趋。

Virtual currency markets are immature, volatile, speculative, capricious, and highly risky when compared to traditional investment instruments, and lack clear rules to regulate transactions. How to guard against virtual currency speculation and transactional risks is a constant concern for regulators, as is the trend towards strict regulation.

5月18日，中国互联网金融协会、中国银行业协会、中国支付清算协会联合发布公告，要求会员机构不得开展虚拟货币交易兑换以及其他相关金融业务。这一公告作为风险警示，给虚拟货币市场乱象敲响警钟。

On 18 May, the Chinese Internet Finance Association, the Chinese Banking Association and the Chinese Payments Clearing Association issued a joint announcement demanding that member institutions should not engage in virtual currency exchange and other related financial operations. As a risk warning, the announcement sounded a wake-up call to the virtual currency market.

公告明确提出，虚拟货币是一种特定的虚拟商品，不由货币当局发行，不具有法偿性与强制性等货币属性，不是真正的货币，不应且不能作为货币在市场上流通使用。

It is clear from the bulletin that virtual currency is a specific virtual commodity that is not issued by monetary authorities, has no monetary attributes, such as legality and compulsoryity, is not a real currency and should not and cannot be used as a currency in the market.

公告提示，虚拟货币无真实价值支撑，价格极易被操纵，相关投机交易活动存在虚假资产风险、经营失败风险、投资炒作风险等多重风险。

The bulletin suggests that virtual currencies are not supported by real values, that prices are highly susceptible to manipulation, and that there are multiple risks associated with speculative activities, such as false asset risk, risk of business failure, risk of investment speculation, etc.

互联网平台企业不得为虚拟货币相关业务活动提供网络经营场所、商业展示、营销宣传、付费导流等服务。

Internet platform enterprises are not allowed to provide services such as web-sites, business presentations, marketing campaigns, fee-based streams for virtual currency-related operations.

近年来，虚拟货币严格监管的脚步从未停止。早在2013年，中国人民银行等五部委就发布《关于防范比特币风险的通知》。2017年9月，中国人民银行等七部门联合发布《关于防范代币发行融资风险的公告》，指导各地集中取缔173家平台，此后保持监管高压态势，累计清退38家境内新增平台。今年5月，内蒙古发改委设立虚拟货币“挖矿”企业举报平台，未来将持续对虚拟货币“挖矿”高压监管。

As early as 2013, five ministries, including the People's Bank of China, issued a circular on protection against the risk of Bitcoin. In September 2017, seven departments, including the People's Bank of China, jointly issued a bulletin on protection against the risk of financing the issuance of money in currencies, directing all regions to focus on banning 173 platforms.

面对虚拟货币的市场乱象和衍生的违法犯罪行为，需要各方合力给虚拟货币戴上“紧箍咒”。在国家进一步严格监管的同时，消费者还是要增强风险意识，不参与虚拟货币交易炒作活动，千万别轻信虚拟货币的“造富神话”。

Faced with the vagaries of virtual money markets and the criminal offences that result from them, there is a need for a concerted effort to put a “strangulation spell” on virtual money. While countries are further stringently regulated, consumers need to be more risk-aware and not be involved in virtual currency transactions, and not to believe in the “favourable myth” of virtual currency.

(原标题：“币圈神话”？清醒一点！)

(Original title: "The Myth of Currency Circles"? Wake up!

【责任编辑：张美儿】

【内容审核：林春森】