Due to the release of the US dollar, a round of global asset prices rose, especially in the digital cryptocurrency market represented by bitcoin. This makes many ordinary investors who want to keep their money bags in this round of ups and downs tangled. Whether to follow up or to avoid it has become a puzzle. A small number of bitcoin participants have doubled their income, and most of them are dismissive. The reason for refusing to participate is quite clear. It is generally recognized that bitcoin has several crimes. Here I briefly summarize five major crimes for you to analyze.

The first crime, bitcoin, is an American conspiracy. Because of the control and black history of Wall Street in traditional financial fields such as currency, gold, securities and commodities, people have reason and easily come to the conclusion that bitcoin is definitely a conspiracy between the United States and wall street. However, there is not much evidence for this conclusion so far. Bitcoin is decentralized in nature, while the United States actually plays the role of global center, and there is a strong opposition between them. Since the white paper of 2008, hedging has been an attempt to change the focus of bitcoin. In fact, in-depth study of bitcoin technology logic, it is easy to find that the biggest threat is the United States and East Asian economies with strong centralization ability. Therefore, it is difficult to say that bitcoin is a conspiracy of the United States.

Second, bitcoin is illegal. In essence, bitcoin is a series of numbers obtained through calculation on the network. There is no law in the world to restrict people from calculating, owning or trading a series of numbers on the network. Therefore, it is not tenable to say that bitcoin is illegal. People understand bitcoin illegal, mainly refers to someone through bitcoin, to engage in illegal activities. For example, it affects the order of sovereign currency, illegal trade, transfer, money laundering, tax evasion, etc. Just like many tools and means can be used to break the law, we can not judge that the tool itself is illegal.

Third, bitcoin is a fraud. Just like the above problem, bitcoin also has some monetary attributes. It is very close to money, exists in the network, and is decentralized and difficult to supervise. Therefore, some people who are not well intentioned take advantage of people's preference for the technology of bitcoin and do not understand the new things. Around bitcoin, a lot of illegal scams have been planned and implemented, which all investors should carefully understand and identify. But we can't conclude that bitcoin itself is a fraud.

The fourth crime is to play bitcoin and lose money. Because of the decentralization of bitcoin, there is a high degree of freedom in the supervision of the circulation, storage and transaction of bitcoin. The most prominent are bitcoin volatility and leveraged trading. Generally, the state has clear regulations on the mainstream financial markets, such as listing threshold, trading time, capital guarantee, price limit and leverage ratio. Therefore, in the level of risk control, in addition to personal control, supervision also plays a very good role in maintaining. However, in the bitcoin market, the protection at the central level is relatively weak due to the decentralization of bitcoin, and individuals generally have the nature of greed and fear. Therefore, the risk of participating in bitcoin investment is far greater than that of traditional investment. Among them, reckless leveraged trading is the most prominent, and it is biased to blame bitcoin for losing money.

The fifth crime is that bitcoin is useless. Bitcoin is a string of numbers, which has no essential function. As a currency, it has no sovereign endorsement. As gold, it has no decorative or industrial use. As an investment, it doesn't produce products or generate profits. As a collection, it can't be seen or touched, neither beautiful nor cultured. In fact, this is the consensus of all people in the early stage of bitcoin cognition, so at the beginning, a bitcoin was only worth a few cents. However, as time goes on, people begin to find some unique functions of it. It provides people with a financial asset that they want to prevent devaluation, censorship, no license, no boundary, no discrimination, and can be circulated. Moreover, banning it partially works, but it cannot physically eliminate it. It is these useful characteristics that lead to the rise of the value consensus. It's just that you don't realize the usefulness of bitcoin.

(2021-4-12)