久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

US EUROPE AFRICA ASIA 中文
Business / Opinion

Is virtual money as good as gold?

By Paul Donovan (China Daily) Updated: 2014-01-10 08:06

First, who controls the supply?

Matching the supply of any currency to the level of demand determines the value of the currency. This is what central banks try to do in the real world. The same principle applies for virtual currencies. If the supply is not controlled, the value of the currency is likely to disappear. If the creator of the currency ceases to exist, the computer game company goes bankrupt perhaps, the value of the currency is also likely to disappear. Similar risks apply in the real world - countries cease to exist, and their currencies may then cease to have value - Confederate dollars, anyone? However, as government systems collapse less frequently than companies, real-world currencies should be safer.

Second, is it safe?

Modern real-world currencies generally have some legal guarantees. Holders of a real-world currency in a banking system have partial protection from fraud or theft. Virtual currencies, not being issued by governments, have less protection. As virtual currencies are entirely electronic they could be considered more vulnerable to cybercrime than a real-world currency, although real-world bank accounts can be hacked too.

Third, is it money?

Anything accepted as a "medium of exchange" for goods and services is money in some sense. However, there is an important distinction when it comes to tax, as Norway has so obligingly highlighted. The tax treatment of money and assets differs. If a real-world currency appreciates, domestic sellers of that currency are rarely subject to tax. If an asset appreciates, domestic sellers of that currency will be subject to tax. If governments consider virtual currencies to be assets, not money, then holding virtual currencies will incur taxes not levied on holders of real-world money.

Fourth, what is a virtual currency worth?

For an economist, this is an easy question to answer. A virtual currency is worth what someone else is prepared to give in exchange. A virtual currency is of no value, unless someone else is prepared to accept it in exchange for goods or services that are of some use or value. If no one is prepared to give up something useful in exchange for a virtual currency, then the virtual currency is not worth the bytes it is written with.

There is no compulsion to accept virtual currencies. Real-world currencies have some compulsion. Creditors are - generally - legally obliged to accept a real-world currency in settlement of debts. Moreover, taxes are levied on real-world currencies. This creates an automatic demand for real-world currencies, which is lacking for virtual currencies. No one has to accept virtual currencies in settlement for anything, and governments are unlikely to react positively to any attempt to settle a tax bill with bitcoins.

There is an interesting comparison to make between virtual currencies and gold. On the most important question- as to what a currency is worth - the answer is the same for both virtual currency and gold. The value of gold is simply whatever anyone else is prepared to exchange it for. In real-world terms the value of gold has fallen 27 percent from its 2013 peak - a performance that is eerily similar to the fall in the value of the bitcoin. Gold is also generally treated as an asset not a currency, the exception being some gold coins, and subject to more tax than a real-world currency.

In a sense, therefore, gold was the first virtual currency - at least after 1971 when the tenuous link between real-world currencies and gold was severed. Given the wild fluctuations in the value of gold - what it can buy - over the past 40 years, that may not be terribly reassuring for those holding modern virtual currencies.

The author is a senior global economist with UBS.

 

Previous Page 1 2 Next Page

...
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    亚洲国产精品欧美一二99| 亚洲一区二区三区爽爽爽爽爽| 亚洲一二三区在线观看| 成人丝袜高跟foot| 久久久久国产精品人| 久久精品国产亚洲aⅴ| 6080yy午夜一二三区久久| 亚洲自拍偷拍欧美| 色av一区二区| 首页国产欧美日韩丝袜| 精品免费日韩av| 国产成人免费视频网站| 亚洲女同女同女同女同女同69| 在线观看区一区二| 美女www一区二区| 日韩欧美中文字幕制服| 老鸭窝一区二区久久精品| 国产欧美精品区一区二区三区 | 成人综合在线网站| 国产蜜臀av在线一区二区三区| 一本色道久久加勒比精品| 日韩精品成人一区二区三区| 国产午夜亚洲精品午夜鲁丝片 | 国产婷婷色一区二区三区在线| 国产一区二区三区美女| 亚洲日本欧美天堂| 欧美成人精品二区三区99精品| 波多野结衣91| 免费精品99久久国产综合精品| 日韩你懂的电影在线观看| av电影在线观看一区| 亚洲免费在线看| 欧美大胆人体bbbb| 色欧美日韩亚洲| 国内外成人在线| 中文字幕不卡的av| 欧美久久久久久久久久| 成人午夜激情影院| 亚洲欧美偷拍另类a∨色屁股| 日韩午夜av电影| 91丨九色丨蝌蚪丨老版| 黑人巨大精品欧美一区| 国产午夜精品久久久久久免费视| 成人在线一区二区三区| 首页综合国产亚洲丝袜| 精品处破学生在线二十三| 日本韩国精品在线| 国内精品写真在线观看| 亚洲午夜在线电影| 欧美日韩中文国产| 美女性感视频久久| 一区二区在线看| 欧美不卡一区二区三区四区| 高清成人在线观看| 日本aⅴ亚洲精品中文乱码| 亚洲嫩草精品久久| 国产日产欧美精品一区二区三区| 91精品国产色综合久久ai换脸| 九色|91porny| 午夜精品久久久久| 久久久精品综合| 日韩一区二区在线观看| 欧美在线高清视频| 九色porny丨国产精品| 中文字幕一区三区| 久久久久久久久久电影| 制服丝袜在线91| 国产宾馆实践打屁股91| 一区二区欧美精品| 最新国产精品久久精品| 91精品在线免费观看| 欧美在线一二三| 色婷婷综合激情| 福利视频网站一区二区三区| 亚洲国产另类精品专区| 亚洲欧美另类在线| 亚洲欧美在线高清| 日韩欧美不卡一区| 欧美一区二区三区视频免费 | 欧美色图一区二区三区| 捆绑调教一区二区三区| 日韩一区在线看| 日本一区二区电影| 国产亚洲短视频| 久久久精品国产免大香伊| 精品日韩欧美在线| 日韩精品一区二区三区在线观看| 96av麻豆蜜桃一区二区| 麻豆成人91精品二区三区| 日韩黄色免费电影| 亚洲色图都市小说| 成人欧美一区二区三区小说| 国产精品素人一区二区| 国产目拍亚洲精品99久久精品| 国产人成亚洲第一网站在线播放| 亚洲精品一区二区三区蜜桃下载 | 国产视频一区二区在线| 久久免费美女视频| 国产日韩成人精品| 日韩欧美高清在线| 欧美成人免费网站| 久久亚洲二区三区| 国产日韩欧美a| 国产精品天干天干在观线| 国产精品九色蝌蚪自拍| 久久先锋资源网| 国产欧美一区二区三区在线看蜜臀 | 日本韩国一区二区| 欧美视频一区二区三区四区| 欧美色图免费看| 99久久久精品| 色综合天天性综合| 欧洲国产伦久久久久久久| 欧美日韩精品免费| 日本高清不卡一区| 国产不卡视频一区| 99精品国产91久久久久久| 色呦呦一区二区三区| 欧美少妇一区二区| 色爱区综合激月婷婷| 欧美色窝79yyyycom| 日韩午夜在线观看| 国产午夜久久久久| 久久久久国产精品麻豆ai换脸| 日韩一二三四区| 久久久不卡影院| 精品国产乱码久久久久久牛牛| 欧美男人的天堂一二区| 欧美中文字幕久久| 色猫猫国产区一区二在线视频| 成人av在线观| 欧美性做爰猛烈叫床潮| 56国语精品自产拍在线观看| 久久婷婷综合激情| 亚洲视频在线观看三级| 污片在线观看一区二区| 国产在线麻豆精品观看| bt7086福利一区国产| jiyouzz国产精品久久| 欧美亚洲综合网| 欧美午夜电影一区| 欧美吞精做爰啪啪高潮| 日韩一级免费观看| 国产精品入口麻豆原神| 国产精品人人做人人爽人人添| 亚洲另类在线视频| 亚洲自拍与偷拍| 国产自产高清不卡| 一本一道久久a久久精品综合蜜臀| 成人福利视频在线| 99在线热播精品免费| 欧美精品一卡二卡| 久久久国产精华| 国产精品免费av| 日韩专区一卡二卡| 麻豆久久久久久| 激情小说欧美图片| 国产精品 日产精品 欧美精品| 国产乱人伦偷精品视频不卡| 国产成a人亚洲精品| 成人精品电影在线观看| 337p亚洲精品色噜噜噜| 国产精品三级久久久久三级| 日本91福利区| 91视视频在线观看入口直接观看www| 日本韩国一区二区三区| 日韩欧美高清在线| 一区二区三区在线视频观看58| 自拍偷拍亚洲激情| 亚洲午夜久久久久久久久久久 | 丁香亚洲综合激情啪啪综合| 激情综合色综合久久综合| 一本到不卡免费一区二区| 精品国产乱码久久久久久浪潮 | 欧美国产日韩a欧美在线观看| 亚洲va欧美va国产va天堂影院| 日本人妖一区二区| 国产精品一线二线三线精华| 成人a级免费电影| 91久久国产综合久久| 亚洲精品一线二线三线无人区| 一区二区在线观看av| 亚洲一区二区三区视频在线播放 | 欧美在线小视频| 国产精品免费aⅴ片在线观看| 久久午夜色播影院免费高清| 婷婷中文字幕一区三区| 91在线观看一区二区| 91蜜桃免费观看视频| 久久精品人人做人人综合| 亚洲欧美综合色| 国产91精品久久久久久久网曝门| 91精品久久久久久久91蜜桃| 一区二区三区在线高清| 粉嫩嫩av羞羞动漫久久久| 精品国产伦一区二区三区观看方式 | 精品福利av导航| 亚洲猫色日本管| 成人一区在线看| 欧美三级中文字幕在线观看|