In January, the once-booming bitcoin market plunged from $20, 000 to nearly $11, 000. Previously, regulators in some countries have taken steps to clamp down on virtual currency transactions such as bitcoin. South Korea, which owns the world's largest bitcoin exchange, has also recently made it clear that it is preparing a bill that would ban the use of exchanges to encrypt currency transactions. And the concept of block chain technology behind bitcoin, which was once hot in the a-share market at the beginning of this year, has also fallen silent under the tight supervision of the market.
（今年1月份，曾经风光一时的比特币走出了一波跳水行情，价格从2万美元一度跌至1.1万美元，几近腰斩。此前，一些国家的监管部门已纷纷采取措施，取缔、限制比特币等虚拟货币交易。拥有全球最大的比特币交易所的韩国最近也明确表示，正在准备一项禁止通过交易所进行加密货币交易的法案。而比特币背后的区块链技术概念，在今年年初的A股市场上一度大热后，也在市场的严密监管下归于沉寂。）
The so-called block chain refers to the new application mode of distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies. The blockchain is essentially a decentralized database, and is also the underlying technology that bitcoin relies on. In the bitcoin block chain, each block contains information about a bitcoin network transaction to verify the validity of its information and to generate the next block.
（所谓的区块链，是指分布式数据存储、点对点传输、共识机制、加密算法等计算机技术的新型应用模式。区块链本质上是一个去中心化的数据库，也是比特币依赖的底层技术。在比特币区块链中，每一个数据块中包含了一次比特币网络交易的信息，用于验证其信息的有效性和生成下一个区块。）
Explaining the blockchain concept in terms of jargon is a mouthful, and it doesn't matter if you don't understand it. The so-called "change", in fact, as long as you understand computer network, you can understand the risks. The operation of blockchain can not be separated from the real-time processing of the computer. Virtual currency such as COINS trading times is more and more, need to deal with the transfer and the amount of information that can grow exponentially, behind the need to support the hardware configuration will be more and more high, result in system.
（用术语解释区块链概念有些拗口，这些都不明白也没关系。所谓万变不离其宗，其实只要略懂电脑网络，就能明白其中风险。区块链的运行一离不开电脑实时处理，二离不开网络传输信息。随着比特币等虚拟货币交易次数越来越多，需要传输和处理的信息总量会成指数级增长，其背后需要支撑的硬件配置就会越来越高，导致系统不堪重负。）
Currently, the data is written to a large block chain, waiting for 10 minutes. When all nodes synchronize data, more time is required. For example, the current transaction validity is affected by network transmission. The confirmation time of bitcoin transactions is about 10 minutes each time, and it takes 1 hour to confirm 6 times. Such a slow speed, even COINS fans don't obnoxious, "north American COINS conference organizers announced on its website this year, due to network congestion and artificial processing speed is slow, they stop accepting payment currency for buying the tickets.
（目前，数据写入大型区块链，要等待10分钟。等所有节点都同步数据，则需要更多的时间。拿比特币举例，当前产生的交易有效性受网络传输影响，比特币交易每次的确认时间大约10分钟，6次确认的话需要1个小时。这么慢的交易速度，连比特币拥趸们都不待见，“北美比特币大会”组织者今年就在其网站上宣布，由于网络拥堵和人工处理速度缓慢，他们停止接受比特币付款购买门票。）
As the volume of transaction data continues to grow, the blockchain database will become more and more large until the system resources are exhausted, and this technical risk has not yet been fully solved. Even if it is solved, it will be who's machine is strong, whose network bandwidth is large and who has the advantage, which runs counter to the "de-centralization" of the blockchain. This principle has been proved by the relatively fair and reasonable design of the "mining" by bitcoin since its inception. In addition, both computers and the Internet have been hacked or manipulated by hackers, and some bitcoin exchanges have suffered heavy losses or even shut down because of hackers' attacks.
（随着交易数据量不断增长，区块链数据库将越来越庞大，直到耗尽系统资源，而这一技术风险，目前尚未有完善的解决方案；即使解决了，也会是谁的机器算力强，谁的网络带宽大，谁更占优势，这又与区块链标榜的“去中心化”背道而驰。这一道理，已经被比特币从创始之初的人人都可“挖矿”的相对公平合理设计演变成了谁的算力强谁就能占优所证明。此外，无论电脑还是网络，都有被黑客攻击或操纵风险，一些比特币交易所因为受到黑客攻击而损失惨重甚至关门大吉，就是例证。）
The blockchain is hard to be "small and beautiful", and the valuation is another big risk for bitcoin. Prices for virtual currency such as COINS fully established on the basis of the market to buy and sell, neither can anchor a basket of currencies, and no government credit for endorsement, nor like gold, silver and other precious metals set value and use value in one... So prices are bound to jump up and down. Microsoft, which famously backed bitcoin in 2014, quietly dropped its support for bitcoin earlier this year because of the price volatility.
（区块链难以“小而美”是比特币们的一大硬伤，估值则是比特币们另一大风险。比特币等虚拟货币的价格完全建立在市场买卖的基础上，既没有一篮子货币可锚定，又没有政府信用做背书，也不像金、银等贵金属集价值和使用价值于一身……所以价格必然上蹿下跳，波幅惊人。曾经于2014年高调支持比特币支付的微软，今年初也悄悄取消了微软商店对比特币的支持，原因就在于比特币价格波动太大受不了。）
It is worth noting that some private equity bosses have been turning a blind eye to unsophisticated blockchain technology and virtual currency risk. Of course, you look good, close the door to cast, muffled sound to make a fortune, but come out high profile to talk to everybody about block chain good, I cast, you quick heel, it is not very real. For investors, there is also a need to understand the risks of bitcoin and the blockchain, and to be wary of so-called investment opportunities. (author: liang rui source: economic daily)
值得警惕的是，市场有一些私募机构大佬对并不成熟的区块链技术和虚拟货币风险视若无睹，不断下重注。当然，你看好，关起门来投，闷声发大财就行了，但出来高调跟大家讲区块链好，我投了，你们快跟，就不大地道了。对投资者来说，还需理性认识比特币及区块链的风险，谨慎对待所谓的投资机会。（作者：梁 睿 来源：经济日报）