互聯(lián)網(wǎng)金融外文翻譯—數(shù)字貨幣和替代金融解放資本市場（節(jié)選）

1、<p>　　字?jǐn)?shù)：英文2505單詞，13427字符；中文4405漢字</p><p>　　出處：Kim Wales.Internet finance: Digital currencies and alternative finance liberating the capital markets[J]Journal of Governance and Regulation.2015,4(1):190-

2、201</p><p><b>　　外文文獻(xiàn)：　</b></p><p>　　INTERNET FINANCE: </p><p>　　DIGITAL CURRENCIES AND ALTERNATIVE FINANCE LIBERATING THE CAPITAL MARKETS</p><p>　　Abstract

3、 This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital ma

4、rkets as industries like Peer–to–Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being fina

5、nced. From borrowing and lending, buying and sellin</p><p>　　Key Words: Internet Finance, Digital Currencies, Capital Markets, Alternative Finance</p><p>　　Introduction</p><p>　　The

6、 way we do business is being revolutionized. There is decreasing trust of traditional banks, mainly due to the aftershocks of the 2008 financial crisis and the string of scandals that has affected banks reputation since

7、then, including the LIBOR interest rate rigging scandal, money laundering, high risk lending and tax evasion. As access to traditional funding becomes more elusive and as more and more people join the ranks of the “unban

8、ked,” it is clear that new ways of creating business, job</p><p>　　Barriers in the Global Economy</p><p>　　Kendall and Voorhies (2014) note that in some countries, “the most important buffers ag

9、ainst crippling financial setbacks are financial tools such as personal savings, insurance, credit, or cash transfers from family and friends. Yet these are rarely available because most of the world’s poor lack access t

10、o even the most basic banking services.” In addition, Webber (2014) notes that the World Bank calculates that about 75% “of the world’s poor is unbanked,” amounting to roughly 2.5 billion peopl</p><p>　　Howe

11、ver, “technology and new business models are beginning to shape different types of business finance and funding” available across the globe [Vistage(2013)], especially in developing countries. For instance, 75% of Kenyan

12、s now have mobile banking services, while in Brazil basic banking transactions are now available at local shops [Webber (2014)].</p><p>　　But while the ‘unbanked’ are increasingly being served in developing

13、countries, Webber (2014) notes that inclusion in traditional banking services is becoming more problematic in the EU and US: The Alliance for Financial Inclusion, a global network of policymakers, reported that there are

14、 “58 million people in the EU without bank access and another 92 million are ‘underserved’ – having access, say, to just one bank while in the US, nearly 10 million households are believed to be outside of the f</p>

15、;<p>　　Increasingly, the wealthy are being relied upon to redirect investment dollars toward emerging growth companies through different types of incentives and new funding models, however understanding the new ra

16、nge of financial services and means of access will be ‘challenging” but important for all involved [Vistage(2013)]. In particular, understanding the important differences between the huge range of finance and funding opt

17、ions available – from bank lending to crowd-sourced funding to microfinanc</p><p>　　Maney (2013) says that the world is undergoing a third revolution (following on from the Neolithic Agricultural Revolution

18、and the Industrial Revolution), and this is a very apt description. Humankind’s collective knowledge is being aggregated and disseminated and is increasingly allowing complete access to the surge of universal information

19、 and we all have the ability to connect with almost everyone on the planet [Maney(2013)]. Democratization of the capital markets with financial and investmen</p><p>　　Dawn of a New Era: P2P and the Crowd<

20、/p><p>　　In recent years, peer-to-peer lending has attracted borrowers and lenders that had been displaced by the banks. The “new normal’ in this sea of change is leveraging networks of social capital, better k

21、nown as “the crowd” to infuse the money needed into a company in order to start, grow or sustain its practice.</p><p>　　According to the Small Business Administration, recovering is continuing in both “borro

22、wing and lending conditions”, although recovery is slower for smaller firms. Unfortunately, businesses have experienced a downturn in their financial position, which has made securing funds from banks very difficult duri

23、ng a time of increasing financial regulation. This is reflected in a number of studies into small business lending over the last few years. </p><p>　　The New York Federal Reserve regularly surveys small busi

24、ness owners regarding “their needs and experiences,” in order to gauge the credit environment, and in the. April/May 2012 survey, 544 small businesses participated. The feedback from the survey indicates that “the recent

25、 drop in lending may be due in part to weaker firms self-selecting out of the credit market”: about two- thirds of the participants did not apply for any financing, and half of these respondents did not do so because the

26、y f</p><p>　　Oxfam’s (2014) report into global economic inequality stated that a mere 1% of the global population controls almost half of the global wealth. Furthermore, this 1% owns $110 trillion which is 6

27、5 times the combined wealth of the “poorest 3.5 billion people,” the 85 richest people own the same as the combined total wealth of the bottom 50% of the global population, and 70% of the population reside in countries w

28、here “economic inequality has increased in the last 30 years”. These statistics emphas</p><p>　　History illustrates that during periods of radical change, it took two world wars to shift the economy [Piketty

29、(2014)]. Now inequality is rising back to pre- 1915 war levels. According to Piketty (2014), this should be counteracted via global tax on wealth or similar measures.While here we agree on the inequality rise, I submit t

30、hat wealth inequality could improve naturally through advances in technology and the democratization of capital under the umbrella of “internet finance” rather than thro</p><p>　　Globally, peer – to – peer p

31、latforms originated an estimated $70 billion in 2014. Yet, these loans only make up a small portion of the total number of small business loans [Eavis(2014)]. In the first quarter of 2014, banks lent a total of $291 bill

32、ion to small businesses, according to FDIC figures, while in contrast, US P2P lending platform, Prosper Marketplace originated over $3 billion of loans on platform as of 1Q2015. As of the 2014, Peer – to – Peer Lending (

33、Debt) originated $11 billion in </p><p>　　Mobile banking</p><p>　　Mobile banking is becoming increasingly popular and its applications have the “potential to encourage financial discipline in ev

34、en more effective ways” [Kendall and Voorhies (2014)] Mobile banking has three advantages over traditional banking models, which can also be translated for primary and secondary markets [Kendall and Voorhies (2014)]:<

35、/p><p>　　—Mobile transactions are virtually free. Counter services at financial institutions make up most of the routine bank costs, however, with mobile banking, the same transactions can be made with little o

36、r no cost to the financial institutions or mobile service providers, and by extension those servicing transactions within the primary and secondary markets.</p><p>　　—These mobile transactions create huge am

37、ounts of data, “which banks and other providers can use to develop more profitable servers and even substitute for traditional credit scores (which can be hard for those without formal records or financial histories to o

38、btain)”. Over time, there will be an emergence of mobile ratings agencies that will assist entrepreneurs and investors to overcome this hurdle in the primary and secondary markets.</p><p>　　—Mobile platforms

39、 operate in real time, allowing instantaneous account information, messaging and new services sign up.</p><p>　　Digital Currency: the case of virtual and crypto currencies</p><p>　　Digital curre

40、ncy businesses are now proliferating with $350 million invested by venture capitalist in 2014 and $230 million invested the year prior. For a moment, let’s explore how the crypto currency, Bitcoin could transform financi

41、al markets, by serving as a catalyst for capital formation, especially in underserved regions like Africa and Haiti, which are in dire need of banking facilities and access to capital and technology like blockchain is be

42、ginning to serve as the backbone infrastructure</p><p>　　Bitcoin is currency that can be traded internationally and anonymously, and because it is a decentralized digital currency, there are no fees, governm

43、ent regulation, and oversight by banks and government-backed securities [Pagliery (2014a)].</p><p>　　Five years after its introduction, Bitcoin is among the most studied and traded financial products. Bitcoi

44、n payments occur peer-to-peer with no administrator and this cryptocurrency is now a popular form of digital currency. A number of top investors support this digital currency (including, for example, Marc Andreessen and

45、the Winklevoss twins). Merchants see Bitcoin with favor because of its lower fees when compared with credit cards, and the fact that fees are paid by the purchaser and not by</p><p>　　Indeed, last year the b

46、itcoin exchange, Mt. Gox, collapsed, which raised questions regarding “the security of investing in a virtual currency that isn’t regulated by governments” [Vaishampayan (2014)]. However, other players, such as SecondMar

47、ket, created a new, and more secure, bitcoin exchange and launched a Bitcoin Investment Trust. </p><p>　　There is an excellent and potentially revolutionary opportunity to incorporate cryptocurrencies like B

48、itcoin into products such as crowdfunding platforms and mobile-enabled platforms that could serve the unbanked, underserved, and the emerging middle class, who represent well over 2 billion people worldwide. $90 billion

49、a year is spent by this population on alternative services such as check cashers and payday loans [Schutte (2014)] and they struggle to obtain the financing, beyond limited micro</p><p>　　Bitcoin could be us

50、ed for remittances, liquidity access to cash, and credit for frontier and emerging countries. </p><p>　　Conclusion</p><p>　　The world is embarking upon a new economic revolution. Institutional m

51、arket making may become a profession of the past as the democratization of capital is being driven more and more by retail investors. The catalyst for this phenomenon originated in the global economic recession. Unemploy

52、ment, while going down, is till a problem, and interest rates remain at historic lows of almost zero percent while startup and emerging growth companies find it difficult to raise capital via traditional avenue</p>

53、<p>　　Start-ups are major job creators (small firms created 65% of new jobs in the US between 1993 and 2009), but they aren’t getting the funding to remain operational. 2.5 billion people are unbanked [Chaia et al

54、 (2010)] while over 2 billion are living on less than $2 a day. With all of the global resources, it is hard to understand why the wealth disparity gap continues to increase in the 21st century with 1% of the population

55、controlling over 50% of the world’s wealth.</p><p>　　On April 5, 2012, President Barack Obama signed into legislation The Jumpstart Our Business Startups Act (JOBS Act), igniting a change to 80- year-old sec

56、urities laws while spurring a changing of the guards globally and enabling the democratization of the capital markets. Technological advances such as Web 3.0, social capital, smartphones and mobile technology, and Bitcoi

57、n are fueling this economic revolution. This revolution is also known as “frictionless capitalism”, a term coined by Bill Gate</p><p>　　As these examples show, a new economic revolution has the potential to

58、disrupt social and capital norms. Every aspect of life will be transformed due to the interrelated nature of the ecosystem because increased activity in one part of the ecosystem spurs an increase in activity in others.&

59、lt;/p><p>　　I conclude by arguing that all these developments, energized by the efforts of innovators and entrepreneurs, have the potential to radically transform the world in which we live, while promoting the

60、 core values of industrialized societies including democracy, capital formation, sustainability, and equality. A brave new world of business and finance, which is more equal and fairer, is just around the corner.</p&g

61、t;<p><b>　　中文譯文：</b></p><p>　　互聯(lián)網(wǎng)金融：數(shù)字貨幣和替代金融解放資本市場</p><p>　　摘要 本文討論了政策改革和創(chuàng)新的突然轉(zhuǎn)變是如何解放金融市場的?；ヂ?lián)網(wǎng)金融的經(jīng)濟(jì)潛力開始在資本市場上占有一席之地，因?yàn)橄馪2P貸款、股權(quán)眾籌、債務(wù)眾籌、虛擬貨幣和數(shù)字貨幣類型的加密貨幣，正在迅速改變企業(yè)融資的方式。從借貸、買賣證

62、券到國際電匯，這些創(chuàng)新創(chuàng)造了一個(gè)新的階層，一代投資者將獲得投資機(jī)會。幫助機(jī)構(gòu)和政府評估風(fēng)險(xiǎn)和管理績效，以確定在何處部署資本；并顯示減少不平等差距的跡象。繼新石器時(shí)代的農(nóng)業(yè)革命和工業(yè)革命之后，這場新的革命將使更多的人能夠以不太傳統(tǒng)的方式獲得金融服務(wù)，特別是具有巨大潛力的無銀行賬戶。這些新的財(cái)務(wù)機(jī)會，如P2P貸款，將被討論和審查，我們將強(qiáng)調(diào)它們?nèi)绾文軌蜃屓藗償[脫當(dāng)前全球經(jīng)濟(jì)中的障礙。最后，我們認(rèn)為，所有這些發(fā)展，在創(chuàng)新者和企業(yè)家的努力下，都

63、有可能徹底改變我們所處的世界，同時(shí)促進(jìn)了包括民主、資本形成、可持續(xù)性和平等在內(nèi)的工業(yè)化社會的核心價(jià)值，而不僅僅依靠增稅。</p><p>　　關(guān)鍵詞：互聯(lián)網(wǎng)金融，數(shù)字貨幣，資本市場，替代金融</p><p><b>　　引言</b></p><p>　　我們做生意的方式正在發(fā)生革命性變化。傳統(tǒng)銀行的信任度日益下降，主要是由于2008年金融危機(jī)的

64、余震以及此后影響銀行聲譽(yù)的一連串丑聞，包括倫敦銀行同業(yè)拆借利率操縱丑聞，洗錢，高風(fēng)險(xiǎn)貸款和逃稅。隨著獲得傳統(tǒng)資金的機(jī)會變得越來越難以捉摸，越來越多的人加入到“無銀行賬戶”的行列，很顯然，必須要找到一種新途徑，以更加公平的方式創(chuàng)造商業(yè)、就業(yè)和資本。事實(shí)上， 一場經(jīng)濟(jì)革命正在進(jìn)行，它正在通過新技術(shù)、改變立法和替代籌資機(jī)制來徹底改變金融生態(tài)系統(tǒng)。</p><p><b>　　全球經(jīng)濟(jì)中的障礙</b>

65、;</p><p>　　肯德爾和伍里斯（2014）指出，在一些國家，“抵御嚴(yán)重金融挫折的最重要緩沖是金融工具，如個(gè)人儲蓄、保險(xiǎn)、信貸或家庭和朋友的現(xiàn)金轉(zhuǎn)賬。然而，這些的可用性都不大，因?yàn)槭澜缟洗蠖鄶?shù)窮人甚至連最基本的銀行服務(wù)都得不到”。此外，韋伯（2014）還指出，世界銀行估計(jì)，“世界上的窮人大約有75％沒有銀行賬戶”，這相當(dāng)于大約有25億人無法獲得任何銀行服務(wù)。這些沒有銀行賬戶的人往往依賴于“東拼西湊的非正式的

66、、經(jīng)常不穩(wěn)定的安排來管理他們的財(cái)務(wù)生活”。</p><p>　　然而，“技術(shù)和新的商業(yè)模式正在開始形成遍布全球的不同類型的商業(yè)融資和資金”[威斯特奇（2013）]，特別是在發(fā)展中國家。例如，75％的肯尼亞人現(xiàn)在都有移動(dòng)銀行服務(wù)，而在巴西，基本的銀行業(yè)務(wù)在當(dāng)?shù)厣痰昃涂梢再I到[韋伯（2014）]。</p><p>　　當(dāng)發(fā)展中國家越來越多地服務(wù)于“無銀行賬戶”時(shí)，韋伯（2014）指出，在歐盟和

67、美國，傳統(tǒng)的銀行服務(wù)越來越有問題：全球的政策制定者金融包容聯(lián)盟報(bào)告說，“在歐盟，約有5800萬人沒有銀行業(yè)務(wù)，另外有9200萬人認(rèn)為服務(wù)水平低下——在美國，有的人只在一家銀行有業(yè)務(wù)，將近1000萬個(gè)家庭被認(rèn)為在正規(guī)的銀行系統(tǒng)之外”。</p><p>　　越來越多的富人正在通過不同類型的激勵(lì)措施和新的融資模式，將投資資金轉(zhuǎn)向新興的成長型公司，雖然了解新的金融范圍和準(zhǔn)入渠道將是“具有挑戰(zhàn)性的”，但對所有參與者來說都是

68、重要的[威斯特奇（2013）]。特別是，了解巨大的融資渠道和資金選擇之間的重要差異——從銀行貸款到大眾融資，從小額信貸到私人股本和風(fēng)險(xiǎn)投資——都是存在挑戰(zhàn)性的，但對于商業(yè)領(lǐng)袖、新興的成長型公司和投資者來說，考慮到他們在經(jīng)濟(jì)等式中的地位，這將是至關(guān)重要的。同時(shí)，正如我在較早的一篇文章中所寫的那樣，普通工薪階層也有機(jī)會利用這些新的投資和融資渠道，這一點(diǎn)同樣重要[威爾斯（2014）]。</p><p>　　梅尼（201

69、3）說，世界正在經(jīng)歷第三次革命（繼新石器時(shí)代的農(nóng)業(yè)革命和工業(yè)革命之后），這是一個(gè)非常貼切的描述。人類的集體知識正在被聚集和傳播，全球通用信息被越來越多的人掌握利用，我們都有能力與地球上的每一個(gè)人建立聯(lián)系[梅尼（2013）]。資本市場的金融和投資產(chǎn)品民主化,如股權(quán)眾籌、P2P貸款、比特幣等等，同時(shí)，隨著互聯(lián)網(wǎng)技術(shù)的進(jìn)步，社交媒體和智能手機(jī)都同樣革命性地改變了我們做事的方式。這場始于發(fā)展中國家的新革命，將使更多的人能夠以不太傳統(tǒng)的方式獲得金

70、融服務(wù)。這些新的金融機(jī)會，如P2P貸款和比特幣，將依次被討論。</p><p>　　新時(shí)代的曙光：P2P與大眾</p><p>　　近年來，P2P貸款吸引了那些被銀行排除在外的借款人和貸款人。在這變化的浪潮中，“新常態(tài)”，或者更好的稱呼為“大眾”，正在利用社會資本網(wǎng)絡(luò)，為公司注入所需的資金, 以便啟動(dòng)、發(fā)展或維持其業(yè)務(wù)。</p><p>　　根據(jù)小企業(yè)管理局的統(tǒng)計(jì)，

71、在“借貸條件”下，經(jīng)濟(jì)復(fù)蘇仍然在繼續(xù)，雖然小企業(yè)復(fù)蘇的步伐較慢。不幸的是，企業(yè)的財(cái)務(wù)狀況出現(xiàn)下滑，在金融監(jiān)管日益增多的情況下，這使得它們很難獲得銀行資金。過去幾年里，有許多關(guān)于小企業(yè)貸款的研究都反映了這一點(diǎn)。</p><p>　　紐約聯(lián)邦儲備委員會定期調(diào)查小企業(yè)主“他們的需求和經(jīng)驗(yàn)”，以衡量信貸環(huán)境。2012年4月/5月，544家小企業(yè)參與了調(diào)查。調(diào)查的反饋意見表明，“近期貸款的下降，可能是由于部分實(shí)力較弱的企業(yè)

72、自我選擇了信貸市場”：大約三分之二的參與者沒有申請任何融資，其中一半的受訪者表示，沒有這樣做是因?yàn)樗麄儞?dān)心他們的申請會被拒絕。參與者還報(bào)告說，與高額貸款相比，小額貸款存在“更高的拒絕率”，這表明小企業(yè)對小額貸款的需求是存在的。</p><p>　　牛津饑荒救濟(jì)委員會（2014）對全球經(jīng)濟(jì)不平等的報(bào)告指出，全球只有1％的人口控制著近一半的全球財(cái)富。此外，這1％擁有110萬億美元，是“最貧窮的35億人口”的財(cái)富總和的

73、65倍，85位最富有的人擁有的財(cái)富與全球人口最低的50％的總財(cái)富相同，70%的人口居住在“過去30年經(jīng)濟(jì)不平等加劇”的國家。這些統(tǒng)計(jì)數(shù)字強(qiáng)調(diào)了這樣一個(gè)事實(shí)，即沒有過多的資本流入到“大眾”手中，“大眾”也難以獲得資本。</p><p>　　歷史表明，在激進(jìn)變革的時(shí)期，經(jīng)歷了兩次世界大戰(zhàn)，改變了經(jīng)濟(jì)狀況[皮凱蒂（2014）]。現(xiàn)在不平等正在回升到1915年以前的戰(zhàn)爭水平。根據(jù)皮凱蒂（2014）的觀點(diǎn)，不平等現(xiàn)象應(yīng)該通

74、過全球財(cái)富稅或類似措施來加以改善。在這里，我們就不平等現(xiàn)象的加劇達(dá)成一致，我認(rèn)為，在“互聯(lián)網(wǎng)金融”的環(huán)境下，財(cái)富不平等可以通過技術(shù)進(jìn)步和資本民主化得到順其自然的改善，而不是僅僅依靠財(cái)政政策。</p><p>　　在全球范圍內(nèi)，P2P平臺在估計(jì)在2014產(chǎn)生了700億美元。然而，這些貸款僅占小企業(yè)貸款總額的一小部分[艾維斯（2014）]。根據(jù)聯(lián)邦存款保險(xiǎn)公司的數(shù)據(jù)，2014年第一季度，銀行向小企業(yè)發(fā)放了總計(jì)2910

75、億美元的貸款，而相比之下，2015年第一季度，美國P2P借貸平臺Prosper Marketplace上的貸款就超過30億美元。截至2014年，P2P貸款（債務(wù)）分別在美國發(fā)行了110億美元的貸款，中國的發(fā)行額為560億美元，歐洲發(fā)行額為56億美元。預(yù)計(jì)到2015年底，這些數(shù)字將翻一番。</p><p><b>　　移動(dòng)銀行</b></p><p>　　移動(dòng)銀行越來越

76、受歡迎，其應(yīng)用程序具有“以更有效的方式鼓勵(lì)財(cái)務(wù)紀(jì)律的潛力”[肯德爾和伍里斯（2014）]。移動(dòng)銀行業(yè)務(wù)相對于傳統(tǒng)銀行業(yè)務(wù)模式有三大優(yōu)勢，這也可以轉(zhuǎn)化為初級和二級市場[肯德爾和伍里斯（2014）]：</p><p>　　—移動(dòng)交易幾乎是免費(fèi)的。金融機(jī)構(gòu)的柜臺服務(wù)構(gòu)成了大部分常規(guī)銀行的成本，但是，通過移動(dòng)銀行業(yè)務(wù)，金融機(jī)構(gòu)或移動(dòng)服務(wù)提供商可以用很少或不需要費(fèi)用，即可進(jìn)行相同的交易，并且可以在初級和二級市場擴(kuò)展這些服務(wù)

77、。</p><p>　　—這些移動(dòng)交易創(chuàng)造了大量的數(shù)據(jù)，“銀行和其他提供商可以使用它們來開發(fā)更有利可圖的服務(wù)器，甚至取代傳統(tǒng)的信用評分（對于沒有正式記錄或財(cái)務(wù)歷史的用戶來說，這些數(shù)據(jù)可能難以獲得）”。隨著時(shí)間的推移，移動(dòng)評級機(jī)構(gòu)的出現(xiàn)將有助于企業(yè)家和投資者在初級和二級市場克服這一障礙。</p><p>　　—移動(dòng)平臺實(shí)時(shí)運(yùn)行，可以即時(shí)記錄賬戶信息、消息傳遞和新服務(wù)注冊。</p>

78、<p>　　數(shù)字貨幣：虛擬和加密貨幣的情況</p><p>　　數(shù)字貨幣業(yè)務(wù)目前正在蓬勃發(fā)展，風(fēng)險(xiǎn)投資家在2014年投資了3.5億美元，而前一年投資了2.3億美元?，F(xiàn)在，讓我們來看看加密貨幣——比特幣如何作為資本形成的催化劑改變貨幣市場，特別是在非洲和海地等服務(wù)不足的地區(qū)，這些地區(qū)急需銀行設(shè)施、資金和技術(shù)，例如區(qū)塊鏈開始成為貨幣流動(dòng)的骨干基礎(chǔ)設(shè)施。</p><p>　　比特幣

79、是一種可以在國際上和匿名交易的貨幣，而且由于它是一種分散的數(shù)字貨幣，所以沒有收費(fèi)、政府監(jiān)管，以及銀行和政府支持的證券監(jiān)督[派格列瑞（2014a）]。</p><p>　　在推出五年后，比特幣是研究和交易最多的金融產(chǎn)品之一。比特幣支付是在沒有管理員的情況下發(fā)生的，這種加密數(shù)字貨幣現(xiàn)在是一種流行的數(shù)字貨幣形式。一些頂級投資者（包括，例如，馬克·安德森和文克萊沃斯兄弟）支持這種數(shù)字貨幣。與信用卡相比，商家更青

80、睞于比特幣，因?yàn)樗氖召M(fèi)較低，而且收費(fèi)是由買方支付而不是由供應(yīng)商支付的。不過，到目前為止，比特幣的波動(dòng)性還是很大，受到了政府的嚴(yán)格審查。</p><p>　　事實(shí)上，去年的比特幣交易所Mt. Gox倒閉了，引發(fā)了關(guān)于“投資于不受政府監(jiān)管的虛擬貨幣的安全性”的問題[Vaishampayan（2014）]。不過，其他玩家，如SecondMarket，創(chuàng)造了一個(gè)新的、更安全的比特幣交易所，并推出了比特幣投資信托基金。&

81、lt;/p><p>　　將像比特幣這樣的加密數(shù)字貨幣融入諸如眾籌平臺和支持移動(dòng)平臺的產(chǎn)品中，這是一個(gè)很好的潛在的革命性機(jī)會，可以為全球超過20億人口的無銀行、服務(wù)不足和新興的中產(chǎn)階級服務(wù)。這些人每年花費(fèi)900億美元用于替代服務(wù)，如支票和發(fā)薪日貸款[舒特（2014）]，除了有限的小額信貸機(jī)會，他們還努力獲得融資以創(chuàng)業(yè)。如果適當(dāng)?shù)乩蒙鐣Y本和技術(shù)，，為這一部分人創(chuàng)造價(jià)值可能是非常令人興奮的。</p>&l

82、t;p>　　比特幣可用于匯款、獲取流動(dòng)性現(xiàn)金，以及前沿和新興國家的信貸。</p><p><b>　　結(jié)論</b></p><p>　　世界正在經(jīng)歷一場新的經(jīng)濟(jì)革命。隨著資本的民主化越來越受到散戶投資者的推動(dòng)，機(jī)構(gòu)市場的形成可能成為過去的一個(gè)行業(yè)。這種現(xiàn)象的催化劑來源于全球經(jīng)濟(jì)衰退。失業(yè)率雖然在下降，但仍存在問題，而利率仍然處于歷史最低點(diǎn)，幾乎為零，初創(chuàng)型和增長

83、型的新興公司發(fā)現(xiàn)很難通過傳統(tǒng)渠道籌集資金。</p><p>　　初創(chuàng)型企業(yè)是主要的創(chuàng)業(yè)者（1993年至2009年間，美國的小企業(yè)創(chuàng)造了65％的新工作崗位），但是他們沒有獲得資金來維持運(yùn)營。25億人沒有銀行賬戶[沙亞等人（2010）]，而超過20億人每天的生活費(fèi)不到2美元。在全球所有資源中，很難理解為什么二十一世紀(jì)財(cái)富差距繼續(xù)加劇，其中1％的人口控制著世界財(cái)富的50％以上。</p><p>

84、　　2012年4月5日，貝拉克·奧巴馬總統(tǒng)簽署了《創(chuàng)業(yè)企業(yè)扶助法》（JOBS法案），使長達(dá)80年之久的證券法得到改變，同時(shí)推動(dòng)了全球監(jiān)控的變化，實(shí)現(xiàn)了資本市場的民主化。技術(shù)進(jìn)步如Web 3.0、社會資本、智能手機(jī)和移動(dòng)技術(shù)，以及比特幣，正在推動(dòng)這場經(jīng)濟(jì)革命。這場革命也被稱為“無摩擦的資本主義”，這是比爾·蓋茨在1994年他的《未來之路》一書中提出的一個(gè)術(shù)語，這表明新一代的互聯(lián)網(wǎng)公司正在創(chuàng)新，以尋找減少互聯(lián)網(wǎng)經(jīng)濟(jì)中摩擦

85、的方法。我將進(jìn)一步考慮這一想法，并提出互聯(lián)網(wǎng)正在成為一個(gè)新的工業(yè)網(wǎng)絡(luò)，我們可以直接建立相互聯(lián)系，在創(chuàng)造“無摩擦的勞動(dòng)力市場”方面取得進(jìn)步。</p><p>　　正如這些例子所示，新的經(jīng)濟(jì)革命有可能擾亂社會和資本規(guī)范。由于生態(tài)系統(tǒng)的相互關(guān)聯(lián)性，生活的每一個(gè)方面都將會發(fā)生變化，因?yàn)樯鷳B(tài)系統(tǒng)中某一部分活動(dòng)的增加會刺激其他活動(dòng)的增加。</p><p>　　最后，我認(rèn)為，所有這些發(fā)展，在創(chuàng)新者和企業(yè)