去年9月4日，央行发布的文件明确叫停了代币发行融资——也就是ICO禁令。这种融资主体通过代币的违规发售、流通，向投资者筹集比特币、以太币等所谓“虚拟货币”的行为，在国内被明令禁止。
On 4 September last year, the Central Bank issued a document explicitly calling for the suspension of money-distribution finance — — or ICO ban. This financing subject raised from investors , called “ virtual currency & rdquao; acts that are explicitly prohibited at home.
现在半年多的时间过去了，这些标榜着“区块链技术”的“虚拟货币”，市场又是怎样的情况呢？央视财经记者进行了调查。
More than six months have passed now, and these are &ldquao; block chain technology & & rdquao; & & & & & & rdquao; what about the market? A survey of financial journalists.
![What's the concept of air virtual currency](http://upload.mnw.cn/2018/0523/15270408395.jpg")
火爆依旧禁不住的炒币人
杨超是一位虚拟货币投资者，今年1月，他看到比特币价格大幅上涨，便筹钱进行了投资，但仅仅两个月的时间，就赔掉了上千万。 Yang was a virtual money investor who, in January of this year, saw the price of bitcoin rise and made investments, but lost millions in just two months. 虚拟货币投资者杨超说，比特币当时买入的价格在10万块钱一个，以这个价格就买入了大概两百多万、三百万的比特币。之后这个比特币的价格就开始下滑、下挫，然后下挫每跌10%，就又买现货。 Virtual money investor Yang said that Bitcoin bought at a price of $100,000, buying at that price about two million and three million bitcoins. After that, the price of this bitcoin started to fall, fell, and then fell by 10%, and then bought the spot again. 实际上，这不是杨超第一次炒币。在代币发行融资和交易平台被禁之前，他的亏损已经超过了200万。心有不甘的杨超认为，央行出台的ICO禁令对于他这样的投资者并没有任何影响。于是，再次入场的结果更加令人失望。 Indeed, this is not the first time that Yang has paid off. He has lost more than 2 million people before the money-issuing financing and trading platform was banned. 虚拟货币投资者杨超表示，类似我这样子的这种投资者还不在少数，整个群里面加起来接近七八百人，好几个群。最少的也得亏了十几万吧。 Virtual money investors like me, Yeung-hyun, say, are not in the minority, and the whole group is close to seven hundred people, several groups. At least it's lost a hundred thousand. 杨超之所以投资虚拟货币，主要是源于价格的大起大落。像比特币，从2009年出现，每个比特币还不到一分钱，不到十年的时间，价格一度突破了12万元人民币，在如此疯涨行情下，可以一夜暴富的心态吸引着大量投资者入场。 Yang's investment in virtual currency stems mainly from the sharp rise in prices. Like Bitcoins, which emerged in 2009, with less than a cent per bitcoin, and a price that was once over 120,000 yuan in less than a decade, could attract a large number of investors in such a ravaging mood. 95后，1千个比特币，这是郑皓升在“币圈”中的符号。在一年内将14万元本金变成了几个亿的他，目前手上还有超过50种不同的代币。但是像郑皓升这样的专业投资者，也不是永远的赢家。 After 95, 1,000 bitcoins, which is the symbol of Chung's promotion in “ the currency circle & rdquao;. He turned 140,000 principals into hundreds of millions in a year, with more than 50 different tokens in his hand. But professional investors like Jung's promotion are not always winners. 虚拟货币投资者郑皓升对记者说， 前两天直接亏损了200个比特币，价值一千万，间接亏损大概有三千万左右。有多少人挣就有多少人亏，更多的人是在亏损的，盲目地入场，80%都在亏。 The virtual money investor, Jung Lian, told reporters that the previous two days had seen a direct loss of 200 bits worth $10 million and an indirect loss of about $30 million. As many people earn, many more are losing, blindly entering, 80% are losing. 数据显示，目前，全球活跃的虚拟货币约有1600种。每天的累计交易额超过了100亿美元。其中，仅比特币一天的交易额就在60亿美元左右。 而国内投资者是全球“虚拟货币”大买家。 The data show that there are about 1,600 active virtual currencies around the world today. Cumulative transactions exceed $10 billion a day. Of these, Bitcoins alone account for about $6 billion a day. 国家互联网金融安全技术专家委员会区块链研究室主任毛洪亮表示，以一个最大的国际化的平台为例来看。在这上面监测到从2018年到现在，数字货币跟人民币的兑换交易额大概是13亿人民币，占整个平台总的交易额大概13%左右。 According to Mao Hong Liang, head of the block chain research unit of the National Committee of Experts on Internet Financial Security, for example, one of the largest international platforms. From 2018 to the present, digital currency and renminbi exchange transactions are estimated at 1.3 billion yuan, accounting for about 13% of the total. “空气币”频现新发行代币增加30多倍 央行把代币发行融资明确为：“本质上是一种未经批准非法公开融资的行为，可是，记者发现，仍有很多企业在发行，代币为什么会这么热呢？ The central bank explicitly stated that: “ it is essentially an unauthorized act of illegal public financing, but journalists find that many businesses are still issuing, and why is the token so hot? 国家互联网金融安全技术专家委员会区块链研究室主任毛洪亮表示，国内的交易平台，尤其是主要的交易平台，上线的交易币种相对比较少，目前来看比原来丰富了很多，比如说火币、OKEX，它们上线的币种都已经超过了100种。2017年9月份之前基本上就是一般就是3个，比特币，莱特币和以太坊。 The head of the section chain research unit of the National Committee of Experts on Internet Financial Security said that domestic trading platforms, especially the main trading platforms, were relatively few, and were now much richer than they had been before, for example, the coins and the OKEX, which were already in excess of 100. Until September 2017, they were basically three, Bitcoin, Letco and Etheria. 投资者的热情不减，代币发行融资层出不穷的背后，在专业投资者看来，这个市场已经出现明显的泡沫。 Investors' enthusiasm has continued, and the market has become apparent in the eyes of professional investors behind the proliferation of money-for-money finance. 虚拟货币投资者李笑来说，现在很明显有泡沫，且一直有泡沫，但这个泡沫究竟在哪里，究竟有多大谁也不知道。 Virtual money investors, Li laughter, said it was clear that there was a bubble and there was always a bubble, but the exact extent of the bubble was unknown. 业内人士告诉记者，在泡沫中，最为危险的，是完全没有实体项目支撑的“空气币”。 Industry sources tell journalists that the most dangerous thing in the bubble is 2018年1月15日，号称全球首个支持数字加密货币的博彩游戏平台英雄链，上线即“破发”，由发行价0.6元跌至0.05元。3月14日，被公安机关以涉嫌诈骗立案调查； 2018年1月，主打“放卫星”和打造太空操作系统概念的太空链进行ICO，1月10日向私募投资人发行代币SPC，仅一天便募集近10亿元，3月28日，太空链项目及相关代投涉嫌诈骗已被扬州市公安局开发区分局立案。像类似的现象，在虚拟货币行业屡见不鲜。 On 15 January 2018, the first global hero of the Gambling Platform, known as “ Broken & rdquo; dropped from the circulation price of 0.6 to 0.05. On 14 March, the public security authorities opened an investigation into the alleged fraud; in January 2018, the main striker & ldquo; the launch of the satellite & rdquo; and the launch of the ICO with the space chain to build the concept of the space operating system, distributed on 10 January to private investors token SPC
IT社区和服务平台CSDN副总裁孟岩介绍， 这种可以比较有把握地称之为空气币，占比很难说，但是在泡沫之下，这个比例是不小的，有可能会超过50%、60%甚至70%。
The presentation by the Vice-President of the IT community and service platform CSDN, Monwa, is more certain to call it air currency, which is difficult to say, but under the bubble, this proportion is not small, and may be more than 50 per cent, 60 per cent or even 70 per cent.
“空气币”与其他融资项目不同，发行融资的融资主体并不需要是一个真实的公司，一个临时组成的“团队”就可以成为融资主体。在央行禁止代币发行融资后，国内原有的代币项目，纷纷选择将服务器、融资主体注册地等迁移到境外。而以“团队”为融资主体的代币融资项目甚至都不需要将注册地外迁，一切照旧，就可以继续融资圈钱。
“ Airnotes & rdquo; unlike other financing projects, the issuer does not need to be a real company, a temporary & & & & & & & & & & ; it can become a funder. After the central bank banned the issuance of funds in the currency, chose to relocate servers, the owner’s place of registration, and so forth.
国家互联网金融安全技术专家委员会区块链研究室主任毛洪亮介绍，很多ICO的主体就仅仅是一个团队，很多没有注册到公司的级别，所以很难说有一个公司主体，或者是企业主体。
The Director of the Block Chain Research Unit of the National Technical Expert Committee on Internet Financial Security, Mao Hong Liang, introduced the fact that many of the subjects of the ICO are only a team and many are not registered at the company level, so it is difficult to say that there is a subject of a company or a subject of an enterprise.
涨跌游戏忽视价值资本为王
正常来讲，每种代币都是基于某个区块链技术或者应用的“虚拟货币”。看好这种代币，就是看好它背后的区块链技术。但是，在暴涨暴跌的一轮一轮行情中，一些空气币都会被市场接纳。
Normally, each currency is based on a block chain technology or an applied & & & & & & & & & ;. Watch this currency, watch the block chain technology behind it. But, in a boom-and-bust round, some of the air currency will be accepted by the market.
对于普通投资者，在目前的虚拟货币定价中，即使是真正有实体项目支撑的代币，也难以参照IPO项目以实体项目的估值进行定价。在信息完全不透明的情况下，对于一种虚拟货币的价格完全取决于项目的包装，甚至是项目由谁站台。李笑来就经常出现在一些项目的宣传中，成为一个站台人，其中也不乏空气项目。
For ordinary investors, in the current virtual currency pricing, it is difficult to base prices on the valuation of a real project by reference to an IPO project, even if it is supported by a real entity project. In the absence of any transparency in the information, the price of a virtual currency depends entirely on the project’s packaging, or even on who stands for the project.
虚拟货币投资者李笑来说，99.99%的情况下是被“站台”的，急于赚钱的人是害怕错过机会的，又判断不了，所以就看站台的人是谁，也许那个站台人有影响力，那就意味着这个东西被看好，可能将来会有影响力。
Virtual money investors, Li laughter, said that 99.99 per cent of cases were & ldquo; platform & & rdquo; and that those who were anxious to make money were afraid to miss the opportunity and could not judge, so it was up to the people on the platform, and perhaps the people on the platform had influence, which meant that it was seen well and might have influence in the future.
专家表示：只要是资本愿意，即便是背后没有项目的空气币，也有价格大幅上涨得可能。因为各国都缺乏有效的监管，资本通过涨跌游戏，可以轻松圈走小投资人的资金。这样的操作对于目前市场中大量存在的新发行代币、或者融资总金额不大的小币种而言，操作起来并不难。
Experts say that prices are likely to rise significantly, as long as capital is willing, even if there is no air currency behind it. Because of the lack of effective regulation, capital can easily run away from small investors through up-and-down games.
虚拟货币投资者郑皓升说，为什么币能涨呢，就是很多游资，比如，一百个比特币，一百个比特币现在是六百万，卖一百个比特币并不能对这个大盘造成什么影响，但是把这六百万去买一个小币，这小币可能会涨得很多。
A virtual currency investor, Jung Yong-jung, said, "Why do you have to raise the currency?" That's a lot of money. For example, 100 bitcoins, 100 bitcoins are now 6 million, and selling 100 bitcoins doesn't have any impact on this big plate, but buying the six million is a small coin, which is likely to rise a lot.
不公开、不透明、项目价值的不确定，以及投资者期待暴富的情绪，放大了“虚拟货币”市场的风险。
Non-publicity, non-transparentness, uncertainty about the value of the project, and investor expectations of abundance have magnified the risks of & ldquao; virtual currency & & rdquao; and the market.
北京大学光华管理学院金融系主任区块链实验室主任刘晓蕾介绍，你就没有价值，但是照样可以炒得很高，为什么呢，就是搏傻，虽然价值是零，但是现在卖十块钱，后面二十块钱还有人愿意买，再找一个更大的傻瓜卖给他。
Liu Xiaoree, Director of the Block Chain Laboratory, Department of Finance, Guanghua School of Management, Beijing University, introduced you as worthless, but you can still play very well.
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