Google's translation:
/ Side Hongbin
Focus on the old side blog friends must know that last year I wrote a few articles to introduce a new currency - the currency bit (bitcoin) bit coin is a software-generated electronic money endeavor, it is not by the central bank issue, but the use of distributed database to record currency transactions throughout the P2P network nodes, and use cryptography designed to ensure that all aspects of security of the currency in circulation. The first bit currency popular in only a small number of geeks and the mainstream media last year a series of reports, making this money into the public eye.
Bit coins to the center of the characteristics of which any organization can not manipulate the value of the bit currency alone, unlike paper money as a casual print, in fact, the bit-currency ceiling is only 21 million, if the split to a Shanghai resident population, then each person with one points less. The current bit coins generation speed is 50, every ten minutes, the rate over time, decreasing to 2140, the entire system will generate 21 million bits coins, to achieve the preset limit. Due to the existence of the currency loss, so the final figures will certainly not reach the ceiling. Do with it as a can not be free to print currency trading is certainly not inflation, on the contrary there is risk of deflation. Popular speakers, the intrinsic value of the currency will be gradually enhanced.
Since 2008 the world financial crisis, the drawbacks of traditional currency is gradually becoming apparent, the European debt crisis began last year the trend of the euro defeat. Fact bit coin is created by the financial crisis, a group of computer madman would like to try this way a completely different currency Road. For bit-currency controversy, some people think it is worthless, while others believe that the prospect is broad. With the increasing influence of the bit currency, to join the bit-currency trading more and more people, even the "Forbes" magazine published a bit currency richest .
Initial market is too small, so great the range of fluctuations in currency in the last year, starting from a few dozen cents in the early years just a few days to rise to $ 30, and then falling rapidly in the bottom in November last year, $ 2, and now stabilized at between 6-7 dollars. With the gradual increase of the market participants, the transaction size has also been an alarming increase. Bit Dollar Exchange MtGox example, early last year, the daily transactions of thousands of dollars, now the daily transaction size in the hundreds of thousands of dollars.
Abroad last year set up a handful of a few bits currency hedge funds, or blank in the country, for such a new thing, the current global laws are blank. In this case, I am ready to set up the first bit currency hedge funds "- the old bit on currency One, taking into account such a new thing to have greater risk, so the fund will not be for the public to raise funds .
The size of the "old bit on currency One of 100,000 yuan, 100,000 fund shares issued for $ 1 each, I will subscribe to one of the 4 million shares, the remaining 6 million shares will be some of my friends to Subscription (now basically have all the intention to reach), and I solemnly promise, in case one day bit coins disappear, or the value of zero, I will be the full amount of your investment .
The fund is similar to closed-end funds, set up the date for the July 10, 2012, for one year. The management fee is 0, the distribution fee is 0, and the hosting fees, redemption fees, accounting fees, legal fees is 0. But I will charge 20% of the profits, there is no profit no charges, I will regularly publish the Fund's net, and to investors published quarterly, semi-annual, annual reports. Funds can only be used for trading of bits coins specified Exchange MtGox, due to the exchange of U.S. dollar transactions, funds will be RMB, U.S. dollars, in the form of these three bits coins, but in order to facilitate the calculation of the statistical fund net time will be converted into RMB.
Frequently Asked Questions:
Q: Where can I understand that the information on the currency of bits?
A: google is your friend. Bit the official website of the coin:
http://bitcoin.org/ Q: bit-currency price information where?
A: This site has what you need,
http://bitcoincharts.com/ Q: you pay a bit coins, you'll want to do?
A: of course, ah, I'm going to.
Q: Why your currency fund size of 1 bit is set to 10 million?
A: This is based on three reasons: 1 for the new things we all have to do when the mice's ready, so the scale of 10 million is reasonable;, I promised that if the value is zero that I will bear all the risk, so I do not want the amount is too large; if the amount is too small, will not have any effect.
Q: Why are you committed to the full amount?
A: Very simple, the possibility is very small value of zero within a year. However, losses caused by market prices, I would not be able to pays more.
Q: Why do you believe that bit coins will become increasingly valuable in the future?
A: The thing of value given market, more and more people believe it is worth it valuable. Casually printed banknotes will inevitably lead to inflation, bits coins will not, and therefore can be considered part of the configuration of banknotes bit currency above. If you do not believe, you do not get involved, that simple.
Q: Since the Fund is not offered to the public, why did you write this announcement?
A: My intention is to tell you a bit coin such a thing, in addition to the first domestic-only bit currency hedge fund doing the publicity, I also hope to attract some of the financial sector friends to focus on.
Q: I can not do this fund, the Christian Democrats, it can not do based Friends? I mean, I can receive your quarterly and annual reports?
A: Of course, that time I will open to the public. In addition, the class of the Fund's net, I also posted on the blog and microblogging.
Q: What the future you will not be issued bits coins for public funds?
A: It depends, I am sure will.
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