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      "author": "zhihuchi",
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      "title": "Bitcoin has economic value",
      "body": "### Content\nFirst, I will briefly introduce my personal background and connection with Bitcoin. After graduating from CS Berkeley, California in 2019, he worked in a software development position at Google. During my undergraduate studies, I started to be exposed to cryptocurrency during the 2017 summer internship. At that time, the price of Bitcoin was still fluctuating around $2,500. \n\nAs an enterprising young man in the new era, even though the intern mentor shared many stories of friends who played Bitcoin bankruptcy, I still did not hesitate to jump into the torrent of cryptocurrencies. Unexpectedly, at the end of the year, Bitcoin had soared all the way to a high of nearly $20,000. To be honest, there was no real feeling at the time, just kept a BTC and a few ETH, and no longer cared about it. The subsequent bubble burst was also missed because of a big heart, and luckily left these \"legacy\". During the undergraduate study time, I also participated in the learning of blockchain technology and open source research projects. I think I have a certain opinion on cryptocurrency, and I also accept a wide range of opinions and criticisms.\n\nIn this article, I want to discuss why I think Bitcoin has economic value. This article believes that readers have a certain basic knowledge of cryptocurrency. I will start with three questions to demonstrate this view step by step. \n### The three core issues are:\n\n(1) What problem does Bitcoin solve?\n\n(2) What needs does Bitcoin satisfy?\n\n(3) How to measure the economic value of Bitcoin?\n\nWhat problem does Bitcoin solve?\nThe advent of Bitcoin was accompanied by distrust of fiat currencies.\n\nThis distrust is manifested in the suspicion of the central bank's money printing power and the alertness to inflation. Therefore, the designers of Bitcoin fundamentally eliminated unlimited inflation through two features (not to absolutely eliminate inflation, but to set an upper limit on inflation). \n\nBy rewarding miners with Bitcoin, the designer maintains the vitality and participation of the blockchain. At the same time, the amount of this reward is set to a convergent series. This design ensures that the upper limit of the Bitcoin issuance is 21 million. Although the total amount of Bitcoin in circulation will never reach this upper limit, and new Bitcoins will be generated during mining, this theoretical upper limit adds a curse to inflation and eliminates the possibility of hyperinflation.\n\nAt the same time, because the mining of each block is accompanied by the generation of a certain amount of new bitcoins, it will prompt the miners to form a balance with the value of the rewarded bitcoins. At this balance point, the rewards mined and the cost spent are roughly the same. \n\nA simple thought experiment can prove this balance: if miners leave the market one after another, the difficulty of mining decreases; relative to the Bitcoin reward, the sudden drop in cost will encourage more miners to enter the market. On the contrary, too many miners will drive them to leave the market because of the increase in mining difficulty, which leads to the increase in the cost of obtaining the corresponding bitcoin rewards.\n\nAfter we learned that Bitcoin has a fixed circulation and spontaneous participation, we set out to demonstrate the value of Bitcoin.\n\n### What needs does Bitcoin satisfy?\nIn my economic philosophy, I usually think that the necessary and sufficient condition for a thing to have economic value is that people have a continuous demand for this thing, and the thing cannot be copied infinitely at zero cost. I will use this view as a benchmark to explain why I think Bitcoin has economic value.\n\n### To prove people's demand for Bitcoin, we first need to qualitatively Bitcoin.\n\nSince its inception, Bitcoin has been naturally considered to be a substitute for legal currency. People think that Bitcoin is a kind of currency. But is this really the case? Currency needs to be able to adjust the total issuance according to the development of the market and changes in economic aggregates to ensure the stability of the value of a unit of currency. The limited circulation of Bitcoin obviously does not make it a qualified currency. Because the limited circulation will make Bitcoin have a deflationary nature. When the total market economy increases, if it is used as a currency, the market value of each unit of Bitcoin will also increase. In this case, people will not tend to use Bitcoin as a settlement unit for transactions.\n\nHowever, it is also the attribute of limited circulation, which gives Bitcoin the function of being a store of value. When people of a certain scale form a consensus that Bitcoin is a commodity that can carry value, its value carrier attribute is established.\n\nDo people have a demand for things that are carriers of value? Why do people need this kind of thing?\n\nThe answer to the first question is yes, there is demand. Let's not enter the rigorous logical argument for the time being, but obtain a quick judgment by analogy. The object of the analogy is gold. With the development of society and economy in the 21st century, gold is no longer used as currency, but as an asset or commodity. People's universal positioning of gold is a safe-haven asset and value carrier. This is a manifestation of consensus. As a similar commodity, Bitcoin will be regarded as an emerging gold safe-haven asset and value carrier. In order to hedge the demand for fiat currency inflation, both institutional and individual investors often turn it into a demand for such assets.\n\n### This leads us to the third question.\n\nHow to measure the economic value of Bitcoin?\nIf Bitcoin is no longer regarded as a currency standard, but as a gold substitute, the market is still very broad. Although physical gold still has many characteristics that Bitcoin is difficult to replace, such as not being dependent on electricity and the network, digital currencies led by Bitcoin also show unparalleled advantages. The digital attributes of Bitcoin give it natural advantages in comparison with physical gold-divisibility, long-distance transfer, and so on.\n\nComparing today's gold market value of about 8 trillion U.S. dollars and Bitcoin's market value of about 360 billion U.S. dollars, Bitcoin's development space is still broad. We believe that the total market value of gold or bitcoin should be positively correlated with people's demand for the product (combined consideration of demand and tightness). With the recent large-scale institutions such as Paypal, Square, MicroStrategy and other companies buying Bitcoin as a strategic reserve, more and more financial institutions have begun to recognize the commodity attributes of Bitcoin as a value carrier. With the increasing amount of funds joining the Bitcoin consensus circle, we can expect the price of Bitcoin to rise even more.\n\nThe comparison with the market value of gold is given here as a starting point. I won't do Bitcoin price estimation for the time being, because no one can predict the future. To paraphrase Lei Gong's words, tomorrow's affairs, we will know the day after tomorrow.\n\n\n![image.png](https://cdn.steemitimages.com/DQmbPjGb7yDGjsHJe3ezVqLYpA43ugC23zERJMbDbc5im4J/image.png)",
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      "title": "YFI: BTC in DeFi?",
      "body": "Recently, YFI and AMPL are the two most popular encryption projects. Blue Fox Notes introduced AMPL a few days ago: One is the cryptocurrency \"AMPL: Alternative Scarcity\" that wants to become a better Bitcoin. Let’s talk about YFI today, an encrypted token called \"Bitcoin in DeFi\". Both of these projects have attracted a lot of attention from the crypto community because of their bold designs.\n\n### What is YFI? \nSimply put, YFI is the governance token of yearn.finance, a loan aggregation protocol. It detonated the crypto community in just one week. When it was marketed on Balancer, the price was only US$3. In less than a week, the highest price was more than US$4,500. According to this data, the highest increase was 1,500 times, which is crazy enough. Specifically, what is YFI? Why does its mining look a bit complicated? About 4 months ago, Andre Cronje created yearn.finance. Users can deposit stablecoins (USDT, USDC, TUSD, DAI) into the yean.finance protocol and obtain yToken. For example, users who deposit USDC and DAI can obtain yUSDC and yDAI, which is the so-called yToken. You can get yCRV by depositing stablecoins in ypool of Curve and converting them into yToken, and you can get YFI by staking yCRV. And YFI is the governance token of the yearn protocol. A total of four different tokens have appeared here. Take the USDT stable currency as an example: USDT, yUSDT, yCRV and YFI have appeared. This may be a place where initial contacts are easier to be confused. What exactly is YFI? What does it have to do with stablecoins, yToken, and yCRV, and what does it have to do with yean, curve, and balancer? All of this is related to its original token distribution mechanism. YFI is different from the token distribution mechanism of previous DeFi projects. COMP, BAL, and MTA have the participation of investment institutions and pre-mining by the team before providing liquidity for mining. The initial token distribution of YFI was realized entirely through liquidity mining, with no team pre-mining and no investment institution shares. This is a token distribution mechanism with a strong spirit of encryption. This is also destined to be more concerned by the community and more legendary. Why do some people regard YFI's liquidity mining as \"Bitcoin in DeFi\"? The core is to understand YFI's mining mechanism, but to understand YFI's mining, understand yToken, yCRV token, and three liquidity pools Is the key.\n\n### yToken\nUsers can generate yToken with stablecoins. So, what are the benefits of obtaining yToken? yToken means Yield Optimized Tokens, that is, revenue optimized tokens. So, how do we optimize revenue? We know that depositing USDC and other assets into loan agreements such as Compound and Aave can earn storage interest. However, there are differences in interest rates between different agreements. Therefore, there is room for optimization. Can stable currencies such as USDC and USDT be deposited into the agreement with the highest yield? Timely adjustments are made to the storage of different protocols to achieve optimal returns. In other words, the yearn protocol optimizes storage revenue through algorithms. In short, the current year agreement is a revenue optimizer for token storage.\n\n### yCRV\nThere is a yPool liquidity pool on Curve. USDT, USDC, TUSD, and DAI can be deposited on yPool. The deposited stablecoins will be converted into yTokens, and yCRV tokens can be obtained. Curve is a DEX that focuses on stable currency trading. You can refer to the previous article \"Curve: DEX with a sharp contrast between performance and appearance\" by Blue Fox Notes. In other words, yToken (yUSDT, yDAI) transactions can be performed on yPool. As mentioned above, after depositing yUSDT into yPool, you can get yCRV. So, what token is yCRV? yCRV is similar to the index of a set of yToken (yUSDT, yUSDC, yTUSD, yDAI). Holding yCRV can obtain the storage interest of the stable currency and the cost of providing liquidity. It is an index of the stable currency in the yPool pool. Staking yCRV to participate in liquidity mining can obtain YFI tokens. To sum up, in order to obtain YFI from the beginning, the core is to provide manageable assets (AUM, agreement-managed assets) for the year agreement to help its agreement capture more benefits. The more stablecoins users provide, the more value the yean protocol can capture. Therefore, the yearn protocol uses YFI mining to attract users to provide more stable currency assets. In addition, the YFI token itself also needs to realize price discovery and liquidity. YFI's price discovery and liquidity are realized through the token pool on Balancer. Users provide liquidity for the YFI-DAI and YFI-yCRV pools on Balancer, so as to realize YFI's price discovery and sufficient liquidity. As of the writing of Blue Fox Notes, even if the YFI-yCRV pool no longer rewards YFI, its liquidity is still more than 100 million US dollars. What is this concept? The liquidity of this pool alone is almost the same as Uniswap's overall liquidity, and occupies about 40% of Balancer's liquidity. (Uniswap's overall liquidity has been below 100 million U.S. dollars before. Recently, due to the amplifier, uniswap's liquidity has soared to 136 million U.S. dollars)\n\n\n![image.png](https://cdn.steemitimages.com/DQmSUpdazqpx8k1uiLTYhUdgE6CgKDoHHoCbG2GHCSGjWhr/image.png)\n\n(YFI-yCRV pool, Source: Balancer) \n\nAccording to the user's contribution to the yearn agreement, YFI is evenly distributed to early users who provide liquidity. The benefits of these liquidity mining at the time were amazing. According to APY calculations, the highest yield of ypool on Curve was over 1500%, and the lowest was more than 500%. The YFI-DAI pool on Balancer had even more astonishing returns, reaching a maximum of 5000%. , The lowest is more than 3000%. And Gov can reach more than 500%. Finally, there is a pledge reward. As long as the pledge exceeds 1000 BPT and participates in at least one community vote, you can obtain a fee reward of about 40% of the annualized income by staking YFI (the income will fluctuate).\n\n### YFI's three liquid mining pools\nAs mentioned above, the way to obtain YFI is liquidity mining. It has a total of three liquid mining pools, which are the ypool on the curve, the YFI-DAI pool on the balancer, and the YFI-yCRV pool. Each of the three pools allocates 10,000 YFIs, and they are all over. Early users participating in YFI liquidity mining must first have USDT and other stable currency assets; then deposit USDT and other stable currencies into curve, and through the yearn protocol, yToken (yUSDT, etc.) can be generated; when yToken is deposited in curve's ypool, you can Obtain yCRV tokens, and then obtain YFI rewards by staking yCRV; the remaining two pools can also obtain YFI rewards by providing liquidity for the YFI-DAI pool and YFI-yCRV on the Balancer. Similar to other DeFi governance tokens, token incentives can lead to liquidity and develop its business. Before YFI mining, its locked assets (AUM, assets under management) were only 8 million U.S. dollars. In less than a week, through YFI's liquidity mining, its AUM soared by more than 400 million U.S. dollars, a maximum increase of more than 50 times. Even if YFI's mining is over, its AUM is still as high as 190 million U.S. dollars, and the ranking of its locked assets in the DeFi field has soared from outside the 20 to the top 10.\n\n\n![image.png](https://cdn.steemitimages.com/DQmSYjwnR2ysToQer7r3ifjoX4RA4CkqUubnJF7Q32MKpGX/image.png)\n\n(Assets locked on YFI, Source: DEFIPULSE) \n\nThere is an interesting positive cyclic relationship here. When users deposit yCRV tokens, they can get YFI tokens; as yCRV grows, they can get more interest income; more interest income will push up the price of YFI. This will lead to a greater value of YFI, and an increase in the price of YFI will make yCRV more profitable. At present, YFI holds 3,911 users, and the largest YFI whale holds 915 YFIs, accounting for about 3% of the initial total supply; this token distribution is completed in more than a week, and its token dispersion exceeds The vast majority of initial projects.\n\n\n![image.png](https://cdn.steemitimages.com/DQmPvAKhLMNTo6RRRG4yew7GAqjnAA85xMP1ZmTGJqcKftF/image.png)\n\n(YFI's largest whale only has about 3% of tokens, Source: Etherscan) \n\nThis is very rare in the crypto community. Among them, the founder Andre Cronje did not allocate YFI tokens to himself, and there was no pre-mining. Therefore, many people in the community regard YFI as the Bitcoin in DeFi, and the reason is also derived from this. All YFI distribution comes from mining, that is, to provide liquidity. This makes YFI consistent with the interests of the community. There is no founder reward, no pre-mining, no investor participation, and the fastest transition to community governance. YFI Complete Community Governance YFI is the only voting token currently governed by the yearn protocol. Since the distribution of YFI was generated by mining from the beginning. Starting from the distribution of YFI's first 30,000 tokens, YFI has completely handed over all its governance to the community. As of the writing of Blue Fox Notes, YFI has put forward 28 proposals, of which 3 have been passed, 10 have not been passed, and 15 proposals are in progress and have not yet been voted. This happened in just a week, and the community's enthusiasm for YFI governance was very high.\n\n![image.png](https://cdn.steemitimages.com/DQmciByqdKc4Zwi3MYXWUWgvqQQghNbELHVUEdFjiygAdk7/image.png)\n\n\n(Users who participated in the proposal voting in YFI, Source: DuneAnalytics)\n\n\n![image.png](https://cdn.steemitimages.com/DQmcbrn4UFa2wrARrew4K4ZECh4tcQ5nNgDFjmHX92R6oPN/image.png)\n\n(YFI's community vote on the future additional issuance mechanism, Source: Yearn Community)\n\nThe value of YFI YFI is the governance token of the yearn protocol. \n\nAccording to Andre Cronje, it is the community governance token and has no value. I hope that speculators stay away. However, YFI is a governance token, which means that it can control the future development direction of the year protocol. As for how YFI captures value, it is not only Andre Cronje can decide, but community governance ultimately has the final say. The value of governance tokens mainly comes from its governance. The first is the security value of governance: it can protect the assets on the agreement and prevent governance attacks. If the amount of locked assets is large, this gives it corresponding value. In addition, governance tokens have potential revenue value: agreement fees can be captured by voting. If Yearn expands its business to a larger scope in the future and achieves success, then YFI will naturally have the opportunity to capture greater agreement value. From this perspective, the ultimate value of YFI comes not only from governance itself, but ultimately from the scalable scale of its business. \n\nCan community governance lead Yearn out of a different path from other DeFi projects? \n\nThis alone is worthy of attention, and this is what distinguishes it from other DeFi projects. YFI risk As YFI involves many smart contracts, it can reap composable benefits. For example, through its liquidity mining, not only can you obtain YFI, but also have the opportunity to obtain CRV, BAL, etc. But at the same time it also has potential risks. It is related to agreements such as yearn, curve, compound, Aave, dYdX, bZx, Balancer, Maker...etc. If there is a problem with the loan agreement such as compound or Aave, yToken will also have a problem; if there is a problem with the Curve agreement, yCRV will also have a problem; if there is a problem with yCRV, YFI will also have a problem. There is a risk of nesting. As a result, YFI has obtained high returns of composability, and it is also accompanied by high risks of composability. You can refer to the previous article \"Liquidity Mining: Combinable Benefits and Risks\" by Blue Fox Notes. YFI's MEME is very famous in the crypto community. In addition to BTC and ETH, which are the two kings of MEME, other well-known MEMEs also exist in the Chainlink and Dogecoin communities. \n\nThey promote the development of Chainlink and Dogecoin memes in various ways. Because of its distribution mechanism for liquidity mining, YFI also began to have the first batch of MEME small fires in the encryption community, which produced a MENE of \"1YFI=1BTC\". In other words, as mentioned above, YFI is \"Bits in DeFi\". currency\". YFI’s future yearn agreement will definitely not only be an optimizer for stable currency returns, it will also be extended to areas such as trading, futures, and clearing. YFI, as its governance token, has potential governance value and captures the value of fees after the expansion of the agreement in the future. As for how much it can capture, how to evolve, and how to govern the community, Blue Fox Notes will keep an eye on it. ------Risk warning: All articles of Blue Fox Notes cannot be used as investment advice or recommendation. Investment is risky. Investment should consider personal risk tolerance. It is recommended to conduct an in-depth inspection of the project and make your own investment decisions carefully.",
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