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From didi to bitcoin, towards a new era of zero friction economy

2022-02-03 17:13:04 blockcoach

Take a taxi at night , Pay attention to the handling fees of Didi's self operated vehicles , In about 25% about . It means , Every time I pay as a passenger 100 Yuan fee , Didi driver can only get 75 element . I searched the Internet about , There are different opinions . The lower one is said to smoke 20% Of , High has said 30% Of .

Didi is dignified on the passenger side App And driver side App Two different prices are displayed on the , No taboo , Maybe you can't avoid .

The handling fee drawn by didi platform for this transaction between me and the driver , It's the transaction cost between me and the driver . Transaction costs greater than zero , It constitutes transaction friction .

Because the construction and maintenance of the platform must cost , Therefore, we are unlikely to ask the platform not to draw any handling charges . however , We can think about a problem , Is it necessary to charge this service charge in proportion to the transaction amount ? obviously , The higher the transaction amount , The more fees you charge , The greater the transaction friction .

Excess profits of platform economy , It is precisely from the service cost with slow marginal growth , And the arbitrage between the pumping income increased in proportion to the business amount .

The basic formula of platform economy is : Total payment = Gross income + Platform costs + Platform profit .

Zero friction is not zero friction . For both parties to the transaction , There must be a certain handling fee to be paid to the trading platform . This is a little friction between the two sides of the transaction , But this transaction cost is necessary , In order to maintain the sustainable service of the platform .

therefore , We put the zero point just to meet the sustainable service of the platform , That is, the location of the cost required to maintain the production of service capacity and the reproduction of service capacity . When our actual transaction cost is reduced to this position , When the actual trading price drops to this position , We call such a transaction zero friction transaction , The economic system composed of zero friction transactions is called zero friction economy .

The basic formula of zero friction economy is : Total payment = Gross income + Platform costs .

The elimination of platform profits is a surprising thing . Because according to general economic principles , If the platform has no profit , No one will invest and develop the platform , There will be no platform .

Investors in platform economy , Naturally, it is for platform profits , From the excess profits created by the platform . Compared with zero friction economy , Platform economy can be called high friction economy .

The source of this excess profit , That is, the platform economy has the advantage of scale and cost . The increased cost of the platform to serve a marginal incremental user is minimal , However, the fee it charges the user is proportional to the value of economic activities created by the user . This creates a huge arbitrage space , Thus creating the excess profit of the platform .

Didi platform already has a large number of users , So for a new passenger or driver , The increased service cost is minimal . But this is a new passenger or driver , But it can connect with many users in the existing network , Generate transactions , Contribute commission income proportional to the transaction amount . for example , Every increase in marginal service costs 5 element , Can bring 100 Yuan of economic activity , collect 25 RMB service charge . that , The excess profit of didi platform is 25 - 5 = 20 element .

5 Yuan is the lowest market cost of the company's trading , Zero point of economic friction .25 Yuan is a high friction economy above zero .5 Yuan is a zero friction economy . But if didi is required to only receive 5 element , Then Didi's investors must quit , Because they risked venture capital in the early stage , In order to earn this excess profit later .

Our traditional financial system is also such a high friction trading system . Remittance fee , Not according to the cost of occupying the software and hardware resources of the bank , Instead, it is charged in proportion to the amount of remittance .

Can zero friction economy really happen and exist ?

Compare the , We'll find out , Bitcoin is such a zero friction economy . The economic activity in bitcoin system is the transfer payment of bitcoin . Payer and payee conduct point-to-point transactions through bitcoin network , And pay handling charges to bitcoin network . This service charge 100% Pay the miners safely , The bitcoin network does not make any additional bonus . So this service charge is also called miner's fee .

The basic formula of bitcoin economy is : Total payment = Total receipts + Service Charge ( Miner's fee ).

Our problem is , Is bitcoin economy a zero friction economy ? In fact, the above formula does not give us the answer . Because the excess profits of miners may also be incorporated into the miners' fees , Thus, it creates an illusion that there is no excess profit on the surface .

Look back at the previous formula . We write about the cost of the platform , Instead of platform fees ( Platform revenue ). Income includes profit . We cannot split profits into reasonable profits and excess profits . Profit is profit . As long as the platform creates profits , Will increase friction .

So let's make a bold assumption , That's the total income of miners ( Miner's fee ) Equal to the total cost , That is to say , The total profit of the miners is equal to zero .

What does that mean? ? This means that miners don't make money digging .

This is actually very contrary to seeing is believing . Because we generally know “ The facts ” yes , Mining must be a profitable business for miners . Not a small profit , But make a lot of money . since this year on , The combined cost of miners is only about half of the price of money .

The key to overcoming this problem is to overcome survivor bias . Yes , The comprehensive cost of miners is only half of the price of money , That is equivalent to hoarding money at half price . however , We're talking about “ Still alive ” The miners .

in other words , The further meaning of this hypothesis is to say , The source of excess profits for all surviving miners , No “ Exploit ” Users from the bitcoin network , But from other miners who are losing money or even going bankrupt . The miner earns from his competitors —— Other miners' money .

As we say, the excess profit of currency speculation , That is to win the pie (BTC) Part of , Profits measured on the bitcoin standard , The source is the person who makes money speculation losses . This is what stock currency speculators often say “ Profit and loss are the same ”.

Hoarding money for a long time , Just don't try to earn profits under the bitcoin standard . Strategically, take the initiative to give up this excess profit , Only pursue big cakes honestly ( Relative legal currency ) The return of value-added itself .

And any speculation and speculation , Including but not limited to investing in counterfeit currency 、 Fried band 、 Be a lever 、 Contract , And mining 、 Projects , Wait for everything , Are pursuing big cake based profits . The source of this profit , It's other people who speculate and lose money .

If there is any flaw in the above statement , That is, bitcoin has not completely stopped issuing additional shares today . Bitcoin's current quantitative inflation rate is about 1.0% . therefore , stay 2140 Before bitcoin completely stopped issuing additional shares in , Everyone can still earn big cake based profits , That's the reward from Nakamoto , Additional issuance of big cake .

When 2140 Bitcoin arrived in 2100 Maximum 10000 pieces , The bitcoin network will stop issuing additional shares , Bitcoin economic system will completely become the above .

Of course , Many people suspect that by that time , Miners find themselves essentially without excess profits , Will we continue mining , Maintain the continued operation of bitcoin network .

The realization of zero friction economy , And bitcoin “ Distrust people 、 Trust only cryptographic proof ” The concept of design has something to do with . Run business 、 Talking about customers 、 People who have relationships know , Build a little trust between people , The cost and price is too high . A large part of the transaction friction , The first mock exam is based on the trust model of people. . Eliminates the need for business to trust people , So that there is no need to build trust , Just show the cryptographic proof , You can start trading immediately , Then the transaction friction is greatly reduced . Bitcoin has proved this to us .

Zero friction economy , Obviously, it has contributed to the liberation and liberation of all people . Can eliminate a lot of oppression between people . Eliminate a lot of vulgarity 、 Low level culture , For example, wine culture , Sexual bribery culture , And all kinds of hidden rules .

Zero friction economy will promote the openness of the system , And the further disintegration of the organization .

According to Coase's Theorem , The reason for the emergence of organizations is that there is too much transaction friction , Unable to complete transactions through the open market , So we need to form an organization , Internalize costs , So as to control the total cost through management , Make things economically viable .

Zero friction economy will make the reason for the formation of organizations no longer exist . Leaders who are no longer organized 、 managers , And there are no more organizers 、 Managed . Everyone was liberated , Become an independent person . Everyone has become a manager of themselves and their own economy , Peter, the master of Management · What Drucker said “ Everyone is a manager ”.

It was a new era of free men and free association of free men .

In this era , Because of bitcoin , Because blockchain , And is slowly coming towards us , The wind shadow is graceful .

( official account : Liu Jiaolian . Knowledge of the planet : The official account replied “ star ”)

( disclaimer : Nothing in this document constitutes any investment advice . Cryptocurrency is a very high-risk variety , There is a risk of returning to zero at any time , Please participate carefully , Self responsibility .)

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