来源：区块链Truth
Source: Block Chain Truth
2018-10-10 10：15
在加密货币借贷领域，风险是永恒的问题。
In the area of encrypt currency lending, risk is a permanent problem.
作者 /中本愚如果你是在币圈浸淫多年的老韭菜，那你一定听过“加密货币借贷”这六个字。
If you're an old custard for years in a currency ring, you must have heard the word "encrypted currency lending."
最近，这个模式突然火了起来，“几乎每一天都有一家新项目诞生。”加密货币借贷从业者Aaron表示。
Recently, this pattern was suddenly set on fire, “nearly every day a new project is born.” According to the crypto-currency lender Aaron.
目前，大多数加密货币借贷平台的操作流程是，用户将手中的加密货币（多是BTC、ETH等主流币）抵押给平台，平台按比例，借给用户一定的现金或者USDT等。
Currently, most of the encrypt money lending platforms operate through a process whereby users mortgage their encrypt currency (mostly mainstream currency such as BTC, ETH, etc.) to the platform, which is proportional to the amount of cash loaned to the user or USDT, etc.
这个类似币圈“银行”的模式，到底有多大的魅力？又要承担怎样的风险？
How glamorous is this currency-style “bank” model? What are the risks?
什么是加密货币借贷？
What's an encrypted currency loan?
加密货币借贷，字如其意，就是将手里的加密货币视作一种资产 ，然后抵押换取法币。其概念类似于银行的抵押贷款，而操作模式，更像是曾经大热的P2P。
Encrypted currency lending, as it is meant to be, treats the encrypt currency in hand as an asset, and then encumbrances for French currency. The concept is similar to a bank mortgage, and the mode of operation is more like a once hot P2P.
目前，全球炒币者的数量在1500万左右，人数每天还在增加。
他们中的绝大多数，抱着暴富的幻想而来，在疯狂的币圈中起起伏伏，没有人会是绝对的赢家。 The vast majority of them come with the illusion of richness and rise and rise in a mad currency circle, and no one will be an absolute winner. 也有一部分人，有“区块链信仰”，他们持币不动，并不短线操作。 There are also groups of people who have a “block chain faith” and who hold on to their currency and do not operate on short lines. 无论是哪一类玩家，他们都可能会遇到资金短缺的问题，有时候他们不得不为了获得“暂时的流动性”，而出售手中的加密货币。但是，由于加密货币市场波动巨大，这些人想再回购加密货币时，往往要付出更大的代价。 Regardless of the type of player, they may encounter a shortage of funds, and sometimes they have to sell their encrypted currency in order to obtain “temporary liquidity.” But, given the volatility of the encrypt currency market, these people often have to pay a greater price when they want to buy back the encrypt currency. 这时候，如果有一个值得信赖的第三方，就能改善这个问题：这些人可以将自己的加密货币抵押给第三方，来满足自己的资金需求。 At that point, if there was a trusted third party, the problem could be improved: they could mortgage their encrypted currency to third parties to meet their financial needs. 此时，加密货币更像是有价值的资产，而不是“货币”了。 At this point, the encrypt currency is more a valuable asset than a “currency”. 目前，加密货币借贷业务，更多的是针对在币圈里的高净额人群。这类人本就是加密货币借贷业务的主力军，大多是矿工、项目方或者资深玩家，这些人有一个共同特点就是，手上拥有相当数量的加密货币、对加密货币充满信心。 Currently, the encrypt money lending business is more aimed at the high net population in the currency circle. Such people are the main players in the encrypt money lending business, mostly miners, project players or senior players, who share the common characteristic of having a considerable amount of encrypted money in their hands and have confidence in the encrypt currency. 那么，加密货币借贷的市场前景有多大？ So, what are the market prospects for encrypt currency lending? “其实可以类比网贷行业，现在网贷规模在5000亿左右，去年是7000亿，全球规模预计两年之内可能达到3000亿美金，换算成人民币就在21000亿元以上。”升谱科技CTO Aaron告诉我们，该公司从事加密货币借贷业务。 “In fact, there is an analogy with the mesh industry, which now stands at about $500 billion, and last year at about $700 billion, the global scale is expected to reach $300 billion in two years, converted into more than $210 billion in renminbi.” CTO Aaron of Spectrotech tells us that the company is engaged in crypto-currency lending. “这是市场必然现象。” Aaron补充道，有需求就有场景，加密货币借贷业务应运而生。 “This is a market necessity.” Aaron adds that there is a need for a scenario in which the encrypt money lending business is created. 的确，P2P网贷一度非常火热，如果加密货币市场能也能有这样的发展速度，其利润也会相当可观。 Indeed, the P2P net lending was very hot at one time, and its profits would be considerable if the encrypt currency market were to be able to develop at that rate. 然而，一切会如Aaron预测的一样顺利吗？ But is everything going as well as Aaron predicted? 加密货币借贷业务的运行机制 Operating Mechanism for Encrypted Money Lending 加密货币借贷具体如何操作？ How does crypto-currency lending work? 首先，加密货币借贷平台会规定抵押的范围，比如，只能是主流的币种，btc，bth，eth等。然后，会给不同的币种设定不同抵押率，一般在50%~80%之间。 First, an encrypted money lending platform would specify the range of collateral, for example, only in mainstream currencies, btc, bth, et al. Then, different currencies would be given different collateral rates, usually between 50 and 80 per cent. 譬如，一枚比特币目前市场价格在45291人民币，这意味着抵押1枚比特币可以拿到22645.5~36232.8人民币之间的借款。 For example, a bitcoin is currently marketed at RMB 45291, which means that a bitcoin mortgage can be borrowed between RMB 22645.5 and RMB 362328. 当然，钱不可能白借，做任何事情都会付出相应的代价，用加密货币借钱也不例外。 Of course, money can't be borrowed for nothing. Anything can be done at a corresponding cost, and borrowing money in an encrypted currency is no exception. 加密货币借贷平台一般收取10%~20%左右的利息。 Encrypted money lending platforms generally charge interest of about 10 to 20 per cent. 贝宝科技合伙人王立告诉我们：“我们收取利息会参照P2P的标准，但无论如何都不会超过国家规定的36%红线。” “We charge interest by reference to the P2P criteria, but in no case exceed the 36 per cent red line established by the State.” 之后，如果玩家按时还款，合同到期后，可以将抵押的加密货币赎回。 Thereafter, if the player pays on time and the contract expires, the encrypt currency of the mortgage may be redeemed. 目前，各个加密货币资产借贷平台基本上都是这个模式，区别在于，有些是用自有资金放贷，有些只做中介。 Currently, the model is largely the case for the various encrypted money asset lending platforms, the difference being that some lend with their own funds and others merely as intermediaries. “有些圈外的高净值用户，也对数字货币借贷模式非常感兴趣。”王立告诉我们，这些高净值用户会作为出资人，为平台提供放贷资金，获得利息，这就完全成为“P2P”理财模式。 “Some high net-value users outside the circle are also very interested in the model of digital currency lending.” The King told us that these high-net users would be the funders who would lend money to the platform and earn interest, which would become the “P2P” financial model. 而整个过程，会完全避开法币：抵押的是主流加密货币，贷出去的是USTD。 and the whole process completely circumvents French currency: the mortgage is the mainstream encrypted currency and the loan is the USTD. “我们的想法是作为平台方，最好不要参与到交易中。”Aaron说。 “Our idea is to be a platform, better not be involved in the deal.” Aaron says. “其实我们就像一个中间的仲裁机构一样，用户只是把他的加密货币资产托管到平台上面，然后和实质的资金方线下达成协议，质押人认可对方的报价，资金方认可对方的数字资产，两方达成共识，然后我们这边会承担担保，并监督这一行为的进行。类似于支付宝。作为平台方只会提供质押率和收取手续费，其余的我们一概不参与。” “In fact, like an intermediary arbitration body, the user simply trusts his encrypted monetary assets on the platform and then makes an agreement with the material money line, the pledgeor accepts each other's offer, the money party accepts each other's digital assets, the two parties agree, and then we will assume the security and oversee the conduct of the act. Similar to the payment treasure. The platform will only provide the bond rate and charge charges, and the rest will not be involved.” 除了在借款方不同以外，在应对熊市和牛市方面，加密货币借贷平台也有各自的方法。 In addition to the different borrowers, the encrypted money lending platform has its own methods for dealing with bear and cattle markets. 王立表示，在熊市，借贷的生意会更好做。对于持有币的人来说，除了炒币之外还有别的生活支出，但因为熊市，在炒币暂时带不来预期收益的基础上，将加密货币暂时兑换成流动资金来维持生活需求，这样就不用出售加密货币。 The King said that in Bear City, the lending business would be better. For those who hold the currency, there is no living expenses other than the price of the coin, but because of the bear city, which temporarily converts it into a working capital to sustain their livelihood needs on the basis that the currency is temporarily unattainable. 但王立强调，这些人参与的前提是“要对加密货币市场长期持有信心”。 The King stressed, however, that such participation was premised on “persistent long-term confidence in the encrypt currency market”. 线上线下交易，就是用户借贷的过程。 is the process of user lending. 加密货币资产抵押问题不少 There are many problems with encrypt currency asset encumbrances 尽管加密货币借贷这个业务是基于市场需求而出现的业务，并且借鉴了较为成熟的P2P的借贷模式，看起来合情合理。但要注意的是，加密货币资产借贷依然存在很多挑战。 Although encryption money lending, a business that is based on market demand and draws on the more mature P2P lending model, seems reasonable. It should be noted that encrypt currency asset lending still poses many challenges. 首先是获客问题。 is first and foremost a question of access. 虽然现在中国币圈玩家有300万，世界币圈玩家大概1500万，但能做为客户的可能并没有想象中的多。 Although there are now 3 million Chinese and about 15 million world-currency players, there are not as many as could be expected to be clients. 一方面，能拿出大量主流货币抵押的人数还比较少。如果一个币圈玩家拥有0.28枚比特币，那么他将会超过99%的其他币圈玩家。而种类复杂的山寨币，平台也不敢收。 On the one hand, the number of people who can raise large amounts of mainstream money collateral is relatively small. If a ring player has 0.28 bitcoins, he will be more than 99% of others. 另一方面，币圈大部分玩家还是“赌徒心态”，想要筛选出理智的、懂得合理借助金融工具的借贷人，也并非易事。 On the other hand, it is not easy for the majority of the players in the currency circle to identify reasonable borrowers who understand how to use financial instruments. 其次就是信任问题。 followed by the question of trust. 目前，各个平台都会要求用户将加密货币打到平台自己的地址上，完全掌握了这些加密货币。 Currently, all platforms require users to place encrypted money on the platform's own address and have full access to the encrypted currency. 我们来做最坏的打算：一个用户将持有的一枚比特币质押给了平台方，在平台方得到了50%的质押率的评级，如果说，在用户质押的第二天比特币突然暴涨十倍，完全拿捏住了比特币的平台方会有什么反应？ We will do the worst: a user has pledged a bitcoin to the platform, received a 50 per cent rating of the pledge rate on the platform, and if there is a sudden tenfold increase in the bitcoin on the second day of the user's pledge, what is the reaction of the platform that holds the bitcoin completely? 此时，用户就会担心，平台方会不会悄悄把币卖了？ At that point, users will worry, will the platform sell the money quietly? 另一方面，如果比特币突然价格缩水10倍，那么平台就会担心，借款人是不是不还钱了？ On the other hand, if Bitcoin suddenly shrinks by 10 times, the platform will be concerned that the borrower will not pay back the money? “如果质押的加密货币缩水到50%以下，我们就会向质押人预警，提醒质押人要么选择还一部分现金，要么再质押一点儿比特币，总之一定要保证质押率高于50%，如果预警之后质押人没有进行补仓或还款，那么我们就会收走比特币。”Aaron告诉记者。 “If the encrypt currency of the pledge shrinks to less than 50 per cent, we warn the pledgeor that the pledgeer either chooses to repay a portion of the cash or to pledge a bit of bitcoin, and that the pledge rate must be higher than 50 per cent in any case, and if the pledge is not replenished or repaid after the warning, then we take the bitcoin.” Aaron told journalists. 贝宝公司的应对方法和升谱科技类似。“其实，如果比特币暴涨10倍，那么质押人反而会担心我们是不是会把比特币拿走。”王立告诉记者。 Bebo's coping methods are similar. “In fact, if Bitcoin soars 10 times, the pledge will worry whether we'll take Bitcoin.” The King told the press. “这其实是一种博弈。”王立认为，在加密货币暴跌的时候，平台方担心质押人欠钱不还，在加密货币暴涨的时候，质押人担心平台方卷币跑路。 : "This is actually a game." The King believes that when the encrypt currency collapses, the platform side fears that the pledge will not pay the money, and when the encrypt currency surges, the pledgeer fears that the platform's coins will run. 这种方法反映出加密货币借贷在当下的一个发展困局：在目前的加密货币借贷领域，还没有一个完善的规章制度来规范质押人和平台方的交易。 This approach reflects a current development dilemma of encrypt currency lending: in the current area of encrypt currency lending, there is no adequate regulatory framework to regulate the transactions of pledge and platform parties. 如果想完成交易，目前只能依靠双方自发的信任。 尽管平台方承诺不会触碰动个人的加密货币资产，但理论上，用户并不能约束平台方。反之亦然。 Although the platform has committed itself not to touch a person’s encrypted monetary assets, in theory users do not bind the platform. And vice versa. 所以只有用户与平台相互信任，这笔交易才有可能促成。 The transaction would therefore be possible only if users and the platform had mutual trust. “因为质押场景最核心的就是信任问题。作为用户是选择信任品牌，还是信任第三方，这个是一个很重要的选择。”Aaron说。“说实话，现阶段，加密货币借贷并没有获得牌照，我们也只是在尝试。并且因为监管方面的原因，我们不走资金流，更多的还是线下交易，所以这个有一定局限性，更多的还是熟人之间的互相交易。” “Because trust is at the heart of the pledge scene. Whether users choose to trust brand names or third parties is a very important option.” Aaron says, “To be honest, at this stage, encoded money lending is not licensed, and we're just trying. And, for regulatory reasons, we don't go out of the money stream, much more off the line, so there's a certain limitation, much more dealing between acquaintances.” “我们做的稍微多一点，我们能在线上支持比特币的借贷，但对于其他加密货币来说，目前还是以线下交易为主。所以在我看来，承诺的本质就是建立信任，你信得过我，才和我做交易。”王立说。 “We do a little more, and we can support Bitcoin's lending online, but for other encrypted currencies, it's still mostly underline transactions. So, in my view, the essence of the commitment is to build trust, and you can trust me to make a deal with me.” The King said. 可以说，信任问题局限了加密货币借贷业务的运营和扩张。 It can be said that the question of trust limits the operation and expansion of the encrypt currency lending business. 最后是合法性问题。 ends with the question of legality. 目前，在加密货币中发展最为迅猛、成熟的交易所和发币业务，都在去年“94风波”中被定性为非法。众多大型交易所开始了全球流浪，走不了的就关闭了业务。 Currently, the fastest-growing, mature exchange and currency operations in crypto-currency have been classified as illegal in last year’s “94-wave.” Many large exchanges have started global vagrancy, closing down operations when they cannot leave. 早在2015年年底，银监会就发布了针对P2P网贷的金融监管意见稿，关于互联网金融的整顿也一直在如火如荼的进行。 As early as the end of 2015, the Banking Supervisory Board issued a draft financial regulatory opinion for P2P loans, and the consolidation of Internet finance has been under way. 加密货币借贷，从加密货币方面说，是非法的；从P2P网贷方面说，是被严厉监管的。加密货币资产抵押行业就如同走在钢丝上一样。在高压政策的压力下，其实这些加密货币借贷平台方的神经也紧绷着，他们几乎每时每刻都在关注着国家监管政策的变化。 Encrypted money lending, in terms of encrypt money, is illegal; in terms of P2P lending, it is strictly regulated. The encrypt money asset mortgage industry is like walking on wires. 现在虽然发展虽刚有起色，但一旦风险变化，这种夹缝中生存的行业几乎没有自保的手段。 Although development has just begun, once the risks have changed, there are few means of self-sustainability for the industry that survives in this patch. 对于这种局面，Aaron和王立都异口同声的表示，永远都不要踩法律风险。但反过来也都希望国家能适度放宽一些监管。 Aaron and the King say the same thing about this situation, never stepping on legal risks. In turn, they want the country to ease some of its regulations. 除此之外，Aaron还有一个担忧，就是币圈目前不理性不健康的现状。 In addition to this, Aaron is concerned about the current irrational and unhealthy situation of the currency ring. “目前整个加密货币市场从2018年带起来的风气就是割韭菜。”Aaron称，“以前是等着韭菜长得茂盛了再割，现在很多都是韭菜才冒出一点芽就下刀子了。这并不是一件好事情。长此以往，国家不会不管的，等雷霆万钧下来，那就是一场灾难，一些无辜的人也要受到牵连。” “The current style of the entire encrypt currency market from 2018 is the cutting of groceries.” Aaron says, “Having been waiting for herbs to grow, they've been cut again, and now many of them come out with a little sprouts. That's not a good thing. In the long run, the state will not leave behind. It's a disaster, and some innocent people will be implicated.” 王立相对乐观一点，他认为加密货币借贷是能够活下去的。 On a relative note of optimism, the Crown believes that encrypt currency lending can survive. Aaron的担忧和王立的乐观或许都有一定道理。但这也从侧面显示出来整个加密货币资产抵押行业的脆弱性。这个行业太新，有太多不确定的问题，比如行业方向和监管态度，要想在这个行业生存下去，得时刻关注这些问题，稍有不慎，就有崩盘的风险。 Aaron’s concerns and the monarchy’s optimism may be justified. But this also shows the vulnerability of the entire encoded money asset mortgage industry. 加密货币资产抵押前路漫漫 Encrypted Money Assets Preprior Mortgage 在加密货币借贷平台出现之前，也有类似的业务，就是交易所的“融资融币”，也就是杠杆。 Prior to the advent of an encrypted money lending platform, there was a similar business, namely, the exchange's “financing currency” — that is, leverage. 除了市场需求以外，王立觉得加密货币借贷平台和加密货币交易所的“融资融币”业务是本质不同的。 In addition to market demand, the King feels that the “finance-melting” business of an encrypted money-lending platform and an encrypted currency exchange is fundamentally different. “OKEX是一个合约，并不是一个实盘价，火币是实盘，是正宗的融资。但这二者都有一个共性就是以交易为目的，加杠杆去炒。我们更具有流动性，而且我们最多就是为有屯币需求的人去配属一些低的杠杆。” "OKEX is a contract, not a real deal, and the gun is a real deal and a real financing. But there's a commonality between the two for trading purposes, with leverage. We're more mobile, and at best we're going to go with low leverage for those who need it." “最关键的是，我们不涉及任何法币。”王立补充道，“这是加密货币借贷业务和交易所的本质不同，也是加密货币借贷能够存在的原因。” “The most crucial thing is that we do not involve any French currency.” The monarchy adds, “This is the difference between the essence of the crypto-currency lending business and the exchange, and the reason why crypto-currency lending can exist.” 除了交易所，原本做P2P业务的创业者会不会涌入这个领域？ In addition to the exchange, would entrepreneurs who would have been doing P2P business come into the field? “所有波动大的资产在我们眼中都不是好的抵押物。”P2P资深从业人员张雷告诉我们，在他看来，加密货币波动实在是太大。 “All volatile assets are not good collateral in our eyes.” Zhang Lui, a senior P2P practitioner, told us that, in his view, encrypted currency fluctuations are too great. “举个例子，比如最受银行青睐的房产抵押，也不能做到足值抵押。银行会按照房产估值的60%~70%放贷，而估值也会在正常市价上打个折扣。借款人拿到手里的钱，也只有房价50%~60%，和加密货币的抵押差不多。” “To give an example, a bank’s preferred mortgage on a property cannot afford a full-value mortgage. A bank lends 60 to 70% of the value of the property, and the value discounts on the normal market price. Borrowers also get 50 to 60% of the money in their possession, just like a mortgage on an encrypted currency.” 加密货币借贷逃脱不了借贷的范畴，而借贷本身有它特殊的要求和限制。 Encrypted currency lending does not escape the scope of borrowing, which in itself has its specific requirements and limitations. 事实上，目前加密货币借贷就是民间借贷，而民间借贷，目前仍存在灰色地带，而民间借贷所遇到的问题，也必然加密货币借贷中存在。比如，信用问题、监管问题、舆论问题等等。 In fact, while encrypt currency lending is currently private borrowing, private borrowing is still grey, and problems with private borrowing are bound to be encrypt currency lending. For example, credit problems, regulatory problems, public opinion problems, etc. 诚如Aaron所说，加密货币借贷业务的出现是市场发展的必然结果。但正如2017年杂乱的币圈一样，如今的加密货币借贷平台也在野蛮生长中。 As Aaron has said, the advent of encrypt money lending is the inevitable consequence of market development. But, as was the case in 2017, the encrypt money lending platform is now being savagely developed. 在传统借贷中，风险是永恒的话题，在加密货币借贷领域，同样也是如此。 In traditional lending, risk is a permanent topic, as is the case in the area of encrypt currency lending. 或许在经过一段时间沉淀之后，加密货币借贷行业会洗净铅华，以一个健康、自然的形象出现在我们面前。 Perhaps, after a period of sedimentation, the crypto-currency lending industry will clean lead and appear before us in a healthy, natural image. 责任编辑：唐婧 
注册有任何问题请添加 微信：MVIP619 拉你进入群
打开微信扫一扫
添加客服
进入交流群
发表评论