Imali Ngokwezigaba: Kusuka kwiGolide NamaDola kuya ku-Bitcoin Nasezimalini Zedijithali Zebhange Elikhulu

ngu Nik Bhatia 2021/01/18open in new window

Ihunyushwe ngu-Happy Mahlangu

Lencwadi inikezelwe unkosikazi wami nomlingani wami wokuphila uChandni nendodakazi yethu enngiyithandayo uRia Tara.

Okuqukethwe

Layered Money

Copyright ยฉ 2021 by Nik Bhatia

All rights reserved.

All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law.

ISBNs in English: Paperback: 978-1-7361105-2-2 Hardcover: 978-1-7361105-1-5 Ebook: 978-1-7361105-0-8

Isandulela

Simi namuhla sibhekene nohlelo lwemali lwamazwe omhlaba onqenqemeni lokulungiswa, into engavamile ukwenzeka. Le ncwadi yabhalelwa ukuhlinzeka ngesimo sendawo semali kulezi zimigwaqo ezingaqinisekile. Amamephu asisiza ukuzulazula ngokwendawo nangamathafa, kepha kuze kube manje akakaze ahlotshaniswe nemali. Le ncwadi inikeza imephu yohlelo lwethu lwezezimali sonke isikhathi, kanye nokubukwa kuqala kokuthi imephu yemali yedijithali izobukeka kanjani ngokuzayo. Inika umfundi uhlaka olusha olubizwa ngokuthi imali egqinsiwe (layered money ukuchaza uhlelo lwethu lwezimali oluguqukayo, lusisize siqonde ukwakheka kwemali, futhi sichaze ukuthi izinhlobo ezahlukene zemali zihlobana kanjani.

Ngokulandela ukuvela kwemali egqinsiwe, sithola umbono othakazelisayo wokuthi abantu baxhumana kanjani nezimali zabo abazikhethile. Kanye nokuxoxa ngokuqhubeka kwemali, le ncwadi iphendula umbuzo obalulekile: ingabe ikusasa lemali linjani? Abaningi bazothi "yidijithali," kepha kwabaningi bethu, imali isivele ibonakala iyidijithali. Sisebenzisa izinhlelo zomakhalekhukhwini ohlakaniphile ukuphatha nokukubheka ama-akhawunti nokwenza izinkokhelo ngaphandle kokuxhumana futhi siya ngokuya sizinikela emhlabeni ongasebenzisi ukheshi. Kodwa manje njengoba i-Bitcoin iguqule indlela abantu abaqabanga ngayo ngemali, imali yedijithali (digital money) isithathe incazelo entsha ngokuphelele.

Ingxenye yesizathu salokhu kungacaci ukuthi isayensi yemali, noma isifundo semali, iswela uhlaka olufanele lwendabuko kanye nethiyori lokufaka i_Bitcoin_; idinga kakhulu ukuvuselelwa okusha ukufaka le ndlela yemali engavamile. Ukuvuselelwa kwesayensi yezimali akuvamile, futhi ukuze sichaze le ekhulu kakhulu ezokwenzeka, kufanele sibheke okwedlule ukuze silinganise kahle umthelela we-Bitcoin ekusaseni lemali. Futhi isibuyekezo sikufanele; I-Bitcoin nokuphindaphindwa kwayo okuningi kunikeza ukuqala okusha ngokusobala kanye nokukhetha okudingwa ngumhlaba njengoba sibhekene nokulandelwa kwemali okulandelayo.

Le ncwadi iyimizamo yokuqonda futhi ichaze ukuthi lokhu kuhlanganiswa kweBitcoin kuzokwenzeka kanjani, nokuthi kuzoshintsha kanjani ikusasa lwehlelo lwethu lwemali. Ukuze senze lokho, sidinga indlela efinyeleleka kalula yokuqonda isayensi yezezimali uqobo, ngokomlando ebisitshekelwe yithiyori yezomnotho ezingeni lobuchwepheshe โ€” bambalwa kakhulu abaqonda ngokweqiniso ukuthi imali ivelaphi, noma ukuthi luyini uhlelo lwemali. Inhloso yale ncwadi ukufundusa labo abangenlwazi ngohlelo lwethu lwemali futhi ibachazele kusuka ekuqaleni.

Okubaluleke kakhulu, abafundi bazofika nokuqonda ukuthi imali uhlelo oluhlelekile. Ngokusebenzisa amagama oqobo wehlelo lokuhleleka, le ncwadi izocacisa ukuthi kungani abantu baqala ukusebenzisa amasistimu emali esikhundleni sezinhlamvu zemali, ukuthi lezi zinhlelo zashintsha kanjani, nokuthi seziyinkimbinkimbi futhi zahlukahlukene kanjani namhlanje. Abafundi kufanele bakwazi ukusebenzisa le ncwadi ukuqonda ukuthi ungakanani ungqimba lwemali amafa abo akuyo futhi bazulazule phakathi kwezendlalelo zemali. Ezweni elizayo lokukhetha imali, ukukwazi ukuzulazula kumephu yemali kuzokunika amandla.

Incazelo Yehlelo Lwemali

Ngaphambi kokuqala isaga semali egqinsiwe, kungcono ukunikeza umfundi isibonelo esifushane nomfanekiso wohlaka. Isibonelo esiyisisekelo kakhulu sehlelo lokuhleleka elisha singakhonjiswa ngokuhlola ubudlelwano obuphakathi kohlamvu lwemali lwegolide kanye nesitifiketi segolide kusuka ngonyaka we-1928 e-Melika. Kulesi sibonelo, isitifiketi segolide sinombhalo olandelayo obhalwe kuso:

Lokhu kuqinisekisa ukuthi kufakwe eMgcinimafa wase-Melika amadola ayishumi ngohlamvu lwemali lwegolide olukhokhwa kumuntu oludingayo.

Ake sihumushe lesi sitatimende ngokusebenzisa amathemu agqinsiwe. Imali yesendlalelo sokuqala, uhlamvu lwegolide, ibanjelwe egumbini elingaphansi. Imali yesendlalelo sesibili, isitifiketi segolide, iyaphrintwa futhi isatshalaliswe esikhundleni semali yegolide. Leli phepha linenani kunoma ngubani ophethe ucezu lwalo iphepha, obizwa ngokuthi umphathi. Kokubili uhlamvu lwemali nesitifiketi kuyizindlela zemali, kepha ngokwehluka ngokwezinga kuzo. Lobu budlelwano obuphakathi kwezendlalelo ezimbili zemali (Umdwebo 2) kungenye indlela yokuchaza ibhalansi lezimpahla nezikweletu (Umdwebo 1).

Umdwebo 1

Umdwebo 2

Uma sisebenzisa ngenkuthalo lolu hlaka olusha kusayensi yezimali futhi silulandelela emuva ekuqaleni kwalo, esikutholayo ngumlando ophelele wemali. Njengoba abadlali abangumgogodla ohlelweni lwezezimali lwamazwe omhlaba beqala ukumemezela izimali zabo ezizayo zedijithali, sidinga ngokuphuthumayo indlela enenzuzo yokuhlaziya izinguquko ezizayo, kodwa asikwazi ukwenza kanjalo kalula ngaphakathi kwamatemu ajwayelekile wezezimali. Le ncwadi ifaka imali njengohlelo olugqinsiwe ngoba kuyindlela ecace bha yokucabanga ngezinguquko eziza ohlelweni lwethu lwezezimali, uhlelo oluqubuka okwesikhashana ezinxushunxushwini njalo eminyakeni embalwa kuphela ukuthi ludanjiswe ngokwanda kwamanani kahulumeni kanye nokungenelela kwebhange eliphakathi.

Kukhona indlela eya ekusaseni elizinzile ngokwengeziwe; le ncwadi ichaza eyodwa ethembele kakhulu ezintweni ezintsha zobuchwepheshe ezihlanganise isayensi yezezimali nenye isayensi eyayingahlobene ngaphambili: i-cryptography. Ngokusabalala kwayo yonke imiqondo nezimakethe emhlabeni jikelele kusukela ngo-2009, isayensi yokubhala ngemininingwane ephoqelekile iphoqa umhlaba wezezimali ukuthi ushiye izinhlelo ezindala ithate ezintsha, njengoba nje i-Intanethi isenzile ezimbonini ezingenakubalwa selokhu kwaqala le-mileniyamu. Lezi zinhlelo ezintsha zidinga ukucatshangelwa ngokucophelela, futhi sizosebenzisa lolu hlaka olusha olunemicikilisho ukuchaza ukuthi kungenzeka kanjani konke. Yini iqhaza lezimali ezingekho ngaphansi kukahulumeni ekusaseni lethu? Ngabe i-Bitcoin izobambisana nezimali zikahulumeni noma izozishintsha? Izimpendulo zigunyaza ukutadisha imali egqinsiwe. Iqala ngohlamvu lwemali lwegolide olwenziwe ngo-1252.

Isahluko 1: Igolide LeFlorin

Mina nabangani bami siphethwe yisifo senhliziyo esingelashwa kuphela igolide.

โ€”Hernรกn Cortรฉs

Ngaphambi kwemali ngokwezigaba, kwakukhona imali nje. Ezinhlotsheni zethu, imali iyithuluzi elisenze ukuthi sibe nobugovu, lapho izilwane zishintshana ngomusa, njengalapho izinkawu ziqondana. Abanye bakhetha ukubiza imali ngokuthi yinkohliso eyabiwe, yize igama elithi inkohliso lisho ukuthi zonke izinhlobo zemali azinasisekelo empeleni. Kungcono ukusho, esikhundleni salokho, ukuthi ezinye izinhlobo zemali ziyinkohliso eyabiwe, kanti ezinye zingabonakala zingokoqobo esikhathini eside esanele.

Abantu basebenzise amagobolondo asolwandle, amazinyo ezilwane, ubucwebe, imfuyo namathuluzi wensimbi njengamathokheni okushintshana amashumi ezinkulungwane zeminyaka, kepha ekugcineni bazinza kwigolide nesiliva kule minyaka eyizinkulungwane ezimbalwa edlule njengezinhlobo zemali ezamukelwe emhlabeni jikelele. Okuthile mayelana nalezi zinto ezimbili zamakhemikhali kudalula ukubaluleka, futhi abantu babagcoba njengemali engabizi. Lokhu kugcotshwa kwaba nomthelela wentuthuko enkulu ekusetshenzisweni komhlaba wonke kwempucuko yabantu, njengoba izinsimbi eziyigugu zanikeza izindlela ezithuthukisiwe zokugcina umcebo wezizukulwane kanye nokwenza lula ukuhweba phakathi kwabantu ongabazi nhlobo emakhoneni ahlukene eplanethi.

Ukukhetha okuzosetshenziswa njengemali bekungelula ngaso sonke isikhathi. Amagobolondo bekalungele uhwebo olungamamayela ayinkulungwane ukusuka olwandle kepha ayemaningi ngasogwini lolwandle kwabanye futhi ngaleyo ndlela ayilona ithuluzi elihle lokugcina inani ezizukulwaneni nasemazwenikazi. Amathuluzi wensimbi ayebaluleke kakhulu ekuzingeleni nasezikhaliweni futhi ayengabamba inani emakhulwini eminyaka kodwa kwakungeyona indlela ehamba phambili yokujikeleza ngoba ayentula ukuthwala nokuhlukanisa, ngokungafani namagobolondo. Izinsimbi eziyigugu zisebenze kahle kuwo womabili amandla futhi kancane kancane kwavunyelwana ngazo emhlabeni wonke njengeyona ndlela engcono yemali.

Imali ayisetshenziswanga kuphela njengendlela yokushintshanisa kanye nendawo egqina inani; futhi uhlelo lokubala. Kuyindlela yokuhlela izintengo, ukubala imali engenayo, ukubala inzuzo, nokuletha yonke imisebenzi yezomnotho ngaphansi kwehlelo elilodwa lokubalwa kwemali. Umsuka wesi-Latin wegama "ihlelo" (denomination) yi-nomin, noma igama. Izinkolo zamahelo ziyindlela yabantu yokuqamba izinkolelo zabo ezithile, njengoba namahlelo okubalwa kwezimali eyindlela yabantu yokuqamba izimali zabo, izindleko kanye nenzuzo yabo. Lapho abantu behlangana ukuze bavumelane ngehlelo lobumbano lokubala imali, ukusetha intengo yezimpahla nezinsizakalo kuba lula ngoba wonke umuntu usekhasini elifanayo ngokuthi yini ethathwa njengemali. Lapho wonke umuntu engasho (name) inani lakhe ngamagama afanayo, imisebenzi yezomnotho iyachuma.

Ukuhlukanisa kuphela ngegolide kwakunganele kodwa. Ukuhweba ngobucwebe begolide, imigoqo, namagajethi kuchaza ukulinganiswa okungaguquki kwesisindo nobumsulwa, okwenza ihlelo legolide elingachazwanga lingasizi ngalutho. Lesi sahluko sizokhombisa ukuthi izinhlamvu zemali zayixazulula kanjani le nkinga ngokwethula izinsimbi, ubumsulwa kanye nokwethembeka.

Izinhlamvu Zemali Zokuqala

Ubaba womlando, isazi-mlando esingumGreki uHerodotus, walandela izimpawu zokuqala zegolide nezesiliva eLidiya (Lydia), ebizwa ngokuthi i-Turkey namuhla cishe ngonyaka ka-700 BC. Ubufakazi bobucwebe begolide nobesiliva obusetshenziswa njengemali buhlehlela emuva emashumini ezinkulungwane zeminyaka, kepha ukufika kohlamvu lwemali kwaguqula lezi zinsimbi eziyigugu zaba amahlelo afanele okubalwa kwezimali. Izinhlamvu zemali zeLidiya zazibhalwe ngomfanekiso webhubesi elibhongayo futhi zazilinganisa izinhlamvu eziyi-126, ezingaba ngamagremu ayi-8. Ngoba zonke izinhlamvu zemali zazinenani eliqondile legolide, zazingasetshenziswa njengeyunithi ye-akhawunti. Namuhla, izinhlamvu zemali ezinesisindo esifanayo zingabonakala njengezihlobo ezisobala zegolide nezesiliva, kepha izinsimbi eziyigugu bezinesithunzi ngaphambi kokuba kudalwe uhlamvu lwemali lokuqala lwaseLydia. Ngezisindo ezingaguquguquki, izinhlamvu zemali kwaba inguquko elula futhi zashintsha imali unomphela. Baqeda isidingo sokukala nokuhlola ubumsulwa bayo yonke into yensimbi ngaphambi kokuthi amaqembu amabili akwazi ukuthengiselana, futhi lokhu okubukeka kuqondile, ekugcineni kwaguqula umhlaba wezohwebo.

Yiziphi ezinye zezici ezibaluleke kakhulu zenhlamvu zemali, futhi kungani zaziguqula njengemali? Okokuqala futhi okubaluleke kakhulu, izinhlamvu zemali zenziwa ngezinsimbi ezazithathwa njengeziyigugu, eziqinile, nezingavamile. Igolide nesiliva zazinerekhodi eliqinisekisiwe lezinkulungwane zeminyaka njengemali, ngakho-ke ukuba nezinhlamvu zemali okushaywe kulezi zinsimbi ezimbili kwaqinisekisa ukuthi kuzoba nokufunwa okungokwemvelo. Uma izinhlamvu zemali zenziwe ngamatshe, ngokwesibonelo, bezingeke zibe nesidingo esinjalo, ngoba amadwala avamile awabalulekile.

Isici esilandelayo sezinhlamvu zemali esilethe inguquko kuzo zombili imali nempucuko yabantu kwakuwumbono wemali enokwenzeka, noma eguqukayo. Izinto ezimbili nazi-fungible, zinenani elilinganayo nelingahlukaniswanga phakathi kwazo, njengedola elilodwa elilingana nanoma iliphi idola elilodwa. Izinhlamvu zemali ezivela ku-mint (abakhiqizi bemaili) efanayo zazifana zonke, zisusa inqubo yokulinganisa enzima kusuka ekuthengisweni kwansuku zonke. Izinhlamvu zemali bekuyintuthuko enkulu ekulinganisweni kwemali, ikakhulukazi uma kuqhathaniswa nezitini zegolide zezisindo ezingalingani kanye nezinto zokuhloba zegolide ezinokuhlanzeka okungachazwanga. Ukufana kwemali kuzenze zaba ngamahlelo aphelele okuhlela, kwanikela imiphakathi ithuluzi elinamandla lokukwazi ukukala konke kuyunithi elilodwa.

Imali kufanele futhi ihlukaniswe: isibonelo, imfuyo esetshenziswa njengemali isukela ezinkulungwaneni zeminyaka edlule, kepha izinkomo azihlukaniseki ngakho-ke azinalusizo ekuthengiselaneni okuncane. Izinhlamvu zemali bezikulungele ukwahlukaniswa: ngalinye belimelela inani elincane futhi lenani lingasetshenziswa ekuthengiselaneni okuncane kakhulu ngenkathi liqoqelwa kalula okukhulu.

Okokugcina, izinhlamvu zemali ezihamba phambili yizo okwakunzima ukuzenza. Ukukhwabanisa kungadicilela phansi inani lemali, ngakho-ke abakhiqizi kwakudingeka benze izinhlamvu zemali ezinemibhalo enzima. Uma ngabe bekucatshangwa ukuthi ukusatjhalaliswa kwezihlamvu kwemali bengukweqiniso, futhi abantu bekholelwa ukuthi izinto zomgunyathi zazingenakwenzeka ukuba khona, lokhu bekuzovumela abantu ukuthi bathengiselane bodwa ngaphandle komthwalo wokucwaninga zonke izinhlamvu zemali ukuthola ubuqiniso.

Umthelela Kahulumeni Emalini

Isidingo somhlaba wonke sezinhlamvu zemali sanda ngenxa yentuthuko yazo yezomnotho, futhi ohulumeni baba umphakeli omkhulu kunabo bonke. Ababusi bakuthola kungenakwenzeka ukumelana nokuzifihla, bezenzela izinhlamvu zemali ngamagama abo ziqoshwe ngobuso babo ukuze zizungezwe njengemali ngaphakathi kwemingcele yabo. Lokhu kwakungeyona, nokho, indlela yobuze benkosi kuphela. Abakhiqizi bezinhlamvu zemali banikela ohulumeni amandla okusebenzisa imali ukuzizuzisa bona, okwaholela ekuthintekeni komphakathi okuhlala njalo kanye nokukhuphuka nokuwa kwemibuso.

UMbuso WaseRoma usinikeza isibonelo esiphelele sokuthi izinhlamvu zemali zaholela kanjani emtheleleni kahulumeni emalini. Ngekhulu lokuqala AD, ngemuva nje kokuqala koMbuso WaseRoma, izinhlamvu zemali ezibizwa ngokuthi udenariyu (denarri) (ubuningi denarius) zenziwa nguhulumeni waseRoma, futhi ngenxa yobubanzi bombuso emhlabeni wonke zasetshenziswa kulo lonke elaseYurophu, e-Asia nase-Afrika. Ngokokuqala ngqรก, amazinga emali omhlaba aguquka ngokususelwa ezinhlamvwini zensimbi eziyigugu ezenziwe yinkampani eyodwa. Umthelela wehlelo elinamandla lemali yoMbuso WaseRoma lasuselwa ekuphatheni kwalo kombuso futhi laphindeka emhlabeni wonke. Izinhlamvu zemali okuthiwa i-dinar zazizovela eNdiya ziye eGibhithe ziye e-Spain amakhulu eminyaka alandelayo.

Ngekhulu lesibili leminyaka ngaphansi kokubusa kukaMarcus Aurelius, uhlamvu lwemali lukadenariyu lwalunesisindo esingaba ngu-3.4 amagremu futhi lwaluqukethe cishe u-80% wesiliva, okwakuvele kungukwehliswa kokuhlanzeka kwawo ngo-98% ngenkathi u-Augustus Caesar ememezela ukuthi unguMbusi wokuqala waseRoma emakhulwini amathathu eminyaka ngaphambili. Kuyo yonke le minyaka, izimali azisekho ngenxa yeqiniso elilodwa eliyisisekelo: ohulumeni abakwazi ukumelana nesilingo sokuzenzela imali yamahhala. Icala lokwehliswa kwemali yaseRoma lalinjalo. Lapho uMbuso WaseRoma unciphisa okuqukethwe yinsimbi eyigugu kukadenariyu ngenkathi ishiya igama layo nenani layo kungashintshiwe, empeleni yayizenzele imali; udenariyu ngamunye wayenokuhlanzeka okuphezulu kunomlandeli wakhe. Lesi senzo sokunciphisa imali nguhulumeni sinciphisa ukwethembela emalini futhi siholele kumanani angazinzi kanye nokuba sengozini komphakathi. Ekupheleni kwekhulu lesithathu leminyaka, udenariyu wawusudicilelwe phansi kaningi kangangokuthi ubumsulwa bawo babungaphansi kwesilinganiso esingu-5% kuphela, okuhambisana ne-Crisis of the Third Century, okuyisikhathi lapho kwabulawa khona amaKhosi amaningi kwathi uMbuso WaseRoma wacishe wawa. Ukwehliswa kwemali kwakuwumkhuba owaqhubeka emhlabeni wonke, okwenza ukuthi okwenzeka ngekhulu leshumi nantathu lweminyaka eFlorence kuqakatheke kangaka.

I-Florin

Amadolobha asenyakatho ne-Itali iFlorence, iVenice, iGenoa nePisa azimisa njengamaphabhulikhi ngemuva kokugqashula kubabusi babo phakathi nekhulu leshumi nanye leminyaka, futhi ukuzimela kwabo okusha okwalandelwa kamuva kwalandelwa imali yabo. Ngonyaka we-1252, lapho abakhiqizi be-Florentine bakhiqizai i-Fiorino d'Oro yokuqala, noma i-florin yegolide, akukho lutho okusha okwakufezekile. Kwakungenye nje imali. Kodwa-ke, njengoba kudlula amashumi namakhulu eminyaka kungashintshi isisindo segolide nokuhlanzeka kwalo, i-florin yazakhela udumo olwagcina luqhubele bonke labo ababeluzungezile enhlanganweni yalo. Ngokomlando, izinhlamvu zemali eziyigugu zensimbi beziqinile, zihlukanisela, futhi ziphatheka, kepha ngohulumeni abahlale behlisa ubumsulwa bezinhlamvu zemali zabo, akukho mali ebikhona enokwethenjelwa kwezizwe eziningi. Abakhiqizi be Florentine bakushintsha lokho. I-florin igcine isisindo esingaguquki nobumsulwa, cishe amagremi ama-3.5 egolide elicwengekileyo, ahlanganisa amakhulu amane eminyaka emangalisayo. Ngesikhathi i-florin yayineminyaka eyikhulu ubudala, yayisivele isisezingeni lemali lomhlaba wonke lezezimali we-Europe. Amaholo aphezulu, ubucwebe, ukuthengiswa kwezindlu, kanye nokutshalwa kwemali okwenziwe ngemali enkulu konke kwakubizwa ngentengo ye-florin. Iphinde yathola ukuthandwa phakathi kwabantu abasebenzayo njengendlela yokuphatha ngokoqobo impilo yabo yonke ekhukhwini. Izinhlamvu zemali ze-florin zikhombise ukuba yisibambiso esiyisibonelo futhi esingatholwa kalula ukuze kubolekwe izinhlamvu zemali zesiliva ngokuthengiselana okuncane. I-florin njengeyunithi ye-akhawunti isatshalaliswe kulo lonke elaseYurophu nakwamanye amazwe njengenhlangano yezimali ethembeke kakhulu futhi ezinzile emhlabeni. Ukuzinza okungavamile kwe-florin kukodwa akuzange kudale ukuthuthuka kwemali ngesikhathi sokuvuselelwa, kepha ukuthandwa kwayo kwamakhulu amaningi eminyaka kwaqondana nokuthuthuka kanyekanye kwezibalo, ukubalwa kwezimali kanye nokubhanga okuholele ekuguqulweni okumangalisayo kwesipiliyoni somuntu ngemali. Ngaphambi kokuchaza le nqubekela phambili, kufanele siqale siqonde amaphutha wenhlamvu yemali ababhekise kuwo.

Ukuphindaphindeka Kwenhlamvu Yemali

Uhlelo lwenhlamvu yemali lilodwa alakhanga uhlelo lwemali. Inhlamvu yemali yayiletha izinkinga ezimbili ezinkulu emnothweni womhlaba, okwakuthi ngaleso sikhathi ube yayiqukethe amadolobha aseYurophu, enyakatho ye-Afrika, naseMpumalanga Ephakathi exhunywe yiLwandle iMedithera. Kwakunezimali eziningi kakhulu ezahlukahlukene, futhi le nkinga yokuphindaphindeka kwemali yaphazamisa kakhulu isivinini semali.

Isivinini semali (money velocity) kuyisivinini lapho imali isuka kumnikazi oyedwa iye kolandelayo, futhi kuphela ngesikhathi esanele lapho imali ingasiza abantu ukuhweba ngamandla abo aphelele. Izinhlamvu zemali zegolide nezesiliva zisheshisa isivinini semali uma kuqhathaniswa neminyaka yakudala lapho izinsimbi eziyigugu nezinsimbi ezingasetshenziswanga zisetshenziswa njengezindlela zokushintshanisa. Kepha umhlaba wokuphindaphindeka kohlamvu lwemali lapho izinkulungwane zemali ezincintisanayo zisetshenzisiwe kwakusho ukuthi ukuguqulwa okulinganayo kwakufanele kwenzeke eceleni kwakho konke ukuthengiselana okukodwa phakathi kwabantu bezindawo ezahlukahlukene. Lokhu kuveze izinselelo ezinkulu zokuvula amazinga alandelayo wejubane lemali kanye nokuhwebelana kwamazwe omhlaba, ngoba amazinga ezisindo nokuhlanzeka ayehluka kakhulu emhlabeni jikelele.

Abashintshi bemali abakhethekile kulokhu kuguqulwa okudingekayo futhi kwaba yingxenye yakho konke ukuhweba. Babenomsebenzi wokushushumbisa phakathi kwamakhulu noma izinkulungwane zemali ezihlukene ukuze kwenziwe lula zonke izinhlobo zokushintshana kwamazwe omhlaba. Ukungabikho kokufana kwenhlamvu yemali emhlabeni wonke kwavumela abashintshi bemali ukuthi bazuze uma umthengisi noma ikhasimende lidinga ukuguqulwa kusuka kolunye nolunye uhlobo lwemali kuye kolunye. Lo msebenzi usekhona nanamuhla ngohlobo lwabashintshi bezimali zakwamanye amazwe, noma labo abaguqula ama-pesos aseMexico abe yi-real yaseBrazil, ngokwesibonelo.

Ukuhlanganisa inkinga yokuphindaphinda kwemali kwakuyinkinga ye-bimetallism, evumela ukuthi izinsimbi ezimbili ezihlukene zisetshenziswe njengemali. Isiliva liyinsimbi eningi kakhulu kuqweqwe loMhlaba kunegolide futhi ngokomlando isebenze njengemali yabantu abavamile nokuthengiselana kwansuku zonke. Igolide, ngokuphambene nalokho, liyinsimbi eyigugu efunwa kakhulu nohlobo lokufuna, kodwa alwanelanga ukusetshenziswa kwansuku zonke: i-florin eyodwa ibifanele ngaphezu kwesonto lomsebenzi kusuka esisebenzini esijwayelekile. Ukwahlukana kwegolide nesiliva kwaxaka ukwakheka kohlelo lwemali oluhlanganisiwe kuze kube sekupheleni kwekhulu leshumi nesishiyagalolunye lweminyaka.

Izingozi zokudluliswa kwemali ngokomzimba

Inselelo enkulu yesibili yohlelo lwenhlamvu lwemali kwakuyingozi ehambisana nokudluliswa kwezinhlamvu zemali ngokomzimba. Ukuthumela izinhlamvu zemali ezweni nasolwandle kwakuyingozi futhi kwakunzima ngesikhathi senkathi ephakathi. Ukuphahlazeka kwemikhumbi kwakuvame ukuba ngumonakalo wesibambiso omubi wokuzama ukukhokha izikweletu zomhlaba wonke. Ingxenye yesizathu sokuthi izinsimbi eziyigugu zithathwe njengeziyigugu bekungukungonakali kwazo, ngakho-ke kungabonakala kufanelekile ukuthi imboni yonke yokuzingelwa kwemkhumbi eyaphalazeka ikhona namuhla ukuthola izinhlamvu zemali zegolide nezesiliva ezalahleka ngalesi sikhathi.

Isixazululo salezi zinkinga kwakuwumbono wokukhokha emuva kwesikhathi. Njengenye indlela yokudluliswa kwensimbi ngokomzimba, ukukhokhelwa okuhlehlisiwe (deferred settlement) kwenzeka lapho elinye iqembu lithembisa ukuthi lizokhokha elinye ngokuzayo. Ngaleso sikhathi, ukukhokhelwa kokugcina (final settlement) kuyenzeka, futhi iqembu elikweletwayo lithola inkokhelo enkulu, ngokomlando igolide nesiliva. Lezi zithembiso, noma amakhredithi, enziwa njengendlela yabathengisi yokwehlisa ingozi yokudluliswa kwemali yamazwe omhlaba. Lezi zinhlobo zamalungiselelo okuhlehliswa kwenkhokelo zazikhona isikhathi eside ngaphambi kwekhulu leshumi nantathu yeminyaka kodwa zazingenazo izimfanelo zesistimu. Izethembiso zezezimali bezishoda ngokufana, futhi nohlelo oluhlelekile lwamakhredithi belungakabikho. I-florin enzinzile yayiyisakhiwo esikhulu, kepha ukwakha uhlelo lwemali kwakungaphezu nje kokuhlanzeka kwemali okungaguquguquki. Yafuna isiko lezethembiso.

Isahluko 2: Ukuvela Kwemali Ngokwezigaba

Njalo nakuyo yonke indawo, amasistimu emali anezigaba.

โ€”Perry Mehrling, Professor of Economics, Boston University

Ngo-1202, umthengisi ohambahambayo uLeonardo da Pisa, owayedume ngelikaFibonacci, wakhipha incwadi ebizwa nge-Liber abaci (Incwadi Yokubala) eyayicebisa umkhakha wezibalo eYurophu. UFibonacci wakhulela ezimakethe zase-Algeria lapho afunda khona ngokutholwa kwezibalo zakudala, futhi kamuva wakhipha incwadi eyaletha uhlelo lwamaHindu nolwesi-Arabhu eYurophu, ebeka isisekelo sokuqedwa kohlelo olunqunyelwe lwezinombolo zamaRoma. Wachaza ngokuthuthuka kwezibalo okwakungabangaphandle kwabaseYurophu ngaleso sikhathi, kanye namasu okubalwa kwezimali abonisa izindlela ezazisetshenziswa abathengisi abavela eNdiya nasemanyuvesi aseSulumane eSpain. Lezi zinqubo zokubalwa kwezimali zaziyisisekelo salokho esikubheka njengokubalwa kwezimali okungena kabili (double-entry system) namuhla, uhlelo olukuyo yonke indawo lwezimpahla, izikweletu, inai nenzuzo . Umlando we-Liber abaci wawuyozwakala ngaso leso sikhathi e-Italy njengoba imibono kaFibonacci yaveza uhlobo olusha lwezigaba zabathengisi, olodwa olunamandla alo elingawathathi kwimpahla noma insizakalo kodwa kubhalansi: umnini webhange.

Ngaphambi kwencwadi kaFibonacci yokutholwa kwezibalo kwakuyithuluzi lemali elibizwa nge-bill of exchange. Ama-invoyisi bekayizindlela zokuthumela imali isuka kwenye indawo iye kwenye futhi ngesikhathi esisodwa uyiguqulele kwimali oyifunayo yomamukeli. Kwakuyizincwadi ezibhalwe ngababhangi abathembisa ukukhokha. Ama-invoyisi bekangakhokhelwa ngaso sonke isikhathi ngaphambili futhi ngakho-ke bekayindlela yokubolekisa nokwelulwa kwesikweletu ngumkhiphi, okwenza izikweletu zokushintshanisa ithuluzi lesikweletu lokuqala elisetshenziswa kakhulu emhlabeni. Imvelaphi yama-invoyisi kunzima ukuthi izazi-mlando ziyikhombe, kepha siyazi ukuthi abe akhona ezweni lama-Arab emakhulwini eminyaka ngaphambi kokuba afike eYurophu. Ngekhulu leshumi nambili leminyaka, izikweletu zaba yindawo evamile enyakatho ye-Italy. Ngekhulu leshumi nane yeminyaka, abakhipha imali yokuhwebelana babekhetha okungenani uhlangothi olulodwa lwazo zonke izinkokhelo zebhizinisi e-florin yegolide. Njengoba i-florin ibandakanyeka kukho konke ukuthengiselana okukhulu kwezwekazi, uhlelo lwemali lwaqala ukuvela luzungeze leli hlelo. Noma amakhulukhulu ezinhlamvu zemali ayesakazeka kulo lonke elaseYurophu, wonke umuntu wayebalwa nge-florin. Kwakuyinhlangano yokuzikhethela yebhizinisi lamashidi wamazwe omhlaba kanye nemali yomhlaba egqiniwe (world reserve currency). Phakathi kwe-florin ne-bills of exchange, eceleni kwezinto ezintsha ezibalulekile zikaFibonacci, uhlelo lwemali olwalunezigaba ezibili lwaluqala ukuvela.

Ngekhulu leshumi nanhlanu lweminyaka, uhlelo lwezezimali lwamazwe omhlaba ekugcineni lwalugqashula emaketangeni alo (ayigugu) ensimbi. Isazi sezibalo uLuca Pacioli washeshisa le nqubo. UPacioli wafundisa izibalo uLeonardo da Vinci futhi waqamba incwadi naye ebizwa nge_-Divina proportione mayelana nezibalo zokwakha, kodwa lokhu akuzange kumenze adume uPacioli. Ngaphambi kwe-Divina proportione, wakhipha i-Summa de arithmetica, geometria, proportioni et proportionalita (Isifinyezo sezibalo, ijiyometri, izilinganiso kanye nokulingana) ngo-1494 okwanikeza uPacioli isidlaliso esithi "ubaba wezokubalwa kwezimali nokugcinwa kwezincwadi." Ukubalwa kwezimali empeleni kwakungenye yezimfundiso ezazivela ekufingqweni kwakhe ngobuciko kwezibalo, i-algebra, i-geometry, ezentengiselwano, nezikweletu zokushintshanisa, kepha kwabeka isisekelo sebhalansi yesimanje. Wabhala ngokusemthethweni lokho okwase kuyiyona "Ndlela YaseVenetian" yokubalwa kwezimali okungena kabili, uhlelo olusasetshenziswa yizo zonke izinhlangano ezinkulu zebhizinisi emhlabeni wonke namuhla. Ngaphakathi kohlelo lokubalwa kwemali olungena kabili kwakukhona izimfihlo zokuthi amabhange angayenza kanjani imali hhayi ngokwenza uhlamvu lwemali, kepha kusuka kubhalansi labo. Kusukela ku-Summa, umhlaba wethu wezezimali ubukwa ngeso lamaphepha webhalansi, kepha le ncwadi ihlose ukuyilahla kabusha ngezigaba.

Izigaba Zemali

Ake siqale ukuchaza ngokusemthethweni imali ngokwezigaba. Ukukhumbula isibonelo sohlamvu lwemali lwegolide kanye nesitifiketi segolide esivela Kwisingeniso, ake sibheke isibonelo esivela ku-Renaissance Florence kanye nokubhanga kobukhosi obudumile baseMedici. Siqala le ndlela enezigaba ngokucabanga ngomehluko phakathi kohlamvu lwegolide nocezu lwephepha oluthi, "Umndeni wasebhange lakwaMedici uzokhokha uhlamvu olulodwa lwegolide kulowo ophethe lapho edingeka." Uhlamvu lwemali lwegolide luyisigaba sokuqala kanye nesimo sokukhokha kokugcina. Ucezu lwephepha lukhona kuphela ngenxa yegolide eliyimele; kuyimali yesigaba sesibili, eyenziwe njengesikweletu kubhalansi lomunye umuntu. Zonke izimali zesigaba sesibili zingama-IOU (I-owe-you) noma zithembisa ukukhokha imali yesigaba sokuqala. Bonke banokuthile okubizwa ngokuthi yi-counterparty risk, noma ubungozi obuza nokubamba isithembiso esenziwe nguzakwabo. Ubungozi bokuphikisana kungumqondo obalulekile kwisayensi yezimali, ikakhulukazi ngoba zonke izinhlobo zemali ohlelweni lwezezimali lwanamuhla zinezinga elithile. Ukuthembela kuzakwethu kuyadingeka ukuze uhlelo lwethu lwezezimali lusebenze, uma kungenjalo sonke besizosebenzisa izinhlamvu zegolide nezesiliva kukho konke ukuthengiselana okukodwa. Izigaba zemali zaba khona ngenxa yokuthi abantu bathembela izinhlobo zemali ezazithwala ubungozi bomunye okhipha imali. Ziyindlela yokukhombisa ukuthi okokusebenza kwemali kuhlobene kanjani ngokuya ngobudlelwano obuphakathi kwamashidi ebhalansi ezikhungo zezezimali. Bheka Imidwebo 3 no-4, asibonisa kahle isibonelo seSandulela semali ngezigaba.

Umdwebo 3

Umdwebo 4

Izigaba ziba yindlela yokucabanga ngokulandelana kwemali ngokwemvelo lapho izinsimbi zemali zibalwa ngokulandelana kokuphakama kusuka phezulu kuye phansi, esikhundleni sokubekwa eceleni komunye kumatafula wokubalwa kwezimali. Isigaba ngasinye simele uhlangothi lwebhalansi lomunye umuntu, ngakho-ke kufanele futhi sikhombe amahlangothi aphakathi kwezigaba zemali. Ku-Mdwebo 4, Ibhange Lomndei weMedici uhlangothi phakathi kwezigaba zokuqala nezesibili. Ikhipha imali yesigaba sesibili, izikweletu zokushintshana (bills of exchange), eziyizethembiso zokukhokha imali yesigaba sokuqala - izinhlamvu zegolide nezesiliva. Igama elisemqoka: "izithembiso", ezinobungozi bokwephulwa.

Izikweletu zazithwele ubungozi obuzenzakalelayo ngomkhiphi ngoba beziwuhlobo lokuhlala okuhlehlisiwe. Ubungozi obuzenzakalelayo yingcuphe yokuthi uhlangothi oluphakathi kwezigaba zemali angakwazi noma angeke afeze isithembiso sokukhokha. Noma yimuphi umuntu okhipha umthethosivivinywa angenza iphutha, ashiye umnikazi wemali yesigaba sesibili ngephepha elingenanzuzo. Ngaphandle kobungozi obuzenzakalelayo, izikweletu zisebenze njengethuluzi lokushintshaniswa kwemali nokusheshisa isivinini semali. Izikweletu nazo zikhuphule kakhulu ukuqina kwemali; Izinhlamvu zemali azikwazi ukunyamalala nje, kepha izikweletu zinganyamalala. Amabhande erabha ayanwebeka: anganweba lapho welulwa. Imali futhi inganwebeka: inganwetshwa kepha kuphela uma kungadingeki igcinwe ngokuphelele ngezinhlamvu zegolide egumbini. Kubathengisi nakubantu babo basemabhange, ukuqina kweqhwa kwanciphisa ubungozi bokuzenzakalelayo, futhi izikweletu zaba yithuluzi lemali elithandwayo kunemali. Labo abazimisele ukwamukela izikweletu nezinye izinhlobo zokukhokha ezihlehlisiwe basikhombisa ukuthi imali ngokuyinhloko isezingeni eliphezulu. Uma umthengisi efuna ukukhokhwa kwegolide ngaphambi kokulethwa kwezimpahla, kwakuyilungelo lakhe ukwenza kanjalo. Kepha uma omunye umthengisi amukela umthethosivivinywa obumele isithembiso sokukhokha igolide ngokuhamba kwesikhathi, ukuzimisela kwakhe ukuhlehlisa ukukhokhelwa kokugcina kuwubufakazi bodwa bokuthi izigaba zemali akuzona ezokwakhiwa kwamabhange kepha zinamandla enkambisweni yomuntu yokuqaphela komunye nomunye. Siqale ukubona uhlelo lapho izigaba ezahlukahlukene zemali zisebenza ngamakhono ahlukahlukene. Imali yesigaba sokuqala yavela njengendlela engcono yokugcina inani ngezikhathi ezinde, nemali yesigaba sesibili yavela njengendlela engcono yokwenza ngoba yayiguquguquka kalula ukwedlula ukusebenzia imali qobo.

Umkhawulo

Isici esibaluleke kakhulu kwisigaba sokuqala semali umkhawulo osisebenza ezigabeni ezingaphansi kwaso. Nasi isibonelo. Abakhandi begolide ngekhulu leshumi nanhlanu iNgilandi babengezona izingcweti ezincane. Baphinde bagcwalisa indima yokuba ngumgcini webhange ngenxa yekhono labo lokugcina izinsimbi eziyigugu ngokuphepha ncono kunanoma yimuphi omunye umuntu. Ake sithi umkhandi wegolide waseNgilandi ukhipha iphepha elibizwa ngokuthi idiphozi kohlamvu ngalunye lwegolide avuma ukuligcina. Uma bonke abanikazi bamadiphozi ngokungazelelwe becela ukubuyiselwa izinhlamvu zemali zabo zegolide, uzokwanelisa kalula izicelo zokuhlengwa ngoba amadiphozithi akhe agciniwe ngokuphelele, okusho ukuthi kukhona ubudlelwane obubodwa phakathi kwezinhlamvu zemali zegolide namadiphozi egolide.

Masithathe leli thuba ukwethula igama elithi ukheshi (cash). Izinhlobo zemali ezifana nokufakwa kwegolide olukhishwe ngabakhandi begolide abathenjiwe nabanedumela luvame ukusebenza njengokheshi. Ukheshi uchazwa yinoma yini esiyisebenzisayo njengendlela yemali abanye abayemukelayo ngenani abalibonayo, noma ngabe kuyiphepha elingenalutho elinobungozi bolunye uhlangothi futhi kungekho siqinisekiso sokukhokha kokugcina. Ukuze okuthile kusebenze njengokheshi, abantu kufanele bathembe onikelayo, noma ngubani owenze isithembiso sokukhokha.

Asibuyele kumkhandi wegolide. Ake sithi amadiphozithi akhe athola ukwethembeka bese eqala ukuzungeza njengokheshi ngoba abantu bathemba ukuthi bayakwazi ukuwaguqula abe ligolide. Umnkhandi uba nomhobholo bese ethatha isinqumo sokusebenzisa ukwethembeka kwakhe okusha. Uzikhiphela yena imali yegolide ngaphandle kokuligcina kahle igolide elihambisanayo egumbini lakhe futhi usebenzisa lawa madiphozi njengokheshi ekusakazeni. Umkhandi wegolide uzobe esehluleka ukusebenza uma kwenzeka ebhekana nesicelo sokuguqula esigcwele. Lolu hlobo lomsebenzi lubizwa ngokuthi yi-fractional reserve banking, ngokungafani ne-full reserve banking lapho wonke amadiphozi enegolide elihambelanayo egumbini elingaphansi. Igolide likhona njengomkhawulo kwabasebenza ngegolide, lisebenza njengesikhuthazo sokungasebenzisi kabi amandla okudala imali eza nokuzethemba komphakathi kumadiphozithi akhe njengendlela yokheshi. Imali yesigaba sesibili ayizinzile, njengoba amandla okuyakha ayohlala ehlukunyezwa ngabantu, ngokufana nesibonelo sethu somkhandi wegolide waseNgilandi owahlukumeza ukuzethemba komphakathi ekubeni kwakhe nesikweletu.

Izigaba zemali azikanzinzi, okusho ukuthi iqoqo lobudlelwano obuguquka njalo. Lapho isikweletu sikhula, iphiramidi yemali iyanda njengoba isigaba sesibili sikhula ngosayizi. Lapho ukuzethemba kuphakama, uhlamvu lwegolide kanye nediphozi yegolide cishe awukho umehluko obonakalayo phakathi kwazo. Abantu bamukela ngokukhululekile izitifiketi zegolide njengemali ngoba bayalithemba ikhono lomkhiphi lokwanelisa ukuguqulwa. Izitifiketi ziholela ekutheni kube lula, njengoba ukukhokhelwa kokugcina kwemali nohlamvu lwezinhlamvu kungaba nzima, kube nzima futhi kube yingozi. Lokhu kubuyela emuva lapho iphiramidi yemali ingena futhi umehluko wezinjongo phakathi kwemali nezinsimbi ezifana nemali zimenyezelwa ngokuzumayo. Izinhlobo ezazikade zinezinga eliphakeme lokuthenjwa azisafuneki, futhi abanikazi bazo bazilahla ngenxa yamathuluzi aphezulu esigabeni sabaphathi, njengezimali zegolide. Iziphazamiso zingaholela ezenzweni zokuguqula, ezibizwa ngama-bank runs, futhi ekugcineni kube nezinkinga zezezimali. Lezi zinkinga zingacatshangwa kalula njengemizamo yokukhuphuka kwiphiramidi yemali, njengoba abanikazi bemali esezingeni eliphansi bexokozela ukuthola uhlobo lwemali oluphakeme, olungaphezulu.

Inkinga Youkukhululwa (kokuthengiselana)

Njengoba imali ngezigaba yavela ukuxazulula izinkinga ngemali yezinhlavu, kwavela izinkinga ezintsha. Imihlobo yemali yesigaba sesibili yonke yayehlukile komunye nomunye. Kodwa-ke, okwenzekile ngekhulu leshumi nesithupha leminyaka e-Antwerp kwashintsha lokhu unomphela: imakethe ezinikele ngokuphelele ekuhwebeni ngemali yesigaba sesibili yazalwa. Imali ngezigaba inyuse isivinini sayo ngokuletha intuthuko enkulu ekuphepheni kokudluliswa kwayo: izimali bezingalahleki noma zebiwe lapho zidluliswa ngenethiwekhi yasebhange. Noma kunjalo, ukukhwabanisa nokuhluleka ukukhokha izikweletu, ukwehliswa okukhulu kokuthunyelwa kwezinhlamvu zemali kwaba yimpumelelo enkulu ekuhwebeni kwamazwe omhlaba. Ababhange abathengisayo bathumela imali ezweni lonke ngokuzikhandla ngokusebenzisa ama-balance sheet abo kanye nenethiwekhi yobuchwepheshe esikhundleni sokuthumela izinhlamvu zemali zegolide nezesiliva. Inani lobungozi obucacile umnikazi webhizinisi alithatha ekuthumeleni izinsimbi eziphathekako ngalesi sikhathi alinakubukelwa phansi. Ubugebengu babudlangile, futhi izinsiza zomshuwalense wasolwandle zazisakhula. Ukusetshenziswa okuthe xaxa kwemali ekhokhisiwe kumisiwe, njengoba ukukhokhelwa kokugcina kungahlehliswa unomphela ngokulinganiswa kwamadebithi nezikweletu.

Izikweletu ezintsha zasebhange nemali yesigaba sesibili zethule udaba lwe-clearance, inqubo yokulungisa ukuthengiselana. Alukho uhlelo lokususa izikweletu zokushintshana olukhona okwamanje. Imali yephepha beyingathathwa njengokheshi ngenxa yokungabi bikho kwezindinganiso. Kwakuyisethembiso sokukhokha igolide nesiliva, kepha bezingalingani. Izimali ezenziwe ngezifiso nezinsuku zokuvuthwa zenze enye nenye imali yephepha yaba ithuluzi elizinzile elingafani nakancane nokheshi; azikho izimali zephepha ezimbili ezibukeka zifana. Abantu bebengazimisele ukushintshana ngezinhloso zomunye nomunye ngoba imigomo yezinhlamvu zonke ibingahambisani. Isiko lokuthembana belingakaguquki.

Kancane kancane kepha, izinsuku zokuvuthwa kwemali yokushintshana zaqala ukuthola ukufana ngekhulu leshumi nanhlanu yeminyaka. Kwakhethwa izinsuku ezihambisana ngokulandelana nekhalenda elifanelekile labathengisi baseYurophu ngoba amabhange alandela abathengisi ukuze abanikeze izinsizakalo zezezimali. Lokhu kwenzeka kulo lonke elaseYurophu โ€” kusukela eFrance kuya eFlanders. Abathengisi bendwangu nosilika, upelepele nezinongo, nezinhlamvu zemali nemali yephepha bahlangana ndawonye ngezikhathi ezithile ukuhweba. Lokhu kwakuyithuba elihle lokuthi abathengisi bababhange abavela kulo lonke elaseYurophu beze futhi bazokhansela izikweletu zabo, noma basule (njengasekuvunyweni) ukukhokha izikweletu namakhredithi. Amaphethini wezinkathi ezithile zonyaka, noma kunjalo, akhawule ukukhishwa kwemali yokushintshaniswa cishe ngezikhathi ezine ngonyaka. Lokho bekusho ukuthi isigaba sesibili semali sathengiswa cishe izikhathi ezine ngonyaka, isilinganiso esingajwayelekile senzuzo.

Ekugcineni, isigaba sesibili semali sasuswele i-liquidity: besingenakushintshwa sibe ukheshi. Ngalesi sikhathi, ukheshi kanye nezinhlamvu zemali zazifana, okusho ukuthi okuwukuphela uhlobo lwemali oluthathwa njengokheshi kwakuyizinhlamvu zemali eziyigugu ngokwazo. Amabhili okushintshisana awazange aguquke kalula abe yinsimbi eyigugu ngaphandle kokuthi yethulwe kubabhali baphansi ngesikhathi sokuvuthwa kwawo. Imakethe lapho amabhili angashintsha ngamanani anqunywe abathengi nabathengisi endaweni beyingekho. Lokhu konke kwashintsha lapho imakethe yemali yesigaba sesibili yethula imvume yekota yonyaka emibonweni yokuhambela ikhaya layo lokuqala lonyaka e-Antwerp.

Umbukiso Oqhubekayo

Ukwakhiwa kwe-Antwerp Bourse ngo-1531 kwaguqula imali ngoba kwafaka imali emakethe yezimali. Ngaleso sikhathi, imakethe yemali (money market) yayichaza imakethe yezinhlobo zemali zesigaba sesibili njengamabhili wokushintshana, amadiphozithi egolide, nezinye izithembiso zokukhokha insimbi eyigugu. Igama elithi bourse livela eBruges eseduze, ebikade isebenza njengesikhungo sezentengiselwano enyakatho neYurophu ngaphambi kokulahlekelwa ngumqhele wayo lapho abathengisi bezindwangu baseNgilandi bethatha isinqumo sokubeka ukuhweba kwabo e-Antwerp ngo-1421. I-Bruges Bourse kwakuyindawo yomhlangano ethule imvume yezimali, kepha I-Antwerp Bourse yayiyindawo yabathengisi abanomsindo futhi yaba yindawo yokuqala yezimali yesimanje emhlabeni. U-Bourse uqhubeke wafana nokuhwebelana ngezezimali emhlabeni jikelele; igama elithi "stock exchange" liyi-bourse ngesiFulentshi ne-bรถrse ngesiJalimane.

Ukuhwebelana ngezezimali, njenge-Antwerp Bourse yasekuqaleni, yizindawo zokuhweba lapho kutholakala khona intengo. Ukutholwa kwentengo yilokho okuzwakala kunje: inqubo lapho impahla ithola khona intengo yayo ngokuthengwa nokuthengiswa emakethe. Intengo yempahla iyavela, noma iyatholakala, lapho kubhekwa ukuthengiselana phakathi kwabathengi nabathengisi. Uma ukuhweba kuvunyelwe ukwenzeka ngokukhululeka, intengo yanoma yini ingatholwa. I-Antwerp yazishaya isifuba ngendawo yayo engenamthetho, lapho ukuhweba phakathi kwezimhlamvu zemali zesigaba sokuqala namabhili wesigaba sesibili, naphakathi kwamabhili ngokwawo, bekungadingi amalayisense futhi bekungakhokhiswa intela. Kwakuyindawo yabathengisi abavela kuwo wonke amazwe kulo lonke elaseYurophu futhi yathathwa njengesikhungo somnotho womhlaba phakathi nekhulu leshumi nesithupha leminyaka. Abathengisi abavela ePortugal, eSpain, eNgilandi naseJalimane behlela kule ndawo yokuxokozela neyokuxokozela yamazwe omhlaba. Imibukiso yase-Antwerp yasentwasahlobo nasekwindla ibinendwangu yesiNgisi, upelepele wase-Mpumalamga YeNdiya ogandaywe amaPutukezi, isiliva laseMelika elithengiswa ngabaseSpain, namanye amaJalimane, ukuthengiselana kwamaNtaliyane namaFulentshi. Konke lokhu kuhweba kwaheha amabhange abathengisi kanye nohlu oluncane lokukhishwa kwemali esezingeni lesibili. Lapho i-Antwerp Bourse ivulwa, yayaziwa njenge - "Continuous Fair," ekhombisa ukuvela kwemvume yezimali kusuka esikhathini sonyaka kuya esikhathini sangempela.

Ngaphakathi kwamahholo e-Antwerp Bourse, imakethe yemali yazalwa, imakethe eyaguqula ukuqonda kwethu ukheshi kusuka kunsimbi kuya ephepheni. Ababhange bakufeze lokhu ngokwenza ngokusemthethweni izinto ezimbili ezinkulu ekuguqukeni kwemali ngezigaba: ukukhipha isaphulelo kanye nokukhishwa kwamanothi. Ababhange e_Bourse_ entsha abazange bahambe bephatha amakhulu ezinhlamvu zemali zemali usuku lonke. Izinhlamvu zemali zazilimaza isivinini semali, futhi kuphela inhlanganisela yokuhlalwa kokuhlehliswa, ukubalwa kwezimali kanye nephepha kwaba namandla okuyiqinisa. Ekuqaleni, ukuhweba kwemakethe yemali e-Antwerp Bourse kwenzeka kuphela ngamabhili wokushintshana. Abathengisi bemakethe yemali banikeza amabhili wokushintshaniswa kwemali i-liquidity, into ababengakaze babe nayo ngaphambili. Lokhu kwandise kakhulu isivinini semali. Ngaphambi kokuvulwa kwe-Bourse, imali yesigaba sesibili yakhishwa ngokunyuswa njalo ngekota yonyaka futhi yakhelwa ukuvala izikweletu kuze kube umbukiso olandelayo. Kepha e-Antwerp, imali yesigaba sesibili yaqala ukuthuthukisa izici ezifana nokheshi.

Inani Lemali Eliqukethwe YisiKhathi

Abathengisi bamabhange base-Antwerp babona ngokushesha ukuthi ukusebenzisa izigaba zemali, futhi ngobuhlakani kulokho, kungathuthukisa kanjani imali njengobuchwepheshe bokuthuthuka komuntu. Yini ngempela eyayiyimfihlo yabo? Impendulo ilele komunye wemibono eyisisekelo yezezimali zesimanje: ukwehliswa. Ake sihambe ngesibonelo esiyisisekelo sezaphulelo ukuze sibonise inani lemali lesikhathi futhi sibone kahle ukuthi yini amabhange ase-Antwerp angeze ohlelweni lwethu lwemali.

Uthenga ibhili kumbhange namuhla nge $98 engashintshelwa ku-$100 ngenyanga. Ukwenza lokhu ngoba i-$2 oyithola phakathi nenyanga ibiza isikhathi okufanele usilinde. Lokhu kuvame ukubizwa ngenani lesikhathi semali ngoba isikhathi osilindile sinenani elihlotshaniswa naso: ukhokhelwa ukulinda. Ngaphambi kokuvela kwemakethe yemali ngekhulu leshumi nesithupha leminyaka e-Antwerp, bewuphoqelekile ukuthi ulinde inyanga ngaphambi kokwethula ibhili ukuze oqoqe ukheshi wakho. Okwamanje, unephepha elinenani eliyinhloko nosuku lokuvuthwa. Noma inosuku lokuvuthwa ngokuzayo, leli phepha lisenenani elihlobene nalo. Uma, ngemuva kwamasonto amabili, udinga ukuguqula ibhili ulenze ukheshi, uyaphi? Udinga umnikazi webhange ozimisele ukuthenga ibhili ngokheshi ngaphambi kokuba livuthwe. Umbhange uzohlukanisa phakathi kwentengo yakho yokuthenga ($98) nenani ($100) bese ukukhokhela u-$ 99. Le nqubo yokuthi umbhange athenge ibhili ngentengo engu-$99, "eyehlisiwe" kusuka kunani elingu-$100 par value ekuvuthweni, ibizwa ngokuthi isaphulelo (discount). Uhamba nemali namuhla, futhi umnikazi webhange uzoqoqa ama-$100 ekupheleni kwenyanga. Lolu hlobo lwesaphulelo ngabathengisi bemakethe yemali e-Antwerp luphilise inani lesikhathi semali nsuku zonke. Imali yamaphepha ekugcineni yaba nenani elizobonwa umhlaba. Eqinisweni, ukuzalwa komshini wokushicilela kwezezimali kwenzeka e-Antwerp ngalesi sikhathi, hhayi ngenxa yezimakethe zesitoko noma zikahulumeni, kepha imininingwane yokushintshwa kwamanani nsuku zonke kwempahla edayiswa ngabathengisi nemali yesigaba sesibili edayiswa ngababhange.

Ucezu lokugcina lwephazili empumelelweni yase-Antwerp yokwethula imakethe yemali yesimanje kwaba ukusungulwa kwamanothi ezethembiso. Amanothi ezethembiso aletha indilinga egcwele ekuguqulweni kwemakethe yemali kusuka njalo ngekota yonyaka kuya esimweni esiqhubekayo. E-Bourse, ukuze kukhokhwe noma yimaphi amabhalansi asele ekupheleni kosuku, amabhange akhipha enye indlela yesikweletu, imali entsha yesigaba sesibili ebizwa ngamanothi wesethembiso noma amanothi (promissory notes or note). Lawa manothi ayeyizethembiso zokukhokhela lowo ophethe, okusho ukuthi noma ngubani ophethe ucezu lwephepha kwakufanele athembiswe. Lokhu bekungabanduleli ngqo kulokho esikubheka njengokheshi wamaphepha namuhla, amanothi emali. Bakuyinto ezange yabonwa; izinhlobo zangaphambilini zemali yesigaba sesibili zihlala zinamagama abantu kuzo. Amanothi, njengokheshi namuhla, abekhululekile ngokuphelele kulokhu kwakhiwa. Zasetshenziswa njengethuluzi lokuhlala kepha zaguqukela endimeni yazo engokwemvelo njengokheshi futhi zaba wusizo olukhulu njengezindlela zokushintshana. Umdwebo 5 ukhombisa izigaba zemali e-Antwerp phakathi nekhulu leshumi nesithupha leminyaka.

Umdwebo 5

E-Antwerp, i-arbitrageur yesilinganiso senzalo yayisifikile. I-Arbitrage kulapho uthenga khona ama-apula nge-$1 edolobheni elilodwa ngoba uyazi ukuthi ungawathengisa edolobheni elilandelayo ngaphezulu kwe-$2. Ubuciko be-arbitrage budala njengebhizinisi uqobo, futhi abashintshi bemali bangesikhathi esidlule abaguqula uhlamvu lwemali lunye luye kolunye bebazibandakanye kuleli hlobo lwe-arbitrage. Kepha amathuba we-arbitrage awakaze abe khona ngemali yesigaba sesibili kuze kufike e-Antwerp Bourse. Ngenkathi abathengisi behlisa futhi bethengisa amabhili namanothi unyaka wonke eBourse, imali yamaphepha yathola ukwenziwa kwemali nganoma isiphi isikhathi, isusa kancane uhlelo lwezimali lwamazwe omhlaba kude nokuncika ngokweqile ensimbini. Isigaba sesibili semali uqobo lwaso saba yisigaba sezimpahla ngamanani acashunwe ngamaphephandaba okuqala ezezimali emhlabeni. Indlela yokuqhathanisa zonke izinhlobo zesigaba sesibili yayingekho ngokwezintengo zazo ngazinye kepha isuselwa kunani lenzalo umuntu angalithola ngokubamba lelo phepha. Izinga lenzalo laliyindlela ehambisanayo yokuveza intengo yemali, futhi leyo evumela abathengisi ukuthi basebenzise umehluko wenani lephepha. Zonke izingcezu zephepha e_Bourse_ zazonesilinganiso zenzalo, ziveza amathuba okubambisana nababhange. Lesi sikhathi sesimanje sokuthengwa kwemali ekugcineni siguqule ukubonwa kwemali njengensimbi kuya ephepheni. Insimbi eyigugu ayikwazanga ukufeza ubuningi bezakhiwo ezivela ohlelweni lwemali. Ukubalwa kwemali, iphepha, kanye nenethiwekhi yababhange bezikwazi ukukufeza.

Isahluko 3: Ibhange Elikhulu

Ngemuva kokuvela kwesigaba sesibili semali, ohulumeni bathatha izintambo zokulawula indawo ebaluleke kakhulu phakathi kwesigaba sokuqala nesesibili. Ngekhulu leshumi nesikhombisa neshumi nesishiyagalombili lweminyaka, iBhange laseAmsterdam kanye neBhange laseNgilandi bazifaka kwipiramidi yemali, banikeza ohulumeni babo amandla angakaze abonwe ezindabeni zezimali zabantu. Ngokugunyaza ukusetshenziswa kwezimali zabo zesigaba sesibili, ohulumeni namagunya abo amasha asebhange eliphakathi basusa amandla okuthi abantu babe nenkululeko yehlelo lwemali. Ohulumeni nezimali baxhunyaniswe ngokungenakuhlukaniswa namuhla ngoba ohulumeni basungule amandla okuphatha imali kuzigaba zesibili futhi bayisebenzisela ukuzizuzisa bona, baqala ngeBhange lase-Amsterdam ngo-1609. Lapho sihlola la mabhange amabili amakhulu asungula cishe zonke izici zalokho esikubiza ngamabhange amakhulu amuhla, kubalulekile ukuthi ubheke ukuthi izindlela zabo ezintsha zezimali zisebenze kangakanani ukuqhubekisela phambili i-ajenda yohulumeni babo. La mabhange abuye asikhomba ukuthi kusho ukuthini ukukhipha lokho umhlaba wonke owawukuthatha njengemali egciniwe. Amabhange amakhulu, izimali ezigciniwe zomhlaba, kanye nokufika kwesigaba semali sesithathu kuzobhekwa kabanzi kulesi sahluko.

Ukubhadala Ngokushesha

I-Bange lase-Amsterdam (i-BoA) ladalwa kuphela ngenxa yenkampani yezabelo yokuqala yomhlaba ehlangene, iDutch East India Company (Vereenigde Oostindische Compagnie, noma i-VOC). I-VOC yaqala ngonyaka we-1585 lapho amaDashi aqeda ngokushesha isikhundla se-Antwerp njengesikhungo sokuhwebelana kwamazwe omhlaba ngokuvala uMfula iScheldt nokuvimba ukungena olwandle. Ukuvinjelwa kwenzeke phakathi kwe-Dutch Revolt, umzabalazo weminyaka engamashumi ayisishiyagalombili wenkululeko yamaDashi ebukhosini baseSpain. Ngenkuthazo yezepolitiki, i-Dutch Revolt inikwa ugqozi lokukhuthaza ukusuka ebukhosini iye ezinhlotsheni eziningi ezimele ohulumeni eNgilandi, eFrance nase-Melika. Ukuhlubuka kwaholela ekwakhiweni kwezifundazwe zase-United States zaseNetherlands, ezivame ukubizwa ngeDutch Republic. Ukusungulwa kwaleli iriphublikhi elisha kwandulele ukufakwa kwezezimali ndawonye okwashintsha isimo semali nebhizinisi unomphela. Ikhulu leminyaka elilandelayo lemakethe yemali nazo zonke ezezimali zigxile e-Amsterdam.

Ekupheleni kwekhulu leshumi nesikhombisa lweminyaka, abadayisi baseDashi babethumela imikhumbi esiqhingini seJava sase-Indonesia ukuze bathenge izinungo baphinde bazithengise eYurophu ngenzuzo enhle. Inzuzo yaheha osomabhizinisi abengeziwe, futhi kungekudala iqembu labathengisi bamanye amazwe laqala ukubonana. Ukuphishekela okwalandela kwesinamoni nojinja kwaholela enzuzweni ejulile, futhi ngokushesha laba bathengisi babona ukuthi imizamo yabo ingaphindaphindeka kakhulu ngokujoyina amabutho nokuheha imali njengenhlangano ebumbene. Umphumela waba yinkampani yokuqala yamasheya eyasungulwa ngo-1602, i-VOC. Siyithatha kalula namuhla, kepha i-VOC bekuyisibonelo sokuqala sabatshalizimali bokulingana abanikela ngemali ukuze bathole isabelo sobunikazi ngesitifiketi sephepha. Uhulumeni waseDashi wanikeza i-VOC igunya lokuhwebelana e-Asia kanye negunya lokuqasha amasosha nokulwa impi ngomkhankaso wayo wokukhipha inzuzo kwezohwebo zakwamanye amazwe. Ikhono lenkampani lokuhlanganisa imali liyinikeze amandla okuhlanganisa impumelelo yayo yokuhweba. Izabelo ku-VOC zazifunwa ngokweqile. Njengoba amasheya enyuka ngenani, abatshalizimali bokuqala babefuna ukuthola inzuzo ngokuzithengisa ngemali kubatshalizimali abasha, futhi yazalwa kanjalo imakethe yokuqala yamasheya. I-Amsterdam Bourse, eqanjwe ngomanduleli wayo e-Antwerp, yasungulwa ngemuva nje kwezimpawu zokuqala zemakethe yamasheya e-VOC. Yenziwe yi-VOC uqobo ukuze kube lula ukushintshaniswa kwamasheya ayo emakethe yesibili, futhi ngayo kwafika amandla okuhlola yonke imisebenzi yokuhweba. Ukwakha i-Bourse kwavumela i-VOC ukuthi ibone, ngaphansi kophahla lwayo, ukushushumbiswa kwamasheya ayo.

Ukuqala kwemakethe yamasheya kwaholela ekwandeni okukhulu kwezentengiselwano zezezimali, ezazifuna indlela yokuxazulula okungcono kunanoma yini eyayikhona ngaleso sikhathi. Njengoba intshisekelo ejwayelekile kumasheya e-VOC anda, ukuhweba kwanda. Konke ukuthengiswa kwamasheya bekuwukuthengwa kwemali ngasikhathi sinye, kepha iyiphi imali abaninimasheya abangayivuma? Bazofuna ukheshi, kepha ukwamukela isikhwama esigcwele izinhlamvu zemali zegolide nezesiliva ezingahleliwe bekungeke kusize ekushintsheni okusebenza kahle. Kuze kufinyelele ezinhlotsheni ezahlukene zemali ezisatshalaliswe enkampanini entsha yezohwebo yase-Amsterdam, isimo semali sinzima kakhulu edolobheni elinemakethe yamasheya yokuqala emhlabeni. Uhlobo lemali lalifunwa ngamehlo abomvu ukukhokha nokuxazulula konke lokhu kuthengiselana. Ngo-1609, iBhange lase-Amsterdam, noma i-Wisselbank, lasungulwa njengenqubekela phambili yezikhungo zezimali kulandela ukukhula kwe-Amsterdam Bourse; ukusatshalaliswa kwamasheya e-VOC kudinge ukuthi kuthuthukiswe ukuqoqwa kwemali. Ngokusebenzisa i-yunithi ye-akhawunti guilder, ebizwa nangokuthi yi-Dutch florin, iBhange lase-Amsterdam lathula inkundla yokuhlala mahhala futhi ngokushesha bonke abafaka imali. IRiphabhlikhi yaseDutch esanda kumiswa yayidinga imali yayo yesigaba sesibili ukuze isekele ibhizinisi layo elaphumelela lamakoloni.

Into yokuqala i-BoA ekwkaufanele iyenze kwakungukukhipha abaphathi bemali abasebenza ngokungemthetho namanothi abo futhi bagunyaze ukuthi zonke izinhlamvu zemali zegolide nezesiliva kulo lonke idolobha zifakwe ebhange. Abaphathi bezimali, kuze kube yilapho imisebenzi yabo yenziwa ingekho emthethweni, babengabashintshi bemali base-Amsterdam. Babephethe izinhlamvu zemali zegolide nezesiliva futhi bakhipha nezimangalo zamaphepha abamelene nazo. Abaphathi bezimali babengamahlangothi abaphambili phakathi kwemali yesigaba sokuqala nesesibili e-Amsterdam, ngakho-ke ukuze i-BoA ihehe imali, kwakudingeka ikwenze lokho ngomyalo. Bonke abaphathi bezimali baphoqeleka ukuthi banikele ngensimbi eyigugu eBhange lase-Amsterdam futhi banikezwa amadiphozithi we-BoA. Abaphathi bemali bavunyelwa ukuvula amabhizinisi ngemuva kweminyaka ngaphambi kokuvinjelwa kwabo kepha bavunyelwa kuphela ukuba nezinhlamvu zemali usuku olulodwa ngaphambi kokuba kudingeke ukuthi bazibeke eBhange lase-Amsterdam. I-BoA ikwazile ukuphatha ngempumelelo ukukhishwa kwemali yesigaba sesibili ngokususa ukufinyelela komphakathi emalini yesigaba sokuqala.

Amadiphozithi e-BoA aba yimali ekhethwayo kulo lonke elaseYurophu, ikakhulukazi ngenxa yesimo sase-Amsterdam njengehabhu lezentengiselwano lamazwe omhlaba. Ukunqoba kwe-VOC e-Asia futhi nokuthandwa okwalandela kwahehela imali eningi kuledolobha. Lokhu kunikeze iBhange Lase-Amsterdam ukuthuthuka kokuqala leqiniso: ikhono lalo lokwenza ukudluliselwa okusheshayo phakathi kwabafaka imali. Ngokuthengiselana okuncane nokukhulu, ukudluliswa phakathi kwabafaki mali be-BoA kwaba lula kakhulu. Ukuze kwandiswe amathuba okusetshenziswa, i-BoA ayikhokhisanga mali yokudluliswa kwangaphakathi. Ukudluliselwa futhi bekungadingi ukushintshaniswa kwzinhlamvu zemali noma iphepha. Bekuyizinguquko zebhange lase-Amsterdam kuphela. Lokhu konke kwasho ukuthi ngenani elikhulayo lababhalisi bamahlelo abavela ngaphakathi nangaphandle kweNetherlands, ukudluliswa kwemali kwaba lula uma kuqhathaniswa nokusebenzisa izinhlamvu zemali noma iphepha. Ngenxa yokuqalwa kokuxazulula imali ngokushesha esigabeni sesibili semali, iBhange lase-Amsterdam laliyibhange lokuqala, ngoba ngokomthetho ibhange laliyisisekelo sakho konke ukusebenzisana kwemali. Umsebenzi wokusula, noma wokulungisa ukudluliswa phakathi kwabafaka imali, kwakuyisisekelo sebhange elikhulu. IBhange Lase-Amsterdam laliyimpendulo elawula ukuhweba ngamasheya kanye nendlela uhulumeni aqaphe ngayo yonke into eyenziwayo phakathi kwabafaka imali. Yayigadiwe ngokuphelele kwezomnotho ngoba yayigudluza phakathi konke ukuthengiselana kwayo futhi yathola umbono wobudlelwano bezezimali phakathi kwabaxhasi bayo.

Isidingo sehlelo leBoA lakhula lisuka eYurophu ngenkathi i-Amsterdam iphakamisa isikhundla sayo njengenhlokodolobha yezwekazi. I-guilder ibithathwa njengemali ebekiwe yomhlaba phakathi nekhulu leshumi nesikhombisa lweminyaka ngoba abathengisi namabhizinisi avela kulo lonke elaseYurophu bebeyigodle ngenxa yokuthembela ngokungagunci kumkhiphi wayo. Isimo sayo njengemali egciniwe yomhlaba wonke saqhubeka kwaze kwaba ngekhulu leshumi nesishiyagalombili lweminyaka.

Ilungelo Lokubolekisa

Ohlelweni lweBhange lase-Amsterdam lwalungakaqukethi ukukhokhelwa kwezimali nje kuphela. Ukuhlola okusondele kusikisela ukuthi i-VOC yazibeka phezulu kwephiramidi lemali ukuze ikhiphe amandla nezinsizakusebenza. Kungekudala ngemuva kokusungulwa kwayo, iBhange lase-Amsterdam laboleka i-VOC imali futhi lahlukanisa izimalimboleko njengezimpahla kubhalansi lazo, inqubo ejwayelekile yokubalwa kwezimali yokungena kabili. I-BoA yanikela i-VOC ngamadiphozithi, empeleni yakha imali futhi yayikhipha kumbolekisi welungelo. Lezi zimali mboleko zifike eceleni kwezinhlamvu zegolide nezesiliva kusigaba sokuqala semali. Ukufanelwa kokubolekwa kwe-VOC kwakulingana nensimbi eyigugu uqobo. Imali edalwe kusigaba sesibili ibigodliwe kancane ngoba impahla yayo yesigaba sokuqala ibiyimboleko ku-VOC esikhundleni sensimbi eyigugu efakwe eBhange lase-Amsterdam. Ku-Mdwebo 6, bheka iphiramidi yemali ngaphansi komthelela weBhange le-Amsterdam, eveza imali ebolekwe ku-VOC kusigaba sokuqala semali. Lesi bekuyisikhathi esibucayi sokuthuthuka kwemali ngokwezibaba; ngokokuqala ngqa, izinsimbi eziyigugu zazingezodwa phezu kwephiramidi lemali.

Umdwebo 6

Ngokulawulwa kwesigaba sesibili, iBoA ekugcineni yaqeda ikhono lokukhipha insimbi eyigugu ngokuphelele kodwa yakwazi ukugcina ukuthembela komphakathi emalini yayo yesigaba sesibili. Ukubaluleka kwalokhu akukwazi ukweqiswa. Ngokumisa ukuguqulwa kwemali yokuqala, iBhange lase-Amsterdam lafakazela ukuthi insimbi eyigugu kwakungadingeki ukuthi isebenzise uhlelo lwezezimali. Kwakuxhomeke ekucindezelweni kwaso ukuqondiswa kwezigwegwe ukuze zihlale zigodliwe ngokwanele, futhi okubaluleke kakhulu kwakuxhomeke ekuthembekeni kwabantu kuleso siyalo. Abantu baseYurophu babenethemba lokuthi iBhange lase-Amsterdam alinankinga futhi alikhiphi amadiphozithi ngokweqile ekubanjweni kwawo kwensimbi eyigugu, nokuthi lokho kuthenjwa kwaqinisekisa ukufunwa kwamadiphozithi we-BoA njengemali.

IBhange Lase-Amsterdam likwazile ukumisa ukuguquguquka ngokusungula enye inkomba yamanje yebhange elikhulu ebizwa ngokuthi ukusebenza kwemakethe evulekile (open market operations), imisebenzi yezimakethe nge-BoA ukuqinisekisa imakethe engaguquguquki yamadiphozithi ayo. Ngokugcina imakethe enempilo phakathi kwamadiphozithi ayo nezinye izinhlobo zezimali ezisezingeni eliphakeme, i-BoA yakwazi ukuxhasa inani lezikweletu zayo ngaphandle kokunikela ngensimbi eyigugu. Le nhlanganisela enamandla futhi engakaze ibonwe yokukhokhelwa ngokushesha, ukubolekwa, kanye nokumiswa kokuguqulwa kwaba nomthelela ekusaseni namandla lezezimali futhi kwaba nomthelela ngqo ekwakhiweni komlandeli weBhange Lase-Amsterdam njengokhipha imali egciniwe, iBhange laseNgilandi.

iBhange laseNgilandi

Okunye ukuvukela umbuso kwenzeka ngaphambi kokudalwa kweBhange LaseNgilandi. I-Glorious Revolution yango-1688 yathathela indawo inkosi yamaKatolika uJames II yabeka indodakazi yakhe engumProthestani uMary nomyeni wakhe ongumDashi, uWilliam wase-Orange. Yize kungeyona inguquko ephelele kusuka ebukhosini kuya kwiriphabhulikhi njengaseNetherlands, i-Glorious Revolution eNgilandi isuse kakhulu amandla kusuka ebukhosini iye-ePhalamende. Isikhwele saseNgilandi nokuncoma uhulumeni omele amaDashi nokuqina kwezezimali kuholele ekwakhiweni okuphelele kwesimanje, kanye nasekubekeni phakathi kohlelo lwezezimali lwesiNgisi.

Akukho lutho emakethe yemali olwalubekwe eNgilandi ngalezo zinsuku. Abakhandi begolide bafeza zonke izindima ezinkulu zokubhanga futhi babonisa imisebenzi eminingi yabathengisi bemakethe yokuqala bemali base-Antwerp. Abakhandi begolide baseNgilandi babekhipha amadiphozithi, babhala namanothi namabhili anezaphulelo. Isidingo sokuxhasa impi sagcina sigqugquzela umqhele wamaNgisi ukuthi ungene esikhundleni salolu hlelo olusatshalaliswa ngokuthatha indima yohlangothi olulodwa phakathi kwesigaba semali sokuqala nesesibili.

Imikhumbi yempi yamaNgisi yayisanda kwehlulwa kabuhlungu yi-France, emzameni wayo wokwakha kabusha, uhulumeni waboleka imali ngokukhipha isikweletu. Ngo-1694, iBhange LaseNgilandi (i-BoE) lenziwa ngenjongo yokuthenga lawa mabhondi amasha kahulumeni, kwazalwa ibhange elikhulu elilandelayo. Uhulumeni kanye ne-BoE basebenzise lesi simiso esivelele sokubolekwa kwemali esabekwa i-VOC neBhange lase-Amsterdam futhi wasebenzisa ukukhishwa kwemali yesigaba sesibili.

IBhange LaseNgilandi laphinde lanikezwa umsebenzi wokugcina izinsimbi eziyigugu, ukukhipha amadiphozithi, ukwenza ukudluliswa kwemali phakathi kwabafaka imali, nokuhambisa amanothi njengokheshi. Okubaluleke kakhulu, iBoE yehlisa amabhili wokushintshisana yakhuphula kwemali emakethe yemali yaseLondon. Ngokungafani nokuzilawula kwe-Amsterdam emalini yesigaba sesibili, i-London yayinobungani kakhulu kuzinguqulo ezincintisanayo zemali yamaphepha, futhi ukuzimisela nekhono leBoE lokwehlisa amabhili lapho kudingeka ukwedlula imali kakhulu kwayihlukanisa njengesibonelo sebhange elikhulu namuhla.

Izinga LeGolide

Upondo kube yinhlangano yemali yaseNgilandi kusukela ngo-1158 ngenkathi iNkosi uHenry yethula uhlamvu lwesiliva lobumsulwa obungu-92.5%[1] . Le mali yayimele isisindo sesiliva kuze kube iNgilandi iqala ukwenza uhlamvu lwegolide ngo-1663 olubizwa ngokuthi i-Guinea, olwaqanjwa ngengxenye yeNtshonalanga Afrika lapho kwakhushulwa khona igolide. I-ginea yafaka upondo ezinkingeni ze-bimetallism lapho zombili i-guinea nohlamvu lwemali lwesiNgisi olubizwa ngokuthi isheleni (shilling) lwaluthwala amanani asemthethweni ngamapondo. Kepha ngemuva nje kokudalwa kweBhange laseNgilandi, isazi sezibalo nesiNgisi uSir Isaac Newton njenge-Nkosi yalapho kukhiqizwa khona imali (Master of the Mint) wayiguqula unomphela inkambo ye-bimetallism emhlabeni jikelele ngokubeka isilinganiso esisha sokushintshanisa phakathi kwama-guineas egolide nosheleni wesiliva ngo-1717. U-Newton wafunda ukugeleza kwegolide nesiliva kulo lonke elaseYurophu kanye namanani okushintshana abekwe kwamanye amazinga we-bimetallic, ikakhulukazi iFrance, iNetherlands, neJalimane. Usebenzise owakuthola ukuthola isilinganiso esisha sokushintshana phakathi kwegolide nesiliva acabanga ukuthi limele kakhulu inani langaphakathi lensimbi ngalinye. Izinga elisha lokushintshisana lenze kwaba nenzuzo kuma-arbitrageurs ukuthekelisa isiliva nokungenisa igolide, futhi kungakabiphi isiliva liyeke ukusetshenziswa njengemali eNgilandi. Ushintsho lukaNewton, noma ngabe luhlelwe kusengaphambili noma lwenziwe ngengozi, ekugcineni lwaletha umhlaba ngaphansi kwepiramidi eyodwa yemali ngegolide kuphela phezulu.

Nanoma isiliva zange lisatshenziswa eNgilandi ngemuva nje kokushintshwa kukaNewton, kwathatha isikhathi esingaphezu kwekhulu leminyaka ukuthola izinga eligcwele lwe-gold standard, lapho iphawundi lalinganiswa negolide kuphela, ukuba ngumthetho. Izinga legolide laseNgilandi laduma emhlabeni wonke futhi ekugcineni ladonsela yonke imali yezwe elikhulu emkhakheni ofanayo. Umdwebo 7 ukhombisa ukutolikwa ngokwezigaba kwezinga legolide lomhlaba jikelele ekuqaleni kwekhulu lamashumi amabili lweminyaka.

Umdwebo 7

Isigaba Sesithathu Semali

Kuze kube manje, sihlolisise kabanzi ubudlelwano phakathi kwesigaba semali sokuqala nesesibili nabantu bezezimali abangene phakathi kwabo, kepha manje kufanele sengeze esinye isigaba esinye sethu sokuqonda amasistimu emali. Amabhili wokushintshana, avela ezibonelweni zangaphambili zamaphiramidi emali, kwakuyizinsimbi zemali zesigaba sesibili ezazizuthembiso zokukhokha igolide lesigaba sokuqala. Ngesikhathi seBhange laseNgilandi, noma kunjalo, amabhili kwakuyizethembiso zokungakhokhi igolide kepha ukukhokha amaphawundi ngakho-ke wawekhona kusigaba sesithathu semali. Kule ncwadi sizosebenzisa igama elithi "umkhakha ozimele" (private sector) ukuchaza amabhange, amabhizinisi, kanye nosomabhizinisi okuyizinhlangano ezingekho ngaphansi kukahulumeni. Ku-Mdwebo 8, sibona izinkampani ezizimele zikhipha izethembiso zokukhokha imali yesigaba sesibili, ziyibeka esigabeni esodwa ngezansi kweBhange laseNgilandi esigabeni samashidi. Izikweletu zomkhakha ozimele ngakho-ke zikhona kusigaba sesithathu semali. Ku-Mdwebo 9, ukumelwa kwamashidi ebhalansi wendabuko kufakiwe ukukuqondisa kumodeli entsha enezigaba ezintathu. Imali yesigaba sesithathu ayikhonjelwe ekuhlukunyezweni okuningi kunemali yesigaba sesibili, kodwa empeleni ikude kakhulu nokuphepha kwempahla engenabalingani efana nezinhlamvu zemali zegolide. Isibonelo, uma owesifazane waseNgilandi esaba ukuthi ibhange lakhe lisengozini engokwezimali futhi afune izinhlamvu zemali zegolide esikhundleni samadiphosithi wamabhange angaphansi kwesigaba sesithathu, uzodinga ukuthengiselana okubili. Kuzofanele aguqule amadiphozithi akhe abe ngamanothi we-BoE ngaphambi kokuguqula lawo manothi abe yigolide. Uma enamaphepha we-BoE wesigaba sesibili, wayezosebenza kanye kuphela ukuthola izinhlamvu zemali zegolide ayezifuna.

Umdwebo 8

Umdwebo 9

Noma iBhange lase-Amsterdam labeka uhlaka lwebhange elikhulu, iBhange laseNgilandi ekugcineni lasungula imodeli yamabhange amakhulu womhlaba. Akuzange kufike kalula noma kusukela ekuqaleni. Isivumelwano sokuqala se-BoE, esakhishwa ngo-1694, saqinisekisa impilo yeminyaka eyishumi nanye kuphela. Lapho isivumelwano ngasinye siphela, izingxoxo zabanjwa phakathi kwe-BoE nohulumeni. Ezingxoxiswaneni, ukukhathazeka okuyisisekelo kukahulumeni kwakuwukuhlala exhasa ukusetshenziswa kwemali yakhe, futhi ugqozi lweBoE kwakuwukhuphula intengo yamasheya ngenxa yokuthi yayinabaninimasheya abazimele abashukunyiswa yinzuzo. Amasheya weBoE ajwayele ukwazisa kakhulu ngemuva kokuvuselelwa komthetho-sisekelo, njengoba ngalinye linikeze ukwandiswa kwamandla emali.

Ekuvuselelweni komthetho-sisekelo ka-1742, iBoE yaqinisa ukubusa kwayo ngokukhethekile ngokukhishwa kwamanothi eNgilandi. Imikhakha ezimele yayingasavunyelwe ukukhipha amanothi esigaba sesibili athembisa ukukhokhela ophethe igolide, ehlisela izinkampani ezizimele kusigaba sesithathu semali unomphela. I-BoE ibhekane nokuvuselelwa kabusha kwemigomo eminingi nokushintshwa komthetho ngaphambi kokuthola isikhundla unomphela ngo-1844.

Ukuqina noKuntengantenga

Ake sibheke ukuthi ukuqina (elasticity) kwemali kukhuphuka kanjani njengoba sehla ngezigaba. Esigabeni sesibili semali, amanothi weBhange LaseNgilandi ayanwebeka ngoba agodliwe kancane; zikhishwa ngokweqile kwegolide eligcinwe egumbini le-BoE. Lokhu kunwebeka kukhuphuka lapho izinkampani ezizimele zikhipha amadiphozithi athembisa ukukhokha amanothi we-BoE, futhi lawo madiphozithi ngokwawo agcinwa kancane ngamanothi lawo. Njengoba iphiramidi lemali likhula, izigaba ezingaphansi kule phiramidi zinokuntengantenga (fragility) okuthe xaxa kodwa futhi ziba buthaka kakhulu njengomkhiqizo. Ngokwehla kokuqina (elasticity) kwemali, singabheka ukuthi iBhange laseNgilandi lalibhekana kanjani nokwethuka kwezezimali, noma isenzo sabantu ababhudula iphiramidi yemali ukuze bavikele izinhlobo ezithile zemali.

Umbolekisi Olithemba Lokugcina

Amanothi eBhange laseNgilandi ayefunwa njengokheshi ngenxa yokuguqulelwa kwawo kunhlamvu lwegolide kanye nokufaneleka kwesikweletu. Yize kunjalo, amanothi ayeseyimali yesigaba sesibili, futhi umehluko phakathi kwamanothi we-BoE negolide wakhula ngesikhathi senhlekelele ethile yezezimali. I-Valo lwango-1796 (The Panic of 1976), elwabangelwa ukuqhuma kwebhabhalazi lomhlaba ngaphesheya kwe-Atlantic e-United States of America esanda kumiswa, kwaholela egagasini laseBrithani futhi ekugcineni kwaqhutshwa imali yegolide yaseBhange LaseNgilandi. Lokhu kukhishwa kwemali yesigaba sesibili kuya kuzinhlamvu zemali zegolide zesigaba sokuqala bekuyoliqeda ngokuphelele igolide leBhange laseNgilandi ukube bewungekho umthetho we-Bank Restriction Act wango-1797. Lesi senzo simise ukuguquguquka kwegolide kuwo wonke amanothi we-BoE, ukumiswa okwenziwe ngaphezu kweminyaka engamashumi amabili. Uvalo lwezezimali olufana nalawa bekaqinisekisiwe kwiphiramidi yemali eyakhiwe ngobunono nangendlela ebekelwe eceleni. Kodwa iBhange laseNgilandi laguqula umzamo wegolide wokunikeza isiyalo futhi lathumela umyalezo oqinile wokuthi imali yalo yesigaba sesibili ingazimela. Iqiniso lokuthi izikweletu ze-BoE zazingama ngaphandle kokuguquguquka kwasho ukuthi esimweni esibucayi, ingasebenzisa amandla ayo ukuhiciza imali yesigaba sesibili ngaphandle kokubukela phansi ihlelo lwemali noma lizifake engozini yokulahlekelwa yizinto zayo eziyigugu eziyinsimbi.

I-Bhange LaseNgilandi libinendlela yokuvikela ukuphathwa kwegolide, kepha belidinga nendlela yokubhekana nezinkinga eziqala kusigaba sesithathu semali, isibonelo uma amabhili wemikhakha ezimele angalahlekelwa yimali ezimakethe zemali. I-BoE ibizimisele futhi ukwazi ukuhlinzeka ngemali emakethe yamabili ngokwehlisa amaphepha ngentshiseko okungenzeka kube nzima ukuthola indawo yentengo esenkingeni. Kunoma ikuphi ukwethuka okunjalo, bekufanele kusebenze njengokhiye wokugcina emuva ohlelweni lokunwebeka uma ihlelo lemali belizosinda.

Ngo-1873, umbhali odumile waseBrithani nomsunguli wephephabhuku i-Economist uWalter Bagehot wabhala incwadi yesidina ebizwa nge-Lombard Street: A Description of the Money Market eyakhombisa ukuthi imakethe ye-bhili isebenza kanjani, nokuthi iBhange laseNgilandi kufanele lisetshenziswe kanjani ukuze liqiniseke iphungule โ€‹โ€‹izinkinga. Incwadi kaBagehot icashunwe ngokuyinhloko ngokukhetha amabhange amakhulu "njengombolekisi olithemba lokugcina" ngaphakathi kohlelo lwezezimali. Isixazululo sakhe bekuwukuthi iBhange laseNgilandi libolekisane ngemali ngokukhululeka kumabhili alingene ukubolekwa emalini ngamanani wenzalo anesijeziso kodwa afanelekayo:

Ngokushaywa uvalo, abanikazi bendawo yeBhange yokugcina imali kufanele baboleke bonke abathembekayo ngokushesha, ngokukhululeka, futhi kalula.

Izinkinga zezezimali ngalezinkathi zahambisana nokwenyuka okungezelelwe kwesidingo sokheshi, lapho labo ababekhipha noma ababambe imali yegaba sesithathu babedinga ukwenziwa kwamanothi ngohlobo lwesigaba sesibili sebhange laseNgilandi. Lapho isidingo sokheshi sikhukhumala, uBagehot wachaza ukuthi imali yesigaba sesibili kumele yenziwe yibhange elikhulu ukuze yanelise leyo mfuno. Kufanele iguqule amandla ayo okuqina ngenkathi igcina isiyalo ukuze ingakhuthazi ubungozi bokuziphatha (moral hazard), okwenzeka lapho isikhungo sezezimali sizibeka engcupheni eyeqile ngoba silindele ukutakulwa nguhulumeni noma ibhange elikhulu uma isimo saso sezezimali simuncu. I-BoE yehlisa amabhili ewabona ukuthi adinga ukwesekwa okwesikhashana, hhayi amabhili enzelwe ukukhokha ngokungakhathaleli isimo sezimali. Uma ukuqina kwakungasetjhenziswa lapho kudingeka, ukuqhuma kokuzenzakalelayo kwakungadabula isigaba sesithathu semali. Uphethe ngokuthi ibhange elikhulu kumele ekugcineni lenze imali yesigaba sesibili ngobuningi lapho uhlelo luyidinga kakhulu, kusekela indlela yokusebenza yasebhange elihulu kusukela lapho. Amandla okwenza imali eza nesibopho, lapho kudingeka, ukwenza noma yini edingekayo ukugcina ihlelo lwemali. Iphawundu ichithe ikhulu leshumi nesishiyagalolunye njengemali ebekelwe umhlaba wonke njengoba ezinye izizwe ziyithenga njengemoto yokonga ngenxa yobukhulu nokuzinza koMbuso WaseBrithani. Ngenkathi uMbuso unwebeka ukumboza uhhafu wobuso bomhlaba, iBhange laseNgilandi labhekana nenselelo enkulu yokugcina ibandla lasekhaya elisetshenziswa ngabahlanganyeli emhlabeni wonke. Iphawundu bekungeke kube yimali yokugcina ukuhlushwa yile nkinga. Ngaphesheya kwe-Atlantic, imali elandelayo ebekiwe yayilinde ezimpikweni.

Isahluko 4: Uhlelo Lwamazwe Lokugcina Imali

Igolide yimali. Konke okunye kuyisikweletu.

โ€”J.P. Morgan to United States Congress in 1912

Ekupheleni kwekhulu lamashumi amabili lweminyaka, iphawundi lahlala liluhlobo lwemali ebekiwe emhlabeni kepha lalilahlulwa lidola laseMelika. Ngesikhathi seNguquko Yezimboni (Industrial Revolution), izinduna zenkampani uCornelius Vanderbilt, uJohn D. Rockefeller, Andrew Carnegie, JP Morgan, noHenry Ford bakha izinkampani ezaheha ukufunwa kwemali yaseMelika. Umhlaba ubudinga amadola ukuze uthenge izimpahla, izinsizakalo, kanye nokwabelana kwalezi zikhungo ezintsha zezinkampani. Ngalesi sikhathi, i-United States yayingenayo ibhange elikhulu. Kodwa lapho ukuzamazama komhlaba okukhulu eSan Francisco kubangela inkinga yezimali ngo-1907, i-United States ngokushesha ngemva kwalokho yayizothatha ikhasi elisencwadini kaWalter Bagehot bese ifaka umbolekisi olithemba lokugcina enkabeni yohlelo lwayo lwezezimali. I-Federal Reserve System, uhlwelo olusha lwebhange elikhulu laseMelika, athola imali esivele isendleleni eya ezingeni lomhlaba eligodliwe ngo-1914. Yenza uhlelo lwezimali olunezigaba ezintathu, lapho amabhange emikhakha ezimele evunyelwe ukudala amathuluzi emali anezigaba ezintathu kumashidi wokulinganisela. Namuhla, i-Federal Reserve isalokhu isezikhundleni eziphezulu zezimali njengoba idola lisaphethe umqhele wemali ebekelwe umhlaba wonke yize isikhundla salo sesintekenteke. Ukuqonda ukwahlukwaniswa ekunzima kwedola kokubusa nobucayi kungachazwa kalula ngamagama ethu anezigaba, indaba exoxwa ezahlukweni ezintathu ezilandelayo. Kulesi sahluko, sizohlaziya iphiramidi ye-Federal Reserve enezigaba ezintathu zamadola. Okulandelayo, sizobona ukuthi uhulumeni weFederal Reserve nohulumeni waseMelika basusa kanjani ngokuqinile igolide kusigaba sokuqala semali. Futhi ekugcineni, sizobheka ukuthi uhlelo lwezezimali lwamazwe omhlaba lwawela kanjani enkingeni kusukela ngonyaka we-2007, futhi kungani ngenxa yalokho ukukhala kuzwakala njalo ngonyaka ukuqalwa kabusha kwemali emhlabeni jikelele.

Imali yaseMelika Yasekuqaleni

Kuwo wonke amakoloni Omhlaba Omusha, ifomu lemali lahluka phakathi kwezifunda. Izinhlamvu zemali zazingaziningi ezinsukwini zokuqala ngoba iminti yamakholoni yayingakabi khona futhi izinhlamvu zemali zaseYurophu zazinganele ukuthi zisetshenziswe yiwo wonke umuntu njengemali. Lokhu kuqhube abantu ukuthi basebenzise izinhlobo eziningi zemali zasendaweni. E-New York, ubuhlalu begobolondo lolwandle obubizwa ngokuthi i-wampum, obusetshenziswa njengemali yizizwe eziningi zamaMelika Omdabu, basatshalaliswa njengethenda elisemthethweni ngekhulu leshumi nesikhombisa leminyaka. E-Virginia, ugwayi waba yimpahla yezimali yesigaba sokuqala kanye nesisekelo sephiramidi yayo yemali ngenxa yokuthandwa komhlaba jikelele kwesivuno. Iyunuthi lwephawundi kagwayi (pound of tobacco) lwaba yindinganiso yokubalwa kwezimali, futhi amanothi athembisa ukulethwa kwephawundi kagwayi akhishwa yiVirginia njengemali yesigaba sesibili esatshalaliswa emphakathini njengokheshi. Amagobolondo nogwayi kwakwanele njengemali yesifunda ngoba ngakunye kukhombisa ezinye, kepha hhayi zonke, zezimpawu zezimali zemali. Ayikho eyayiphelele, kepha ngayinye yakhonza ngempumelelo njengemali amashumi amaningi eminyaka. Zombili bezihlukaniswa, kunzima ukuzihlanganisa, zikwazi ukubamba kalula, futhi zihlala isikhathi eside ngesizotha. Ekugcineni, zazizothathelwa indawo njengezindlela zokushintshanisa nezinyunithi ze-akhawunti ngohlobo lwemali oluphakeme ngokomlando: imali yegolide neyesiliva.

Njengoba isikhathi sihamba, izinhlamvu zemali ezengeziwe zegolide nezesiliva zaqala ukujikeleza njengemali kuwo wonke amakoloni. Uhlamvu lwemali olwaludume kakhulu kubantu kwakuyidola lesiliva laseSpain. Ngo-1784, uThomas Jefferson wakhipha incwadi yakhe i-Notes on the Establishment of a Money Unit, futhi wanikeza impikiswano ngedola njengeyunithi entsha yemali yaseMelika:

i-Dola uhlamvu lwemali olwaziwayo, futhi olwaziwa kakhulu kunakho konke ezingqondweni zabantu. Isivele yamukelwe kusuka eNingizimu kuya eNyakatho; ikhombe imali yethu, ngakho-ke izithokozisa ngenjabulo njengeYunithi esivele yethuliwe.

Izinhlobonhlobo Ezihlangene Zemali

Eminyakeni eyishumi nesithupha ngemuva kweSimemezelo Sokuzimela (Declaration of Independence), iNhlangano yesibili yase-Melika (Congress of the United States of America) yagcina iphasise i-Coinage Act ngo-1792 ukusungula idola lase-United States njengeyunithi esemthethweni yezwe, ichaza idola elilodwa njengama-1.6 amagremu egolide kanye nama-24 amagremu wesiliva.

Eminyakeni eyi-108 eyalandela, i-United States yazama izindlela ezimbalwa ezehlukene zemali. Ukulungiswa kwasekuqaleni kwezinga lokushintshanisa phakathi kwegolide nesiliva kwaba nomphumela ophambene nokulungiswa kuka-Isaac Newton njenge-Master of the Mint futhi kwaxosha igolide ekusetshenzisweni amashumishumi eminyaka.

Amabhange amabili ahlukene adalwa ngo-1791 nango-1812, kodwa ngalinye laphela ngemuva komqulu wawo weminyaka engamashumi amabili. Abantu abaningi baseMelika bokuqala bebengathembi ukuthi amabhange amakhulu azophatha imali yabo. Amabhange ayekhona ngokuchasene nemibono kahulumeni elinganiselwe futhi kwaholela kwinqwaba yokugxweka yezepolitiki, eyavimbela izikhungo ekuvuseleleni umqulu. Esikhundleni semali esezingeni lesibili yasebhange elikhulu, amanothi akhishwe amabhange azimele asebenza njengendlela yemali esebenza kakhulu kulo lonke ikhulu leshumi nesishiyagalolunye leminyaka. Lawa manothi avikelwa uMgcinimafa wase-Melika (United States Treasuries), igama lezibopho zikahulumeni wase-U.S. Nasi isibonelo solimi olusemthethweni olubhalwe kumanothi wemali avikelwe (noma axhaswa) yi-U.S. Treasury kusukela ngo-1902:

Imali Kazwelonke evikelwe yi-United States Bonds efakwe kuMgcinimafa wase-Melika

I-American National Bank yaseSan Francisco izokhokha kumuntu oyifunayo ngokufuna amaDola Ayishumi.

Ngaphezu kwamanothi asebhange ezinkampani ezizimele, izitifiketi zegolide ezikhishwe uhulumeni wase-U.S zatshalaliswa futhi njengokheshi. Futhi ekugcineni, ithuluzi lokuxhasa ngemali lempi yombango (Civil War) nemali yamaphepha ebizwa nge-greenback, eyayingenakuthengwa ngensimbi eyigugu, yasatshalaliswa njengokheshi engxenyeni yokugcina yekhulu leshumi nesishiyagalolunye leminyaka futhi. Sekukonke, i-United States yayinenhlanganisela yezinsimbi zemali zesigaba sesibili ezijikeleza ezweni lonke. Ukwehlukaniswa phakathi kwesigaba sesibili nesesithathu kwakunzima ukusichaza, ikakhulukazi ngaphandle kwebhange elikhulu nohlelo lwemali olusemthethweni. Khonamanjalo, indinganiso yegolide yamazwe omhlaba eyaqala eNgilandi yaqala ukugcwala umhlaba wonke njengoba amanye amazwe aseYurophu asungula izimali zesigaba sesibili ezinesithembiso sokuguquguquka kwemali yegolide, okwaba nomthelela ekuvuseleleni kokusetshenziswa kwegolide e-United States. I-Gold Standard Act yango-1900 yaqeda ukungaqondakali okuthile ngokwezimali, kwasusa isiliva endimeni yalo yezimali futhi kwafakwa idola elilodwa kuma-1.5 amagremu egolide elimsulwa. Inani elilinganayo le-troy ounce [2] elilodwa legolide lalimi ku-$ 20.67 โ€” lapho lalilokhu likhona kusukela ngo-1834. Lesi senzo sasiyinto ethile njengoba abaseMelika base bejoyine izinga legolide lomhlaba wonke, kodwa lalibalulekile ekufakeni uphawu lwedola ihlelo. Izwe laseMelika manje selinconyelwe omunye umzamo ebhange elikhulu.

Izimali ezigciniwe

Ngo-1906, kwaba nokuzamazama komhlaba okungu-7.9 ubukhulu eSan Francisco, eCalifornia okwadala ukucekelwa phansi kwempilo nempahla; abantu abangaphezu kuka-3 000 bafa futhi iningi lomizi laphuka. Ngendlela ezungezayo, lokhu kuzamazama komhlaba kudale ukwakhiwa kwe-Federal Reserve System. Phakathi nale minyaka, impahla eningi yaseSan Francisco yayinomshwalense eLondon. Abashuwalense baseBrithani bakhokha ingxenye enkulu kakhulu yezimangalo zomshwalense omkhulu waseSan Francisco ngenxa yokuzamazama komhlaba, futhi inqwaba yenhlokodolobha yathunyelwa eCalifornia. Ukuze kuvikelwe inani lokushintshaniswa kwepondo nedola, iBhange laseNgilandi lakhuphula kakhulu inzalo ngo-2.5% ngasekupheleni kuka-1906 ngomzamo wokuheha imali kude nedola. Kwasebenza, futhi umnotho waseMelika wangena esikhathini sokuqedwa, okwaholela enkingeni yezezimali. Okwalandela kwaba wukuxokozela okuphelele kokukhipha imali yesigaba sesibili nesesithathu esikhishwe yinoma yisiphi isikhungo sezezimali saseMelika isikweletu saso esabuzwa kude. Ngenkathi abaseMelika bekhuphuka iphiramidi yemali ku-Panic ka-1907, abafaka imali ezweni lonke bahoxisa imali ebhange ukufuna izinhlobo zezimali eziphakeme kakhulu, njengezinhlamvu zegolide noma abagcinimafa base-US. Lokhu kuhoxa ezweni lonke kudale ukuthi amabhange ezifunda asebenze emabhange aseNew York. Ngenkathi le nkinga yanda, uchwepheshe wasebhange uJP Morgan wangenelela, wahlela insindiso yezezimali yamabhange awayo, futhi wasindisa uhlelo lwezezimali. UMorgan wayengenayo inketho: ibhange elikhulu lase-United States kanye nombolekisi wesinqumo wokugcina babengekho.

Ngonyaka olandelayo, uSinetha wase-United States uNelson Aldrich wasungula i-_National Monetary Commissio_n, umsebenzi wayo okwakuwukucwaninga uhlelo lwezimali lwase-Europe nokwenza izincomo zokuthi ungalungisa kanjani futhi wenze okwakamuva kube yilokho okwase kuphenduke uhlelo lwama-dhola oludelelekile nolungahlanganisiwe ngaphandle kwebhange elikhulu. Ngaphandle kombolekisi oxhaswe nguhulumeni wokugcina futhi achaze ngokucacile iphiramidi yemali, ukwamukelwa kwedola emazweni omhlaba kwahlala kunzima. Ngemuva kweminyaka yokufunda, imibiko eshicilelwe, kanye nobufakazi bebandla, ekugcineni u-Aldrich wakufeza ukulandela kwakhe ibhange elikhulu ngenkathi iNhlangano iphasisa umthetho we-Federal Reserve System ngoDisemba 23, 1913.

Igama elithi reserve lisesihlokweni sesikhungo uqobo, kodwa yiziphi izinqolobane, futhi zingena kanjani kwimali ngokwezigaba? Igama lisho indlela yokuphepha, okuthile okuzosiza uma kunenkinga. Ngempela, i-Federal Reserve System (i-Fed) yasungulwa ukulwa nezinkinga zezezimali, futhi lokhu yayizokwenza ngemali yesigaba sesibili ebizwa ngokuthi yizimalie ezibekiwe. Izimali ezibekiwe kungenye yezindlela zokusho ukuthi amadiphozithi, kepha lawa madiphozi akhishwe yiFed kuphela emabhange ezizimele. Amanothi we-Fed (noma "imali yedola" esiyaziyo namuhla), enye indlela ye-Fed yemali yesigaba sesibili, yayitholakala kubantu. Amanothi we-Fed akhishwe njengelungelo lomphakathi, imali yamaphepha ethembekile engasetshenziswa kalula njengendlela yokushintshanisa. Kepha izimali ezibekiwe ziyindlela yangempela esetshenziswa yiFed ukusebenzisa amandla ayo emali. Yindlela yokwakhiwa kwemali okufanele siyiqonde ukutolika umehluko phakathi kwemali egcwele kanye nemali yokuthengisa.

I-wholesale money (imali ebekwe yiFed) yimali esetshenziswa amabhange, kanti i-_retail money (_amanothi weFed) yimali esetshenziswa ngabantu. Izimali ezibekiwe madiphozithi emabhange kuphela futhi akanakho ukufinyelela ebantwini: akekho umuntu ongavula ngokuzenzekelayo i-akhawunti egatsheni lakubo le-Federal Reserve futhi awathole. Umehluko phakathi kwemali yamabhange kanye nemali esetshenziswa ngabantu ubaluleke kakhulu uma kuxoxwa ngekusasa lokubhanga okukhulu, kepha ngokomlando, igunya leFed kwakuwukunikeza ngemali yamabhange, noma imali yohlelo lokubhanga, lapho ukungazinzi kwesikweletu kwamisa uthuthuva lwezezimali. Igama lasho konke; uhlelo lweFederal Reserve lwaluhloselwe ngokuyinhloko ukuba lube yindlela yokusindisa indlela yokubekwa kwizinqolobane zemali.

I-Fed

Igama eliphelele le-Federal Reserve Act lithi:

Umthetho wokuletha ukusungulwa kwamabhange wezinqolobane zenhlangano yamazwe (Federal reserve banks), ukunikela izaphulelogemali enwebekako, ukukhokhela izindlela zokuthola u amaphepha wezentengiselwano, ukusungula ukwengamela okuncono kakhulu kokubhanga e-United States, nangezinye izinhloso.

Inhloso yokuqala eshiwo, "ukunikeza (ithuba) lokusungulwa kwamabhange wezinqolobane zenhlangno yamazwe," ngokushesha kusungulwa imali ebumbene futhi eyamukelekayo yesigaba sesibili, "izinqolobane," ezisekela yonke imisebenzi yasebhange e-United States. Amabhange ayizibambela azothatha indawo yenhlanganisela ekhona yemali yesigaba sesibili futhi aqede amandla amabhange azimele wokuyikhipha. Umthetho ulawule isigaba sesibili semali e-United States ngaphansi kweFed, futhi wabeka ngokuqinile yonke imali yokukhishwa kwemali yangasese kusigaba sesithathu.

Inhloso yesibili yoMthetho, "ukuhlinzeka ngemali enwebekako," iqinisekisile ukuthi iFed izokwazi ukukhipha imali ngendlela ebekelwe eceleni futhi ivumele amabhange ngaphakathi kohlelo lwawo ukuba enze okufanayo.

Inhloso yesithathu yoMthetho kwakuwukuhlinzekwa kukaWalter Bagehot, okunikeza iFed "izindlela zokuphinda zithole amaphepha ezentengiselwano." Iphepha lezentengiso (commercial paper) lisho isikweletu sesikhashana esifushane esikhishwe ngamabhange nezinkampani. Lokhu kuvumele iFed ukuthi isebenze njengombolekisi wokugcina sohlelo lwezezimali ngokwakha amabhalansi wesigaba sesibili ukuze kuthengwe izimpahla zezimali ezicindezelekile.

Inhloso enkulu yokugcina yalo Mthetho "kwakuwukusungula ukwenganyelwa okuthe xaxa kwezamabhange e-United States," emzamweni wokuxazulula ukungahambisani kahle kwemali ngaleso sikhathi, ukusungula ukubhekwa kwezezimali kweFed embonini yasebhange, nokunikeza iFed amandla okuphela wokukhipha imvumo yasebhange eza nekhono lokwenza imali yesigaba sesithathu.

Ekugcineni, lo Mthetho unqume ukuthi iFed igcine isilinganiso sokufakwa kwegolide okungenani esingu-35% uma kuqhathaniswa nezikweletu ezikhishwe kusigaba sesibili, okusho ukuthi okungenani ama-35% wezimpahla zeFed kufanele agcinwe ngegolide. Empeleni, igolide limele ama-84% wezimpahla zeFederal Reserve lapho isungulwa, okuyinombolo eyayizokwehla ngokuhamba kwesikhathi. Namuhla, ukubhekisela, igolide limele okungaphansi kuka-1% wezimpahla zeFed.

Ekuqaleni, i-Federal Reserve yayingalawuli noma ihlose ukuba noMninimafa wase-U.S kubhalansi yayo. Ukuqala kweMpi Yezwe (World War) yokuqala ngonyaka we-1914 kwaqeda ngokushesha le nhloso yasekuqaleni, eyaba yinto engabalulekile lapho kubhekene nezezimali zempi. Ngemuva kweminyaka emibili nje kwethulwe i-Federal Reserve System ngo-1916, iFederal Reserve Act yachitshiyelwa ukuze isize uhulumeni wase-United States ngezimali ngomzamo wakhe wempi, kwathi ngemuva kwalokho iFed yakha izinqolobane ezanele ukuze ithenge uMgcininimafa wase-U.S.

Inqubo yokwakha iphothifoliyo enkulu yesikweletu sikahulumeni wase-U.S. yaba nomthelela omkhulu kwiphiramidi ye-dola. Umgcinimafa wse-US wajoyina igolide kusigaba sokuqala semali ngenxa yokwakheka kwempahla entsha ye-Fed: ekupheleni kweMpi Yezwe Yokuthoma (World War 1) ngo-1918, isilinganiso se-Fed sokumboza igolide sehle sisuka kuma-84% saya ngaphansi kuka-40%, njengoba ngaphezulu kwengxenye yezimpahla zeFed manje zase zigcinwe kwizibopho zikahulumeni wase-US. Kwakuyisibonakaliso sokuqala sokuthi uMgcinimafa wase-U.S. ekugcineni wayezogcina esethathe indawo yegolide ngokuphelele njengempahla yesigaba sokuqala kuphela. Umdwebo we-10 ukhombisa iphiramidi enezigaba ezinthathu zamadola ngemuva kweminyaka embalwa kudaliwe iFed.

Umdwebo 10

Isahluko 5: Ukungasasebenzisi Igolide

Kokubili amaDola weYurophu nezikweletu zamabhange ase-U.S.[,],. . . umthombo wabo omkhulu ipeni likasobhuku.

โ€”Milton Friedman, umthumbi we-Nobel Prize in kweZomnotho ngo 1976

Kuthathe kuphela isigamu sekhulu leminyaka ngemuva kokuphela kweMpi Yezwe Yokuthoma (World War 1) ukuthi i-United States ishiye uhlelo lwezinga layo legolide (gold standard). Ukuthatha umhlalaphansi kwegolide ohlelweni lwethu lwezimali oluhlelekile kungalandelwa ochungechungeni lwemicimbi eqala ngokuphahlazeka okukhulu kwe-Wall Street ngonyaka we-1929. Ama-1920s, avame ukubizwa ngokuthi yiminyaka engamashumi amabili ebhongayo, kwakuyiminyaka eyishumi echazwe ngemikhondo yokuqala yokuthenga: ukusetshenziswa kwemali njengendlela yokuphila. Isikweletu sitholakale kabanzi kumuntu ojwayelekile waseMelika, kepha esikhundleni sokulinganisa ubuningi bokukhula kwaso, kuyajabulisa ukubheka ukuthi hlobo luni lwesikweletu olwalukhishwa. Izitolo zoMnyango ziqale ukunikela ngamakhadi wesikweletu kumakhasimende acebile okokuqala ngqa, izinkampani zikawoyela zaqala izinhlelo zokuthembeka kwamakhadi esikweletu, futhi amabhange abhebhezela ukuqagela emakethe yamasheya ngokuboleka imali efinyelela kuma-90% edinga ukuthenga amasheya. INew York yayiphenduke isikhungo sezezimali zomhlaba wonke. Izabelo zezinkampani ezibalulwe e-New York Stock Exchange zazifunwa kakhulu, futhi imali yathelwa e-United States. Lokhu kwaqinisa kakhulu ukufunwa kwamadola emhlabeni jikelele futhi kwaqinisa nemali yaseMelika ezingeni lemali eligcinelwe umhlaba. Inqwaba yokwakhiwa kwemali eyenzeka phakathi neminyaka yamashumi amabili ebhongayo yayiphikisana nesivimbelo segolide ekunciphiseni imali futhi yaveza ngokusobala isidingo somphakathi sokuqedwa kwedola kusuka kwigolide. Ngokwezigaba, kwakungekho igolide elanele eligcinwe nguhulumeni wase-United States ukuhlinzeka ngemali enwebeka ayethembise ngayo ekumisweni kwayo. Ubufakazi balokhu buvele ngemuva kwengozi yomlando wesitoko.

Lapho amanani ehla ngo-Okthoba 1929, iFed kwadingeka iphendule inkinga enkulu yezezimali ngobuqotho okokuqala ngqa. Ngenani elinqunyelwe lezinqolobane zegolide kanye nenani elibophezelayo elisemthethweni lama-35% lokumbozwa kwegolide, i-Federal Reserve ayikwazanga ukwenza inani elidingekayo lemali yesigaba sesibili ukuvimba ukucindezeleka kwezomnotho. Amabhange ayizinkulungwane eziningana ahluleka ekuqaleni kwawo-1930, aqothula izigidigidi zamaRandi emabhange omphakathi waseMelika. Ukudangala kwezomnotho kuqondane neqiniso elibuhlungu kakhulu lokuthi imali yesigaba sesithathu inganyamalala ngokuphazima kweso. Ayikho inetha lokuphepha noma indlela yomshuwalense ebikhona yokulungisa lokho kulahleka. IFed izamile "ukufaka imali enwebekayo" futhi ibe ngumbolekisi wokugcina ngangokunokwenzeka, kepha bekunganele ukunqoba imiphumela yenkontileka yemali yesigaba sesithathu ebangelwe isifiso somphakathi sokubalekela amadiphozithi ayingozi. I-Federal Reserve ibibophezelwe ukumbozwa kwegolide okungenani okushaywe umthetho onciphise inani lesikweletu iFed esenze satholakala ohlelweni. Inkinga yokuqondiswa kwezigwegwe kweGolide yathola ukukhala kwecala ngokungakwazi ukululama komnotho futhi kwaholela ezinguqukwenu ezinkulu nezishubile kwiphiramidi yedola ngeminyaka yama-1930. Le micimbi kufanele ibhekwe njengesikhuthazi esikhulu esakhahlela ukuphuma kwegolide ezweni lemali emhlabeni.

Alikho Igolide Lakho

UMongameli uFranklin Roosevelt wakhipha i-Executive Order 6102 ngo-Ephreli 5, 1933 eyala ukuthi zonke "izinhlamvu zemali zegolide, igolide ngobuningi, nezitifiketi zilethwe kuhulumeni." Lo myalelo bekungukuthengiswa okuphoqelelwe kwegolide ngokushintshana ngamanothi e-Federal Reserve (ukheshi) yizo zonke izakhamizi zase-United States futhi kuqede ngokuphelele ukufinyelela kwabantu emalini yesigaba sokuqala[3]. Lesi simemezelo sethusi senza ukutholakala nokushushumbiswa kwemali esigabeni sokuqala kungabi semthethweni futhi isieziso kube yiminyaka eyishumi ejele, okukhumbuza igunya leBhange lase-Amsterdam lokuthi bonke abanikezeli bemali banikele ngezinhlamvu eziyigugu zensimbi ukuze kushintshwe amadiphozithi we-BoA lapho idalwa ngo-1609.

Ngonyaka olandelayo, i-United States yadlulisa i-Gold Reserve Act yango-1934, eyabeka phansi idola uma liqhathaniswa negolide ngokwengeza inani legolide lisuka ku-$ 20.67 laya ku- $35 ngeyunithi (ounce). Lokhu kwehliswa okukhulu kwaba isiteleka empini yemali eqhubekayo emhlabeni wonke lapho amazwe azama ukwehlisa izimali zawo ngangokunokwenzeka maqondana nabalingani bawo bezohwebo. Inhloso yabo bekuwukuheha ukufunwa kwamanye amazwe ngokuba namanani ashibhile. Izwe laseMelika belikopisha nje lokho okwakwenziwa ngamanye amazwe: linikeza noma ngubani onegolide amandla okuthenga athe xaxa ukuthenga izimpahla nezinsizakalo zaseMelika. Ngeshwa emphakathini waseMelika, ukukhushulwa kwentengo yegolide kuza ngemuva kokubanjwa, okusho ukuthi abantu baseMelika abazuzanga kukho. Lo Mthetho uphinde wadlulisela ngokusemthethweni ubunikazi bayo yonke igolide leFederal Reserve kuMgcinimafa wase-United States futhi wandulela ukunyakaza ngokomzimba kobunengi (bullion) begolide kusuka eNew York kuya ekufakweni KweButho lase-Melika e-Fort Knox eKentucky.

Umshwalense Wediphozithi

Umthetho Wasebhange ka-1935 (Banking Act of 1935) wasungula unomphela i-Federal Deposit Insurance Corporation (FDIC), ebeka umshwalense wokufaka imali ebhange emndenini ojwayelekile waseMelika. Ngokomongo wemali ngokwezigaba, umshwalense we-FDIC uyinqubomgomo yomshwalense eqinisekiswe yi-federali kuwo wonke amadiphozithi webhange esigaba sesithathu. Isiqinisekiso se-FDIC sidambise ukwesaba komphakathi kokulahleka kwemali yesigaba sesithathu njengoba kwenzeka ngesikhathi kuvalwa amabhange angama-4 000 ngo-1933 kuphela. Ngezinombolo, umthelela wokwenziwa kwe-FDIC wawumncane kakhulu: inani lomshwalense walowo nalowo owayefaka imali lalingama- $5,000 kuphela. Kepha ngokubuka kwengqondo, umthelela wawumkhulu kakhulu. Abantu bebengeke babalekele amadiphozithi wesigaba sesithathu baye kukhshi wesigaba sesibili uma bazi ukuthi amadiphozithi abo aqinisekiswe nguhulumeni wesifundazwe. Ngaphandle kwegolide njenndlela yokonga, umshwalense wesibambiso sikahulumeni kwakuwumzamo kahulumeni wokuqinisekisa izakhamizi ukuthi ukonga kwazo amadola kuzovikelwa noma ngabe kugcinwa amabhange emikhakha ezimele enengozi yobudlelwano. Cishe ngaso leso sikhathi, iFederal Reserve yagcina ithole ilungelo layo lokulawula ukukhishwa kwenothi ngokusemthethweni ngemuva kokuthi uMgcinimafa wase-U.S. akhokhe amabhondi okugcina afaneleka njengokweseka amanothi azimele. Lo mbhoshongo owake waba yindida wavele waqala ukugqama: uhlelo lwemali lwalukhona phakathi kwesigaba sesibili nesesithathu semali, futhi umkhawulo wegolide ezingxenyeni eziphansi wawenziwe buthaka yizenzo zikahulumeni phakathi kuka-1933 no-1935. Idola laseMelika laqala ukuzimela lodwa, ngaphandle kokuncika kwigolide.

Inkosi YeDola

Phakathi kwempi yemali yomhlaba, idola lavela njengehembe elihlanzeke kunazo zonke ekuhlanzweni kwezimali zomhlaba wonke. Yize idola beliklolodelile uma liqhathaniswa negolide, amanye amazwe ebekwenza kanjalo ngendlela enkulu kakhulu. Iphawundi yashiya indinganiso yegolide ngo-1931 futhi yaqeda ngokusemthethweni ukubusa kwayo njengemali ebekelwe umhlaba wonke. Isikhala lesi sigcwaliswe yimali yamandla amakhulu emhlabeni: i-United States of America.

Ngo-1944, abaholi bomhlaba babuthana ehhotela eBretton Woods, eNew Hampshire futhi benza ngokusemthethweni ukuthi zonke izimali ngaphandle kwedola kwakuyizinhlobo zemali yesigaba sesithathu ngaphakathi kwephiramidi yedola. Isivumelwano seBretton Woods sasizokwaziwa ngokuthi yi-dollar's world reserve currency coronation. Isivumelwano asibuthintanga ubudlelwano phakathi kwezigaba zokuqala nezesibili zemali nganoma iyiphi indlela: Amanothi eFederal Reserve asethembise abaphethe izinhlamvu zemali zegolide ngokufunwa ngo-$ 35 ngeyunithi (ounce). Kwakuthinta, noma kunjalo, ebudlelwaneni obuphakathi kwedola nezinye izimali. Izimali bezizobe zinezilinganiso zokushintshaniswa ezihleliwe nedola futhi bezingeke zikwazi ukuhlengwa ngegolide. Yidola kuphela eligcine ukuxhumana phakathi kwalo negolide. Idola lase liphenduke i-eksisi lamahlelo ahlukahlukene emhlabeni. Ohulumeni kanye namabhange amakhulu emhlabeni wonke baphoqeleka ukuthi bathuthele ihlelo lwezinqolobane zabo, ezokuphepha, kanye namashidi abhalansi kumaDola waseMelika (USD).

Isivumelwano silethe umehluko obalulekile ebudlelwaneni phakathi kwezigaba zemali. Izimali zakwamanye amazwe zazisohlwini lwesithathu lwemali, kulokhu hhayi ngenxa yebhalansi lapho bevela khona, kepha ngenxa yobudlelwano babo bamanani namadola. KuMdwebo 11, sikhombisa i-USD kusigaba ngaphezu kwezinye zezimali ezifana ne-GBP (iPondo Ye-Britain) ne-CHF (Swiss franc). Ipondo ne-franc zingaphansi kwedola kwizigaba zemali ngoba intengo yazo ilinganiswa ngamadola. Lokhu kusho ukuthi ukuya phambili, kukhona ubudlelwano obubili obukhona phakathi kwezinsimbi zemali ngaphakathi kohlaka olwehlisiwe: isigaba sabaphathi beshidi lokulinganisa kanye nokulandelana kwamanani entengo.

Umdwebo 11

Kumiselwe Ukungaphumeleli

Ngeshwa ngohlelo lwezezimali lwamazwe omhlaba, isivumelwano seBretton Woods sahlulelwa. Isazi esicabanga kakhulu ngomthwalo wezimali ezigciniwe zomhlaba ngalesi sikhathi kwakunguRobert Triffin, usomnotho owazalelwa eBelgium owenza ucwaningo eFederal Reserve naseInternational Monetary Fund eminyakeni yayo yokuqala. UTriffin waqakela kahle ukuphela kwesivumelwano seBretton Woods eminyakeni eyishumi ngaphambi kokuthi sibhidlike. Ngenkathi izakhamizi zase-United States zazingavunyelwe ukuba negolide, amazwe aphesheya ayesavunyelwe ukuguqula izinqolobane zawo zedola zaba yinsimbi. U-Triffin waqagela ukuthi lezi zizwe zizogcina zinciphise isitoko segolide sase-United States, okwenza intengo engaguquki engu-$ 35 ngeyunithi legolide ngalinye lingakwazi ukugcinwa. Uxwayise ngokuthi ukuguqulwa kwegolide ngeke kusinde ngaphandle kokulungiswa kohlaka olugcinwe yisivumelwano seBretton Woods. Okubaluleke kakhulu, waveza ukuthi ukuba yimali ebekiwe emhlabeni kwakuwumthwalo, hhayi isibusiso. Amazwe angaphandle angaqongelela amadola ngenxa yesimo sawo sokugcina. Lokhu kuzoqinisa idola futhi kubangele ukungalingani kwezebhizinisi obekungeke kube khona ngaphandle kwalo mthombo owengeziwe wokufunwa kwemali ebekiwe emhlabeni. Isixazululo esihlongozwayo sikaTriffin senkinga yemali yezwe elilodwa esebenza njengehlelo lohlelo lwemali lwamazwe omhlaba kwakuwukubambisana kwezepolitiki phakathi kwamandla amakhulu ezomnotho. Ebufakazini beNhlangano ye-Melika ngo-1959 (US Congress), wavuma ukuthi isixazululo sakhe sasilokhu singafinyeleleki, inkinga eyabangela ukufunwa kwegolide njengemali yomhlaba kuphela engathathi hlangothi (neutral money), noma ngabe umqondo wawo wawungemqondo onjani:

Isixazululo esinengqondo senkinga. . . ngabe kwatholakala kudala ukube bekungengenxa yobunzima obukhulu obubandakanyekile. . . ukufinyelela esivumelwaneni namazwe amaningana ezinhlakeni eziningi zohlelo olunengqondo lwemali yamazwe omhlaba nokwakhiwa kwamakhredithi. Lokhu, yiqiniso, ukuphela kwencazelo yokusinda kwegolide uqobo. Akekho umuntu owayengake aqabange imfucuza engenangqondo kakhulu yezinsiza zomuntu kunokwemba igolide ezingxenyeni ezikude zoMhlaba ngenhloso kuphela yokuwuthutha nokuwukhipha ngokushesha ngemuva kwalokho kweminye imigodi ejulile, ikakhulukazi okwembiwe ukuyithola futhi kugadwe kakhulu ukuyivikela. Umlando wokuzizwa komuntu, noma kunjalo, unengqondo yawo.

AmaDola Aphesheya

Indaba ye-Dola laseYurophu (EuroDollar) ayitshelwanga ngokwanele. Kubalulekile ukuqonda ukuthi lonke ihlelo ledola lafakwa kanjani enkingeni phakathi nenkinga yezezimali yango-2007-2009, ukuthi kungani uhlelo lwemali lwamazwe omhlaba luye lwahlala lusesimweni sokungalungiseki kusukela lapho, futhi okubaluleke kakhulu ukuthi kungani izwe lilambele ukusethwa kabusha kwemali.

Konke lokhu kwaqala ngemuva kweMpi Yesibili Yomhlaba (World War 2) ngemuva kokuthi idola laseMelika selibe yingqikithi yenhlokodolobha yamazwe kanti ngenkathi iYurophu isakha kabusha, ixhaswe nge-USD. Ngesikhathi seBretton Woods, idola laqala ukubusa ihlelo lezentengiselwano zomhlaba wonke. Izinkampani ezivela emhlabeni wonke zathambekela kumashidi ebhalansi ama-dola. Baxhasa imisebenzi yabo ngamadola esikhundleni semali yakubo ngenxa yemakethe yedolobha ejulile. Isidingo samadola ngaphandle kwe-United States sakhuphuka, futhi amabhange eLondon, eParis naseZurich ayekhona ukufeza leso sidingo. La mabhange ase-Yurophu akwazi ukunikela ngamanani wediphozithi ancono kunabalingani bawo base-U.S ggenxa yokwehluka kokulawula. Lokhu kuholele abantu kumadiphozithi abuswa yiYurophu. Lamadiphozithi amadola aphesheya (offshore) akhishwe ngamabhange avela e-Yurophu abizwa ngama-Eurodollars (igama elithi Eurodollar alinabudlelwano nakancane nemali ye-euro, eyayingekho kuze kube ngo-2001). Amabhange angamazwe omhlaba ayethole indlela, ngaphandle kokucela imvume yomuntu, yokwenza amadola kude nesibalo seFederal Reserve. Lawa mabhange aphesheya (amabhange aphesheya kwezilwandle) ayengaphandle kwegunya le-United States ngakho-ke kwakungadingeki ukuthi abambelele kunoma yiziphi izilinganiso zegolide nezokugcina ezibekwe nguhulumeni we-Fed kanye ne-U.S.

Esinye isidingo se-idiosyncratic besikhona ku-Eurodollars: ubumfihlo bezezimali obuvela e-United States. Ama-1950s achazwa ngukuqala kweMpi Yomshoshaphansi (Cold War) phakathi kongxiwankulu nobukhomanisi. Ngaphandle kokwehlukana kwezepolitiki, abase-Soviet abakwazanga ukugwema ngokuphelele ihlelo lama-dola elikhulu ngoba babedinga amadola ukukhokhela zonke izinto nezinto ezingenisiwe ezidingekayo ukukhulisa umbuso wabo. Ukunikezwa kwamadola kwavinjelwa futhi kwahlolwa yiFederal Reserve System, ngakho-ke esikhundleni sokuthembela emabhange aseNew York ukuthi aphathe amadola abo, ama-Soviet dollar holdings afakwa emabhange aseLondon esikhundleni salokho. Ngokwenza lokhu, imali yabo yagwema ukuphatha kweFederal Reserve System kanye nohulumeni wase-United States. Uhulumeni wobukhomanisi we-Soviet Union waba nomfutho onamandla wokugwema ukugadwa kwezezimali nokunikezwa amandla kukazakwabo wonxiwankulu. AbaseSoviet bakhetha amadiphozithi asebhange yaseYurophu ngaphezu kwamadiphozithi asebhange laseMelika yize amadiphozi abo ayebhalwe kumadola aseMelika.

Ngo-1957, la madiphozithi amasha aphesheya kwezilwandle aqala ukuhweba kanye nezinye izinsimbi zemakethe yaseYurophu eDolobheni laseLondon, okukhomba ukuvela kwemakethe ye-Eurodollar. I-Eurodollar ibingakhombisi ukuthi ingolunye nje uhlobo lwedola, kepha kube yindida yohlelo lwezezimali lwamazwe omhlaba kanye nesikhuthazi sokuvela kwayo. Owayekade eyilungu lebhodi leFederal Reserve futhi engumbhali omkhulu kwezomnotho wezezimali uCharles Kindleberger uchaze ama-Eurodollars njengomkhiqizo wesidingo semvelo sokugeleza kwemali omkhulu emhlabeni jikelele. Ngo-1970, wabona ukuthi ama-Eurodollars aguquke ngenxa yesidingo ngoba amaFederal Reserve System namabhange emikhakha ezimele yase-U.S. awenzanga amadola wesibili noma wesithathu owanele wabasebenzisi bamazwe omhlaba:

Ukuvela kwemakethe ye-Eurodollar yaba isikhungo sezimali zomhlaba, esisuswe kudola esikhaleni naseYurophu ngemali. . . kungumkhiqizo ongewona owokuhlelwa ngabacwaningi kepha owokuziphendukela kwemvelo. Lokhu kusikisela ukuthi amandla okuhlangana emhlabeni, ezimakethe ezinhle, noma izimakethe zabantu, nezimakethe zezimali zinamandla kunemingcele yezepolitiki ehlukanisa amazwe.

Kwakudingeka amadola ngaphandle kwe-United States ukuze abambe iqhaza emnothweni womhlaba owandayo. Othile kwakudingeka abanikeze lapho ebedinga khona, noma ngabe amadola abe nikelwa kuphela alingisiwe akhishwa yiFederal Reserve kanye nohlelo lwasebhange lwaseMelika. Ngokukhipha ama-Eurodollars, amabhange aseYurophu ayephendula isidingo esivela emazweni omhlaba samadola.

Idola lase ligxile kakhulu njengohlelo lomnotho womhlaba: imiphongolo kawoyela yayithengiswa ngamadola, izivumelwano zokuhweba zashaywa ngamadola, futhi ezilinganisweni zamabhange zomhlaba wonke zafakwa ngamadola. Ngenxa yokufika kwe-Eurodollar, iphiramidi yemali yedola yashintsha. Njengoba iFed ingakwazi ukubona kahle, ukuxilonga, noma ukulawula umhlaba wamabhange aphesheya kanye nama-Eurodollars, akucaci ukuthi ama-Eurodollars ayisiphi isigaba semali. Ingabe beziwuhlobo lwemali lwesigaba sesithathu ngaphansi kwamanothi e-Federal Reserve? Ingabe beyiyimali yesigaba sesibili ngaphansi kwanoma yiziphi izibopho zikahulumeni kanye nezinsimbi ezahlukahlukene zesikweletu umkhiphi (issuer) anazo? Noma beyiyiphiramidi entsha, exhunywe kuleyo ekhona yedola? Le mibuzo ibingeke iphendulwe ngokugcwele kuze kube yinkinga enkulu yezezimali ka-2007-2009. Ku-Mdwebo 12, sikhombisa uhlelo lwe-Eurodollar olunophawu lombuzo ngaphezulu kwepiramidi ukukhombisa ukungacaci kwemali emabhange aphesheya akhipha i-USD.

Umdwebo 12

Umhlalaphansi wegolide

Ngo-1961, kwavela izimpawu zokuqala zokuxwayisa ngokuthi ukuguquguquka kwedola kube yigolide kwakusengozini enkulu. Ngenkathi izixwayiso zikaRobert Triffin zizwakala kakhulu ezindlebeni zabenzi bezinqubomgomo, i-United States, i-United Kingdom, nabanye bahlangana bakha i-Gold Pool, lapho amabhange amakhulu athengisa izinsimbi eziyigugu emakethe ukuze agcine isivalo sentengo yawo singama- $ =35 ngeyunithi. Izizwe zangaphandle zathola amadola ngenxa yesimo semali ebekiwe emhlabeni wonke futhi ekugcineni zaqala ukuguqula lawa madola abe yigolide. Izicelo zokuhlengwa beziqala ukwakha ingcindezi kuntengo yedola engaguquki yegolide. I-Gold Pool yawa eminyakeni eyisikhombisa kamuva lapho intengo yeqa ngokusemthethweni ama- $ 35 ezimakethe zase-Yurophu. Eminyakeni embalwa eyalandela, igolide lazisusa ngomusa kwisigaba sokuqala sephiramidi yedola, lalahlekelwa isimo salo semali esisemthethweni. Ngo-1971, i-United States yamisa ukuguqulwa kwegolide nge-dola; ukumiswa ekuqaleni bekufanele kube okwesikhashana, kepha idola aliphindanga labuyela kunoma yikuphi ukuxhumana nempahla. Eminyakeni emibili kamuva, inkathi yesimanje yezimali ezintantayo yamahhala yaqala, yaqeda ngokusemthethweni isivumelwano seBretton Woods. Igolide lidluliselwe endimeni engakahleleki yemali engathathi hlangothi, esabanjwe namuhla ohulumeni namabhange amakhulu emhlabeni jikelele njengemali yesigaba sokuqala, engahambisani nezinye.

Isahluko 6: Idola Elinganathemba

Namuhla, uhlelo lwethu lwezezimali luphukile. Luyasebenza, kepha ukuphuka ngaphakathi kulenza kube lula ukudabuka. Licishe lawa ngonyaka ka-2008 futhi ngo-2020. IFederal Reserve iwenzile umsebenzi wayo njengombolekisi wokugcina esimweni ngasinye futhi yagcina uhlelo lwezezimali luphila, kepha manje wonke umuntu uyaqonda ukuthi iFed ingumthombo wangempela wokuthengwa kwemali, futhi ngaphandle kwesekelo layo uhlelo alukwazanga ukuzimela lodwa. Ngokombono wemali ngokwezigaba, azikho izindawo eziningi kuphiramidi yamadola ezingenaso isiqinisekiso esicacile noma esingaqondile sokwakhiwa kwempahla emuva eFederal Reserve namuhla. Iphiramidi yedola ilimele ezindaweni eziningi kusukela ngo-2007, ukuthi iFederal Reserve ayibanga nayo enye indlela ngaphandle kokufaka amabhandeshi kuyo yonke indawo engaphambili. Lesi sahluko sixoxa umlando wokuthi iFederal Reserve yaba kanjani umbolekisi womhlaba wokugcina iyodwa.

Ipeni Lomgcinincwadi

Ngaphandle kwegolide, i-U.S. Treasuries yazimela yedwa phezu kwephiramidi yedola njengemali yesigaba sokuqola. Abagcinimafa ngokwabo wuhlobo lwesikweletu, futhi ukufaneleka kwabo kwezikweletu kuvela ezingxenyeni zikahulumeni wase-United States namandla okuqoqa intela kuzakhamizi zayo. Lezi zibopho zikahulumeni zaba yindlela esezingeni eliphakeme kakhulu yokugcina amadola futhi kusenjalo nanamuhla. Uma igolide lingekho, ibhalansi leFed lisebenzisa iMgcinimafa yase-U.S. njengempahla yayo evelele, kanti umkhakha ozimele ubasebenzise njengamandla amakhulu wesibambiso semali. Emabhange, ubunikazi balezi zibopho zikahulumeni bukhiphe amandla okwenza olunye uhlobo lwedola olubizwa ngokuthi yi-Treasury Repo dollars.

Ngesikhathi seMpi Yezwe Yeibili, uMgcinimafa wase-United States wamisa ukuzimela kweFederal Reserve maqondana nenqubomgomo yezimali futhi waphoqa ngempumelelo iFed ukuthi ixhase umzamo wempi. AbakwaFed bathenga inqwaba yoMgcinimafa wase-U.S kumanani wenzalo engaguquki ngenxa yalokho, futhi ukufuna kukahulumeni wase-United States ukubusa ngokwezombusazwe kwafaka esikhundleni inqubomgomo yezimali ezimele yeFed. Eminyakeni embalwa ngemuva kokuphela kwempi, i-Treasury-Fed Accord yabuyisela inkululeko kuFed, kodwa okubaluleke kakhulu, yaguqula iphothifoliyo enkulu yoMgcinimafa ezandleni zamabhange abathengisi (dealer banks), ababhekele ukusebenza okunempilo kwemakethe yoMgcinimafa kanye nokusebenza kweMgcinimafa. La mabhange abathengisi abenamandla okukhipha isikweletu emalini yabo yoMgcinimafa asebenzisa imakethe yokubolekwa kwemali eyimbumba ebizwa ngemakethe ye-Treasury Repurchase (Repo). Ekuthengisweni kwe-Treasury Repo, ibhange eliphethe i-Treasury bond lingasibophezela njengesibambiso bese liboleka imali ngalo. Ukudalwa kwe_-Treasury Repo dollar_ kwenzeka ngendlela efanayo yebhalansi esetshenziselwe ukudala i-Eurodollar: ipeni lomgcinincwadi. Amabhange angasebenzisa imali ayiboleke emakethe ye-Treasury Repo lapho kukhokhwa khona amadola hlangana namabhange amabili, ngakho-ke ukubamba kwabo uMgcinimafa kwakuwumthombo wemali omusha sha. Ngo-1979, iFederal Reserve yaphetha ocwaningweni lokuthi ukuqhuma kokuthengiselana kwe-Treasury Repo empeleni kwakubangela ukwanda okuphelele kokutholakala okulinganiswayo kwamadola futhi kwavunywa ukuthi abakwazanga ukwenza leso silinganiso ngokunemba okuqondile. Ngo-1982, iFederal Reserve yanikela ngokugcwele ekuphatheni ukunikezwa kwamadola ngoba ngokuqinisekile yayilahlekelwe yikhono lokuyilandela; phakathi kokuqhuma kwe-Eurodollars ne-Treasury Repo dollars, ukunikezwa kwemali yedola ngokungangabazeki kwakulahlekelwe yikho konke ukulinganiswa. Esikhundleni salokho, i-Fed idlulele embusweni wenqubomgomo yemali egxile ekuphathweni kwamanani wenzalo yesikhashana.

Igumbi Lamanani oKubhekisela LweDolla

Amanani wezinkomba abaluleke kakhulu ekuqondeni ukuthi uhlelo lwedola laphuka kanjani ngo-2007. Inani lenkomba yenzalo yethuluzi lesikweletu elibhekwa lingenabungozi (risk-free) ngaphakathi kwemfundiso yezezimali. Ithiyori yezezimali isebenzisa umqondo wokuthi "isilinganiso esingenabungozi" njengenkomba yokulinganisa ubungozi botshalo-mali. Kepha amathuluzi esikweletu, ngencazelo, anengozi yokuphikisana; ayikho into enjalo engenabungozi ngokuphelele. Noma imuphi umboleki, noma ngabe unamandla kangakanani, angazenzakalela ngokwethiyori. Empeleni, noma kunjalo, ibhizinisi elifana noMgcinimafa wase-United States alikaze lehluleke kwizibopho zalo zesikweletu futhi linebhange lalo eliyinhloko lokukhokha ngokuphelele noma ikuphi ukukhishwa kwalo. I-Fed ingumnikazi omkhulu woMgcinimafa emhlabeni; kungenzeka ukuthi ibathengele njalo-njalo ngoba ukuthengwa koMgcinimafa yindlela iFed eyakha ngayo izinqolobane zesigaba sesibili ohlelweni [4]. Futhi khumbula ukuthi esikhathini esedlule, iFed yashayelwa umthetho ekuthengeni i-U.S. Treasuries ukuze isize ngezimali zempi.

Amafa abhekwa njengempahla engenabo ubungozi kwizifundiswa ngoba amamodeli wezezimali namafomula wokulinganisa adinga isilinganiso senzalo esiyisisekelo esiyinkomba. Ububanzi bonke bokubolekwa kwezezimali, kusuka esikweletini sezinkampani, kuya emalimboleko yezindlu, kuya kumakhadi wesikweletu sabathengi kusetshenziswa amanani ezethenjwa ukusetha isisekelo. Ngemuva kwakho konke, akekho umbolekisi ongakhokhisa umndeni inzalo ephansi yokuboleka kunokuba ibize uhulumeni wase-United States. Ngokombono wemali ngokwezigaba, izinsimbi zizohlala zibukeka ngesigaba esisodwa noma ezimbili eziphakeme kunani lesilinganiso sazo. Ngokuphindaphindiwe, lokhu kugcina kuMgcinimafa njengempahla ethembeke kakhulu ngaphakathi kwesilinganiso sedola. Futhi empeleni, kunjalo. Alikho elinye ibhizinisi, elizimele, noma elizimele elinerekhodi lomkhondo kanye nokuxhaswa ngokuphelele kwebhange elikhulu elinamandla njengohulumeni wase-United States, okubeka umqhele wokungabi nobungozi phezu kwabaGcinimafa. Kodwa-ke, amanani wenzalo kaMgcinimafa wase-U.S. akuwona kuphela amanani ezethenjwa kumhlaba wonke wedola.

Okokuqala, ake sibheke umehluko phakathi kwabaGcinimafa uqobo. Izibambiso zikaMgcinimafa ezisanda kukhishwa zisukela enyangeni eyodwa ziye eminyakeni engamashumi amathathu ekuvuthweni, okuholele ebangeni lobungozi phakathi kwabaGcinimafa. Ngenkathi iMithethosivivinywa yokuvuthwa okuncane (T-Bills) inokuhluka okuncane kwamanani ngesikhathi sokuphila kwabo, ama-Treasury Bonds wesikhathi eside anokuzwela kwentengo ephakeme kakhulu ekushintsheni kwamazinga wenzalo[5]. Lokhu kuzwela, okubizwa ngokuthi ubude besikhathi (duration), kunika abaGcinimafa Base-US iphrofayili eyingqayizivele ehluke ngokuphelele kubazala babo bezezimali, ama-T-Bills. Ama-T-Bills awanaso isikhathi esibucayi futhi abhekwa njengekhwalithi ephezulu kakhulu, insimbi yemali eningi kakhulu engaba ngumuntu ngaphakathi kwehlelo ledola. Izinga lenzalo kuma-T-Bills ngakho-ke lingenye yenkomba yesilinganiso senzalo ekhulunywa kakhulu emakethe yemali.

I-Federal Reserve ikhomba inani lenzalo yesikhashana esifushane njengengxenye yenqubomgomo yayo yemali ebizwa ngeFederal Funds Rate (Fed Funds), isilinganiso sokubolekwa kwemadiphozithi wesigaba sesibili wesibambiso agcinwe kuFed. Izimali zeFed ziyizilinganiso ezibalulekile zesethenjwa ngoba kuyintengo efiselekayo yeFed yokubolekwa kwesikhashana ngaphakathi kohlelo lwebhange lwasekhaya lase-U.S.

Ngo-1986, inzalo yamadiphozithi e-Eurodollar eLondon yenziwa yaba semthethweni ngesilinganiso esibizwa ngokuthi yi-LIBOR, esasizoveza isilinganiso samanani amabhange aseLondon abolekana ngawo ama-Eurodollars. Lawa madola abengenakho ukuxhumana nokugcinwa kwezigaba zesibili zezinqolobane ze-Fed noma amadiphozi wesigaba sesithathu aqinisekiswe yi-FDIC. Noma kunjalo, i-LIBOR ibifana neZimali zeFed (Fed Funds); umhlaba otshala imali awunikanga mehluko omkhulu wobungako enanini lemali ye-interbank noma eNew York noma eLondon.

Ngo-1998, i-Fixed Income Clearing Corporation yethula isilinganiso senzalo esibizwa nge-General Collateral Financing ukukhombisa isilinganiso samanani wenzalo yemalimboleko ebolekwe yi-Treasury Trefo. Umqondo weGeneral Collateral (GC) uqale ngoba amakhulu ezokuphepha ezehlukene kaMgcinimafa angaba khona nganoma yisiphi isikhathi, ngakho-ke ukukala izinga lenzalo ye-Treasury Repo kufanele kwenziwe ngokulinganisa intengiselwano ye-Treasury Repo.

Izinga lenzalo ye-T-Bills, Fed Funds, LIBOR, ne-GC konke kukhonjisiwe, okusho ukuthi uhlelo lwezezimali lubheka lezi zinhlobo zemali ezine njengezicishe zifane. Amanani amane ezethenjwa aqhutshwa ngokuvumelana engqungqutheleni kwaze kwaba ngu-Agasti 9, 2007, lapho ukuvumelana kwaphenduka ukungezwani. Ngaphambi kokuba silandise ngalolo suku oluyinhlekelele, kufanele siqale ngokubuka konke kweZimali zeMakethe YeMali (Money Market Funds).

Izimali Zasemakethe Yemali

Iningi labantu liyingozi ngokweqile ngokwemvelo. Bavame ukugwema ukungqubuzana, noma ngokwezimali, bafisa izimali ezisezingeni eliphakeme ezingeke zenzakale. Ngamanani amancane, idiphozithi yasebhange engaphansi kwesigaba sesithathu eqinisekisiwe nge-FDIC yanele. Ngamanani amakhulu, kuba nzima kakhulu. Ake sibuyise isibonelo se-VOC, amasheya ayo, nokwakhiwa kweBhange lase-Amsterdam ukukhombisa isimo semali namuhla, uma kuqhathaniswa nokutshalwa kwemali. E-Amsterdam, amasheya e-VOC ayecatshangelwa kodwa azuzisa kubatshalizimali bawo bokuqala. Lapho abatshalizimali befuna ukukhipha imali, babedinga uhlobo lwemali oluphakeme kunezinhlamvu zemali zegolide nezesiliva ezifakwe kupotimende. IBhange Lase-Amsterdam linikeze lolu hlobo lokheshi olunjengemali yediphozithi ye-BoA, okuyilapho ngokusetshenziswa okugunyaziwe kwaba yindlela elula yokushintshanisa phakathi kokutshalwa kwemali kanye nokheshi. Kwakungalesi sikhathi lapho ukheshi washintsha waba yigama elisetshenziselwa ukuchaza enye indlela eya ekutshalweni okunobungozi. Ukheshi manje usho ukuqoqwa kwemali okuphezulu kakhulu okuhlobene namasheya namabhondi, hhayi imali yamaphepha kuphela. Eqinisweni, akekho umtshali zimali omkhulu ongasebenzisa imali yamaphepha nganoma iyiphi into esetshenziswayo: lolo hlobo lukakheshi alunamsebenzi lapho usebenza ngemali enkulu. Ukheshi wanamuhla usho okokusebenza kwemali okuphephile uma kuqhathaniswa nakho konke okunye ukutshalwa kwezimali okunobungozi. Lokho kusiletha eziKhwameni zeMoney Market.

Ake sithi uwine ilotho yezigidigidi zamadola. Ngeshwa lakho, uhulumeni wakho unentela engu-99.99% yelotho kuko konke ukuthumba, akushiye nebhili yentela engaphezu kwamadola ayizigidi ezingama-999. Umqoqi wentela ngeke ayamukele imali yakho inyanga yonke. Uyigcina kanjani imali ngokheshi? Indlela ephephe kunazo zonke ukuthenga i-T-Bill evuthwa ngosuku lwakho lokukhokha intela. Ngaleyo ndlela, imali yakho iboshelwe kwimpahla ephephe kunazo zonke kuze kukhokhwe ibhili lakho lentela. Imali yesigaba sesibili nje akuyona inketho yakho: alikho ibhange elinakho ukufinyelela noma amandla okugcina imali engako yamaphepha, futhi wena njengomuntu ngamunye awunakho ukufinyelela kuzinqolobane zeFed. Ungayigcina idiphozithi ebhange lakho, kepha leyo mali yesigaba sesithathu idlula kakhulu inani lemishwalense le-FDIC, ngakho-ke lithwala ingozi yokwehluleka yibhange. Uma ibhange liphilile, lokhu akufanele kube yinkinga, kodwa ingabe uzimisele ukubeka wonke amaqanda akho kubhasikidi owodwa futhi uthembe ibhange elilodwa elilodwa ngezigidigidi zamadola? Kukhona ongakhetha kukho, nokho, okuhlanganisa abaGcinimafa, amadiphozithi asebhange, nezinye izinsimbi zemali zibe ngamasheya eSikhwama Semali Yemakethe (shares of a Money Market Fund (amasheya e-MMF)): insimbi yokheshi ehlelekile ehlinzeka ngokufunwa okungapheli komhlaba wonke kwemali ephephile ezweni lokutshalwa kwezimali okuyingozi. Inketho yakho engcono yokugcina izizumbulu zakho zelotho ukuyifaka ku-Money Market Fund.

I-Money Market Fund yaduma kakhulu ngeminyaka yama-1970 kanye nokukhula kokunikezwa kwe-Treasury Repo. Izabelo zeMMF beziwumkhiqizo wokutshala imali ofiselekayo: indlela yokuhlukana kude nokuchayeka kobungozi obugxile ebhange ngenkathi uphethe ithuluzi lemali elifana nokheshi. Lezi zimali zazinesici esinamandla kunawo yonke imali; amasheya abo aphethe inani elilinganisiwe elihlobene nezinye izinhlobo zohlobo lwesibili nolwesithathu lohlobo lwemali. Lokhu kusho ukuthi idola elitshalwe kumasheya e-MMF lingahle lungakhishwa njalo ngedola. Ama-MMF atshale imali kuma-T-Bills, kweminye iMgcinimafa yase-U.S., Ukubolekwa kwe-Treasury Repo, iphepha lokuhweba, kanye nezikweletu eziningi zasebhange.

Izabelo zeMoney Market Fund, ngokuya ngokwakhiwa ngqo kwezinsimbi zemali, zaba yizinhlobo zemali zesigaba sesibili nesesithathu zona ngokwazo. Isidingo samasheya e-MMF saqhubeka njengoba avumela indlela elula yokuthola ukuxubana kwezinsimbi zemali ekuphepheni okukodwa. Imali eyengeziwe ebanjwe abaphathi bezotshalomali evela emhlabeni wonke ishanele izimali njalo ntambama kumaMMFs ebezizothenga izinsimbi zemali. Lokhu kuguqule ikheshi lomhlaba laba yimali yokuphila ezinkampanini zamazwe aqala ukuthembela kakhulu ekuxhasweni ngemali kwephepha lokuhweba ngemisebenzi yazo. Uma, ngesizathu esinye, abanikazi bemali benquma ukuthengisa amasheya e-MMF ngamathuluzi emali anezinga eliphakeme, amabhange kanye nezinkampani ezithembele ekufuneni njalo kwezibopho zazo zesikhathi esifushane zingabhekana nenkinga yokwehluleka kwemali. Ngakho-ke, impumelelo yeZikhwama Zemakethe Yezimali nayo yaletha ubucayi obukhulu ohlelweni lwezezimali. Umdwebo we-13 ukhombisa ukuthi iphiramidi yamadola ibukeka kanjani ngenkathi siqonde ekhulwini lama-21 leminyaka nokuthi amasheya eMMF aba kanjani yindlela evelele yemali yokuthengisa. Kunamiphiramidi amabili, eyodwa ukumela uhlelo lwedola laseMelika enye ukumela uhlelo lwedola laseMelika langaphesheya.[6] [7]

Umdwebo 13

Ngesikhathi i-inkampani enezimali ezisisiwe Ye-Interbank Ihluleka

I-Long Term Capital Management (i-LTCM) yayiyisikhwama sokuvikela esasungulwa ngo-1994 ngenjabulo enkulu kakhulu. Ozakwabo bakhombisa okuhle ngerekhodi labo. Baqhamuka ebhange elinamandla lokutshala izimali le-Salomon Brothers (Salomon Brothers Inverstment Bank), iFederal Reserve, baphinde bafaka nezazi zezomnotho eziwine โ€“Nobel Prize. Ubuciko babo babuyi-arbitrage, kakhulu njengabahluzi bamabhili wokuqala bekhulu leshumi nesithupha lweminyaka e-Antwerp lapho izimakethe zemali zakhiwa khona. Inzuzo yokuncintisana ye-LTCM ihlanganise i-arbitrage yesilinganiso senzalo, inani elikhulu kakhulu lokuziphilisa, kanye nenkululeko evela emabhange okuhola phambili wokutshala imali. Kodwa-ke konke kugcine sekonakele ngemuva kokuthi isikhwama sehluleke ngokumangazayo ngemuva kweminyaka emine kuphela sikhona. Intatheli yezezimali yaseMelika uRobert Lowenstein ubize incwadi yakhe mayelana nokuwa kokugcina kwe-LTCM ngo-1998 ngokuthi yi-When Genius Failed Lapho ngesifingqo esiphelele. Ukuthi isikhwama sokuvikela sahlangabezana nengozi enkulu futhi sahluleka ukukhokha imali kwakungeyona into entsha, kunalokho umjikelezo ojwayelekile we-boom, hype, ne-bust. Ukudalulwa okuvela ekuweni kwe-LTCM futhi kwakuyisibhamu sokubhema esikhombisa ukuthi izehlakalo zango-2007 nangaphezulu zazingenakugwemeka. Ngokushesha nje ngemuva kokuba iFederal Reserve ikhiphe imali ozakwabo bebhange lokutshala imali be-LTCM kanye nokuphumula kwesikhwama esidumile sokuvikela uqobo, usihlalo weFederal Reserve u-Alan Greenspan ukhombise ukukhishwa kwemali njengesidingo ngenxa yethemba lokuwa kohlelo lonke lwezezimali njengobufakazi kwiNhlangano YaseMelika:

Impikiswano bekungukuthi, kuzo zonke izahlulelo zethu, ukuthi amathuba [okuwa kwesistimu] abemakhulu ngokwanele ukusenza singakhululeki ngokungenzi lutho. . . Ukuqagela kwami โ€‹โ€‹ukuthi kungenzeka ukuthi bekungaphansi kakhulu kwamaphesenti angama-50, kepha kusenkulu ngokwanele ukuthi kungakhathaza.

Kuphela ngokuhamba kwesikhathi nangezenzo eziphuthumayo ezalandela zeFederal Reserve lapho amandla okungena kukaGreenspan aqala ukungena khona. Uvumile ukuthi lolu hlelo belungawa ukube bekungekho ukuxhaswa ngemali okungama-$ 3.6 wezigidigidi. Kungani?

Impendulo itholakala kokunye okuphuma kukho. Okususwayo yizinkontileka zezezimali ezingathathwa njengezokuphepha. (Ukuphepha kuchaza amasheya namabhondi ngokwesibonelo, futhi okuphuma kokunye kuchaza izinketho zesitoko, izinkontileka zesikhathi esizayo, kanye nokushintshaniswa kwezinga lenzalo.) Ama-derivatives aqhakaza ngeminyaka yama-1990s njengendlela yokudalula iphothifoliyo emiphumeleni eminingi, imvamisa ukwehla kwamazinga wenzalo. Kwakuyizikweletu zebhange ngendlela entsha, okwakunzima kubalawuli bezimali noma ngisho nohlelo lokubhanga lonke ukuluqonda ngokugcwele. Okufanekisa kakhulu nokho, okuphuma kokunye kwakukhona njengewebhu ebophelekile yezibopho zezezimali ngaphakathi kohlelo lokubhanga, kugxila engcupheni ebudlelwaneni phakathi kwamabhange ambalwa e-United States naseYurophu. Ikholi enkulu yomugqa ovela ebhange lotshalo-mali kanye nozakwabo omkhulu we-LTCM i-Bear Stearns ngoSepthemba 1998 kwaveza ukuqaphela okuhlangene ukuthi okuphuma kusikhwama sokuvikela kunamandla wokwehlisa yonke indlu yobungozi obuncane be-interbank.

Ngesikhathi sokutakulwa kwe-LTCM, inani lemakethe eliphelele lazo zonke izinto zomhlaba ezibandakanya ukushintshaniswa kwezinga lenzalo, ukushintshaniswa kwezikweletu, kanye nokushintshaniswa kwemali yakwamanye amazwe kwakungu-$ 3 trillion. Ukuqhathanisa, ukunikezwa okuphelele kweMgcinimafa yaseMelika nakho kwakucishe kube yi-$3 trillion. Ngo-2007, ukunikezwa okuphelele kweMgcinimafa yaseMelika kukhuphuke kwafika ku-$4 trillion kepha inani lemakethe lemikhiqizo etholakalayo lenyuke laya ku-$11 trillion. Ngenkathi ama-$4 trillion kwaMgcinimafa ayemi ngokwesiko lama-bicentennial lokufanelwa yisikweletu, ngakolunye uhlangothi, ama-$11 trillion abambeke ngokunganqandeki kwenkampani enezimali ezisisiwe ye-interbank.

Ukuphelelwa Lithemba

Naphezu kokuqhekeka kwesisekelo sephiramidi yedola esivele ngemuva kokutakulwa kwe-LTCM, amanani emalimboleko yemakethe yemali aveza ukubukeka okuqinile. Amanai e-US Treasury Bills, Fed Funds, i-Eurodollar LIBOR, kanye ne-Treasury Repo GC onke alandelana eduze iminyaka. Ukwehluka okuncane bekuzokwenzeka kepha bekuhlala kukhonjwa njengomphumela wezici ezithile zonyaka noma ze-idiosyncratic. Lokho konke kwashintsha kusuka ngo-Agasti 9, 2007. Ngalolo suku, i-LIBOR yenyuka ngalokho okungabonakala njengokuncane okungu-0.12% uma kuqhathaniswa nawo wonke umndeni wamanani emakethe yemali, kodwa kwaba ukuqala kwento enkulu. Ngobusuku bangaphambi kwalokho, ibhange laseFrance iBNP Paribas belingazimisele ukwazisa okuphuma kokunye futhi likumise konke ukukhishwa kokheshi ngezikhwama eziphethe okokusebenza kwezezimali okuhlobene nababoleki baseMelika abayingozi. Ukungazethembi okungazelelwe kwalimaza imakethe yezimali zamabhange emavikini alandelayo. Amabhange ayesaba ukubolekana imali nganoma yisiphi isikhundla ngoba ayengenaso isiqiniseko sokuthi imaphi amabhange angahle angavuleki ngakusasa. Isikhathi sokuvezwa kwe-interbank engenamkhawulo, cishe ngaphandle kokunakekelwa sase siphelile, kwathathelwa indawo ukuqapha okukhulu nokwesaba. Ukukhuphuka kwephiramidi yedola kwase kuqalile.

NgoDisemba 12, 2007, iFederal Reserve ekugcineni yaphoqeleka ukuthi ibhekane nesimo esivelile, okwakuyileso sikhwama se-interbank yeYurophu "nepeni likasobhuku" zindlela zokuxhasa ngezimali ze-Eurodollar zase zonakale. Ukwehlukaniswa kwesikhwama se-interbank yaseYurophu, okuvezwe yi-LIBOR ekhulayo, bekubangela ukuthi yonke iphiramidi yamadola iklabalase njengokuzamazama komhlaba. I-Fed yasungula imigqa yokushintshanisa imali yamazwe angaphandle e-European Central Bank neSwitzerland National Bank ukuze inikeze isikweletu kuhlelo lwasebhange olungaphesheya kwezilwandle, inganaki umkhuba wokudala izikweletu zamadola ngaphandle kokubona kweFed. Indima yeFed njengombolekisi wokugcina yayisanda ngaphesheya kwemingcele yayo ngenxa yokuvela okuyinkimbinkimbi kohlelo lwezezimali lwamazwe omhlaba, hhayi ngoba igunya lalo lonke lishintshe kungazelelwe lisuka enqubomgomo yezimali yasekhaya. Lenkinga ibingakwazi ukubalekelwa uma kubhekwa ukuthi uhlelo lwezezimali lwamazwe omhlaba lwaluncike ngokungenamahloni kwiFederal Reserve njengombolekisi wokugcina. Lokhu kushintshaniswa kwemali yakwamanye amazwe kudale olunye uhlobo lwemali elunezigaba zesibili olwenziwe latholakala yiFederal Reserve kuphela kwamanye amabhange akhethiwe.

Phakathi kwegagasi lokwehluleka kwemali mboleko yaseMelika ngonyaka ka-2008, iwebhu eyinkimbinkimbi yokwehluleka kokuthola imali mboleko iqale ukudala ukuthi izigaba eziphansi zepiramidi yedola ziqubisane nemiphumela emangalisayo nengapheli. Ngenkathi ibhange lodumo lokutshala imali iLehman Brothers ihluleka ngoSepthemba 15, 2008, isikhwama semakethe yemali esibizwa ngeReserve Primary Fund saziwa ngokuthi "saphula imali" lapho sifaka intengo yamasheya engu-$ 0.97 ngoba sasinenani elifanele lephepha lezentengiselwano elalisanda kwehliswa leLehman Brothers. Ukwehla kwamasenti amathathu nje kuphela kwasusa ukwethuka okuphelele kwezezimali okwenze izenzo eziphuthumayo ezingakaze zibonwe emabhange amakhulu nakuhulumeni emhlabeni jikelele. Isizathu sokwethuka kwakungekhona ngempela ukwehla kwamasenti amathathu, kepha ukwesaba ukuthi uma iphepha lokuhweba leLehman Brothers lingahluleka, futhi amasheya eReserve Primary Fund engalifanele idola lonke, akukho okungathenjwa. Zonke izinhlobo zezikweletu zebhange zalahlekelwa yimali, futhi uhlelo lwezezimali lwamiswa. Isikhathi sama ntsi, njengoba kungekho owaziyo ukuthi amabhange azovulwa ngakusasa.

I-Fed yafeza indima yayo njengombolekisi wendawo kuphela ngokusungula ukusindisa okuningi okulandelanayo ukunqanda ukuwa okuhlelekile. Isikhondlakhondla somshuwalense iAmerican International Group (AIG) sathola ulayini we-Fed ngoSepthemba 16 ngoba sasibhale umshwalense kwizibambiso eziyingozi zempahla ebanjelwa ngokungazelelwe. Isakhiwo sonke seMoney Market Fund sathola isiqinisekiso esivela kuFed ngoSepthemba 19 ukuthi amanani esabelo saso azosekelwa ukuvikela ukwethuka kokuhoxa. UGoldman Sachs noMorgan Stanley bathola usizo lwabo ngoSepthemba 22 ngemuva kokuvunyelwa ukuthi baguqule kusuka emabhange otshalo-mali abe yizinkampani eziphethe amabhange ezibanikeze ukufinyelela ngqo ekubolekisweni kweFed. Ngasikhathi sinye, iFed ibikhuphula umthamo wokuthengiswa kwemali emabhange amakhulu aphakathi komhlaba wonke nsuku zonke. Kwakuwukukhishwa konke okuvela kuFed ukugwema ukuwa kohlelo.

Yize iFed ibuyisela emuva uhlobo ngalunye lokheshi, ukuvalwa okuqhubekayo kwezimpahla eziphansi nokukhuphuka kwephiramidi yedola kwaqhubeka. Inhloso yokuqala yeFederal Reserve System kwakuwukunikeza isigaba sesibili semali enwebeka ngokwanele ukumelana nokwethuka kohlelo olufana ncamashi nalolu. NgoNovemba 25th, iFederal Reserve yayingenayo enye indlela ngaphandle kokugcwala ohlelweni ngezinqolobane ngokuthenga i-U.S Treasuries, amaningi awo ayesanda kukhishwa ngenhloso yokuxhasa ukusilela okukhulu okuholele ekuwohlokeni komnotho, ukusilela kwentela, kanye nokukhishwa kwemali enkampanini. Ukunwetshwa okukhulu kwemali yesendlalelo sesibili yiFed bekuyimpendulo ekuphendukeni kwesivumelwano kwenye indawo kuhlelo; bekufanele ihlangane nokuwa kwesikhwama se-interbank kanye nokuthengiseka nokwayo ukuthengiseka. AbakwaFed bayibiza ngokuthi yi-Quantitative Easing (QE), kepha singayibiza njengokudala imali yesigaba sesibili.

Ukwethembana kwe-Interbank kuphele eminyakeni eyalandela inkinga yezimali ka-2007-2009. Amabhange aqale ukubonisana ngekota yesine yonyaka ngamunye ukulungiselela izifinyezo ezilawula ukuphela konyaka. Ukwahlukahlukana kwezinga lenzalo yemakethe yemali - njengalapho iLIBOR yehlukana neFed Funds nabanye ngo-Agasti 2007 - kwenzeka kaningi, ikakhulukazi emicimbini yekhalenda njengokuphela kwekota ngayinye nezinsuku zokugcina zentelo zase-United States. Ukuqedwa ngokuphelele kwenzeka, okukhombisa ukuthi imali edingekayo ngezikhathi ezithile phakathi nonyaka ibingatholakali ngempela kulabo abayidinga kakhulu. Ngokuncane, i-liquidity beyingalawuleki. I-Fed isinciphise intengo yemali kanye namanani wenzalo abhekiswe ku-0%, ibuyisele emuva imakethe yekhwalithi engaziwa ye-Eurodollar, futhi yakha izigidigidi zamadola ezinqolobane ukuqinisa uhlelo lwasebhange laseMelika, kepha yini? Lapho iFed ekugcineni izama ukuqaqa izenzo zayo eziphuthumayo eminyakeni eyalandela, yehlulekile ukukhuphula amanani entengo angaphezu kwe-2% ngaphandle kokwesaba kwezezimali ukuphinda ikhulise ikhanda layo elibi futhi. I-Fed ihlehlise inkambo ngokushesha lapho iphinde yajwayelana nobucayi besistimu yedola. Ukubuyela ezimakethe zemali ezinokuthula bekungafinyeleleki, njengoba iFed isuse ukutholakala kwentengo ohlelweni ngokungavumeli izinhlobo eziningi zemali yesithathu ekuboneni isiphetho sazo sokugcina.

Umbolekisi Onguyena Kuphela Ongathembela Kuye

Ngokufana nokususwa kwemali emakethe yezimali ngama-2010s, icala lokuqala lenkinga ye-Treasury Repo ngoSepthemba 2019 yanikezwa umnqamulajuqu wentela yebhizinisi lase-United States. Ukulandisa kwabezindaba kwezezimali kwakungukuthi: Amasheya eMMF athengiswa izinkampani ukuze zikhokhe izibopho zawo zentela ezaphinde zachitha isisekelo sokubolekwa kwemali se-Treasury Repo, kodwa ukuthi isinxephezelo se-Treasury Repo sasizobuya ngokushesha njengasezinsukwini ezingemuva kweminye imicimbi yekhalenda. NgoSepthemba 16, ukusabalala kwe-General Collateral to Fed Funds kwenyuke ngo-0.10%, kepha akekho owacwayiza iso. Ukuhamba kwalobukhulu bekusezingeni elijwayelekile eminyakeni kusukela osukwini oludumile ngo-Agasti 2007 lapho i-LIBOR isuka kuyo yonke imakethe yemali.

Ngakusasa, noma kunjalo, i-Treasury Repo yaduma ngokubi. Ngasemini, isilinganiso se-Treasury Repo GC sabhalisa nge-8% edlula i-Fed Funds, okukhombisa ukuthi okungenani ibhange elilodwa eliphethe uMgcinimafa wase-U.S. belingatholi ozakwabo elingabolekisa ngabo imali ebanjelwe kuMgcinimafa wayo. IFederal Reserve iphendule ngomsebenzi ophuthumayo wezeMali kaMgcinimafa ngokuhamba kwesikhathi ngalolo suku, yavimba kahle yonke imakethe yokubolekwa okubanjiswene noMgcinimafa. Izinyathelo bekufanele zibe ezesikhashana njengoba nakanjani kufanele kusolwe izinto ezithile zonyaka, kepha akuzange kube kanjalo. I-Fed yenyuse ukuzibophezela kwayo emakethe esebenza kahle ye-Treasury Repo ngokuqinisa ukuzimisela kwayo ukuboleka ngokukhululeka kwizibambiso zeMgcinimafa ukuze okwenzeke ngoSepthemba 17, 2019 kungaphinde kwenzeke. Ngemuva kokusindisa i-Eurodollar ngoDisemba 2007, iFed yayisikhulule olunye uhlobo lwedola ku-Treasury Repo futhi yenza umkhuba wokusindisa izinhlobo zamadola ezingasebenzi kahle. I-Fed iqhubeke nokuthola izindlela ezintsha zokwenza imali yesigaba sesibili ukuze ilwe nokungazinzi.

Ngesikhathi sokwethuka kwezimali emhlabeni jikelele ngoMashi 2020 okubangwe isifo esiwubhubhane lomhlaba, iFederal Reserve imemezele izindawo eziningi ezengeziwe zokuboleka imali ukuze ziqhubeke nokubuyisela emuva imakethe ye-Treasury Repo, iMoney Market Funds, kanye namabhange amakhulu angaphandle ayishumi nanhlanu. Ukuvikela uhlelo ekuqedweni ngamanye amazwe kweZigcinamagugu zase-US, iFed yasungula indawo yokubolekisa ngemali emakethe ye-Treasury Repo kuzinhlangano ezivunyiwe zakwamanye amazwe ukuze labohulumeni kanye namabhange amakhulu bangaphazamisi imakethe yoMgcinimafa uma kwenzeka bedinga imali: bathumele uMgcinimafa wabo njengesibambiso ngqo esitolo seFed. Noma amanani entengo kaMgcinimafa enyuka ezinsukwini zokuqala ezimbalwa zesifo esiwubhadane njengoba isidingo esingenamkhawulo savela sempahla ephephe kunazo zonke emhlabeni phakathi kwamanani entengo esitokisi namabhondi ezinkampani, awazange aqhubeke engenakuthinteka. Abagcinimafa base-US abanokuvuthwa okude (iminyaka eyishumi kuya kwengamashumi amathathu) ngokungazelelwe alahlekelwe yibhidi naphezu kwesimo sabo esivikelekile ngenxa yazo zonke izinxushunxushu ezimakethe[8]. Amalungu eFed atatazela: imakethe yoMgcinimafa engasebenzi kahle yayiyindlela yokuthola inhlekelele. Okulandelile kube yigagasi lokuthenga koMgcinimafa wase-U.S. nokwakhiwa kokulondo yiFed okwenze ukuthi izinhlelo zika-2008-2010 ze_-Quantitative Easing_ zibukeke njengokuzijwayeza ukuqhuba. I-Fed ihlangane ngempelasonto futhi yamemezela uhlelo olusha, olungenamkhawulo lwe-QE lokuthengwa koMgcinimafa ngaphandle kwesilinganiso esichaziwe ukuze kutholwe konke ukukhathazeka okungenzeka ukuthi iFed ingavumela imakethe yezokuphepha ebaluleke kakhulu emhlabeni ukuthi ibhekane nanoma yikuphi ukuphazamiseka.

Izinhlobo zemali emhlabeni wonke bezilahlekelwa amandla azo okusinda ngaphandle kweFederal Reserve. Yize ingazange ilahlekelwe isikhundla sayo esisezingeni eliphezulu lephiramidi yemali yamadola, iFed inezinga elithile lempumelelo ekwazile ukubuyisa amandla phezu kwezigaba ngaphambilini ebezingaphandle kwesibonakaliso sayo, ikakhulu ngenxa yokuthi njengoba uhlobo lwemali ngalunye lucishe lwehluleka, iFed yangena ukusindisa usuku. Lonke uhlelo selubonwe ngokuphelele ekusekelweni kwalo. Kodwa-ke yize ubucayi bohlelo lwedola obuye bavezwa eminyakeni eyishumi nambili edlule, idola ligxile ngokujule njengesikhungo sohlelo lwemali yamazwe omhlaba kunanini ngaphambili. Umhlaba ubonakala ubhajwe ngaphakathi kwehlelo ledola futhi ulangazelela ukuvuselelwa kwemali. Inkinga ngayinye ibonakala ivele ngokushesha okukhulu kunaleyo edlule njengoba uhlelo luba ntekenteke ngokwengeziwe.

Ukubuyela emuva, kufanele siqonde ukuthi kungani iFed idala yonke le mali yesigaba sesibili ngendlela yezinqolobane, ukubolekwa kwe-Treasury Repo, ukubolekwa kwemali yokushintshaniswa kwamanye amazwe, nezinye izindlela zokutakula. Ikwenza lokhu ngoba iFed iyinetha eliphelele lokuphepha kwemali. Ngaphandle kokuthi indizela izindiza ezinophephela emhlane emadolobheni aseMelika futhi ithulule amakesi emali yabathengi yesigaba sesibili (amanothi weFed noma imali), ayinayo indlela yokunikeza imali endaweni yokuthengisa kubantu ngabanye. Ukuphela kwendlela iFed enganikeza ngayo umfutho wemali ukunikeza ngemali ephelele lapho idingeka kakhulu ngaphakathi kohlelo lwezezimali. IFederal Reserve yenzelwe ukunikeza ngezinqolobane, futhi njengamanje ayinalo igunya lezepolitiki lokukhipha imali yabathengi. Lokhu kungashintsha ngokuzayo futhi kuzoxoxwa eSahlukweni 9.

Izindaba zokuwa kwedola zifike ngaphambi kwesikhathi. Ngenkathi izimpikiswano zabo zinokufaneleka kwezibalo zinikele ukuthi yimalini eyenziwe yiFed, azihlangani lapho kubhekwa ezinye izindlela. Idola kuseyimali engenakuphikiswa yomhlaba. Ingxenye yawo wonke ama-invoyisi aphesheya abhalwe nge-USD yize umnotho waseMelika uqukethe kuphela i-15% yomnotho womhlaba. Phezu kwakho konke ukugxekwa okufanele mayelana nokwakhiwa kwedola elibukeka lingenamkhawulo leFederal Reserve, isiqu sedola njengenhlangano yokubala imali, indlela ekhethwayo yokukhokhela ezentengiselwano zamazwe omhlaba, kanye nemali yezimali yemakethe yenhlokodolobha akuyona into ebaluleke kakhulu. Ukubusa kwayo akunakwenzeka ukuthi kuphele eminyakeni embalwa ezayo. Umgcinimafa waseMelika usese yimpahla enezimali eziqinisekisiwe zokuthengwa kwemali emakethe nokujula okudingekayo engenabungozi. Idola seliphenduke laba yinto yesikhashana emvelweni ukuthi ukuphela kwendlela yokugcina amadola ngokuhamba kwesikhathi ukuba nephothifoliyo yoMgcinimafa waseMelika. Kungakho amadola ahamba ezungeza esigabeni semali sesibili nolwesithathu, kepha abaGcinimafa baseMelika ngibo kuphela abangazibiza ngemali yokuqala kuphiramidi yedola. Ukujula nokukhishwa kwemali emakethe yoMgcinimafa waseMelika akuhambisani nesinqumo sokugcina imali enhlanganweni ye-dola, empeleni yiyona kuphela into eyibambe ndawonye ngenxa yokungaqiniseki okuvela ekubeni ngumnikazi wemali yesithathu ekhishwe yibhange.

Isahluko 7: Ukuvuselelwa Kwemali

Ezinsukwini ezingamashumi amane nesithupha ngemuva kokuwa kweLehman Brothers ngonyaka ka-2008 futhi ngqo phakathi kokuqoqwa okuhlangene komhlaba jikelele kwesimo esingesihle sohlelo lwedola, kwathunyelwa iphepha elimhlophe ngesikhathi esifanele emphakathini omncane kakhulu we-inthanethi obizwa nge-Cryptography Mailing List. Leli phepha lalibhalelwe amalungu omkhakha we-cryptography, hhayi owezimali, ngakho-ke awuzange ubhalise njengokufanele emalini ngaleso sikhathi. Uma sibheka emuva, noma kunjalo, "kumele" ngegunya sifake lolu suku, Okthoba 31, 2008 nokwenziwa kwe-Bitcoin kwirekhodi elisemthethweni lokuvela kwemali. Lolu suku lubaluleke kakhulu hhayi nje ngoba leli phepha liphakamise okunye okuhlukile kunengqalasizinda yethu yamanje yezezimali, kodwa futhi nangenxa yalokho okwalandela. I-Bitcoin, uhlobo lwemali olusha, manje iphethwe okungenani yi-1% yenani labantu emhlabeni, noma abantu abayizigidi eziyi-100[9].Ukukhuphuka kokugxekwa ngamandla kwe-Bitcoin kosopolitiki, abasebenza emabhange, kanye nabezindaba bezezimali kwenzeke kanye nokwenyuka okucacile kokusetshenziswa kwayo nenani layo lemakethe. Ukufika kwe-Bitcoin, ukukhula, namandla okuhlala manje sekuqinisekisa umbono othembekile, ocwaningwe kahle, futhi ophelele walobu buchwepheshe bemali obusha. Esikhundleni sokuchitha i-Bitcoin njengemali engalawulwa futhi engabuyiselwa emuva, kufanele sizame ukuqonda ukuthi kungani i-Bitcoin iqoqe ukunakwa okunjalo nenani lemakethe. Eminyakeni eyishumi nambili kuphela, seyivele ithathe cishe u-6% wenani eliphelele lemakethe yegolide yize ukuqala kwegolide kweminyaka eyizinkulungwane eziningana [10]. Emkhakheni wesayensi yezimali, i-Bitcoin ngumhlaseli ongaziwa. Akufani nanoma yini eza ngaphambi kwayo ngoba incike kakhulu ezintweni ezintsha kwezobuchwepheshe zekhulu leminyaka elidlule. Indawo yesayensi yamakhompiyutha ebizwa ngokuthi yi-applied cryptography ingene ohlelweni lwezezimali futhi yalithusa. Ukuhlasela kuyaqhubeka ngoba i-Bitcoin ikhula njalo ngonyaka. Uma sibheka emuva emvelweni we-Bitcoin ngelihlo lale ncwadi, siyabona ukuthi kwase kusungulwe imali entsha yesigaba sokuqala nokuthi isayensi yezezimali neye-cryptography yayihlanganisiwe. Ukuhlanganiswa manje kuphela, eminyakeni eyishumi nambili ngemuva kokudalwa kwe-Bitcoin, kwamukelwa njengesiyalo semali. Ngaphambi kokuba sicabangele ukuthi kuzokuhamba kanjani, kufanele siqonde imvelaphi ye-Bitcoin, umlando wokuqala, kanye nokuvela kwephiramidi yayo yemali.

uSatoshi Nakamoto nePhepha elimhlophe Le-Bitcoin (Bitcoin White Paper)

Iphepha elashicilelwa ngo-Okthoba 31, 2008 elashintsha umhlaba wemali unomphela labhalwa nguSatoshi Nakamoto. Ukungaziwa kuzungeze ubungaye kukaSatoshi noma imibhalo yabo. Umdali akaziwa namanje, into eqinisa ukungathathi hlangothi kwe-Bitcoin, ngoba akekho umholi okhona onomthelela omningi, ongaphoqwa noma ahanjiswe kabi, noma azozama ukushintsha imithetho ye-Bitcoin. Ukubaluleka kobunikazi makhi manje akunakuphikiswa, kepha akukanciphisi ubuqili bokungaziwa; USatoshi wayezothumela incwadi yakhe yokugcina eyaziwayo ngo-Ephreli 2011 futhi wanyamalala kwi-Intanethi ingunaphakade[11]. Inganekwane kaSatoshi izokwenza ifilimu ebabazekayo ngolunye usuku, kepha i-software ayiklame unaphakade yawushintsha umqondo wemali. Umusho wokuqala wephepha likaSatoshi Nakamoto elithi "Bitcoin: A Peer-to-Peer Electronic Cash System" ufundeka kanje:

Uhlobo olulinganiselwe lontanga lwemali ye-inthanethi luzovumela izinkokhelo ezenziwa nge-inthanethi ukuthi zithunyelwe ngqo zisuka kwelinye iqembu ziye kwelinye ngaphandle kokuya esikhungweni sezezimali.

Ukheshi ongadluliselwa nge-inthanethi ngaphandle kwezikhungo zezezimali washo ukuhlangana, kepha kanjani, futhi ngamiphi imithetho? Okuwukuphela kwemali eyamukelwa emhlabeni wonke nengathathi hlangothi engathembeli esikhungweni sezezimali yigolide. Ingxenye ethakazelisa kakhulu ekwakhiweni kukaSatoshi kwe-Bitcoin kwakuyinhloso yakhe ukuthi alingise igolide njengemali yesigaba sokuqala, engalingani. Futhi lokho bekusho ukunikezwa okungaveli kubhalansi. Iphepha likaSatoshi elakhelwe phezu kwamabhulokhi wokwakha i-cryptography ayisisekelo futhi amukelwa kabanzi enza umqondo wakhe waba semthethweni phakathi kwamalungu athile e-Cryptography Mailing List.

Ukuchaza i-Bitcoin

Igama elithi "Bitcoin" ngokusemthethweni lisho izinto ezimbili, (1) umthetho olandelwayo we-Bitcoin software kanye (2) neyunithi yemali ngaphakathi kwaleyo software. Kule ncwadi, sizobhekisa kuyunithi yezimali njenge-BTC ngokuhlukile ku-software. I-Bitcoin, umthetho olandelwayo we-software, iqoqo lemithetho. Isebenzisa umthetho wokubethela (encryption) obizwa nge-Secure Hash Algorithm 2 (SHA2), owaqala ukushicilelwa umphakathi wezobunhloli wase-U.S. Ngo-2001[12]. Ukusetshenziswa kwe-SHA2 kuthathwa njengokuvikeleke kangangokuba empeleni kudingwa ngumthetho ngaphakathi kwezindawo zikahulumeni eziphatha imininingwane ebucayi kakhulu. Umklamo we-Bitcoin uhlanganisa i-SHA2 nemithetho ehlakaniphile nenhle kangangoba iyakwazi ukufaka impahla yemali yegolide emhlabeni wedijithali. I-cryptography esetshenziswe nguSatoshi ibonisiwe futhi ivikelekile. Le mithetho ehlakaniphile yakha indlela yokuxhumanisa ayibiza ngokuthi "uchungechunge lwamabhulokhi (chain of blocks)," kepha umhlaba wawuzofika uyibize nge-blockchain ye-Bitcoin.

Isayensi Yekhompyutha

Ngaphambi kokungena ezintweni ezithile zobuchwepheshe lochungechunge lwamabhulokhi (blockchain) lwe-Bitcoin olenze imali yedijithali ephumelelayo, kufanele sivume ukuthi ukuqonda i-Bitcoin ezingeni lobuchwepheshe kudinga ubuningi bobuchwepheshe besayensi yamakhompiyutha. Izincwadi zokufunda zibhalwe kwi-software yeBitcoin, zigcwaliswe imininingwane yezinga lohlelo kuzo zonke izingxenye ezinkulu zeBitcoin kufaka phakathi okhiye, amakheli, izikhwama zemali, ukuthengiselana, kanye nokwemba. Ezahlukweni ezimbili ezilandelayo, sizoxoxa futhi sichaze lezi zingxenye, kepha kulabo abafuna ulwazi oluningi lokucwiliswa okukhanyayo nge-software yeBitcoin, qala ngencwadi ebizwa nge-"Mastering Bitcoin" ka-Andreas Antonopoulos. Ibhalwe ngendlela engenekayo ngisho nalabo abangenayo imvelaphi eqinile yesayensi yamakhompiyutha kodwa bafuna ukwazi ngemithetho eyenza iBitcoin isebenze. Kubo bonke abanye abantu, qonda ukuthi imithetho yeBitcoin iyenza ibe yimali ethenjwayo yedijithali ngendlela efanayo abantu abathemba ngayo i-imeyili yokuxhumana kwedijithali. Kungenzeka bangazi kahle ukuthi kusebenza kanjani, kepha kuyasebenza.

Izindlela Zokuchaza I-Bitcoin Eziyisizo

Ake siqale sihlole izingathekiso ezintathu zokuqala zeBitcoin: igolide, umhlaba ne-imeyili.

I-BTC igolide ledijithali. Kuyinhlobo yemali. Abantu bathemba i-BTC ngoba bakholelwa ukuthi ayivamile futhi ibaluleke ngendlela efanayo naleyo yokuthi abantu abayizinkulungwane zeminyaka balubeka ukholo lwabo kwigolide. Inentengo emakhulwini wezimali ezahlukahlukene, njengoba kwenza igolide. Futhi okubaluleke kakhulu, ayiveli kubhalansi yesikhungo sezezimali, njengegolide elingenzi njalo. Igolide ne-BTC zombili ziyizimpahla ezingalingani. Sizoba nethuba lokuchaza ukuqhathanisa i-BTS negolide kuyo yonke lencwadi.

I-BTC umhlaba wedijithali. Kunamamayela ayisikwele ayizigidi ezingama-57 kuphela emhlabeni. Ngokufanayo, kuzoba nezigidi ezingama-21 kuphela ze-BTC. Ngokujabulisayo, lo mhlaba wedijithali uhlukaniswa ngamaphasela amancane kakhulu[13]. UMark Twain wake wathi "thenga umhlaba, abasawenzi futhi" ukuvumela ukutshalwa kwezimali kumhlaba, futhi i-BTC ingacatshangwa ngendlela efanayo. I-BTC iyindlala, ngokulingana nenani lomhlaba. Sizohlola ukuthi ikufinyelela kanjani ukuba yindlala, kepha njengoba abantu abaningi besuka kumaphawundi aseBrithani, ama-Yen aseJapan, kanye namadola ase-U.S. baya ezweni le-Bitcoin, lo mhlaba wedijithali uzoba nzima kakhulu ukuwuthola ngamanani amanje. Singafanisa ukukhuphuka kwentengo ye-BTC ngokuthathwa komhlaba bese sichaza ukwanda kwayo okucacile kwenani lemakethe nokwamukelwa njenge i-Intanethi kuma-1990s. Intengo yocezu lukaphayi we-Bitcoin ikhuphuke ngokuqinile esikhathini eside ngoba abantu bayiphatha njengempahla yangempela. Akekho umlindisango oyedwa endaweni ye-Bitcoin, okwenza wonke umuntu abe ngumnikazi wendawo angaba nayo. Ubunikazi buzobiza kakhulu njengoba umhlaba wayo ugcwala kakhulu; lapho abantu ekugcineni beqonda kabusha imali eyenzekayo, uvalo lokuphuthelwa luyoba lukhulu.

Okokugcina, iBitcoin isebenza ngokufanayo ne-imeyili. Ungahle ungaqondi isayensi yamakhompiyutha engemuva kokuthi isebenza kanjani, kepha isenzo esiyisisekelo sokuthumela nokwamukela i-imeyili kuwumkhuba wendawo yonke. Amakheli e-imeyili angabiwa nanoma ngubani, kodwa mnikazi we-phasiwedi kuphela ongafinyelela imiyalezo etholakele. I-Bitcoin isebenza ngendlela efanayo. Ungabelana ngekheli lakho le-Bitcoin nanoma ngubani okuthumela imali, kepha nge-phasiwedi yakho kuphela, ebizwa ngokuthi ukhiye wangasese (private key), ungayisebenzisa. I-imeyili umthetho olandelwayo wokuthumela nokwamukela idatha; igama layo elisemthethweni yi-Simple Mail Transfer Protocol (SMTP). I-Bitcoin nayo mthetho olandelwayo, kepha ukuthumela nokwamukela inani esikhundleni sedatha.

Uchungechunge Lwamabhulokhi nokwembiwa kwe-Bitcoin

Yini eyenza iBitcoin ifane negolide, impahla yemali eqinisekiswe kakhulu yempucuko yabantu? Impendulo ilele emithethweni elandelwayo ye-Bitcoin.

Uchungechungelwamabhulokhilwe-Bitcoin lichaza ngokuyisisekelo irekhodi lokuthengiselana eligcinwa ngasikhathi sinye ngontanga kunethiwekhi. Ukuze sichaze kahle amabhlogo nochungechunge, ake siqale ngokujula kancane kugama elithi untanga (peer). Ngamagama we-Bitcoin, noma ngubani angaba untanga ngokusebenzisa i-node yeBitcoin, okuyidivayisi yekhompyutha esebenzisa i-software yeBitcoin. Yilabo kuphela abasebenzisa i-node yeBitcoin abayisebenzisa ngendlela "engathembeki" ngokuphelele, okusho ukuthi bathembele kuphela kwi-software yabo ukuqinisekisa ukukhokhelwa kokuthengiselana kwe-BTC (ukungathembeki kungacatshangwa njengokuphambene "nokuba nobungozi bomlingani"). Abathumeli kunoma iyiphi inkampani yasebhange, yokushintshanisa, noma ye-software. Umlingo weBitcoin ukuthi wonke umuntu emhlabeni angaba utanga futhi asebenzise i-software evumela ukubamba iqhaza kwinethiwekhi yezimali yomhlaba. Iningi labantu lithembele ohlotsheni oluthile lomphakeli ukuze lihlanganyele kuBitcoin nokho, njengamaphurogremu womakhalekhukhwini ohlakaniphile wezikhwama zemali kanye nokushintshanisa ngokuhweba nokugcinwa. Izikhwama zemali nokushintshana kufana namabhange embonini yeBitcoin; njengoba abantu bethembela emabhange ukusebenzisana ne-USD yabo noma imali yasekhaya, abantu bathembela ezinkampanini zezikhwama kanye nokuhwebelana ukuze basebenzisane neBTC yabo. Kodwa akudingeki, futhi yilokho okwenza iBitcoin ibe namandla kakhulu. Noma ngubani onekhompyutha ne-Intanethi angasebenza emhlabeni jikelele ngaphandle kokuya nganoma iyiphi inkampani eyodwa, uhulumeni, noma ibhizinisi. Ukusebenzisa i-software yeBitcoin kufanele kwenziwe kuphela ngabantu abanezinga eliphakeme lobuchwepheshe, ngakho-ke iningi lizothemba umkhakha ozimele ngalobo ubuchwepheshe.

Manje sesingachaza amabhlogo. Ibhlokhi (block) iqoqo ledatha elibandakanya imininingwane yokuthengiselana kweBitcoin okungazinzile abantu abazama ukukuqedela. Lokhu kuthengiselana kungacatshangwa njengama-imeyili athunyelwe kepha angakatholwa, noma akhona kuphela kwi-cyberspace. Amabhulokhi aboshelwa ndawonye ngochungechunge futhi ukuthengiselana okungahleliwe kuyaqinisekiswa lapho kwembiwa ibhulokhi. Kodwa kuyini ngempela ukwemba (mining)?

Njengoba nje abavukuzi begolide basebenzisa amandla ukumba igolide ngaphandle koqweqwe loMhlaba, abavukuzi (miners) beBitcoin, ontanga abancintisana nokunikezwa okusha kwe-BTC, basebenzisa ngamandla abanikeza imali ngaphakathi kwe-software yeBitcoin. Abavukuzi beBitcoin banikezwa i-BTC lapho bethola inombolo engahleliwe; cabanga ngakho njengelotho yokubala. Ukuze bathole leyo nombolo, benza izigidigidi zezibalo njalo ngomzuzwana. Lokho kwenza ukumbiwa kweBitcoin cishe kungumdlalo owodwa wezinombolo ezingahleliwe, futhi kuphela amakhompyutha ashesha kakhulu futhi anamandla kakhulu angancintisana emdlalweni lapho ukuqagela kwamakhompiyutha kubaluleka kakhulu. Ezinsukwini zokuqala zenethiwekhi yeBitcoin, i-BTC yayingagaywa ngempumelelo yinoma ngubani osebenzisa i-khomphyutha ejwayelekile. Namuhla, amakhomphyutha asebenza kahle kakhulu abizwa ngama-ASICs (amasekhethi ahlanganisiwe aqondene nohlelo oluthile) ayadingeka ukuze embe ngempumelelo i-BTC. Ubuchwepheshe abudingekile; ugesi, ama-ASIC, kanye nehlelo lwekhompyutha lunika noma ngubani ukufinyelela ukuthi abambe iqhaza kwinqubo yokwethulwa kokunikezwa kwe-BTC. Abavukuzi bakhuthazwa yimali; banikezwa i-BTC ngemisebenzi yabo, abangayigcina noma bayishintshe bayenze imali yendawo yangakubo. Basiza ukwenza inethiwekhi yeBitcoin iphephe ngokwengeziwe ngokunikela ngamandla amakhulu namandla wekhompyutha ekufakeni amabhlogo ochungechungeni. Leli gagasi lamanzi livame ukubizwa ngokuthi i-hashpower, negama elithi "hash" livela ku-Secure Hash Algorithm 2 (SHA2) esetshenziswa luhlelo lwekhompyutha lwe-Bitcoin lokubethela. Ukwembiwa kweBitcoin kubizwa nangokuthi kukwenza ubufakazi bomsebenzi (proof of work), obasungulwa ngaphambi kweBitcoin ngo-2002 ngumbhali we-cryptographer u-Adam Back, ophethe i-Ph.D. kwisayensi yamakhompiyutha evela eNyuvesi yase-Exeter (University of Exter). USatoshi Nakamoto ucaphuna emuva ephepheni lakhe elimhlophe futhi usekela ukwethembeka kwasekuqaleni kweBitcoin lapho esebenzisa ubufakazi bomsebenzi, ubuchwepheshe obufakazelwe ngo-2008. Ubufakazi bomsebenzi kuBitcoin bulingana nokumba igolide njengoba kushiwo ephepheni elimhlophe le-Bitcoin:

Ukwengezwa okungaguquguquki kwenani elihlala njalo lezinhlamvu zemali ezintsha kufana nokuthi abavukuzi begolide basebenzisa izinsiza zokwengeza igolide ekusakazeni.

Ungalenzi iphutha, lokhu akusona nje isifaniso. USatoshi Nakamoto wayehlose ngokumangalisayo ekwakhiweni kweBitcoin; kwakuhloselwe ukulingisa igolide ngoba ngokomlando uhlobo lwemali oluhlala njalo olungenalo uzakwethu lweplanethi. Ukuthola igolide akushibhile noma kulula; kudinga amandla, njengokuthola i-BTC. Lapho umvukuzi ephumelela ukumba ibhulokhi futhi awine i-BTC ngenxa yalokho, ibhlokhi iba yisibuyekezo sencwadi yokuthengiselana eyabiwe yeBitcoin ukuze wonke untanga kunethiwekhi abe nokuqonda kwakamuva ukuthi amakheli weBitcoin ahlobene nokuthi iBTC ingakanani. Amabhulokhi aba uchungechunge phakathi nale nqubo ukushiya irekhodi lokubalwa kwezimali, uchungechunge lwamabhulokhi lweBitcoin, ukuze bonke ontanga babone. Igama elithi blockchain selikhule lathandwa, kepha ubuchwepheshe beleja obuhanjisiwe (distributed ledger technology) buyindlela elula yokuchaza ukwakheka kwenethiwekhi lapho bonke ontanga begcina ileja, noma irekhodi lokuthengiselana. Ngalesi sizathu, igama elithi Distributed Ledger Technology (DLT) liye lamukelwa yiminyango yocwaningo lwasebhange emikhulu ukuchaza uhlelo lwekhompyutha olulingisa ukwakheka kweleja yeBitcoin yasekuqaleni.

Ngabe umvukuzi uhola malini nge-BTC lapho emba ngempumelelo ibhulokhi, futhi ngubani onqume ukunikezwa kwe-BTC? Ingxenye elandelayo yomklamo obanzi wakaSatoshi ilele kunqubomgomo yemali yeBitcoin, noma imithetho ezungeze ukunikezwa kwe-BTC nokuthi kwenzeka kanjani. Akukabekwa ngabantu egumbini lebhodi lebhange elikhulu, inqubomgomo yemali yeBitcoin iluhlelo oluhlelwe nguSatoshi ngo-2008 ukucacisa uhlelo lwayo lokukhishwa ngqo kuze kube phakade. Imithetho yokukhishwa yayihlangene, inhle, futhi ilungile. Bazizwe belungile kubahlanganyeli bokuqala kunethiwekhi. Kumabhulokhi okuqala angama-210,000 (noma cishe iminyaka emine) yobukhona beBitcoin, ama-50 BTC anikezwa umvukuzi ophumelelayo webhulokhi ngayinye. Kumabhuloki alandelayo angama-210,000, umklomelo wehlela ku-25 BTC ngebhulokhi ngayinye. Ukudlula ngakunye kwama-210,000 block, umklomelo wokwemba uphinda wehle futhi. Ngayinye yalezi zikhathi, noma izinkathi zesikhathi zokuqedela isigaba ngasinye sohlelo lokukhishwa kweBitcoin (amabhlokhi angama-210,000 noma iminyaka eyi- 4), ikhombisa ukuthi inqubomgomo yemali yeBitcoin ibekwe kanjani etsheni, hhayi ukulwela impikiswano emahholo nakuzingqungquthela zocingo emabhange amakhulu. IBitcoin njengamanje isesikhathini sayo sesine nomklomelo wokwemba ume ku-6.25 BTC ngebhulokhi ngayinye, ebiza ngaphezu kwama-$200,000 namuhla. USatoshi wakala uhlelo lokunikeza yonke indlela kuze kube umklomelo wokugcina wamabhulokhi olinganiselwa ukuthi uzokwenzeka ngaphezu kwekhulu leminyaka kusukela manje ngo-2140. Kungani akhethe izigidi ezingama-21 njengokunikezwa kokugcina kwe-BTC noma amabhulokhi wesikhathi angama-210,000 mhlawumbe azohlala kuyimpicabadala, kepha okuthile mayelana nokunemba kwezibalo konke kudose kakhulu abantu. Ukushoda ngqo okuchazwe ekuqaleni kobukhona beBitcoin akuyona neze into ehlaba umxhwele. Okuhlaba umxhwele ukuthi wonke umuntu obambe iqhaza kunethiwekhi uhlangane ngokuzungezile kanye nemithetho ehambisana nokuhlinzekwa kwemithetho yokwakha ukuvumelana kweqiniso ngeBitcoin. Ukushoda kwayo kanye nemithetho ebiyivikela ayigcinanga ngokuqhubeka, kepha futhi ngokushesha yabhalwa etsheni.

Iphrothokholi yeBitcoin iyalela ukuthi amabhulokhi enzeka ngemizuzu eyishumi, kepha isikhathi sangempela phakathi kwamabhulokhi singathatha imizuzwana noma amahora kuye ngokuthi kuthatha isikhathi esingakanani umvukuzi ukunqoba ilotho ngayinye ye-BTC. Uhlelo olulungisa i-lotho yekhompyutha njalo emavikini amabili ukuqinisekisa ukuthi amabhlogo ayenzeka ngokulingana ngemizuzu eyishumi ngokuhlukana, okubizwa ngokuthi ukulungiswa kobunzima (difficulty adjustment), yaklanywa nguSatoshi Nakamoto futhi isebenze kuhle khulu ngaphandle kwenkinga kukho konke ukuba khona kweBitcoin. Akekho untanga oyedwa onamandla okulawula ukulungisa okuzenzakalelayo ngokuphelele. Uhlelo lokulungisa ubunzima libhekwa njengolungathintwa abasebenzisi be-Bitcoin nabathuthukisi be-software namuhla ngoba lungoluye uci lweBitcoin olenza lungathathi hlangothi ngempela futhi limelane nokulawulwa okuphakathi. Ngama-ASIC aphakeme kakhulu okwembiwa, umvukuzi angazuza inani elikhulu kakhulu lomklomelo wamabhulokhi, kepha ekugcineni iBitcoin iyazivikela ekuthuthukiseni amandla wokucutshungulwa kwamakhompiyutha ngokunciphisa kancane kancane izinzuzo. Ukwanda njalo kokusebenza kobunzima kokwembiwa njengenye yezindlela zokuphepha zeBitcoin, okuvimbela amakhompyutha anamuhla asheshayo ekubalekeni nomklomelo nasekushayeleni izinto ezintsha ekukhiqizeni ucezu lwekhompyutha (computer chips). Imithetho ezungeze ukunikezwa kweBitcoin isibe ubufakazi obuphazamisayo, obungenakonakala, kanye nezinga elisha legolide lokuswelakala kwemali. Umphumela wesethi yomthetho oyingqayizivele futhi ogqamile weBitcoin yindlela yemali yangempela. Ngokucacisa kanye nohlelo lwekhompyutha lamahhala, umuntu angalinganisa ngqo ukuthi isibambiso sakhe se-BTC sivame kangakanani nganoma yisiphi isikhathi.

Thumela futhi Wamukele

Ingxenye yokugcina yezobuchwepheshe okufanele uyiqonde ngeBitcoin ubuhlobo obuphakathi kokhiye namakheli nokuthi ontanga bayithumela futhi bayithole kanjani i-BTC. Amakheli (addresses), asetshenziselwa ukwamukela i-BTC, akhiqizwa ngezinombolo ezibizwa ngokuthi izinombolo abazimfihlo (private keys). Lokhu kusho ukuthi ukuphatha i-BTC uqobo ukuphatha inombolo. Izinombolo eziyimfihlo ziyizintambo kanambambili zezinhlamvu ezingama-256, ezinjengale:

1101101001000110101101010101100110010010000110110011111010010101010110111011000110010010010111001001011001001010110001011100001110110011110101110010111111111101101111110011011101000111011010100001011001001011000011100111001110010110000000100111101101100101
1

Lezi zinombolo zingagcinwa ezinhlelweni zomakhalekhukhwini ohlakaniphile ezibizwa ngokuthi izikhwama (walletes), kumadivayisi ezinkumbulo anikezelwe abizwa ngokuthi izikhwama eziphathekayo (hardware wallets), avele abhalwe phansi ephepheni, noma nganoma iyiphi indlela ongagcina ngayo inombolo. Izinombolo eziyimfihlo zikhiqiza ikheli elisetshenziselwa ukwamukela i-BTC, kepha ikheli alikwazi ukubuyiselwa emuva ukuze kuvezwe izinombolo eziyimfihlo ngemuva kwalo, ngenxa yobuchwepheshe bokubethela be-SHA2. Amakheli we-Bitcoin abukeka kanjena:

32bp4f8zjbA8Bzm3TiAq5jav3DsU4LPSQR

Yilokho: izinombolo eziyimfihlo (thumela) namakheli (thola). I-BTC ingathunyelwa izungeze inethiwekhi ngemuva kokumbiwa ngaphandle kwanoma iyiphi i-rutha (router) emaphakathi ukugunyaza noma ukucubungula ukuthengiselana. Noma yimuphi untanga kunethiwekhi onohlelo lwekhompyutha lweBitcoin angathumela, amukele, futhi ahlole ukuthengiselana, kepha akekho untanga oyedwa ongakuvimba ukuthi kungenzeki. Qaphela ukuthi abantu abasebenzisa isikhwama soakhalekhukhwini ohlakaniphile abadingi uhlelo lwekhompyutha lwe-Bitcoin oluphelele ukuze bathengiselane i-BTC; izikhwama zemali zivumela abantu ukuthi baziphathele izinombolo eziyifihlo ze-BTC kepha bathembele kuma-third-party nodes wokudlulisa ukuthengiselana kunethiwekhi uma kungasetshenziswanga ngokuhambisana ne-node ye-Bitcoin.

Inani (iyunithi) olusha

Endaweni yedijithali, uhlelo lwekhompyutha lweBitcoin lenza lula futhi lisuse konke ukuthengiselana ngaphakathi kwehlelo layo. Lusebenza njengebhange elikhulu kumbono wokukhokha, kuphela esikhundleni sendawo emaphakathi, uhlelo lwekhompyutha likhona lapho kunezindawo zeBitcoin. Ukuqamba kweBitcoin kwakha ingqalasizinda yehlelo nokukhokha ngokuphelele, engalawulwa ngumuntu. Izinkokhelo zedijithali bezivele zitholakala yonke indawo ngo-2009 ngokusetshenziswa kabanzi kwezinkokhelo zekhadi lesikweletu ku-inthanethi, i-PayPal, nezinye izinhlelo zokukhokha zomakhalekhukhwini ohlakaniphile ezisetshenziselwa ukuthengiselana amadiphozithi wasebhange weisigaba sesithathu. Kepha kuze kube yiBitcoin, akekho noyedwa obekade etholile ukuthi ungalingiswa kanjani ukheshi nokukhokhwa kokugcina kwesigaba sokuqala semali ngaphandle kokusebenzisa ibhizinisi elikhulu. Njengoba ihlelo lemali lendabuko le-Intanethi, uhlelo lokukhokha, negolide ledijithali konke kwagoqeka kwaba munye, iBitcoin yaba ngamandla okubalwa nayo ekuqaleni kakhulu kokuba khona kwayo. Ngokusobala bekungukuqhamuka wemali obaluleke kakhulu selokhu kwatholakala imali yegolide cishe eminyakeni eyizinkulungwane ezintathu eyedlule: iyindlala, iqinisekile ngokwezibalo, ikhululekile futhi ivulekile ukusetshenziswa, futhi ivikela ukuhaha.

Abenzi bezinqubomgomo emhlabeni wonke kumele balalele okushiwo yihlelo elisha lemali. I-United States of America ikakhulukazi iyaziqhenya ngenkululeko yayo yokukhuluma, futhi ukuphathwa kwayo kwalobu buchwepheshe obusha bemali akufanele kwehluke. I-Bitcoin iyindlela yokukhuluma: abantu kufanele bavunyelwe ukudlulisa umlayezo (thumela ukuthengiselana kwe-BTC) ngokukhululeka njengoba bekwazi ukuthumela i-imeyili. I-Bitcoin iluhleko lwekhompyutha lwamanani, futhi noma yimuphi umzamo wokuvimbela noma wokukhawulela ukusetshenziswa kwe-Bitcoin ngohulumeni kungaba ukuvinjelwa kwezibalo uqobo. Uhlelo lokwahlulela lwase-United States selusungule isibonelo sokuthi ukusetshenziswa kokubethela kuyisidingo sokuvikela ukukhuluma ngokukhululeka esikhathini sedijithali, futhi imibono efanayo kufanele isetshenziswe kuBitcoin kuwo wonke amagumbi omhlaba azishaya isifuba ngenkululeko yezakhamizi zazo. Nasi isinqumo sango-1999 se-United States Court of Appeals, Circuit Ninth (Bernstein v. United States), esiqinisekisa ukuthi ukubethela, njengezibalo, kuyisibonakaliso semibono yesayensi ngakho-ke kuyindlela yokukhuluma:

Abadwebi be-Cryptography basebenzisa ikhodi yomthombo ukuveza imibono yabo yesayensi ngendlela efanayo nezazi zezibalo ezisebenzisa izibalo noma osomnotho abasebenzisa amagrafu. Vele, zombili izibalo namagrafu ezisetshenziswa kweminye imikhakha ngezinhloso eziningi, kodwa azizwakali zonke. Kepha osolwazi bezibalo kanye nabezomnotho sebemukele lezi zindlela zokukhuluma ukuze bakwazi ukwenza umbono ocacile futhi onzima wemibono yesayensi eyinkimbinkimbi. Ngokufanayo, irekhodi elingenakuphikiswa lapha likwenza kucace ukuthi ababhali be-cryptography basebenzisa ikhodi yomthombo ngendlela efanayo. Ngokwalokhu kucatshangelwa, siphetha ngokuthi iuhlelo lwekhompyuth lokubethela, olusefomini lwekhodi yayo yomthombo futhi njengoba lisetshenziswa yilabo abasemkhakheni wokubhala ngokufihla amagama, kufanele libhekwe njengelicacile ngezinjongo zokuchibiyela kokuqala (First Amendment).

Ukuthenga Ikhofi ngeBitcoin

Inqubo yokukhokhela ukuthengiselana kweBitcoin ngasikhathi sinye iyafana futhi ayijwayelekile neze. Ake sibheke isibonelo somuntu ozama ukusebenzisa i-BTC ukuthenga. Owesifazane ungena esitolo sokudlela eyothenga inkomishi yekhofi. I-khefi yamukela i-BTC njengenkokhelo futhi ikhokhisa ama-sats ayi-15 000 (0.00015 BTC, noma cishe ama-$5) ngekhofi. Owesifazane ukhokha ngesikhwama seBitcoin kumakhalekhukwhini ohlakaniphilwe wakhe, kepha okwenziwayo akuqinisekisiwe kuze kube yilapho kugaywa ibhulokhi ngumvukuzi weBitcoin. Ngabe abasebenzi bekhefi bazokwenza lo wesifazane alinde imizuzu eyishumi baze bamnikeze ikhofi? Kuthiwani uma, ngoba ukumba kuyinqubo engahleliwe, ibhlokhi elilandelayo alimbiwa ihora? I-khefi inezinketho ezimbili. Ingakwamukela ukuthengiselana okungaqinisekisiwe kowesifazane, kodwa ngeke ikwazi ukwethemba imali eyitholile kuze kube yilapho kuvukuzwa ibhulokhi elilandelayo (ileja eyabiwe yeBitcoin ayikabuyekezi okwamanje ngokuthengiselana kwekhofi). Ngakolunye uhlangothi, ikhefi lingagcizelela ukuthi ukuthengiselana kungezwe kuchungechunge lwamabhulokhi weBitcoin ngaphambi kokunikeza inkomishi yekhofi. Lokhu kukulindelwa okungenangqondo ngokuphelele futhi kuholele ekusetshenzisweni kabanzi, yize kunolwazi olungelona iqiniso, ukugxekwa kweBitcoin: inethiwekhi ihamba kancane ukuthi isebenze kahle njengezindlela zokuhweba. Eqinisweni, ukuthengiselana kokuqala kwe-Bitcoin akuklanyelwe ukuhweba okusheshayo; aklanyelwe ukugcina inethiwekhi yonke yontanga esivumelwaneni esiphakade ngesimo sencwadi ye-Bitcoin. Noma kunjalo, iBitcoin izogcina ichithe igama layo njengenethiwekhi ehamba kancane ngemuva kweminyaka kokufika kwe-Lightning Network, okuxoxwa ngayo esahlukweni esilandelayo.

Uma i-Bitcoin ingasetshenziselwa ukuthenga ikhofi, isetshenziselwani empeleni? IBitcoin isetshenziswa kakhulu ngabantu abakhetha indlela yokungathathi hlangothi, engenacala yokubeka imali. Ake sinikeze isibonelo somuntu onikwe amandla kakhulu ubuchwepheshe be-Bitcoin. Cabanga ngentokazi eNigeria. Uhlala emaphandleni futhi ungumbhali wemidwebo onekhono. Uma ekwazi ukuthola umsebenzi ngokuzimele ku-Inthanethi, angazuzela umndeni wakhe imali. Kepha angazisebenzisa kanjani izindlela zokukhokha zendabuko ukuthola imali? Akanakho ukufinyelela kwi-akhawunti yasebhange futhi ngeke akwazi ukuthola imali ngeposi elithunyelwe nge-posi yamazwe omhlaba. I-Bitcoin empeleni iyindlela yakhe engcono kakhulu. Esebenzisa isikhwama semali somakhalekhukhwini ohlakaniphile, angazenzela ikheli le-BTC, alithumele kumakhasimende aseZurich, bese ethola inkokhelo. Akanendaba nokuthi okwenziwayo kuthatha imizuzu eyishumi ukuqinisekisa; ngaphandle kweBitcoin wayengeke akwazi ukuzuza nhlobo. Ngesibonelo esinjengalesi, singabona ngokunembile ukuthi buyini ubuchwepheshe i-Bitcoin. Abantu base-United States nase-Yurophu abathenga i-BTC ngezizathu zokuqagela bangahle bathathe ukwamukelwa emhlabeni wonke ngokusekela inani lemakethe elikhulayo, kepha abantu baseLatin America, e-Afrika, naseMpumalanga Ephakathi (Middle East) abanezimali zangakubo ezingabazekayo nezimboni zamabhange ezingathembekile badinga ngokuphelele imali engathathi hlangothi neyedijithali efana neBitcoin.

Inhloso kaSatoshi

Yini ngempela uSatoshi Nakamoto ayezama ukuyifeza ngeBitcoin? Ngalokho, kufanele singene emibhalweni yakhe nasezincwadini zakhe ezinsukwini zokuqala zenethiwekhi yeBitcoin. Wayenesifiso esikhulu sokunikeza enye indlela hhayi kuphela ezikhungweni zezezimali, kepha nasezimalini ezithanda ukwehliswa amandla ohulumeni namabhange amakhulu, inhloso ebonakalayo kuma-imeyili akhe okuqala kanye nokuthunyelwe kwamaforamu. NgoJanuwari 3, 2009, ibhulokhi yokuqala yeBitcoin eyake yambiwa uSatoshi uqobo yafaka umlayezo oshumekiwe esikhundleni sokuthengiselana (ngoba awukaze ubekhona):

The Times 03/Jan/2009 Ushansela onqenqemeni lokutakulwa okwesibili kwamabhange

USatoshi wabeka isihloko sephephandaba laseBrithani mayelana nenkinga eqhubekayo yezimali ngqo kwirekhodi elihlala njalo leleja. Ngokushumeka lo mlayezo oyindida, wacabanga ukuthi uhlelo lwakhe lwemali nokuthengiselana lunikeza ukuziphendukela kwemvelo okudingekayo kanye nekhambi elingaba khona ohlelweni lokubhanga lwamazwe oluthambekele ekutholeni usizo.

Ngemuva kokuthi iBitcoin ivukile futhi isebenza amasonto ambalwa, uSatoshi unikeze imininingwane ethe xaxa ngezisusa zakhe zephrojekthi futhi wakhombisa ukuqaphela okukhulu ngokungazinzi kwezinhlelo zemali-mboleko kanye nezigaba eziphansi, ezigcinwe kancane zephiramidi yemali:

_Inkinga ngemali ejwayelekile ukuthembana okudingekayo ukuyenza isebenze. Ibhange elikhulu kumele lithembeke ukuthi lingadicileli phansi imali, kepha umlando wezimali zikahulumeni (fiat currencies) ugcwele ukwephulwa kokuthembana. Amabhange kufanele athembeke ukuthi azobamba imali yethu futhi ayidlulisele nge-elektroniki, kepha ayibolekisa ngaphandle kokugcina nencane nje[14].

USatoshi Nakamoto uveze izifiso zakhe zokuba i-BTC ibe njengenhlangano yezimali, hhayi inethiwekhi yezinkokhelo eyodwa. Ukhulume ngezimali zikahulumeni (fiat currencies) ukubhekisa kwizimali ezikhishwe kusigaba sesibili semali ngamabhange amakhulu, kungakhathalekile ukuthi yini ekhona kwesokuqala (isigaba); igama elithi fiat lisho ukuthi "ngesinqumo" ngesiLatini. Ukugxeka kukaSatoshi izimali zikahulumeni kukhombise ukuqaphela ukungazinzi ngaphakathi kohlelo lwethu lwemali olugcinelwe izingxenyana ezithile. Ngokubheka emuva, ukugxekwa kubonakala kumgqugquzele ukuthi akhe iBitcoin. Mhlawumbe umqambi wezinto wayefuna ukunikeza umhlaba imali entsha yesigaba sokuqala eyayingaqhamuki ebhalansini lebhange elikhulu.

Imicabango (visions) yeBitcoin Ngokwezigaba

Umuntu wokuqala owaseka uhlelo lwekhopyutha lweBitcoin ngemuva kukaSatoshi Nakamoto wayengumbhali we-cryptography uHal Finney. Ngaphambi kokudalwa nokwakhiwa kweBitcoin esisekelweni esabekwa ngu-Adam Back, uFinney waqhubekisela phambili ukusetshenziswa kobufakazi bokusebenza ngokuklama uhlelo olungasetshenziswa kabili lobufakazi (reusable proof-of-work system) olusetshenziswa nguSatoshi Nakamoto ekwakhiweni kwehleo lwekhompyutha lakhe; Umnikelo kaFinney kuBitcoin waqiniswa ngisho nangaphambi kokuba abe ngumsebenzisi weBitcoin. UFinney wayengumthandi womculo wokuqala nothanda kakhulu kaSatoshi. Wayengumamukeli wokuthengiselana kokuqala kweBitcoin, lapho uSatoshi emthumelela i-10 BTC ngoJanuwari 12, 2009. IBitcoin yayinezinsuku eziyisishiyagalolunye ubudala, kanti iBTC yayingenanani noma inani lemakethe.

Ngo-2010, uFinney wanikeza incazelo ethakazelisa ngokukhethekile yokuthi imali ngowkezigaba yeBitcoin ingashintsha kanjani, isibikezelo ngaphambi kwesikhathi saso. Ukucaphuna kwakhe kucishe kuzwakale sengathi bekubhalelwe le ncwadi:

Empeleni kunesizathu esihle kakhulu sokuthi amabhange asekelwa yiBitcoin abekhona, akhiphe imali yawo engukheshi yedijithali, engaguqulwa ibe ama-bitcoins. I-Bitcoin uqobo ayikwazi ukukala ukuthi konke okwenziwayo kwezezimali okukodwa emhlabeni kusakazwe kuwo wonke umuntu futhi kufakwe ku-qhungeqhunge lwebhulokhi. Kudingeka kube nezinga lesibili lezinhlelo zokukhokha ezinesisindo esilula futhi esisebenza kahle. Ngokufanayo, isikhathi esidingekayo sokuthengiselana kweBitcoin ukuqedela ngeke sisebenze ekuthengeni kwenani eliphakathi nelikhulu.Amabhange asekelwa yi-Bitcoin azoxazulula lezi zinkinga. Bangasebenza njengoba kwenza amabhange ngaphambi kokufakwa kwemali kukazwelonke. Amabhange ahlukene angaba nezinqubomgomo ezihlukile, amanye abe nolaka, amanye abe ngavamile. Ezinye zingahle zibe yinqolobane ebekiwe kuyilapho ezinye zingasekelwa nge-100% Bitcoin. Izinga lenzalo lingahluka. Imali evela kwamanye amabhange ingathengisa ngesaphulelo uma iqhathaniswa neyabanye.Ngikholwa ukuthi lokhu kuzoba isiphetho sokugcina seBitcoin, kube "yimali enamandla aphakeme" esebenza njengemali egciniwe yamabhange akhipha ukheshi wawo oyidijithali.[15]

Ake sifingqe lokho uFinney azama ukukusho ngaphakathi komongo wemali ngokwezigaba. I-BTC yimali ehamba kancane, yesigaba sokuqala. Ukuthengiselana kwezinkulungwane ezimbalwa zeBitcoin kuqinisekisiwe kubhulokhi ngalinye, kuhlukaniswe imizuzu eyishumi. Ukuqhathanisa, izinkampani ezinkulu zamakhadi wesikweletu zicubungula izinkulungwane zokuthengiselana njalo ngomzuzwana. Ukuze kusheshiswe isivinini seBitcoin, amabhange azodinga ukuba ne-BTC njengemali yesigaba sokuqala futhi akhiphe amadiphozi wesigaba sesibili angahamba ngokushesha okukhulu kunalokho okuvunyelwe uchungechunge lwebhulokhu lwe-Bitcoin's ngokulandelana kwezikhathi. I-Bitcoin yesigaba sesibili izovumela umsebenzi wezomnotho ngaphandle kokuxabana. Ngokugcina ingxenye, kuzoba khona amabhizinisi akhipha isikweletu, futhi imakethe izobiza intengo yohlobo ngalunye lwesigaba sesibili se-BTC ngenani lenzalo elishiwoyo. UFinney wayengaphambi kweminyaka yokuziphendukela kweBitcoin ngalesi sibikezelo, esisodwa leso sikhathi esizofakazela ukuthi singamazwi okuqala anolwazi olungakaze lubhalwe ngawo. I-Bitcoin yayichaza kabusha imali futhi izothatha indawo yayo ibe phezu kwephiramidi yemali ehluke ngokuphelele. UHal Finney udlule emhlabeni ngonyaka wezi-2014, kodwa ukuqonda kwakhe kusenesikhathi ngamakhono eBitcoin njengemali egcinwe emhlabeni ingunaphakade.

Isahluko 8: I-Bitcoin Ngokwezigaba

Kungaba nengqondo ukuyithola nje, uma kwenzeka iphumelele. Uma abantu abanele bacabanga ngendlela efanayo, lokho kuba yisiphrofetho esanelisayo.

โ€”Satoshi Nakamoto, January 16, 2009

IBitcoin isibe yiphiramidi yayo yemali ngenxa yezakhiwo zayo njengemali yesigaba sokuqala. Iphiramidi ikhumbuza amaphiramidi wegolide wesikhathi esedlule, kepha i-BTC ayitholi isimo sayo sesigaba sokuqala kuphela ngokuqhathanisa nezingathekiso; USatoshi waklama impahla eyidijithali eyayilingisa ngokukhethekile izinsimbi eziyigugu ukuze ihehe ukufunwa. Ukwanda kwenani lemakethe likaBitcoin kuqinisa kuphela ithisisi yamakholwa alo okuqala afana noHal Finney. I-BTC yesigaba sesibili yavela ngezizathu ezifanayo ezenziwa kusigaba sesibili segolide. Abantu babezimisele ukuba ne-BTC njengoba nje babezimisele ukuba negolide. Umhlaba osafufusa wezimpahla ezidijithali uphethwe yi-BTC ngendlela efanayo naleyo yokuthi uhlelo lwezimali lwamazwe omhlaba lwaluphethwe yigolide, njengoba kuchaziwe ezahlukweni ezinhlanu zokuqala zale ncwadi. I-BTC yimali engathathi hlangothi, engenabudlelwano efana negolide abantu abayethemba njengendlela yokugcina yokukhokha. Lesi sahluko simayelana nohlelo lwemali olunezigaba lwe-BTC nokuthi i-BTC ililawula kanjani lonke izwe lezimpahla zedijithali.

Ukuba Ngumnikazi Wokuphathekayo

Labo abalwela ukuba nemali yesigaba sokuqala bavame ukusebenzisa isisho esithi "owning physical" ukuchaza isenzo sokuba nezinsimbi eziyigugu ngendlela ebonakalayo esikhundleni sezitifiketi zegolide zesigaba sesibili, amasheya, noma esinye isithembiso sokukhokha igolide. Bazi kahle umehluko phakathi kwegolide lesigaba sokuqala nesesibili futhi bakhetha ukuba nezinhlanvu zemali eziphathekayo esikhundleni sezinto ezithatha indawo yegolide. Kuya ngokuthembela: bathembela kuphela okuphathekayo ngoba okuphathekayo kusho ukuthi akunabalingani. I-Bitcoin inokungathathi hlangothi okufana nokwamanye amazwe okukhona negolide; akuxhomekile kubantu abathile, izinkampani, noma amazwe ukuze iphumelele. Kepha iBitcoin incono kunegolide esikhathini samanje. Itholakala kumakhompyutha noma yikuphi nakuyo yonke indawo. Akudingi ukuhanjiswa emhlabeni wonke ngamaloli ahlomile, imikhumbi, nezindiza. Futhi ayihlolwa ukuhlanzeka okufaka imishini ebizayo, i-node yeBitcoin kuphela.

Iphiramidi yeBitcoin ihlanganiswe bunikazi obuphathekayo be-BTC, obuqala ngokuphathwa kwezinombolo eziyimfihlo zeBitcoin. Ngokufana nobunikazi begolide elibonakalayo lithembele kakhulu kubuchwepheshe begumbi nokuphepha, izinombolo eziyimfihlo zeBitcoin zidinga ukunemba kokuphepha ukugwema ukulahleka nokweba. Ukugcinwa okuphephile nokungaxhunyiwe ku-inthanethi kwe-BTC kubizwa ngokuthi isitoreji esibandayo (cold storage); okusho izinombolo azemziwa noma azigciniwe ku-inthanethi kuzikhwama zemali ezishisayo (hot wallets).

Isitoreji esibandayo yibhizinisi elichumayo. I-Fidelity Investments, engesinye sezikhungo zezimali ezinkulu emhlabeni ezinemali engaphezu kwama- $3 trillion ezingaphansi kokuphathwa, yethule inkampani yayo engaphansi yestoreji esibandayo ebizwa ngeFidelity Digital Assets ngo-2018 ukubamba iBTC egameni lamakhasimende amakhulu. I-Bitcoin ayihlanganisi kuphela isayensi yezezimali neye-cryptography; ibuye ihlanganise izimboni zezezimali neze-cryptography.

Kumele siqaphele ukuthi ngokwethulwa kwabagcini abakhulu be-BTC, amakhasimende abo ngeke abe ngabakwa-BTC bokuqala. Amakhasimende azoba ne-BTC yesigaba sesibili ngoba ngeke abe nezinombolo eziyimfihlo ze-BTC; umphathi uzoba nazo. Njengoba isisho sisho emphakathini weBitcoin, "hhayi izinombolo zakho, hhayi izinhlamvu zakho zemali." Futhi-ke, abagcini bayoba ngaphansi komthethonqubo kahulumeni ngaphakathi kweziphathimandla zabo. Abanye ohulumeni bazibonakalisile benobungani neBitcoin njengobuchwepheshe obusha bemali, kodwa leso simo ngeke siboniswe ngokuphelele emhlabeni jikelele ngenxa yamandla weBitcoin wokufaka izimali zikahulumeni ezingazinzile.

BTC/USD

Manje sekunezinhlobonhlobo eziningi zezinhlobo zemali zesigaba sesibili se-BTC. Amanye amathuluzi afana nokuhlelwa kwezezimali kohlelo lwendabuko lwezezimali lwanamuhla, njengamadiphozi. Ezinye zisha futhi zinokwenzeka kuphela selokhu kwaqala iBitcoin. Izibonelo zokuqala ze-BTC yesigaba sesibili kwakungamadiphozithi akhishwe ukuhwebelana kwe-BTC / USD ku-Inthanethi, njengoba kukhonjisiwe ku-Mdwebo 14.

Umdwebo 14

Ngesikhathi sika-2010, kwakhiwa ukuhwebelana kokuqala kweBitcoin ukuze kwenziwe lula ukuhweba phakathi kweBTC ne-USD. Bakhombise okuthile okubaluleke kakhulu ngeBitcoin: imakethe esebenzayo ibikhona phakathi kwabantu abafuna ukuhweba phakathi kweBTC ne-USD. I-Bitcoin yaklanywa njengemali futhi yayisetshenziswa njengoba nje kwakungahlosiwe cishe unyaka ngemuva kohlobo lwayo. Okunye ukugxekwa okuvamile kweBitcoin ukuthi ayikwazi ukusetshenziswa ukuthenga izimpahla noma izinsizakalo ngoba amabhizinisi amaningi awamukeli i-BTC njengendlela yokukhokha. Lokhu kuphikisana kuphuthelwa iphuzu lokuthi i-BTC ingasetshenziselwa ukuthenga impahla ebaluleke kunazo zonke: imali. Ngokushintshana namuhla, i-BTC ithengela abanikazi bayo i-USD, i-EUR, nanoma iyiphi enye imali enkulu abangayikhetha.

Izinga lokushintshaniswa phakathi kwe-BTC ne-USD lisungulwe ngonyaka we-2010, okuqinise ukwedlula imali kwe-BTC kanye nombono wayo njengenye inhlobo entsha ehlukile yemali. Izilinganiso zamakhasimende ekushintshaneni kweBitcoin kwakuyindlela yokuqala yesigaba sesibili se-BTC; izilinganiso kwakuyizimangalo ku-BTC kepha hhayi ubunikazi bezinombolo eziyimfihlo uqobo. Okunye ukushintshana kuzokwakha udumo oluhle ngokuvumela ukukhishwa kwamahhala kwe-BTC uma kuceliwe futhi kugcinwa ngokugcwele, hhayi okuyingxenye, kwezinqolobane ze-BTC kuwo wonke amadiphozithi. Abanye bangahluleka ezilinganisweni zamakhasimende njengamabhange ayehlulekile kumadiphozithi phakathi namakhulu eminyaka, noma ngabe kubangelwa ukuhlaselwa ku-Inthanethi, ukweba, noma izinqolobane. Naphezu kokuhluleka okuthile kwasekuqaleni, ukuthembela ekushintshaneni kweBitcoin kuthuthukiswe njengokubalulekile kwiBitcoin, futhi cishe ngokushesha, inani lesikhathi le-BTC (time value of BTC) laziveza: amakhasimende anamadiphozithi akhona ukuboleka isibambiso sabo abanye abahwebi ngenani lenzalo.

Ukuba semthethweni

Kuthathe kuphela iBitcoin isigamu seminyaka eyishumi ukufezekisa ukuba semthethweni njengemali entsha yomhlaba. Ngaphandle kokuphika, kwakungeyona intandokazi yohulumeni noma imboni yezezimali ngenxa yemvelo yayo ephazamisayo futhi esezingeni eliphansi, kepha yazuza inani elanele lemakethe, ukunakekelwa kwemali eyinhloko, nokuqokwa okungokomthetho ukuyiletha engxoxweni ejwayelekile. Ngo-2014, iBitcoin yayisibe ngumbuso wezwe. Ngenkathi inethiwekhi iphumelela, yaheha inani, ukutadisha, kanye nokutshalwa kwezimali, nakho okwakhanga inani elikhulu. Ngalesi sikhathi, osomabhizinisi baqala ukwakha ingqalasizinda yonke nemboni ezungeze iBitcoin ngoba yayisamukelwe emhlabeni jikelele njengemali yedijithali. Imicimbi emlandweni wokuqala weBitcoin ilandisa ngokufuna kwayo ukuba namandla kanye nokuhlelwa okungenakusulwa emhlabeni wemali.

Ngonyaka wayo wokuqala, iBitcoin yayingenanani enamathiselwe kuyo. Ibingenayo intengo, kodwa ibinabantu abakholelwa kuphrojekthi nokuthi i-BTC ibifanele ugesi, amandla ekhompyutha, kanye nomzamo otshaliwe ukuze uyithole. Lokhu kwayenza imali vele, njengoba kwakuyindlela yokugcina umsebenzi owawenziwe; ukufakazelwa komsebenzi kanye nokumba i-Bitcoin kungacatshangwa njengehlobo lomsebenzi. Ukuthengiselana kweBitcoin okwaziswe kakhulu, kwenzeka lapho ngoMeyi 2010, umakhi oyedwa wehlelo lekhompyutha lweBitcoin wakhokhela umuntu amjwayele ku-Intanethi i-10,000 BTC athenga i-Papa John's pizza engu-$25, okulingana nentengo ye-BTC / USD engu- $ 0.0025. Loku kuthengiselana kwenza inani le-BTC eliphelele lemakethe laba cishe ku-$ 7,000[16].

NgoFebhuwari 10, 2011, ibhulogi (blog) yezobuchwepheshe i-Slashdot yazisa abaentu boke ng-athikili enesihloko esithi "Imali Eku-Inthanethi Kuphela iBitcoin Ifinyelela Isilinganiso seDola" ("Online-Only Currency Bitcoin Reaches Dollar Parity").Ngenxa yokuthandwa kwe-Slashdot phakathi konjiniyela bohlelo lwekhopyutha, abaningi abasebenzisa i-Bitcoin bokuqala bakhuluma ngale ndatshana ethile njengomzuzu abaqala ukuzwa ngawo ngeBitcoin. Ngemuva kwalesi siqeshana sokuqala sokukhangisa nge-inthanethi, kungakadluli neminyaka emibili kuphrojekthi, iBitcoin yaqala ukuthola ukuthandwa okukhulu nokunakwa. Umphakathi okhulayo wabasebenzisi bonke ubukholelwa kuleli fomu elisha lemali futhi bavumile ukuthi ishejuli yokunikela kusengaphambili ifanelekile ukuvikelwa. Ngokushesha, onjiniyela abanele babambisana kwinethiwekhi. Ngesikhathi kubhalwa incwadi le, i-BTC elinganiselwa esigidini esisodwa eyenjwa nguSatoshi ngonyaka wokuqala wokuba khona kweBitcoin ayikaze ikhishe noma ithengiswe.

Inani eliphelele lemakethe le-BTC lidlulise amaDola ayizigidi eziyi-100 ngoJuni 2011 ngesikhathi esifanayo i-Gawker yabhala i-athikili enesihloko esithi "Iwebhusayithi Engaphansi Komhlaba Lapho Ungathenga Noma Yimuphi Umuthi Ongacatshangwa."I-Silk Road kwawuyimakethe engekho emthethweni kwi-Intanethi, esetshenziswa kakhulu ukuthenga nokuthengisa izidakamizwa ezingekho emthethweni kwi-Intanethi. Njengemali yedijithali entsha, eku-inthanethi, esezingeni eliphansi elingakabi ukuphoqelelwa komthetho, i-BTC yayiyimali ephelele yabasebenzisi be-Silk Road. Kwi-Bitcoin, lalingekho ibhange elalingakhombisa ukuthengiselana okusolisayo, kungekho mali okwakumele ithunyelwe ngeposi noma ishintshwe ngomuntu uqobo, futhi kube lula ukuthi kungabikho ukuphoqelelwa komthetho ukuqapha incwadi ye-Bitcoin yokuthengiselana. Ngaphandle kwanoma ngubani obukayo, ukuthengiselana kweBitcoin nakho bekungaziwa. I-athikili ye-Gawker ichaze ukuthi umuntu kufanele aqale aye kushintshiswano lweBitcoin ayothenga i-BTC ukuze abambe iqhaza kule makethe eku-inthanethi:

Ngokuqondene nokuthengiselana, i-Silk Road ayamukeli amakhadi wesikweletu, i-PayPal, noma enye indlela yokukhokha engalandelwa noma ivinjelwe. Imali kuphela enhle lapha ama-Bitcoins.

I-Federal Bureau of Investigations (FBI) igcine ivule uphenyo yavala i-Silk Road. I-FBI ibambe i-BTC ngenkathi isebenza futhi yabhekana namaqiniso amasha ngemali esikhathini sedijithali. Kusukela lapho, abomthetho abavela emhlabeni wonke baqala ukuqapha incwadi yokuthengisalana ye-Bitcoin ngomsebenzi osolisayo ukuze kuzingelwe izigebengu. Ukuphoqelelwa komthetho kuthuthukise izindlela zokuhlobanisa ukuthengiselana kweBitcoin nedatha yendawo ye-inthanethi ukuze kwenziwe lokhu. Ngemuva kokuthi ama-ejensi okuphoqelela umthetho aqale ukuqapha incwadi yokuthengiselana ye-Bitcoin, iBitcoin yayingaseyona imali ekahle yokwenza ubugebengu, kunalokho yayikude nayo. Lokhu kwehlukaniswa kukhulise ukuba semthethweni kweBitcoin ngendlela ebalulekile.

Ngomhla kaNovemba 28, 2012, i-halving yokuqala yeBitcoin yenzeka ngemuva kokuthi kumbiwe ibhlokhi lawo lama-210,000 kanye nomklomelo webhulokhi ngayinye lenziwa "uhhafu" ukusuka ku-50 BTC kuye ku-25 BTC. Ngenkathi lokhu kudlula ngaphandle kwenkinga kuya ngochungechunge lwebhulokhi, bekubaluleke kakhulu kusuka kwezemali. Ngenkathi uSatoshi edala inguqulo yokuqala yokusebenza yekhodi yohlelo lwekhompyutha lweBitcoin, wachaza inqubomgomo yemali eyeluleke esikhathini esingaphezu kwekhulu lweminyaka esikhathini esizayo. Kwathi ngemuva kweminyaka emine ikhona, inethiwekhi yeBitcoin yabhekana nokulungiswa kokuphakelwa kwayo kokuqala ngaphandle kwenkinga, ukuhaha, noma ukuphikiswa nanoma yimuphi omunye wabahlanganyeli bayo. Ishejuli yokuhlinzekelwa enqunyiwe, ukunikezwa okuhhafu ngemuva kwenkathi ngayinye, kanye nokunikezwa okuphelele okuphelele kwezigidi ezingama-21 ze-BTC konke bekuyimigomo yenethiwekhi eboniwe, engabuzwa. USatoshi wayesungule inqubomgomo yezimali engakhethi lapho ukuqonda komuntu kungaze kushintshe uhlelo lokuphakelwa kweBitcoin. Ukuqwashiswa kwalesi sakhiwo namandla okuvumelana kwaqhuba umbono wokutshala imali weBitcoin; kwakuyimali engakwazanga ukunwetshwa ekunikezelweni noma ekwehlisweni. I-Bitcoin yayifikile njengegolide ledijithali.

Ngo-2013, intengo ye-BTC / USD yaqhuma, yenyuka ngaphezu kuka- $1,000 futhi yanika inethiwekhi inani lemakethe eliphelele lama- $10 ayizigidigi. I-Financial Times, i-Wall Street Journal, ne-Bloomberg baqale ukushicilela izindatshana ezikhuluma ngeBitcoin nemboni ye-cryptocurrency ekhulayo njalo, futhi uphawu lweBitcoin lwaqala ukuthola ukuqashelwa. Iziphathimandla zikahulumeni cishe zazilulaza umqondo wokusatshalaliswa kwemali esetshenzisiwe ngoba iBitcoin yokuntuleka komkhiphi ophakathi yayimise ingxoxo ngokuhlukaniswa kwemali nohulumeni.

I-Bitcoin yathola ukuqashelwa ngokusemthethweni emehlweni kahulumeni wase-United States ngonyaka we-2014, iqhubekela phambili ekubeni semthethweni futhi yadlula emabhulashini amabi ashiywe yinkathi ye-Silk Road. I-IRS inqume ukuthi ubunikazi be-BTC kufanele buphathwe njengempahla nokuthi izinzuzo ezitholwe ngokwemigomo ye-USD zingaphansi kwentela yokuthola imali. Lokhu bekungukuvunyelwa nguhulumeni wase-U.S. Ukuthi ukuba ne-BTC kwakuyinto engaqondakali efana nempahla yangempela noma igolide langempela futhi kufanele ikhokhiswe intela kanjalo.

Ngokwengeziwe, umlawuli wempahla yesikhathi esizayo wase-US unqume ukuthi iBitcoin empeleni iyimpahla hhayi imali. Iqhathanise iBitcoin negolide kunqubo yayo yocwaningo futhi yaphetha ngokuthi ubunikazi be-BTC buphethe impahla yezinombolo ngenxa yokuthembela kwehlelo lwekhompyutha kuzinombolo ezimfihlo. IBitcoin ibisiqala ukungena esimweni sayo sempahla, yize kunzima ukusichaza kumongo wendabuko ngenxa yezimpawu zayo zbusha nokungakajwayeleki.

Ngo-2014, ngisho nohulumeni wase-U.S wayekwazi ngokugcwele ukuvela nokushitsha kwemali okwenzekayo. I-Bitcoin ihehe abasindisi emazweni anokuphatha okungakazinzi namalungelo empahla abefisa imali engenamngcele, engavumi ukubanjwa. Idonse abasindisi ngaphakathi kwehlelo ledola ebeliphelelwe yithemba kwi-Federal Reserve njengomthombo wokuziphatha ngokwezimali. Isidingo seqiniso seBitcoin sasikhona kuwo wonke amagumbi omhlaba. Ku-2017, inani lemakethe eliphelele leBitcoin liqhume ladlula amadola ayizigidi eziyizinkulungwane eziyikhulu zamadola ekukhuphukeni kwentengo yalo emangalisayo okwamanje. Ukukhula okucacile kweBitcoin bekungenakuphikwa.

Izimbali (Tulips)

Phakathi nekhulu leshumi nesikhombisa kanye namashumi ambalwa eminyaka ngemuva kokusungulwa kweBhange lase-Amsterdam, Ukuqagelwa kokukhuphuka kwentengo kwavela ku-tulip bulb (izimbali)waseDashi. Njengento enhle kanokusho, ama-tulips aba yinto enkulu eNetherlands njengoba wonke umuntu ayefuna ucezu lwezimpahla ezifiswa kakhulu. Amanani ama-bulbs aqhuma abese ewa ngokushesha ngemuva kwalokho, njengoba kwenza konke ukukhuphuka kwentengo okuqgelwayo. Igama elithi bubble belizosetshenziswa kuwo wonke umlando ukuchaza ukwenyuka kwentengo yempahla ebibonakala ingenakulinganiswa kwabaningi, ukwanda okungabuzwa ngokungaguquguquki kwagcina ngokwehla okulimazayo. Vele, abaningi bazamile ngaphandle kokuphumelela ukuhlanganisa igama elithi bubble neBitcoin.

Ukukhuphuka kwentengo kweBitcoin kusukela ekuzalweni kwayo kuyaqhubeka nokuletha ukukhala kwe-bubble nokuqhathaniswa nama-tulips aseDashi yize sekuthole ngokuphelele ekusabiseni ukwehla kwentengo ka-80% manje ezikhathini ezintathu ezihlukene. Intengo ye-BTC / USD ishintshashintsha ngokumangalisayo, ukwehla kwamanani okulula kakhulu esikubonayo kwezinye izigaba zamafa. Ukuguquguquka kwayo, noma kunjalo, akubonisi ikhwalithi yempahla noma ubuhle. Uma i-Bitcoin izokhula ngempela isuka kwinethiwekhi yemali yentsha iye kwisisekelo sohlelo lwemali lwamazwe omhlaba. Ukube inani lemakethe le-BTC belilingana nenani lemakethe lalo lonke igolide lomhlaba, intengo ye-BTC / USD ibingafinyelela cishe ku- $ 500,000[17]. Kuphephile ukucabanga ukuthi uhambo olusuka ngaphansi kwe-$1 luye ku-$500,000 luzofika nesabelo salo esifanele sokushintshashintsha kwentengo, kokubili phezulu nangaphansi. Lokhu kuphelelwa yisikhathi kugxiliwe ekuvuthweni kweBitcoin futhi kuzohlukanisa abamukeli bakuqala kulabo abazolinda intengo ukuze izinze ngokwemigomo ye-USD. Akukho kokushintshashintsha loku, nokho, okuvimba i-BTC ekubeni isitolo senani.

Eqinisweni, i-Bitcoin ayifani nesiga se-tulip yeDashi. Ama-Bubbles awaqhumi kathathu eminyakeni eyishumi abuye aqinile, futhi umphakathi otshala imali uthoma ukuhlathuluka. Ngo-2020, abanye babatshali bezimali abadume kakhulu balesi sikhathi, uPaul Tudor Jones noStanley Druckenmiller, bavuma ubunikazi be-BTC. Izindawo zokuphatha amandla okutshalwa kwezimali ezifana ne-AllianceBernstein, i-Blackrock, ne-Fidelity Investments zenze izincomo zomphakathi kumakhasimende ukuze abe ne-BTC kumaphothifoliyo awo njengothango lokulwa nokwehliswa kwemali noma ukuphela kwezimali zikahulumeni. I-PayPal, iprosesa (processor) ye-inthanethi yokukhokha enkulu kunazo zonke emhlabeni, inikeze amakhasimende ayo ayizigidi ezingama-300 amandla okuthenga i-BTC kungxenyekazi yayo. Kwaqala ukucaca emphakathini otshala imali ukuthi ukuphika indawo yeBitcoin esikhathini esizayo semali kwakufana nokuphika indawo ye-Intanethi esikhathini esizayo sezohwebo ngonyaka we-1999. Izitoko ze-Intanethi kungenzeka ukuthi zahlangabezana nebhamu lentengo eliqagelwayo ngasekupheleni kwekhulu lamashumi amabili nanye leminyaka , kepha izinkampani ezinkulu ezidayiswa esidlangalaleni emhlabeni namhlanje iMicrosoft, Apple, Amazon, Alphabet (Google), neFacebook, ezikhiqize izigidigidi zamadola ngenani lemakethe ngenxa ye-Intanethi.

Ukudlondlobala kokuxhaswa kwandulele intengo ye-BTC / USD efinyelela phezulu ngaso sonke isikhathi ekuqaleni kuka-2021 njengoba inani eliphelele lemakethe lidlue i-$600 billion. Lokho okwake kwaba ithokheni yedijithali enamathiselwe kwihlelo lekhopyutha olubiza imali engaphansi kwepeni ngo-2010 isibe yizimpahla ezingama-$34,000 kuphela eminyakeni eyishumi kamuva. Ukuhweba nge-Papa John's pizza okungama-$ 25 okudumile ngabe kubiza u- $340 million ngosuku lokuzalwa lwe-Bitcoin lweshumi nambili, uJanuwari 3, 2021. Umdwebo 15 ukhombisa ukukhuphuka kwesimo kumanani esewonke emakethe ye-BTC kusukela ngo-2010.

Umdwebo 15

Inethiweki Esheshayo (Lighting Network)

Inethiweki Esheshayo (Lightning Network) ingukuthuthuka kwezobuchwepheshe ku-Bitcoin okuyiguqula kahle kusuka kwimpahla ehamba kancane efana negolide elibonakalayo iye emalini ehamba ngesivinini esikhanyisiwe. Futhi isithako esibalulekile ku-Nethiweki Esheshayo yisivumelwano esihlakaniphile (smart contract). Ngokuvamile, izinkontileka ezihlakaniphile (smart contracts) ziyizivumelwano ezingahlelwa ezikwazi ukwenza noma yini engafakwa kwikhodi yohlelo lwekhompyutha. Ngenhloso yeBitcoin, izinkontileka ezihlakaniphile zibaluleke kakhulu ekuhambiseni nasekuhlanganiseni amaqembu amaningi. Izinkontileka ezihlakaniphile ku-Lightning Network, Hashed TimeLock Contracts (HTLCs), zilinganise iBitcoin yaba yinethiwekhi yemali ekwazi ukucubungula izigidi zokuthengiselana ngomzuzwana. Ake sihlolisise ukuthi i-Nethiweki Esheshayo yavela kanjani.

Eminyakeni embalwa yokuqala yenethiwekhi yeBitcoin, iqembu elincane labathandi beBitcoin linikele ngemibono yabo kanye nokwenza ngcono kuphrojekthi. Balungisa ukukhubazeka okuthile okubucayi obekungaqeda inethiwekhi ngokungazelelwe ngaphambi kokuthi ibambe umfutho. Laba onjiniyela behlelo lwekhompyutha kanye nababhali be-cryptography basebenze kwiBitcoin ngoba babenenkolelo kwezobuchwepheshe, bephethe i-BTC, futhi befuna ukuthi inethiwekhi iphumelele. Babengatholi imali evela kunoma yimuphi umqashi; babesebenza ngenxa yenkolelo yehlelo elisha. Eminyakeni edlule, bathweswe iziqu zeBitcoin kuphrojekthi baya kwinethiwekhi yezimali esemthethweni.

Ukubuyekezwa okubaluleke kakhulu okwenze iBitcoin yaba yipulatifomu yenkontileka ehlakaniphile kwenzeka kusukela ngonyaka wezi-2015 kuya wezi-2017. Lezi Ziphakamiso zeBitcoin Zokuthuthuka [Bitcoin Improvement Proposal (BIPs)] zaguqula ukuthengiselana kweBitcoin okukodwa kwaba yizinkontileka zezimali ezenziwe ngokwezifiso, ngaphandle kokushintsha noma yimiphi imithetho eyisisekelo yeBitcoin[18].

Ngo-2016, iphepha elivela konjiniyela bohlelo lwekhopyutha uJoseph Poon noThaddeus Dryja labizwa nge- "The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments" elakhelwe phezu kwayo yonke inkontileka entsha eyenzeka kuhlelo lwekhompyutha lweBitcoin. Leli phepha laliyisiphakamiso sohlobo olusha lwenkontileka ye-Bitcoin ehlakaniphile (HTLCs) eyenza ukuthi kukhokhelwe ngokushesha "ngaphandle kokulinda ukuthi kumbiwe ibhulokhi elilandelayo". I-Nethiweki Esheshayo ayigcini nje ngokwandisa amandla weBitcoin njengendlela yokushintshanisa kodwa futhi ivumela nezinto ezintsha njengokukhokhela ukusakazwa kwe-inthanethi ngamizuzwana. Futhi esikhathini sedijithali sokusakaza yonke into, kungani imali nayo ingafanele ukusakazwa?

I-Nethiweki Esheshayo nayo iletha isilinganiselo esisha kunani lesikhathi se-BTC. Abasebenzisi abanikela nge-BTC njengesibambiso ku-Nethiweki Esheshayo ukuze kwenziwe lula ukuthengiselana bangathola imali ngokuthola lokhu kuthenga. Le yindlela engakaze ibonwe ngaphambili yokuthola imbuyiselo yemali ngaphandle kokuyeka ukugcinwa kwayo ngoba abanikeli bezinkontileka abahlukani neze ne-BTC yabo lapho beyinikela ku-Nethiweki Esheshayo. Amanani wenzalo atholakala kulolu hlobo lomsebenzi angasebenza njengezinga lesethenjwa emhlabeni weBitcoin ngenxa yemvelo engenabo ubudlelwano ne-Nethiweki Esheshayo. Wona kanye umqondo wenani lesikhathi semali (time value of money) uyashintsha njengoba lobu buchwepheshe obusha bugcwele indawo yemali.

Ezinye Izimali Ezifihlekile (Alternative Cryptocurrencies)

Labo abakopisha i-Bitcoin abengagwemeki. I-Bitcoin iyuhlelo lwekhompyutha lamahhala futhi elivulekile, okusho ukuthi uhlelo lwekhompyutha limahhala ukulithola futhi livulekele ukubukwa yinoma ngubani. Ezikhathini eziningi, iBitcoin imelane nezinguquko eziyisisekelo encwadini yayo yemithetho evela konjiniyela abebengavumelani neningi labasebenzisi beBitcoin. Ezinye izinhlobo ze-cryptocurrency kuya ku-Bitcoin zivele, noma ngabe zikopishwe ngqo, zithwetshuliwe noma zacatshangwa kabusha. Uma imibono engcono kune-Bitcoin ikhona, imali enkulu ibingangena kulezi ezinye izindlela kude neBitcoin. Kuze kube manje, noma kunjalo, ayikho i-cryptocurrency ephonsele inselelo ku-BTC ngaphezu kwanoma yisiphi isikhathi esimeme, esilinganiswe kuzo zombili inani lemakethe namandla. Amanye ama-cryptocurrency akhona kusigaba esiphansi ngaphakathi kwephiramidi yemali ye-BTC ngenxa yobudlelwano bamanani, kufana kakhulu nezimali zezwe ezazikhona kusigaba esingezansi kwedola ngemuva kwesivumelwano seBretton Woods sango-1944. Njengoba i-USD isebenza njengentengo eyisisekelo yezimali ezivela emhlabeni wonke, i-BTC isebenza njengentengo eyisisekelo yazo zonke izinhlobo zedijithali.

I-BTC futhi isebenza njengesithiyo semali ezingxenyeni ezingezansi zepiramidi yayo ngoba ayiqambeki, kepha lokhu akuvimbeli ukukhishwa kwe-BTC yesigaba sesibili noma enye impahla yeditjhidithali. Noma ngabe ifakwe njengalabo abakopishayo noma ababamba iali, intabamlilo yama-cryptocurrency yaqhuma ngemuva kwempumelelo yokuqala yeBitcoin. Ukuhwebelana kungeze ama-cryptocurrency kumapulatifomu abo athengisa kakhulu nge-BTC, hhayi i-USD, njengemali yabo eyisisekelo. Isigaba esisha sempahla yezimali ezisuselwa kumathokheni edijithali silapha, futhi i-BTC isebenza njengefomu lokugcina lokukhokha ngaphakathi kwalowo mbuso wedijithali.

I-BTC ayisoze yaba yodwa njengempahla yedijithali; izohlala njalo inezimpahla ezisizayo nezisizayo. Kepha kuyiyunithi eyodwa ye-akhawunti abanye endaweni yonke yedijithali abangathembela kuyo ngokungonakali. Ukubusa kweprothokholi yeBitcoin njengeprothokholi yokudlulisa inani eliyinhloko ye-Intanethi kungenzeka ikhuthazelele amashumi eminyaka ezayo, kufana nokuthi i-Transmission Control Protocol, i-Internet Protocol, ne-Hypertext Transfer Protocol (TCP / IP / HTTP) ilawula kanjani ukuxhumana kwethu kwedijithali nsuku zonke lapho sixhumana ne-Inthanethi noma sipheqa iwebhu.

Izihlamvu Zemali Ezizinzile

Isigaba sesibili esikhula ngokushesha ngaphakathi kwephiramidi yemali yeBitcoin uhlobo olusha lwefa ledijithali elibizwa ngokuthi yi-stablecoins, izihlamvu zemali ezizinzile. Ama-stablecoins yizikweletu ezikhishwe ngendlela yamathokheni edijithali yizinkampani zemikhakha ezimele. Lezi zinhlamvu zemali ezizinzile kufanele zihwebe ngenani "elizinzile" elihlobene namadola, isibonelo. Igama "ukuzinza" kuphikisana kancane kulokhu ngoba njengoba sifundile, izinhlobo zemali ezingxenyeni eziphansi zemali azivamile ukuba nokuzinza okuhlala njalo. Izihlamvu zemali ezizinzile: izinhlamvu zemali zedijithali ezizinzile kuze kube yilapho zingenjalo.

Izihlamvu zemali ezizinzile zasungulwa ngoba ukushintshana kwakudinga indlela elula futhi esheshayo yamakhasimende ukuguqula phakathi kwe-BTC ne-USD. Empeleni, ukushintshana kudala ama-cryptocurrency awo amele i-USD ku-akhawunti yasebhange kepha aqhutshwa ngezinombolo eziyimfinhlo namakheli njengeBitcoin.

Uhlamvu lwemali oluzinzile oludume kunazo zonke ilelo elisazokwethulwa: I-Facebook's Diem (ebizwa nge-Libra). Inhloso yawo ukuxhaswa yi-U.S Treasury Bills nezinye izinsimbi zemali ezibizwa ngama-Dola. Kungakhathaliseki ukuthi i-Diem iyahlonywa noma cha, isimemezelo se-Facebook sehlamvu yemali ezinzile ku-2019 sasiyingqophamlando yemali yedijithali. Isikhathi lapho i-Facebook izame ukungena ezweni lemali bekuyisikhathi lapho amabhange amakhulu azi ukuthi adinga impendulo esemthethweni ekuhlanganisweni kwemali ne-cryptography. Amabhange emikhakha ezimele nawo afuna ukusebenzisa inzuzo ekufunweni kwamathokheni edijithali anezikhonkwane zedola: UJP Morgan wethule eyakhe ihlamvu yemali ezinzile, ebizwa nge-JPM Coin, ngo-2020.

NgoJanuwari 2021, uMgcinimafa wase-U.S wakhipha umhlahlandlela ocacile ngokuba semthethweni kwama-cryptocurrency kanye nezihlamvu zemali ezizinzile embikweni ovela eHhovisi Lomphathi Wezimali [Office of the Comptroller of the Currecny (OCC)]. Isiqondiso sisho kokubi ama-cryptocurrency nama-leja asabalalisiwe ngama-node verification network (INVNs), achaza ngokusemthethweni igama elithi "solidcoin" njengoba sinalo kulesi sigaba, futhi avume zombili ukuthi zisetshenziswe ngamabhange ukuthenga inani ledijithali ngokwenani inqobo nje uma imithetho yasebhange ilandelwe. Lesi sinqumo besingubufakazi bokuthi imizila yemali yesikhathi esizayo izokwakhiwa ngomgogodla we-cryptography:

Ngakho-ke siphetha ngokuthi ibhange lingaqinisekisa, ligcine, futhi liqophe ukuthengiselana kwezinkokhelo ngokusebenza njenge-node ku-INVN. Ngokunjalo, ibhange lingasebenzisa ama-INVN nezihlamvu zemali ezizinzile ezihlobene ukwenza eminye imisebenzi yokukhokha evumelekile. Ibhange kufanele lenze le misebenzi ngokuhambisana nomthetho osebenzayo nezindlela eziphephile nezizwakalayo zokubhanga.

Ikusasa Lwezimpahla (Commodities)

Noma iNew York iyinhloko-dolobha yamabhange yase-United States, iChicago ibilokhu iyinhloko-dolobha yayo yokuvikela izimpahla. Ngekhulu leshumi nesishiyagalolunye lweminyaka, iChicago yafanisa umhlaba ngezinkontileka zangaphambili nezesikhathi esizayo, okwavumela abalimi ukuthi bathengise isivuno sabo ngaphambi kokuvuna. Ngo-1898, ukwenziwa kwamazinga okuvumelana kwezinkontileka zebhotela kanye neeqanda kwaholela ekwakhiweni kwe-Chicago Butter ne-Egg Board, eyandulela i-Chicago Mercantile Exchange (CME), okuyiyona namuhla eyindawo enkulu kunazo zonke yokuhwebelana okutholakala emhlabeni. I-CME cishe yonkeyangeza impahla engacatshangwa kuhla lwayo lwekusasa eminyakeni edlule, kusukela esikhathini sezinkomo ngo-1964, kuya esikhathini sesiliva ngo-1969, nekusasa leBitcoin ngo-2017.

Ngo-2016, lapho i-CME imemezela izinhlelo zokushicilela idatha yamanani eBitcoin ukulungiselela ukwethulwa kwekusasa leBitcoin ngonyaka olandelayo, isisindo seChicago njengesiphathimandla somhlaba wonke sezimpahla saphonswa ngemuva kweBitcoin futhi sanezelwa kakhulu ekusebenzeni kwaso. Ikusasa le-CME ne-Bitcoin lisiza abahlanganyeli bemakethe yezezimali ukuhumusha phakathi kwe-BTC ne-USD, okuzonikela ngqo ekwamukelweni kweBitcoin. Amabhizinisi angahlanganyela emisebenzini ehlelwe yi-BTC azi ukuthi angakwazi ukulawula ngenkuthalo ubungozi besilinganiso sokushintshaniswa okungafuneki. Ngokwengeziwe, ikusasa leBitcoin linikela ngesigaba sesibili se-BTC kubahlanganyeli abasebenza kuphela ngaphakathi kwephiramidi yedola futhi bamane bafuna ukuvezwa kuzinguquko entengweni ye-BTC, bengenazo izinombolo eziyimfihlo zeBitcoin. Umkhiqizo we-CME ulethe iBitcoin phambili endleleni yayo yokuhlanganiswa okugcwele nohlelo lwezimali lwendabuko.

I-Bitcoin Ngokwezigaba

Njengoba ukwamukelwa kweBitcoin emhlabeni jikelele njengemali futhi njengoba kuqhubeka isimo sengqondo semali, isigaba sesibili seBitcoin siqhakaza ngezethembiso ezahlukahlukene ezenzelwe i-BTC, amanye ama-cryptocurrency, kanye nezihlamvu zemali ezizinzile. Umdwebo 16 ukhombisa ukuthi iBitcoin iphezulu kwephiramidi yayo yemali entsha futhi engajwayelekile, enezimali ezithile zesigaba sesibili ezisuselwa kumashidi wokulinganisela kanti ezinye zivela ebudlelwaneni bamanani.

Umdwebo 16

Isahluko 9: Izimali Zedijithali Zebhange Elikhulu

Ukusungulwa kweBitcoin kushintshe imali unomphela futhi kwaphoqa amabhange amakhulu ukuthi aphendule ngohlobo lwawo lwe-cryptocurrency. Emhlabeni wonke, amabhange amakhulu alungiselela ukwethula izimali zebhange elikhulu zedijithali [central bank digital currencies (ama-CBDC)] njengolunye uhlobo lwemali yesigaba sesibili evela emashidini abo ngokulingana nezinqolobane nemali yamaphepha. Kepha akekho owazi kahle ukuthi ama-CBDC azokwakhiwa kanjani, ukuthi ubuchwepheshe babo buzofana noma buhluke kanjani nokweBitcoin, noma umthelela abazoba nawo. Lesi sahluko sizobheka ukuthi amabhange amakhulu asenkambweni yokwethula izimbangi zawo ze-crypto, futhi siqagele ukusebenzisana phakathi kwama-CBDC, izihlamvu zemali ezizinzile, neBitcoin esikhathini esizayo.

Shintsha Umdlalo

Ababhange abakhulu beFederal Reserve kanye nokwethenjwa kobuchopho kwezomnotho emhlabeni wonke bahlangane eJackson Hole, eWyoming kusukela ngo-1982 ukuguqula isayensi nokwenza kwebhange elikhulu. Engqungqutheleni yango-2019, ngaleso sikhathi uMbusi weBhange LaseNgilandi uMark Carney wenza inkulumo eyethula umyalezo omubi mayelana nohlelo lwezezimali kanye nezezimali lwamazwe omhlaba: "Esikhathini eside, sidinga ukuwuguqula umdlalo." Ukhale ngombuso wemali ongashintshi lapho idola kungukuphela kwemali ebekiwe njengengagcineki futhi yanikeza impilo ekuhloleni kwesimo semali esenziwa ngemuva kwedola. Inkinga ukuthi ngezinguquko zesikhathi eside ezingaba kude namashumi eminyaka, ukuzihlelela kuba ngumsebenzi omkhulu. Ukubeka amathrekhi amasha ngekusasa lemali kulula ukukusho kunokukwenza.

Imali Yendiza

Ngo-2016, uBen Broadbent, isikhulu esiphezulu seBhange LaseNgilandi, wethula inkulumo enesihloko esithi "Amabhange Amakhulu neZimali Zedijithali" esikolweni sezomnotho eLondon (London School of Economics) okumele nayo ibhalwe emlandweni wezimali. Le nkulumo ifuna ukuthinta le mibuzo elandelayo:

Yini okusha okusha emikhakheni ezimele yezimali zedijithali ezifana ne-bitcoin? Iyini 'imali yedijithali yasebhange elikhulu'? Futhi kungaba yini imiphumela yezomnotho yokwethula eyodwa?

Le nkulumo izame ukubhekana nobukhulu bokusungulwa kweBitcoin kanye nemiphumela yayo yokuthi sicabanga kanjani ngemali, futhi iphinde yathatha ingxoxo phambili ngokuvuma ukuthi amabhange amakhulu angasebenzisa umqondo wemali eyidijithali esuselwa kumathokheni njengeBitcoin ukuze izuze ngokwandisa ukufinyelela kubobonke abangabamba izikweletu zebhange eliphakathi, noma imali yesigaba sesibili.

Yini okuheha osomabhange abaphakathi ukuthi bakhiphe imali yabo yedijithali? Impendulo ilele ekufinyeleleni okubanzi kwemali yesigaba sesibili. Khumbula ukuthi iFederal Reserve ikhipha izinhlobo ezimbili zemali, izinqolobane ezidayiswayo zamabhange ezizimele nemali yabathengi. Ukuze kunikezwe umfutho wemali, iFed ikhipha izinqolobane futhi inethemba lokuthi amabhange ezinkampani ezizimele azosebenzisa lezo zinqolobane ukusabalalisa imali yesigaba sesithathu emnothweni ngokubolekisa ngemali. Nge-CBDC, iFed ingakhipha imali yesigaba sesibili ngqo kubantu ngendlela yemali enophephela emhlane yedijithali; ibinzana elithi "imali yendiza enophephela emhlane" livela kuMilton Friedman, owathi ngo-1969 wanikeza isithombe sokulahla imali yendiza enophephela emhlane ukuze kukhuthazwe isidingo somnotho.

I-Fed ngeke ikwazi ukunikeza ngalolu hlobo lokukhuthaza umnotho ngaphandle kwempikiswano enkulu yezepolitiki; i-CBDC ifiphaza umugqa phakathi kwenqubomgomo ezimele yebhange eliphakathi nenqubomgomo yezimali elawulwa nguhulumeni. Imali yeZindiza ihlolwe njengethuluzi lenqubomgomo yezimali amashumi eminyaka, futhi ngokuthandwa kwemibono yezepolitiki efana ne-Universal Basic Income, ama-CBDCs yiyona moto ekahle yokudlulisa izinkokhelo eziqondile ezakhamuzini ngokuzayo.

UBroadbent yethule ngokusemthethweni i-CBDC okuqinisekile ukuthi izobusa ingxoxo yemali eminyakeni eminingi ezayo. Kusukela enkulumweni yakhe, amabhange amakhulu aseChina, eSweden nase-Australia aseqalile ukuhlola ama-CBDC. I-European Central Bank, iBhange laseNgilandi, neFederal Reserve sekuyiminyaka eminingi besemizamweni yabo yocwaningo futhi bonke bakhombisile ukuthi uhlobo lwemali yedijithali yasebhange enkulu kungenzeka lufike eminyakeni ezayo. Umbuzo wokuthi ama-CBDC eza noma cha kwakungaxoxwa ngawo.

Iqiniso lamanje ukuthi kunemibuzo eminingi kunezimpendulo ezizungeze imali yasebhange enkulu nendlela abazoyilandela. Ngabe bazoba yimali yabathengi yesigaba sesibili lapho umphakathi wonke ungafinyelela kuyo? Uma kunjalo, kwenzekani emabhange nasekukhipheni kwawo imali yesigaba sesithathu emphakathini? Ngemuva kwakho konke, umphakathi usebenzisa amadiphozithi webhange wesigaba sesithathu njengohlobo lwawo oluyinhloko lwemali, futhi i-CBDC yokuthengisa inethuba lokufaka imali engxenyeni yesithathu njengohlobo lwemali oluthandwa yizakhamizi. Futhi ngokubuka komphakathi, amabhange amakhulu azowasebenzisa kanjani amandla amasha okubheka kanye nenqubomgomo yemali engavela ekukhishweni kwezimali zedijithali ezifinyeleleka emphakathini? Amabhange aphakathi emhlabeni wonke abonisana nezimboni nomphakathi ngokuthi ungayiphendula kanjani le mibuzo mayelana nomhlaba wemali edijithali.

Ukwakheka kweCBDC

Ngaphandle kwezici ezisemthethweni okwamanje, ama-CBDC ayindawo engashintshiwe yemali. Ngokombono wemali ngokwezigaba, ama-CBDC achazwa kakhulu. Lapho ikhishwa yibhange elikhulu, imali yedijithali izoba yimali yesigaba sesibili, isikweletu ebhalansi lebhange eliphakathi kanye namanothi wokheshi nezinqolobane. Izwe lifuna umdlalo omusha anamalunga amaningi elizowudlala njengoba kusho uMark Carney, nezizwe ezifuna ukubamba iqhaza kulokhu kulungiswa kumele zakhe izimali zazo zedijithali ezinezici ezithile.

Amabhange amakhulu kumele aqale anqume ukuthi isiphi isikweletu abafuna ukuthi imali yabo yedijithali isilingise futhi isidlule: izinqolobane ezidayiswayo noma imali yabathengi. Ingxoxo ifuna umongo wemali ehlukanisiwe ukuze kufinyelele ukucaciseleka ngalesi sinqumo esibalulekile nesisekelo sokukhishwa kwemali yedijithali.

Lapho abantu besebenzisa imali, basebenzisa imali yeseigaba sesibili futhi bagwema isigabe sebhange ngokuphelele. Kodwa abantu abaningi abasayisebenzisi ikheshi. Basebenzisa amadiphozithi asebhange nezinkundla zokukhokha ezixhunywe kuma-akhawunti asebhange ngokuxhumana kwabo kwansuku zonke nemali, okwenzeka kusigaba sesithathu nakuzigaba ezingezansi. Amabhange amakhulu ayaxwayisa ngemiphumela embonini yasebhange yokwethula izimali zedijithali. Ngalobu buchwepheshe obusha, banethuba lokunciphisa iqhaza elibonakalayo lendima yamabhange ekukhishweni kwemali; uma ama-CBDC efinyeleleka kubantu bonke, abantu banganciphisa ukuthembela kwabo kuma-akhawunti asebhange ukuthola imali eqondile nokukhokha izikweletu.

Ngenye indlela, amabhange amakhulu angakhipha imali yedijithali ngendlela yezinqolobane ezidayiswayo, ezingafinyeleleka kuphela emabhange. Okukhethwa kukho okugcinwe kwidijithali kunamandla okuvuselela ingqalasizinda yezezimali yohlelo lokubhanga, kodwa ngeke kuthinte indlela umphakathi osebenzisana ngayo nemali.

Ngabe amabhange amakhulu azokhipha i-CBDC yabathengi noma i-CBDC yokuthengisa? Sizobona umzamo owodwa noma omunye, futhi abanye bazama zombili. I-CBDC yokuthengisa ayilethi umbuzo wokufuduka kwamabhange. Futhi mhlawumbe iyindlela engcono kakhulu yokuthi amabhange aphakathi avivinye ubuchwepheshe obusha endaweni ebukhoma ngamabhange akhethiwe njengabasebenzisi esikhundleni sezigidi zabantu. I-CBDC yabathengi inamandla okuguqula umqondo wenqubomgomo yezimali uqobo ngokunikeza amabhange amakhulu amandla okuxhumana nabantu ngqo kunokuba asebenzisane namanye amabhange kuphela. Amabhange amakhulu ahlukene azokhetha izindlela ezahlukahlukene.

I-China

Ukungezwani kwezepolitiki phakathi kweChina ne-United States sekukhuphukile eminyakeni eminingana edlule futhi kuzoqhubeka nokwenza lokhu njengoba iChina ikhuthaza isifiso sayo sokuba ngumbuso omkhulu emhlabeni. Ngomsebenzi wayo we-Belt and Road, inethiwekhi yengqalasizinda yezokuhweba emhlabeni wonke enezizwe ezingaphezu kwekhulu ezibambe iqhaza, iChina isabalalisa ithonya layo nehlelo layo lemali emhlabeni wonke.

Kodwa ukukhuphuka kweChina ngokungangabazeki kushoda ngemakethe yemali ejulile futhi ewuketshezi yehlelo layo lemali, ikakhulukazi uma kukhulunywa ngempahla engenabungozi. Imakethe yezibopho zikahulumeni waseChina iyisiphepho samazwe omhlaba yokuphepha, kodwa okubaluleke kakhulu, ihlelo lemali yaseChina i-renminbi (RMB, "imali yabantu") eyaqala ngokusungulwa kwePeople's Bank yaseChina ngo-1948, akuyona imali edayiswa ngokukhululeka. Ukuhweba phakathi kwe-RMB nezinye izimali kuvinjelwe kakhulu uhulumeni wase-China, amazinga okushintshana aphathwa esikhundleni sokuqhutshwa yimakethe, futhi ukuguqulwa phakathi kwe-RMB nemali yokugcina umhlaba, i-USD, kukude kakhulu. I-renminbi, naphezu kwayo yonke imizamo yakamuva eyenziwe yiChina yokwenza imali yamazwe ngamazwe, ihlezi iyi-akhawunti yemali evaliwe. Lokhu kusho ukuthi izinkampani namabhange azikwazi ukuhambisa ngokukhululekile i-renminbi ngaphakathi nangaphandle kwenarha, ukunganaki noma ikuphi ukufunwa kwe-RMB njengemali ebekiwe yomhlaba. Noma kunjalo, iChina ilungiselela umhlaba ozongena ngemuva kweDola. Phakathi neminyaka embalwa ngemuva kwenkinga yezezimali ngonyaka we-2008, iChina yasungula ubudlelwano obuqondile bezimali nabanye ababambiseni bayo ukuze kunciphise ukuthembela kwayo ekusebenziseni i-USD njengendlela yokuvula ukuhweba kwamazwe omhlaba. Lokhu kuqale ngesivumelwano saseChina sango-2011 neRussia futhi yaqhubeka njengoba beyifuna ezinye izindlela ezingeni ledola lomhlaba jikelele.

Ibhange Labantu (People's Bank) yaseChina isivele ihlola bukhoma uhlelo lwe-renminbi yedijithali olubizwa nge-Digital Currency Electronic Payment (DCEP) emadolobheni akhethiwe anenani elilinganiselwe lezakhamizi namabhizinisi abamba iqhaza esigabeni sokuqala sokukhishwa. I-China iqhubekela phambili ngohlaka lonke lwezomthetho lweDCEP njengoba ibukeka igxumela phambili emjahweni womhlaba wonke we-CBDC osanda kuqala. I-China kungenzeka isebenzise i-RMB yayo yedijithali njengethuluzi lokukhulisa ithonya layo lomhlaba wonke nokusabalalisa ukwamukelwa kwehlelo layo. Lapho isetshenziswe ngokuphelele, i-DCEP ithwala amandla okuba umsebenzi omkhulu wokuqapha kwezezimali emhlabeni, ikakhulukazi uma iphoqa abalingani bayo abakhulu bezohwebo ukuthi basebenzise i-DCEP ukusebenzisana nezinhlangano zaseChina. Enye yemininingwane ebaluleke kakhulu yohlaka lwezomthetho lwaseChina ngokuthakazelisayo iyakwenqabela ukukhishwa kwamathokheni edijithali asekelwa yi-RMB ngamabhange emikhakha ezimele, noma ama-RMB wezihlamvu zemali azizinzile. Lokhu kuzoba yisici esisahlukanisa i-CBDC yaseChina, njengoba iChina ingase iguqule iye ohlelweni lwezezimali ngaphandle kwamadiphozi ebhange wesigaba sesithathu bese ishayela zonke izakhamizi zayo kwi-CBDC yayo yezitolo zesigaba sesibili esikhundleni salokho.

I-Yuro Yedijithali

I-European Central Bank ishicilele iathikili i-"Report on a Digital Euro" ngo-Okthoba 2020 futhi ikhombise inhloso ephelele yokwenza imali yayo ibe dijithali. Lo mbiko uphethe ngokuthi "i-Yuro yedijithali ingase ibaluleke ngisho ngezimo eziningi ezingaba khona," ukuvuma ukuthi ukuhlanganiswa kwesayensi yezimali neye-cryptography kusemthethweni futhi kuguqula ngokuyisisekelo ukuhleleka kwemali emhlabeni. Lo mbiko ugcwele imibuzo eminingi kunezimpendulo ngeYuro yedijithali, njengokuthi i-CBDC izobuthinta kanjani ubudlelwano besigaba sesibili nesesithathu phakathi kwe-ECB namabhange omkhakha ozimele waseYurophu, noma ngabe ahlangana ngemali yamaphepha noma ayishintshe ngokuphelele, futhi ukuthi kungasho ukuthini kumgomo wezimali uqobo. Amabhange ezinhlangano ezizimele asongelwa ama-CBDC ngenxa yamandla awo okususa isidingo samadiphozithi asebhange, kanti i-ECB ibonakala ilangazelela ukushaya ibhalansi elungile. Ngokwalo mbiko, i-ECB ibonakala ikulungele ukwethula iphrojekthi ye-Yuro yedijithali kanye nesigaba esigcwele sokuhlola ubuchwepheshe ngo-2021.

Ihlamvu yemali ye-Fed

Usihlalo wamanje weFederal Reserve uJerome Powell ukhulume neFedcoin engaba khona, okuyisiteketiso esinikezwe imali eyidijithali yeFederal Reserve, ngesikhathi somhlangano we-International Monetary Fund ngo-2020:

Kubaluleke kakhulu ukuthi i-United States ikuthole kahle kunokuba eyokuqala. Sizibophezele ekuhloleni ngokucophelela nangokucabangisisa izindleko nezinzuzo ezingaba khona zemali eyidijithali yasebhange emnothweni wase-U.S. nohlelo lokukhokha. Asikaze senze isinqumo sokukhipha i-CBDC.

Noma zingekho izinhlelo zikakhonkolo ezikhona zeFedcoin, iFederal Reserve ngokusobala isendleleni yokuyakha ngesikhathi esifanele, uma kungenjalo ngenxa yempumelelo eqhubekayo yeBitcoin, ngenxa yokwazi okungazelelwe ukuthi kungaba yibhange elikhulu lokugcina emhlabeni ukukhipha eyodwa. IFed, ngokuya ngezinkomba ezivela eChina naseYurophu, isivele izofika sekwedlule isikhathi eqenjini le-CBDC. Akunakwenzeka ukuthi ukhiphe i-CBDC yokuthengisa engasetshenziswa umphakathi njengendlela yamanothi edijithali ngaso leso sikhathi; esikhundleni salokho, kuzodala ukuthi kube nohlobo lwezinqolobame lasebhange ledijithali ukuze kuvivinywe ubuchwepheshe ngaphambi kokugcina kwethulwe iFedcoin ebheke esidlangalaleni. Umdwebo 17 ukhombisa ukuthi iFedcoin ingaba kanjani yimali yesigaba sesibili eceleni kwezinqolobane nokheshi.

Umdwebo 17

Ubuhlobo Bentengo beBTC neCBDC

Ithisisi eliyisisekelo lale ncwadi ukuthi i-BTC izoma yodwa kuhla lwemali lokuqala ngokuzayo. Uma kungasetshenziswa igama elilodwa kuphela ngeBitcoin ukuchaza ukuthi kungani, bekufanele sikhethe elilodwa eliqanjwe eminyakeni embalwa edlule ngo-2014 ngumbhali nongqondongqondo wezomnotho uNassim Nicholas Taleb: ukungantengentegi (antifragile). Nakhu ukuthi uTaleb ukuchaze kanjani:

Ezinye izinto ziyahlomula ngokushaqeka; ziyachuma futhi zikhule lapho zivezwa kukuguquguquka, okungahleliwe, ukuphazamiseka, kanye nezingcindezi futhi zithanda ubungozi nokungaqiniseki. Noma kunjalo, naphezu kokuvamile kwale nto, alikho igama eliphikisana nokuntengantenga. Ake sikubize ngokuthi kungantengantengi. Ukungantengantengi kungaphezu kokungalahli ithawula noma ukuqina. Labo abangalahli ithawula bakwazi ukumelana nezinkinga nokwethuka futhi bahlala bengaguquki; labo abangantengantengi baba ngcono.

I-Bitcoin iyinqaba ngoba iyachuma ekuphazamisweni kwemali emhlabeni wonke ngaphakathi kwephiramidi yedola futhi iyakwazi ukumelana nezinsongo, ukunyundelwa, kanye nomthetho ovela ezinhlanganweni ezihlukumezayo. Iqiniso elisobala ngeBitcoin ukuthi akekho oyilawulayo. Ibe yimali yedijithali yokuqala ukungabi nohulumeni, etholakala emhlabeni wonke. Futhi ngalezi zizathu, zonke izimali ezisendaweni eyidijithali zizobhekana nokutholakala kwentengo ngokwemigomo ye-BTC. Lokhu kusho ukuthi zonke izimali zedijithali, kusuka kuma-cryptocurrency kuya kuma-CBDC, zizolinganiswa nge-BTC, njengesivumelwano seBretton Woods ngo-1944 eyalela zonke izimali ukuthi zilinganiswe nge-USD. Umdwebo we-18 ucacisa ikusasa lapho i-BTC iyimali yenqolobane yomhlaba kanye nemali eyodwa yesigaba sokuqala.

Umdwebo 18

Ukuze lolu hlobo lwesistimu yemali ekhethiwe ye-BTC luguquke, imininingwane embalwa yezobuchwepheshe idinga ukuwela endaweni engase izwakale ingekho kodwa isivele iyathuthuka ngaphakathi kwamabhange amakhulu namuhla. Ucezu lokugcina lwephazili elisendleleni eya ku-BTC eba inqolobane yemali yomhlaba kuzoba yi-atomic swap.

Ama-Atomic Swaps

Ukuqonda i-atomic swap nendima yalo esikhathini esizayo semali kudinga ukuhlanganiswa kwezinto ezintathu okuxoxwe ngazo kule ncwadi: Lightning Network, Hashed TimeLock Contracts (HTLCs), kanye ne-Distributed Ledger Technology (DLT). Sizobuyekeza ngokushesha izici ezibalulekile zento ngayinye, bese sikhombisa ukuthi zihlangana kanjani ndawonye. I-Lightning Network iyinethiwekhi yabasebenzisi be-BTC engakwazi ukusebenzisana ngokushesha komunye nomunye kunokuba ilinde imizuzu eyishumi ukuthi kuvulwe ibhulokhi elilandelayo. Lokhu kungenzeka ngenxa yezinkontileka ezihlakaniphile ezibizwa ngama-HTLC. Ngokwehlukana, i-Distributed Ledger Technology (DLT) igama elisetshenziswa kakhulu yiminyango yezemfundo kanye neminyango yocwaningo yasebhange ukuchaza uhlelo lwekhompyutha olugqugquzelwe yiBitcoin.

Manje nansi indlela wonke amagama ahlanganiswe ngayo. Uhlelo lwekhompyutha lwe-DLT efakwe ama-HTLC ahambisana ne-Lightning Network yeBitcoin luzosetshenziswa ngamabhange amakhulu ukwethula ama-CBDC awo. Uma izinkontileka ezihlakaniphile zisebenzisana kumafa wonke edijithali, zizonika ama-atomic swaps amandla.

I-atomic swap kukuhweba. Kuyinkontileka ehlakaniphile evumela ukuhweba phakathi kwezimali zedijithali ngaphandle kokusebenzisa ukushintshana okuvela eceleni. Lokhu kuguquka ngokuphelele emhlabeni wezezimali nokuhweba, futhi ake sisebenzise isibonelo sokuthenga amasheya we-Apple ukukhombisa ukuthi kungani. Ithi ufuna ukuthenga amasheya ayi-100 we-Apple ngo- $100 lilinye. Ufaka u- $10,000 esitokisini sokuthengiselana. Labo abafuna ukuthengisa amasheya abo bazowabeka nawo. Ukushintshana kuyadingeka kulesi simo ukuqinisekisa ukuthi bobabili umthengi nomthengisi banemali nezimpahla ezidingekayo ukuqedela ukuhweba. Ngaphandle komuntu wesithathu, abathengisi bekuzodingeka bathembane njalo lapho behweba. Kepha ngokushintshisana, akunjalo.

Ama-atomic swaps aguqula ngokuyisisekelo le mibono eyisisekelo yokuhweba. Aklanyelwe ukwenza ukuhweba kuzo zombili izinhlangothi noma kungenjalo, kususwe ubungozi bomunye nomunye, ingozi yokushintshanisa, kanye nengozi ezenzakalelayo ngokuphelele. Kubalulekile ukuqonda ukuthi ama-atomic swaps azosebenza kuphela emabhange amakhulu emali yedijithali eyakhiwe kusetshenziswa uhlelo lwekhompyutha le-DLT efakwe uhlobo olufanayo lwezivumelwano ezihlakaniphile ezikhona ku-Lightning Network yeBitcoin. Kodwa-ke, lokhu akusho ukuthi ibhange elikhulu elikhipha i-CBDC kwileja esatshalalisiwe lizovimba noma yikuphi ukulawula kwemali engaphansi.

Ukusetshenziswa okuningi kwe-DLT sekuvele kuvumela i-atomic swaps. Nasi isibonelo sempilo yangempela somsebenzi owenziwa ngezimali zedijithali zebhange elikhulu ezingashintshwa kalula. Ngo-2019, i-Monetary Authority yaseSingapore, i-Bank of Canada, i-JP Morgan, ne-Accenture bamemezele i-atomic swap eyimpumelelo phakathi kwamadola aseCanada (i-CAD) kanye namadola ase-Singapore (i-SGD) kuzingxenyekazi ezimbili ezihlukene ze-DLT zisebenzisa ama-HTLCs "ngaphandle kwesidingo seqembu elithembekile kuzo zombili lezi zindawo." Ukusethwa kokuthengiselana kwakunzima ngendlela eyisimanga kusukela ekuhlelweni kwehlelo lwekhompyutha nakumbono wesayensi yamakhompiyutha futhi kwathatha isikhathi esiningi nokunakekela ukwenza, kepha lolu uhlobo lweziphathimandla zezimali zocwaningo emhlabeni wonke eziqhuba njengamanje ukuhlola ikusasa lemali. Ibhange elikhulu laseCanada lisebenzise i-DLT ebizwa nge-Corda, kanti ibhange elikhulu laseSingapore lisebenzise i-DLT ebizwa nge-Qorum, zombili izixazululo ezinikezwa njengemikhiqizo ngamabhizinisi azimele. Ama-DLT amabili anokuhluka okuningana okuyisisekelo kepha ayahambisana lapho kubalwa khona: avumela ama-HTLC komunye nomunye. Amabhange amakhulu azodinga kusetshenziswa kakhulu-i-cryptography okuncikene phakathi kwabaphezulu ukuze kutholakale yonke imininingwane yezobuchwepheshe ekusetshenzisweni kwe-CBDC. Noma ngabe banquma ukusebenzisa isixazululo sohlelo lwkhompyutha yasebhange, enye i-cryptocurrency, noma i-Bitcoin uqobo, amabhange amakhulu anezindlela eziningi angakhetha kuzo uma kukhulunywa ngokwethulwa kwabo ekugcineni kwezimali zedijithali. Uma amabhange aphakathi efuna ukuthi imali yawo yedijithali ichume esikhathini seBitcoin, bazokhipha ama-CBDC asebenzisa uhlelo lwekhompyutha lwe-DLT ngamakhono we-HTLC ukuze ajoyine iklabhu ye-atomic swap. Njengoba i-BTC ingiyo yodwa imali yesigaba sokuqala yedijithali, yonke enye imali yedijithali, noma ngabe oyikhiphayo unamandla kangakanani, ekugcineni izolinganiswa ne-BTC.

Isahluko 10: Inkululeko yeYunithi noma Inani Lwemali

Kusukela ekudalweni kweBhange lase-Amsterdam ngekhulu leshumi nesikhombisa lweminyaka, izinhlobo zemali kanye nohulumeni kwaxhunyaniswa. Kepha esikhathini sedijithali, imali nezwe akusadingeki kuhlangane futhi. Kwabaningi, umqondo wonke wemali kahulumeni usuphelelwa yisikhathi njengokukhuphuka kwesibalo seBitcoin. Ngoba iBitcoin iluhlelo lwekhompyutha, izibalo, kanye nenkulumo, kufanele kubhekwe njengelungelo lomuntu. I-Bitcoin ifaka inkululeko yenhlangano yemali ngoba inika abantu amandla okuhlela imali abayitholile nabayilondolozile kude nenhlangano kahulumeni. Noma ngabe abantu bashintshe iyunithi yabo ye-akhawunti baya kwi-BTC kusuka kwizimali zabo zendawein yangakubo ngenxa yezinhloso zezepolitiki, umbhikisho onganalo udlame, noma inkolelo yokuthi ubuchwepheshe buvumela uhlobo olusha lwemali, ngokwemvelo banikezwe inkululeko yokuzikhethela ukuthi izithelo zomsebenzi wabo zilinganiswe kanjani. IBitcoin inika abantu emhlabeni wonke indlela yokuqala yangempela ezimalini zabo zikazwelonke, umkhuba ongenakwenzeka ukuwuguqula manje njengoba abantu abangaphezu kwezigidi eziyi-100 bengabanikazi bawo emhlabeni jikelele.

Isibonelophambili

Nalu uhlaka lokuthi ikusasa lethu lemali lingadlala kanjani esimeni semali ngokwezigaba. Namuhla, amabhange amakhulu asebenzisa amadeski okuhweba ukuze athenge futhi athengise imali yawo emakethe yezimali zangaphandle ngethemba lokugcina ukuzinza kwezinga lokushintshisana. Esikhathini esizayo esiseduze, bazokwengeza amakhono okuhweba we-BTC emisebenzini yabo yemakethe evulekile ngethemba lokuqondisa isilinganiso sabo semali yedijithali emigomeni ye-BTC.

I-Bitcoin ibangele ukuguquka kubhalansi yemali yamandla kude nohulumeni, njengoba nezimali zebhange elikhulu zilinda ezimpikweni. I-China izokwethula i-CBDC yayo ukulungiselela ama-Olimpiki wasebusika ka-2022. I-European Central Bank, Federal Reserve, namanye amabhange amakhulu aphakathi azobe ehlola ama-CBDC ngaleso sikhathi futhi azolandela ngokwethulwa kwawo.

Amabhange azokhipha izihlamvu zemali ezinzile anikeza izinzuzo zokubamba ama-CBDC, njengamazinga aphezulu wenzalo noma izinzuzo zobulungu ezibuyiswa ngemali. Uma ukungqubuzana kuncane lapho kuthengiswa phakathi kwemali eyodwa yedijithali nokunye ukubonga ku-atomic swap, indawo yonke yezihlamve ezizinzile izochuma njengomthombo wokuqina kwesikweletu, noma ukubolekisa. Amabhange azokhipha imalimboleko, ayiqophe njengezimpahla kubhalansi labo, futhi akhiphe izinhlamvu zemali ezinzile esikhundleni samadiphozithi njengezikweletu. Amabhange angakhuphula ngokumangazayo ukusebenza obala futhi avuselele ukwethembeka ngokusebenzisa i-DLT, futhi adlulele kubhalansi elinamandla elivumela umphakathi otshala imali ukuthi ubone izilinganiso zemali eyinhloko esikhundleni sokubika ngekota yomnyaka. Ukuze ajoyine ukuhleleka kwemali kwesikhathi esizayo, amabhange kufanele akhiphe izihlamvu zemali ezizinzile angasetshenziswa kalula nezinye izihlamvu zemali ezinzile, ama-CBDC, kanye ne-BTC. Amabhange azoba ngamakhosi we-atomic swap, enze izimakethe phakathi kwezimali zedijithali ukuze aphishekele i-arbitrage futhi akhiqize inzuzo. Nge-atomic swap nokukhokhiswa okusheshayo phakathi kwezimali zedijithali, indlela eya phambili ikhona yokushintshela ohlelweni lwemali olunzinze ku-Bitcoin.

Ohulumeni nezinkampani emhlabeni wonke bazothenga i-BTC futhi bayiphathe njengenqolobane yokheshi ngoba yehlisa ukuthembela ohlelweni lwamanje lwamadola, okukhombisa ukuthi inkathi yenhlangano yamadola omhlaba iyaguguleka iye ngaku-cryptocurrency, esikhundleni sanoma iyiphi enye imali kahulumeni efana ne-renminbi noma i-Yuro. Igolide lizoqhubeka lisebenze njengemali ethembekile engathathi hlangothi, kepha alinawo amandla wangempela okusebenza njengojantshi wohlelo lwezezimali lwedijithali. Lokhu akukhona ukukhipha igolide njengendlela engcono kakhulu yemali engahambisani nomhlaba eyake yaziwa: I-Bitcoin ithathe kuphela u-6% wenani eliphelele lemakethe yegolide emhlabeni jikelele. Ngaphezu kwalokho, indima yezimali yamazwe omhlaba ibuye nempindiselo kusukela ngo-2007; amabhange amakhulu emhlabeni wonke andise ukubanjwa kwempahla yegolide ngendlela ephawuleka kakhulu njengothango lokungazinzi kanye nobucayi bohlelo lwedola. Igolide libhekwa njengomshuwalense ekuphazamisweni kwemali nasekuhlukaniseni, okuvame ukusebenza kahle kakhulu ngesikhathi sokuzamazama komhlaba ku-phiramidi yedola. Kodwa ukubonakala kwegolide kuyashoda ezweni ledijithali lapho iBitcoin ichuma khona. Ekugcineni, iBitcoin kungenzeka ithathe isikhundla segolide njengemali engathathi hlangothi kakhulu futhi iyidlulise ngenani eliphelele lemakethe.

Okomphakathi, yonke imali izoba ngamathokheni edijithali azobanjelwa kuzikhwama zedijithali. Abantu bazobamba ngasikhathi sinye inhlobonhlobo yezimali: i-BTC yokungathathi hlangothi, ama-CBDC wokukhokha intela nokuqoqa izinzuzo, nezimali zemali ezinzile zokuthola inzalo. Abaningi bazothembela kuma-CBDC wesigaba sesibili futhi baqede amasheya ebhange lesithathu ngokuphelele. Inani elikhulayo labantu lizosinda kuphela kuma-cryptocurrency okungewona kahulumeni njenge-BTC futhi angalokothi azibeke engcupheni.

Imali Yokuzikhethela

Umhlaba wethu onamalungu amanengi ufuna ukuzalwa kabusha kwemali, futhi iBitcoin inikeza lokho ngqo. Amazwe azophikisana neBitcoin, futhi abanye osomabhange abakhulu nosopolitiki bazophumelela ekugcineni iBitcoin emazweni abo ngoba isongela amandla abo. Kepha inkululeko yenhlangano yemali ekugcineni izovela, noma ngabe ivela ezindaweni zokubhanga eYurophu, ezikhungweni zemali ezingasolwandle eCaribbean, noma e-United States of America uqobo. Zizodlula izinsuku lapho umuntu esebenzisa kuphela imali yezwe ahlala kulo. Ayikho imali endaweni yedijithali eyokwazi ukuzibonakalisa imelana nenkohlakalo njenge-BTC, lapho ukuthengiselana okuqinisekisiwe kungenakwenzeka ukunqotshwa, okwenza iBitcoin ithuluzi lokugcina lenkululeko yezezimali noma kuphi emhlabeni. IBitcoin yilapho i-Intanethi ishayisana khona nemali ukuletha ushintsho ngendlela efanayo yokuguqula eyakwenza ngokuxhumana nakwezentengiselwano.

Uma sibheka emuva kwimvelaphi yeBitcoin ngelihlo lwezigaba, siyabona ukuthi kwase kusungulwe imali entsha yesigaba sokuqala. Kwakuyinto umhlaba owawuyidinga kakhulu, futhi sisaqala ukuqonda umthelela wayo. Ngokuzayo, imali oyisebenzisayo ngeke iveze indawo ozalelwa kuyo noma izwe ohlala kulo, kepha lokho okuthandayo. Sebenzisa le mephu yemali ngokwezigaba ukuzikhulula emikhawulweni yezezimali zendabuko futhi uhlole umhlaba wezimali ngaphandle kokuvalelwa kwendawo. Bhekisa ukwakheka kwemali ehlukanisiwe ukuze ubone ukuthi ikuphi imali yakho kwezwe futhi uzinike amandla wokuzuza inkululeko yehlelo lwemali ngokuzulazula ubheke emalini oyikhethayo.

Ukubonga

Ngibonga umkami uChandni ngokungijoyina kulolu hambo. Ngiyabonga kubazali bami ngokungikhuthaza njalo ukuthi ngilandele amaphupho ami, kanye noJay noKashvi ngokungeseka kwabo okungantengantengi. Ngibonga ithimba lami labahleli / abanikeli engibathembile ngokungisiza ngenze le ncwadi ibe yimpumelelo: umkami, ubaba wami, "360", Vikram Amritraj, Sarah Tsai, Stephen Cole, Jason Don, Nic Carter, Jeremy noNikita McWells, futhi Prakash Amritraj. Ngibonga i-editha yami nomeluleki wokushicilela uCathy Suter ngeminikelo yakhe ebalulekile. Siyabonga ku-Anton Khodakovsky onekhono ngekhava yencwadi nemidwebo. Ngiyabonga kulabo abangithembe njengomuntu othembekile futhi banginika ithuba lokuhweba emakethe yoMgcinimafa wase-U.S. ezingeni eliphezulu kakhulu. Ngibonga uSolwazi Perry Mehrling ngephepha lakhe elithi The Inherent Hierarchy of Money okwakhelwe phezu kwalo uhlaka lwe-Mali Ngokwezigaba (Layered Money). Ngibonga uZoltan Pozsar ngocwaningo lwakhe lwe- "Money Matrix." Siyabonga kuJeff Snider ngocwaningo lwakhe oluvula amehlo ngama-Yurodola. Ngiyabonga kuNas ngokungikhuthaza njengombhali. Futhi ekugcineni, ngiyabonga kuwo wonke umuntu ofunde i-The Time Value of Bitcoin.

Izinkomba

Agueci, Paul, Leyla Alkan, Adam Copeland, Isaac Davis, Antoine Martin, Kate Pingitore, Caroline Prugar, Tyisha Rivas. "A Primer on the GCF Repoยฎ Service," _Federal Reserve Bank of New York Staff Report_s, no. 671, April 2014, revised May 2014. https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr671.pdfopen in new window

Bagehot, Walter. Lombard Street: A Description of the Money Market. New York: Scribner, Armstrong & Co, 1873.

Bank of Canada and Monetary Authority of Singapore. Jasperโ€“Ubin Design Paper, "Enabling Cross-Border High Value Transfer Using Distributed Ledger Technologies," 2019. https://www.accenture.com/_acnmedia/PDF-99/Accenture-Cross-Border-Distributed-Ledger-Technologies.pdfopen in new window

Bank of International Settlements. "Central bank digital currencies: foundational principles and core features, Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England." Board of Governors Federal Reserve System, Bank for International Settlements. Report no. 1, 2020. https://www.bis.org/publ/othp33.pdfopen in new window

Bao, Cecilia and Emma Paine. "Insights from the Federal Reserve's Weekly Balance Sheet, 1942โ€“1975," Studies in Applied Economics, no.104, 2018. Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.

Bao, Cecilia, Justin Chen, Nicholas Fries, Andrew Gibson, Emma Paine and Kurt Schuler. "The Federal Reserve's Weekly Balance Sheet since 1914," Studies in Applied Economics, no.115, 2018. John's Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.

Blandin, Apolline, Dr. Gina Pieters, Yue Wu, Thomas Eisermann, Anton Dek, Sean Taylor, Damaris Njoki. "3rd Global Cryptoasset Benchmarking Study," Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School, September 2020. https://www.jbs.cam.ac.uk/wp-content/uploads/2020/09/2020-ccaf-3rd-global-cryptoasset-benchmarking-study.pdf?v=1600941674open in new window

Board of Governors Department of Securities and of the Treasury Exchange Commission Federal Reserve System. "Joint Report on the Government Securities Market," January 1992. https://www.treasury.gov/resource-center/fin-mkts/Documents/gsr92rpt.pdfopen in new window

Bordo, Michael D., and Robert N. McCauley. "Triffin: Dilemma or Myth?" BIS Working Papers, no. 684. Monetary and Economic Department, Bank of International Settlements, December 2017. https://www.bis.org/publ/work684.pdfopen in new window

Bowsher, Norman N. "Repurchase Agreements" Federal Reserve Bank of St. Louis. September 1979. https://files.stlouisfed.org/files/htdocs/publications/review/79/09/Repurchase_Sep1979.pdfopen in new window

Broadbent, Ben (Deputy Governor for Monetary Policy, Bank of England). Speech on "Central Banks and Digital Currencies," presented at the London School of Economics, March 2, 2016. https://www.bankofengland.co.uk/speech/2016/central-banks-and-digital-currenciesopen in new window

Carlos, Ann M. and Larry Neal. "Amsterdam and London as Financial Centers in the Eighteenth Century," Financial History Review, vol. 18, issue 1, 2011.

Carney, Mark (Governor of the Bank of England). Speech on "The Growing Challenges for Monetary Policy in the Current International Monetary and Financial System," Jackson Hole Symposium, August 23, 2019. https://www.bankofengland.co.uk/-/media/boe/files/speech/2019/the-growing-challenges-for-monetary-policy-speech-by-mark-carney.pdfopen in new window

Chen, Justin and Andrew Gibson. "Insights from the Federal Reserve's Weekly Balance Sheet, 1914โ€“1941," Studies in Applied Economics, no. 73, 2017. Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise.

Ehrenberg, Richard. Capital and Finance in the Age of the Renaissance, London: Jonathan Cape, 1928.

Federal Reserve Act, H.R. 7837, 1913.

Federal Reserve Bank of Richmond. "The Gold Cover," Monthly Review, The Federal National Mortgage Assn., Fifth District Ports-Virginia, The Fifth District, July 1968. https://fraser.stlouisfed.org/files/docs/publications/frbrichreview/rev_frbrich196807.pdfopen in new window

Ferguson, Niall. The Ascent of Money: A Financial History of the World. New York: Penguin Books, 2009.

Fleming, Michael J., and Klagge, Nicholas J. "The Federal Reserve's Foreign Exchange Swap Lines," in Economics and Finance, vol. 16, no. 4, April 2010. Federal Reserve Bank of New York. https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci16-4.pdfopen in new window

Friedman, Milton. Money Mischief: Episodes in Monetary History. Houghton Mifflin Harcourt, 1994.

Friedman, Milton. "The Euro-dollar Market: Some First Principles." Federal Reserve Bank of St Louis, July 1971. https://research.stlouisfed.org/publications/review/1971/07/01/the-euro-dollar-market-some-first-principles/open in new window

Fries, Nicholas. "Insights from the Federal Reserve's Weekly Balance Sheet, 1976โ€“2017." Studies in Applied Economics, no. 114, 2018. Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.

Gleeson-White, Jane. Double Entry: How the Merchants of Venice Created Modern Finance. New York: W. W. Norton & Company, 2012.

Gold Coins of the Middle Ages. Deutsche Bundesbank Collection. Frankfurt, Germany. https://www.bundesbank.de/resource/blob/607696/f54b6ee83efd2f79e35c9af6e9a3702d/mL/gold-coins-of-the-middle-ages-data.pdfopen in new window

Goldthwaite, Richard A. The Economy of Renaissance Florence. Maryland: Johns Hopkins University Press, 2009.

Grossman, Richard S. "The Origins of Banking," in Unsettled Account: The Evolution of Banking in the Industrialized World since 1800. New Jersey: Princeton University Press, 2010.https://www.jstor.org/stable/j.ctt7sw7z.7open in new window

Harari, Yuval N. Sapiens : A Brief History of Humankind. New York: Harper, 2015.

Harris, Everette B. (President, Chicago Mercantile Exchange). "History of the Chicago Mercantile Exchange." 1970. https://legacy.farmdoc.illinois.edu/irwin/archive/books/Futrs_Tradng_in_Livestck/Futures_Trading_in_%20Livestock_Part%20I_2.pdfopen in new window

Hearing before the Committee on Banking and Financial Services U.S. House of Representatives, One Hundred Fifth, Second Session, October 1, 1998. https://fraser.stlouisfed.org/title/policy-discussion-papers-federal-reserve-bank-cleveland-4514/lessons-rescue-long-term-capital-management-495652/fulltextopen in new window

Hearings before the Joint Economic Committee Congress of the United States, Eighty-Sixth Congress, First Session, October 26-30, 1959. https://www.jec.senate.gov/reports/86th%20Congress/Hearings/Constructive%20Suggestions%20for%20Reconciling%20and%20Simultaneously%20Obtaining%20the%20Three%20Objectives%20%28130%29.pdfopen in new window

Jefferson, Thomas. "Notes on the Establishment of a Money Unit, and of a Coinage for the United States," 1784. https://founders.archives.gov/documents/Jefferson/01-07-02-0151-0005open in new window

Kindleberger, Charles P. "Power and Money." The Politics of International Economics and the Economics of International Politics. New York: Macmillan, 1970.

Logan, Walter S. "Amendments to the Federal Reserve Act," The Annals of the American Academy of Political and Social Science, vol. 99, Jan. 1922, The Federal Reserve Systemโ€“Its Purpose and Work, Jan. 1922: 114โ€“121. Sage Publications Inc., in association with the American Academy of Political and Social Science. http://www.jstor.com/stable/1014518open in new window

McCusker, John J. "The Demise of Distance: The Business Press and the Origins of the Information Revolution in the Early Modern Atlantic World," The American Historical Review, vol. 110, no. 2, 2005: 295โ€“321. https://www.jstor.org/stable/10.1086/531316open in new window

Mehrling, Perry. "The Inherent Hierarchy of Money," January 25, 2012. https://ieor.columbia.edu/files/seasdepts/industrial-engineering-operations-research/pdf-files/Mehrling_P_FESeminar_Sp12-02.pdfopen in new window

Mehrling, Perry. The New Lombard Street: How the Fed Became the Dealer of Last Resort. New Jersey: Princeton University Press, 2010.

Murau, Steffen. "Offshore Dollar Creation and the Emergence of the Post-2008 International Monetary System," IASS Discussion Paper, June 2018. Harvard University โ€” Weatherhead Center for International Affairs; Institute for Advanced Sustainability Studies (IASS). https://publications.iass-potsdam.de/rest/items/item_3259914_4/component/file_3259926/contentopen in new window

Nakamoto, Satoshi. "Bitcoin: A Peer-to-Peer Electronic Cash System." https://bitcoin.org/bitcoin.pdfopen in new window

Nakamoto Institute. "The Complete Satoshi," 2008-2012. https://satoshi.nakamotoinstitute.org/open in new window

Office of the Comptroller of the Currency. Interpretive Letter 1174, "OCC Chief Counsel's Interpretation on National Bank and Federal Savings Association Authority to Use Independent Node Verification Networks and Stablecoins for Payment Activities," January 2021. https://www2.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-2a.pdfopen in new window

Odell, Kerry, and Marc D. Weidenmier (Working Paper). "Real Shock, Monetary Aftershock: The 1906 San Francisco Earthquake and the Panic of 1907," Claremont Colleges Working Papers in Economics, no. 2001-07. https://www.jstor.org/stable/3874987open in new window

Padgett, John F. "Country as Global Market: Netherlands, Calvinism, and the Joint-Stock Company," in The Emergence of Organizations and Markets Book, authors John F. Padgett, and Walter W. Powell, New Jersey: Princeton University Press, 2012. http://www.jstor.com/stable/j.ctt1r2fmz.15open in new window

Pozsar, Zoltan. "Shadow Banking: The Money View," Office of Financial Research, U.S. Treasury Department, 2014. https://www.financialresearch.gov/working-papers/files/OFRwp2014-04_Pozsar_ShadowBankingTheMoneyView.pdfopen in new window

Quinn, Stephen, and William Roberds. "The Bank of Amsterdam and the Leap to Central Bank Money," The American Economic Review, vol. 97,no. 2, 2007: 262โ€“265. https://www.jstor.org/stable/30034457open in new window

Quinn, Stephen and William Roberds. "Death of a Reserve Currency," Texas Christian University, Federal Reserve Bank of Atlanta. https://www.frbatlanta.org/-/media/documents/research/publications/wp/2014/wp1417.pdfopen in new window

Rickards, James. Currency Wars: The Making of the Next Global Crisis. Portfolio, 2012.

Roberds, William, and Franรงois R. Velde. "The Descent of Central Banks (1400โ€“1815)," Federal Reserve Banks of Atlanta and Chicago, May 27, 2014.

Romer, Christina D. and David H. Romer. "A Rehabilitation of Monetary Policy in the 1950s, Working Paper 8800," NBER Working Paper Series, National Bureau of Economic Research, 2002. http://www.nber.org/papers/w8800open in new window

Rothbard, Murray N. History of Money and Banking in the United States: The Colonial Era to World War II. Ludwig von Mises Institute, 2010.

Schubert, Eric S. "Innovations, Debts, and Bubbles: International Integration of Financial Markets in Western Europe, 1688-1720," The Journal of Economic History, vol. 48, no. 2, 1988, The Tasks of Economic History June 1988: 299-306. Cambridge University Press on behalf of the Economic History Association. http://www.jstor.com/stable/2121172open in new window

Slivinski, Stephen. "Too Interconnected to Fail?" The Rescue of Long-Term Capital Management, Region Focus, Federal Reserve Bank of Richmond, Summer 2009. https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2009/summer/pdf/economic_history.pdfopen in new window

Steil, Benn. The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order. Princeton University Press, 2014.

Szabo, Nick. "Shelling Out: The Origins of Money," 2002. https://nakamotoinstitute.org/shelling-out/open in new window

Taleb, Nassim. Antifragile: Things That Gain from Disorder. Random House, 2012.

Triffin, Robert. "Gold and the Dollar Crisis: Yesterday and Tomorrow," Essays in International Finance, no. 132, December 1978. https://ies.princeton.edu/pdf/E132.pdfopen in new window

United States Court of Appeals, Ninth Circuit. Daniel J. Bernstein v. United States Department of State et al, 1997. https://caselaw.findlaw.com/us-9th-circuit/1317290.htmlopen in new window

Weber, Warren E. "Government and Private E-Money-Like Systems: Federal Reserve Notes and National Bank Notes," CenFIS Working Paper, 15-03, August 2015. Federal Reserve Bank of Atlanta. https://www.frbatlanta.org/-/media/documents/cenfis/publications/wp/2015/1503.pdfopen in new window

Wee, Herman Van der. "Globalization, Core, and Periphery in the World Economy in the Late Middle Ages and Early Modern Times," in Cores, Peripheries, and Globalization, edited by Peter Hans Reill and Balรกzs A. Szelรฉnyi. Central European University Press, 2011. http://www.jstor.com/stable/10.7829/j.ctt1282x8.14open in new window

Wee, Herman Van der. "International Business Finance and Monetary Policy in Western Europe, 1384-1410," The Business History Review, vol. 43, no. 3, Autumn 1969: 372โ€“380. http://www.jstor.com/stable/3112388open in new window

World Economic Forum. "Insight Report, Central Bank Digital Currency Policyโ€Maker Toolkit," Centre for the Fourth Industrial Revolution, 2020. http://www3.weforum.org/docs/WEF_CBDC_Policymaker_Toolkit.pdfopen in new window


  1. Kuze kube namuhla, i-"siliva lemali yaseNgilandi" lisho isiliva lobumsulwa obungu-92.5%. โ†ฉ๏ธŽ

  2. Iyunithi (ounce) ye-troy icishe ibe ngu-10% ukusinda kune-yunithi ejwayelekile. Isetshenziselwe ukukala isisindo sezinsimbi eziyigugu kusukela okungenani ngekhulu leshumi nesithupha lweminyaka. Izinsimbi eziyigugu ezishiwo kule ncwadi zenziwa ngamayunithi we-troy. โ†ฉ๏ธŽ

  3. I-Executive Order 6102 yachithwa ngo-1974 lapho ubunikazi begolide buvunyelwa ngokomthetho futhi. โ†ฉ๏ธŽ

  4. I-Fed idala izinqolobane ngokuthenga uMgcinimafa waseMelika kizibhange zabathengisi ezibizwa ngokuthi Abathengisi Abayinhloko (Primary Dealers). Abathengisi Abayinhloko bayisandiso senqubomgomo yemali ye-Federal Reserve ngoba yibo kuphela abemukeli bemali yesigaba sesibili kwinqubo yokwakhiwa kwezinqolobane ze-Fed. โ†ฉ๏ธŽ

  5. Ama-T-Bills anokuvuthwa kwezinsuku ezingama-364 noma ngaphansi, kanti amabhondi wesikhathi eside kaMgcinimafa anokuvuthwa okufika eminyakeni engama-30. โ†ฉ๏ธŽ

  6. Uhlelo lwedola oluzemazweni angaphesheya lubandakanya wonke amabhange angaphandle kwe-United States nangaphandle kwegunya lohlelo lweFederal Reserve, hhayi lawa aseYurophu kuphela. โ†ฉ๏ธŽ

  7. Ku-Mdwebo 13, ama-Yurodola asezingeni eliphakeme afaka okokusebenza kwemali okukhishwa ohlelweni lwedola olusemazweni angaphesheya njengama-Yurodola, Izitifiketi Zediphozithi, kanye nePhepha Lezentengiso. โ†ฉ๏ธŽ

  8. Ukuhweba kwe-arbitrage ngezimali ezinkulu ezivikelwe phakathi kwamabhondi kaMgcinimafa kanye nezinkontileka zezinto ezizayo zeHhovisi likaMgcinimafa kuthole ukusolwa ngokudala ukuphazamiseka okukhulu emakethe yoMgcinimafa ngoMashi 2020, kepha impikiswano iyaqhubeka. โ†ฉ๏ธŽ

  9. Ucwaningo lwe-Yunivesithi ye-Cambridge lulinganise ukuthi kunezigidi ezingama-101 eziyingqayizivele zaBasebenzisi abaphelele bezimpahla ze-Crypto (Total Cryptoasset Users) Total kuma-akhawunti wezigidi eziyi-191 emhlabeni jikelele ngoSepthemba 2020. โ†ฉ๏ธŽ

  10. Intengo ye-BTC / USD kanye nenani eliphelele lemakethe elisetshenziswe kuyo yonke le ncwadi kwakungu-$ 34,000 no- $ 630 billion, ngokulandelana, isifinyezo esathathwa ngosuku lokuzalwa lwe-Bitcoin lweshumi nambili, uJanuwari 3, 2021. Idatha: Coin Metrics. โ†ฉ๏ธŽ

  11. Le ncwadi izosebenzisa u-yena (owesilsa) noma u-yena (owesifazane) (he / his) ukubhekisa kuSatoshi Nakamoto ukuze kube lula ngenkathi ivuma ukuthi ubulili bukaSatoshi abaziwa. โ†ฉ๏ธŽ

  12. I-Bitcoin isebenzisa uhlobo oluthile lwe-SHA2 olubizwa nge-SHA-256. โ†ฉ๏ธŽ

  13. Kunamasethi (sats) ayi-100,000,000, aqanjwe ngoSatoshi, ku-1 BTC. Ama-Sethi (Sets) li-yunithi elingaphansi (sub-unit) le-BTC (cabanga ngama-Dola namasenti). 21,000,000 BTC = 2,100,000,000,000,000 sats. โ†ฉ๏ธŽ

  14. http://p2pfoundation.ning.com/forum/topics/bitcoin-open-sourceopen in new window โ†ฉ๏ธŽ

  15. https://bitcointalk.org/index.php?topic=2500.70;wap2open in new window โ†ฉ๏ธŽ

  16. Inani eliphelele lemakethe ye-BTC lulingana nentengo ye-BTC / USD * ukunikezwa kwe-BTC yamanje. โ†ฉ๏ธŽ

  17. Uma kucatshangwa inani eliphelele lemakethe lamaDola ayizigidigidi eziyi-10 zegolide kanye ne-BTC engaba yizigidi ezingama-20 (ukutholakala okulinganiselwe ngo-2025). โ†ฉ๏ธŽ

  18. Bheka i-Lock Time Verify (BIP 65), CheckSequenceVerify (BIP 68, 112, 113), ne-Segregated Witness (BIP 141, 143, 147). โ†ฉ๏ธŽ