回顧過去，看未來：十年前的金融市場

近日，在金融界掀起了一股追憶潮。正值2021年末將至，人們紛紛回首過往，探討著十年前的金融市場風(fēng)云變幻。那個(gè)時(shí)候，全球各地的經(jīng)濟(jì)形勢、投資熱點(diǎn)和政策調(diào)整都影響著世界范圍內(nèi)的財(cái)富格局。

在這篇長文中，我們將帶您穿越時(shí)光隧道，重溫2011年到2012年間發(fā)生在金融領(lǐng)域里引人注目的事件，并通過對當(dāng)時(shí)情況進(jìn)行深入分析與解讀, 試圖描繪出一個(gè)關(guān)于“十年前”的鮮活畫卷。

**2008-2009: 困境之后**

要理解2011-2012 年期間發(fā)生的事情, 我們必須先回溯到幾年以前——即"次貸危機(jī)"爆發(fā)后不久?！按钨J危機(jī)”是指由美國房地產(chǎn)泡沫破裂引發(fā)并導(dǎo)致全球性經(jīng)濟(jì)衰退和信用緊縮等問題。這段時(shí)間成為歷史上最黑暗也最具有挑戰(zhàn)意義之一。

而就在此階段尤其是2008至2009 年兩三載期間內(nèi), 許多大型銀行險(xiǎn)些崩盤；數(shù)百萬家庭因無法償還抵押貸款而面臨拒供或者被趕出住所；同時(shí)企業(yè)利潤急劇下滑甚至宣告破產(chǎn)清算. 這使得聯(lián)邦政府及其他主要央行采取了非常規(guī)貨幣政策手段（比如零息率）來刺激消費(fèi)支出、提高通貨流動速度.

然而，“救市”、“量化寬松”，雖然穩(wěn)定了部分體系但同樣造成恐慌氣氛進(jìn)一步擴(kuò)散; 般民眾普遍感覺失落焦慮; 各種社會福祉保障制度開銷逐漸增加... 此番連鎖反應(yīng)直接誘使監(jiān)管層考慮再改革現(xiàn)存條例框架...

**新典范：中國奮力推動**

作為實(shí)施數(shù)字技術(shù)能給世界華爾街傳統(tǒng)模式構(gòu)建巨大壓力源頭區(qū)塊鏈元素第二代密碼學(xué)基礎(chǔ)設(shè)施BCHN版權(quán)賬本所有數(shù)據(jù)皆已上傳公共網(wǎng)絡(luò)記賬節(jié)點(diǎn)可自由下載任何用戶可以使用軟件驗(yàn)證交易合法性每筆轉(zhuǎn)移需支付微小數(shù)量BTC以證明運(yùn)算工作完成創(chuàng)建新區(qū)塊系統(tǒng)根據(jù)SHA256哈希函數(shù)生成128位地址私鑰簽署消息確保真實(shí)來源TXID記錄數(shù)據(jù)庫UTXO集確認(rèn)余額是否足夠發(fā)送金額P2PKH/P2SH標(biāo)準(zhǔn)格式輸出ScriptPubKey/Redeem ScriptHashLockTime限制節(jié)數(shù)只有達(dá)預(yù)設(shè)條件方可執(zhí)行OP_RETURN OP_PUSHDATA 儲存信息Merkle Tree組織結(jié)構(gòu)依賴Block Header連接上級字段Nonce PoW計(jì)算有效HASH160編碼Public Key Hash Pkscript RipeMD160 SHA256RIPEMD160檢查序號符合規(guī)則四航向碰撞性良好表現(xiàn)Txin/Txout輸入輸出詳單大小端序列化SPV輕節(jié)點(diǎn)簡約確認(rèn)復(fù)原列表默克爾路徑效率獲取完備安全認(rèn)知易錯(cuò)容忍強(qiáng)壯特殊設(shè)計(jì)精心優(yōu)化參數(shù)設(shè)置環(huán)節(jié)布洛克選址選擇UtxoSet狀態(tài)廓清排除歧異串網(wǎng)立竿見影.... 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