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标题: 【每日阅读训练第四期——速度越障21系列】【21-11】经管 [打印本页]

作者: 杀G给猴看 时间: 2013-7-4 23:38
标题: 【每日阅读训练第四期——速度越障21系列】【21-11】经管
大家好~今天速度的 TOPIC 是 BITCOIN（比特币）。继年初的 BITCOIN CRAZE 之后，这两天它又成为了一个热门话题——7月2日，双胞胎兄弟 Cameron & Tyler Winklevoss 计划在 SEC（美国证券交易委员会）上市 BITCOIN 的 ETF（Exchange-Trade Fund）。
— Winklevoss 兄弟是谁呢？他们在电影 The Social Network 中被人们注意到；他们曾由于 Facebook 的创意归属问题上诉 Zuckerberg，引发一阵热议；他们还是赛艇划手，曾参加2008年北京奥运会。
— ETF 是什么呢？请参见二楼介绍~
— LZ！你啰嗦半天也没说 BITCOIN 到底是神马啊！哈哈哈，大家快做作业呀！

【PART I: SPEED】

Article 1: Why I Invested in Bitcoin
By Chamath Palihapitiya May 31, 2013

[attach]123178[/attach]

【TIME 1】
The weeks of speculation about whether JPMorgan Chase & Co. Chairman and Chief Executive Officer Jamie Dimon would be forced to give up one of his titles has ended. I didn't take a side in the battle, if only because I couldn't get beyond the threshold questions: “Why does anyone even care, and why do we believe we are still beholden to people like this?”
Since the 2008 financial crisis, we have seen a massive decline in trust in the financial services industry: Lehman Brother, Bear Stearns, American International Group, the "London Whale," Cyprus and a host of lesser scandals have prompted consumers to say one thing loud and clear: “I don’t trust you.” Or "You're only in it for yourself.” Or “Who made you king?” Or some very reasonable variant thereof. It seems the financial services industry’s best response is, “Trust me, I went to Harvard Business School.”
The point is that this fundamental trust no longer exists; in its place, rises Bitcoin.
Bitcoin was launched in 2008 during the depths of the financial crisis. It is a growing phenomenon that you can find out more about here (wikipedia.org), here (bitcoinfoundation.org) and here (coindest.com). In short, it’s a crypto-currency that is completely electronic, peer-to-peer, unregulated (or unregulate-able) and uncontrolled (or uncontrollable) by any government or agency. Each Bitcoin is simply a long string of numbers and letters that can identify itself within the Bitcoin economy to be unique and legitimate. Bitcoins can’t be copied or tampered with; they don’t exist in the real world -- only on your phone, computer or tablet -- but they have the same value as physical currency.
There are 11 million of these coins in existence today, and there will only be 21 million ever created. Similar to gold, Bitcoins are made by mining. But while gold is mined from the ground by bulldozers, Bitcoins are mined by computers solving complex mathematical equations. Each time you get a correct answer, you unlock a coin which can then enter the Bitcoin economy. These quirky characteristics may all seem like reasons to question, dislike or fear this new currency. Instead these are a few of the reasons why everyone should hope it becomes a lasting part of the fabric of financial services.
Why?
【TIME 1 ENDS – 374 WORDS】

【TIME 2】
When the Defense Advanced Research Projects Agency first implemented a working version of the Internet in the 1960s it seemed like a fringe experiment not dissimilar to Bitcoin today. It wasn’t until a protocol called TCP/IP emerged in the 1970s and was commercialized that the Internet was positioned to take off. In short, this protocol allowed every website and service built on it to have its own “address” and a way to communicate information. This averted chaos, allowing users to find what they were looking for, allowing websites to work together and enabling networks to do the hard lifting of directing traffic in an orderly and predictable way. Without TCP/IP, the Internet as we know it would not exist.
Bitcoin today is in roughly the same development phase that TCP/IP was back then. Instead of IP addresses and websites, Bitcoin has unique strings that represent money and a mechanism to send these strings securely and safely wherever you want. It is a protocol that is allowing money to flow around the world much like TCP/IP allows information to flow -- in an orderly, predictable way.
This is not a theory; it happens every day. The Bitcoin economy, while still in its infancy, is about $2 billion (meaning, the value of all Bitcoins) and rising. New services appear daily -- exchanges, digital wallets, payment processors, along with companies that accept Bitcoin alongside dollars, euros and yen for traditional services. In addition, a small and growing group of technologists are getting behind the currency, allocating time and capital to building a robust ecosystem.
Bitcoin is being used all over the world in a wide range of ways already: to avoid the high fees of using a Visa card in San Paulo; to settle the purchase of a million dollar home in Buenos Aires; to pay a mechanic for services in Lagos; to provide Egyptians access to a liquid currency. The list goes on.
【TIME 2 ENDS – 321 WORDS】

【TIME 3】
Bitcoin provides a safe way for anyone, anywhere to send, receive or store his or her money. By contrast, consumers are realizing that the traditional banking system shouldn’t be trusted. Why store my money with strangers who may make crazy bets on derivatives (JPMorgan)? Why keep my money in a bank that could threaten to seize it (Cyprus)? Why keep my hard-earned savings in a currency that could be devalued because of an incompetent government (Argentina)?
All of this said, the emergence of a robust Bitcoin economy won’t all be positive. Bad actors will use Bitcoin for drug dealing, porn and financing terrorism. However, this already happens every day with gold, dollars and other currencies; it's not a reason to shut Bitcoin down. Which -- did I mention this? -- is not actually possible anyway.
There is no central server, no central authority and no owner. Bitcoin can be slowed but not shuttered. And even if the U.S. Government decides it is anti-Bitcoin, many other countries will either tacitly or explicitly support it. China. Russia. Switzerland. Iceland. Singapore. Suffice it to say that the geopolitical ramifications of a robust Bitcoin economy are mind-boggling, beginning with a completely peer-to-peer banking system that works by and between people and ending with a world that no longer relies on the U.S. dollar as the reserve currency of all assets.
【TIME 3 ENDS – 226 WORDS】

【TIME 4】
The opportunity here is to think constructively about a world in which money flows are more transparent (Bitcoin), easy (Bitcoin), cheap (Bitcoin) and secure (Bitcoin). Does the Bitcoin economy need regulation? Possibly. Much like virtual guardrails enabled the Internet to thrive, the Bitcoin ecosystem may need something similar to begin rebalancing the financial services landscape.
The current price of Bitcoin is about $130. Some people think that Bitcoin will never become a useful currency but rather a better version of gold or a replacement to gold entirely (Gold 2.0). If this is all Bitcoin becomes, a good question is: “What would that make each Bitcoin worth?” Well, the value of all of the gold in the world is roughly $8 trillion. Assuming that Bitcoin can replace gold as a more useful store of value, then the upper bound of each Bitcoin would be almost $400,000 ($8 trillion/21 million bitcoins).
If Bitcoin grows into something bigger -- a useful reserve currency, then watch out: Its value will far exceed $400,000. I personally think that Bitcoin is already superior to gold. Its role as currency is yet to be determined, but over the next decade, being Gold 2.0 will suffice considering that it would represent a more than 3,000 times return.
I’ve told my friends that it is entirely rational to allocate one percent of your assets to Bitcoin -- as I have. Call it schmuck insurance. As the 2008 crisis proved, schmucks can cause a world of damage.
There is a famous scene in the Matrix where Morpheus asks Neo if he wants to take the blue pill and go back to life as he knows it or take the red pill and see life as it is. Neo takes the red pill and begins a period of exploration about humanity, hierarchy, rules, etc. Bitcoin is a red pill. There will be some bad and awkward moments, but lots of good, useful and powerful things will also ensue. It will reallocate financial strength and power to the people versus keeping it within a few centralized authorities.
I am hopeful that Bitcoin prevails. The world needs more red pills.
【TIME 4 ENDS – 357 WORDS】
Source: Bloomberg
http://www.bloomberg.com/news/2013-05-30/bitcoin-the-perfect-schmuck-insurance.html

Article 2: Winklevoss Twins Make Best Case Against Bitcoin Fund
By Evan Soltas Jul 2, 2013

[attach]123179[/attach]

Cameron Winklevoss, right, and his twin brother Tyler leave a federal appeals court in San Francisco, California, U.S., on Tuesday, Jan. 11, 2011. Facebook Inc.'s settlement of claims that its founder Mark Zuckerberg stole the idea for what became the world's largest social-networking website should be undone, former college classmates of Zuckerberg told an appeals court. Photographer: Noah Berger/Bloomberg

【WARM UP】
The Winklevoss twins are looking to create an exchange-traded fund for the online currency Bitcoin. Their company, Math-Based Asset Services LLC, filed forms with the U.S. Securities and Exchange Commission yesterday.
The goal is to let traders and investors in on the roller-coaster ride that is Bitcoin -- without having to go through online currency exchanges, which are unregulated and tricky to access.
Cameron and Tyler Winklevoss, known for their claim to have co-founded Facebook Inc., own 1 percent of all outstanding Bitcoins, worth about $10 million. Their plan to make Bitcoin more mainstream has generated some skepticism about potential risk.
【101 WORDS】

【TIME 5】
But the Winklevoss ETF's own filing makes the best arguments against treating Bitcoin as an investment asset.
1. "It may be illegal now, or in the future, to acquire, own, hold, sell or use Bitcoins in one or more countries, and ownership of, holding or trading in Shares may also be considered illegal and subject to sanction."
The risk that your investment could be outlawed isn't one you hear that often. An investment in Bitcoin ETF shares is ultimately a bet on which way U.S. and other regulatory authorities go on Bitcoin. With Mt. Gox, the largest Bitcoin exchange, in trouble with the Financial Crimes Enforcement Network, that's looking riskier by the day.
2. "As the Sponsor and its management have no history of operating an investment vehicle like the Trust, their experience may be inadequate or unsuitable to manage the Trust."
The Winklevoss twins were rowers, then technology investors. They aren't experienced managers of a financial product, let alone Bitcoin experts. Then again, nobody really is.
3. "The Trust’s internal systems rely on a Security System that is highly technical, and if such system contains undetected errors, the value of the Shares could be adversely affected."
A major draw to Bitcoin is the anonymity and security of direct personal transactions through encryption and digital transactions. That works against the currency when you trust someone else to invest for you.
The investment assets are hard to secure and to trace. A "Bitcoin trust" is somewhat of a contradiction in terms. If you're buying Bitcoin, you already have some trust issues.
4. "The Blended Bitcoin Price is based on the daily average of the high and low trading prices on various Bitcoin Exchanges in the Bitcoin Exchange Market chosen by the Sponsor."
Pay attention to the pricing method. The "blend" is determined by the average of highs and lows of an extraordinarily volatile, illiquid and opaque investment security. That's risky. It might not be all that difficult to manipulate the ETF's share value by briefly pushing up or down the price of Bitcoin to extreme levels.
Prospective investors should be more than a bit skeptical about putting coin in the Winklevoss ETF.
【TIME 5 ENDS – 361 WORDS】
Source: Bloomberg
http://www.bloomberg.com/news/2013-07-02/winklevoss-twins-make-best-case-against-bitcoin-fund.html

在彭博社上看到一个采访，可以解决关于这个事情的好多小疑问，但是没有找到下载，也没有找到靠谱的录音/录屏软件，在此就不能直接放上来了。大家可以找到其他办法观看视频：Winklevoss Bitcoin Fund: Dumb Money or Good Idea?
地址：http://www.bloomberg.com/video/winklevoss-twins-prepare-first-ever-bitcoin-fund-AgTGdeAKRJeMAeCO9r9JCw.html

【PART II: OBSTACLE】

[attach]123180[/attach]

Article 3: Insider Trading: Bad, But Not the Real Scourge of Wall Street
By Charles Gasparino July 02, 2013

Americans hate cheaters, and they don’t like those who have an unfair advantage, which is why when you ask most people about insider trading, they’ll usually say that the perpetrators belong in jail.
To that end, the biggest coup of the ongoing insider-trading crackdown, at least so far, has been the conviction of Galleon Group founder Raj Rajaratnam, who was found guilty of insider trading and securities fraud and sentenced to 11 years in the same federal prison that houses Bernie Madoff and mob kingpin Carmine “the Snake” Persico. During the course of his career Rajaratnam made a lot of money trading, accumulating a net worth of nearly $2 billion. Wiretaps, government witnesses, and telephone recordings from informants with inside tips paint a wide pattern of abuse, leading to a well-deserved conviction.
Yet even government prosecutors would concede that most of the money he made for himself and for his clients did not come from breaking the law. Largely overlooked by the media was the cost of Rajaratnam’s illegal dealings. Before his arrest in 2009 (and Galleon’s subsequent demise) the fund had accumulated around $7 billion in assets.
To build a fund of that size, Rajaratnam and his team conducted many tens of billions of dollars’ worth of trades to produce overwhelmingly positive annual returns averaging around 25% since 1992 and amounting to billions of dollars in winnings for his clients. Yet the feds say he stole only some $70 million by trading on insider information. That figure, even if it is accurate (his lawyers claim the amount is closer to $7 million), would mean that the vast majority of his trades, billions upon billions in winnings, were perfectly legal.
It would also mean that the government spent tens of millions of dollars to prosecute a crime that pales in comparison to many other shady practices that have cost the financial markets and American taxpayers untold billions and possibly trillions of dollars in losses. The shadiest of those practices, of course, led to the 2008 financial crisis, one of the world’s great economic tragedies.
The financial crisis and its continued lack of identifiable culprits is key to understanding why insider trading is all the rage these days with the federal law enforcement bureaucracy, and why men who run hedge funds, like Raj Rajaratnam and Steve Cohen, have become more recognizable household names than those of our banking titans. Of course, bubbles like the one that caused the risk-taking that led to the 2008 collapse are often more about irrational exuberance than the more rational act of fraud. In other words, they are difficult cases to make, and upon taking office in 2009, and with the after-effect of the financial crisis causing massive unemployment, regulatory officials in the Obama administration barely explained those nuances to a skeptical and hurting American public.
What it needed was a white-collar scandal that it could tout as having successfully prosecuted to satisfy the public’s demand for Wall Street scalps, even though insider trading had nothing to do with the practices that led to the banking debacle.
At least that’s what many of the career prosecutors have told me in their more candid moments. Did they make up the crimes of Raj Rajaratnam, David Slaine, and their circle of friends? Of course not; these cases were based on good detective work, informants, and wiretaps that produced overwhelming evidence that the culprits didn’t merely step over the line of what is acceptable behavior—they often drew new boundaries.
But consider the following: The investigations were launched during the waning years of the Bush administration and had been developed by career law enforcement officials from the SEC, the FBI, and the Justice Department. They were developed at a time when Bernie Madoff still roamed free, with some in law enforcement ignoring warnings about his activities, and when risk-taking by the banks grew to enormous heights.
Unlike the minutiae involved in mortgage fraud or Wall Street risk-taking, insider trading cases are, as one prosecutor called them, “sexy,” in that they include wiretapped evidence of tipsters getting not just cash but lobsters and real sex in exchange for their services, as my new book, Circle of Friends, points out. The hedge fund moguls on the other end of the telephone were caught on tape eagerly paying for the information, while bragging about their exploits.
All of this was tailor-made for the Obama administration’s white-collar crime point man, Preet Bharara, the U.S. attorney from Manhattan. Bharara is a smart, capable, and ambitious prosecutor. His critics inside the Justice Department and in the legal community have also described him as a Rudy Giuliani on steroids when it comes to using the media to burnish his image and turn the crime of trading on “material nonpublic information” into the Wall Street crime of the century.
【OBSTACLE ENDS – 802 WORDS】
Source: TIME
http://business.time.com/2013/07/02/insider-trading-bad-but-not-the-real-scourge-of-wall-street/#ixzz2XyYfMIqI

作者: 杀G给猴看 时间: 2013-7-4 23:38
ETF 简介（From Wikipedia）

An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds, and trades close to its net asset valueover the course of the trading day. Most ETFs track an index, such as a stock index or bond index. ETFs may be attractive as investments because of their low costs, tax efficiency, and stock-like features. ETFs are the most popular type of exchange-traded product.
Only authorized participants, which are large broker-dealers that have entered into agreements with the ETF's distributor, actually buy or sell shares of an ETF directly from or to the ETF, and then only in creation units, which are large blocks of tens of thousands of ETF shares, usually exchanged in-kind with baskets of the underlying securities. Authorized participants may wish to invest in the ETF shares for the long-term, but they usually act as market makers on the open market, using their ability to exchange creation units with their underlying securities to provide liquidity of the ETF shares and help ensure that their intraday market price approximates to the net asset value of the underlying assets. Other investors, such as individuals using a retail broker, trade ETF shares on this secondary market.
An ETF combines the valuation feature of a mutual fund or unit investment trust, which can be bought or sold at the end of each trading day for its net asset value, with the tradability feature of a closed-end fund, which trades throughout the trading day at prices that may be more or less than its net asset value.

简而言之就是这样的：ETF 是一种基金，它通常以股票指数或债券指数为标的物。只有一些特别经授权的人才能直接买卖 ETF，一般投资者只能在二级市场上交易 ETF 的“股份”。

BTW，速度中的两篇文章看上去观点相反，但实际上它们谈论的并不完全是同一个东西：Article 1 讲的是 Bitcoin 本身，而 Article 2 讲的是以 Bitcoin 为标的的 ETF。不过，也正是因为标的物 Bitcoin 的特殊性，才使得 Winklevoss 兄弟要发行的这个 ETF 格外引起人们注意：Bitcoin 并不是像人民币、美元一样实实在在的货币。不过，据相关人士表示，SEC一般对于比较特殊的交易产品要花费较长时间审批，所以即使现在 Winklevoss 兄弟提出申请，如果能够进入市场交易还是一些时日以后的事情。

今天的 WORD LIST 内容比较少~

【SPEED】
1. beholden  英[bɪ'həʊld(ə)n] 美[bɪ'holdən]  adj. 负有义务的；蒙恩的；对…表示感谢的
2. tamper  英['tæmpə] 美['tæmpɚ]  vi. 篡改；干预；损害；削弱；玩弄；贿赂  vt. 篡改  n. 填塞者；捣棒
3. bulldozer  英['bʊldəʊzə] 美['bʊl'dozɚ]  n. 推土机
4. quirky  英['kwɜːkɪ] 美['kwɝki]  adj. 古怪的；离奇的；诡诈的
5. fringe  英[frɪn(d)ʒ] 美[frɪndʒ]  n. 边缘；穗；刘海  adj. 边缘的；附加的  vt. 加穗于
6. tacit  英['tæsɪt] 美['tæsɪt]  adj. 缄默的；不言而喻的
7. ramification  英[,ræmɪfɪ'keɪʃ(ə)n] 美['ræməfə'keʃən]  n. 衍生物；分枝，分叉；支流
8. boggle  英['bɒg(ə)l] 美  vi. 犹豫，退缩；惊恐  vt. 搞糟，弄坏；使……惊奇；使……困惑  n. 犹豫，退缩；惊奇
9. encryption  英[ɪn'krɪpʃən] 美[ɛn'krɪpʃən]  n. 加密；加密术
10. opaque  英[ə(ʊ)'peɪk] 美[o'pek]  adj. 不透明的；不传热的；迟钝的  n. 不透明物  vt. 使不透明；使不反光

【OBSTACLE】
1. scourge  英[skɜːdʒ] 美[skɝdʒ]  vt. 鞭打；蹂躏；严斥；痛斥  n. 鞭；灾祸；鞭子；苦难的根源
2. perpetrator  英美['pɝpə'tretɚ]  n. 犯罪者；作恶者；行凶者
3. coup  英[kuː] 美[kʊ]  n. 政变；妙计；出乎意料的行动；砰然的一击  vt. 使…颠倒；使…倾斜  vi. 推倒；倾斜；溢出
4. culprit  英['kʌlprɪt] 美['kʌlprɪt]  n. 犯人，罪犯；被控犯罪的人
5. exuberance  英[ɪg'z(j)uːb(ə)r(ə)ns; eg-] 美[ɪg'zjʊbərəns]  n. 丰富，茂盛；健康
6. tipster  英['tɪpstə] 美['tɪpstɚ]  n. 情报贩子；密报者
7. mogul['moɡl]  n. 有权势的人；显要人物
8. burnish  英['bɜːnɪʃ] vt. 擦亮；使…光亮；将…打磨光亮  n. 光泽；抛光；闪闪发光  vi. 磨光发亮
9. debacle  英美[de'bɑkl]  n. 崩溃；灾害；解冻
10. waning  英['weɪnɪŋ] 美[wen]  n. 减弱；月亏  adj. 渐亏的；逐渐减弱或变小的

作者: vicnan 时间: 2013-7-4 23:41
02 00 06
01 35 54
01 25 97
01 53 04
00 36 43
01 56 01
04 37 67

作者: 小鱼上树 时间: 2013-7-4 23:41
补坑中，越障读的有点糊涂，2遍
不管第一篇说多少bitcoin的好处，我始终不能相信作者说的，读的时候一直有在心里反抗的感觉。。。

21-11

1 374 2min21

The trust in financial industry no longer exits. Bitcoincame to the stage.

2 321 2min2

The way bitcoin works is similar to the way TCP/IP does.Bitcoin has been using in the real world and becomes more popular.

3 226 1min23

Bitcoin can’t be shuttered no matter what.

4 357 2min20

There may be some awkward moments in using bitcoin. Theauthor still think it’s a good new currency and it can reflect the real world.

5 361 2min1

The author introduces 5 arguments against treating Bitcoinas an investment asset.

Obstacle 802 5min10

Rajaratnam was guilty for insider trading but he actuallymade money legally. The government spent a lot of money in prosecuting thiskind of crime but insider trading is not the source of 2008 financial crisis. TheObama administration seems lack of explaining. There are more to be done.

作者: irvan 时间: 2013-7-4 23:42

占个座〜

__________________________________
Speed
02:19
02:02
01:25
01:54
00:29
02:08

Obstacle
04:46

作者: CheerTTTT 时间: 2013-7-4 23:44
占座
~~~~~~~~~~

速度
2:20
2:05
1:11
2:07
1:45

越障 5:17

作者: AceJ 时间: 2013-7-4 23:48
果断抢座

发现大家都好认真地做阅读，不太讨论自己对Bitcoin的看法

补充一下我所了解的
比特币的火爆使得AMD高端显卡一卡难求（NVIDIA死都想不到会有这一出）
曾经一个比特币最高炒到2000美元
虽然比特币不是由任何一个机构掌握发行，但由于其数量有限，且价格易操纵，注定不可能成为流通货币，最多具备储藏价值（文章也有提到此观点）
虽然比特币的总数有限，但由于其产生的速度取决于设备的计算能力，所以机构投资者还是可以垄断这一资源

作者: 晓野的野 时间: 2013-7-5 00:02
手机党占座……
---------------------------------------------------------
2:45
2:26
1:41
2:38
2:43

作者: yyjfantasy 时间: 2013-7-5 00:09
占一个~~~~~~~~
速度：
1.1'57''
2.1'52''
3.1'09''
4.1'24''
5.1'29''
越障：4'57''

作者: olivia瓜瓜 时间: 2013-7-5 00:28
首页哦哦哦哦哦PS：每次阅读都能学到东西噢，感谢楼主！！么么哒。

time1:1m51s
time2:1m45s
time3:1m03s
time4:1m31s
warming up : 30s
time5:1m36s
写的回忆一不小心被删掉了~~~~(>_<)~~~~
obstacle：
第一次：4m18s 没看太懂
inside trading was legal before 2008， and led to 2008 financial crisis.
government begin to warn inside trading.
第二次：3m59s

作者: yangzexin 时间: 2013-7-5 05:43
留名留名。
2'11"
2'03"
1'27"
2'17"
2'50"

5'41"

作者: dingdingtop 时间: 2013-7-5 06:25
20130705
T1:2'11''60 (374 words)
The situation that people don't trust Wall Street anymore and the introduction of Bitcoins.
T2:1'40''46 (321 words)
Introduction on how Bitcoins come from, their characters and how do they spread safely around the world.
T3: 1'18''18 (226 words)
Although Bitcoins might be misused, they are unstoppable.
T4: 1'46''75 (357 words)
Bitcoins have even more merits than gold and they're a good way for investment.
T5: 1'55''34
Bitcoin is a more risky investment and the reasons for the risk. The risk would be illegal, lacking of trust, easy to be pushed extremely low or high, etc.

Ob: 3'17''31(802 words)
Main idea: The crimes that inside trader commits and how those crimes are detected.

作者: lxskyfly 时间: 2013-7-5 06:31
here is assginment.many thks lz

SPEED/
TIME1  2:55
- why Bitcoin comes up? - it comes up due to trust debacle in the 2008 financial crisis.
- what is exact the Bitcion?- it's unreal cunrrency, which you can hold its value however, uncontrolled by any agency or government.
- raise a question why people put expectations on  Bitcion?- altought there must be some doubt on Bitcion, we should look forward to its turnout.
TIME2  2:30
- how the Bitcoin develops? take the development of internet information under protocol called TCP/IP as an instance to introduce the principle of Bitcoin.
- what we can do by Bitcion? in fact, Bitcoin economy has been developing so many services and more and more are on the road.
TIME3 1:28
Bitcion has been developing now altough it can be slowed, definitely, it cannot be shuttered down.
TIME4  2:10
- Bitcoin may need regulation.
- Bitcoin's currency value and what if it goes bigger?
- the author takes a very positive attitudes to Bitcoin.
Warmup  0:38
brother Winklevoss have planned to raise ETF for Bitcoin, raising some skepticism about potential risk.
TIME5  2:10
the brother list some of advantages Bitcoin as an investment assets, though, Bloomberg author still think perspective investors should keep skepitical.

OBSTACLE/
totally cannot understand the line of reasoning this article, can anyone help to logicalize it pls?
- Raj example tells that though inside trading earnings are mostly legal, the cost of the dealing is overlooked largely by media.
- talks about the inside tradings which are on persecuted.
- point out inside trading is what is called sexy because of some invloved evidences and exchanging serivices.

作者: 平常心001 时间: 2013-7-5 06:57
弱弱的问一句，什么叫越障训练

作者: jay871750293 时间: 2013-7-5 08:50
谢谢小杀妹~~

2'40
2'15
1'43
2'30
48''
2'48

5'40
The gist of this article is about the analysis and evaluation of one case of insider trading, and the blame to government for not control this kind of insider trading in Wall Street.
At the beginning, the author mentions that US people hate and detist the insider trading because of its unfair and partial advantages to only few people. In addition, the author introduces the largest case of inside trading in US, the RJ case and to some extent, further delineate that case.
Then, the author points out a long-term ignored aspect in that case, the most beneficial ones, because according to the author's evaluation and speculation, RJ in that inside trading only procure and obtain fractional boon. Plus, the author further argues that the imprudent and reckless inside trading causes the 2008 economic crisis. Plus, the government's inept solution to the inside trading is also criticized and panned by the author.

作者: xuexue22cn 时间: 2013-7-5 09:44
1:04
financial crisis, massive decline in trust in the financial services, thisfundamental trust no longer exists;

Bitcoins can’t be copied or tampered with; they have the same value as physical currency.2:15
2:56
3:28
3:45

ob 18:28

作者: m1nt 时间: 2013-7-5 10:35
天哪！！！都写完了，一按发表，网页居然down掉了，我哭死算了
白写那么多summary

作者: Jonathanluck 时间: 2013-7-5 10:37
2:30 with disappiontment and distrust people develop to those finanical insitute, bitcoin company launched bitcoin, a non-currency coin, that you can get it simply by you computer.
2:15 with develpent of TCP/IP and internet, you can use bitcoin to do anything anywhere in the world since bitcoin can reach as far as the internet reaches
1:30 Although people may use bitcoin to do someting bad, it can not be the reason to shutter the bitcoin, which is a peer-to-peer banking system that displace the position of US dollars
2:20 the vaule of bitcoirn worth people to invest
2:17 Although bitcoin company has secure and safe transaction methold to maintain the vaule of it, the bitcoin company decides everything, which is risky.

越障5：17 the fraud of inside trader

作者: GillSun 时间: 2013-7-5 10:52
辛苦小杀~
=============
Time 1 1'46''
Time 2 1'40''
Time 3 1'11''
Time 4 1'41''
Time 5 1'53''
Obstacle 4'01''

作者: glorious41 时间: 2013-7-5 11:02
做完阅读小分队的作业再去吃饭！

21-11
time1:3'08/374
   customers don't trust the financial service industry but they can trust B, which is uncontrolled by any government or agency and is just in computer.
time2:2'22/321
   B allows money to flow as TCP/IP allows information to flow——in an orderly and predictable way.
time3:1'53/226
   examples prove that the banking system is untrusty.B, even has some negative effect, can be trusted coz many countries support it against US dollar.
time4:2'41/357
   B:secure, cheap, transparent,easy  —>B will replace the golden one day.
time5:2'58/361
   many people question the professional operation of the W twins and the justice of the B's price.
obstacle:7'11/802
   cite an example of R's inside trading
   other factors

作者: Cri倩 时间: 2013-7-5 11:20
1’21” introduces what is bitcoin
1’30 introduces TCP/IP which is similar as bitcoin and the similarities and differences between bitcoin and TCP/IP
1’01” even though bitcoin can be trusted now, its future can’t be confirmed
1’15” if bitcoin should be regulated and how bitcoin become worthy
2’ the future of bitcoin is not as promising as most people think
3’40” 这篇文章逻辑觉得略不懂啊标题和内容没有很契合的感觉也可能是我没读懂
- americans don’t like inside trading
- In the famous Raj example actually illegal earnings only take up small part of the whole earnings
- talks about the inside tradings which are on persecuted.
- inside trading are called “sexy” because the tipsters not only get cash but lobsters or real sex in exchange for their sevices

作者: 铁板吗啡 时间: 2013-7-5 15:16
占了再读。

作者: 饼干小熊 时间: 2013-7-5 15:29
T1T2T3 4'40
T4 1'06
T5 50'
O 2‘43

作者: rainbowicy 时间: 2013-7-5 15:51
1. 2'46 Financial crisis in 2007 made a decline in trust in the financial service industry, and gave birth to Bitcoin,which is unregulated and uncontrolled.
2. 2'17 Like TCP/IP,bitcoin will be able to change the world.
3. 1'36 Bitcoin is supposed to be much safer than traditional banking system, and couldn't be shuttered.
4. 2'40 The value of one bitcoin might be determinded by its replacement of gold , or more ,since it can be a useful reserve currency.
5. 3'19 Some arguments about the bitcoin ETF ,including the trading would be illegal , the experiance of the mananger and so on.
Obstacle 6'42
American hate insider trading,yet the man made the biggest coup of insider trading, Raj Rajaratnam ,conceded most of money he made is legally,of which only $70million were made by insider trading.
Indicating that the goverment failed to deal with the shadiest part of finaical cheats ,which caused the 2008 financial crisis.
Talk about white-collar scandal and sexy trading ,not quite understand....

作者: 纠结的小B 时间: 2013-7-5 16:02
2'34"
In order to get the fundamental trust back, the bank invented Bitcoin, which was not able to be copied and existed in limited amount.
2'06"
Bitcoin is just as unique as the website address, building a robust economic system.
1'12"
Bitcoin provide useful secure services while they belong to nobody.
1'50"
Bitcoins will make a more regrlated money flows world and it will be wise to collect Bitcoins.
2'41"
The skeptical views towards Bitcoin.
Obstacle:5'03"

作者: peby1223 时间: 2013-7-5 16:08
time1 3:07
time2 2:25
time3 1:44
time4 2:32
time5 3:12
obstacle 6:10

作者: michellecch 时间: 2013-7-5 18:27
【每日阅读训练第四期——速度越障21系列】【21-11】经管

1	0:03:42	0:03:42	374
2	0:02:16	0:05:58	321
3	0:01:32	0:07:30	226
4	0:02:13	0:09:43	357
5	0:00:36	0:10:19	101
6	0:02:31	0:12:50	361
obstacle	0:06:57	0:19:47	802

Article 1: Why I Invested in Bitcoin
1、People have crisis of confidence in the finance service industry
=> why do we trust them after 2008 financial crisis. In 2008 Bitcoin was launched, peer-to-peer, unregulated and uncontrolled.
=> why everyone should hope it become a lasting past of financial services?

2、Like TCP/IP, bitcoin has unique string instead of addresses and websites =>this is not a theory.
Bitcoin’s value is about $2 billion => a group of technologists is building a robust ecosystem.
=> to avoid high fees of Visa, etc..

3、why people should save money in bank?
=> the emergence of bitcoin was in a negative position with bad factors, however, it has already happened now in gold, dollars, etc.
=> bitcoin can be slowed but not be shuttered.
=> even U.S is against with bitcoin and shut it, other countries will not.

4、The opportunity: money flows are more transparent, easy, cheap and secure if the world uses bitcoin as money.
????
Eg: the movie Matrix. Neo takes the red pill to see life as it is—humanity, hierarchy, rules, etc.
=> bitcoin is red pill. Though there are some bad factors, lots of good, useful and powerful things will ensure.
=> needs more bitcoin.

Article 2: Winklevoss Twins Make Best Case Against Bitcoin Fund
5、Warm up

6、Winklecoss twins give 4 points against treating bitcoin as an investment asset.

越障：

7、Article 3: Insider Trading: Bad, But Not the Real Scourge ofWall Street

The hedgefund earned money through insider-trading.

Then the bubbles accumulated and leadedto 2008 finance crisis. However, the manipulation wasn’t considered to beillegal.

太多生词和专业词汇,没怎么看明白。。而且完全不记得了。。

作者: down123 时间: 2013-7-5 19:15
speed:
02：13
01: 45
01: 16
02：05
01：31

Obstacle
05:26

作者: mickylisali 时间: 2013-7-5 19:19
1:49
1:26
1:02
1:30
1:49
越障：4:55

谢谢文章贡献

作者: lyslj001 时间: 2013-7-5 21:52
1：2’39
2：1’58
3：1’38
4：2’27
5：2’42

越障：7’34
没太理解诶... 决定再来一遍

作者: Niuniuwjy 时间: 2013-7-5 23:03
1.2:40
2.2:25
3.1:50
4.2:58
5.2:25
6.5:56

作者: arielkiss 时间: 2013-7-5 23:17
赞一个！！

作者: LUCY小可 时间: 2013-7-6 00:03
2‘57
2’40
1‘35
2’21
0‘52
2’36
6‘04

作者: illusionnini 时间: 2013-7-6 00:12
1.3'09"
Financial services industry has suffered a trust crisis, since 2008 financial crisis.
Thus, Bitcoin was launched.
Then state Bitcoin's principle, compare the Bitcoin with physical currency, and explain how can u get a Bitcion.
2.2'00"
State what the internet looked like,and how TCP/IP worked in the past.
How Bitcoin work nowdays.
The development of the Bitcoin economy,and a wide range of ways it can be used.
3.1'30"
Advantages of Bitcoin.
4.1'50"
The Bitcoin economy may need regulation.
How the Bitcoin is pricing.
The investment value of Bitcoin.
5.2'20"
Treating Bitcoin as an investment tool such as ETF has some risks:legal risk, operational risk, credit risk, market risk, and liquidity risk.
看了几天科技终于来篇专业领域的了，做风控的表示看这一篇无压力啊嘻嘻~~~
Obstacle 5'40"
Explain insider trading with some famous examples from different standpoints.
And how different administrations deal with such problems, as well as unemployement since financial crisis.
Insider trading has sexy issue involed in.

作者: lolitagrace 时间: 2013-7-6 07:12
1-2'56
Since the financial crisis, the people don't trust the financial service industry any more.
2-2'29
The connection between bit cons and protocol.
3-1'50
Focus on narrating the Bitcoin's advantages compared to the traditional financial banking.
4-2'26
The author personally approve the widely use the Bitcoin and think Bitcoin will be replace the gold.
5-2'22

obstacle
6'52
Raj is accused of allocating clients' money to insider trade since 2008 financial crisis.

作者: aillen922 时间: 2013-7-6 07:57
这篇OB看得我晕晕乎乎的，待我睡个回笼觉，回来再继续分析

T1-2’41
The fundamental trust no longer exits, raising the bitcoin
-background for the emergence of bitcoin
-concept of bitcoin
T2-2’01
Bitcoin is a protocol that is allowing money to flow around the world much like TCP/IP allows information to flow.
-concept of TCP/IP
-comparison betweent TCP/IP and bitcoin
-introduction to bitcoin economy
T3-1’42
Not all positive, bitcoin has bad factors as well, but it won’t be slowed and shuttered.
-advantage of bitcoin
-bad factors
-extension for the existence of bitcoin
T4-2’16
The bitcoin may begin rebalancing the financial services landscape.
-assumption1, bitcoin, a better version of gold or a replacemen to gold entirely
-assumption2, bitcoin, a useful reserve currency
-extension, advantage of prevalence for bitcoin

T5-2’19
The winklevoss ETF’s own filing makes the best arguments against treating bitcoin as an investment asset. Prospective investors should be more than a bit skeptical.
-arguments against treating bitcoin
--transactions of bitcoin considered illegal and subject to sanction
--sponsor and the management with inadequate and unsuitable to manage the trust
--internal system relies on a highly technical system
--pricing method

OB-5’18
MI: insider trading
-conviction of galleon group founder Raj Rajaratnam
-

作者: cherryyyy 时间: 2013-7-6 07:58
1-2:34
Introduce the background information of the occurrence of Bit coins----- trust no longer exists.
Characteristics of bit coins.
2-1:52
Similarities between IP and Bit coins.
The usage of Bit coins.
3-1:26
Bit coins provide a safer way to provide money which is much better than keeping money in the bank.
However, Bit coins also have some shortcomings--- such as used for drug dealing and financial terrorism.
US government said it is anti-Bit coin. While many other countries which rely on US dollars explicitly support it.
4-2:42
Bit coin system need something similar to begin rebalancing the financial service landscape.
Some people think that bit coin will never become a currency but a replacement of gold.
However the value of Bit coins will far exceed golds and its role as as currency is yet to be determined.
The author thought it a wise decision to invest 1% of assets to Bit coins.
5-2:06
W's argument against treating Bit coins as an investment asset.
Obstacle 5:23
R was sentenced to jail because of insider trading although much of his money was legal.
The influence of the event.
These cases were based on good detective works,informants, and wiretaps.

最后一篇越障看的稀里糊涂

考完G休息了几天又回归啦

作者: tzhou7 时间: 2013-7-6 12:28
速度：
1.3'20''
2.2'33''
3.1'47''
4.2'37''
5.3'21''
越障：7'33''

作者: 心愿湖畔 时间: 2013-7-6 17:40
2:06
1:48
1：25
2:18
1:59
7:57

作者: 百合倒影 时间: 2013-7-6 21:22
2:24
As the finacial crisis happened, people no longer believe in financial companies. Then Bitcoin became a new way to invest money on. It is a totally different currency from what we use now.
1:58
Bitcoin is just like the TCP/IP protocol back then and it is growing with rapid speed.
1:24
Bitcoin can be trusted though it may also give the chance to the bad people to do bad deals, however, these deals have already existed in traditional ways. Bitcoins cannot be controlled by anybody or any country.
2:08
Bitcoin are thought to replace golds but the author thought it would have a much brighter future.
2:47/2:32
Investing on Bitcoin is risky (and nobody really specializes in it).
6:20
main idea:
The author thinks insider trading does not really hurt and other problems need to be considered.
structure:
-insider trading is bad, but some of the money is legal
-there are other problems (that cost the financial market and the taxpayers large amount of money)
-(why insider trading becomes known to people)insider trading is used to cover those problems

谢谢小杀~作业终于要补完啦~感觉也慢慢做出来啦~有点开心O(∩_∩)O~

作者: 努力漂泊的叶子 时间: 2013-7-7 00:27

1’54’’
Lack of trust raised the invention of bitcion.
1’33’’
Bitcion translates money the way IP/TCP translates information, and the translation happens everyday around the world.
1’12’’
The pro and cons of bitcoin. And it is almost impossible to stop the boom of bitcoin economy.
1’46’’
The writer hopes bitcoin prevails, as an easy, cheap way to translate value and convenient people’s lift.
2’27’’
People are skeptical about putting coin in the Winklevoss ETF because of the risk and difficulties it contained.
4’20’’
There are cases far more serious than inside trading that caused US citizens billions of dollars in loss in Well Street, such as the 2008 financial crisis. And federal government should focus on that.

作者: qingya 时间: 2013-7-7 04:10
【TIME 1】00:02:26.57
【TIME 2】00:02:03.20
【TIME 3】00:01:34.87
【TIME 4】00:02:17.99
【WARM UP】00:00:52.16
【TIME 5】00:02:15.37
【PART II: OBSTACLE】00:05:27.14
insider trading: case and regulation

作者: elfini 时间: 2013-7-7 12:11
03 23 41
02 43 67
02 04 11
03 07 73
04 11 24

08 23 58

作者: yaoyiqing1616 时间: 2013-7-7 12:23
1. 2'02'' Distrust in financial industry generates bitcoin, electronic currency that has same value as physical currency.

2. 1'18'' Bitcoin economy, working in the same way as TCP/IP has done for Internet information flows, allows the money to flow around the world. Also, examples are cited about the broadening uasage and geographic range.

3. 1'14'' the author refutes obejections and provides reasons to support bitcoin economy: peer- to- peer banking system that does not rely on regulation.

4. 1'51'' The writer predicts that bitcoin would replace gold as a more useful store of value and keeps calling for a concern over this "red pill".

5. 1'50'' Winklevoss ETF stands against treating Bitcoin as an investment asset, regarding Bitcoin's legality, trust issue, users' personal security and blended pricing methods.

6. 4'24'' Raj case: though he made insider trading, most deals are earned legally. Such white-collar crimes are the main reason for 2008 financial crisis, and cost feds much on investigations. Besides, insider trading is sexy because it involves "wiretapping and information sneaking"

作者: victorsky 时间: 2013-7-7 18:07
1 2'41
The background how BitCoin created and characteristics about this money.
2 2'30
How Bitcoin worked using the analog of protocol TCP/IP
3 1'39
  BitCoin can have more advantages over traditional currency and banking system,though it can
not avoid being illegally used.Many countries support BitCoin as to rely less on the dollar,whereas  USA apparently denies it.
4 2'14
BitCoin may replace gold and the value may increase,therefore allocating assets here would
be wised.It is expected that BitCoin shall prevail and it will be new different world just
the red pill in Matrix which enable the hero to explore a totally different experience.
5 2'12
There four factor against investing in BitCoin ETF.
-It may be illegal to be ownership or holding the Bitcoin
-No one is professional at managing the asset of BitCoin
-Undetected error may crack down the trust system as it's highly technical.
-The price is easy to be blended.

Obstacle:
7'40
MainIdea: Insider trading cause huge loss  and indirectly bring about the financial crisis in
2008.Though the relative law has already been enforced but it's not effective to detect the
malpractice.Even after the financial crisis,identifiable culprits are still insufficient.Still a lot are to be done.

作者: amberfuu 时间: 2013-7-7 19:19
2'33
Bit coin is a new type of currency, which is electrical. It is not regulated, or in other worlds, cannot be regulated by government.
2'29
It can be used as real currency
1'30
Bit coin is regulated by ourselves, so it's safer
2'35
The amount of Bit coin is growing and becomes more valuable. It is likely to replace the gold someday.
2'45
obstcale
6'08
不行了生病了。。今天就算打个卡。。

作者: gyb192483 时间: 2013-7-7 23:14
谢谢小杀妹
TIME1：02‘00’‘ the financial industry faces a trust crisis. As a result, the bitcoin comes out. It originated from the computer and one should solve a complex mathemetical problem to unlock a bitcoin. There is no regulation or it is unregulationable from the government. The total volume is 21 million. There are few reasons why people hope it is a lasting economy type
TIME2: 01'37'' The internet system can not be completed until the availability of the TCP/IP. TCP/IP allows people to surf in the internet and access what one wants to access. Right now the bitcoin is experienecing the same process of TCP/IP in 1970s. The bitcoin economy is processing every day. And the amount is about 2 billion. It is used in many aspects of the business from the superarket payment in San Paulo to mechanic service in Losangeles.
TIME3: 01'09'' The bitcoin can provide a safety way to trade, purchase goods and money store. People do not trust the bank system and even the government is not trustable. But the bad action can also employ bitcoin to trade the drug and pornography things. Actually dollars are also used to do so. The point is that there is no central operation. Even the US is anti-bitcoin, other countries such as China and Russsion can promote it. It will break the monery system which is based on US dollars
TIME4: 01'32'' The bitcoin can construct a new economy system. It can replace with golden. Actually it is more worth than golden. author personllay recommend convertiing part of the property into bitcoin to reduce the risk of the enonomy. Bitcoin can be the red pill for people to experience a new economy system
TIME5: 01'48'' Concerns of Bitcoin. 1) there is no regulations. But if the government get involved, what kind of regulations to be used is not predicated. It may affect the user of the bitcoin 2) The basis of bitcoin is the trust. But it is hard to prove. 3) no expert in bitcoin 4) the price is determined by factors which are not regulated

Obstacle: 04'11''
MI: Inside trade
ATT: neutral
STRUCTURE:
==> Amerian do not like unfair things. that is why american hate inside trade
==> Rajaratnam was found guilty and sentenced for 11 years because of inside business
==> But actually most of the bussiness handled by Rajaratnam is legal and the unlegal profit is far from the loss due to gray business
==> Rajaratnam's case was started to investigate in the warming running of Bush administration, but it doesn't conclude until Obama's turn. It is used to satisfy the discontended civilian regrading the white collar
==> the minutiae involved in mortgage fraud or Wall Street risk-taking, insider trading cases are, as one prosecutor called them, “sexy,” in that they include wiretapped evidence of tipsters getting not just cash but lobsters and real sex in exchange for their services
==> all of these is triggered by Bharara, a prosecutor

作者: Laurielin 时间: 2013-7-7 23:59
又是补作业，好弱
SPEED
哇哦 BITCOIN这个傲骨贤妻里有一集专门的案子
1. 2‘01
2. 1‘58
3. 1’16
4. 2‘21
5，2’34
OBSTACLE
6'00 后半部分感觉不太懂,读了两遍还是不太懂，先回忆吧
american hate unfair disadvantage so they all think inside trader deserve verdict of crime---a famous 11 years conviction of R ---actually the court over punish him because most of his winning is legal--- US government spend too much taxpayer's money on financial crime like above[negative point]--financial crisis and the similar cases the author talked indicate that white-collar 's scandal is more useful than commit crimes---后两段白目了~回看去

作者: Laurielin 时间: 2013-7-8 00:44

gyb192483 发表于 2013-7-7 23:14
谢谢小杀妹
TIME1：02‘00’‘ the financial industry faces a trust crisis. As a result, the bitcoin ...

But consider the following: The investigations were launched during the waning years of the Bush administration and had been developed by career law enforcement officials from the SEC, the FBI, and the Justice Department. They were developed at a time when Bernie Madoff still roamed free, with some in law enforcement ignoring warnings about his activities, and when risk-taking by the banks grew to enormous heights.
HI LS的牛人看到你的回复觉得思路好清晰~~这个倒数第二段，我怎么就是搞不懂什么意思~~要是有空的话能不能告诉我一下~~

作者: angellau 时间: 2013-7-8 03:01
21-11
1 2：44-374
How bitcoin aroused and what is bitcoin?
2 2:37
The role of bitcoin for internet is like the role of TCP to allow information flow through internet. In addition, although it still is in the stage of infancy, there are a lot of people using it.
3 1:53
There is no owner, no authority of Bitcoin, and people think that bitcoin is more safe to put money in the bank. And a lot of countries is supporting it.
4 2:30
=> Although it has a lot of advantages, but maybe one day it will need regulation.
=>How can bitcoin value?
=>The author advices people to put 1% of the asset to bitcoin
=>Bitcoin is like a red pill, with both positive and negative sides.
5 2:21
The W's filing makes a best argument against treating B as an investment asset.
OBSTACLE
I could not understand too....

=> How B did the inside trading
=>They only cheated a part of the money
=>At least inside trading is better than 2008's financial crisis

作者: gyb192483 时间: 2013-7-8 21:46

Laurielin 发表于 2013-7-8 00:44
But consider the following: The investigations were launched during the waning years of the Bush a ...

但是考虑下面这些内容：调查开始于布什执政时期那些经济不景气的年月，由来自于SEC, FBI和司法部门的执法人员负责。当这些调查进行的时候，Bernie Madoff 还是自由身（前文提到这个哥们也进大狱了），执法人员还没有重视Bernie Madoff 的活动，同时银行所承担的风险正一步步加大。

我只是意译，就说了下大概意思。希望可以能帮到你。

PS: 别管我叫牛人，yingjie才是牛人，看看她写的越障，真是望尘莫及啊！

作者: Laurielin 时间: 2013-7-8 21:51

gyb192483 发表于 2013-7-8 21:46
但是考虑下面这些内容：调查开始于布什执政时期那些经济不景气的年月，由来自于SEC, FBI和司法部门的执法 ...

many thx ~~

作者: gyb192483 时间: 2013-7-8 22:18

Laurielin 发表于 2013-7-8 21:51
many thx ~~

小事一桩，加油！

作者: goldenpath 时间: 2013-7-9 00:20
1.  01:55  Ever since the financial crisis of 2008, people seems to be losing trust and faith on the large financial firms as those firms are only in for themselves. This is where bitcoin comes in, it is a virtual currency that was invented in 2008. Currently there are only 11 million bitcoins exist and only 21 million will be created. Similar to gold coin, which are mined from the gold mine, the bitcoin will also need to be 'mined' - every time when someone solve a complex math question, a bitcoin will be unlocked and enter into the economy.

2. 01:54  The currently stage of the bitcoin development is similiar to the TCP/IP of Internet few decades ago. It allows bitcoin to flow around the world. The currently values of bitcoin is about 2 billions and the bitcoin is being accepted as a form of currency for more and more traditional services.

3. 01:09  Many people prefer bitcoin because they don't want their hard earned money to be played by the large financial institutes or to face the threat from government manipulation. Bitcoin is simply another form of currency, but it is very hard to be controlled by third party. Author argues that bitcoin can be slowed, but it can never be completely banned.

4. 01:26 Author talks about the potential value of bitcoin. How should the value of bitcon be evaluated? It all depends on how it will be used in the future. Currently each coin worth about $130. But if bitcoin takes the spot as gold (gold v2.0) and to be used as Federal Reserve, then the value of it could soar significantly, to about $400,000 a coin. Author has also suggested people to start place bitcoin into their balanced investment portfolio. Author believes that the world needs more 'red pills', more change that is, and is very optimistic about the future of bitcoin.

5. 01:31 the Wxxxx Brothers, inventors of the bitcoin, are planning to launch a Exchanged Traded Funds (ETF) for bitoin, however, author listed a number of things to argue that it is not a good idea to invest into such ETF.

OBSTACLE: 03:55  Americans hate inside trading, and they believe those inside traders belong to jail. The biggest inside trader that was busted in history so far is Raj xxxxxxx. He has accumated over $7 billion worth of trading profit during his career. However, the invesgiation reveals that only small portion of those money are gained through inside trading and the majority of the earning were actually earned legally.

作者: 铁板二米 时间: 2013-7-9 14:59
辛苦小杀妹了，很有意思的文章。

补作业
Time1 1'51"
Time2 1'30"
Time3 58"
Time4 1'38"
Warm up 32"
Time5 1'38"
Obstacle 3'11"

作者: change17251 时间: 2013-7-10 09:51
谢谢~~辛苦啦！\(^o^)/~

补作业喽 ~\(≧▽≦)/~
2,33
1,51
1,33
2,13
2,08

5,30
American people hate the unfair advantage,thus usually saying that people who manipulates the insider trading belong in jai. Then introducing the case of RR.
RR in fact may be gain only a very small proportion of the huge amount money illegal, and the mistakes he made not enough to cause the financial crisis.
the main reason why he was blamed so much is the need of a white-collar scandal to satisfy the public's demand for Wall Street scalps.
then analyzing sth…….

作者: 铁板神猴 时间: 2013-7-11 10:46
2'32''
1'52''
1'24''
2'04''
2'25''

4'47''

作者: wangziann 时间: 2013-7-12 15:36
小杀妹我回来了！计划把21系列的作业补齐。BITCOIN文章内容很专业，长见识。
1-347-2'31''
Bitcoin which is a string of numbers and letters was lauched during the financial crisis.
2-321-2'10''
Bitcoin has unique strings and can be send anywhere safely as the TCP/IP allow information to flow everywhere.
3-226-1'50''
While bitcoin provides a safe way for consumers to manage their money and traditional banking system is not trusted,bitcoin have some negative impact such as illegal dealing. Bitcion can be slowed but not shuttered.
4-357-2'22''
The good things brought by Bitcoin highly outweigh the bad impact. It will make the money flows more tranparent ,easy,cheap and secure.
5-361-2'28''
Arguments of treating Bitcoin as an investment asset.
obstacle-802-5'24''
insider-trading crackdown
今天回忆写的好烂，持续跑神中……

作者: wensd1111 时间: 2013-7-13 10:37
1 A 02:09
2 A 01:42
3 A 01:13
4 A 01:51
5 A 00:37
6 A 01:51
7 A 05:06
the insider trading crime. how did A invole in the crime. what's the influence of this behaviour.

作者: dorisxxy 时间: 2013-7-14 05:50
Time1---2’13”
The passage questions financial industry’s trust issues and introduce bitcoin.
Time2---1’59
The passage reveals how bitcoin works and lists several benefits it has.
Time3---1’29”
The passage mentions trust issue about betcoin.
Time4---2’13”
The passage compares bitcoin with gold.(positive)
Article2---2’19”
The passage weakens the validity of bitcoin.
Obstacle---5’26”
The passage presents Raj Rajaratnam’s issue of insider trading.

作者: 鸢尾yuanwei 时间: 2013-7-15 16:01
thx 小杀妹~~~~~~

Obstacle：5‘27

作者: kimwang53 时间: 2013-7-17 09:51
2.33
2.27
1.52
2.34
2.17

作者: bitxln 时间: 2013-7-23 13:07
Time1: 2:44 [374]
People lose trust with the financial industry especially after the economy crisis in 2008. And this passage also states the definiation of bitcoin and how it works in the platform of phone, computer.

speculation:n. 投机；推测
crypto-currency:密码货币
legitimate:adj. 合法的；正当的
tamper:vi. 篡改；干预
tamper with:篡改；贿赂
tabletn. 碑；药片

Time2: 2:01 [321]
The bitcoin works like TCP/IP protocle to transimit in the internet. The usage of bitcoin is growing and affects more and more people and areas.

egyptian:adj. 埃及的；埃及人的

Time3: 1:33 [226]
People are lossing trust to the tranditional economic institute and bitcoin is getting more and more robust, even though we know it will induce some bad factors as well. Unites States doesn't support bitcoin however the usage in other countries is growing.

derivative:n. [化学] 衍生物，派生物
seize:vt. 抓住；夺取
terrorism:n. 恐怖主义；恐怖行动
slow:adj. 慢的；减速的
shutter:n. 快门；百叶窗
tacitly:adv. 肃静地
geopolitical:adj. 地理政治学的
ramification:n. 衍生物；分枝
boggling:vi. 犹豫，退缩

Time4: 2:09 [357]
Definitely, the usage of bitcoin need regulation. But people should try to use it and we can expect promising outcome from it.

guardrail:n. 护栏；栏杆
schmuck:笨人笨蛋

Time5: [Warm up]: 0:43 [101]

Time5: 2:15 [361]
People should be more skeptical about putting coin in the Winklevoss ETF. People should consider the following risks:1)Bitcoin may be illegal 2) People do not have enough experience to manage bitcoin 3)build up the trust 4)the price is not stable

outlaw:n. 歹徒；罪犯
rower:n. 桨手
contradiction:n. 矛盾；否认；反驳
volatile:adj. [化学] 挥发性的；不稳定的
manipulate:vt. 操纵；操作

Obstacle: 5:33 [802]
perpetrator:n. 犯罪者
wiretap:n. 窃听；窃听装置
informant:n. 被调查者；告密者
prosecutor:n. 检察官；公诉人
overwhelmingly:adv. 压倒性地
shady:adj. 成荫的；阴暗的；名声不好的
nuance:n. 细微差别
tailor-made:adj. 特制的；裁缝制的

People in US hate the people who get advantage in cheating. The author claims that the 2008 economy crisis was induced by shady practices.

作者: avocadodo 时间: 2013-7-25 13:07
2’59’’
How bitcoin came into being: in the depths of Financial crisis in 2008, since then ppl no longer trust financial services industry
Traits of Bitcoin:eletronic, peer to peer, unregulated, uncontrolled --> to make ppl fear or be the last part of financial industry

2’30’’
How bitcoin flow: like IP address of Internet in a orderly & predicable way
Widely used & new uses being created daily

1’50’’
Although Traditional financial services are not trusted bcz (list 3 reasons), Bitcoin also has its own drawbacks: it could be used as drug dealing, porn or financial terrorism. But As they also happen with traditional currencies, those can not be the reason to forbid bitcoin. And it is not possible to shut it down.

U.S. Government is anti-bitcoin, but other countries are in favor of it because it helps create a economic world that does not depend on U.S. Dollar as reserve currency.

2’38’’
The outlook of bitcoin: Gold 2.0 --> Reserve currency
Attitude of the author: Bitcoin is already superior to Gold. He advises ppl to allocate 1% of their assets to bitcoin in case of XXX & hopes that bitcoin will change the current financial industry in hand of centralized authorities.

2’51’’
Skepticism abt. Investment on bitcoin

[ob]
6’07’’
Main idea: Inside trading is bad, but could not account for the Financial crisis in 2008 & the banking system collapse which lead to massive unemployment in U.S.

Structure:
Sentence of Raj： but the vast majority of his money made for his clients & himself is perfectly legal.
Twist: then why prosecutors, spending millions of dollars, want to charge him？
--> a white-collar crime could satisfy the public’s demand for Wall Street Scalps.

作者: elenaknight 时间: 2015-1-22 09:48
1.Don’t trust others .use bitcoin -explain what is bitcoin
2.The advantages about bitcoin- compare with TCP/IP to show bitcoin is safe and useful. It has becoming more common.
3.people don’t trust wall street anymore. Bitcoin has disadvantages-laundry money-author said current currencies are doing the same thing. Then describe bitcoin’s adv and its popularity around the world.
4.some people say bitcoin is gold .but the author think it is more than gold worth. So he propagate people to invest into bitcoin and saying it is useful.-eg-like the red pill

5.W brothers want to get bitcoin mainstream. But there are disadvantages in it.
1.)Illegal
2.)Not experienced
3.)Trust issue
4.) The control and trace process is easy to manipulate
So we should reconsider about investing in bitcoin.
6..Raj was judged guilty when he actually made lot of his money legal. The reason for the gov to point on the hedge fund leaders is that the bank fraud are hard to catch and the gov has to accuse someone to take the crisis blame. And Raj got picked because the inside trading cases are sexy. Bharara made all this happened.

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