Reading 82
MODULE 82.1: DISTRIBUTED LEDGER TECHNOLOGY
Describe financial applications of distributed ledger technology.
Digital assets are assets that can be electronically created, stored, and transferred. This relatively new alternative asset class includes cryptocurrencies, tokens, and digital collectibles. A digital asset is secured and validated using distributed ledger technology (DLT), also known as blockchain technology. Cryptocurrencies have their own blockchains, while crypto tokens are built on existing blockchains.
A distributed ledger is a database shared among market participants. It maintains a record of all transactions, allowing each participant to have an identical copy of the database.
- DLT benefits: accuracy, transparency, and security; rapid ownership transfer; peer-to-peer (P2P) interactions for creating, trading, and monitoring digital assets.
- DLT disadvantages: data protection concerns, potential privacy violations, and the large amount of computational power needed for verifying transactions.
A DLT network consists of a digital ledger, a consensus mechanism, and a network of participants. A consensus mechanism establishes a common state of the ledger by validating transactions and updating the ledger. These two steps generate records that are immutable while providing transparency. DLT uses cryptography to encrypt data, preventing unauthorized access.
DLT can implement smart contracts, where a computer program self-executes based on predetermined terms and conditions. Examples include automating contingent claims and collateral transfers during default events.
A blockchain is a digital ledger that records information sequentially within blocks. These blocks are linked (chained) together, secured using cryptographic techniques. Blocks contain a group of transactions plus a secure link (a hash) to the previous block. New transactions are added only after validation by authorized participants.
數位資產是可以電子化創建、儲存與轉移的資產，屬於相對新興的另類資產類別，包括加密貨幣、代幣與數位收藏品。數位資產透過分散式帳本技術（DLT，又稱區塊鏈技術）確保安全與驗證。加密貨幣擁有自己的區塊鏈，而加密代幣則建立在既有的區塊鏈上。
分散式帳本是市場參與者共享的資料庫，記錄所有交易，每位參與者都持有相同副本。
- DLT 優點：準確、透明、安全；快速所有權轉移；P2P 互動以創建、交易與監控數位資產。
- DLT 缺點：資料保護疑慮、潛在隱私侵犯、驗證交易所需的龐大運算資源。
DLT 網路由數位帳本、共識機制與參與者網路組成。共識機制透過驗證交易與更新帳本來建立帳本的共同狀態，產生不可竄改且透明的紀錄；DLT 並以加密技術防止未授權存取。
DLT 可實作智能合約——根據預定條件自動執行的程式（例如違約事件中的或有請求權自動執行、抵押品自動移轉）。
區塊鏈是依時序在「區塊」內記錄資訊的數位帳本，區塊以加密方式串連。每個區塊含一組交易與指向前一區塊的安全連結（雜湊）。新交易須經授權參與者驗證後方能加入。
Consensus protocols determine how blocks are chained together. They are structured to protect against market manipulation. The two main types are proof of work and proof of stake.
Proof of work (PoW): When a transaction occurs, miners use computers to solve a cryptographic problem, which verifies the transaction. Blocks are validated and locked into the blockchain by powerful computers using massive amounts of energy. Miners are rewarded with cryptocurrency. Manipulating the historical record would require one party to control most (i.e., 51%) of the network — so a blockchain is more likely to succeed when there is a large number of network participants. PoW is the most widely used consensus mechanism.
Proof of stake (PoS): An emerging consensus mechanism in which network participants pledge collateral (a process known as staking) to guarantee the validity of a block. These participants, known as validators, use their stake to signal that a transaction is ready to be added; additional validators then verify authenticity. Validators protect the network by controlling most of the computational power and are rewarded with a return on their staked collateral.
The two forms of DLT networks are permissionless and permissioned.
In permissionless networks, transactions are visible to all users, and any user can execute a transaction or perform any network function. Bitcoin and many other cryptocurrencies use permissionless networks. The advantage is that transactions are confirmed or denied through consensus rather than by a centralized authority. Once added to the ledger, transactions are immutable, so transacting parties do not have to trust each other.
In permissioned networks, users may be restricted from some activities. Permissions can modify the level of ledger accessibility — ranging from adding transactions (for participants) to viewing only the transaction history (for regulators). Permissioned blockchains have stronger restrictions and are therefore more cost-effective than open, decentralized permissionless networks.
共識協定決定區塊如何串連，並防止市場操縱。主要兩種：工作量證明與權益證明。
工作量證明（PoW）：礦工以電腦解密碼學難題以驗證交易。強大電腦消耗大量能源以驗證並鎖入區塊；礦工獲得加密貨幣作為獎勵。要操控歷史紀錄須掌控多數（即 51%）網路，因此參與者越多越安全。PoW 是最普遍的共識機制。
權益證明（PoS）：新興共識機制，參與者抵押擔保品（稱為質押）以保證區塊有效性，這些參與者稱為驗證者。驗證者以質押向網路宣告交易就緒，其他驗證者再確認真實性。驗證者掌控大多數運算力以防惡意攻擊，並可獲得質押抵押品的回報。
許可制與非許可制：
- 非許可制（permissionless）：所有交易對所有人可見，任何人均可執行交易與所有網路功能；Bitcoin 等多數加密貨幣屬此。優點：透過共識確認，無需集中授權；上鏈即不可變，雙方無需互相信任。
- 許可制（permissioned）：使用者活動可被限制，可分層存取（從新增交易到僅查看交易歷史）。限制較強，成本較開放、分散式網路低。
DLT has many potential applications within the financial industry, including the creation of digital assets and more efficient financial services. Figure 82.1 outlines the main types of digital assets.
| Cryptocurrencies | Tokens |
|---|---|
|
|
A cryptocurrency is a digital currency issued privately with no backing from a central bank. Parties can execute near-real-time transactions without an intermediary. Cryptocurrencies commonly limit how many units can be issued; the objective is to maintain the unit as a store of value, although many still experience extreme price volatility.
Various cryptocurrencies exist because their blockchains are designed and optimized differently. Bitcoin is the most widely traded cryptocurrency. Altcoins are based on Bitcoin's technology. The most well-known altcoin is Ether, built on the Ethereum network, which allows users to develop applications (smart contracts) — so Ethereum's value extends beyond a store of value. As of July 2022, Bitcoin and Ether made up more than 80% of the total cryptocurrency market.
Stablecoins offer stable digital currency values by linking to another asset (such as the U.S. dollar) and are secured by a basket of assets, minimizing risk from transaction failures. Smart (algorithmic) stablecoins control supply by using algorithms to mint additional assets when demand increases. Stablecoins cannot be exchanged for fiat currency and have no legal or regulatory backing. Tether is a popular stablecoin pegged to the U.S. dollar. A special case is an asset-backed token, which maintains price parity with a target asset (e.g., gold) — discussed later.
Meme coins are launched for entertainment purposes. Their rapid rise in popularity has at times allowed early purchasers to sell for quick, significant profits. The most popular meme coin is Dogecoin, based on a popular internet meme. In May 2021, Dogecoin saw a dramatic increase in market value thanks to social media endorsements; a year later its market value dropped sharply as its usefulness came into question.
A central bank digital currency (CBDC) is essentially a digital version of a banknote or coin issued by a central bank. Governments do not currently back or regulate cryptocurrencies, but central banks are exploring CBDCs as alternatives to physical currency.
When physical assets such as real estate change hands, considerable work is required to verify ownership. Tokenization uses DLT to streamline this by digitally tracking the historical record of ownership.
- Nonfungible token (NFT): a digital asset linked to a certificate of authenticity. Each NFT represents a distinct object (unlike fungible tokens). Digital artwork is a common application.
- Security token: digitally tracks ownership rights in publicly traded securities. A blockchain can facilitate custody, settlement, recordkeeping, and post-trade processing. An initial coin offering (ICO) is an unregulated process in which companies offer crypto tokens for money or other cryptocurrency, typically for future purchases of products or services. ICOs are potentially less expensive and faster than IPOs, though most do not have voting rights. Many jurisdictions are considering regulating ICOs due to fraud.
- Utility token: provides network services such as service payments and network fees. Unlike security tokens (which may pay dividends), utility tokens only compensate for network activities.
- Governance token: offered on permissionless networks; acts as voting rights to determine how networks should operate (e.g., voting on solutions for technical issues).
數位資產類別（圖 82.1）：主要分為加密貨幣（Bitcoin、Altcoins—含 Ether、Stablecoins—如 Tether、Meme coins—如 Dogecoin、CBDC）與代幣（NFT、Security token—含 ICO、Utility token、Governance token）。
加密貨幣由私人發行、無央行擔保，可近即時點對點交易，多數限制供給以維持價值儲藏功能，然波動仍極大。各種加密貨幣因區塊鏈設計與優化不同而異。Bitcoin 為最廣交易者，Altcoin 基於 Bitcoin 技術；最著名的 Ether 建於 Ethereum 網路上，支援智能合約。截至 2022 年 7 月，Bitcoin 與 Ether 合計占加密貨幣市場 80% 以上。
Stablecoin（穩定幣）：價值與其他資產（如美元）連動、以資產籃擔保。演算法穩定幣以程式控制供給。Stablecoin 不可兌換為法幣、無法律或監管擔保；最知名為 Tether（釘住美元）。特殊情形是資產擔保代幣（與黃金等目標資產等價）。
教授提醒：TerraUSD 是以「演算法」釘住美元而非直接以底層擔保品連動。2022 年 5 月在大量投資人贖回後，1:1 釘鈎失敗，價值崩跌並引發數個穩定幣擠兌。
Meme coin（迷因幣）：多以娛樂目的推出，曾因社群媒體炒作短期暴漲；最知名為 Dogecoin（2021 年 5 月暴漲，一年後因實用性受質疑而大跌）。
CBDC（央行數位貨幣）：央行發行之紙鈔/硬幣的數位版本，目前各國央行仍在探索。
Tokenization（代幣化）：以 DLT 數位追蹤所有權歷史紀錄，簡化高價實體資產的轉讓流程。
- NFT（非同質化代幣）：與真品認證連結；每枚 NFT 代表獨特物件（與「同質」代幣不同），常見應用為數位藝術。
- Security token（證券型代幣）：以數位形式追蹤公開交易證券所有權，可協助託管、結算、記帳與交易後處理。ICO 為一種未受監管的代幣發行程序——以代幣換取資金或其他加密貨幣，可換取未來產品/服務。相對 IPO 成本較低、速度較快，但多無投票權；因詐欺增加，許多司法區考慮加強監管。
- Utility token（功能型代幣）：提供網路服務（支付、網路費用）；不同於可能配息的證券型代幣，僅補償網路活動。
- Governance token（治理代幣）：於非許可制網路發行，作為投票權以決定網路運作（如技術議題決議）。
- A. A disadvantage of blockchain is that past records are vulnerable to manipulation.
- B. Tokenization can potentially streamline transactions involving high-value physical assets.
- C. Only parties who trust each other should carry out transactions on a permissionless network.
- A. improved accuracy and transparency.
- B. quicker transfer of ownership records.
- C. using high-performance computers for verifying transactions.
- A. miners using computers to solve cryptographic problems.
- B. network participants pledging collateral to guarantee the validity of transactions.
- C. validators controlling most of the network's computational power to prevent attacks.
- A. pegging cryptocurrency to the value of another asset.
- B. extending the value of a blockchain beyond a store of value.
- C. creating a digital version of a bank note issued by a central bank.
- A. utility token.
- B. security token.
- C. nonfungible token.
MODULE 82.2: DIGITAL ASSET CHARACTERISTICS
Explain investment features of digital assets and contrast them with other asset classes.
Investing in digital assets is becoming more commonplace. In 2013, approximately 70 cryptocurrencies were recorded; by early 2022, over 10,000 had been issued. Due to high expected returns and diversification benefits, institutional investors are taking more interest. Financial service providers — including digital exchanges and custodians — have strengthened their infrastructures to support institutional investment.
Key investment differences between digital assets and other asset classes:
- Inherent value differences. Most digital assets are not backed by underlying assets or the cash flows they generate (interest, dividends). Because digital assets lack expected earnings, they have no fundamental value. Prices are determined largely by projected asset growth based on scarcity and the ability to transfer value in the future.
- Transaction validation differences. Traditional financial instruments are typically recorded on private ledgers maintained by central intermediaries; digital assets are typically recorded on decentralized digital ledgers.
- Medium of exchange differences. Traditional financial assets are traded and priced in globally accepted fiat currencies. Digital assets serve as an alternative to fiat currencies, mainly for online transactions. Mainstream financial systems are hesitant to accept cryptocurrencies as a medium of exchange due to high transaction costs, cryptocurrencies not being legal tender in many jurisdictions, and being heavily restricted in several countries. CBDCs are being evaluated as tokenized forms of fiat currencies.
- Regulatory differences. Most jurisdictions have clear, established rules governing financial instruments; digital assets lack well-developed standards. U.S. regulators consider some digital currencies to be commodities, while others consider them as nonfinancial assets. Cryptocurrency exchanges are typically unregulated, so participants are not specifically prohibited from market manipulation.
數位資產投資日益普及：2013 年約 70 種加密貨幣，2022 年初已逾 10,000 種。因預期報酬高、具分散風險效益，機構投資人興趣漸增；交易所與託管機構亦強化基礎設施以支援機構資金。
數位資產與傳統資產類別之主要差異：
- 內在價值差異：多數數位資產無底層資產或現金流（利息、股利）支撐，缺乏預期收益、無基本面價值；價格主要由稀缺性與未來價值移轉能力下的預期成長決定。
- 交易驗證差異：傳統金融工具由中央中介機構維護私有帳本；數位資產則記錄於分散式數位帳本。
- 交易媒介差異：傳統資產以全球通用法幣交易計價；數位資產主要用於線上交易，作為法幣替代。主流金融體系不願接受加密貨幣為交易媒介，原因包括交易成本高、許多國家未認定為法定貨幣、多國嚴格限制。CBDC 正被評估為法幣的代幣化形式。
- 監管差異：傳統工具監管成熟，數位資產仍缺乏完備標準。美國監管機構或視某些數位貨幣為大宗商品、或視為非金融資產；加密貨幣交易所多未受監管，參與者並無明確禁止市場操縱之規範。
Describe investment forms and vehicles used in digital asset investments.
Investing in digital assets can be done directly on the blockchain or indirectly through exchange-traded products and hedge funds. Direct ownership of cryptocurrencies requires a cryptocurrency wallet, which contains digital encryption keys. The two categories of cryptocurrency exchanges are centralized and decentralized.
- Centralized exchanges are privately held and offer trading platforms for price transparency and volume information. Despite being at odds with Bitcoin's decentralized nature, they are the most popular type. Traders trade directly on private servers, which may introduce security vulnerabilities — compromised servers can halt trading or leak wallet keys. Some are regulated as financial exchanges depending on jurisdiction.
- Decentralized exchanges implement decentralized blockchain principles. They have no centralized authority and operate on a distributed framework — multiple computers service the exchange, so attacks are substantially more difficult. Because no one entity controls a decentralized exchange, regulations are difficult to enforce.
On either type, lack of regulatory oversight raises investor protection concerns. Fraud and market manipulation are more likely, including pump-and-dump schemes involving questionable promotion of cryptocurrencies on social media to deliberately increase prices.
Direct investment in cryptocurrencies occurs when a transaction is recorded on the blockchain. Once validated, it is permanently stored. Examples: purchasing tokens on a cryptocurrency exchange, trading an NFT, investing in an ICO. Most cryptocurrency exchanges offer continuous trading.
Direct investment has several risks: scam ICOs, pump-and-dump schemes, market manipulation, theft, and attempts to gain access to wallet credentials. Because cryptocurrencies are normally held in secure wallets requiring unique passkeys, losing the passkey makes the cryptocurrency worthless — an estimated 20% of Bitcoin is in lost or abandoned wallets. Many small cryptocurrencies are held primarily by a few large entities (known as whales) that may hold enough to manipulate prices.
Indirect exposure can be achieved through coin trusts, futures contracts, exchange-traded products, stocks, and hedge funds.
- Cryptocurrency coin trusts offer shares in a trust that holds large amounts of cryptocurrency. Trade OTC, similar to a closed-end fund. Increase transparency while eliminating the need for digital wallets and encryption keys; some trusts charge substantial fees.
- Cryptocurrency futures contracts involve buying or selling a specific quantity at a predetermined future date. The CME trades Bitcoin futures based on spot prices from cryptocurrency exchanges. Typically cash settled and involve leverage; more volatile and less liquid than traditional futures markets.
- Cryptocurrency exchange-traded products (e.g., ETFs) attempt to mimic the returns of digital assets, typically using cash or cryptocurrency derivatives.
- Cryptocurrency stocks offer indirect exposure through business connection: public digital exchanges; payment providers; corporations that accept, invest in, or mine cryptocurrencies; companies providing products/services for blockchain networks.
- Cryptocurrency hedge funds employ strategies such as discretionary long, long/short, quantitative, and multistrategy. Some also conduct Bitcoin mining for additional returns.
Asset-backed tokens represent digital ownership of physical or financial (i.e., nondigital) assets. They are collateralized by the underlying asset such as oil, gold, or equities. Asset-backed tokens can potentially increase liquidity of high-priced assets such as real estate by allowing fractional ownership. A digital representation also allows for an immutable record of ownership, improving transparency and reducing transaction costs. Regulators generally classify asset-backed tokens as securities.
The Ethereum network is often used to issue asset-backed tokens by allowing P2P interactions via smart contracts. Decentralized applications (dApps) enable transactions to be recorded on the blockchain without the need for a centralized system.
Decentralized finance (DeFi) grew out of this movement toward financial decentralization. DeFi seeks to develop sophisticated financial products and services using open-source financial applications. Essentially, DeFi is a marketplace of dApps that can offer a medium for exchange, a store of value, tokenization of assets, and immutable records of ownership. Currently, most dApps focus on digital asset speculation.
投資數位資產可分直接（鏈上）與間接（ETP、避險基金等）。直接持有需加密貨幣錢包（內含加密金鑰）。交易所有兩類：
- 中心化交易所：私營、價量透明，雖違背 Bitcoin 去中心化精神但最普遍。私有伺服器交易具資安弱點（伺服器遭駭可停擺、外洩錢包金鑰）；部分受金融交易所法規監管。
- 去中心化交易所：無中央授權，分散式運作；多台電腦服務，單機受攻擊不影響整體；因無單一實體控管，難以監管。
兩類均缺乏監管，投資人保護令人擔憂；詐欺、操縱（如拉抬倒貨）盛行。
教授提醒：中心化交易所 FTX 於 2021 年成為最大加密與穩定幣交易所之一，後因加密貨幣下跌、利率上升及管理層詐欺造成極端流動性問題；2022 年 11 月引發大量贖回，最終破產。
直接投資：交易上鏈即驗證並永存（例：交易所購買代幣、交易 NFT、投資 ICO）。風險：詐騙 ICO、拉抬倒貨、操縱、竊盜、錢包憑證遭駭；遺失金鑰即無法存取（估計 20% Bitcoin 已遺失或被棄）；小型加密貨幣多由少數巨鯨持有，足以操縱價格。
間接投資：
- 幣信託（coin trusts）：OTC 交易，類似封閉式基金；提升透明度且免持錢包，但部分費用高昂。
- 加密貨幣期貨：於 CME 等交易（如 Bitcoin 期貨參考現貨價）；通常現金交割且具槓桿；較傳統期貨更波動、流動性較差。
- 加密 ETP（如 ETF）：以現金或加密衍生品複製數位資產報酬。
- 加密相關股票：透過業務連結間接曝險（交易所、支付商、接受/投資/挖礦的企業、區塊鏈服務商）。
- 加密避險基金：採酌情多頭、多空、量化、多策略等；部分自行挖礦增益。
非數位資產的數位投資：
- 資產擔保代幣：代表實體或金融（非數位）資產的數位所有權，由底層資產（石油、黃金、股票）擔保。可分割所有權以提升不動產等高價資產之流動性，並提供不可竄改的所有權紀錄、提升透明度並降低交易成本；監管者多視為證券。
- 常於 Ethereum 透過智能合約發行資產擔保代幣；dApps（去中心化應用）使交易上鏈無需中心化系統。
- DeFi（去中心化金融）：以開源金融應用發展先進金融產品與服務，本質為 dApp 市集，提供交易媒介、價值儲藏、資產代幣化與不可竄改所有權；目前多聚焦數位資產投機。
Analyze sources of risk, return, and diversification among digital asset investments.
Cryptocurrency values depend largely on asset appreciation, and a significant driver of prices is their limited supply. For instance, Bitcoin is limited to 21 million units. As a result, some investors refer to Bitcoin as digital gold. To date, Bitcoin has generated high returns and high volatility compared to traditional asset classes. Bitcoin's price rose from $0.05 when it was first publicly available in mid-2010 to over $65,000 in November 2021, before falling below $20,000 in June 2022.
| Bitcoin (in USD) | S&P 500 Index Total Return | MSCI World Index Return | Bloomberg Global Aggregate Index | |
|---|---|---|---|---|
| Average | 8.84% | 1.13% | 0.66% | 0.16% |
| Standard deviation | 0.32 | 0.04 | 0.04 | 0.01 |
| Coefficient of variation | 3.66 | 3.43 | 6.09 | 8.16 |
Other cryptocurrencies exhibit similar price volatility to Bitcoin, reflecting overall uncertainty. Even though some are regulated as digital commodities in the U.S. and EU rules are under development, investors remain wary due to recent fraud and crime. Several countries — including China, which banned them outright in 2021 — have severely restricted cryptocurrencies.
Historically, cryptocurrency returns have demonstrated low correlations with traditional asset class returns, so cryptocurrencies have potential to provide portfolio diversification benefits. However, correlations may increase during periods of extreme market stress. In general, cryptocurrency prices are influenced by market adoption, risk appetite, technological innovation, network impacts, speculation, and regulation.
| Bitcoin in U.S. Dollars | S&P 500 Index Total Return | MSCI World Index Return | Bloomberg Global Aggregate Index | |
|---|---|---|---|---|
| Bitcoin in U.S. dollars | 1 | — | — | — |
| S&P 500 Index total return | 0.21 | 1 | — | — |
| MSCI World Index return | 0.22 | 0.97 | 1 | — |
| Bloomberg Global Aggregate Index | 0.14 | 0.25 | 0.33 | 1 |
加密貨幣價值主要取決於資產增值，重要驅動因素為供給有限（例如 Bitcoin 上限 2,100 萬枚），因此被部分投資人稱為「數位黃金」。Bitcoin 至今相較傳統資產展現高報酬與高波動：自 2010 年中以 0.05 美元公開以來，2021 年 11 月曾突破 65,000 美元，2022 年 6 月跌破 20,000 美元。
圖 82.2：2011/01–2022/01 月對數報酬比較——Bitcoin 平均 8.84%、標準差 0.32、變異係數 3.66；S&P 500 平均 1.13%、變異係數 3.43；MSCI World 平均 0.66%、變異係數 6.09；Bloomberg 全球綜合指數平均 0.16%、變異係數 8.16。
其他加密貨幣亦展現類似波動，反映整體不確定。雖然美國視部分為數位大宗商品、歐盟正研擬規範，但因詐欺與犯罪頻仍，投資人態度保守；多國（含中國於 2021 年全面禁止）對加密貨幣嚴格設限。
歷史上加密貨幣與傳統資產低相關，可望提供分散效益；然而在極端市場壓力期，相關性可能上升。價格也受市場接受度、風險偏好、技術創新、網路效應、投機、監管等獨特因素影響。
圖 82.3：2011/01–2022/01 相關係數矩陣——Bitcoin 對 S&P 500 為 0.21、對 MSCI World 為 0.22、對 Bloomberg 全球綜合為 0.14；S&P 500 與 MSCI World 高度相關（0.97）。
- A. are not typically backed by underlying asset cash flows.
- B. have established regulatory guidance in most jurisdictions.
- C. are recorded on private ledgers maintained by central intermediaries.
- A. Low transaction costs.
- B. Lack of cryptocurrency roadblocks in several countries.
- C. Cryptocurrencies not being considered legal tender in many countries.
- A. Decentralized exchanges are the prevalent type of cryptocurrency exchange.
- B. Centralized exchanges are more highly regulated than decentralized exchanges.
- C. Decentralized exchanges are less susceptible to network attacks and security vulnerabilities.
- A. an asset-backed token.
- B. a cryptocurrency exchange-traded product.
- C. purchasing tokens on a cryptocurrency exchange.
- A. low price volatility.
- B. asset appreciation.
- C. unlimited supply of currency units.
Digital assets can be electronically created, stored, and transferred. This alternative asset class includes cryptocurrencies, tokens, and digital collectibles. A digital asset relies on distributed ledger technology (DLT).
A blockchain is a digital ledger that records information sequentially within blocks. Consensus protocols determine how blocks are chained: proof of work (miners use powerful computers to verify transactions) and proof of stake (validators pledge collateral to guarantee validity).
In permissionless networks, transactions are visible to all users and any user can execute a transaction. In permissioned networks, some activities may be modified or restricted.
A cryptocurrency is a digital currency issued privately with no central bank backing. Stablecoins link to another asset (e.g., USD). Meme coins are launched for entertainment. A CBDC is a digital version of a bank note or coin issued by a central bank. Tokenization uses blockchain to digitally track ownership history.
- Most digital assets are not backed by underlying assets or cash flows; they have no fundamental value.
- Traditional financial assets are recorded on private ledgers maintained by central intermediaries; digital assets are recorded on decentralized ledgers.
- Traditional financial assets trade in fiat currencies; digital assets are an alternative to fiat, mainly for online transactions.
- Most jurisdictions have established rules for traditional instruments; digital assets lack such well-developed standards.
Centralized exchanges allow electronic trading on private servers; decentralized exchanges operate on a distributed framework. Both raise investor protection concerns due to limited regulatory oversight.
Direct investment in cryptocurrencies records transactions directly on the blockchain. Risks include scam ICOs, pump-and-dump schemes, market manipulation, theft, and wallet credential attacks.
Indirect investment can be achieved via coin trusts, futures, ETPs, stocks, and hedge funds.
Asset-backed tokens represent digital ownership of nondigital assets. The decentralization movement has produced DeFi products and services.
Cryptocurrency values are driven by asset appreciation and limited supply. Digital assets have generated high returns and high volatility relative to traditional asset classes. Because returns have demonstrated low correlations with traditional asset class returns, this alternative asset class has potential to provide portfolio diversification benefits.
【LOS 82.a】數位資產可電子化創建、儲存與轉移，包含加密貨幣、代幣、數位收藏品；皆仰賴 DLT。區塊鏈為依時序記錄的數位帳本。共識協定主要兩類：PoW（礦工解密碼學難題）與 PoS（驗證者質押擔保）。網路分非許可制（任何人可執行交易）與許可制（活動受限）。加密貨幣為私發無央行擔保的數位貨幣；穩定幣連結其他資產（如美元）；迷因幣為娛樂目的；CBDC 為央行發行紙鈔/硬幣的數位版；代幣化以區塊鏈追蹤所有權歷史。
【LOS 82.b】多數數位資產無底層資產或現金流支撐、無基本面價值；記錄於分散式帳本（傳統者為中介機構之私有帳本）；以法幣替代品、主用線上交易；缺乏成熟監管。
【LOS 82.c】中心化交易所於私有伺服器電子交易；去中心化交易所為分散式架構。兩者皆缺乏監管。直接投資直接上鏈，風險含 ICO 詐騙、拉抬倒貨、操縱、竊盜、錢包憑證遭駭。間接投資可透過幣信託、期貨、ETP、股票、避險基金。資產擔保代幣為非數位資產之數位所有權；去中心化潮流催生 DeFi。
【LOS 82.d】加密貨幣價值由資產增值與供給有限驅動；報酬與波動皆高於傳統資產，但與傳統類別相關性低，具分散投資組合風險潛力。