Povzeto in predelano po https://blockchainecon.wordpress.com/
, avtor Primož
Kordež http://www.ediplome.fm-kp.si/Oblak_Vid_20190715.pdf
Kriptoborza ali menjalnica je programska platforma, ki je ponavadi vzpostavljena s strani zanesljivejših podjetij ali finančnih inštitucij. K sebi vabijo vse uporbnike, ki si želijo zamenjati na primer evre v bitcoin ali bitcoin v evre. Na podlagi ponudbe in povpraševanja po teh tako imenovanih »valutnih parih« se tako kot na vsaki drugi borzi oblikuje trža cena, ki pa je pri kriptovalutah praviloma še precej nestabilna.
Nihanja so lahko tudi nekaj sto odstotna znotraj enega samega meseca, kar privablja
številne špekulate, ki želijo hitro realizirati pozitivno razliko med nabavno in prodajno ceno kriptovalute.
Z navalom kupcev, ki so svoje evre ali dolarje zemenjali za katero od kriptovalut, se skupna vrednost vseh kriptovalut bliža že petdesetim milijardam evrov, kar je privabilo celotno finančno srenjo, ki na podlagi posameznih kriptovalut že ponuja celo paleto finančnih produktov – od mesečnega varčevanja v kriptovalutah ter skladov pa vse do izvedenih finančnih inštrumentov, kot so opcijske in terminske pogodbe. https://kriptovalute.si/borze-kriptovalut/
Kriptovalute so v ta namen vrednotenja segmentirane v vsaj tri skupine (po Primož
Kordež):
 kriptovaluta, ki opravlja funkcijo plačilnega sredstva in hranilca vrednosti,
 kriptovaluta, ki ima uporabno vrednost znotraj protokola,
 kriptovaluta, podprta z realnim premoženjem ali donosom.
Naslednjič: Kriptoekonomija 2., kriptovaluta kot plačilno sredstvo in hranilec vrednosti.
Povzeto in predelano po https://blockchainecon.wordpress.com/
, avtor Primož
Kordež
ICO (angl. initial coin offerings) je prvo zbiranje sredstev (običajno v obliki kriptovalut) za izgradnjo platforme oziroma protokola, kjer bo mogoče vnovčiti vnaprej izdane nove kriptovalute za določeno storitev.

Gre za izdajo žetonov ali enot vrednosti, pri čemer vrednost nastane »iz zraka« in pravzaprav temelji na pričakovanju vlagateljev oziroma uporabnikov, da bo ekipa zgradila protokol, ki bo uspešno deloval po zamišljenem principu (izmenjava žetonov za storitev). Gre za generacijo mikroekonomij, oziroma z lastno idejo in valuto podprtih protokolov ali platform, kot nas obdajajo v vsakodnevnem življenju (Airbnb,
Uber, Facebook).
V »realni« ekonomiji je to poslovni model »fundraisinga«, kjer vrsta posameznikov v projektu množičnega zbiranja manjših zneskov, podpre izgradnjo določene infrastrukture. Ker je infrastruktura odprta, se lahko vanjo vključijo vsi ljudje, ki bodisi opravljajo storitev na infrastukturi, bodisi jo koristijo, ali nastopajo zgolj kot
»financerji« (investitorji), ki lahko svojo naložbo po trenutni tržni vrednosti vnovčijo.Pri tem pride do tako imenovanega mrežnega efekta in povečanja dinamike, mikroekonomija pa nenadoma pridobi na vrednosti, kot tudi valuta, ki je bila v začetni fazi generirana »iz zraka«.
Valuta in posledično protokol je vreden toliko, kot znaša potencialna vrednost izmenjave določene storitve. Zato je na mestu vprašanje, koliko so tovrstne valute dejansko vredne in katere od mnogih, ki se poslužujejo tovrstnega financiranja imajo resen potencial v ustvarjanju dodane vrednosti, ali le porabi zbranih sredstev.

Central banks create money either by printing it or by buying bonds in the treasury market. When central banks buy bonds, they usually buy their own country’s treasury bonds, and their purchases are made from banks that own bonds. The money from the central banks goes to the bank vaults, and becomes loanmaking capital.
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When the Fed wants to increase the money supply in the U.S., it buys bonds from banks in the open market and uses a pretty simple formula to calculate how much money it actually is creating.
Instead of using gold as the basis for the monetary system, as was the custom until 1971, the Fed requires its member banks to keep certain specific amounts of money on reserve as a means of keeping a lid on the uncontrolled expansion of fiat money — in other words, to keep the money supply from exploding.
These reserve requirements are the major safeguard of the system.
When the economy slows down, the Fed attempts to jump-start it by lowering interest rates. The Fed lowers interest rates by injecting money into the system. The monetary injection is sort of like a flu shot for an ailing economy. But instead of a vaccine, the Fed injects money into the system by buying bonds from the banks.
To keep the system from becoming inflationary, the
Fed keeps a lid on how much banks can actually lend by using a bank reserve management system. The reserve management system, to be sure, is not an exact science, but over the long haul, it tends to work as long as the public buys the validity of the system, which in the United States, it does.
Here’s how the reserve requirements work:

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• If the current formula calls for a 10 percent reserve ratio, it means that for every dollar that a bank keeps in reserve, it can lend ten dollars to its clients.
• At the same time, if the Fed buys $500 million in bonds in the open market, it creates $5 billion in new money that makes its way to the public via bank loans.
The reverse, or opposite, is true when the Fed wants to tighten credit and slow down the economy. It sells bonds to banks, thus draining money from the system, again based on the reserve formula.

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By SEAN ROSS
Updated Mar 19, 2020
TABLE OF CONTENTS
Determining the Money Supply
Money Creation Mechanism
The Credit Market Funnel
The Money Multiplier
The Federal Reserve is the central bank of the United
States and is arguably the most influential economic institution in the world. One of the chief responsibilities set out in the Fed's charter is the management of the total outstanding supply of U.S. dollars and dollar substitutes. The Fed is responsible for creating or destroying billions of dollars every day.
Despite being colloquially charged with running the printing press for dollar bills, the modern Federal Reserve

no longer simply runs new paper bills off of a machine.
Some real dollar printing does still occur (with the help of the U.S. Department of the Treasury), but the vast majority of the American money supply is digitally debited and credited to major banks. The real money creation takes place after the banks loan out those new balances to the broader economy.
KEY TAKEAWAYS
• The Federal Reserve, as America's central bank, is responsible for controlling the money supply of the
U.S. dollar.
• The Fed creates money through open market operations, i.e. purchasing securities in the market using new money, or by creating bank reserves issued to commercial banks.
• Bank reserves are then multiplied through fractional reserve banking, where banks can lend a portion of the deposits they have on hand.
The Federal Open Market Committee (FOMC) and associated economic advisers meet regularly to assess the U.S. money supply and general economic condition.
If it is determined that new money needs to be created, then the Fed targets a certain level of money injection and institutes a corresponding policy.

It's hard to track the actual amount of money in the economy because many things can be defined as money.
Obviously, paper bills and metal coins are money, and savings accounts and checking accounts represent direct and liquid money balances. Money market funds, shortterm notes, and other reserves are also often counted.
Nevertheless, the Fed can only approximate the money supply.
The Fed could initiate open market operations (OMO), where it buys and sells Treasurys to inject or absorb money. It can use repurchase agreements for temporary expansions. It can use the discount window for shortterm loans to banks. By far, the most common result is an increase in bank reserves. So, if the Fed wants to inject $1 billion into the economy, it can simply buy $1 billion worth of Treasury bonds in the market by creating $1 billion of new money.
The various types of money in the money supply are generally classified as Ms, such as M0, M1, M2 and M3 , according to the type and size of the account in which the instrument is kept. Not all of the classifications are widely used, and each country may use different classifications.
The money supply reflects the different types of liquidity each type of money has in the economy. It is broken up into different categories of liquidity or

spendability.
The Federal Reserve uses money aggregates as a metric for how open-market operations, such as trading in
Treasury securities or changing the discount rate, affect the economy. Investors and economists observe the aggregates closely because they offer a more accurate depiction of the actual size of a country’s working money supply. By reviewing weekly reports of M1 and M2 data, investors can measure the money aggregates' rate of change and monetary velocity overall.
In the early days of central banking, money creation was a physical reality; new paper notes and new metallic coins would be crafted, imprinted with anti-fraud devices, and subsequently released to the public (almost always through some favored government agency or politically connected business).
Central banks have since become much more technologically creative. The Fed figured out that money doesn't have to be physically present to work in an exchange. Businesses and consumers could use checks, debit and credit cards, balance transfers, and online transactions. Money creation doesn't have to be physical, either; the central bank can simply imagine up new dollar

balances and credit them to other accounts.
A modern Federal Reserve drafts new readily liquifiable accounts, such as US Treasurys, and adds them to existing bank reserves. Normally, banks sell other monetary and financial assets to receive these funds.
This has the same effects as printing up new bills and transporting them to the bank vaults, only it's cheaper. It is just as inflationary , and the newly credited money balances count just as much as physical bills in the economy.
Suppose the U.S. Treasury prints $10 billion in new bills, and the Federal Reserve credits an additional $90 billion in readily liquifiable accounts. At first, it might seem like the economy just received a monetary influx of $100 billion, but that is only a very small percentage of the actual money creation.
This is because of the role of banks and other lending institutions that receive new money. Nearly all of that extra $100 billion enters banking reserves. Banks don't just sit on all of that money, even though the Fed now pays them 0.25% interest to just park the money with the
Fed Bank. Most of it is loaned out to governments, businesses, and private individuals.

The credit markets have become a funnel for money distribution. However, in a fractional reserve banking system , new loans actually create even more new money.
With a legally required reserve ratio of 10%, the new $100 billion in bank reserves could potentially result in a nominal monetary increase of $1 trillion.
In the modern banking system, the central bank creates monetary reserves and sends those to commercial banks.
Banks can then lend much of that money, up to a certain limit known as the reserve requirement - which has been around 10% in the U.S.
So, if the Fed issues $1 billion in reserves to a bank, it can then lend $900 million to borrowers. These borrowers will then ultimately deposit those funds back to the banking systems (either directly or indirectly from people paid with the loaned money), which can then be loaned out at
90% - so if that $900 million is deposited, an additional
$810 million may be deposits. Ultimately, through this money multiplier effect, the $1 billion in reserves will turn into $100 billion in new credit money in the economy.
ZELO DOBRA RAZLAGA ZA MONEY CREATION https://www.youtube.com/watch?time_continue=737&v=
PsG9DsFfc7A&feature=emb_logo

https://www.tes.com/lessons/Jr3nNo8M9mxMvg/moneyand-interest
8) The bond markets are important because they are
A) easily the most widely followed financial markets in the United States. B) the markets where foreign exchange rates are determined.
C) the markets where interest rates are determined.
D) the markets where all borrowers get their funds.

https://www.thebalance.com/what-is-hyperinflationdefinition-causes-and-examples-3306097

Hyperinflation is when the prices of goods and services rise more than 50% a month. At that rate, a loaf of bread could cost one amount in the morning and a higher one in the afternoon. The severity of cost increases distinguishes it from the other types of inflation . The next worst, galloping inflation, only sends prices up 10% or more a year.
Hyperinflation starts when a country's government begins printing money to pay for its spending . As it increases the money supply , prices rise as in regular inflation . An increase in the money supply is one of the two causes of inflation . The other is demand-pull inflation . It occurs when a surge in demand outstrips supply, sending prices higher.
But, instead of tightening the money supply to stop inflation, the government keeps printing more. With too much currency sloshing around, prices skyrocket.
Once consumers realize what is happening, they

expect continued inflation. They buy more now to avoid paying a higher price later. That excessive demand aggravates inflation. It's even worse if they stockpile goods and create shortages.
To keep from paying more tomorrow, people begin hoarding. That stockpiling creates shortages. It starts with durable goods , such as automobiles and washing machines. If hyperinflation continues, people hoard perishable goods, like bread and milk. These daily supplies become scarce, and the economy falls apart.
People lose their life savings as cash becomes worthless. For that reason, the elderly are the most vulnerable to hyperinflation. Soon, banks and lenders go bankrupt since their loans lose value. They run out of cash as people stop making deposits.
Hyperinflation sends the value of the currency plummeting in foreign exchange markets . The nation's importers go out of business as the cost of foreign goods skyrockets. Unemployment rises as companies fold. Then government tax revenues fall, and it has trouble providing basic services. The government prints more money to pay its bills, worsening the hyperinflation.
There are two winners in hyperinflation. First, are those who took out loans. They find that higher prices make their debt worthless by comparison until it is virtually wiped out. Exporters are also winners. The falling value of the local currency makes exports cheaper compared to foreign competitors. Exporters

receive hard foreign currency, which increases in value as the local currency falls.
The most well-known example of hyperinflation was during the Weimar Republic in Germany in the
1920s .
1 First, the German government printed money to pay for World War I . From 1913 to the end of the war, the number of Deutschmarks in circulation went from 13 billion to 60 billion. The government also printed government bonds.
2 It has the same effect as printing cash. Germany's sovereign debt went from 5 billion to 156 billion marks. At first, this fiscal stimulus lowered the cost of exports and increased economic growth .
When the war ended, the Allies saddled Germany with another 132 billion marks in war reparations.
Production collapsed, leading to a shortage of goods, especially food. Because there was excess cash in circulation, and few goods, the price of everyday items doubled every 3.7 days. The inflation rate was 20.9% per day. Farmers and others who produced goods did well, but most people either lived in abject poverty or left the country.
The most recent example of hyperinflation is in
Venezuela.
3 Prices rose 41% in 2013, 63% in 2014,
121% in 2015, 481% in 2016, 1,642% in 2017, 2,880% in 2018, and (a projected) 3,497% in 2019. In 2017, the government increased the money supply by
14%.
4 It is promoting a new cryptocurrency, the "petro,"

because the bolivar lost almost all its value against the
U.S. dollar.
5 It can't afford the cost of printing new paper currency. The International Monetary Fund projected prices to rise 13,000% in 2018.
In response, people began using eggs as currency. A carton of eggs was worth 250,000 bolivars compared to 6,740 bolivars in January 2017. Unemployment rose to 21%, similar to the U.S. rate during the Great
Depression.
How did Venezuela create such a mess? Former
President Hugo Chávez had instituted price controls for food and medicine. But mandated prices were so low it forced domestic companies out of business. In response, the government paid for imports. In 2014, oil prices plummeted. It eroded revenues to the government-owned oil companies. When the government ran out of cash, it started printing more.
Rather than change its dangerous price and wage controls, President Nicolás Maduro is continuing unsustainable policies.
As of 2019, Venezuela’s foreign debt is about $100 billion.
6 Its inflation rate has hit 10,398% per annum.
7 With the continued collapse of its economy, the country is facing a monumental problem of debt repayment. At this moment, it is the only country in the world suffering from true hyperinflation.
Zimbabwe had hyperinflation between 2004 and 2009.
The government printed money to pay for the war in the Congo. Also, droughts and farm confiscation restricted the supply of food and other locally produced

goods. As a result, hyperinflation was worse than in
Germany. The inflation rate was 98% a day, and prices doubled every 24 hours. It finally ended when the country changed its currency to the U.S. dollar.
The only time the United States suffered hyperinflation was during the Civil War. The Confederate
Government printed money to pay for the war. If hyperinflation were to reoccur in America, the
Consumer Price Index would measure it. If you check out the current inflation rate , you will see that it is nowhere near hyperinflation--it isn't even in the double digits. In fact, inflation is too low. Mild inflation is good for economic growth .
The Federal Reserve prevents hyperinflation in
America with monetary policy . The Fed's primary job is to control inflation while avoiding recession . It does this by tightening or relaxing the money supply, which is the amount of money allowed into the market.
Tightening the money supply reduces the risk of inflation while loosening it increases the risk of inflation.
The Fed has an inflation target of 2% per year. That's the core inflation rate, which leaves out volatile oil prices and gas prices . They move up and down rapidly depending on commodities trading. That affects the price of food that trucks transport long distances.
For this reason, the CPI also removes food prices from the core inflation rate.
If the core inflation rate exceeds 2%, the Fed will raise the fed funds rate . It will use its other monetary policy

tools to tighten the money supply and lower prices again. Some experts say that the Fed's interventions to lessen the recession will cause hyperinflation.
The Fed's actions to expand the money supply won't cause hyperinflation.
Most of the funds the Fed pumped into the banking system sit in bank reserves. It has not gone into circulation. If the banks start to lend too much, the Fed can quickly raise its reserve requirement and lower the money supply.
Despite the rarity of hyperinflation, many people are still worried about it. So, if it were to happen, what should you do? There are three ways you can protect yourself from any kind of inflation . Sound financial habits would help you survive hyperinflation.
First, be prepared by having your assets welldiversified . You should balance your assets among
U.S. stock and bonds, international stocks and bonds, gold and other hard assets , and real estate .
Second, keep your passport current. You'll need it if hyperinflation in your country makes your standard of living intolerable.
Third, ensure that you have a wide variety of skills and talents. Hyperinflation makes a bartering system necessary when money is useless. A broad range of practical skills gives you an advantage when trading. If you need a wheelbarrow full of cash to buy a loaf of bread, you should know how to bake bread.

• When prices soar over 50% in one month, the economy is experiencing hyperinflation.
• This is often caused by a government that prints more money than its nation’s GDP can support.
8
• Hyperinflation tends to occur during a period of economic turmoil or depression.
• Demand-pull inflation can also cause hyperinflation. Soaring prices cause people to hoard, creating a rapid rise in demand chasing too few goods. The hoarding may create shortages, aggravating the rate of inflation.
Countries that have suffered horrendous inflation rates are Germany, Venezuela, Zimbabwe, and the United States during the Civil War. Venezuela is still trying to cope with hyperinflation in 2019.