📜 [專欄新文章] Uniswap v3 Features Explained in Depth
✍️ 田少谷 Shao
📥 歡迎投稿: https://medium.com/taipei-ethereum-meetup #徵技術分享文 #使用心得 #教學文 #medium
Once again the game-changing DEX 🦄 👑
Image source: https://uniswap.org/blog/uniswap-v3/
Outline
0. Intro1. Uniswap & AMM recap2. Ticks 3. Concentrated liquidity4. Range orders: reversible limit orders5. Impacts of v36. Conclusion
0. Intro
The announcement of Uniswap v3 is no doubt one of the most exciting news in the DeFi place recently 🔥🔥🔥
While most have talked about the impact v3 can potentially bring on the market, seldom explain the delicate implementation techniques to realize all those amazing features, such as concentrated liquidity, limit-order-like range orders, etc.
Since I’ve covered Uniswap v1 & v2 (if you happen to know Mandarin, here are v1 & v2), there’s no reason for me to not cover v3 as well ✅
Thus, this article aims to guide readers through Uniswap v3, based on their official whitepaper and examples made on the announcement page. However, one needs not to be an engineer, as not many codes are involved, nor a math major, as the math involved is definitely taught in your high school, to fully understand the following content 😊😊😊
If you really make it through but still don’t get shxt, feedbacks are welcomed! 🙏
There should be another article focusing on the codebase, so stay tuned and let’s get started with some background noise!
1. Uniswap & AMM recap
Before diving in, we have to first recap the uniqueness of Uniswap and compare it to traditional order book exchanges.
Uniswap v1 & v2 are a kind of AMMs (automated market marker) that follow the constant product equation x * y = k, with x & y stand for the amount of two tokens X and Y in a pool and k as a constant.
Comparing to order book exchanges, AMMs, such as the previous versions of Uniswap, offer quite a distinct user experience:
AMMs have pricing functions that offer the price for the two tokens, which make their users always price takers, while users of order book exchanges can be both makers or takers.
Uniswap as well as most AMMs have infinite liquidity¹, while order book exchanges don’t. The liquidity of Uniswap v1 & v2 is provided throughout the price range [0,∞]².
Uniswap as well as most AMMs have price slippage³ and it’s due to the pricing function, while there isn’t always price slippage on order book exchanges as long as an order is fulfilled within one tick.
In an order book, each price (whether in green or red) is a tick. Image source: https://ftx.com/trade/BTC-PERP
¹ though the price gets worse over time; AMM of constant sum such as mStable does not have infinite liquidity
² the range is in fact [-∞,∞], while a price in most cases won’t be negative
³ AMM of constant sum does not have price slippage
2. Tick
The whole innovation of Uniswap v3 starts from ticks.
For those unfamiliar with what is a tick:
Source: https://www.investopedia.com/terms/t/tick.asp
By slicing the price range [0,∞] into numerous granular ticks, trading on v3 is highly similar to trading on order book exchanges, with only three differences:
The price range of each tick is predefined by the system instead of being proposed by users.
Trades that happen within a tick still follows the pricing function of the AMM, while the equation has to be updated once the price crosses the tick.
Orders can be executed with any price within the price range, instead of being fulfilled at the same one price on order book exchanges.
With the tick design, Uniswap v3 possesses most of the merits of both AMM and an order book exchange! 💯💯💯
So, how is the price range of a tick decided?
This question is actually somewhat related to the tick explanation above: the minimum tick size for stocks trading above 1$ is one cent.
The underlying meaning of a tick size traditionally being one cent is that one cent (1% of 1$) is the basis point of price changes between ticks, ex: 1.02 — 1.01 = 0.1.
Uniswap v3 employs a similar idea: compared to the previous/next price, the price change should always be 0.01% = 1 basis point.
However, notice the difference is that in the traditional basis point, the price change is defined with subtraction, while here in Uniswap it’s division.
This is how price ranges of ticks are decided⁴:
Image source: https://uniswap.org/whitepaper-v3.pdf
With the above equation, the tick/price range can be recorded in the index form [i, i+1], instead of some crazy numbers such as 1.0001¹⁰⁰ = 1.0100496621.
As each price is the multiplication of 1.0001 of the previous price, the price change is always 1.0001 — 1 = 0.0001 = 0.01%.
For example, when i=1, p(1) = 1.0001; when i=2, p(2) = 1.00020001.
p(2) / p(1) = 1.00020001 / 1.0001 = 1.0001
See the connection between the traditional basis point 1 cent (=1% of 1$) and Uniswap v3’s basis point 0.01%?
Image source: https://tenor.com/view/coin-master-cool-gif-19748052
But sir, are prices really granular enough? There are many shitcoins with prices less than 0.000001$. Will such prices be covered as well?
Price range: max & min
To know if an extremely small price is covered or not, we have to figure out the max & min price range of v3 by looking into the spec: there is a int24 tick state variable in UniswapV3Pool.sol.
Image source: https://uniswap.org/whitepaper-v3.pdf
The reason for a signed integer int instead of an uint is that negative power represents prices less than 1 but greater than 0.
24 bits can cover the range between 1.0001 ^ (2²³ — 1) and 1.0001 ^ -(2)²³. Even Google cannot calculate such numbers, so allow me to offer smaller values to have a rough idea of the whole price range:
1.0001 ^ (2¹⁸) = 242,214,459,604.341
1.0001 ^ -(2¹⁷) = 0.000002031888943
I think it’s safe to say that with a int24 the range can cover > 99.99% of the prices of all assets in the universe 👌
⁴ For implementation concern, however, a square root is added to both sides of the equation.
How about finding out which tick does a price belong to?
Tick index from price
The answer to this question is rather easy, as we know that p(i) = 1.0001^i, simply takes a log with base 1.0001 on both sides of the equation⁴:
Image source: https://www.codecogs.com/latex/eqneditor.php
Let’s try this out, say we wanna find out the tick index of 1000000.
Image source: https://ncalculators.com/number-conversion/log-logarithm-calculator.htm
Now, 1.0001¹³⁸¹⁶² = 999,998.678087146. Voila!
⁵ This formula is also slightly modified to fit the real implementation usage.
3. Concentrated liquidity
Now that we know how ticks and price ranges are decided, let’s talk about how orders are executed in a tick, what is concentrated liquidity and how it enables v3 to compete with stablecoin-specialized DEXs (decentralized exchange), such as Curve, by improving the capital efficiency.
Concentrated liquidity means LPs (liquidity providers) can provide liquidity to any price range/tick at their wish, which causes the liquidity to be imbalanced in ticks.
As each tick has a different liquidity depth, the corresponding pricing function x * y = k also won’t be the same!
Each tick has its own liquidity depth. Image source: https://uniswap.org/blog/uniswap-v3/
Mmm… examples are always helpful for abstract descriptions 😂
Say the original pricing function is 100(x) * 1000(y) = 100000(k), with the price of X token 1000 / 100 = 10 and we’re now in the price range [9.08, 11.08].
If the liquidity of the price range [11.08, 13.08] is the same as [9.08, 11.08], we don’t have to modify the pricing function if the price goes from 10 to 11.08, which is the boundary between two ticks.
The price of X is 1052.63 / 95 = 11.08 when the equation is 1052.63 * 95 = 100000.
However, if the liquidity of the price range [11.08, 13.08] is two times that of the current range [9.08, 11.08], balances of x and y should be doubled, which makes the equation become 2105.26 * 220 = 400000, which is (1052.63 * 2) * (110 * 2) = (100000 * 2 * 2).
We can observe the following two points from the above example:
Trades always follow the pricing function x * y = k, while once the price crosses the current price range/tick, the liquidity/equation has to be updated.
√(x * y) = √k = L is how we represent the liquidity, as I say the liquidity of x * y = 400000 is two times the liquidity of x * y = 100000, as √(400000 / 100000) = 2.
What’s more, compared to liquidity on v1 & v2 is always spread across [0,∞], liquidity on v3 can be concentrated within certain price ranges and thus results in higher capital efficiency from traders’ swapping fees!
Let’s say if I provide liquidity in the range [1200, 2800], the capital efficiency will then be 4.24x higher than v2 with the range [0,∞] 😮😮😮 There’s a capital efficiency comparison calculator, make sure to try it out!
Image source: https://uniswap.org/blog/uniswap-v3/
It’s worth noticing that the concept of concentrated liquidity was proposed and already implemented by Kyper, prior to Uniswap, which is called Automated Price Reserve in their case.⁵
⁶ Thanks to Yenwen Feng for the information.
4. Range orders: reversible limit orders
As explained in the above section, LPs of v3 can provide liquidity to any price range/tick at their wish. Depending on the current price and the targeted price range, there are three scenarios:
current price < the targeted price range
current price > the targeted price range
current price belongs to the targeted price range
The first two scenarios are called range orders. They have unique characteristics and are essentially fee-earning reversible limit orders, which will be explained later.
The last case is the exact same liquidity providing mechanism as the previous versions: LPs provide liquidity in both tokens of the same value (= amount * price).
There’s also an identical product to the case: grid trading, a very powerful investment tool for a time of consolidation. Dunno what’s grid trading? Check out Binance’s explanation on this, as this topic won’t be covered!
In fact, LPs of Uniswap v1 & v2 are grid trading with a range of [0,∞] and the entry price as the baseline.
Range orders
To understand range orders, we’d have to first revisit how price is discovered on Uniswap with the equation x * y = k, for x & y stand for the amount of two tokens X and Y and k as a constant.
The price of X compared to Y is y / x, which means how many Y one can get for 1 unit of X, and vice versa the price of Y compared to X is x / y.
For the price of X to go up, y has to increase and x decrease.
With this pricing mechanism in mind, it’s example time!
Say an LP plans to place liquidity in the price range [15.625, 17.313], higher than the current price of X 10, when 100(x) * 1000(y) = 100000(k).
The price of X is 1250 / 80 = 15.625 when the equation is 80 * 1250 = 100000.
The price of X is 1315.789 / 76 = 17.313 when the equation is 76 * 1315.789 = 100000.
If now the price of X reaches 15.625, the only way for the price of X to go even higher is to further increase y and decrease x, which means exchanging a certain amount of X for Y.
Thus, to provide liquidity in the range [15.625, 17.313], an LP needs only to prepare 80 — 76 = 4 of X. If the price exceeds 17.313, all 4 X of the LP is swapped into 1315.789 — 1250 = 65.798 Y, and then the LP has nothing more to do with the pool, as his/her liquidity is drained.
What if the price stays in the range? It’s exactly what LPs would love to see, as they can earn swapping fees for all transactions in the range! Also, the balance of X will swing between [76, 80] and the balance of Y between [1250, 1315.789].
This might not be obvious, but the example above shows an interesting insight: if the liquidity of one token is provided, only when the token becomes more valuable will it be exchanged for the less valuable one.
…wut? 🤔
Remember that if 4 X is provided within [15.625, 17.313], only when the price of X goes up from 15.625 to 17.313 is 4 X gradually swapped into Y, the less valuable one!
What if the price of X drops back immediately after reaching 17.313? As X becomes less valuable, others are going to exchange Y for X.
The below image illustrates the scenario of DAI/USDC pair with a price range of [1.001, 1.002] well: the pool is always composed entirely of one token on both sides of the tick, while in the middle 1.001499⁶ is of both tokens.
Image source: https://uniswap.org/blog/uniswap-v3/
Similarly, to provide liquidity in a price range < current price, an LP has to prepare a certain amount of Y for others to exchange Y for X within the range.
To wrap up such an interesting feature, we know that:
Only one token is required for range orders.
Only when the current price is within the range of the range order can LP earn trading fees. This is the main reason why most people believe LPs of v3 have to monitor the price more actively to maximize their income, which also means that LPs of v3 have become arbitrageurs 🤯
I will be discussing more the impacts of v3 in 5. Impacts of v3.
⁷ 1.001499988 = √(1.0001 * 1.0002) is the geometric mean of 1.0001 and 1.0002. The implication is that the geometric mean of two prices is the average execution price within the range of the two prices.
Reversible limit orders
As the example in the last section demonstrates, if there is 4 X in range [15.625, 17.313], the 4 X will be completely converted into 65.798 Y when the price goes over 17.313.
We all know that a price can stay in a wide range such as [10, 11] for quite some time, while it’s unlikely so in a narrow range such as [15.625, 15.626].
Thus, if an LP provides liquidity in [15.625, 15.626], we can expect that once the price of X goes over 15.625 and immediately also 15.626, and does not drop back, all X are then forever converted into Y.
The concept of having a targeted price and the order will be executed after the price is crossed is exactly the concept of limit orders! The only difference is that if the range of a range order is not narrow enough, it’s highly possible that the conversion of tokens will be reverted once the price falls back to the range.
As price ranges follow the equation p(i) = 1.0001 ^ i, the range can be quite narrow and a range order can thus effectively serve as a limit order:
When i = 27490, 1.0001²⁷⁴⁹⁰ = 15.6248.⁸
When i = 27491, 1.0001²⁷⁴⁹¹ = 15.6264.⁸
A range of 0.0016 is not THAT narrow but can certainly satisfy most limit order use cases!
⁸ As mentioned previously in note #4, there is a square root in the equation of the price and index, thus the numbers here are for explantion only.
5. Impacts of v3
Higher capital efficiency, LPs become arbitrageurs… as v3 has made tons of radical changes, I’d like to summarize my personal takes of the impacts of v3:
Higher capital efficiency makes one of the most frequently considered indices in DeFi: TVL, total value locked, becomes less meaningful, as 1$ on Uniswap v3 might have the same effect as 100$ or even 2000$ on v2.
The ease of spot exchanging between spot exchanges used to be a huge advantage of spot markets over derivative markets. As LPs will take up the role of arbitrageurs and arbitraging is more likely to happen on v3 itself other than between DEXs, this gap is narrowed … to what extent? No idea though.
LP strategies and the aggregation of NFT of Uniswap v3 liquidity token are becoming the blue ocean for new DeFi startups: see Visor and Lixir. In fact, this might be the turning point for both DeFi and NFT: the two main reasons of blockchain going mainstream now come to the alignment of interest: solving the $$ problem 😏😏😏
In the right venue, which means a place where transaction fees are low enough, such as Optimism, we might see Algo trading firms coming in to share the market of designing LP strategies on Uniswap v3, as I believe Algo trading is way stronger than on-chain strategies or DAO voting to add liquidity that sort of thing.
After reading this article by Parsec.finance: The Dex to Rule Them All, I cannot help but wonder: maybe there is going to be centralized crypto exchanges adopting v3’s approach. The reason is that since orders of LPs in the same tick are executed pro-rata, the endless front-running speeding-competition issue in the Algo trading world, to some degree, is… solved? 🤔
Anyway, personal opinions can be biased and seriously wrong 🙈 I’m merely throwing out a sprat to catch a whale. Having a different voice? Leave your comment down below!
6. Conclusion
That was kinda tough, isn’t it? Glad you make it through here 🥂🥂🥂
There are actually many more details and also a huge section of Oracle yet to be covered. However, since this article is more about features and targeting normal DeFi users, I’ll leave those to the next one; hope there is one 😅
If you have any doubt or find any mistake, please feel free to reach out to me and I’d try to reply AFAP!
Stay tuned and in the meantime let’s wait and see how Uniswap v3 is again pioneering the innovation of DeFi 🌟
Uniswap v3 Features Explained in Depth was originally published in Taipei Ethereum Meetup on Medium, where people are continuing the conversation by highlighting and responding to this story.
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同時也有1部Youtube影片,追蹤數超過115萬的網紅Rayner Teo,也在其Youtube影片中提到,If you're new to Forex trading, have less than a year of experience, or you want to learn more about Forex markets, then this course is for you. ** ...
make pdf smaller 在 ลงทุนแมน Facebook 的最佳貼文
FamilyMart เล็กกว่า 7-11 แค่ไหน? /โดย ลงทุนแมน
FamilyMart เป็นธุรกิจร้านสะดวกซื้อของญี่ปุ่นก่อตั้งขึ้นในปี พ.ศ. 2516
และเริ่มเข้ามาในประเทศไทย ตั้งแต่ปี พ.ศ. 2535 ในชื่อ Siam FamilyMart
ในปี พ.ศ. 2555 กลุ่ม CRC ได้เข้ามาซื้อหุ้น 51% จนกลายเป็นผู้ถือหุ้นใหญ่ และเปลี่ยนชื่อมาเป็น Central FamilyMart ในตอนนั้น FamilyMart มี 782 สาขา
...Continue ReadingHow much smaller is FamilyMart than 7-11? / By Investing Man
FamilyMart is a Japanese convenience store business. Established in B.E. 2516
And started coming into Thailand since Prof. 2535 as Siam FamilyMart
In the year. Prof. 2555 CRC group bought 51 % shares to become big shareholders and changed their name to Central FamilyMart. At that time, FamilyMart has 782 branches.
For convenience stores businesses, ramifications are generally one of the key strategies that build up the business. But it seems that this idea is counterproductive to what's happening in Thailand.
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The year of the year Prof. 2560 FamilyMart. There are 1,135 branches in Thailand.
The year of the year Prof. 2561 FamilyMart. There are 1,090 branches in Thailand.
The year of the year Prof. 2562 FamilyMart. There are 968 branches in Thailand.
If it looks 3 years ago, it seems that the ramifications are not the main familymart group compared to the number 1 leader in the market. 7-11, the average ramifications are more than 700 per year. Branch.
End of year. Prof. 2562 The number of convenience stores in Thailand has 18,240 branches. The top 3 branches are
1. shops 7-11 have 64 % market share.
2. Tesco Lotus Express shop has 9 % market share.
3. FamilyMart shop has 6 % market share.
FamilyMart now has the 3nd share behind the shop leader. 7-11 is quite far away.
This is why FamilyMart has a huge challenge of doing convenience stores in Thailand.
Because of a large number of branches, there is power to bargain with high suppliers, which could make a huge discount on products compared to competitors who have lesser orders.
In some cases, large quantities of orders can also extend payment time with suppliers. There may be no need to go into loan to be used as renewable funds. Of course, we need to pay interest if there is a loan.
Moreover, a quick and quick expansion also allows convenience stores to open potential local branches before other competitors follow.
For the cost of operation, which stores have many branches, the cost of operating per store will be lower than the stores with less branches. Imagine if 2 convenience stores had to advertise to promote the store with the cost of advertising. Equal at 10 million baht.
Shop with 10,000 branches will cost advertisement per shop. Only 1,000 Baht per shop.
While 1,000 branches of the store will cost advertisement to 10,000 Baht per shop, which is 10 times different.
How about the results of CPALL (shop business only 7-11) and FamilyMart?
... B.E. 2561
CPALL. Income 335,187 million baht. Profit of 19,944 million baht.
FamilyMart. Income 17,885 million baht. Loss of 360 million baht.
... B.E. 2562
CPALL. Income 361,034 million baht. Profit of 20,180 million baht.
FamilyMart. Income 16,755 million baht. Loss of 183 million baht.
From numbers, no need to explain anything. You should know how different the situation of both companies are.
However, today FamilyMart is facing a convenience store business challenge.
But a group of CRC just bought FamilyMart shares from all Japanese mother companies. FamilyMart in Thailand is now under the administration of all CRC groups. The CRC group plans to continually expand the branch of this convenience store.
Interesting how the new generation of FamilyMart under the management of the CRC group will come out of work.
Surely if the convenience store competition is more.
At least the beneficiaries will belong to the consumer..
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Website - longtunman.com
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Facebook-@[113397052526245:274: lngthun mæn]
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References
-https://www.set.or.th/dat/news/202005/20063584.pdf
-https://en.wikipedia.org/wiki/FamilyMart
-https://www.cpall.co.th/wp-content/uploads/2020/02/2019_Presentation_CPALL.pdf
- Model 56-1 Year 2562 CP All Company Limited (Public)
- Model 56-1 Year 2562 Central Retail Corporation Public Company LimitedTranslated
make pdf smaller 在 龍應台 - Lung Yingtai Facebook 的最佳解答
小編快報
《柏林脈動》(The Berlin Pulse) 今天出刊了。這是德國一年一度的外交及國際關係專刊。作者群包括學者、智庫專家、政府官員。
這一期談歐洲問題的作者有波蘭外長、Moldova 總理、德國國防部長等等等。
今年《脈動》特別做了中國專題,作者有五位,分別是:
中國的全國人大外事委員會副主任委員傅瑩、日本眾議會議員Minora Kiuchi、巴黎的中國問題專家Francois Godement、曾任澳洲駐華大使,現任外交及貿易秘書長的Frances Adamson,以及台灣的龍應台。
德國編輯在文末放了一個德國的民意調查圖表,提問是:「面對中國,你認為德國應該更強力保護自己的政治利益,即使犧牲經濟利益?」
答案:贊成 76%
反對 19%
小編把龍應台文章翻譯成中文,跟讀者分享。英文原文附在後面。如果嫌我翻譯得不好,那那那,那表示你英文很好,你就看英文吧......
——————————————————————
兩千三百萬人在獨木舟上
——為什麼歐洲應該關切台灣的未來
反對黨公布2020總統候選人名單的那一天,我在台北和知識圈的朋友們午餐。那悲觀的,用問句來表達自己的悲觀,譬如,「你覺得台灣還有多少年?」那樂觀的,用黑色幽默來表達樂觀,譬如,「感謝老天。香港讓他們太忙了,沒時間管台灣。」
跟德國一樣,台灣對中國大陸和香港的貿易順差,在2018年是831億美元。百分之四十一的對外貿易針對中國,中國大陸市場對台灣的重要不言而喻。然而,隨著近年來台灣海峽兩岸的關係緊張,反對黨(國民黨) 憂慮市場的優勢無法持續,而執政黨(民進黨) 則選擇強化選民對北京的不信任來抵制中國的影響力。執政黨最近提出的國安新法可能將任何被認定為為中國宣傳者入罪。
和歐洲一樣,台灣人對中國的感受也是複雜的。 當中國代表的是活躍的經濟機會時,很多台灣人就容易所謂「親中」,當中國代表的是壓迫和可能的入侵時,很多台灣人就是所謂的「反中」。問題是,中國兩者兼備。後果就是,台灣內部的分歧遠遠超過了僅只是政治和經濟的層面。
如果你知道台灣是如何一路走來的,你會覺得它今天變成一個民主社會真是一個不得了的成就。沒有革命,一黨獨裁四十年的國民黨,不管你說它是自願還是被迫,放下了政權,分享權力。沒有流血,昔日牢裡的政治犯變成今日的立法者和政治領袖。1987年解嚴以後,政權的交替基本上公平而有序地進行了三十年。
台灣安靜地進行了三十年的民主,時間幾乎和它的國際孤立一樣長。美國不承認台灣的國家地位,但是,就如同當年對於德國,美國也扮演了安全守護者的角色。令人不安的是,在美國宣布要把軍售台灣常態化的同時,中國也宣布,它在台灣海峽及其領空,要把軍艦和戰機的演習常態化。
所以台灣民主的威脅其實是雙重的。比較明顯的是中國的威脅,這個威脅,往往超出台灣本身的控制能力。一個不那麼明顯的威脅,卻是內部自製的。台灣的政治人物和政黨熱切拿這個威脅做為政治資本,刺激集體恐懼來強化部落式的愛國主義。這種操作的成功,對台灣的民主制度和機構本身,是個真實的危險。
國際上那些純粹為了攻擊中國而故意把台灣捧在手心讚美的人,其實讓我坐立不安。一代又一代的台灣人為民主付出了代價,很大的代價,而得到今天的成果。這個成果,太珍貴了,不可以變成別人或別國為了自己的利益而拿來玩弄的籌碼或棋子。
德國的歷史是特殊的。德國的人民親身目睹了,如果不戒慎恐懼地去維護,一個開放合理的社會制度是如何容易地瓦解,一夜之間可以被獨裁取代。經歷了二戰,又擺脫了共產黨的歷史爭取到自由,德國可能比很多其他國家更容易理解台灣人的困境和追求。道德勇氣的來源往往是歷史的痛苦。身為歐盟的重要成員,德國有責任為世界的和平做出最大的努力,發揮最大的影響力。
但是,歐洲憑什麼一定要關心台灣呢?
首先,如果沒有台灣模式,全世界大概就都得接受一種說法,就是,儒家文化和民主制度是無法相容的,而所謂「中國模式」就是唯一邏輯、不可避免的現代中國。台灣的存在證明了一件事:未必如此。
第二,台灣本身的努力值得世界的尊敬。沒錯,如果中國是一艘航空母艦,那麼台灣只不過是一葉孤零零的獨木舟。可是在這個獨木舟上有兩千三百萬人正在追求一種有自由、有尊嚴的生活方式。如果台灣是歐盟的一個成員,就人口論,台灣就是二十八個成員國(英國脫歐後二十七國)中第七大國,比波蘭稍小,但比荷蘭和比利時大。以經濟購買力來看,台灣更是名列全球第二十二。所以,歐洲可以想像剝奪波蘭人或者荷蘭人對生活方式和政治體制的選擇權利嗎?
23 Million People on a Canoe
—Why Europe should care about Taiwan’s future
Lung Yingtai
On the day when the opposition party announced its presidential candidate for the 2020 election, I was sitting at a lunch table in Taipei listening to my intellectual friends uttering their concerns about the future of Taiwan. The pessimists phrased their pessimism in the form of questions such as “How many years do you think Taiwan has left?” The optimists expressed their optimism with dark humour, “Thank God they will be too busy with Hong Kong and the US for a while.”
Like Germany, Taiwan operates a trade surplus with mainland China and Hong Kong, amounting to $83.1 billion in 2018. With 41% of Taiwan’s exports going to China, Taipei’s economy depends on trade with the mainland. However, given the increasing tension across the Taiwan Strait, the opposition Kuomintang (KMT) in particular has been worrying whether Taiwan will be able to sustain these figures. The ruling Democratic Progressive Party, on the other hand, is capitalizing on voters’ intense distrust of Beijing, stepping up measures to “contain” China’s influence. Taipei recently drafted a national security law that would make it a punishable offense to spread “political propaganda” for China.
As in Europe, Taiwanese feel highly ambivalent about mainland China: When China signifies economic opportunities, most Taiwanese are 23 Million People on a Canoe Why Europe should care about Taiwan’s future “pro-China”; when China represents oppression and potential invasion, most Taiwanese are “anti-China”. The problem is that China resembles both. The result is a deep division among Taiwanese extending far beyond the political and economic spheres.
Given the circumstances under which Taiwan emerged and evolved, its evolution into an authentic democracy represents an extraordinary achievement. It was without a revolution that the KMT, which had ruled Taiwan for more than 40 years, put an end to martial law and, whether convinced or compelled to act, opened the country’s political system to sharing power. Without bloodshed, dissidents who had once sat in jails became legislators and political leaders. Since the lifting of martial law 1987, power has changed hands fairly and orderly, following the results of each election.
Taiwan has been a quiet democracy for more than thirty years, nearly as long as the four decades during which it has been isolated by the international community. The US does not formally recognize Taiwan but, as with Germany, acts as the country’s security guarantor. While Washington has indicated that arms sales to Taiwan will become more of a routine, China has devised a routine of its own by holding long-range combat drills and ordering its fighter jets to cross the maritime line.
However, the threat to Taiwanese democracy is twofold. The obvious one comes from China, and to a large extent lies beyond Taipei’s control. The less obvious threat is home-made, as the looming China threat tempts domestic politicians to mobilize the population’s collective fear to foment a tribal nationalism. Their success would pose a real danger to Taiwan’s democratic institutions.
Those who applaud Taiwanese democracy for the sole purpose of criticizing China make me nervous. Generations of Taiwanese fought and ultimately achieved a democracy – it is simply too precious for other people’s agendas, internal or external.
Germany has a unique history: its people have experienced first-hand how easily democratic institutions may fall apart when not meticulously guarded. Having received democracy as a gift following World War II and struggled to regain their freedom from Communist rule, Germans are in a unique position to understand both the predicament as well as the aspirations of the Taiwanese. Moral courage often comes from past sufferings. As a leading EU member state, Germany has a responsibility to maximize its own efforts as well as to influence others’ efforts for world peace.
But why should the world care about the future of Taiwan? First of all, save the Taiwan model, the world might have to accept the claim that democracy and Confucianism are incompatible, and that a communist China presents the only logical and inevitable path to modernity. Secondly, Taiwan deserves respect on its own merits. True, if China were an aircraft carrier, Taiwan would be a lone canoe. But standing on this canoe are 23 million people aspiring for a life with liberty and dignity. If it were an EU member, Taiwan would be the 7th largest of the Union’s 28 member-states (27 after Brexit), smaller than Poland but larger than the Netherlands or Belgium, with a developed economy ranking 22nd in the world by purchasing power parity. Do we really want to return to a world in which it is imaginable that countries such as Poland or the Netherlands should be deprived of their autonomy to determine their own way of life and political system?
The Berlin Pulse 2019
龍應台專文:https://www.koerber-stiftung.de/fileadmin/user_upload/koerber-stiftung/redaktion/the-berlin-pulse/pdf/2019/3_Koerber_TheBerlinPulse_YingTai.pdf
全本:https://www.koerber-stiftung.de/fileadmin/user_upload/koerber-stiftung/redaktion/the-berlin-pulse/pdf/2019/TheBerlinPulse_2019_FINAL.pdf
make pdf smaller 在 Rayner Teo Youtube 的最讚貼文
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0:10 Forex Trading for Beginners: What is Forex Trading
First and foremost, what is Forex Trading? Alright so, Forex Trading, right, or the word Forex refers to Foreign Exchange. What you are doing is trading one currency for another.
1:20 Forex Trading for Beginners: Who trades Forex and why?
So there are numerous market participants, right, who trade Forex. For example, you have the central banks, banks, corporations and retail traders. So central banks could be because, right, they want to make our economy more competitive, right, by devaluing their currency.
2:20 Forex Trading for Beginners: Forex Hierarchy
So this is the hierarchy, right, you can see that at the top of the food chain is the major banks, the central banks. Then followed by medium-sized and smaller banks, then the brokers, okay, hedge funds, corporations, and finally, retail traders at the bottom.
2:45 Forex Trading for Beginners: Advantages of Forex Trading.
So there are numerous advantages of Forex Trading. Number one, there is high liquidity, right? So unlike stocks that sometimes if you trade penny stocks or small-cap stocks there is no liquidity, right?
4:41 Forex Trading for Beginners: Currency Pairs
So now, what are some of the different currency pairs in the market? Right, there are three broad currency pairs that you should be aware of, right.
6:25 Forex Trading for Beginners: Forex Trading Sessions
Let's talk about the different Forex trading sessions, so. Unlike the stock markets where you're just in one session, the Forex market, you have typically three different sessions.
10:05 Forex Trading for Beginners: Forex Trading Terminology
Now, moving on, right, let's talk about some common Forex trading terminologies. Right, this might be slightly different from stocks, right, but generally the concepts, right, can be applied the same.
21:25 Forex Trading for Beginners: Types of Forex Trading Orders
So, moving on, right, the different types of Forex orders, right, so there are a few types, right. Market order, limit order, stop order, stop-loss order.
26:29 Forex Trading for Beginners: Forex Charts
Okay, so now, the different types of Forex chart. Right, so generally there are, well, there are many types of Forex chart, but I'm just going to, you know, share with you the three common ones. The line chart, bar chart, and the candlestick chart.
30:27 Forex Trading for Beginners: Forex Analysis
Right, so your fundamental analysis, you have technical analysis and sentiment analysis.
34:38 Forex Trading for Beginners:
Forex brokers, generally it can be broken down into one of these two categories, right, dealing desk broker, and a non-dealing desk broker.
42:53 Forex Trading for Beginners: How to Protect Yourself
Alright, so, let's say, for example, you trade with your broker, and you know, you find that your broker did something unjust to you, how can you protect yourself?
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The Monster Guide to Candlestick Patterns: https://www.tradingwithrayner.com/candlestick-pdf-guide/
** PREMIUM TRAINING **
Pro Traders Edge: https://www.tradingwithrayner.com/pte/
Pullback Stock Trading System: https://pullbackstocktradingsystem.com/
Price Action Trading Secrets: https://priceactiontradingsecrets.com/
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