Huobi has launched a service allowing users to mortgage their bitcoins in return for Chinese yuan (CNY) loans to purchase real shares on the Shanghai Stock Exchange.
火币网最近推出了一个服务：允许用户抵押他们的比特币换取人民币贷款来购买上海证券交易所的真实股票。
The platform, Caimao, allows investors disappointed with the recent slump in bitcoin price to put that value to use in an asset class that has grown 125% in the past year.
这个平台：财猫，允许那些因比特币价格下跌而失望的投资者，把那部分比特币的价值用于投资在去年已经上涨125%的一种资产。
Customers will use the Caimao platform to deposit their bitcoins and also buy and sell individual shares of their choice. They can borrow up to 60% of the BTC deposit value.
客户们将使用财猫平台来储蓄他们的比特币，并且可以由他们自己决定买卖股票。他们可以借到60%的比特币存款的价值。
Funds for borrowing are supplied by a third-party provider.
用于借贷的基金由一个第三方机构提供。
The move takes some pressure off exchanges like Huobi, as Chinese investors cash in their coins to try their luck on the more bullish Shanghai Composite Index.
此举将减轻火币网的交易压力，作为中国投资者，现金会用来在更加看好上海证券综合指数上碰碰运气。
Loans are offered on a daily (0.1% interest per day) and monthly (1.2?1.7% interest per month) basis. Customers could theoretically take out loans for six months to a year if they expected returns to exceed the interest owed, though Huobi anticipates it will be more attractive to short-term traders.
贷款是在按天（0.1%的日息）和按月（1.2?1.7%的月息）的基础上提供。理论上客户能够贷款6个月到1年，如果他们的预期收益超过利息。虽然火币网预计，贷款对于短线交易者更加具有吸引力。
At completion of the loan's term, the customer pays back the borrowed amount plus interest, and then withdraws the initial BTC deposit amount ? plus profits or minus losses.
在贷款到期后，客户偿还借贷资金+利息，然后提取初始存款金额—加盈利或减损失。
Risk management mechanism
风险管理机制
Juggling the value of multiple investment options at once might seem risky, but Huobi said it has a risk management system in place that works similar to those of margin trading platforms on other bitcoin exchanges.
同时应付多个投资期权的价值似乎很冒险，但是火币网说它有一个风险管理系统，类似于那些保证金交易平台上的比特币交易所。
The Caimao platform calculates a ratio based on money balances and the changing prices of both BTC and the shares purchased. If a customer's ratio falls below a certain set figure the position is liquidated, with shares and/or BTC being sold to cover any losses.
财猫平台计算保证金比例，基于现金余额和比特币与所购股票的变动价格。如果一个客户的保证金比例下降到低于某一设定的位置时，账户将会被清算，股票和/或比特币会被强行平仓以抵偿损失。
A customer whose shares suffered a net loss at the same time as a drop in bitcoin's price would be more at risk of such a liquidation.
一个客户的股票处于净亏损，与此同时比特币价格下跌，这时存在更大的清算风险。
Huobi says it will hold the bitcoin amounts as collateral for the loan, selling it only if necessary to cover any losses.
火币网说它会持有比特币，以此作为贷款的抵押。仅仅当有必要平仓抵偿损失时，才会卖掉比特币。
Due to the deep liquidity of both Huobi's bitcoin exchange and the Shanghai Stock Exchange, plus the platform's execution speed, the company is "confident" any forced liquidations can be completed at the target price.
由于火币网的比特币交易所和上海证券交易所的深层流动性，再加上平台的执行速度，公司有信心，任何强制清算都可以在目标价格完成。
BTC as collateral
比特币作为抵押
While Caimao is the first product aimed specifically at trading on the stockmarket, some Chinese exchanges, including Huobi, have deployed the BTC-as-collateral model for some time now.
财猫作为第一个针对股票市场交易的产品。一些中国交易所，包括火币网，已经布署“比特币抵押模型”有一段时间了。
Last year BTCTrade launched the Yuanbao loan service, which also allows customers to borrow up to 60% of their bitcoins' value for whatever purpose they wish. Yuanbao also let users set their own interest rates and term limits within recommended parameters.
去年 BTCTrade网站 推出了元宝贷款服务，这使客户可以借到他们比特币价值60%的资金，无论他们的目标期望是什么。元宝也让用户在推荐的参数中，自己设定的利率和期限限制。
Huobi's Dangpu.com service, which will continue operating, also works on similar principles.
火币网的当铺服务，会一直运行，它同样适用类似的规则。
Opening world markets to all
对所有人开放的全球市场
At this stage, the loans will be available to mainland Chinese citizens only, but Huobi's Robert Kuhne told CoinDesk the aim is to offer the service to everyone as soon as possible.
在这个阶段，贷款只提供给中国大陆公民，但是火币网的 罗伯特库恩 告诉 CoinDesk：火币的目标是尽快给每一个人提供这项服务。
He said Huobi is building another service similar to Caimao "but much more global in scale".
他说，火币网正在构建另一个类似于财猫的服务。但是有更大的全球规模。
"Huobi's long-term vision is a world in which anyone anywhere can invest in anything. Five years ago, the idea of connecting all of the world's capital markets and providing equal access for every person would have seemed like a fantasy, but bitcoin has provided the conceptual and technological foundation for this vision to become a reality."
“火币网的长期愿景是：世界上任何地方的任何人可以投资任何标的物。五年前，连接全世界的资本市场提供给每个人平等的机会，就好像一个梦幻的想法，但是比特币为这一愿景成为现实，提供了概念和技术的基础。”
"It certainly won't happen overnight, but this is Huobi's strategic direction and Caimao is our first step," he added.
“这一切当然不会在一夜之间发生，但这是火币的战略方向。财猫是我们迈出的第一步。”他补充说。
Kuhne also stressed that the Shanghai Stock Exchange shares offered on Caimao were genuine shares, and not just virtual assets representing them.
库恩还强调了：财猫提供的上海证券交易所的股票是真实的股票，而不只是代表真实股票的虚拟资产。
发表于 2017-11-25 14:51:09
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