The essence of economy is a set of value system, including material price system and asset price system. Different from the material price system supported by cost and technology, the asset price system is a specific price system based on capitalization pricing, that is, virtual economy. Because of capitalization pricing, people's psychological factors will have an important impact on virtual economy; In other words, the virtual economy has inherent volatility in its operation. Broadly speaking, virtual economy includes not only financial industry, capital market and real estate industry, but also sports economy, gambling industry, collection industry and intellectual property rights. Virtual economy is the product of highly developed market economy, and its ultimate goal is to serve the real economy. With the rapid development of virtual economy, its scale has surpassed that of real economy, and it has become an economic category relatively independent of real economy. Compared with the real economy, the virtual economy has obviously different characteristics. To sum up, it is mainly manifested in four aspects: high liquidity, instability, high risk and high speculation. First of all, it takes some time and space to realize high-mobility real economic activities. Even in today's highly developed information technology, it takes some time from production to demand. But virtual economy is the holding and trading activity of virtual capital, and it is only the transfer of value symbols. Compared with the real economy, its liquidity is very high; With the rapid development of information technology, virtual capital such as stocks and securities is paperless and electronic, and its transaction process is completed in an instant. It is the high mobility of virtual economy that improves the efficiency of social resource allocation and redistribution, making it an indispensable part of modern market economy. Second, the unstable virtual economy is more unstable than the real economy; This is determined by the virtual economy itself, which has its own virtuality, so that the price determination of various virtual capitals in the market transaction process does not follow the law of value like the price determination process of the real economy; However, it depends more on the subjective expectations of the holders and participants of virtual capital on the rights and interests represented by virtual capital in the future; This subjective expectation depends on many non-economic factors such as macroeconomic environment, industry prospect, politics and surrounding environment, which increases the instability of virtual economy. Third, high risk Because there are many factors that affect the price of virtual capital, these factors change frequently and impermanently, and do not follow certain laws. With the rapid development of virtual economy, its transaction scale and variety are expanding; This makes the existence and development of virtual economy more complicated and difficult to control. Non-professionals are limited by professional knowledge, information collection, information analysis ability, funds, time and energy, and virtual capital investment has become a risky investment field. Especially with the intervention of various venture capital funds, hedge funds and a large number of speculative funds, the high risk of virtual economy has been aggravated. Fourth, the speculative trading of virtual capital such as securities, futures and options can be used as investment purposes, but it is also inseparable from speculation, which is determined by the needs of market liquidity. With the rapid development of electronic technology and network high technology, the transfer, liquidation and virtual capital transaction of huge amounts of money can be completed in an instant, which creates technical conditions and provides technical support for the high speculation of virtual capital. The more emerging and immature the market is, the worse the market supervision ability is, the worse the measures and efforts to prevent and deal with highly speculative behaviors are, the more speculative the virtual economy is, and the easier it is for speculative hot money to patronize such markets, so as to achieve the goal of making huge profits through short-term speculation. The characteristics of virtual economy: first, economy; One is virtuality. The so-called economy, that is, value symbols and their exchange are also based on labor value. There is no exchange of value and value, which has nothing to do with economy, so it is not economical. Moreover, the value symbol can also be reduced to a value entity, that is, from virtual to reality. Whether it is paper money, stocks, electronic money or other negotiable instruments, their issuance and circulation are based on value and credibility. They represent real value, represent real value, and can also serve the real economy. As the distribution basis of value symbols, reputation has great acceptance risk. The so-called virtuality means that its exchange is virtual in form rather than physical, and it only takes the value symbol as the transaction object rather than physical. Virtual economy only trades value symbols, not tangible goods. Paper money is not a value entity, but a value symbol; This symbol is divorced from the value entity and becomes the shadow of the entity value. When value symbols and value entities are separated for a long time, and speculative transactions are completed during this period, this separation becomes another way of existence of value, that is, the free way of existence of value, which is virtual reality. Paper money is the way of existence of this free value, and hot money is the concrete manifestation of their existence. The value of paper money is undeniable. Especially today, the value of paper money is holographic. It is a symbol of a country's reputation and value scale, and also a comprehensive embodiment of a country's comprehensive national strength such as political strength and cultural strength. Only when the country's comprehensive strength, including economic strength, scientific and technological strength, military strength, political strength and cultural strength, is fully strong, the country's currency is a strong currency. Under such circumstances, a country's currency is endowed with more non-objective material labor value, that is, it may be endowed with more political value. When a country's comprehensive strength rises or falls, it may affect the value represented by its currency. As a manifestation of value, capital can only be classified as virtual economy if it is not exchanged with physical objects, but only with physical objects, that is, value symbols. Futures contract is only a long-term commodity purchase and sale contract, and the purchase and sale of futures contracts is not a real physical commodity transaction, but can only be classified as virtual economy. The trading platform based on value symbols belongs to the category of virtual economy. Banks, capital markets, securities markets, foreign exchange markets and futures markets can all be counted as virtual economies. Information plays an important role in virtual economic activities. Although openness and transparency is a basic principle of developed market economy, there are differences in mastering information. For virtual economy trading activities, information asymmetry has become an important basis for trading profits. A master in virtual economic activities, good at using information, reputation and future prospects to create profits. It is an objective economic phenomenon that information turns into profit. Information is the reflection and crystallization of labor practice in human society, and it is also the product of labor. It should also have value, but its value is difficult to measure accurately and can only be decided by both parties in the transaction process. The identification of information value and the completion of the transaction have completed the transformation of information from non-commodity to commodity. It is the main feature of the information society that information is mined, used and traded in large quantities to create profits.