The final value of the bitcoin debate on the blockchain

Regarding the blockchain's limelight, Cai Wensheng believes that every coin is a kind of belief. Mu Yan gave the highest evaluation. He believed that the final end of Bitcoin would be "antique". Xue Manzi is optimistic about the blockchain. He said that most of today's lively companies will be finished.

The Spring Festival just passed is not calm, especially in the "3 o'clock sleepless blockchain" group chat.

The 500 people who are known as the "1 trillion market capitalization community" gathered a group of venture capitalists and technology circles, such as Xu Xiaoping, founder of Zhenge Fund, Xue Manzi, angel investor, and Mu Yan, founder of Lily. Cai Wensheng, the founder of the capital, and Shuaichu, the founder of the quantum chain, also have some curiosity in the entertainment industry - Wang Feng, Gao Xiaosong, Yu Zheng, Yan Liya, Qin Yu, Hu Ke, Hai Quan, Han Geng. From the beginning of the Spring Festival to three o'clock in the night, the topic of discussion focused on the three words of the limelight - "blockchain".

This group takes a shift system, each person shares a topic every day and responds to questions from other group members. Since the second day of the New Year (February 17th), this group has been very popular.

Judging from the content of the debate, most investors believe that the blockchain will not stop the value exchange in the future like ICO (the first issue of tokens) and virtual currency, but there will be more landing scenarios and use values, correspondingly There are both investment value and huge bubbles.

On September 4 last year, the People's Bank of China stated that ICO was illegally fund-raising, and no organization or individual could illegally engage in token-issuing financing activities. Since then, many ICO companies have gone abroad to find overseas soils. But ICO cannot represent blockchain technology, and the future of ICO cannot represent the future of blockchain. Let's look at the "3 o'clock sleepless blockchain" group to see how investors think about the future of ICO, Bitcoin and blockchain.

Cai Wensheng, the founder of Longling Capital and the chairman of Meitu Xiuxiu, spoke most actively in the group. Cai Wensheng firmly believes that the development of blockchain is changing faster and faster, and there is a big chance only if it adapts to changes and iterates.

Although China's regulatory authorities have banned ICO, Cai Wensheng believes that "70% of A shares and Hong Kong stocks are also IPO's cut amaranth', and ICO is mostly 'cut amaranth', but it is more transparent, and '韭菜' is more able to grow. ICO's chives cost the same as well-known investors and institutions."

The implication of Cai Wensheng is that ICO has lowered the threshold for ordinary investors to enter the primary market, and can get the same price as VC and PE institutions. As for the bubble, Cai Wensheng said, "Nasdaq had hundreds of IPOs in 1999, and there were not many companies left. There is an Amazon."

But he also mentioned: "The exchange can be part of the marketing, but as the core is finished." And he also said, "To combat the pyramid schemes everyone supports, the people in our group are actually victims. ”

For the blockchain to change the power of all walks of life, Cai Wensheng gave an example: “How does the blockchain change the securities industry? The current exchange has changed the trading method. If most of the future is the currency, the original securities company has to change it. Digital currency."

Cai Wensheng said that the bottom of the blockchain is about mathematical logic, whether it is technical architecture, hash algorithm, or Byzantine cryptography, it is composed of mathematics. The development of the blockchain will change the original organizational system, change the original business model, and change the original equity thinking. If there is no real understanding that it is impossible to accept this change, philosophical thinking can improve cognitive ability. "The blockchain develops the first bitcoin. Although it is not enough, it is not practical, the transaction is slow, the handling fee is high, and there is no Any national sovereignty endorsement, without any economic value to support, is entirely faith. And this belief is similar to Christ's belief in the Buddha, that is theology! Every coin is a kind of faith!"

When talking about volatility, Cai Wensheng said that before 1973, the national currency of the world fluctuated greatly, and the national sovereignty changed a lot of coups. It is also common for many countries to change their currency into waste paper overnight. This is the case of the Republic of China Golden Coupon. This is also the development process, the future number. The currency will have a stable value."

On the topic of Bitcoin mining, Cai Wensheng mentioned that 80% of Bitcoin is produced in China, and most of the mining pool is also in China. He analyzed: "Bitcoin is China's use of excess electricity to produce bitcoin, sold to Koreans, Japanese Americans, and China is a big country in Bitcoin. If the mines are all forced to overseas Canada, the Chinese will need to spend A lot of foreign exchange to buy back Bitcoin."

Just released a blockchain white paper, the lily network officially entering the industry is not lonely. Its founder, Mu Yan, said that he and Ma Huateng had talked intermittently on WeChat for three days, and had already reached an agreement. Even if Q coins became digital currency, getting exchange transactions, similar to the company's stock price, is easy to produce 20%. The above price fluctuations, which are also unaffordable for sovereign currencies, are not trusted and are difficult to use for pricing and payment.

"If the final currency is only the sovereign currency of the $10 trillion plate is suitable for digital monetization, then today's token (token) model and the exchange as a sign of business value growth, such a new model is a joke. ."

Mu Yan also released a bitcoin, looking for persuasive rebuttal reasons in the group, and then increased the price to 10 bitcoins.

Mu Yan believes that the end of Bitcoin is "antique": "Bitcoin is the starting point of the block era 'big era', with antique value, that is, asset value, not monetary value. Just like the Song Dynasty porcelain, Ford's T-cars, no one will now open a T-car to work every day, but as an antique collection, the price will increase over time."

Previously, because of the many contacts with Li Xiaolai, the "Chinese who hold the most bitcoins," and Xue Manzi, who participated in the ICO project focused on China's regulatory authorities last year, he was an active player in the group. Xue Manzi claimed in the group: "The biggest opportunity now is the blockchain. I was the only person in the traditional investment circle who embraced the blockchain last year, so the choice in life is more important than diligence. I almost seized every opportunity. ”

“The blockchain is just the beginning of a marathon. She is not a 100-meter sprint. Most of today’s lively companies will die. Our investors can only choose carefully. Too fast and expect an annualized 1000% is unsustainable. Xue said.

Xue Manzi believes that the blockchain will be the first to transform the financial industry. All the things that originally required the leaders to issue certificates, the birth certificate, the land and housing property transaction certificate, the company’s industrial and commercial registration, the tax refund policy, etc. will soon be successively revolutionized. .

Xue Manzi believes that China's supervision is facing a dilemma. He mentioned that after a one-size-fits-all management, it hits really good entrepreneurs, just like Internet companies such as BAT all went overseas to register overseas and listed them overseas. But regardless of disregard, many pyramid schemes use shamelessly human greed and ignorance. The fourth- and fifth-tier cities have implemented financial fraud in the name of the blockchain. There are indeed many “air coins” with the blockchain nouns coming out to fool the hard work of the people.

"Historical industrial revolution and the development of Internet informatization have not been realized through token distribution. The popularization and final application of blockchain technology is not one step at a time. The use of tokens is one of the development of blockchains. The important part can play a role in stimulating the development team and promoting the application landing... We need to clearly understand that blind participation in token issuance and speculation is not only a high-risk behavior, but also more likely to be suspected of violating the local laws of investors. I urge everyone to understand the blockchain with a learning mindset and to distinguish the difference between the chain and the coin," Xue Manzi said on Weibo on February 21.

By the way, the idea of ​​investing in blockchain is also instilled by Xue Manzi to Cai Wensheng last year.

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