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Angel Investor McGonagall - The current blockchain, the greatest investment, and the craziest speculation

On December 21, 2017, the "China Blockchain Innovation Summit (Shenzhen)" co-sponsored by Babbitt, the original chain and the Dreamer Fund was grandly opened. The forum invites representatives of venture capital institutions, financial institutions, law firms and business leaders of blockchain. With the theme of "blockchain technology, value interconnection of industries and capital and ecological outlook", the forum features keynote speeches and roundtable dialogues , Conducted in-depth discussions on risk investment in the area of ​​blockchains at home and abroad, legal supervision, exploration of advanced technologies in the blockchain, and application of industrial applications.

Afternoon forum by the famous angel investor Mai Gang's wonderful speech to open. The following is the contents of the McGonden speech, Babbitt did not change the original editor's information arrangement:

Thank you for your invitation, I saw that there are so many old friends in the audience, new and old friends in the circle, everyone good afternoon! Is your coin still there? Just introduced to me some of the host, a brief review of my own experience. Each speech I gave the audience four words, independent thinking, each speaker also has his background, with his director short and limited. Independent Thinking For Entrepreneurs So investors are so different in bitcoin having all kinds of sounds, fluctuating and oscillating, everyone has everybody's perspective.

The current blockchain: the greatest investment, the most crazy speculation

Host Introduction I have a lot of background, China's first venture capital sector, both in China and the United States engaged in venture capital, I founded five companies, including the earliest Chinese social network. I went to the blockchain, at that time not called the blockchain, called bitcoin. Of course, I am still a member of the China Securities Regulatory Commission, so my speech is to be scaled and legally based under the regulatory environment of China. I used to be some of the earliest people in China who preached bitcoin. Some ideas, what I said, one more word, please understand something new in an objective, academic and research mindset. That time was In 2013, I basically did not stand in front of any company during this wave of ICO ups and downs. Therefore, I hope everyone will understand my attitude behind these two different behaviors. What I understand, Approved, what I do not understand or not recognized. There are too many topics today. To be honest, I myself have learned from the bitcoin fire of bitcoin, blockchain, ICO, IFO, a bunch of chaos and a thousand words from the past few years Speaking from where. The blockchain that I am addressing today, where we are now, is the greatest investment opportunity for all mankind, coupled with the craziest speculation of all mankind. There are all kinds of humanistic ruthless exposure, ICO, IFO, a thousand words, to my feelings, thank you for reporting to you, to convey.

Before speaking, I would like to put my own statement on the assets, respectively, if it is placed in the stock sector called stock map, bitcoin coin speculation on the map. I rarely made circle of friends, the exchange was closed when I did not send friends circle, I would like to send a Please look at three months after the currency price, as a citizen I talk about at this point when the chip is A On the game, I made a circle of friends, the money market, the past is the game between retail investors, you and me, I also retail. Second, the game between institutions, the landmark event is the CME, CBOE futures market, has entered the game of the agency. The third game is the game between countries. We are interested to see my 2013 video, I was talking about that this new type of digital currency represented by bitcoin should become a form of stored currency in the global financial reserve. This great game is being played get on. Looking ahead, 30 years later I put forward more crazy ideas, probably the Internet and the country's game. Can not talk too much because it is public places.

The transformation of the financial system brought about by the blockchain is incredible

This is my view on the digital assets represented by bitcoin. Some of the perspectives on the evolution of a globalized civilization are still to be seen. I think this must be the greatest game I have ever seen in my life. In the past we all said that the great game on the book was Wall Street. Today's wave of this game is not just about bitcoin. The big changes in the financial system, financial assets, etc. brought by the blockchain are incredible, of course. A lot of mistakes Many, many blood and tears will happen. Popular dot speculation map, now is an individual will this thing hanging in the mouth, this matter from a professional point of view is very confusing, and even that many people are irresponsible, intentional or unintentional flicker, or even know that the hometown deceive. 

Four categories of digitized assets

Digitized assets are divided into four categories, the first is a currency denomination of currency represented by bitcoin;

The second category is represented by the smart contract, general classification, the underlying protocol class, or infrastructure class, this type of asset is seen forming a smart contract, I do not say the name, this is not recommended Place, Internet application, I am not a technical background, I have no way to judge from the integrity of technology, but I know some of its principles and directions;

The third category should be a lot of application layer, in some content distribution, content reward currency, in the virtual items will see the application, this application will be endless;

The fourth one I think is controversial, I put it down as equity assets. Give your company equities, proceeds, dividends, mortgages, repurchase rights, which are standard, classic securities. These trades are legally required to undergo strict supervision and I personally agree with them. Therefore, the Chinese government thinks that it is very correct to lay a heavy hand on ICO at this moment because there is very little fly-by-ball in this process. The vast majority of projects are half-and-half flicker. In short, Plus the three levels of currency inside, close to the infrastructure of the underlying agreement, the third is the application layer, the fourth is the equity, securities. The logic behind these four differences, the principles behind them, the relationship between supply and demand behind them, and the underlying values ​​are all different. Please investors, I can give you some ways to distinguish.

I just talked about the ICO and IFO, my personal status, ICO this issue, especially the fourth level of equity, securities issuance must be subject to legal supervision, may be in the process of legal perfection, but this is from the law Speaking from the social point of view is necessary, because this is the most classic human history fraud, that is, securities fraud, I am not saying all the ICO project fraud, but for now a lot of is not reliable. IFO This is a technology faction evolution or fight for the right to speak, I heard that there should be no pre-excavation of such behavior should be applause, do not steal, I believe this team will do future new fork currency will have the future Into the investment, there is this live Lei Feng behavior should be appreciated. What is behind each IFO, is to improve your technology martial it? This matter is for everyone to explore.

Bitcoin Futures: The Lack of China

I'll go back and talk about the recent Bitcoin futures. Let's take a look. I personally have a financial background. Let me add a little bit why I was so keen and interested in Bitcoin so many years ago. When I was talking about it, because when I was studying in the United States, if you look at the fact that the income of the United States is exactly the same as the absolute value of Chinese family income, it is likely that 30,000, 50,000 and 100,000 are almost the same. Composition is very different, the Americans buy a pair of pants 10, 20, the Chinese buy a few hundred pants, these things let me have a strong interest in the currency, at that time I have a study on bitcoin, This is not the point, this is for many years, in terms of currency to see our judgments of the year is correct, so give the comrades to give some applause, to sell this thing also give some applause, because you have got rich, And it has been realized. My point of view does not mean that after futures come out, it must be short, no one knows, futures are just a game of tools, but I would like to say a very important point. You see the futures anchored index of the exchange there is no China Exchanges? No. What does this sentence mean? We do not have the value of professionalism, we understand what I mean? Translated into Dadu dialect, if there is power, there is such a financial resources, there is such a confidence, can control, I do not know, this pricing is very important. Of course, the market value of Bitcoin today, I do not know, I just want to say that in the current overseas futures trading, of course, is the institutional futures trading, like us OK, bitcoin providers do not have our index, so this thing worth One in the financial industry professionals, including regulators to understand this thing. Trading the greatest game, China from the government level, from the financial level will be what kind of a position? Chinese people will be what kind of position? I say quite a lot, but everyone has their own position. Everyone votes for money. All in all, I think the tide of the moment I think is the greatest innovation of all mankind and the greatest investment At the same time, I would like to place particular special emphasis on the co-existence with the craziest investment bubble and fraud of all mankind, so everyone involved should have such a clear position.

Create new industries or create new needs

Lastly, let me add that everyone in this era has changed. We have been investing for so many years. When we started for so many years, we came to see the rise of the traditional corporate industry. It is nothing less than creating new industries, creating new needs or using new technologies To create new needs, or to use new technologies to meet the old needs, to change the traditional industrial chain, which is the value of the process. Google itself is itself a new market created, but also the suppression and encroachment of the traditional advertising model. Blockchain technology, a lot of decentralized technology I think there will be two directions, in the creation of new markets, to meet the new needs exist, we wait and see, an endless stream of four levels, large and small, all kinds of tricks. This is some of the impact of the emergence of new technologies on the traditional industries, with some new demands met and generated.

Blockchain changes in production relations

In particular, I stress that I am using it for all humankind in this matter. We know that in the framework of human civilization, the Marxist theory of production relations, the word is very hard to say, in fact, there is a core point is that the decentralization of the blockchain will make our organizational structure, our behavioral structure, our The so-called relations of production have undergone profound changes. New technologies We talked a lot in the past, most of them are production tools. The improvement of production tools also has a profound impact on human civilization and industry. Now we have artificial intelligence, artificial intelligence, artificial intelligence The efficiency of a production tool improves, but I think that the production of a blockchain is a very abstract word about the relations of production. Nothing can be summed up in a profound and irreversible way. In this huge context, all walks of life Reorganization. In short, the great game that once happened in the traditional financial markets will have a big impact once the digital assets come to an end and the production relations in many industries, including production tools, blockchain and also a tool. Today did not prepare the speech, I put my key abstraction. I hope the Chinese people will have a better tomorrow.