In chain and currency circles, Li Xiaolai is a great celebrity who has to be mentioned.
As the man of the coin circle, his every move has attracted much attention. At the launching ceremony of the China Hangzhou chain industrial park in April 9th, Li Xiaolai delivered a speech. He thought the block chain would swallow up the whole world. He also served as co founder of the 10 billion innovation fund of the “male shore global block chain” established on that day.
Is bitcoin feasible to pay for the goods and services in everyday life? Can we return to the world without bitcoin? How does bitcoin help build China’s national competitiveness?
In the evening of April 18th, Li Xiaolai, partner of the male shore fund, INBlockchain partner Li Xiaolai and CEO of fast school and senior vice president of the Sohu, Fang Gang, the leader of the guest block chain and the fifth period of “50 people of block chain”, sponsored by the 31 District, discussed the above problems.
The following are the selected contents of this conversation.
1, in the past few years, including now, there are many solutions to “centralization of stable currencies”. Personally, I have never been optimistic about the stability, efficiency and centralization of the three most of the two. Therefore, the centralization of the stable monetary program is certainly not efficient. For venture capital, most of them fail in theory because there are few entrepreneurial projects that can beat bitcoin. I tried this thing, tried it systematically, and knew it was a narrow escape. The future is likely to be the same.
2, all sovereign currencies in the future will be chained, which is almost certain. Once the blocks are chained, there will be no counterfeit money immediately. How much social efficiency will this increase?
3, I personally think that bitcoin is a liquidation system to solve the problem that the value of its system can not be double, it has not been designed as a payment system from the beginning. In addition, an inflation system is suitable for payment, such as bitcoin deflation system, for payment, there are many inconvenient or even distorted place.
4, I personally think that the token distribution is a global version in theory. It is more difficult to supervise. Because there are two restrictions on the regulation, one is regional restrictions, the laws of the United States do not necessarily supervise Canadians; Canadian laws do not necessarily supervise the Chinese; the other is a functional restriction. You can’t let the public security bureau collect taxes, let the industry and Commerce Bureau get a divorce, the issue of block chain assets is the whole world from the beginning. In theory, it is difficult to be restricted and supervised by a single country. It is hard for anyone to supervise…
5, about the 10 billion fund and Industrial Park in Hangzhou, I explained it in WeChat public account. The total of the day is three things, not only a “China Hangzhou block chain industrial park” – the other two, the male shore fund, the China Hangzhou block chain research institute. The industrial park is just a place. Many cities have been looking for me to say that they have to go somewhere to do industrial parks. So at that time it was a joke to think that it was only industrial park. Now it is different. In Hangzhou, money and people are all gathered together, so the place will be used. On micro-blog, I don’t have time to explain. However, it is a pity that some people are derision.
The following is the full text of the dialogue:
Fang: it’s good to laugh at the teacher. What have you been doing recently? Say hello to Tencent netizens.
Li Xiaolai: Hello, everybody. I’m Li smiling. Recently, I have been busy with things as much as I can. But the key is the male shore fund.
Fang: look at the investment and do the project?
Li Xiaolai: mainly planning, making plans in uncertain world is a very difficult and risky business. The project is also seen, but more people from the team.
Fang Gang: therefore, we need to constantly learn and update our cognition and skills. You have been advocating learning and learning, learning English and learning computer. What do you suggest that you learn?
Li Xiaolai: learning is a habit. Everyone needs to learn what he should learn at every stage. Learning is the most difficult way to catch up with the trend. What we need to learn is what we need to learn instead of what others learn. I think both English and computer are basic skills, so we advocate that everyone should know something about it.
Fang Gang: the times are also developing. In addition to English computers, are there any special needs to update the basic skills?
Li Xiaolai: statistics. The reason is that I think statistics have a great influence on a person’s analytical ability. Statistics is not difficult, but most people do not value it. Instead of feeling alive, we are guided by data analysis. Number is the abstraction of fact. Statistics is seeking truth from many facts to seek more truth. I think it can be used anywhere.
Bitcoin is unlikely to become a major payment system.
Square: information and assets are data. To talk about data, first talk about bitcoin. If the bitcoin and the French currency can only be exchanged only one way, that is to say, you can only buy bitcoin with French currency. You can’t redeem it into any other French currency. Do you think there will be so many people to buy it? Why?
Li Xiaolai: to be exact, the whole world is being digitalized.
Before talking about bitcoin, I hope I can make a simple agreement with you.
1. I have no belief in special currency. I think the “belief” is wrong. People who have faith do not need logic. I prefer logic to logic. I have no rules of action. So, I hold bitcoin because I think it is logically correct.
2. I stressed on any occasion that bitcoin is a social experiment (which is likely to fail), and it is still the same, but this experiment seems to be good for seven or eight years, but it still has the possibility of failure (even a little).
3. I never preach bitcoins. Even when I wrote the best – selling column, I deliberately avoided mentioning bitcoin, afraid of causing unnecessary misunderstandings, or misleading some people who had no ability to take risk.
4. when we discuss bitcoin, try to discuss only from the logical level. What philosophy, worldview, feelings are not completely compatible with logic.
5. what I said about bitcoin does not constitute any investment advice – I do not publish investment advice.
Now answer the question. There is no need to discuss all the “if” problems. There is no need to discuss the possibility of non existence. The fact that bitcoin can not be converted into any legal tender has not existed since 2010. If one day it happens, will we see the result again?
Fang: bitcoin is really interesting as a social experiment. It doesn’t have a specific sponsor and organization, and it can be ten years.
Li Xiaolai: the side shows that it has the meaning of existence. Otherwise, more and more people will not pay more attention to it.
Fang Gang: compared with other social experiments that human beings have done before, how much did they respond to?
Li Xiaolai: it is very easy to cooperate between machines and machines, but it is almost impossible before people, especially large groups of people, cooperate with each other. After the Internet is connected to everyone, the large area, the people who do not know each other do not deal directly with each other, can have the opportunity to cooperate with each other and cooperate well, which is spectacular. This shows that there is a lot of room for progress.
Fang Gang: is it feasible for bitcoin to pay for commodities and services in daily life?
Li Xiaolai: bitcoin should be used for payment. This is a misunderstanding. Bitcoin just has a “coin” in its name (coin is used in English), and it is not because of this name that it has the responsibility of “must be used to pay”. In daily life, we do not blame this thing because “game currency” can not buy instant noodles in the shop. Why is there a “coin” in the name?
Fang Gang: if we look at the social experiment of bitcoin from large-scale collaboration, Wikipedia will be considered one, but Wikipedia is more or less different from bitcoin. If it is a misunderstanding, it means that it is not likely to be used for payment, is it?
Li Xiaolai: the collaboration of Wikipedia is not large enough. 2000 less editors have finished most of the content.
In my opinion, bitcoin is a liquidation system to solve the problem that the value of its system can not be double. It has not been designed as a payment system from the beginning. In addition, an inflation system is suitable for payment, such as bitcoin deflation system, for payment, there are many inconvenient or even distorted place. I guess people who bought pizza in twenty-five thousand bitcoins in 2010 are now feeling a little more or less uncomfortable. In the past, bitcoins could be used to pay, now and in the future, but it is certainly not the main payment system. The main payment system must exist in a stable monetary system. To be precise, it is unlikely to become the main payment system.
Fang Gang: does the token outside the bitcoin have the potential to pay for it? For example, why not USDT? Basecoin and Chia?
Li Xiaolai: it is possible, as far as I know, the Japanese bank will soon launch the block – chain currency of the anchor yen, which is stable and has a great potential to pay. USDT is not actually supported by the currency issuer (US). The bank has been trying USDT again. In addition, even if it is possible to become a payment tool, there is a premise: the user base should be very large.
Over the past few years, including now, there are many solutions to “centralization of stable currencies”. Personally, I have never been optimistic about the stability, efficiency and centralization of the three most of the two. Therefore, the centralization of the stable monetary program is certainly not efficient.
Fang Gang: two words of currency are very conspicuous. The counterfeit note is not the core pain point.
Li Xiaolai: money, nothing can be eye – catching. In the future, all sovereign currencies on the earth will be chained, which is almost certain. You think, once the blocks are chained, there will be no counterfeit money at all. How much social efficiency will this increase? It’s not just me. Many people have tried to use bitcoin to participate in the crowd raising, and ultimately win the bitcoin project. The counterfeit note may not be the core, but it is also a pain point. There are many forms of counterfeit money. Besides our daily life, there may also be unreal records on bank accounts. That is also a kind of counterfeit money.
Fang: on the one hand, is it feasible for the money to be used in the first level market? According to the teacher’s understanding, how is the market progressing now, what are the changes and changes in the one or two years?
For venture capital, most of them fail in theory because there are few entrepreneurial projects that can beat bitcoin. I tried this thing, tried it systematically, and knew it was a narrow escape. The future is likely to be the same.
Fang Gang: now many newly established funds are investing in BTC and ETH projects, are they not reliable? Are you using all the legal tender at the moment, or are you using ETH?
Li Xiaolai: I can’t say they’re not. At the most, they are willing to take risks. After all, there is indeed a short-term run over bitcoin projects. I do not necessarily invest in projects, but try not to use bitcoins. ETH is also now buying and selling, I have very few ETH in my hand.
Fang: Recently, the international politics and the economy have been a little uncertain. The price of bitcoin has also been warming in the last few days. It is said that Soros and Chai’s family have come into play. Many things in this world are connected and entangled. Can we return to the world without bitcoin? How do you laugh at the teacher?
Li Xiaolai: I think there is little relationship between the price of money and those rumors. After all, there is no evidence and argument. We should not be able to go back. Can you imagine that we have the means to go back to the era without computers and Internet?
Fang: it is said that a university Vice Chancellor thinks that his intelligence quotient is not low to understand the block chain, everyone feels that the block chain can not be landed, at present only two applications, one is fried money, one is a meeting, and the teacher’s investment district chain project landing situation how?
Li Xiaolai: he said he did not understand. In the final analysis, he could not immerse himself in studying and thinking. Another reason is that there are too many prejudices in the mind, and no way to accept new things. This is not because of the complexity of block chains. Is it difficult to understand and accept a cloud database technology that can not be tampered with historical records?
In fact, the application of landing is very much, for example, MIT has been chain of credentials. It is very meaningful. The giant of the game industry has been able to create real random numbers on a large scale, and it is very advanced. We only know about stir fried coins, because they can’t do anything else, which doesn’t mean that others can’t do anything. Meetings? People are social animals. Gatherings are just needed.
Fang: even at the earliest, the user experience that the Internet delivers to consumers is also perceptible. As you know, it’s easy to know how convenient and fast e – mail is. It’s very fast to see the news on the Internet. The block chain seems too far away from the consumer’s user experience. Will it be the first to provide explicit experience perception?
Li Xiaolai: it will take many years, though faster than we think. However, we may indeed be at a singularity, and we will see rapid progress soon. For example, the experience of EOS may be much stronger than ETH; the experience of XIN may also be refreshing – all this may happen two or three months later.
Fang Gang: I would like to talk about specific projects and I hope I can see the kind of touch that I can see as soon as possible. How do you laugh at the teacher’s press.one?
Li Xiaolai: PressOne, speaking of his own project, he is a bit worried about being misunderstood. He has the suspicion of taking the opportunity to publicize himself. The evolution of PressOne is a lot. Now, the most basic function is to connect social networks, distributed authentication. Soon, PressOne will cooperate with foreign manufacturers to launch home block chain equipment and global network. By this time next year, PressOne will theoretically have the opportunity to become a distributed content distribution center, video, music, text and so on.
Fang: it’s still very fast. Things that do not propagate rarely grow up. Speaking of EOS. EOS has a lot of things recently. Friends circle said: this April, the 21 Iron Throne, EOS power game opened. Is this statement too exaggerated? What do you know about the actual situation?
Li Xiaolai: not too fast. The development or planning started in June last year. It is almost a year now. However, solid work is indeed a team style. EOS has received a lot of attention recently. I don’t know what the inside story is – my style has always been “silent investors”. Since choosing to invest, the moment that money is taken out, “buy the fixed hand”, then seldom contact the project side unless they actively seek help.
Fang: go back and ask a press.one. Distributed content distribution, the content of the current flow in the WeChat system is also distributed content distribution ah, press is the content of storage, flow and sales are distributed? User system, strong relationship is critical, is press based on the EOS?
Li Xiaolai: what press.one wants to do, in fact, is mainly “reconstruction of economic system”. WeChat is indeed distributed content distribution, but the power of the economic system is still concentrated in the hands of WeChat operator Tencent. PressOne is originally planned to be built on EOS, but it will be changed later, to be built on the common chain of XIN – although XIN knows not many people, but it is more suitable for the selection of PressOne in theory.
Fang Gang: are you optimistic about the combination of block chains and the Internet of things? Are there any investment projects to facilitate disclosure? Why do they invest in them?
Li Xiao Lai: very optimistic, but there is no investment yet, there are several candidates, but it seems that the fire is not enough, is continuing to find. Whether it is domestic and foreign projects, involving the Internet of things, if there is good, trouble you recommend. My mailbox is firstname.lastname@example.org.
Fang Gang: by the way, everyone in the Hangzhou Industrial Park has been ridiculing you for your words. Do you want to say two sentences?
Li Xiaolai: I explained in the WeChat public account. The total of the day was three things, not only a “China Hangzhou block chain industrial park” – the other two, the male shore fund and the China Hangzhou block chain research institute. The industrial park is just a place. Many cities have been looking for me to say that they have to go somewhere to do industrial parks. So at that time it was a joke to think that it was only industrial park. Now it is different. In Hangzhou, money and people are all gathered together, so the place will be used. On micro-blog, I don’t have time to explain. However, it is a pity that some people are derision.
At present, there is no reasonable valuation scheme for token, there must be bubbles.
Fang: talk about a few topics about token. How many kinds of token do teachers hold now?
Li Xiaolai: I have a lot of things, I don’t see it, and many of them forget it, because it’s no use remembering it – the big city is so, they won’t rise alone, so it’s so.
Square: the common sense of our ordinary people is that we have economic activity first, and then we have token, the block chain play, and a lot of up to the airdrop candy, how to understand this method, what are the advanced places?
Li Xiaolai: This is a short-term phenomenon, and as time goes on, it will return to reality – investors are constantly evolving and know more about how to analyze projects. Airdrop candy, in a sense, is just a spread of deformation – the cost of promotion in the future is getting higher and higher, because there is no fresh sense of what everyone has played. It’s a new marketing campaign. I can’t see any innovation. Before, the department stores in the city issued coupons at the door, which made no difference from this.
Fang: there is a study abroad to calculate the value of the block chain network and the value of the corresponding token according to the classic Fisher formula MV=PQ. Taking ETH as an example, the value of the ETH network is about 355 million dollars, and the market value of the current $about 50000000000 is not comparable to the current value of the value of the current mainstream token. Is it?
Li Xiaolai: it is open to question whether the formula of MV=PQ is in strict logic. Personally, I do not think there is a more reasonable valuation plan. In turn, precisely because there is no reasonable valuation scheme exists, so the bubble must exist. However, different people have different understanding of bubbles. Some people think that they can’t participate in the bubble. At the same time, there is another group of people who think “how to taste the beer without a bubble?”
Fang Gang: BTC and eth have at least gas. Many token do not have any resources to support and economic activities to consume these token. Is this still puzzling?
Li Xiaolai: a friend of mine said it was funny. He said, at this stage, it seems to me that “chain dream era”. Many dreams, and then there is only one thing that we all agree on: if it is realized?
Restricted by geographical and functional conditions, token is still more difficult to monitor
Fang Gang: suppose you are a regulator, how are you going to supervise token?
Li Xiaolai: personally, I think the token distribution is a global version in theory. It is more difficult to supervise. Because there are two restrictions on supervising this thing, one is regional restrictions, American laws do not necessarily supervise Canadians; Canadian laws do not necessarily supervise the Chinese; the other is a functional limit. You can never let the public security bureau collect taxes, let the industrial and commercial bureau get divorced, the block chain assets are issued, from the beginning to globalisation. In theory, it is difficult to be restricted and supervised by a single country. However, I have thought of a self – thought method: No enterprise or organization should raise money to a single individual more than 1000 yuan (or very small money), otherwise they will be fouled and disposed of. In this way, the social troubles that may be triggered are much smaller and much less. However, I also think so. After all, regulation is something that the departments concerned can do very well, and ordinary people sometimes do not even have the qualifications to make suggestions.
What’s different from everyone’s view is that exchanges are very easy to monitor, as long as the exchange accounts are open to regulators. Last year, before the cloud gateway was stopped, we had managed to do a good job of supervising API. It was docking with the Chinese Internet Security Center. After all, it was a database. After all, it was electronic. It was not difficult to supervise.
Fang: that’s what you say. Many smart supervision is actually interacted with front-line private operators, and is centralization. When it comes to regulation, distributed content regulation, does pressone need to have a regulatory node?
Li Xiaolai: Yes, both sides must communicate with each other and establish effective communication mode. In the idea of PressOne, it is not a lawless community. I think most people do not like a lawless society. Content review is completed by the community. It may not be perfect, but it should be more effective.
Fang Gang: the regulatory body that is consistent with the laws of the country is part of the community.
Li Xiaolai: Well, since it is a global thing, it must be consistent with the laws of other countries and take the biggest intersection. This is not easy, but there is no way to do it.
Fang Gang: why do people always feel that Li Xiaolai and EOS are ambiguous and ambiguous when dealing with BM?
Li smiles: there is nothing ambiguous and ambiguous. I’m an investor, so it’s a good relationship. BM I voted his first project in 2013 until EOS. Last year they took my name from the official website, which was because they were unable to judge whether my existence was dangerous to them – I didn’t feel anything when I took my investment, hahaha. But I also understand them. At that time, a lot of the media were attacking me and saying I was selling “5 billion dollar air” (the market value was 5 billion yuan – they were deliberately written in dollars), and the atmosphere of the attack was very bad, even if I was afraid, do you say they could be afraid? I personally It is very much to admire them. The team is very solid, anyway, so far, no block chain project has faster code updates than they are (including my own project). In this respect, EOS is a model in the world.
Fang: token topic. Finally, talk a few words out of the question, the eight diagrams. With laughter, the teacher has always lived in a simple life (except for eight fish in a particular meal), and he works very hard and writes every day (it is said to be 3000 words per day). I also heard that some of the money makers in recent years had been very decadent. Can you give them some advice?
Li Xiaolai: he saw people eating meat and saw no one being beaten. In the most depressed times, I have been supporting the EOS community with practical actions, investing in and funding EOS’s entrepreneurial projects. Is this not true? If other people do the same with me at that time, then today they are their own! I’m not simple, only my needs are not much, resulting in poor consumption. The money circle and chain around me are quite plain to me. They are working harder. I have never seen a decadent person in a decadent circle. Even if there is, what advice can I give?
Fang: in the end, are you anxious? Are you ready to emigrate?
Li Xiao Lai: after I am 26 years old, I have nothing to worry about. Anxiety is a useless emotion. Since there is no use, there is no need to worry. Immigrants? Ha ha, I know why you asked me, but I didn’t think that way for the time being. 2013 I wanted to emigrate before, and in 2014 I told my lawyer to cancel the immigration plan. Then there was no idea. China is the largest market in the future block chain. It is the fastest growing area. If you let me go, I do not necessarily want to go.