Claire Wu

Claire Wu

Bitpush Column · 14 articles

[Update] Trump says Microsoft can buy TikTok

Author: More than Twitter writer Claire Wu, US President Trump said in a speech at the White House on Monday (August 3) local time that unless TikTok is acquired by Microsoft or another company, the app will be shut down on September 15. This is the first time he has publicly allowed Microsoft to buy TikTok. Just last Friday (July 31), Trump said he would ban the short video app TikTok from operating in the US, saying it threatened America's national security. According to the Financial Times, Microsoft will continue to push ahead with negotiations to acquire TikTok's US business from ByteDance (ByteDance), even though Trump had reservations after discussions between Microsoft CEO Satya Nadella (Satya Nadella) and US President Donald Trump (Donald Trump). The US tech group also revealed that the potential deal would include TikTok's operations in Canada, Australia, and New Zealand. Currently, TikTok is being scrutinized more and more strictly around the world, including Australia. Microsoft said in a statement last Sunday that the company “is committed to acquiring TikTok under the premise of carrying out a full security review and providing appropriate financial benefits to the US, including the US Treasury.” How popular is TikTok? TikTok already has 800 million active users worldwide. Image source: SensorTower As shown above, TikTok was the most downloaded app in January 2020. Millions of people learn about cryptocurrencies like Bitcoin through TikTok. Cryptocurrency enthusiast James Galante posted a short video titled “Let's All Get Rich” on TikTok, recommending that everyone invest $25 in Dogecoin to push the Dogecoin price up to 1 dollar, triggering the Dogecoin craze to once again sweep the cryptocurrency market; in December 2020, the mobile payment company Square launched a cryptocurrency marketing campaign on TikTok and used #cashappthatmoney标签吸引了1 .365 million Views have made it one of the most popular mobile payment apps in the US; in 2020, videos containing the “coronavirus” were viewed more than 53 billion times on TikTok. However, this year, TikTok has almost been hit hard by India's ban and US government crackdown. The Pentagon banned US military personnel from using TikTok in January of this year. Some US lawmakers are concerned that the Chinese government is using Tiktok to mine data on US users. However, a TikTok spokesperson said that all TikTok US user data is stored in the US and backup support is provided in Singapore, and is not subject to Chinese law. Shortly after Trump intended to block TikTok, a disaster occurred where TikTok's “likes” went to zero. According to the “Daily Mail” report, more than 17,000 users reported the problem of returning to zero “based on likes” and “views”. Among them, there is no shortage of full-time operators who rely on TikTok revenue to make a living, causing panic among TikTok influencers in the US. In this social networking platform geopolitical war, Facebook CEO Zuckerberg is expected to be happy to see the flames of war. Zuckerberg had always wanted to buy TikTok, and the short video apps developed to imitate TikTok all ended in failure. However, the reason why Microsoft wants to buy TikTok is because social media has always been its weakness, yet Microsoft's more rigid corporate culture and TikTok's temperament clearly do not match. Whether TikTok can maintain its vitality after the acquisition is also in between. So, is the US government baseless in its concerns? Let's take a look at how TikTok works. TikTok's recommendation system makes users addicted. Simply put, TikTok's recommendation system “User-Centric Design” (User-Centric Design) only recommends content that users like. The more active users are and the more data they provide, the more accurate the recommended content. For example, if you're watching funny videos, then the recommendation system will tailor entertainment videos for you as a result, and further analyze your preferences in order to more accurately target what kind of funny videos you like. Image source: Medium, Catherine WangTikTok's working system will categorize, categorize, and label massive content data left by users to make more accurate recommendations in the future...

2210d agoClaire Wu
[Update] Trump says Microsoft can buy TikTok

Is the DeFi industry chain a financial hype tool or a booster for economic development?

Author: Claire Wuido, a writer from Twitter, is another popular innovation in the coin industry after ICO and IEO. IDO means initial decentralized finance offering. DeFi (Decentralized Finance) has always been on the cusp of the coin industry in 2020, and the pace of development can be described as thousands of miles a day. After being hit by the 3.12 Black Swan incident, DeFi not only did not sink, but instead rebounded sharply with a stronger attitude. Stimulated by Compound's motivational mechanism, they made further strides and continued to attack the city and land. Which is crazier, IDO vs. ICO? How crazy is DeFi? Compound lending platform: After the launch of the Coinbase exchange, its token COMP increased up to 200 times; yearn.finance: After launching the governance token YFI, the total hedging volume increased by more than 10 million dollars to US$111 million in less than 1 day; MSTable stablecoin agreement: before the project auction, the investment institution valued at 15 million US dollars, and after the auction, the valuation reached a maximum of 300 million US dollars; AAVE lending platform: the increase of the platform coin Lend from a low point to the present It has been more than 100 times and continues to rise;... There are also many DeFi projects where the price of platform coins is rising, such as KNC, ZRX, BNT, etc. With the deepening development of DeFi, these numbers are only the tip of the iceberg, as more public chains are joining the ranks of DeFi, including EOS, Tron, Bioriginal Chain, Boca, etc. The discussions in the DeFi group were very heated. The group was anxious to ask how to log in to the latest DeFi project to grab funds. The total market value of DeFi mortgages increased 2.5 times in about a month, breaking through the 3 billion US dollar mark in one fell swoop. Image source: Debank This scene reminds me of the bustling scene when I first entered the coin industry in 2017. In fact, many of the biggest names in the coin industry entered the coin industry when the Bitcoin price curve rushed to the sky at a 75-degree angle. This includes Binance's famous big V and 1. The wealth effect is indeed the most powerful weapon that can attract outsiders to join the coin industry. However, it was not Bitcoin that sparked the previous bull market, but ICO (also known as Western Europe). However, the story of Western Europe was very tortuous, and the 9.4 storm we are familiar with later occurred. On the grounds of protecting retail investors, the Chinese government is trying to sweep Western Europe out of the country, shattering investors' dreams of wealth... However, cryptocurrencies are not the same as previous changes. They can silently and instantaneously cross borders. As a result, centralized exchanges such as Binance, Huobi, and OKEx took advantage of the vacuum period, took advantage of the storm, and eventually took advantage of the trend of cryptocurrency development and grew into huge entities, which can stir up wind and rain in the coin industry and make a lot of money. And will Defi, or IDO, explode this big bull market in the coin industry? Effective incentives and friendly infrastructure set off DeFi Satoshi Nakamoto founded Bitcoin with the hope that the decision to issue coins will be controlled by a set procedure. If World Easy changes over time, Bitcoin must adapt and must be changed with the consent of the community. This is the meaning of decentralization. However, many decentralized cryptocurrencies are being used by centralized systems as financial tools. V God first proposed the concept of decentralized exchanges in the Reddit article “Let's Run On-Chain Decentralized Exchanges the Way We Run Prediction Markets” in October 2016. He pointed out that an ideal DEX does not require an order book (pending order book) system, and the price should be automatically adjusted entirely according to the transactions people make on this exchange. At the end of 2017, Hayden Adams developed the first DEX, Uniswap, based on the idea of God V. Since it launched on Ethereum in November 2018, its trading volume has continued to rise, and it has gained a good reputation. With decentralized exchanges, DeFi lending also came into being. As the first demonstration project for DeFi lending, MakerDAO has achieved excellent results despite a bumpy path of development. However, breaking the DeFi ceiling and detonating IDO...

2217d agoClaire WuBalancerCompound
Is the DeFi industry chain a financial hype tool or a booster for economic development?

The game between China and the US is escalating, how can China break through? Are there any cards to play in the crypto field?

The US suddenly asked China to close the Consulate General in Houston within 72 hours. What kind of fame did it make? Author: More than Twitter writer Claire Wu, the most exciting news on Wednesday (July 22) was that the US suddenly asked China to close its Consulate General in Houston within 72 hours on the grounds of protecting US intellectual property rights and US private information. Hong Kong's Hang Seng Index plummeted 577 points towards the close of the market, smoothing yesterday's rise driven by the favorable atmosphere for the establishment of the Hang Seng Technology Index. The offshore and onshore renminbi rapidly weakened, both falling below the 7.0 mark, and the offshore renminbi depreciated more than 350 basis points to reflect investors' concerns about the escalation of tension between the US and China. Recently, US Secretary of State Pompeo has made many astonishing remarks. The content covers the South China Sea issue, the Xinjiang issue, China's system and ideological issues, and the Hong Kong issue is an indispensable source of discussion. It makes people feel that the new Cold War era is quietly approaching. Image source: Pixabay Hong Kong's “Wireless” news reports that the COVID-19 epidemic in the US shows no signs of abating. Through the TV screen, you can also feel US President Trump's resentment that China has failed to eliminate COVID-19 in China, spreading across the world. Jin Canrong, vice dean of the School of International Relations at Renmin University of China and an expert on American issues, pointed out that the US may not even hesitate to launch a war to knock out China's momentum and slow down China's rapid development. He believes, first, that judging from the various sanctions and words and actions currently introduced by the US government, the strategic animosity towards China is deeper than expected by the outside world. Second, probably because of the general election, the team needs to raise the level of confrontation between China and the US, divert domestic attention, and obtain support from the domestic market. However, regardless of the reason, the conclusion is clear that Sino-US relations will continue to decline. Why is Hong Kong on the cusp of disputes? Since the beginning of trade negotiations between China and the US, Hong Kong is already on the cusp. The implementation of Hong Kong's National Security Law has brought the relationship between the two countries to a freezing point, and the US has vowed to sanction Hong Kong. So why does the US see Hong Kong as a nail in their eyes? The US announced some time ago that it will restrict US pension funds from investing in Chinese securities, strengthen the financial review of China Securities, and even demand that China Securities be delisted. Soon, investors saw China Securities go public for the second time on the Hong Kong Stock Exchange. In the past, the target for Chinese technology stocks was to be listed on the NASDAQ, but now they have all dispelled this idea. According to the latest news, Unicorn “Ant Financial” uses newly established science and technology innovation boards in Hong Kong and the mainland as listing destinations. Mainland and international capital are interconnected between the mainland stock market and the Hong Kong stock market through Shanghai Stock Connect and Hong Kong Stock Connect. The rise in the hot speculation sector and the performance of the US NASDAQ technology stocks did not make much difference, making the US sanctions against China Securities invisible. Hong Kong, can you keep a low profile? Also, with the US printing so much money, smart money will look for risk-free arbitrage opportunities around the world. Hong Kong's linked exchange rate system allows the Hong Kong dollar to fluctuate within a narrow range of 7.8 against the US dollar. Therefore, smart money will first go to a bank account in Hong Kong with higher interest rates than the US to earn risk-free interest spreads, wait for an opportunity, and then enter the stock market or property market to earn higher profits. Over the past few weeks, we have continued to see hot money flowing into Hong Kong. It can be seen that the linked exchange rate has indeed created a good investment environment for Hong Kong. From the perspective of the US, Hong Kong's linked exchange rate system has instead established a competitor for itself to be used by the “enemy.” I feel very unhappy! Photo source: Yonhap News Network What are the options for sanctioning Hong Kong? Among the many options to sanction Hong Kong, cracking down on Hong Kong's linked exchange rate system is considered a “nuclear option.” Because with the support of the linked exchange rate system, the Hong Kong dollar is an instrument for the US dollar, and the equivalent value of the US dollar can be exchanged at the bank at any time according to the official exchange rate. The stability of the US dollar means the stability of the Hong Kong dollar. I believe everyone knows the importance of the stability of a country or region's currency to the local economy and finance. Funds can also circulate freely, so the requirements are even higher. The Financial Secretary of the Hong Kong Special Administrative Region, Chan Mao-po, told the media that the US does have the right to restrict the use of US dollars anywhere, but Hong Kong is the world's third-largest foreign exchange settlement center for US dollars. If there is a shock in Hong Kong, the US will also be affected, including shaking the international community's confidence in the US dollar. Therefore, I believe the US side will act prudently, and the Hong Kong SAR government also has ways to deal with it. The countermeasure was endorsed by more than 440 billion US dollars in Hong Kong's foreign exchange reserves. It supports a monetary base of 220 billion US dollars, with a ratio of 2:1. Furthermore, China holds up to 3 trillion US dollars, which is also a strong backing for Hong Kong's linked exchange rate. According to a report released by J.P. Morgan Chase, it is expected that the linked exchange rate system linked to the Hong Kong dollar and the US dollar will not change. The reason is,...

2221d agoClaire Wucryptocurrencystablecoins
The game between China and the US is escalating, how can China break through? Are there any cards to play in the crypto field?

Bitcoin must not be locked in the “cage” of derivative finance

Author: More than Twitter writer Claire Wu How can the blockchain project be integrated with the real economy rather than idle in the financial sector is a question that people with insight in the blockchain industry often reflect on themselves. Bitcoin is defined by Satoshi Nakamoto as a decentralized P2P cash payment tool. A robust system, short-term price stability, and transaction depth are key factors in fulfilling the cash payment function. The network effect of user size is also very important for currency pricing. Bitcoin is widely used in various derivative financial instruments, and as a result, it will be exhausted. Bitcoin is actually stuck in the “cage” of derivative finance. As an asset, Bitcoin is widely used as collateral for various derivative financial instruments with leverage of up to 50-100 times. In order to seize bitcoins from retail investors, when the number of contracts is high enough in an upward or downward direction in the market, “casino bookmakers” will “apply a needle” to instantly lower the price of Bitcoin, and then suddenly increase it, in an attempt to explode both buy-up and buy-down contracts to maximize profits. Please don't make a fuss about this; the coin community is just learning from its peers in the stock market. This kind of “reckless operation” has greatly increased the volatility of the Bitcoin price. 3.12 In the Black Swan incident, investors stepped on each other because of the serial liquidation of various highly leveraged derivative financial products, Bitcoin also caused investors to step on each other due to the small size of the market, relatively poor liquidity, and limited network scalability, etc., causing the Bitcoin price to fluctuate greatly in a death spiral. The post-90s, who had not experienced turbulent waves, shuddered when they heard the name of Bitcoin after the 3.12 Black Swan incident. Some beautiful investors who once held over 100 million dollars even claimed to have withdrawn from the coin industry since then. In the community debate, a senior investor complained that Bitcoin has become an accomplice in cutting chives, and he even advised young people not to enter the coin industry and become prey to financial giants. For this reason, the famous creator of Coinhu “Walking” said that derivative financial products have taken Bitcoin out of the payment stage because of payment currencies, a safe and stable system and stable currency value are major prerequisites. Image source: One read: This is indeed true of Satoshi Nakamoto's original intention in creating Bitcoin. He expects the Bitcoin community to continue to grow, develop more commercial use cases of Bitcoin, integrate it into physical payment scenarios, and be held more scattered by real users, making Bitcoin larger, more stable and more liquid, and forming a network effect, rather than locking Bitcoin in a “cage” of exchange-derived finance. In fact, according to Qun Youming's report, a top exchange that supplies a lot of contracts not only recently lost contract players, but its trading volume was overtaken by new exchanges, and it was also extremely poor in terms of spot and new currency listings. This wave of DeFi boom has also come to an end. Karezawa's fishing seems to be a perfect way to describe the current state of this exchange. Does DeFi also have centralization issues? Contrary to the high volatility of Bitcoin prices, stablecoins in the crypto sector have always been considered the best use case that can be applied to physical payment scenarios because their prices can remain stable in the short term with support from various governments in terms of monetary policy. USDT did play an important role in cross-border trade in times of power games in the past. However, according to Mars Finance, Centre (note: Centre is a joint venture between Coinbase and Circle) recently blacklisted an Ethereum address worth 100,000 USDC, effectively freezing the funds in that address. Coincidentally, Tether, the issuer of USDT, another centralized stablecoin, blacklisted an Ethereum address holding 158 USDT on July 10. This is the 40th blacklisted address by Tether. As stablecoins anchored to the US dollar, centralized companies issuing these stablecoins must comply with US court orders or global sanctions restrictions; otherwise, they may lose their eligibility to use the US dollar as an anchored asset and be sanctioned by the US government. So, here's the problem. Many DeFi projects now accept USDT and USDC as collateral assets. For example, the MakerDAO project mortgages USDC to generate DAI, and the compound agreement guarantees USDC loans to generate income. Cryptocurrency enthusiasts are beginning to worry that if an address holding USDC is blacklisted by Center, the USDC in that address is frozen, and the USDC in this address has been pledged into the Maker system, then smart contracts will not be able to send and receive transactions. At this point, the centralization of DeFi began to cause concern among cryptocurrency enthusiasts. Their souls are questioning, can stablecoins really help us achieve the goal of decentralized finance...

2229d agoClaire WuDeFiBitcoin
Bitcoin must not be locked in the “cage” of derivative finance

Third-party hosting mentioned by Wang Xiaochuan is changing the blockchain ecosystem

Author: Compared to Twitter writer Claire Wu, third-party hosting has moved the blockchain industry from small workshop-style operations to large-scale collaboration. Recently, mainstream blockchain media have been dominated by DeFi. Live broadcasts about DeFi have fluctuated. It can be seen that blockchain application scenarios have gradually entered the mainstream. However, Wang Xiaochuan's recent three questions to blockchain practitioners have still sparked intense discussions in the industry for days and nights. Many of these questions are worth our thorough consideration and continuous exploration in practice. Image source: Chain Catcher First, we think Wang Xiaochuan's characterization of blockchain as an anti-government thing, a product of extreme anarchism, is unbiased. In the words of Blockchain News CEO Hu Dadao: “President Xi has characterized blockchain and its strategic position. Blockchain can improve the level of governance and better serve the people. Wang Xiaochuan's statement doesn't seem strict enough.” Looking back at history, humans have never stopped working to put an end to corruption, put an end to counterfeit products and information, and improve production efficiency. The recent “Lao Ganma and Tencent Ad Rashengmen Incident” has brought anti-counterfeiting to the forefront. Blockchain storage seems to be the only solution at present. Placing blockchain governance in the general environment of the world. Under the scenario of a decentralized community or alliance, multiple nodes work together to create a ledger, which can indeed play a supervisory and regulatory role. It also invisibly restricts the actions of government departments; the code only exercises the function of governing some people. Liu Jiaolian said it well: “Blockchain is not anti-government; it only has endogenous trust; it does not rely on government governance facilities to generate trust.” Bitcoin can be said to be a product of anarchy. Bitcoin is similar to gold; it only gives people under hyperinflation an asset storage option. The existence of Bitcoin has a restraining effect on the misuse of money by governments. Of course, from another perspective, these cryptocurrencies, which have the ability to transfer value across borders, are indeed a management challenge for countries with exchange controls. Image source: Shangguan News Wang Xiaochuan asked blockchain practitioners, will third-party hosting solve the maintenance problem of decentralized ledgers? Wang Xiaochuan's first question can be said to be very loud. It went directly to the core of blockchain project governance, and applauded Mr. Wang! Indeed, now, whether it is a POW or DPOS network, the decentralized network is showing a trend of being monopolized by a small number of nodes. From the beginning, EOS designed 21 elected nodes to jointly maintain the blockchain ledger to improve the efficiency of the blockchain. In fact, there are probably only about 20 mining pools that regularly generate blocks on the Bitcoin network now. However, President Wang is probably not very clear. Unlike EOS's DPOS network, for the POW network, although most of the nodes that generate blocks are concentrated in large mining pools, there are still many verified nodes. They also have a complete Bitcoin ledger. These nodes are also members of the tens of millions who maintain Bitcoin's decentralized ledger. Why is POW mining hosted by a third party? Blockchain practitioners familiar with POW mining know that electricity costs, power consumption ratio and price of mining machines, and currency price trends are critical to mining revenue. Let's talk about the electricity bill first. According to information provided by the “University of Knowledge Mining”, during the flood season, mining pools built next to power plants often received electricity prices of around RMB 0.2. Also, we have noticed that some mining pools have reached agreements with certain countries to use the country's nuclear power to mine. Although these mining pools are superior to other peers in terms of electricity prices, they must know how to coordinate the relationship between the country and local governments, which is difficult for ordinary retail investors to handle. Image source: The current new mining rigs at Zhiguang University are quite expensive. Mining machine manufacturers often sell them using hunger marketing methods. Retail investors can usually only catch fire at the end of the bull market. The price of the mining rig they bought may be 2-3 times the price it was launched in the early days. It is uncompetitive, and the risk is extremely high. Ordinary retail investors participate in the operation of mining pools, which can not only participate in mining but also reduce the financial pressure and operational risks of the mining pool. It can be said that it is the best of both worlds. It is also very simple for retail investors to withdraw from a certain mining pool. Some mining pools require retail investors to pay electricity bills for a month in advance, and then they can have nothing to do with each other. We review the history of Bitcoin mining. From CPU → GPU → ASIC mining, the pursuit of maximum profit is due to human nature. There are different oligopolies at different stages. Satoshi Nakamoto has been in contact with Laszlo, the first GPU miner. You read that correctly, that is Laszlo, the local tycoon who used 20,000 bitcoins to buy two pizzas. Satoshi Nakamoto said he was very worried that Bitcoin would be highly concentrated in Laszlo's hands because at the time Laszlo...

2239d agoClaire WuFengshui miningBlockchain governance
Third-party hosting mentioned by Wang Xiaochuan is changing the blockchain ecosystem

Absorb the essence of Steem and break out of the self-styled currency economy

Guru said that blockchain projects should take the product and platform ecosystem as the main line of development and develop smoothly. In the process of practice, different problems may occur, causing the system to run off the original track. Fine-tuning the system to address shortcomings may be more beneficial to the long-term development of the entire economy. The most successful circular economy in the world is the dollar economy. It can print its own money and dump it around the world, and the US dollar can also form a closed loop through binding to the real economy... There are many aspects of the dollar economy that blockchain projects can learn from and learn from. Of course, the most eye-catching thing about the blockchain project is that it has a decentralized coin issuing system. Taking the original Bitcoin as an example, the time and method of currency issuance, whether there is an upper limit on supply, etc. are all written in smart contracts. Changes need to be decided through a community vote. This works in a different way from the centralized world's monetary growth, and as a result, it is beginning to be fervently sought after by people all over the world suffering from inflation. Steemit is the world's first content creation platform with a token incentive system. It is an application of Steem, a blockchain project founded by BM after leaving BitShares. Recently, the Steem community and Sun Yuchen carried it on, and the two sides continued to use a hard fork as a weapon to wrestle. The incident caused Steem, who had been dormant for a long time, to stand in the spotlight at the center of the stage again. In decentralized communities, the phenomenon of “unprotected private property” also occurs. Steem that Sun Yuchen bought back from the Steem management team was removed by the community in the hard fork to eliminate Sun Yuchen's influence on the HIVE community after the fork. Then Sun Yuchen launched another hard fork to remove Steem from some community members. There will never be any more protracted and expensive legal lawsuits in the traditional world. The code is the law. In this case, it has been shown to the fullest, and it has also made people who eat melons feel overwhelmed. (Image source: Chain Cheese) Decentralized communities, like centralized communities, are reluctant to come out and vote; they even entrust their voting rights to powerful households or KOLs in the community. Therefore, if there are serious differences in the community, resolving the issue will be a protracted tug-of-war process. Some people think that if there is sufficient technical strength, such as quantum computers that will evolve rapidly in the future, it is not difficult to unexpectedly attack decentralized networks. However, there is another voice that believes that when the decentralized community faces a powerful invasion from foreign enemies and is in the midst of life or death, they will also quickly unite and respond together, and the Monero community has set a classic example. Therefore, the author believes that in crisis management, whether it is a centralized community or a decentralized community, the charisma of KOLs in the community and the forward-looking views and strategies they put forward are essential to the development of the community. Guru admits that in the process of establishing Coinhu, the team carefully studied Steem's token design system, drew on many of the advantages of Steem's token design, and made improvements. Steem's token design includes 3 types of tokens, namely Steem, Steem Power (SP), and Steem Dollar (SD). Among them, Steem is the core of the three tokens. It can be transferred to the exchange for trading at any time, and the liquidity is quite good. The other two are derivatives of it. SP's positioning is a share. If a user converts steem to SP to lock up positions, the platform will amplify this user's various privileges, such as giving likes more weight, making more money, and continuously receiving additional dividends. However, SP cannot be traded or transferred. SP will need to wait 30 days if it wants to convert to STEEM. SD is positioned as a bond. The price of 1 SD is 1 dollar. Similar to the stablecoins we are familiar with, it is a safe-haven tool, but SD must be converted to Steem before it can be exchanged for other cryptocurrencies or stablecoins. When users create content on the Steemit platform, the rewards they get are SD and SP, and the ratio of SD to SP is determined by the content creators themselves. As you can imagine, the BM team must have no shortage of economists and investment experts. Although the STEEM project is small, it has everything. It is simply a microcosm of the actual financial system. The BM team's initial idea should have been very ambitious. They want to build an application system like the App Store on the STEEM blockchain project. Steem's token design system has attracted many big names in the blockchain industry to work tirelessly on it, write articles and talk about it, and also inspired many practitioners interested in starting a business in the blockchain field. Guru is one of them. However, after watching Steem's...

2256d agoClaire WuSteemGollum
Absorb the essence of Steem and break out of the self-styled currency economy

Will the Great Power Game push stablecoin trading to its peak?

Guru said that stablecoins are something that external users really need, and they can solve many practical problems, including overseas payment, financial management, and savings functions. The core of DeFi revolves around stablecoins. There is no upper limit on the size of stablecoins, and the highlight of stablecoins has arrived. Recently, the massive increase in stablecoins, including USDT, USDC, HUSD, etc., has attracted the attention of the entire coin community, and media coverage and analysis of this has gone up and down. At the beginning, everyone was skeptical about this increase. Soon, more in-depth analysis followed, with more and more detailed and persuasive data, giving everyone a more comprehensive understanding of the development of stablecoins. MakerDAO's founder, Rune Christensen, is probably the first person to come up with the stablecoin concept in the cryptocurrency space. In the BitShares era, Rune Christensen created bitCNY with the BitShares core team. bitCNY is a digital stablecoin pegged to the yuan. BitCNY does not rely on third-party endorsements, and its value is guaranteed by BTS with 2 times the value behind it (it feels very similar to how Dai is generated as collateral). This is the first decentralized stablecoin backed by cryptocurrencies. Its goal is to rely on the BitShares system to make bitCNY faster and more convenient than Bitcoin with a global quick transfer function with extremely low transfer fees. However, as far as my personal experience is concerned, bitCNY's services and processes are not friendly at all. My study fee is ¥100 because I can't transfer this money anymore. To use the BitShares platform to develop a stablecoin project, you must work closely with the BitShares team, otherwise it will be difficult to operate. (Image source: MarkerDAO) After the birth of Ethereum, the founders of MakerDAO were overjoyed, because the underlying layer of Ethereum and the application layer were separate, and they were finally able to develop their own project ecosystem at the application layer. Guru noticed the MakerDAO project a long time ago. He contacted Rune Christensen in the community and bought some Makers from him, translated MakerDAO's English white paper into Chinese, and called stablecoins generated by collateral cryptocurrencies as Dai, which is synonymous with the “loan” of Chinese loans. MakerDAO's stablecoin project issued by Ethereum was quite successful. Prior to the 3.12 Black Swan incident, the MakerDAO project had about 80% of the DeFi market share. The price of MKR has recently exploded because MakerDAO has developed an agreement that allows users to convert real assets into securities that can issue ERC20 tokens with interest, such as tokenizing music streaming royalties. Regarding payments, I agree very much with Hayek's statement that users tend to spend the currency that is depreciating first and keep the currency that is appreciating in their hands. For example, when KEY is in an upward channel against RMB, I prefer to issue RMB instead of KEY red envelopes. The consumption of currencies that are in an upward channel will be delayed. In this case, there are few options for the recipient. However, if this is an act of buying and selling, the situation is slightly different. In international trade, both buyers and sellers expect the exchange rate of the payment currency to be relatively stable. Otherwise, when opening an LC, the handling fee paid to the bank will be very high, because banks need to bear the high risk of exchange rate fluctuations. For ordinary people, because they need to buy daily necessities every day, the stability of the payment currency is also very important to them. In Venezuela, which is experiencing hyperinflation, on the day the wages are paid, once the wives receive the salary from their husbands, they immediately purchase the goods, because prices are changing all the time, and the goods are getting more and more expensive in fiat currency. Similarly, for retailers, receiving a currency with extremely volatile exchange rates, it can also feel unspeakable suffering if its liquidity is poor and they cannot get rid of it quickly. Therefore, as a payment type currency, it must have high liquidity, and currency prices need to be relatively stable in the short term. This is why central banks need to spend huge sums of money every year to keep currency exchange rates stable in the short term, because it involves issues of the national economy, people's livelihood, and social stability. In countries such as Venezuela, Argentina, Turkey, and Lebanon, where the exchange rate of the fiat currency fluctuates a lot all year round, people have lost confidence in their own currency, causing the country to lose many macro and micro control methods, and currency resets have become inevitable, and this may further cause domestic turmoil. Therefore, Guru believes that even the two unicorns in the cryptocurrency field, Bitcoin and Ether, have high volatility and low liquidity, which will cause them to not have a payment currency...

2257d agoClaire WuMakerDAOMYKEY
Will the Great Power Game push stablecoin trading to its peak?

The spring of DeFi has arrived, but it's still far from the highlight

Guru said that using “robots” with transparent rules to provide financial services is a new paradigm shift. DeFi is developing rapidly and is a very important trend in the future. Platform users need to pay attention to the risks that may be caused by smart contracts setting up an Admin Key, and assess whether the platform administrator will easily transfer the user's money. Long-running platforms are relatively better in terms of security. In the process of DeFi development, some rating agencies will appear to conduct risk assessments of these projects for the reference of platform users. DeFi (Decentralized Finance) is an extension of stablecoins. At the beginning of 2020, the DeFi sector grew rapidly. Its overall market value exceeded 1 billion US dollars in March. After the 3.12 Black Swan incident, the DeFi market value soon reached a new high of 2 billion US dollars. We fully feel that the spring of DeFi has arrived. The Ethereum community is making every effort to pave the way for DeFi. Various types of decentralized financial management and mortgages have sprung up, and even innovative products such as zero-interest loans and flash loans have appeared. Among them, Compound is undoubtedly a star in the DeFi field. The launch of the COMP governance token is known as opening DeFi's Pandora's box. Due to Compound's newly announced incentive mechanism, not only can borrowers be rewarded with COMP tokens, but lenders can also be rewarded with COMP tokens. Since its introduction, this “financial management is mining” incentive mechanism has instantly set off a wave of wool rolling in the market. However, there are concerns that Compound will eventually repeat Fcoin's mistakes due to unreal crazy growth. Recently, the sales market for Ethereum wealth management products on the MYKEY platform has been very popular. The reason is that users have compounded expectations that the price of ETH will increase and are willing to hold ETH for a longer period of time. Therefore, compared to fiat financial management, cryptocurrency financial management has greater flexibility and the possibility of higher returns. There was a comment on Twitter that DeFi is shouldering the heavy responsibility of saving Ethereum. According to Guru, having a “robot” with transparent rules to provide financial services will form a huge industry and a new paradigm shift. How significant is this! (Image Source: Blockchain) Indeed, recently we have seen quite a few examples of using DeFi to empower the physical industry. For example, the New York-based startup Paperchain uses DeFi to get musicians to advance revenue from Spotify. Prior to that, the practice of packaging assets with insufficient liquidity into bonds was very common in housing and car mortgages. The most famous was “Lehman bonds,” which packaged bank mortgage payments (the bank's future income) into bonds and sold to investment banks' VIP customers. This kind of bond did trigger an extreme boom in US real estate until the bubble burst. According to data released by the American Recording Industry Association RIAA, the revenue of popular music platforms increased 30% year-on-year in 2018, reaching $7.4 billion. However, it took 6 months for revenue from Spotify to the musicians. [1] Paperchain evaluates the data generated by musicians on these streaming platforms, and then connects the revenue evaluation of these streaming media with efficient low-cost funding sources. PaperChain, in collaboration with the Maker Foundation and the blockchain project Centrifuge, has successfully lent users Dai, a stablecoin worth 60,000 US dollars. As Spotify's revenue, it took less than 30 minutes to complete the entire process, and the transaction cost was less than 3 US dollars. According to news reports, similar methods of using DeFi to obtain future revenue have begun to be used as an alternative by NBA stars and others. DeFi has indeed shown clear advantages in terms of time and money in these physical applications. Guru said that currently there are 170,000 addresses in DeFi, which has doubled in 5 months. Many DeFi applications are in high demand, and liquidity is also very good. However, DeFi is still in its infancy. Ethereum is no longer blocked. Gas prices are skyrocketing, and a popular application can block Ethereum. DeFi was severely tested during the 3.12 Black Swan incident. The shortcomings of blockchain infrastructure, that is, the network throughput problem mentioned by Guru, have come to light, seriously limiting the application and development of the DeFi industry. Prior to the 3.12 incident, contracts on centralized exchanges were blooming everywhere, and the maximum leverage reached 125 times. On 3.12 black...

2258d agoClaire WuCompoundDAI
The spring of DeFi has arrived, but it's still far from the highlight

How did the smart wallet initiated by V God create Alipay in the blockchain field?

Guru said that what will be stored in the smart wallet in the future will be all kinds of personal data. This data is your real private data. No one can get it without the user's consent, and even the smart wallet designer doesn't have this permission. This is a completely different state from the current Web 2.0. It can also truly cater to the growing trend of users about privacy protection, and can truly achieve autonomous control over personal data without leaving the user's own territory and refusing to be misused. When Guru was still an investment manager, I felt too much pressure to manage money for others. He believes that smart contracts are a very important development direction in the future, and using code to manage money is a cool thing. The concept of a smart wallet was proposed by V God in 2019. It uses code to manage money in an encrypted wallet. However, the MYKEY team founded by Gulu and Fat Brother in the summer of 2018 was already deploying and using code to express assets in the form of programming. At the same time, users actually have sovereignty over this account to manage their own assets. In reality, Alipay can be said to be a downsizing attack on banks. Alipay gives users many usage scenarios. In addition to being able to connect to Taobao, it is used as a payment tool in the real economy, and also provides games and insurance on its platform. Convenience and linked services such as health checks and lifestyle payments are aimed at making life worry-free by using an app. Recently, however, many Binance users have reported that Alipay will freeze their accounts on suspicion of receiving payments of “unknown origin.” These events prove that users do not have the highest authority to manage their Alipay accounts. (Image source: Weibo) Also, during the game between major powers, some countries will be restricted from using traditional bank remittance methods, causing serious damage to the country's trade. Currently, there are many fiat-anchored stablecoins on the market. In particular, there are many types of US dollar stablecoins, some are compliant and some are not, and their collateral is also diverse. As cryptocurrencies with instant geographical advantages, if you can trust these cryptocurrencies, including stablecoins and bitcoins, they can indeed be used in place of fiat in world trade. Furthermore, the Internet allows the world to have zero distance contact and communication. Many companies have already carried out cross-domain cooperation, which is still the most common in the blockchain field. Using cryptocurrency can also avoid paying expensive remittance and exchange fees when paying for work. Compliant stablecoins are more widely used and can be used to pay taxes, bills, food and beverage expenses, etc. Based on the above situation, Guru believes that a cryptocurrency wallet that a user can manage on their own is the general trend. However, small players in the coin industry have experienced it firsthand. A long string of randomly generated private keys is intimidating. Technology giants have warned over and over again that the private key of an encrypted wallet represents your wealth. If the private key is lost, it means that your wealth will immediately evaporate, because currently this string of private keys cannot be solved even with the most advanced quantum computers. They recommended that we copy our private key on paper and type it in to log in to our account when needed. Unfortunately, some friends said he made mistakes every time. For us, the easiest is to use electronic copying; however, tech giants also warned that this method of saving passwords is extremely insecure. Right now, the little baits are probably missing the bank's goodness again. Just when Xiaobai wanted to take back the foot he had already taken in the crypto wallet field, smart wallets appeared... Guru tells blockchain newbies (blockchain knowledge is so hardcore; even programmers are probably newcomers in this field) that smart wallets allow everyone to use cryptocurrency without any threshold. (Image Source: Chain News) Gulu has summarized the 3 permissions that smart wallets can use with confidence: First, a smart wallet can export a recovery code. The recovery code has permission to manage the account. It can freeze this account or replace the wallet keys, but it itself cannot use the money in the wallet; the recovery code is the highest authority for this account. Little white people still don't feel satisfied with this. When I first started using it, I was busy, and I didn't even know what the hell the recovery code was. In traditional Alipay wallets, we only need to know the password. It doesn't matter, Guru explains the second part of the smart wallet's permission — operating private keys. The private operation key will always be in the user's own phone, and it will never be online (so hackers can't steal our private keys). Users need to change phones. If they scan the code on both phones, they can transfer the past by operating the private key. Operating the private key is the user's right to use their own funds. In the MYKEY smart wallet, we can set up a password that we are very familiar with and easy to remember to protect and call the operation private key...

2259d agoClaire WuMYKEYGollum
How did the smart wallet initiated by V God create Alipay in the blockchain field?

Comparative Essay: Guru and the Coin Community Tread the Pit Together (4)

Guru told “Comparative” that the community attributes of cryptocurrencies are as important as financial attributes, and that community attributes are more or less overlooked in the industry or are not as highly valued as financial attributes. Community attributes are a very good indicator for investors to measure an investment target. For project parties, the community is a very important source of strength and an important indicator of the success of a project. Although starting a business is a nine-death process, successful entrepreneurs can get on the Forbes Rich List, attract attention from around the world, become idols for thousands of people, and enjoy applause and cheers from all sides. All of this attracts thousands of innovative and adventurous people to join the rolling torrent of entrepreneurship. In my opinion, even the rumble of wealth freedom is no exception. Guru likes to make friends, has a tolerant and peaceful personality, and has extensive connections in the blockchain field. One of the most famous blockchain projects founded by Guru is “Coinhu”, which has received investment from several leading blockchain investment institutions. Coinhu is the first vertical content community in China focusing on blockchain writing. It was officially launched in February 2018 and is a famous domestic demonstration project for the token economy. As we all know, the most important infrastructure in the blockchain field is a public chain. Wallets as entry points, and exchanges as places for value exchange are all popular fields that entrepreneurs are fond of. So why did Guru choose to be a community and not follow the crowd? Guru believes that the market doesn't need many public chains, so he doesn't plan to enter a crowded public chain circuit. However, a real public chain project must be open enough to solve application development problems, and the ownership of the public chain is the community, which is a group consensus, and the public chain needs to rely on the community. In other words, only by doing a good job in the community can it be more competitive. Guru hopes to use coins as a link to create a convenient place for everyone to focus on discussing and learning about various blockchain projects with coins. This is the original purpose of creating “Coinha.” (Image source: BIHU.COM) Blockchain has two major attributes: financial attributes and community attributes. Cryptocurrency created by blockchain networks can carry out cross-domain transfers, payments, mortgage loans, etc., and has obvious financial properties. However, Guru believes that the community attributes of cryptocurrencies are as important as financial attributes, and that community attributes are more or less overlooked in the industry or are not as highly valued as financial attributes. Community attributes are a very good indicator for investors to measure an investment target. For project parties, the community is a very important source of strength and an important indicator of the success of a project. “Coin Dong” is pioneered by the Binance community. It is a term for holders of community platform tokens. They are interested users in the project community. There is an upper limit on the total amount of cryptocurrencies. The more people using the platform, the more prosperous they are. The more users, the greater the demand for coins, and platform coin holders will benefit more. This is a market supply and demand relationship. The value of cryptocurrencies mainly comes from community consensus. There are usually four types of people in the blockchain community: investors, builders, users, and promoters. Participating in community building in the early stages of a blockchain project will have excessive returns as a coin holder rather than a simple coin holder. Binance is an important expression of community attributes. Cointo-type products have many benefits. First, users are shareholders, and the interests of users and products are the same. Because “people are the reactors of economic incentives,” the project party can have many means to motivate valuable behavior, so that it is easier for Token-style products to complete an early cold start and expand rapidly. Some people think that Guru's platform coin KEY was created by a team led by Guru. In this regard, Guru doesn't shy away from saying that cryptocurrencies or even fiat currencies are born out of nothing. In the early days of its establishment, Binance owners believed that Binance could be used as an entry point for understanding cryptocurrency investment. The matter was uncertain, and the coin was listed. Like Knowledge Planet, Weibo is actually an island of information, and really valuable information requires a fee. At Coinhu, in order to earn KEY, everyone will work hard to study and desperately export valuable content. You can get KEY rewards for writing articles and posting personal opinions and comments. Everyone can like other people's articles to get likes and benefits. If you run into an article you think is bad, you can also click on it. KEY can also be directly sold and exchanged for living expenses. It seems that “every action motivates” is very effective for Coinholders. After more than a year of development, Xiaobai, who insisted on value output, became a big V, not only earned KEY, but also raised his own awareness. Binance has become the number one Chinese community for blockchain content platforms. Guru once said in her Weibo post that referring to Teacher Zeng Ming's point-and-line surface theory, coins are facets. The blockchain industry is a system, built on the face of coins and the body of blockchain, and the article was obtained...

2263d agoClaire WuKeyGollum
Comparative Essay: Guru and the Coin Community Tread the Pit Together (4)

Comparative article: How does Guru monetize cognition? (3)

Guru told “Comparative” that blockchain platforms for smart contracts are an important direction in the future. Because of the iteration of technology, one or more unicorns or even Big Macs will appear in the blockchain field, with a market capitalization of 100 billion or even trillion dollars. I want to be able to participate in the growth of every unicorn and not miss a single opportunity. Looking through the Google article describing Guru, it turns out that Guru has a nickname “Money Circle Sun Zhengyi.” Looking back at Guru's investment footprint: Bitcoin → BitShares (&Maker) → Ethereum → EOS → Cosmos → FileCoin... Everyone was surprised to find that Guru's investment history perfectly fits the changing times in the coin industry. The nickname “Sun Zhengyi in the Coin Industry” is not a cover. Let's take a look at the investment philosophy and track record. As a translator of the Chinese version of the Ethereum white paper and a community activist, Guru has reportedly been rewarded with tens of thousands of Ether. Coin owners in the Binance community often write articles revealing bits and pieces about Guru. Everyone says that Guru is financially free. How does Guru, the good-looking CFA, distribute this huge amount of money? In my personal opinion, a young model and a villa are definitely not Guru's ultimate goal. I've met some early Ethereum community managers, and they also received many Ethereum rewards. Some people wanted to join the ICO frenzy to generate coins. After all, the fund-raising speed of ICO back then was basically an internet speed competition. It ended within a few seconds. The speed was astonishingly fast, and you can see how popular it is. Therefore, many people exchange Ether for ICO coins for different projects, hoping that more projects can be 100 times or even 1,000 times as much as Ether. Unfortunately, when the tide receded, investors discovered that the vast majority of projects were just “swimming naked,” and most of the coins issued in ICOs were reduced to air. (Image source: Aohua Finance Online) Guru is an “old man in the coin industry”. He has gone through all the craze in the coin industry. What does he think of this coin industry known as being rampant with fraudsters? Have you ever run into a “nude swimming” project? Before Guru founded the two projects Coinhu and MYKEY, Guru admitted that most of his asset portfolio was Ether, which came from the Ether ICO and Ethereum community rewards that he himself subscribed to, respectively. As a financial expert, Gulu is fully aware of the risk that assets are highly concentrated in a project, and it is necessary to follow investment discipline and diversify investment risks. Guru told “Comparative”, “Financial investment is the monetization of cognition. There is no other field like the financial sector that relentlessly harshly punishes those who lack the ability to think independently, follow the trend, or trade so-called insider information. The basic thing an ordinary person can do is make up for their weakness with diligence.” Fortunately, the 10,000 hour theory of great people doesn't require a superior IQ, no stupid, or moderate talent. After 10,000 hours of research in one field, you can become a world-class master in this field. What school bullies are there? This is nothing more than an uninterrupted accumulation of hard work day by day. Still in the Bitcoin mining stage, Guru insisted on reading blockchain industry information for an hour every day without affecting his studies. When industry news broke out in 2013, Guru began devoting himself wholeheartedly to blockchain industry research. Guru realized at the time that blockchain platforms for smart contracts are an important direction in the future. Because of the iteration of technology, one or more unicorns or even Big Macs will appear in the blockchain field, with a market capitalization of 100 billion or even trillion dollars. Therefore, he hopes to be able to participate in the growth process of every unicorn and doesn't want to miss any opportunity. Prior to the ICO craze, Guru was already active in various blockchain communities, including the Bitcoin community, Bitcoin community, and Ethereum community. In those crazy days when ICOs were being robbed in seconds, senior blockchain practitioners realized that it is important to keep an eye on the trends of the elderly active in the blockchain community. Because of their high popularity, strong technical ability, and experience participating in star projects, all the aura combined can attract the favor of well-known and powerful capital. With strong capital support, it can attract industry elites and people to build projects, and the chances of changing the air will be relatively small or slower. Guru has met the founders of many star projects in well-known communities. However, Guru is a person with rich investment experience and strong economic and financial knowledge. After being immersed in US stocks for a long time, he understood the essential difference between a “moon” investment target and a “star” investment target. The stars in the night sky are like the number of sand in the Ganges River, but there is only one moon. Exactly which project has a chance to become the moon requires rich experience and knowledge to determine. Gossiping that he is a successful investor, he only invests in promising ones...

2264d agoClaire WuEtherGollum
Comparative article: How does Guru monetize cognition? (3)

Comparative article: Gulu leads V God to receive Wanxiang investment, and Ethereum never comes to life (2)

Guru told “Comparative”, “Ethereum is a qualitative leap compared to Bitcoin. By separating the underlying operating system from the upper level application, Ethereum will form a huge ecosystem that can interact, thus forming a network effect. As a result, I used 1/3 of the funds I could allocate at the time to participate in Ethereum's ICO fundraising at a purchase price of about $0.25.” As for the intersection of Guru and Ethereum, Guru is most widely known as the translator of the Chinese version of the Ethereum white paper, but Guru is actually deeply involved in Ethereum's fundraising and community building. At the price of 0.25 US dollars, Guru mobilized 1/3 of the funds he could use at the time to participate in Ethereum's ICO fundraising. Seeing this, you may have already said “Wow” in amazement! Because the all-time high price of Ethereum reached 1,422 US dollars, the current price is about 240 US dollars, which is several hundred to several thousand times the return on investment. The Ether ICO is a large-scale ICO launched in 2014 and is known as the venture capital revolution. ICO (Initial Coin Offering) is translated in Chinese as initial coin offering, blockchain crowdfunding. However, people still like to use ICO, which is simpler and more direct. Like IPOs, ICOs are a means of raising capital. Businesses or individuals can issue cryptocurrencies in the form of tokens in exchange for fiat currency or other large and stable cryptocurrencies such as Bitcoin (BTC) or Ether (ETH). The advantage of ICOs is that they can avoid complicated and lengthy reviews during traditional fund-raising, drastically reduce huge fees paid to intermediaries and auditors, and save time and costs. The scope of crowdfunding can instantly reach the world and obtain international resources. Its drawback is the lack of investor protection, which makes it easy for investors to fall into investment traps. The rights and obligations that tokens represent are also often confused. Common utility tokens do not represent partial ownership of the company, but can only be exchanged for current or future products or services provided by the issuer, which is a bit like a pre-order model. Image source: Blockchain Ether's crowdfunding began in August 2014, with a 42-day crowdfunding target amount of US$19.7 million, and was carried out in the following three stages: the first phase was within 14 days, the Ethereum:Bitcoin exchange ratio was 2000:1, Guru indicates that the equivalent price was about US$0.25 per ETH; the second phase reduced the exchange rate to 1337:1. After the third phase, Ethereum's ICO raised 31,000 bitcoins and sold 60,102,216 Ether at the time. However, after Ethereum's successful crowdfunding, development wasn't all smooth sailing. Ethereum first experienced financial uncertainty, then a tight budget situation, and reduced costs through layoffs to ensure the smooth progress of the project. After the launch of Ethereum, it was a low point of development. The price of Ether was low, and the Ethereum Foundation questioned the wrong direction of development. At the time, it was expected that the funds would be exhausted within 12 months, and indeed it reached the dangerous edge of life and death. In May 2014, V God came to China to find new development funds because the innovative atmosphere of the Chinese Internet was quite good at the time. However, perhaps because the development concept of Ethereum was too advanced and could easily become an air, many traditional institutions and investors with traditional investment mentality were unwilling to invest in Ethereum at the time. As a deep shareholder with Ethereum interests and an active member of the community, Guru accompanied V God to visit many investment institutions in Shanghai. He introduced V God to Wanxiang Group, which enabled Wanxiang Group to invest 500,000 dollars in Ethereum, a high-profit transaction famous in history. The transaction price was $1 at the current market price. This $500,000, like timely rain, has indeed alleviated the financial shortage faced by Ethereum, and has made Ethereum the future unicorn. Wanxiang didn't know how to keep these 500,000 Ether at the time. Guru told “Bitu”, “I suggest they set up a multi-signature wallet to manage. It is said that later it crashed due to problems with GDAX technology, causing the price of Ether to drop to 0.1 US dollars for a while. It seems like every successful cryptocurrency investor must take a heart load test and pass it before they can win 100 times a thousand times more profit.” According to Shen Bo, the head of distributed capital, another investor in Ethereum, investing in Ethereum is more about helping Ethereum get through difficult times. So what kind of blockchain projects are worth helping with? Shen Bo believes that those projects where everyone in the community is willing to participate in community building are projects worth helping. We reviewed the construction of Ethereum. The participation of community members was very high, the sense of belonging was strong, the community was very active, and the affinity and cohesion of God V was excellent...

2265d agoClaire WuEthereumblockchain
Comparative article: Gulu leads V God to receive Wanxiang investment, and Ethereum never comes to life (2)

Comparative article: Bitcoin Circle Sun Zhengyi — Who invests $0.25 in Ethereum? (1)

Editor's note: This is an exclusive interview series about “Coin World Legends”. “Comparative” begins with his participation in Bitcoin mining and the birth of the Ethereum Chinese white paper, focusing on Guru's experience in the cryptocurrency field, reviewing the twists and turns that the Ethereum community has experienced, the pitfalls Guru has stepped on his way to starting a business, and sharing his layout and prospects in the cryptocurrency field. I hope everyone can enjoy business opportunities everywhere in the cryptocurrency industry. Guru translates Ethereum into “Ethereum” and “The name Ethereum gives people the feeling that they are roaming in space.” Guru said to “Comparing”. “The symbol of Ethereum is an element. The Chinese name for ether is an organic compound. If translated directly into Chinese, it seems too dull. The word “square” plays a finishing role in the Chinese translation of “Ethereum.” Gulu believes that the blockchain smart contract platform is like a city. The city has interlaced transportation networks, and there are also many communities that form a small ecosystem. They interact with each other and are well connected to form a large ecosystem with network effects. The design and infrastructure construction of this city is very important. Specifically, blockchain is its throughput (TPS). Only large throughput can accommodate more Dapps, and the interaction between Dapps can form a synergetic effect. Gollum, real name is Lu Bin. The name Guru is inspired by “Lord of the Rings.” Gollum in “The Lord of the Rings” is relentless in her pursuit of the Lord of the Rings, even if it shatters to the bone. Gollum in the blockchain field has the same obsession with the pursuit of blockchain technology as Gollum in “Lord of the Rings.” Guru believes that the energy of blockchain has no less change and impact on the real world than the Demon Realm. What we have discovered now is only the tip of the iceberg of the energy that blockchain gives to the world... (Photo: Sohu Entertainment) Guru is a blockchain legend. He has many aura: Masayoshi Sun from the cryptocurrency community, translator of the Chinese version of the Ethereum and MakerDAO white papers, blockchain fund manager, blockchain columnist, founder of several blockchain projects, the most famous of which are “Binance” and “MYKEY.” Gulu is also the CEO of Shanghai Xindi Information Technology Co., Ltd., the founder of the Bitcoin Blockchain Research Club, the founder of the Blockchain Venture Capital Alliance, and the co-founder of Babbitt. Guru hasn't posted a column in a long time. Recently, his article “Guru Stepping on Lightning” instantly made headlines in leading blockchain media. Guru has an outstanding record in investment. He participated in Ethereum's ICO fundraising with a purchase price of about $0.25 back then. The fund he is in charge of has outperformed Bitcoin's rise in the same year in terms of return on investment. After graduating from Zhejiang University in 2007, Gulu went to the US to study for a doctorate degree in mechanical engineering. As a science and technology guy, Guru is actually curious about the field of economics and finance. In his spare time, he teaches himself a lot of knowledge about this. Gollum is a Chartered Financial Analyst (CFA) level. This is a very difficult and high-value financial license. As we all know, Bitcoin is a new thing that is very difficult to grasp. A thorough understanding of Bitcoin requires strong economic, financial and technical knowledge. Some Xiaobai, like me, felt in the clouds after hearing the concept of Bitcoin; some experts in economics and finance were able to understand the subtlety of Bitcoin's design and understood that it was an attack on banks, but lacked execution to buy Bitcoin or participate in Bitcoin mining; others started Bitcoin mining a long time ago, but the hard drive that stores Bitcoin was actually thrown in the trash, becoming historical data describing Bitcoin. In October 2010, Guru first met Bitcoin. Like most people, it takes time for him to understand and digest this new thing, like alien technology. In 2011/6, Guru began mining Bitcoin and has been following the latest trends in the Bitcoin and crypto industry in his spare time. As you can imagine, Guru has a very good understanding of Bitcoin's hard core technology and economic and financial knowledge, and has strong execution ability. Many people had tens of thousands of bitcoins in the early days; however, some exchanged these bitcoins for 2 Pizzas, some exchanged them for a pleasant trip, and others lost their Bitcoin due to speculative gains in the volatile market where it was like a roller coaster. Since 2011, Guru has been working as a Bitcoin miner while insisting on spending an hour every day studying the latest information on the blockchain industry and grasping the pulse of the blockchain industry. According to Guru, blockchain applications represented by Bitcoin are a paradigm shift. Once you understand this, you won't hesitate or doubt when winter comes. Bitcoin's price has risen exponentially over a decade,...

2267d agoClaire WuEthereumcryptocurrency
Comparative article: Bitcoin Circle Sun Zhengyi — Who invests $0.25 in Ethereum? (1)

Will there be a risk of thunderstorms due to the crazy increase in USDT?

Today, in an article about USDT, a retail trader is worried that USDT will be as low as 3.5 against RMB. Jiang Zhuoer, CEO of Libitt Mining Pool, once boldly predicted: “In the next few years, countless people will go bankrupt due to the USDT thunderstorm.” This prophecy is very eloquent, unsurprising, and the consistent style of pledging never to break it. What is the point of Jiang Zhuoer saying this? He believes that it is impossible for the US to tolerate a USDT outside of its control to help Iran settle such a thing. Since USDT is not regulated, but it also has a centralized entity that can be traced back, it will definitely be killed by the US government. Moreover, now USDT is already half-disabled; 800 million US dollars have been frozen. Under the US judicial system, this 800 million US dollars will not be released, which is basically equivalent to a suspended death sentence. According to an analysis of USDT data released by an anonymous source, from March 29, 2017 to January 4, 2018, USDT was added 91 times in total, and 48.8% of the probability of BTC surging occurred within two hours of entering the Bitfinex wallet after the increase in USDT was issued. Therefore, it was determined that there is a close relationship between the USDT issuance mechanism and the price of Bitcoin. [1] As a result, USDT has been frequently issued on various public chains recently, raising doubts about India's USDT Tether manipulating Bitcoin. Tehter has always been rumored that the funds in its reserve pool have been misappropriated by the associated exchange Bitfinex. Although it is now reported that the misappropriated funds have been returned, the assets anchored on its balance sheet are no longer 1 US dollar reserve corresponding to 1 USDT; the reserve pool is replaced by US dollars, cash equivalents, and third party loans. Tether is a true Federal Reserve expert! The above problems caused the USDT to fluctuate greatly in May 2019. The average amplitude of USDT against RMB was over 10%, and the market was in a state of turmoil. According to the conspiracy theory, this incident was created to bring other compliant stablecoins to the top. However, since USDT accounted for more than 90% of the stablecoin market at the time, it was difficult to replace it all of a sudden. Because the exchange holds a large amount of USDT, it can be said that it is in the same boat as USDT, all parties in the market joined forces to stabilize the price of USDT and avoid a bigger hurricane. After this USDT black swan incident, I really had lingering feelings about USDT. When I was trading cryptocurrencies for a short time, I did try to temporarily park on other compliant stablecoins, but I found that the trading depth of USDT was much better than other stablecoins, and the trading difference was relatively narrow. The transaction was successful instantly using USDT, and it was difficult for other compliant stablecoins to compete with USDT at all. According to recent media reports, USDT has surpassed XRP to take the third position in cryptocurrency market capitalization, leaving behind several other stablecoins. Is this because of users' usage habits, or is it that some members of the coin community are disdainful of the authorities? USDT lazily ignored all kinds of conspiracy theories accusing it of manipulating the rise of Bitcoin and ran wild on the way to increasing issuance. At present, the total market value of USDT has reached 6.8 billion. Of these, the value of USDT circulating on Ethereum is about 5.6 billion, accounting for more than 80%. (Image source: MYKEY, Coinmetric) From a technical perspective, USDT transfers using the Omni protocol on the Bitcoin network are quite expensive. This is probably one of Tether's original intentions to issue USDT on Ethereum, which claims to be blockchain 2.0. However, Ethereum 1.0 also has many problems. Currently, USDT accounts for 60% of Ethereum usage, but Ethereum often causes congestion due to popular applications. Compared to EOS, Ethereum's transfer fees are obviously expensive. Sun Yuchen cannot be blamed for molesting V God because of this. The transfer speed and fees of the counterfeit version of Ethereum are definitely faster and cheaper than Ethereum. Issuing USDT on different public chains is definitely needed to match the application on this public chain. After the 3.12 Black Swan incident, USDT increased its market value by nearly 2 billion US dollars in less than two months. In response to this, the coin industry is in turmoil. Conspiracy theories believe this is a precursor to USDT manipulating the Bitcoin price to skyrocket. According to ChainExt's “USDT OTC Discount Premium Index”, this year's premium rate is the most significant in the index's historical data. In particular, it reached a high premium rate of 8% on March 16, and only recently returned to a value close to $1, or even a negative premium. ChainExt USDT OTC Discount Premium Index (Image source: ChainExt) As we all know, during the biggest black swan event in 3.12 cryptocurrency history, the coin industry was in a frenzied state of interaction...

2284d agoClaire WuUSDTthunderstorm
Will there be a risk of thunderstorms due to the crazy increase in USDT?
No more