Apparently, blockchain has also become a hot topic of discussion among investors. “In a week, I joined ten groups, large 500 people, small dozens of people, all research blockchain. On January 12, at the China Angel Investment Fund Summit hosted by Wind Up and co-hosted by Netease Technology and other media, not only did almost all the topics shared involve blockchain, but even the topics of “new retail” and “women investors” were discussed. The roundtable sessions of “New Retail” and “Women Investors” were also all “off-topic” to blockchain.
For the blockchain, an emerging thing, investors’ views are quite split. The sore losers denounce the blockchain investment as “impetuous” and “crazy”, think that the blockchain investment is mostly a bubble, take a cautious attitude towards the regulatory risk of the financial industry, and question whether the blockchain application can be landed. Investors who are bullish on blockchain believe that blockchain reconstructs production relations and constitutes the fourth industrial revolution together with AI, and that blockchain is a great revolution comparable to the Internet and is the next windfall. There are also people with a wait-and-see attitude. But whether bullish or negative, several angel investors cannot deny that the importance of blockchain to society can no longer be ignored.
Netease Technology collated several angel investors’ views on blockchain from the angel investor summit, slightly edited.
唱衰派
梅花天使創投创始合伙人吴世春：我只投能IPO的项目，不投ICO的项目。
The embodiment of the new blockchain technology is such that there is a rapid and steep rise because of the new technology and some media people going after it. Many applications without real landing and application scenarios to a very high time will go to despair because of the collapse. By that time, it will slowly go to the slow bull trend because of the landing. All new technologies are tried and true curve, at first encounter bubble fall down, slowly towards the real field. What needs to be judged is at which point now? Is it at the top of the bubble, or is it in the climbing period? I believe blockchain may have an extremely broad application prospect in the future. Many people optimistically say it is 10,000 times bigger than the Internet, I totally disagree, the Internet is a kind of thinking and underlying infrastructure, the blockchain may be more of an enterprise layer application, I don’t think the two can be compared to each other.
In China, as long as you hear the myth of those who are rich, a positive line can build a faith, but the collapse of faith only requires a negative line.
AA Accelerator founder Wu Lingwei: blockchain from impetuous to crazy
In fact, the blockchain thing, we focus on the point quite early. I have been talking to my team about impetuous, impetuous, too impetuous, before this week, I think the word impetuous. This week from the small Ping teacher information accidentally leaked later into madness.
Qidian Star Ventures Chairman Liu Bo: do not like to chase the wind, blockchain in today’s society can be applied how much?
I don’t dare to talk too much about blockchain because I haven’t invested in ICO products myself, but I have invested in some things related to blockchain technology and model change. For example, the blockchain technology application of electronic contract. So I am looking at one thing, especially in early stage investment, I think it is not easy to say whether it is accidentally leaked or deliberately leaked. Basically, I saw professional investors say blockchain is good, but basically, now in any occasion to eat, whether it is LP and project or just starting investors are talking about blockchain, basically saying that the current bitcoin 120,000 a will rise to 150,000. If everyone says so, this thing must still be risky, so as early stage investors don’t like to chase the windfall too much, also don’t like to chase hot spots too much, hope to better judge the nature of this thing and it can really bring the growth of business value.
In terms of technology and model, just now Tai talked about it is a kind of cognition, I very much agree, I think it is not only the change of technology, blockchain technology in the TMT field has long been the emergence of the model, only to be magnified today after the gods, in fact, it is not the innovation of technology, but more the change of model and production relations. How much of this change can be applied in today’s society? In finance, energy, many distributed, including large-scale application of the scene in the end can play how much role? I think there is still a long way to go.
Any technology has a process from the budding period to the bubble period to the rational period to the growth period, as angel investors either invest in the budding period, or in the rational period, so for this year also speak or more tend to rational, hope that after the micro bubble can have rational development. In blockchain technology, including the application of blockchain, we have invested in the direction of electronic contract and energy, and we welcome the projects in this direction, including the entrepreneurs who have a deep understanding of the scene. However, in the financial field, from my feeling, there may be more speculative psychology in the society, and more policies will come out accordingly. I think we should still focus more on risk.
君紫资本主席秦君：不主张追风口
未来20年到30年，人类最伟大的技术就是去中化的技术、空间技术和生物技术、以及人工智能技术，我覺得这四个技术可能在未来20年到30年真的会改变或者是颠覆很多難以想像或说 The birth of business models that are difficult to imagine or accept. Just like I did in July of this year, I studied with my Wudaokou classmates at MIT for two stars.period, the focus was still taking a big chunk of time to learn about blockchain. At MIT, I had a very in-depth discussion with professors on why blockchain technology.
blockchain technology, when studying at MIT, I realized that this technology is distributed so that digital assets can be traded peer-to-peer in the future, instead of dealing with transactions or sharing on the platform, you can make your information assets private. At that time looked at a lot of blockchain technology in MIT many professors to guide us to see which industries can be applied, of course the financial sector is a major breakthrough.
The four block technologies I just talked about are the next thirty years, and probably everyone here is unable to avoid the problem, so we should take the initiative to think, learn and meet. At the same time to believe that this revolution brings some changes, but I agree with Liu Bo Liu’s opinion, we are chasing the wind in this era. The conclusion of our study at MIT, I think the professors are very rational in industrial applications, and the ultimate business model is still the business value generated by end-to-end own transactions.
After Mr. Xu’s information was disclosed, the first reaction at the time also sent screenshots to Mr. Xu, I said what the situation? Mr. Xu gave me back a smiley face. In fact, I also think it is very strange, look back at his paragraph, carefully re-read deeper is not wrong, he is encouraging everyone to look at a new trend and the future, including I think biotechnology, space technology and artificial intelligence, just like everyone in the industrial application side to see how the business end of the future to generate new value, but each new technology is born is needed cycle, I studied at MIT When I was studying at MIT, my professor was talking about the cycle of business applications and educating us on how to rationally look at the technological revolution to bring about new business changes. The new technology will require a cycle of scientific development and application, as well as the verification of the results of the practice itself.
Secondly, from the investment itself, I think many blockchain technologies have already started to be applied in the industrial side, especially in the era of such a fast iteration cycle in the Chinese industry, can they be undertaken? Or can it really be reflected in the business. Personally, I think we should return to a more rational state to look at it. Because just returned from the Wudaokou class, this afternoon the teacher’s main field has been talking about artificial intelligence and industry 4.0, in talking about our philosophy and changes with the Germans, and even in talking about the Germans in looking at 4.0, why do not many companies do listed? He believes that not listed, many companies in response to the financial crisis will not have greater risk, will not be planted in the head. Including last year when studying at MIT, the professor has been teaching a point of view, you have to return to within the scope of ability, judgment and ability to be effective when it is not advocated to chase the wind. I think the birth of new technology to embrace and believe or not, some people are in a position to accept and embrace, but most people do not yet have the conditions, I personally feel.
bullish faction
Dream Chaser Fund founding partner Zhu Bo: blockchain is definitely a crowd-sourced category in the investment. From August and September 2017, this topic is very hot. I believe 2018 may be a hurdle that all investors can’t get around and are definitely considering.
I always think that now we should talk more about blockchain thinking, we often talk about Internet thinking, I think Internet thinking is the Matthew effect. In fact, at the beginning of the development of the Internet hope that each Internet node is fair, just and transparent. The development of the Internet and mobile Internet in the past ten years has become giants in various industries, so it is actually the winner-takes-all Matthew effect. Blockchain is a very good technology.
BAT has become a giant, which is actually problematic for development. My personal feeling is that blockchain is a very good technology in terms of technology, and it will have a reshaping effect on the industry. I want to rebuild the three views of blockchain thinking and reconsider the business model and investment model with this model. So I am still optimistic about the future development. I agree with Shi Chun that there are indeed some bubbles now, but today’s bubble is different from the bubble in April and May to August last year, which was really a bit chaotic. I think now many mainstream investment institutions have entered more after. The good projects, poor projects can be divided out, honestly the original into all the white into also confused.
My advice is that blockchain investment should be a value investment, do not go to push the wave of chaos, on the return of value. Blockchain investment must be about long-term value investment, which is very important.
AC gas pedal founder Xu Yong: blockchain is difficult to arbitrarily conclude that 95% of the bubble but does not exclude good projects
In fact, I think it is possible that such a discussion may run through the first quarter of 2018. Some investors around me told me that I was recently doing blockchain how how, he said, in fact, I started to do it from July, August 2017, but at that time embarrassed to say, I’m afraid you digest me not to do my job. The young investors around me, and I should say that in the blockchain as a whole, the coin circle and blockchain are two circles, the coin circle is the post-90s non-investor world, but making money is the hard truth. When there are more and more people around such a project to earn dozens of times, including the public push of Mr. Zhu Bo, enough to make such a topic in 2018 to become the investment circle may be the hottest topic.
Personally, I’m not as pessimistic as Shichun. For example, our country cancelled the trading of bitcoin, including the introduction of the policy of banning ICOs, in fact, the cryptocurrency circle is still in a relatively crazy state. The first is that the thing itself has value, which is the most customary routine for all the investors here at the right time, right place and right person. The second has sovereignty gives you value, both monetary and otherwise. The third some people think it has value, if we talk about the application today, Zhu Bo is probably a little early from the application, we also turned over a lot of white papers. But now there are indeed many people solidly believe thatIt has value, and it may be difficult to use a particularly arbitrary theory to bring a definite conclusion to the blockchain. But I think that the WeChat circle of friends sent by Mr. Shao yesterday is still quite reasonable, 95% of them have bubbles, but do not exclude that there are good projects.
洪泰基金创始合伙人盛希泰：区块链重构生产关系，洪泰基金已经用位币给LP分红了
盛希泰：In fact, we Hongtai Fund has quietly done a lot of things in this area. We recently paid dividends to LPs in bitcoin, and I think we are the only one in China. In fact, in our agreement, this is very interesting, China’s social development of this process you must keep up, or will be eliminated. In fact, so far all the Chinese funds in fundraising, our LP agreement does not have a clause saying, “Do I have digital currency to share with you? Can I split bitcoin?
The vast majority of companies in the current market that almost issued ICOs are companies that are financing, basically angel projects that are dying, have better concepts, ICOs in the United States, resulting in a very, very high market value. Of course, we sent a few are still more future, we took over the digital currency for bitcoin, with bitcoin dividends.
The day before yesterday, before I left Beijing, a listed company came to me inside the company. I sent a message, the share price rose three boards in a row, can not stand it, to fill up, fill 100,000. Someone claimed that this ICO thing would wipe out the VC industry.
I think blockchain and artificial intelligence is just another wheel, it is an indication of the production relationship, the core or change the relationship of trust between each other. As you know, people like Coase Theory and others who won the Nobel Prize found that transactions have costs, contracts have costs, and that’s why companies were created. We hope that more companies will use blockchain to make innovative Internet products, so we invest in these companies that can make money and then consider using blockchain. The blockchain still has to be combined with the actual application scenario, which is of course some of the enterprises we are now focusing on.
In fact, I think blockchain is more about reconstructing production relations and AI productivity. Blockchain is more not necessarily a revolution in technology, why wandering for 10 years, we are still talking about the financial aspects of the problem? The financial aspect of the application? There are many companies in China that use blockchain very well. If we talk about digital currency, Huawei is the originator of digital currency, Huawei’s concept is very great, the most powerful enterprise representative in China. Huawei’s internal equity circulation has been very smooth, the earliest income rights, which is the originator of digital currency, Huawei is the originator of the blockchain. Ali’s play is the originator of blockchain, Ali keeps fracturing Taobao, Alipay and so on a bunch out, blockchain technology becomes the center of every one of them, constantly fracturing. Ali internal also has internal right in circulation, Hongtai’s approach is actually the blockchain approach. Hongtai has done so much ecology in three years, Hongtai wealth, AA gas pedal and so on, we have dozens of partners, from angels, VC, PE hit, our partners are very high between the principal, there is a unified system, of course, everyone can be empowered, empowerment, which is also blockchain. I think it is not necessarily mystified, ICO is just to find a fulcrum, digital currency is just to find a grip for blockchain. But I believe this thing will have a future, it will make a lot of periods more efficient, more objective, more standardized, but regulation is a must, strict is a must.
Perceptions in 2018: the biggest challenge for investment is to reconfigure. The core of blockchain is not the technology but the reconstruction of the model, more of a cognitive revolution. The original financial field blockchain, in fact, blockchain is a kind of relationship adjustment. The cognition of the next 20 years is to embrace the economic revolution, AI changes our mode of thinking, technological knowledge represents the operation of the industry and is the productivity, I think blockchain is more of a production relationship, which has also been emphasized earlier. Called farewell to the past 20 years of information technology revolution, embracing the next 20 years of economic revolution. All people hate BAT and want to kill it, I also support all the entrepreneurs, but they can never find the exit, they are crushed by them and never have a chance. Now I think the blockchain thing, if used well, there may be a subtext of opportunity. Recently, someone on the Internet teased that someone’s perception of the blockchain is equivalent to Robin Li’s internal speech around 2013, saying that the mobile Internet is not possible. The same do analogy, this you yourselves to mull over, mull over the flavor of it.
Technology innovation, driving productivity and production relations change, this round is A and blockchain. This is my statement, now the fourth industrial revolution, AI is the productivity, blockchain brings the relations of production. Artificial intelligence will reshape the future of life.
Amphora Capital founding partner Zhou Weili: blockchain is a great revolutionary change in the long term, and in the short term is the undead little strong
I invested in a few projects in Silicon Valley in 2016, and some projects including like digital currency wallets and so on. If we talk about the period, I think the blockchain project is a bit like the O2O in the spring of 2014, there are still a lot of opportunities to start up together. And ICO is a bit like the secondary market in the spring of 2015. How far can it go? I believe it’s really great revolutionary change in the long run, just like the early days of the mobile internet. Everyone is talking about the windfall of the second half of the mobile Internet, and blockchain is the next windfall. I believe that in the short term it is the undead little strong, just like Uber was also going crazy around the world back then, but still what about it? How about Drip and Uber? So I believe a great era is about to begin.
The wait-and-see faction
Yu Jianing, director of the Institute of Industrial Economics at the National Information Center of the Ministry of Industry and Information Technology: you can’t over-mythologize or scorn the blockchain
I think you can neither over-mythologize nor scorn (the blockchain). To give two examples, we all say how to improve the transaction speed and payment speed of blockchain, but in essence there are many scenarios that do not require, for example, small payments, you say that using Alipay to decentralizeThe way that decentralized bitcoin is traded is a very heavy model that doesn’t exactly come to fit this way. Centralized and decentralized still can’t be mythical.
The second can’t be scorned, the social integrity system is not built up, this is everyone’s disadvantage, people feel that the investment money to not come back is a problem.
Songheyuanwang Capital founder, Xunlei founder Cheng Hao: blockchain fire is not unreasonable, but still in the early
(about Xunlei’s blockchain products) I have left Xunlei for two years, and is still a member of Xunlei’s board of directors, so the Xunlei thing to official prevail. Blockchain value is great, and it’s not unreasonable to be so hot. The core of it is a distributed ledger that solves the problem of distrust. Blockchain does greatly reduce the cost of transactions, several features, decentralized, traceable, time-stamped ledger, immutable, so it can be applied in many fields, but frankly speaking, it is still in the relatively early stage. Various companies are still in the exploration phase.
Zhou Lixia, Chairman of Junzi Capital: the technical level should be concerned about rather than avoiding
In fact, I am not concerned about this field for a long time, I personally understand that if it really changes the way of life of human beings, some concepts or some products, it may be difficult to be understood and accepted by human beings in its initial stage. For products like this, I think there should be some opportunities from the technical level, and we should pay attention to it and not avoid it. I think from the financial point of view, as long as the financial-related, any stage and period is a great risk, itself control risk is a kind of ability for us, at any time to improve our own ability is very important. In this area is very worthy of attention, as I personally can understand will go to do, can not see the way to wait and see.