Top investors look at these projects BKFund&Hashgard founder and CEO Xu Chaoyi said only five types of block chain projects: the mainstream currency, the unique technology currency, the CopytoChina project, the C2B project and the rare project. He also believes that the current investment risk in the first level market is beginning to accumulate, and some undervalued projects in the two level market have investment opportunities. JRRcrypto global partner Liu Jiayong is concerned with all the infrastructure in the area chain, from the beginning of the exchange to the current exchange service, to the hatching and later service for excellent projects. In his view, the initial investment in the area chain is not a threshold, in comparison to help excellent projects on the exchange. More valuable. Ding Ruoyu, general manager of the board of directors of Dan Hua, explained the transformation process of investment direction: from 2014 to 2017, more investment in infrastructure, such as the underlying public chain, followed by the key layout of the expansion program, cross chain technology and consensus mechanism. With the emergence of some security and privacy issues, the capital began to share data. The layout of protocol and key encryption technology. Ding Ruoyu believes that after all these infrastructures are ripe, a better intelligent economy can be built up. In addition, Dan Hua capital recently began to focus on Pan entertainment, financial services and other application projects, and investment speed is gradually accelerating. Zheng Haosheng, senior vice president of VVBTC, pointed out that the capital of the first level market in 2018 has exceeded 2017, and there will be a decent rebound in the two level market in 4 and May this year, and the next level of market investment opportunities will increase a lot. He focuses on the public chain, insurance and payment items in the primary market. DFund partner Ge Ge says that everyone thinks he has enough IQ to win bitcoin, but 99% of the project will go to zero in the next few years, which is the least risky and most profitable for individual investors who dont have so much time to stare at the project and know the team every day. How long will the bear market last? How to invest in a bear market? BKFund&Hashgard founder and CEO Xu Chaoyi believed that from April to the first half of the year should be a rebound period, but after the first half of the year, after July, it is possible to continue the bear. Liu Jiayong, JRRcryptos global partner, believes that if we really invest in value, we should completely forget what is bear market and what is bull market. When the block chain conference focuses more on technology and public chain ecology, it can go to value investment. Ding Ruoyu, the general manager of the board of directors of Dan Hua, said that the bear market gave the entrepreneurs a better opportunity to start a business. At this time, the real entrepreneurs who really have a push for the block chain technology, a push to the bottom and the upper level, and real steadfast entrepreneurs can continue to continue. Xiong bull market will not play a key role in the long-term development of the project. Zheng Haosheng, senior vice president of VVBTC, gave some investment proposals, and 35 years of long - line investment was ready to enter, but if you want to make short lines, then grab the rebound point and sell it. When it falls to your psychological level, buy it and wait for it. DFund partner Ge Ge believes that Xiong bull market will follow the big cycle of bitcoin for four years, which will be an exciting market in 2020, and the market is not a real bear market, because people have not completely lost confidence in it. Investment is a process of value discovery. It needs to keep using the gold silver we put out, investing in our bitcoins, using our faith currency, paying the tuition, and learning in the market, and finally making our decision better than the other investors. At that time, the real value investment can show the effect. The following is a dialogue record. Investment risks in the primary market are accumulating, and five types of investment projects are optimistic. Xu Chaoyi: we cast five types of projects In the first category, we invest in mainstream currencies, such as bitcoin, Ethernet and EOS. No matter how big our capital is, we will allocate the mainstream currency. The second is that we invest in currencies with unique technology, such as some unique side chain technologies, unique cross link trading and so on. In public, we will not explain which item we voted, so as to avoid the suspicion of which platform, so I can only say some conceptual nouns. The third class, we cast the C2C project. This word is actually from VC, called CopytoChina. We think we can invest in some projects that are copied abroad to China. We believe that the executive power of the Chinese is relatively strong, so if a project is relatively good abroad, then it will probably do better in China. The fourth class, we cast the C2B project. That is to say, when we cast a Dapp, if a Dapp is doing well on one of the original blockchain, its very valuable, and we will throw it some corresponding mapping class on the other chain. The fifth category, we invest in the rare type of project. The block chain will be applied to many industries in the future. If there are fewer players on which track, we will pay more attention to it. Yang Xiaqing: let me ask, how many items have you invested from Spring Festival to block chain? Xu Chaoyi: we have more than 20 projects. Yang Xiaqing: is there any change in the rhythm of the project? Xu Chaoyi: we did the most in January. In February, some of the internal monitoring indicators of our own funds have been prompted to tell us that the risk of investment in the first level market is accumulating, so we have slowed down the investment in the first level market, and we put our energy in the two level market as much as possible, looking for some undervalued projects. There will be a decent rebound in the two level market in 4 and May Yang Xiaqing: Zheng Zong, you are a very good player in the two tier market. Can you talk about the investment strategy of the two tier market? Zheng Haosheng: the funds in the two level market and the primary market are always mobile. I must be more daring now. First, I would like to say one data. In 2018, the funds in the first tier market exceeded 2017. In 2018, in the course of the two - level market bear, April and May were a better rebound, not a sign of the beginning of the bull market, and I think it would be time to prove it. The two months in May and June will be a great growth in the primary market from the beginning, and the opportunity is also a process of massive growth. I am a two tier producer, but I also talk about the experience of the first class market. I divide the block chain projects in the primary market into three categories. The first class, the public chain class. The second category, application class. The third category, speculating. In the first category, the public chain is mainly about technology. It looks at several dimensions: first, I want to see its roadmap and when to do it. I want to know the time of the main chain. I need to know where the technology is, the time of work, every step and every point. Only then can I know when this project will show you what he has done. We also need to see what unique advantages it has in terms of technology and where its technology is strong. The second category, the number of application projects is relatively small. I personally invest in two categories, one is insurance, the other is payment class two. Application class, we must understand a question, is the traditional enterprise block chain to solve what problems. Many companies have a lot of projects for block chain and block chain, in order to make money and make money. Its white to circle money to circle money. We all know that the currency effect is very strong in the short term, but you have to do it well. The income that you put before you should be followed up for ten or twenty years. In fact, the issue of currency is very structural, especially the application category. It takes five years, eight years, or even ten years for a project to be applied, so that the project can be completely landed and will be applied to a large number of lives. So now we need to see what it is going to do, and whether it can solve our practical problems. The third category, speculation, that is, the money. We need to see its market value management team, including the style of his pull plate. We need to cooperate with the hot money and cooperate with the makers. We need to see clearly. What are we doing? We invest in speculative projects solely for the purpose of making money. Can we win the major consortia? So, as an individual investor, we need to distinguish what we want to do. Knowing what we want to do, we can make our own strategic investment in the field of block chain. Yang Xiaqing: Zheng is very frank. There are three categories: public, applied and speculative. Just now you mentioned that there was a bull market in April. Do you think this is a rebound in the two tier market or is it really a bull market? Zheng Haosheng: bounce. Yang Xiaqing: as I mentioned just now, the number of possible projects will increase in 5 and June. What is the reason? Zheng Haosheng: the whole fund is a slow growth process. It can not support the large increase in the price of the two tier market. So the money will be lost and will roll back to the primary market. Once the capital flows back to the primary market, the price of the two tier market will fall. Underlying technology and architecture investment logic Yang Xiaqing: This is a good judgement. Thank you. Kevin, if Yu Yu is here, Dan Hua capital is a global vision organization. Professor Zhang Shousheng is also a very famous scientist in the world. We especially want to know the investment logic of Dan Hua capital. Please share with Kevin. With the early stages of these chains, we found that if we asked a cloud, Ali cloud, or AWS cloud, and Amazon cloud, he could provide a number of applicationdeveloper technology modules. The same reason, in Dapp, we need to see, but now is not done, such as a variety of scalability on the TPS above the issue, so that we found in fact on the second layer of the expansion of the scheme, we need to do a more in-depth layout. So we have invested in a chain of computing acceleration and chain expansion under layer2, including a series of underlying ProtocolLayer investments around zoning sharing, trans - chain asset conversion and logical conversion. With this, there are some security issues and privacy issues, so we find data sharing in it, how to do a good privatesharingprotocol in the public chain scenario, including some key encryption and key technologies, and so on. In addition to the storagenetworkcompute that is due to a computer around the bottom, storage network and computing, these key points on a large-scale distributed de centralization, what kind of results it is. All of the investments we can see around these infrastructure are that when they are mature, its just like building a city and making its infrastructure mature, we can build a better smart economy. In the second half of 2017, we can see that a large number of Companies in ApplicationLayer have sent ICO, and a variety of innovative business models have begun. Because scalability is a relatively large core bottleneck, we are very selective about some application scenarios at this stage. These application scenarios do not require very high TPS, but they can take full advantage of the Internet and the application scenarios generated by some trust values. For example, do some financial services on the block chain. When the money holders assets reach a certain degree, we can consider whether there are some lending services, insurance services, and service on the public chain. These are some of the traditional protocol of the basic financial technology on Wall Street. We do some investment around this. At the same time, we also optimistic about Pan entertainment, because in the game industry, more users can run. We also value the data trading market, called DataMarketplace. Because based on encryption technology cryptographictechnology, this time the user can better have its own data, and can better produce a data market without revealing the data itself. Yang Xiaqing: Thank you. How many projects did Dan Hua put in this year? Ding Ruoyu: this may not be completely open yet, but we are also making steady progress. The past four years should be said to be a gradual process of acceleration. Yang Xiaqing: so far, how much has it been thrown? Ding Ruoyu: it should be nearly 50. We have done a lot of layout in the United States, and a lot of investment in the United States is actually around the layout of the underlying technology, and China has also invested in some of the best block chain companies. The threshold for selecting projects is getting lower and lower, and they should invest in infrastructure and services. Yang Xiaqing: I find that your main investment is underfloor and architecture. Thank you. Then Liu said about your side, you voted in the currency, and also did many investment banking business. You can share how to judge whether a project is valuable or what kind of project you are voting for. Liu Jiayong: I talked about our JRRCryptos attention to all the infrastructure in the block chain area. At the beginning, we were the layout exchange. Now we have about four exchanges in addition to currency security. All the items that are serving the exchange are all very good for us now, that is to say, the next step after the exchange. We prefer to define JRRCrypto as an investment banking service company. To tell you the truth, there is a very interesting phenomenon. After this meeting, I realized that investing in block chain is an extremely barrier free business. Anyone can do it, throw in a project, throw coins. So I would prefer to position us as an investment bank service company, and help our excellent project exchanges be our ultimate mission. We will choose the more excellent projects, take part in the serious participation, to hatch, until the exchange. After the exchange, we make the market, let it trade, has been hatching it. Because the ecology of the industry is still very early, everyone wants me to have this project just after ICO, and the exchange is good, but its just the beginning. It is a long capital path after value investment, from quantitative trading to the exchange. So what we are more concerned about is, first, investing in infrastructure. Second, it is our main content to help excellent enterprises and projects enter mainstream exchanges and do post service. Yang Xiaqing: its all the way. Liu Jiayong: this cant be called the whole journey. Because of the initial selection of the project, we think we will do less and less about these things now. Because of the truth, the threshold is getting lower and lower. 99% of the project will go back to zero in the next few years Yang Xiaqing: Thank you. Lao Ge, let me share with you what DFund has recently voted and how to vote. Lao Ge: what is the question behind us? What do we think is a good project, right? Yang Xiaqing: Yes. Lao Ge: I looked at my own wallet. Since January 20th to now, my wallet has just recently had new coins. It has been about two months. We have been digesting the past projects, and there is no new investment. In the process, I am very confused. Last year we had a year of good performance, and last years investment and incubation experience was really different this year. All the experience, I thought at that time, was it not that I could not remember and relearn? After a period of more than a month of confusion, I am thinking and summarizing. I later felt that the project did not need to be thrown too much, because no one was much smarter than anyone, it was impossible to be professional in all fields, and we could learn more in depth, except for some real bullies or high IQ people. In these few fields, I think bitcoin should be voted most. This is not a joke. Each of us thinks that we have enough IQ to beat bitcoin, but in my conviction, 99% of the projects will return to zero in the next few years. Only bitcoin is the test of life and death hundreds of times, coin, hacker, exchange theft, policy regulation, the disillusionment of the worlds user beliefs, and more and more people use it today. Its an irreversible process, like the toilet theory that someone has proposed, when someone has used a toilet flush, it wont change the toilet in the house again. So its the same as bitcoin. If someone becomes a coiner or a believer, he can no longer go back to believe in legal tender. Old Ge: old chives have such a heart, because of our founder Zhao Dong, now the coin circle is sometimes a bit of river and Lake gas, many people say, people are very kind, but also usually jokes, he did futures about two or three years ago, blasting about ten thousand bits. That is to say, when he did not make any efforts to get the ten thousand bitcoins to today, he really won the whole trend. At the beginning of last year, the price of bitcoin was probably a few thousand yuan. By the end of the year, it was up to one hundred thousand yuan. That is to say, there was no need to do anything, and there was a return of 26. At the beginning of the year, about tens of dollars, the whole year rose 80 times, and it was 80 times the reward of doing nothing. Maybe this is human nature. We can see that when the new project comes out, there will be some money to go up. But after investing a lot of projects, I calm down and think that it is enough for us to make money a few times a year. Yang Xiaqing: you also basically judged that it is a bear market now, so we can invest less and invest less. We should invest in the mainstream currency and invest in bitcoin or Ethernet and EOS. For people with our money circle, we are also old leeks, we like bitcoin down, we like the price of the coin to be low, for example, when thousands of dollars, we can easily have hundreds of coins. But now, in the event of a bitcoin, we really want to have a bitcoin, which becomes very difficult. If there are 21 million bitcoins per person in the future, we will have to pay a huge price to get a bitcoin. The question behind is the belief that we have to make more money in the hand through the speculation of such a digital asset, or our belief is to take more money in the hand, which is the two kind of thinking in the market game. So I think its better to choose what we believe than investment. But a few years ago, we could not sit here and chat on such a large scale. At that time, there were only more than 100 people on the block chain meeting, and each participant would have to sponsor 50 bitcoins, so that we could open this meeting. But now, I remember when we were in Chengdu last year, the 3 bitcoins made everyone happy to eat hot pot. Old Ge: first, buy money. Second, take it, keep moving. Third, lay money. Yang Xiaqing: and then wait for the bull market. Old Ge: Yes. The trend judgment and investment proposal of Xiong bull market Yang Xiaqing: first, lets judge the situation first. I just wanted to let you know the situation. Do you think this is a bear market? How many years is a bear? Second, how are we going to invest in the current situation? I think you can give practical advice, whether it is level one or two. Xu Chaoyi: from the present point of view, I personally feel that from April to the first half of the year should be a rebound period, but after the first half of the year, how to July, now do not know, we can not see clearly, it is possible to continue to walk bear, so we still want to watch their own money bag. For investment, I think if it is a good project, it is still worth investing, and it is still worth holding for a long time. Yang Xiaqing: OK, Zheng general. Zheng Haosheng: if you want to make long-term investments, the long term is to take 35 years instead of short-term ones, then you can buy coins at any time. If you want to be short, then seize the rebound point and sell it. When it falls to your psychological level, buy it and wait for it. This is my judgment of the trend. My advice to you is to do an advertisement instead of hitting me. For small white users, investment must start from the two level market, do not touch the first level, then play the two level. The two level market starts from BTC. Yang Xiaqing: This is an advertisement. Lets hear it. Ding Zong, I think in fact, we can give some creative suggestions. Ding Ruoyu: I think now from the situation judgment, because the capital of Dan Hua is focused on the first level market, we have always invested in the guidance of technological innovation and long-term value creation. So when we judge these projects, we will see the barriers of this project and how it can fitin to the future environment. Bear market and bull market do not play a crucial role in the long-term development of projects. And for the instant of listing, it may have a greater impact on IPO or IEO. The suggestion for entrepreneurs is that in fact, bear market is often a better time to start business. Because in the bull market, all the teams can finance. But in a bear market, a really powerful team, a real entrepreneur who really drives the block chain technology, has a push to the bottom and the upper level, can continue to stick with it. Therefore, as a whole, for the majority of investors, Dan Hua capital also hopes to be able to deliver more good projects to the two level market, and also hope that you can get good money to expel bad money, and can better see what the value of a project itself is, which link in technology, or in the user, or in his creation. A business mode is a deep analysis of his core competitiveness and barriers. Yang Xiaqing: in the bear market, entrepreneurs are working hard. Liu, one thing is to judge, the second is investment advice or project proposals. Liu Jiayong: I think if we really invest in value, we will completely forget what is bear market and what is bull market. This is back to the essence of this thing. The casino doesnt care about losing and winning every day, so I think the real return to the value investment, you want to understand what is the infrastructure, you want to think about where the biggest consensus is, I agree with the point of the old Ge. The only consensus now is on bitcoin, where everyone keeps coming in, and the infrastructure will rise. I dont think we should pay more attention to that coin, so we never coin. Yang Xiaqing: you think the exchange is sure to make money, so you have invested several exchanges. Liu Jiayong: Yes. I think this is a very simple logic. Since everyone has opened the casino, the block chain has become a gamble. We have already met in Macao, and the infrastructure must be made to make money. Liu Jiayong: if the block chain really goes to the value investment, I need to really face the technical school. We can explore how the public chain should do it and how to build the better ecology. Yang Xiaqing: Thank you. Lao Ge, you are the last one. You need to make a conclusion. Lao Ge: as coiner, Id like to make a judgement about ox bear first. A big cycle of bitcoin is half a year of four years, so like any financial asset, with this cycle, supply and demand can be broken and changed. So it can be foreseen that two years later, 2020 will be a market that I am excited about now. At this moment, I think its not entirely a bear market or a rebound. I think the real bear market is the coin circle of the WeChat group, the media, the public no one has been asked, the group is talking about futures, crude oil, stocks, that is the real bear market. Everyone has ignored it and has lost faith in it. From this point of view, what is the value of value investing? Its what everyone can agree on. Bitcoin technology, in fact, we can now fork a chain of bitcoins, but there is no consensus, so it has no value. So what is the investment? I think investment is in the early stage. It is earlier than others that we know what the value of things is, and investment is a process of value discovery. There are some investments that we mistaken for investment, such as buying a financial product from a bank, that is not investment, it is consumption. In fact, investment needs to be kept in the way of the real gold we cast, using our bitcoins, investing in our faith currency, paying the tuition, and learning in the market, and making our decisions better than the other investors. At that time, the real value investment can show the effect. I think this is why the old leek is stronger and stronger. Yang Xiaqing: Thank you for the sharing of several guests. There is a very popular investment fund today, there is a very powerful primary and secondary market of game player. Sum up the point of view. First, judging from the market, the current rise may be a rebound, followed by a bear market. Second, if you are a long-term entrepreneur, work hard. You have a different concept of value investment, thank you for sharing, because of the time relationship, there is a lot of agenda, we are here to share, thank you so much, and thanks to the enthusiastic participation of the audience. Source: NetEase science and technology report editor: Bai Xin _NT4464 So what is the investment? I think investment is in the early stage. It is earlier than others that we know what the value of things is, and investment is a process of value discovery. There are some investments that we mistaken for investment, such as buying a financial product from a bank, that is not investment, it is consumption. In fact, investment needs to be kept in the way of the real gold we cast, using our bitcoins, investing in our faith currency, paying the tuition, and learning in the market, and making our decisions better than the other investors. At that time, the real value investment can show the effect. I think this is why the old leek is stronger and stronger. Yang Xiaqing: Thank you for the sharing of several guests. There is a very popular investment fund today, there is a very powerful primary and secondary market of game player. Sum up the point of view. First, judging from the market, the current rise may be a rebound, followed by a bear market. Second, if you are a long-term entrepreneur, work hard. You have a different concept of value investment, thank you for sharing, because of the time relationship, there is a lot of agenda, we are here to share, thank you so much, and thanks to the enthusiastic participation of the audience.