Dialogue time: 22 May 2nd WeChat community: the 3 oclock Martian financial creation learning group Dialogue guest: Cai Wensheng: Chairman of 265.com, founder of Mito. From 2005 to 2007, the three China Internet webmaster conference was held consecutively. He has invested dozens of excellent websites such as storm and video, becoming a famous angel investor in China. Wang Feng: the founder of the HK.8267, founder of the blue port interactive group, a venture partner of geek group, and served as senior vice president of Kingsoft. The following is the text of the dialogue: First question Wang Feng: you all know that your first bucket of gold is a domain name, you once traded uc.cn, qiyi.com, fm365.com, t.cn (Sina micro-blog), 360.cn (360 company), G.cn (Google China), weishi.com (micro vision) and so on, so you are also called the domain name king. In April 2005, you invested all the meals and lodging, in Xiamen for two days, the first China Internet station conference, inviting the largest number of domestic traffic stations, including Li Xingping (hao123), Pang Shengdong (51.com), Yao Jinbo (58 city), Wang Wei (potato net) and Yu Jun (9238 search). Meng Xiao snake also invited Lei Jun, Zhou Hongyi, Liu Ren and other domestic Internet giants and IDG and other mainstream investment institutions. This session of the webmaster conference is generally considered to be a symbol of the transformation from a personal station to a commercial station, and has also created a wave of Internet grassroots entrepreneurship. Why did you want to organize the conference of the stationmaster at that time? Cai Wensheng: I began to enter the Internet from 2000, the reason why I cut in from the domain name, I have no technical background, second selection of domain name business cost is relatively low, a computer plus a small amount of funds can register domain names. In 2003, I began to make my personal website 265, and because it arrived in Beijing, I got IDG investment. At that time I was the first site of the grass root website to get the IDG mainstream fund investment, I think there are more personal websites, personal stationmaster, may also need to have such a platform, to be able to get risk investment to be bigger, this is why I want to do the station station. I chose Xiamen because I started from Xiamen, so I hope that I can help more of Xiamens personal webmasters. Domain name and personal stationmasters experience, the greatest impact on my future investment and entrepreneurship is that the domain name is the basis of an Internet. In the process of registering the domain name, you will know the domain name registration information of all Chinese websites: how the web site is done, who did it, and how to do it successfully. This part will be of great help to me. At that time, I could do that. I know who did the IP stationed in China over 100 thousand of a day. How did he do it? This kind of learning is very important. After I go into the field of angel investment, I will get to know who the successful angel investors in China are and communicate with them as soon as possible. Similarly, now I am interested in the block chain, and I will be in touch with the most successful people in China and even the world in the shortest time. This is a methodology for me, which may enlighten us all. Cai Wenshengs speech at the first conference of the stationmaster Second questions Cai Wensheng: Chinese angels will hold an external conference every year. The main topic is to promote angel investment and encourage entrepreneurship. The main reason for this entry into Hongkong is that the angel investment has done very well in the mainland of China. We should go to international development. Hongkong is just a place where China and the west combine. We hope to discuss the future direction of investment and achieve greater achievements. As for the 14 people of the angels meeting, who has made more achievements, I think it is impossible to make a profit entirely on the economic indicators to make a profit, and everyone has its own way of doing it. I want to talk about the characteristics of everyone I understand. For example, Li Kaifus investment style is partial logic, including data, team, direction of development, he will measure a project logically. He also prefers to invest in people with large company experience. Xu Xiaoping, I think he is partial romantic. As long as your project can move him, he thinks this is a very interesting thing, he will invest. Xue barbarian is the easiest person Ive ever seen to accept new things. Hes more of a way to sow. As long as he doesnt have a lot of money to invest, he is willing to go and invest in a large number of projects, waiting for it to be a bursting money. Yang Xiangyang is a biased man. He invested in medicine early and later threw some hardware. In his early medical treatment, he felt that China could have a medical breakthrough to save more people; he made hardware, and felt that Chinas industrial manufacturing was weak, and he was willing to help some of the industry 4. He often pays for his feelings. Lei Juns style, early investment, he usually only cast familiar people, or acquaintances introduced projects. In addition, I think his assessment standard is whether this project has the opportunity to get more investors to identify, and to build a strong team, I think this is his style. Wang Gang, he is the youngest person in the Angel Club, but I think his investment style is the most mature, and he will almost go deep into the team, including direction, talent and capital. There is no value on angel investment, I think everyone is the same. Early investment is to make money. When you make enough money, more considerations are measured by social value, such as Hikvisions Gong Hongjia, who made hundreds of billions of Hikvision. Once we talked in private, he said he was really hesitant. He didnt know what to do with the money. In fact, I am the same, in fact, I have a few hundred and a few stationmaster, we know of a few successful, and many are not successful, when I invested them, I also know that I might not make money, may not be of commercial value, but I think he will help more people, I would like to vote for him. Cai Wensheng: I think that even grass can succeed, so everyone has a chance to succeed. I never think of anyone who wont succeed. I think everyone has a chance to succeed. I think I certainly have a chance to throw in BAT. For example, Lei Juns millet, is now a paragraph, I had the opportunity to invest in him, because the millet financing is very fast, and at the beginning of a large scale, more than the scope of the angel investment, so the millet will be successful, but he did not take the initiative to invest. As well as the U.S. group, when Wang Xing in 2007 to do the mission I remember to find me, he was just sold to the school network group purchase, at that time I think the group purchase is difficult to become a huge commercial platform, but Wang is very powerful, he was on the basis of group purchase have been done now you see the beauty group. I knew Zhang Yiming and I was in 2005, when he was doing a bad news with Wu Shichun, and then he came out to start a 99 room, and he was on the basis of 99. Because at that time, I just wanted to go back to venture capital in Xiamen instead of staying in Beijing, so I missed my headlines. These three projects are actually close to BAT. At the time, if I took the initiative, I could put in, but I missed it. Third questions Wang Feng: since 2005, you have invested 4399, storm sound, 58 city, knowledge and other well-known projects, already in the classical investment success of you, why during the Spring Festival this year during the Spring Festival in the three oclock sleepless block chain WeChat group loud voice, turn itself into a block chain investment pioneer? Then why did you choose to fade out of the three oclock group, and for a while, you start to speak very rarely? Cai Wensheng: I have said before that it is inappropriate to classify the Internet as a classic. I personally think the nature of the block chain is based on P2P technology, and it is also a new business model produced by the technology of the Internet. I saw a new value here, like the feeling I felt about the Internet in 2000, that the Internet was a great opportunity. I also wanted people around me and more people to recognize the value of the block chain and be able to participate in it. This was my original intention at 3 oclock. Wang Feng: what do you think of the three oclock sleepless block chain WeChat group during the Spring Festival? Who has played a key role? You once said, block chain is the biggest bubble in human history, and no participation is the biggest risk. What do you think about it? Cai Wensheng: the first key figure at three oclock is jade red, because he started it at that time. At the beginning, he went in to play games and entertainment related people, because it was close to the Spring Festival, so the spring festival began when everyone sent red packets and some entertainment stars came in. In the process, I think I have three functions. First, I put forward the idea that group owners can take turns, and they can group their masters one day according to their individual theme styles. Second, the three chapters are put forward. Key point 1: it can not send a red packet, everyone is a block chain people, the red packet is a bit classical, because the red packets are brushed, can not send red packets can not brush the screen. Key point two: make money or send candy, but dont write the code of your wallet. Key point three: welcome, praise, compliment others, but do not repeat copy, be sincere and write actively. We enter a group, often a big guy come in, everyone will be the same welcome, applause, the full screen is the same information, if you want to send a welcome word, to handwriting. Because of the three chapters, there are some topics to discuss, the content of the discussion is very meaningful, so it becomes to spread these ideas, so it is fire. Third, I came in, pulling some Internet investment men in, such as Yan Yan, Shen Napeng and others, at the same time, I also put some block chain guys, such as Wu Jihan, Li Xiaolai and others, the Internet investment and block chain investment combined together, the impact is also increased. At the back of the entire three oclock group, there are many factors, including Chen Weixing, Shuai Chu, Dovey, Wang Feng and so on to play a great role. Chen Weixing is very impressive, he is very impressive in the study of monetary economics; he has a unique view of the development of block chain technology in the early Shuai; Dovey invites several American districts. The chunk of the chain chunk of investment took part in the discussion; while Wang Feng asked ten questions, he continued the heat and depth of three oclock. Of course, many experts, such as Zeng Ming, Yang Dong and so on, have also attracted more attention from the three oclock group. Of course, there is a very important reason, because just that stage is the Spring Festival, people do not have hot spots, just more leisure, so it became a phenomenon of the whole people. On the bubble, I understand that there have been many capital market bubbles in human history, including tulips, including the 1929 u. S. stock crash, including a little bit near, such as the 1997 Southeast Asian crisis, including the 2008 subprime crisis, but these bubbles are basically regional and not involved. It involves the whole world. Now the bitcoin is covered all over the world and all mankind, the scale of the storm is the largest, so if it is a bubble, it must be the largest bubble in the history of human history. But now there are about 30000000 people playing bitcoin and digital money all over the world. So, this quantity is still in an early start. The change it brings may be global. Will the digital currency become the biggest success in the future? I dont know, but its just started, so I dont think participation is the biggest risk. Fourth questions Wang Feng: about the US chain, many people are still confused. In the afternoon of February 23rd, US chain BEC opened in OKEX open trading, the opening day opened more than 4000%; according to the securities times, 99.9321% of the 7 billion BEC were found in the first 4 addresses, and the number of BEC was very concentrated; moreover, the white paper of the US chain BEC did not publish private placement, public offering rules, and did not make public subscription. In the 1 months after the listing, the price of US chain BEC dropped by nearly 8. In the eyes of many people, the currency is ICO. Can you give us a general survey of what ICO is here? Can this model be used for reference? A lot of people care about it. You might as well talk more about it. 99.9321% of the BEC coins were 49.9321%, 30%, 10%, 10% respectively in the first four addresses. Cai Wensheng: first of all, I would like to emphasize that the BEC chain is not made by Mei Tao company, nor is it done by myself. Everyone is talking about ICO, but ICO does not represent block chains, nor does it represent digital money. Not all digital currencies will be ICO. For example, BTC, created in 2009, has no private placement, no ICO, right? Its normal, because it doesnt need to raise money. Second, a lot of people think that ICO can only be completed in the exchange trading, which is also a misunderstanding. At present, more than fifty percent of the digital money traded on exchanges is not ICO. There are some angel investments that have been blended, and private placements have not been made to the public ICO. Because we know ICOs most successful project is ETH. Because its founder, Vitalik, is very young, he needs money to develop the ether shop, so he has to carry out ICO. Next, if some of the Internet Co, such as the Internet Co, they already have financial strength, there are technical teams, they can not raise funds, do not need ICO, and can also do block chain projects. I think more of this model will be done in the future. I think for the exchange, what kind of currency can be traded on the stock exchange? The currency has great circulation, especially its address. Through the upper chain query, we can see that the current address of BEC is 360 thousand, and the 360 thousand address dispersion is already a very considerable number. For example, EOS is also about 400 thousand of the address scattered. As an exchange, willing to allow BEC to trade, I think a consideration is that they have enough addresses, 360 thousand. In addition, I will analyze the reason why BEC will skyrocket on the day of the launch. Inflation is so much, which is actually a disadvantage of the current stock exchange. We know that in the stock market, when there is stock IPO, it will have a pre trading, matching transaction. But the digital currency exchange is not traded before the transaction. So at the moment of on-line, someone will spend tens of thousands of dollars to make the money rise dozens of times. A lot of currencies on the first day of the exchange rose tens of times, but the amount of the transaction was minimal. It may be that BEC is related to me because of rumors, so it has been reported by the media as speculation, but it is actually the practice of most new currencies. Therefore, I also believe that after the exchange, we should reform and conduct a pre transaction transaction. As for the discovery of 7 billion of BEC, 99.9% are in the first 4 addresses, more indicating that BEC does not have any behavior of cutting leeks. If you want to cut leek, it will raise money, but it does not raise money. The second is likely to send the coin to the exchange, and only a hundred per cent of the coin can be searched through the chain, and the BEC currency in the OKEx exchange has never exceeded 3 million. How do you cut the leek? If you want to cut leek, it should put most of the BEC into the exchange to trade, right? At that time, there were only two methods for BEC to get: one was airdrop, that was, to send people to others, and the two was to get BEC by shooting or sharing the photos through the then partner BeautyPlus. Through these two methods, the BEC you get is free. It is on the exchange, in fact, is to allow these free BEC to have a transaction place. Of course, it does not exclude a small number of people who will buy BEC at a high point. But this is actually a very small number of people, and a very small number of acts. As far as I know, BEC did not exceed $100 thousand in trading on the same day. After that, the average daily turnover did not exceed $100 thousand. Although BEC is not what I do, I want to analyze this process with my understanding. Wang Feng: coincidentally, in February, the United States also launched a block Chain Wallet product called Beckham wallet. So, is BEC beauty chain an asset of the US listed company? BEC what is the relationship between the beauty chain and the US map? The US chain BEC incident has caused a lot of controversy in the society, which may surprise you. Can you explain to the public in Wang Feng ten questions? Cai Wensheng: as we said in the announcement, the company has nothing to do with the US chain BEC. It does not belong to the assets of the US listed company. The US chain is a block chain project established in Singapore in the form of an independent foundation. Indeed, I also see that their white paper does not have a team introduction. In my understanding, its because the BEC team wants to have a low profile, because it doesnt raise funds, so they dont write their team introduction, and some block chain projects are also the way to choose such a low profile. On the contrary, if it is a project that wants to cheat money and cut leeks, it will put up a lot of very famous people, to be a team adviser, who can do it, right? If you want to raise funds and want more people to buy your currency, do you need to list the teams and put on a few more powerful people? Its easy to do. As far as I know, after this event, the BEC foundation should reflect deeply, show BECs team members at the right time and replan the development of BEC. Beckham wallet is made by Mito, because we see that the wallet is policy allowed, then the company wants to embrace the block chain, so it makes a Beckham wallet. At that time we were working with the overseas product beautyplus to cooperate with the American chain BEC. Mus has 300 million users overseas, hoping to make an attempt in the 300 million users to see how the block chain can be combined with the Internet products. Later, we can see that because of the great controversy, BEC itself has also had significant technical loopholes, and the company has also terminated its cooperation with the US chain. Wang Feng: in April 22nd, the BEC US chain was discovered by hackers, resulting in a large number of BEC issuance, which eventually caused hackers to sell 11 million BEC. Some people say that the market value of BEC as high as 28 billion dollars has been returned to zero on that day. At the same time, OKEX has also urgently stopped the BEC transaction. After that, Mito announced that its overseas product BeautyPlus will terminate its overseas promotion cooperation with BECs US chain. Why does BEC appear to be vulnerable to hacking technology? Many people are concerned about the safety of the block chain. Cai Wensheng: it is very wrong to say that the market value of BEC as high as 28 billion dollars is zero. The market value of $28 billion is the wrong way to calculate the market value of the market value of a total of $4, the highest price of a first day transaction, multiplied by a total of 7 billion BEC. So the market value of BEC should be issued by its airdrop plus use scenario, and so far, as I know, only 9 million BEC are in circulation, with a market value of only a few million dollars. Here I would like to mention that many people were saying BEC break before, which is also a mistake. BEC issued a price of $0.1 at OKEx at that time, until the hacker attack was $0.35, and never broke. You cant say how much money the highest point goes to, how much it falls now, and then define it as a break. BEC has never broken. Like BTCs top twenty thousand dollars, its no more than nine thousand dollars now. Here I think to praise OKEx, because BEC happened at 1:18 on the 22 afternoon, they found the problem at 1:45 and stopped trading, the reaction speed is very fast, and also avoided the loss of users. According to my understanding, by April 28th, BEC had completed all the rollback, all the transactions were rolled back, and the money bought for the fake BEC was returned to the user, and no one was damaged. Hackers sold 11 million BEC and got 60 bitcoins. But the hacker transferred only 20 bitcoins, and the other 40 were frozen in time. The BEC foundation undertakes all the losses in the transaction and adds 10% to the compensation users. The BEC foundation has also taken positive measures to remedy it. First, coordinate the two exchanges to rollback, return the transaction cost and make appropriate compensation. Second, detect all code and security and reissue the new smart contract. Third, the fastest time to complete the external circulation of the 9 million new BEC mapping, sending address to 360 thousand BEC wallet address. So no one of the users was damaged. BECs technical loopholes were later explained in some technical forums. There are dozens of digital currencies based on Ethernet ERC20. BEC may be due to more attention, the first one triggered a hacker attack. I think this may be a good thing for the whole industry, and let everyone pay more attention to the security of the block chain. The block chain is really a brand new thing, it has great value, and it has a huge risk. Then, through this event, I think it will make the whole industry learn from it, and then cause the whole industry to check the security loophole in the whole, I think this may be a good push. This also prompted you to think that if you want to do the business of block chain, it is not just a coin. Through this matter, I personally believe that the threshold of block chain is very high. It is not only about the technical aspects, including your economic logic for the currency, including your marketing capabilities, including your community operations, which are very high. Only if we all know very well can we really create a block chain project. And people who make money should use all the credit you accumulate in your life. If you dont have the determination to do block chain projects for a long time, try not to make money arbitrarily. Fifth questions Wang Feng: then ask the actual point. How many bits have you bought? When did you start investing in block chain projects? How many block chain projects have invested so far? In the early morning of April 21st, you shared a few thoughts in the three oclock sleepless block chain group, which mentioned, this time theres no chicken and duck going up, except for the base money BTC, ETH, EOS. Others can land, have strong connections, and have the strength to get up. Is this part of your block chain investment logic? In the last few months of the bear market, can you disclose your profit and loss situation? Cai Wenshengs April 21st share record Cai Wensheng: in January this year, I had only one digit bitcoin, just playing with tickets. When I determined that block chaining and bitcoin were the future, I set my goal to have ten thousand bitcoins. At that time, by the peak of December, I personally thought the price was a little high, and I didnt buy it. In the late January 2018, I should continue to buy the goods continuously as the price goes down. Now this small goal is basically achieved. I think the biggest difference between investment and speculation is that when you buy a stock or a digital currency, the price is falling, your mind is falling more and more happy, you can continue to make up, that is the investment, and conversely, after the fall, you regret to complain, that is speculation. Of course, if you decide to invest in a target, you must study and analyze carefully before you can strengthen your belief. I have dropped more than a dozen block chains, such as Theta, Ontology (ONT), Cortex (CTXC), ArcBlock (ABT), Zipper (ZIP), YeeCall (YEE), Dxchain (YEE), Dxchain, and so on. The block chain project I invested in now looks like a buoyant win, but this is only a short-term performance. The block chain is still in the initial stage, and many scenes are not able to land. It requires everyones support and tolerance. Looking at the long term, I am very optimistic. Many projects need more time to verify. I personally understand that the investment in the block chain is just like that in 2000, when you invest in the Internet, it is hard to ensure that most of them will succeed, and a few will succeed. However, if you invest in a block chain project, you may get dozens of times in return. Here, I want to emphasize that as an investor, we should invest in some block chain projects. If this currency rises, I will make money. If a user buys it, it will make money and everyone is happy, but if I throw a coin and lose money, a user may lose money, but the user cant say that because of Cai Wensheng, it will guarantee you not to lose money, I think this logic, everybody cant understand this. Investors will also go wrong. So here I also want to say a word for other investors, we should go to a good resolution, not because there is a big guy endorsement, or investment in a project, we think this project will make money, the logic of this investment must be wrong. I can talk about a bear market at the end of March, the most difficult time in most of the investment blocks, and bitcoin fell to $6500, and the ether square fell to $360. But we have overlooked a trend: from a longer time dimension, it is actually rising. We use bitcoin for example. In March 31st, bitcoin was less than 7000 dollars, but in March 31st 2017, bitcoin was only $1000; in 2016, it was only $400. How much is BTC in 2015? Its less than 100 dollars. So, in terms of this trend, digital money is actually rising, but it may fluctuate more. I would like to emphasize that a large number of this new ICO was released before January, and any digital currency would rise when the resolution was insufficient. I think after this period of bear market experience and lessons, everyones ability to distinguish will be strengthened. It is impossible that all kinds of money will go up. If people who really want to do practical things can land, they will be the future. Block chain investment is to provide an opportunity for ordinary investors to enter the same cost as famous investors and famous investment institutions. People are basically on the same starting line. Block chain projects also reflect that famous investment institutions are not necessarily smarter than ordinary investors. A project, institutional investors also a little time in advance, after the exchange trading, everyone is the same opportunity, if you look at the long-term development of a project, in any time to go in. Wang Feng: you mentioned in the December 15, 2017, Hainan Internet plus innovation and entrepreneurship lectures, block chain economy brings a cognitive revolution, block chain is not the core technology, but the business logic reconstruction. Can you further talk about your understanding? In addition, do you think block chain items can exist independently of Token? Some people compare the block chain to the certification economy, pointing out that Token and chain are not separable. Cai Wensheng: I understand that the block chain is developed on the basis of P2P technology. The technology of P2P actually appeared in 1999. This technology is not new, so it really triggering a big revolution, because it has turned P2Ps technology into digital money and turned into a value transfer, which triggered a change in the whole business logic. Similarly, in the development process of this digital currency, the extended token, including ICO, let us reconsider whether the organizational structure can be changed. For example, the company appeared in 1600, and Dutch East India Co was the first company in the world. In 1606, the same first stock company was also the East India stock; but it was short for hundreds of years in the long history of human history, so maybe this ICO way, this token way, might reestablish an organizational structure. So I think the real understanding of the block chain is rethinking from its commercial logic. Including whether we hire a person in the future, do we pay him, or can we do it with tokens incentives? These are all worth thinking. From the example of Zhong bin Cong, a founder, he proposed a concept, created a project, and now we do not know he is dead, he does not go to the project, bitcoin still continues to exist. These are all the subversion of our cognition. Can a block chain project exist independently of token? I think its right. Of course, a good block chain project, usually combined with token, can bring maximum value into play. However, there are some that can be used without token. In particular, technology, for example, we see now, whether China, the US, and Chinas banking sector, restructure the banking system in a block chain, including we can see the Australian exchanges and restructure their exchanges in a block chain. There are too many examples to prove that the technology of block chain can exist independently. It will improve efficiency and be applied to many enterprises. Of course, I think new and creative projects should be combined with token to produce great value. The reason why I choose Internet entrepreneurship is that I can focus on things that I like without entertainment. Now I like the block chain, that is to choose the spirit of freedom. If people are nameless, concentrate on practicing the sword! In fact, I really miss the day in Xiamen before 2004, no one knows me, and no one will come to talk to me, so you can focus on doing what you like, you can ask others to ask for advice. A mans reputation can bring some benefits, information resources and influence, but it will also bring some disadvantages. A group of friends ask: which is more important for the block chain technology and the actual landing application of the block chain. I personally think that the landing scene can promote the innovation and upgrading of the technology, do you think? Cai Wensheng: I think there will be many landing scenes next year. Now its finance, games and entertainment. Sixth questions Wang Feng: the 265 and 4399 you did in the early years are tools to meet the simple needs of Internet universality. There is not much technical content. 265 sold to Google; 4399 so far is still Chinas largest small game platform. Not to mention the beautiful map later, there were 450 million months of live users. To tell the truth, I didnt expect that Mei map could be as big as it is today. I think all the companies you invest in and actually start businesses are basically not driven by technology. The Internet industry has developed to today, more and more attention to the technical arms race, BAT will not be said, like the machine learning in todays headlines, the system is safe in the cheetah, search technology accumulated in the Sogou, the team needs to have a very high technical strength. In the last ten years, Zhang Yiming, Wang Xing and Wang Xiaochuan are either a programmer or a technical product manager. Compared with them, do the entrepreneurs of grass roots stationmaster have the opportunity to do so on the scale of todays US map? In my opinion, some projects may not require too much technical content at the beginning, but at a certain stage, it will inevitably have bottlenecks. We recognize this very early and rely on technology driven capabilities to develop users in a more rapid way. It has been a few years ago that it has been focusing on technology and has been recruiting large numbers of technicians. Maybe many people dont know why they would ask more than 2000 people to do a map making software. More than 2000 employees in the US and 70% are technical and product positions. You see the beauty camera, Meitu Xiu Xiu and other products, they have applied a lot of big data, AI, machine recommendation technology. I think entrepreneurs who have the same roots will still have the chance to make the biggest companies. In a word, theres no kind of generals, BAT years ago, you didnt think it would grow today, so I think everyone has a chance, especially in the new area of block chain, there will be a company that will even exceed BAT in the future. But it must be stressed that some projects are well done in the early days, perhaps because of a good idea or a strong marketing ability, but in the future, it is possible to combine technical skills with the ability to organize management teams to make a big project. For entrepreneurs, he himself must have self-learning ability and continuous evolution ability. We can see that the founder of BAT, the US regiment, the headlines and so on, must have strong self-learning ability, self correcting ability and constant correction, so as to have todays achievements. The seventh question Wang Feng: I see you were also very concerned about the 4 directions of artificial intelligence and industry last year. We may also be interested in short video, Internet banking and other fields. What do you think of the Internet start-ups that are particularly hot last year? It seems that people are talking less now. Shortly before Mito, Professor Zhang Shousheng, a professor of physics at Stanford University, was appointed as an independent non-executive director, nominating committee and Remuneration Committee. Why hire Zhang Shousheng as an independent non-executive director? What is the origin of your acquaintance with Professor Zhang? Professor Zhangs Dan Hua capital focused on AI before, but then quickly distributed voice in the field of block chain. It had great influence. What kind of tacit understanding did you have before? Mito appointed professor Zhang Shousheng as an independent non-executive director, nominating committee and remuneration committee member. Cai Wensheng: the development of any technology, it will go through such a stage, is a sudden upsurge, everyone is talking about it, and then after a period of time, it is not imagined that it has developed so fast, after that some people quit halfway and some people insist on staying for a few years. The greatest value will be seen later. The first two years are talking about artificial intelligence, industrial 4 and so on. This year is basically not a hot spot. But in my understanding, many companies have made great progress, such as the business soup technology that focuses on computer vision and deep learning. It is also my company. It has been in artificial intelligence, no matter what it is. Is the layout, or the application, all done very well. Another artificial Intelligent Company I invested in in Xiamen has now entered a profitable stage. Block chain is a hot spot now, everyone likes to chase hot spots, so it ignores artificial intelligence, but I think that future artificial intelligence can be well combined with block chain. Although the block chain is very hot at the present stage, the capital invested in the block chain is very small compared with the capital invested in the Internet and artificial intelligence. The Internet is still in the stage of rapid growth, attracting the largest number of talents and the largest capital, and can also find great value. Professor Zhang Shousheng and I have known each other for several years. They met at the Silicon Valley in the United States. At that time, he invited me to invest in Dan Hua capital. I am LP of Dan Hua capital. At that time, I was LP of Danhua capital, and I also took a look at the layout of Danhua capital in AI. We would often communicate with each other about the future. Just now, Dan Hua capital has been involved earlier in the block chain. I think this is a coincidence. Just now everyone saw the great opportunity of the block chain. As the chairman of the map, I saw the huge opportunity for the block chain, and I tried to push the company into the block chain technology, so it was a natural thing to hire professor Zhang Shousheng as our independent director. Just as the US company originally asked Li Kaifu to be our director, because we agreed that Kaifu would promote the AI of AI. Wang Feng: so, in your opinion, what kind of relationship will there be between the block chain and the Internet in the next three years? Reluctantly or gradually subverted? And, in your future portfolio, how about the proportion of block chaining and Internet start-ups? Cai Wensheng: I think the integration between the block chain and the Internet will be accelerated, and it may not be divided into block chain projects, or what is an internet project. For example, now the combination of mobile Internet and new retail, like the Alibaba has invested so many new retail projects, its hard to say that Alis business is online or offline. In the next three years, every Internet Co may have a combination of block chain technology; also, a good block chain project must also be combined with the existing technology and user resources of the Internet to be really big, which is my understanding. As for the proportion of the block chain in my future portfolio, I do not actually set a proportion, because the investment in the collar that I created, without LP, is all my own capital. I have no time requirement for any investment project, nor any distinction between fields, as long as I take a fancy to it. My first rule of playing is not to follow the rules of industry. Because rules are useless, social progress is much faster than rulemaking. Second, we need to accept new things very quickly, so long as we find new things, we can quickly accept them. Third, is this project able to serve more people? Because everything is related to people, and enough people are business models. In the last dozen years, because I was in touch with more grass roots, I would prefer to invest in grass roots, but in fact, in the last few years, whether it was from a big company, or an elite, or a grass root, I think that as long as the team is good enough, I will invest. So, to sum up my personal investment rules, one is not following the rules, the two is to embrace new changes, and the three is to serve more people. Eighth questions Wang Feng: on the problem of regional entrepreneurship. I remember you started 265.com in 2004 to break the two records of IDG (the lowest degree, the high school did not graduate; no business plan PPT) to get the investment, then moved 265.com to Beijing. When you arrive in Beijing, you have a great opportunity to contact with mainstream Internet personalities and companies. 265.com original COO, founder of the capital, Huang Mingming once recalled that, at that time, you were in a quadrangle in the South pool near the Imperial Palace, chatting with the entrepreneurs, at least a dozen people a day, and every night the lights were clear. Feng Xin once took me there, and I hadnt left Jinshan at that time. Most of the first generation Internet start-ups in China were born in Beijing, and Beijing concentrated on the advantages of policies, resources, talents and media, and these advantages have been accumulated to a certain extent. But why did you choose to go back to Fujian and Xiamen to start a business again? Cai Wensheng: I started my business in Xiamen from 2000 to 2004. When I went to Beijing to develop, actually I was influenced by Lei Jun. In 2003, I met with the Lei Jun, because he was looking for me to buy a domain name. We often talked on the phone. Lei Jun constantly encouraged and mobilized me: Wensheng, why dont you come to Beijing to develop? Then I chose to go to Beijing in 2004 to start my business. By 2008, I sold 265 to Google. At that time, no matter from the advantages of human resources or other aspects, the chance to continue to start businesses in Beijing might be greater. But at that time I had three considerations, so I chose to return to Fujian. First, I found that at that time, I was already very famous, and more and more people were looking for me, and I felt that time was wasted. Second, I will be in a state of anxiety and feel that it will be hard for me to grow again. If you leave Beijing in such a prosperous place and go back to Xiamen, you can give yourself a chance to start anew and grow up quietly. Besides, I went to Beijing alone to start my own business. My family is in Xiamen. I hope to go back to accompany my family. Third, the hometown complex, because I am a Fukien, and I want to go back to Fujian to help Fujian more entrepreneurs from Fujian. Of course, back to Xiamen after the achievement is very good, in addition to his own set up the 4399 and the United States show Xiu Xiu, I invested a dozen Internet Co in Xiamen, according to the previous major Fujian Internet companies published in Fujian, half of my investment, with my personal related. Wang Feng: in the Internet age, a number of Fujian entrepreneurs who dare to fight, many of whom have become the legendary figures of Fujian Merchants: you are the stone lions in Quanzhou, Fujian, the king of the United States of the United States, the head of the Fujian, the Longyan people of Fujian, the square of the snowball, the Wu Ping of Fujian, and the founder of the 91 handset assistant, Xiong Jun, Fu Build Longyan people; bit mainland CEO Jake group flying, Fujian Fuzhou people... Many people always regard you as a businessman, not an industrialist, and say you are a typical Fujian businessman, and you like to make fast money. How do you look at yourself? Yes, Fujian and Putian, haha. Cai Wensheng: Fujian is indeed a good place to do business. In traditional industries, there have been many excellent Fujian enterprises, such as Heng An, Anta and so on. Moreover, most businessmen in Fujian are combined with industrialists. But it is possible that some Fujian businessmen do do something relatively short and fast, but I think it is not fair to have a few people doing this. It can not be labeled and regionalized for a small number of people or a small number of companies. In the future, Internet entrepreneurship and block chain entrepreneurship are both regional and even cross-border. I like to make fast money, but its the opposite. All of my most successful investments require time. For example, when I registered a domain name, in 2000, registering a domain name cost 60 yuan, and my real reward was only after 2010. If I sell the domain name in 2003 and 2004, the better domain name will sell tens of thousands of pieces, but if it is sold in 2010, each domain name is hundreds of thousands, even millions. Therefore, the investment of the domain name is more than 10 years. I have invested in the two most rewarding projects, one in 58 cities and one in stormy technology, which I invested in 2005. It was only 10 years after 2015 that it began to return. It was ten years since I founded Meitu Xiu Xiu in 2008. So, in the area of block chain, if you invest in a digital currency, you can make money quickly, but in fact, it will be hard to grow and expand in the future. Here, I would like to advise you now to do a block chain project team, if it is too early through ICO to raise money, or too early and fast growth, in fact, is a double-edged sword, will bring great trouble to the entrepreneurs, may not be able to stick to the end. In the first three months of this years bear market, I think it is a very good opportunity. If there is no bear market, so many people quickly get money, may lose the original intention of entrepreneurship, become a fried money market, many projects will not be developed. Because there is a bear market, just to give entrepreneurs the opportunity to exercise, practical work team will stand out. The ninth question Wang Feng: Jobs said in his speech at the commencement ceremony of Stanford University in 2005 that life is connectingthedots in some sense. As an entrepreneur, every great person you meet in your business is like the Dots that you just talked about, and its impact on individuals is continuous and evolutionary. In December 21, 2016, you released a thank-you letter in the U. S. Market Review dinner that reviewed the history of the 30 years of entrepreneurship, and how you worked from an ignorant teenager to a business leader. At every important stage of life, you have met your people, including Xue barbarian, Li Kaifu, Wang Feng, Wang Dong Feng, Huang Mingming, Xiao Feng, Feng Bo, Yao Jinbo, Yan Yan, Xiao Lin and so on, all of which have given themselves a great help and support. As you mentioned just now, Lei Jun also urged you to develop in Beijing, which is very helpful to you. Many people feel that they do not know what they are capable of, but in fact they do not meet people who can help themselves. What do you think of the good people help on their journey? Cai Wensheng: I really prepared a letter of thanks at the Appreciation Banquet in the US market, but the letter was mainly thanks to the guests. There were a lot of people who did not come to the scene. I also helped a lot. I was very grateful, like the thunder army, sina Cao Guowei, the 265 original COO Qin, 26. 5 original CTO Lin Xing Lu (Xiaolin) and so on. I think I am a lucky man because I am able to meet so many people who help me on this road. A person to succeed, or a business to succeed, will meet a lot of canes, in this process, he will encounter countless people, maybe even a programmer to help you modify a BUG, or a salesman to help you get a very important order... These are all the factors that make up your success. So why is failure inevitable? Success is accidental. Because success requires a lot of links, including good luck, otherwise it is very difficult. If you want to succeed at a certain point, it may be a lot of luck, but if a person wants to succeed in a continuous way, it has a lot to do with his own efforts and self - study and self - change in addition to luck. Each persons life will have several important turning points. At every turning point, your choice must be right, so that we can continue. At the time of 2000, when I was in my own business and registered a domain name, I also felt that why would those VC invest in Zhang Zhaoyang, invest to Ma Yun and invest in Ding Lei? Why do the VC dont see me? Then I slowly understood. The first thing to do is to see what you have, what you can do, and then do it, and accumulate it slowly, until you make certain grades, and the investor will come and help you. If I have to get the money, or I have to have what conditions, I have to have the conditions to go to entrepreneurship mentality will never succeed. Ten questions Wang Feng: in the preparation for dialogue with you, I think of KKs book out of control, a big head about machines, systems, biology and society. The authors book on social evolution, written in 1994, became a prophet to verify the development of the Internet step by step. The author thought It involves two directions: one is that the future of the whole world should be a centralization, distributed structure, and this is the theme of the whole book called out of control. Secondly, the boundaries between organisms and machines are becoming more and more blurred. Eventually, they will become one of the super life. What I remember most is the detailed description of bee colony behavior. There is no uniform management and command, and a single bee is often confused when looking for pollen. However, when many bees have polled one direction in a certain direction feedback by a few bees, the whole colony gradually forms a unified opinion and can carry on the high efficiency of collecting honey. Now, does the block chain make us humans become the bees that crawl in their respective chains and communities? Cai Wensheng: like Wang Feng, I have recommended this out of control in KK, and a lot of the content in the book will be cashed in the block chain society, especially the human social structure that can be like a honeycomb. But if we humans become the bees that crawl in their respective chains and communities, I dont want to be like that. Because this shows that more than 90% of the worlds people are doing repetitive things. Without ideals, there will be no future. This is actually a sad thing. I would like to hope that there will be several big public chains in the future block chain, and then some basic applications will be built, and there are hundreds of thousands or even hundreds of thousands of different block chain communities, forming an ecological scene like the earth. Recently, there was a movie named number one player directed by Spielberg. I saw it three times. I think the number one player is more inspiring to us. With the development of AI artificial intelligence, many people in the future can only live in the virtual world. Let us reflect on whether it is the life we want in the future. Or there will be more great inventions in the future, so that everyone can do what they like, not the same job. Thats the really exciting world of dreams! The film the first player Therefore, whether it is artificial intelligence or block chain, it will indeed promote the development of human society, improve the efficiency of social operation, and produce greater wealth. But in this sense, I feel that the spirit of humanity must be added to the world. If we pursue technological progress blindly, we will never be happy if we pursue efficiency and wealth. Whether its me or a lot of the rich people I have come into contact with, to tell you the truth, when you get to a certain stage of wealth, you eat so much, and you wear that much. In the end, most people will reflect on what we should do for this society and promote the direction in which society will develop. This is actually my own belief. In spite of the development of AI, it is difficult to replace human beings. Because AI is cold, without emotion, without thought and without soul. For a long time, AI is difficult to replace human beings. Like the value chain of block chain, he uses basic logic to solve our currency problem. But what is the real value of the future? I dont think it must be the form of money. If the future through the block chain, to our human emotions, ideas become valuable, such as the value of the literary thought can be directly transferred and embodied, that is even greater. Wang Feng: Wen Sheng, if you are still a young chasing boy, what field will you be in Allin? Young Cai Wensheng Cai Wensheng: I think I am still a young chasing boy. A persons youth is not his age, but his mindset. When you feel very young, even at the age of 80, you can still catch up with the wind. I will continue to embrace new changes. At this stage I still do my best to do a good job in the United States. I will also pay attention to the application of new technologies such as artificial intelligence, block chain and so on. In the future, there may be a new technological revolution. I think I will devote myself to it. Finalquestion Wang Feng: what is your future life ideal? Cai Wensheng made three wishes on micro-blog in 2011. Cai Wensheng: Unfortunately, these three wishes in 2011 are half realized. Travel to 100 countries now achieve 50 or so. I think life is going to be everywhere to see before it really comes to the world. The second wish is to make a ten billion dollar company struggle. I hope it can be done in the near future. Third wishes, I still have hometown complex, especially I come out of the countryside, and then go out of the countryside, then go abroad, go back to Xiamen, go to Beijing to start a business and return to Fujian. I drop out of high school to do a variety of business, and then go to the Internet technology, and go through a lot of different processes, if it can be written out, Its a very interesting thing. Source: Mars finance editor: Yao Liwei _NT6056 Three wishes Cai Wensheng made on micro-blog in 2011 Cai Wensheng: Unfortunately, these three wishes in 2011 are half realized. Travel to 100 countries now achieve 50 or so. I think life is going to be everywhere to see before it really comes to the world. Third wishes, I still have hometown complex, especially I come out of the countryside, and then go out of the countryside, then go abroad, go back to Xiamen, go to Beijing to start a business and return to Fujian. I drop out of high school to do a variety of business, and then go to the Internet technology, and go through a lot of different processes, if it can be written out, Its a very interesting thing.