Bankers abandon the huge salary, the pursuit of digital money wealth

nnnIn the ICO become the trend at the same time, many people have noticed that some of the banking industry elite began to stay away from the original industry, to join the field of digital money. This article introduces this topic, brings together a number of stakeholders to analyze the ICO to attract these banks, but also pointed out that the existence of the risk of ICO, the need for regulation. However, it is clear that there is a certain degree of difficulty in regulating ICOs that are not geographically restricted.n
nnTranslated by: Inan
nMr. Liu surrendered the seven-digit salary in Huaxing Capital this month and joined one of the most popular financial instruments in the field, the first time to issue the currency (ICO). He has supported some of the tokens, which are usually not even a product to raise millions of dollars (sometimes only a few seconds) of the funds.n
nFrom Hong Kong and Beijing to London, there have been successful financiers abandoning their lucrative business and turning to the ICO world. ICO is a way to raise funds quickly by selling digital tokens to investors without the involvement of banks or regulators. More and more banking professionals are using their own talents to buy and sell digital money.n
nThey are excited about this area. Mr. Liu has contributed to China’s largest number of technology transactions, to him, shaping the emerging industry opportunities than the risk of market collapse more care about. ICO is somewhat similar to the IPO and has raised a lot of money, and its investors want to be able to participate early in the development of the next bit or currency, and its crazy growth has allowed people to compare it with the early Internet boom. For some people, this vibrant and far away from the strict areas of financial regulation has irresistible charm.n
n30-year-old Liu became a partner of hedge fund FBG Capital, which has supported about 20 ICOs. “Traditional investment banks and venture capital firms need to pay close attention to this area because it can become very large,” Mr. Liu said.n
nn”He was involved in this year’s largest tokens for sale: Tezos was an intelligent contract platform that raised $ 200 million in funding that exceeded the average size of Hong Kong’s IPO this year – $ 31 million,” he said. The traditional financial sector is different, there is no upper limit or obstacle, with too much potential. “n
nnCritics believe that many ICOs are built on fantasy. It is a combination of all-out and IPO, mainly based on the Taiyuan block chain of virtual currency sales. But unlike traditional IPO, buyers of IPO will get shares, while ICO investors get virtual tokens – similar to small encrypted currencies, which are unique to their issuing companies or networks. This means that the tokens can only be added when the business or network of the start-up company is feasible, attracting more users and increasing liquidity.n
nA lot of untested concepts sparked a bubble. The Securities and Exchange Commission (SEC) has warned that the ICO may be treated as securities. Although the SEC did not say that the hot areas would be more widely suppressed, but will strengthen the review. The SEC once again emphasizes its focus on protecting investors: part of ICO’s appeal is that anyone with bold ideas can now raise money from others.n
nAt least 90 ICOs have been launched this year to raise funds of more than $ 1 billion, and these projects are diverse and distributed from free Wi-Fi to trading software. It has gone beyond the early venture financing. Brendan Eich’s Brave software raised $ 35 million in one minute in its May franchise in BAT.n
nGuo Hong is Beijing’s well-known Bitcoan Miners and angel investors, helping more than 20 ICO shelves on the digital currency exchange, he said that these ICOs do not sell stocks, which means that their investors will have to rely on the founder’s commitment and reliability. So he said he would not invest any project unless he knew the project’s founders.n
nJustin Short prepared an electronic trading algorithm for Bank of America, and later set up a trading company, Nous, who is now preparing for his own digital tokens to fund his so-called encryption asset portfolio management. As a former Wall Street trader, he came to these ICO projects more than a few hundred million years ago, many life forms on Earth had just formed.n
n”These thoughts are like the outbreak of Cambrian life, but that means you have to work hard to figure out what is possible.”n
nEncrypted currencies bypassed brokers, such as toll banks and venture capital firms, to provide a means of rapid financing. But it also means that there is no traditional checks and balances. The key is to recognize which tokens’ tokens play an important role in their networks and then their value will rise as they become more and more.n
nHugh Madden was former HSBC Forex Trading Architect and now Chief Technology Officer of ANX International in Hong Kong, helping the Digital Currency Exchange OAX raise about $ 18.7 million this month. He compared ICO tokens to membership in the football club. Although you do not have the privilege, but with the development of the team, with more fans, your own value will rise.n
nHe said that when a football club “to establish more relationships with other clubs, to participate in more games, get more recognition, you want to join the club more people who can become a participant, but membership The restrictions on the members can influence the future direction of the club. “n
nHowever, with the ICO, the real price of membership is immeasurable. Developers, including Peter Todd, have pointed out that these projects are flawed. Trading platform CoinDash said hackers stole a $ 7 million token during their ICO this month. Last week, hackers have steal CoinDash, Swarm City, Aeternity and other projects a total of 40 million US dollars. And a large number of ICO support alone.n
nMr. Hong, a Hong Kong trader who has worked at Deutsche Bank, is considering an ICO for its digital currency index trading platform, Cryptomover,n
nn”It is difficult to evaluate the agreement, and only when the number of users grow exponentially on the network, the agreement will be valuable, so unless the agreement has a substantial user or recognition, these projects may ultimately be worthless.”n
nnAs a result of the emergence of many speculators in the field and fast money-making behavior, Mr. Yang and Madden are looking to have more regulation. But the difficulty is that ICO is not geographically limited. For example, the OAX token has attracted 4400 supporters from more than a dozen countries, including China, Russia and the United States.n
nMadden said:n
nn”It is difficult for regulators to give specific policy responses to such global transnational activities.”n
nnPeople are still very interested in ICO. Ron Chernesky started his Wall Street trader’s career 10 years ago by working in the trading floor and then trading the trading platform InvestFeed. He is now using digital currency trading to replace the US equity deal on its platform and plans to carry out his own ICO, hoping to raise 28,000 yen (at the current price of about $ 6 million).n
nHe said:n
nn”We are abandoning the patterns we have been using for the past three years and are currently studying digital money, which is long for us, and we think it is a way to achieve new investment, and everything will start here.”n
nnLiu, who had just left Huaxing Capital, compared the ICO market with the initial Internet boom and the bubble burst, when many start-ups were bankrupt and investors’ However, the opportunity to take a place in a monopolized financial market has attracted him to the field.n
nHe said:n
nn”It ‘s like on a rocket, and if you get involved early, you’re creating history every day.n

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