Beijing time 19 days 8 to 20, 8, bitcoin in 24 hours to fall 14.26%, down to $793, $4766. During the period, the price is $4694, and constantly refresh the lowest since October 2017.
The digital currency industry slump, to a certain extent affected the entire market atmosphere, according to the reporter, the chain front watch, in the “new economy 2018 block chain Hangzhou summit, the pan City Holdings, the pan city capital chairman of the fast taxi founder Chen Weixing in a speech at the point of view is quite negative.
He thinks: The market may be worse than I thought, now trading market fell to 10%, then the future will fall 50%, even bitcoin prices also fell to 50%, from the peak of 90% is possible.
At the end of the speech, Chen Weixing said: now is the time to admit their mistakes, we do a lot of things is not good enough, this industry especially influential people is to admit it, because we didn’t make an effort to make this industry more standardized.
The following is the Chen Weixing speech, was edited by chain App as follows:
Blockchain this stage is most in need of governance, the governance needs from the perspective of media and practitioners, as well as from government regulatory perspective to find the methods of supervision to regulate the industry.
This morning I saw a news, say the United States SEC has decided a number of projects, is what we call the air exchange in the currency project, 90% fell by SEC, according to the price of money refund, if you buy the currency to sell in advance, can also request to refund.
In addition to refund, the project also requires a fine of $250 thousand, which indicates that SEC has already started, very strict requirements.
In fact, the lack of governance block chain is actually a pit, the temptation of money for a lot of people fell into the pit. If you have a way of forming its own set of rules, or with the influential industry practitioners in the industry, the formation of a rule, with the regulatory authorities to form a communication, this is a kind of method of relative protection, the protection method, we can further influence the government rules or further effect of legislation.
I think it is now practitioners in this industry entrepreneurs, as we create the industry on how to.
That is to say, if we have no way to self governance, or assist the government to supervise this stuff up, there may be some time in the future are not in this industry. So we need to do is to create the industry, rather than allowing the free development of the industry.
The current market reaction is very clear, the blockchain market with our market economy, we are all before the improper behavior is paying the price: For example, block chain inside the most typical bitcoin prices will decline recently, why?
Because the whole bitcoin from applicants have consensus to collapse, all the so-called “currency circle bigwigs are blaming each other, want to do their own central bank, people can do their own village posing in bitcoin, someone said to express their bitcoin, each have their own meritorious opportunities as the industry, everyone wants to lay their position in the one and only in this industry.
But in fact, the blockchain not want individual contributions, but hope to be able to operate without any spontaneous effect, the system, it is a people compromise tool to reach a consensus, so that the common identity of a thing. If you are using the block chain, to build their own things, it will return to the original market, can not achieve the purpose of it, first make mistakes in this market now. It is bound to make, there is reference value for the future, you can no longer make repeated problems.
The second problem is the industry we have too many people initially excited to raise money, now more than 90% have fallen, shortly before the people that want to withdraw from the industry, but who in this industry has already got the retail money, has taken the responsibility of others, is not easily quit, too no retreat. Not only is in the media, the government is also staring at, can not be so irresponsible.
Some time ago the market is crazy growing after raising fund-raising, but how to do?
The most basic is the financial transparency, or a statement about the following scheme, these things are needed to do, or hope that the industry can form their own self-discipline consciousness. The reason is simple: only their own form of self-discipline, there is a standard, can collectively discuss with the government.
We have started to do this standard, we hope that the government continues the standard processing industry, so we have the initiative and influence power, prevent government operations unfavorable. I hope the government can pay attention to this matter, some already happened, the formation of industry governance certain methods.
Third, I think The market may be worse than we imagine, now trading market fell to 10%, then I think the future will fall 50%, even bitcoin prices will drop to 50% from the peak of 90% is possible.
If bitcoin prices fell 50%, which means that all practitioners are now active in drink the northwest wind, more than 70% of the industry and the team to do. Now the stage is still continuous speech to promote their project company, maybe 4 months later came to feel shy.
So fast variable in this cold market, we must understand the blockchain is used to do what, if no flow, no price blockchain you still need the blockchain work? You use the blockchain, if no one transaction, you still have a chain block?
I personally think that now more cruel is the real economy. In fact, the block outside the chain of economy, traditional economy is very bad, our stock market will fall, market liquidity will become worse, and most of US employment will become worse, our wages may fall 20%, I believe it will fall even more. The next three or four months, and after the fall not soon bounce. But like Japan, it takes five years to ten years of gradual recovery, the dramatic changes in the market.
How do we build a block from the chain to the organization, can let us Reality organizational survival easier, how to reach a consensus that the blockchain, hoped that in the future there are enough companies, can replace the dollar as the global scale. I think the next every entrepreneur to be a problem, we solved a problem which in the end, in order to be able to quietly through the winter, perhaps a year, waiting for the supervision of the mature, try to wait for more and more people constantly, so as to compare some of the best design.
Today I speak more negative, I think we can conclude that: our economy or the industry, or we are to admit it, our economy is to admit it, especially many of our government officials. We do a lot of things is not good enough, this industry especially influential people is to admit it, because we didn’t make an effort to make this industry more standardized, it is need to admit, next only to do is to think carefully, next to the bottom of the what things are truly able to solve the problem thank you!
(the first chain was App)