区块链黄金股票有哪些,区块链黄金股票龙头股

区块链黄金股票是一种新型的投资工具，它将传统的黄金投资和区块链技术结合起来，为投资者提供了一种更加安全、高效的投资方式。区块链黄金股票龙头股是指在这种新型投资工具中，表现最为优秀的股票，它们具有抗风险能力强、收益稳定等特点，能够为投资者带来更多的收益。

首先，我们来看贝宝黄金。贝宝黄金是一家专注于区块链黄金股票的公司，它致力于为投资者提供更好的服务。贝宝黄金拥有一支优秀的团队，其中有资深的投资分析师，能够有效地识别市场机会，为投资者提供及时的投资建议。此外，贝宝黄金还拥有一支专业的风控团队，能够有效地把握投资风险，为投资者提供安全的投资环境。

其次，我们来看瑞士黄金。瑞士黄金是一家专注于区块链黄金股票的公司，它拥有一支优秀的团队，能够有效地识别市场机会，为投资者提供及时的投资建议。此外，瑞士黄金还拥有一支专业的技术团队，能够有效地应用区块链技术，为投资者提供更安全、高效的投资环境。

最后，我们来看美国黄金。美国黄金是一家专注于区块链黄金股票的公司，它拥有一支优秀的团队，能够有效地分析市场行情，为投资者提供及时的投资建议。此外，美国黄金还拥有一支专业的风控团队，能够有效地把握投资风险，为投资者提供安全的投资环境。

总之，贝宝黄金、瑞士黄金和美国黄金都是区块链黄金股票龙头股，它们具有抗风险能力强、收益稳定等特点，能够为投资者带来更多的收益。

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㈠ INE Zhilian Ecology COO Bai Mei Exclusive | Blockchain 4321 Golden Investment Rules

Not all blockchain projects are being implemented, INE Zhilian Ecology has been landing!

——IntelliShare does practical things all the time.

Please think about a few questions before reading:

1. Why do you invest?

2. What are your investment principles?

3. Where does the value of the currency you invest come from?

As the blockchain investment market continues to be hot, more and more newcomers are joining this investment field to make money! But the world of blockchain investment is full of dangers and traps. If you don't know the basic investment principles and invest blindly, you may be cut off and leave the market, or you may lose everything.

If you think through these three questions, you may be able to find the basis for your survival in the mixed digital currency market. In response to the above problems, Bai Mei, COO of INE Zhilian Ecology, taught "Blockchain 4321 Golden Investment Rules".

Zhang Xiaoyu/Bai Mei (Jade Zhang)/Chief Operating Officer (COO)

Former head of Alibaba regional market operations, Alibaba operations mentor-level self-media person. The annual star lecturer of the dedicated sharing expert platform, has produced "How to Play Internet Brands", "Blockchain 4321 Investment Rules", etc., which has deeply influenced 100,000+ fans.

·一·

Why do you invest?

Warren Buffett once said: "Value investing cannot guarantee our profits, but value investing provides us with the only opportunity for real success."< /p>

There is no doubt that the tendency of everyone to invest is to obtain profits and ultimately realize the appreciation of the value of assets. But some people make a lot of money in the end, and some people lose everything and leave the market. It can be seen that different investment strategies have completely different results. So what is your investment strategy?

· 二 ·

Blockchain investment rules

INE Zhilian Ecological Baimei , in the "4321 Rules of Financial Management", the 4321 golden investment rules of the blockchain industry are summarized, telling you the "hidden rules" of making profits in the blockchain.

The 4321 rule means that the asset allocation is 40% investment, 30% living expenses, 20% savings, and 10% insurance. Asset allocation refers to investing in higher-yield assets such as stocks, financial management, funds, and foreign exchange, usually on a regular basis.

01

"Financial Management 4321 Rules"

40 % Invest to create wealth: For example, invest in stocks, foreign exchange, funds and other assets with higher yields. You can also choose open-end funds to invest a fixed amount on a regular basis. You can save time and effort through automatic deduction of investment every month, achieving the effect of forced savings.

30% basic necessities: basic and indispensable monthly living expenses. Food and clothing expenses, mobile phone bills, etc. Of course, if you have a car, you still have to pay for gas, and if you have a mortgage on a house, you still have to pay mortgage fees.

20% savings: usually deposited as demand deposits, which can be easily withdrawn when needed to improve the quality of life. For example, if you are in a good mood one day and invite friends and family for a drink or a meal; if you receive a "pink bomb" or a birthday invitation; or even if there is a family emergency, the reserve fund will come in handy.

10% insurance: Insurance is a long-term arrangement, a responsibility and protection for future life, especially to prevent unexpected situations that the main creator of family income may encounter, so as not to cause any damage to the family economy. Heavy damage. The insurance amount (that is, the amount of compensation paid by the insurance company after an accident) is generally not less than 10 times the annual income.

William Gann, the world-famous investment financier, once said: "There is nothing new under the sun." Blockchain is an emerging industry, but the real rules of investment are actually similar to those of the stock market. .

02

"Blockchain 4321 Golden Investment Rules"

40% stable investment: that is, products with low investment risks and returns, generally not too volatile, long-term investments, suitable for people with low risk tolerance.

30% mainstream digital currencies: Mainstream currencies represent the trend of the blockchain industry. They are relatively stable and will not fluctuate too much. However, they are the outlet of the blockchain industry and can be perceived. Trends in the blockchain industry.

20% investment in innovative currencies: First of all, new currencies have low cost and huge potential. If you have a keen eye, you may be the next Masayoshi Son.

Little knowledge:

The man behind Jack Ma ——Masayoshi Son:

When Jack Ma was looking for financing to start Alibaba, he approached many people, such as Ma Huateng, Lei Jun, Xue Manzi, Xiong Xiaoge, Feng Lun, etc., hoping that they could invest in the Alibaba project. , there is no news.

Later, Ma Yun found Sun Zhengyi and waited downstairs for two hours. After seeing Ma Yun, Sun Zhengyi said: I will only give you 6 minutes to talk about the business model.

At that time, there was another e-commerce platform that was larger than Alibaba in terms of size and scale, but in these 6 minutes, Son decided to vote for Jack Ma. Therefore, many people say that Sun Zhengyi is the man behind Ma Yun and Ma Yun’s nobleman. It is understandable that Ma Yun today cannot do without Sun Zhengyi’s continuous support.

Today, the SoftBank stock behind Masayoshi Son occupies nearly 60% of Alibaba’s shares, and the investment value has increased nearly 8,000 times.

10% short-term investment: essentially it should be called speculation, mainly refers to swing operations and leverage trading, etc., with a small amount The assets are invested in high-yield and high-risk investments, and even the losses due to a crash are within the tolerance range.

"Blockchain 4321 Golden Investment Rules" is essentially the principle of not putting eggs in one basket.

03

Why do investments fail?

2018 has been a very bleak year for the token economy since the beginning of the year. Even if they have a keen sense of smell, many people are still returning from wealth freedom to the fate of buying bricks. .

Bai Mei believes that there are basically two reasons. The first is irregular investment; the second is unreasonable investment ratio. For example, 40% of assets or more are used for leverage. Finally, It is easy to cover with water and difficult to collect.

· 三 ·

Where does the value of the currency you invest come from?

The starting points of the top ten currencies currently online are all very low. Those who entered the market at the beginning have now made thousands of times their profits. Transform yourself into a blockchain industry leader. However, the greatest interests of the mainstream currency market have been divided up in twos and threes. Returning to maximizing interests, Bai Mei will still focus on emerging innovative projects and currencies. New high-quality projects may be the next opportunity to achieve financial freedom. .

Now is the winter of the token economy market, but it is the spring of the development of blockchain technology. MLM coins, air coins, etc. have ceased under the blizzard. Really good projects are like green buds covered by heavy snow. To be ready to go, we are looking for mutations that others are not aware of yet.

It’s hard to say who the next truly valuable 100x coin will be. Thousands of people will see it, but INE Ecosystem has such confidence to lead the community while completing the grand vision of a global communication sharing network. Partners work together to create and realize wealth.

Bai Mei believes that investment itself comes from strength and consensus.

A consensus without basic conditions is just a bunch of chaos. From exploration to understanding, from consensus to co-construction, this is a process. The basis of this trust lies in the fact that all team members of INE Intelligent Ecosystem have always maintained a pragmatic and high-spirited attitude, and constantly practiced the application scenarios of INE Intelligent Ecosystem.

Consensus can be divided into two aspects: one is the input of a certain kind of benefit distribution, and the other is optimism about the prospects of the project.

These two points are not contradictory. On the contrary, the latter can help the former. Only when everyone joins in to contribute to this project can greater benefits be obtained. Of course, this is the great wish of INE Intelligent Ecosystem in community operations.

In the era of universal HP shared network, everyone will be a winner!

㈡ What should you pay attention to when investing in blockchain

1. Most people don’t know what blockchain is

Compared with traditional stocks, real estate, bonds, gold, etc., blockchain assets are a very abstract and virtual form of assets. Blockchain assets represented by Bitcoin are very professional computers. The language and the way the program operates are neither endorsed by the credit of any country nor given the securitization benefits by any company. They completely rely on the mutual consensus and trust between strangers. In this case, although decentralization is completed runs the logic, but itsExperiments are still in their infancy and development stages, and participating in related investments is actually an act of brave risk-taking.

2. Blockchain asset prices fluctuate violently

Since there is not much support from the physical application level, many blockchain projects completely rely on community operations and market speculation, and investors are very worried. It is difficult to hold blockchain assets from the perspective of value investment, which leads to very frequent flows of funds, and price fluctuations have become a norm. A blockchain-related token can skyrocket by 500% in a day, or fall by 90% in a few hours. Such violent price fluctuations are not something ordinary investors can bear.

3. There is too much uncertainty in the policies of various countries

As an underlying technology, the world has basically accepted the value of blockchain, but as a "blockchain" "Companion product" digital currency is still very controversial in various countries' policies, and as the volume of digital currency transactions continues to increase, its impact on the global financial market is also increasing day by day. At present, the daily trading volume of the entire digital currency field exceeds 60 billion US dollars, which is comparable to the trading volume of China's Shanghai and Shenzhen Stock Exchanges, and can also match the average daily trading volume of the New York Stock Exchange. It is impossible to continue to operate outside supervision. Yes, there will be a very large regulatory game cycle. Policies in this area may be introduced one after another by various countries, and the impact on the market cannot be ignored.

4. Various blockchain projects are mixed in quality

Blockchain technology is originally a very basic architecture technology. Currently, due to its popularity at the financial level around the world, many of its own Project parties that have nothing to do with blockchain began to use blockchain concepts to design products, and were able to complete the writing of blockchain white papers in a very short period of time, and then raised market funds. In this case, the overall technical threshold of the blockchain has been lowered. Many companies that have no strength and willingness to develop blockchain have developed the concept of blockchain purely to obtain financial support, resulting in the proliferation of projects, projects and The gap between projects is getting wider and wider, but it is difficult for ordinary investors to distinguish and it is easy to fall into the trap.

5. Coin speculation does not equal blockchain investment

Currently there are many opinions that blockchain and digital currency are an integral whole, and you cannot develop blockchain at the same time. Technology, on the other hand, suppresses digital currency. I agree with this logic, but currency speculation is indeed not the same as blockchain investment in the true sense. Things with real investment value must be things with scarce supply. If you can just issue a digital currency, it can represent the application value of the blockchain and bring certain innovations to society. Then you can just find a company that can issue digital currency. The blockchain technology team can issue dozens of digital currencies in a very short period of time, just by changing their names. Therefore, digital currency itself does not have much logical relationship with blockchain assets. Blockchain projects must be a market with very obvious scarcity, but digital currencies do not have great scarcity. This is like saying that any Internet company, can develop a chat software similar to WeChat, but the chat software itself does not have much value. The real value lies in how much public participation the chat software attracts. Digital currency is just a chat software. The current situation is that everyone is speculating on this software, but few people care about what is on the software, and the bubble is obvious.

6. Short-term overheating, easy to be exploited by criminals

The particularity of the blockchain industry is that many of its ecologies have become very financial. , funds will be very concentrated, and most links are related to funds. From raising funds through ICO, to sending tokens to investors, to online trading on exchanges, and users buying and selling tokens on exchanges, the entire process is almost entirely a financial link. If practitioners are not professional enough and have no self-discipline, , lack of supervision, then every link may be used by criminals to manipulate the market and obtain various illegal gains.

7. Governments of various countries have their own agendas in responding to the development of blockchain

In order to catch up with the next round of financial technology and digital revolution, Japan has a very open attitude towards transactions such as Bitcoin. Attitude, digital currency transactions denominated in Japanese yen account for half of the world’s entire fiat currency trading area. Japan hopes to use digital currency to revive Japan’s financial competitiveness. The United States hopes to use mainstream financial markets, such as the futures and options derivatives market, to tame Bitcoin and make it another powerful tool for US dollar hegemony. China is also working hard to promote a sovereign encrypted digital currency, and one of its important purposes is to promote the internationalization of the renminbi. The field of digital currency and blockchain assets may become the next point of competition and competition among great powers, which will invisibly increase systemic risks for investors. It is difficult for you to know that behind this kind of great power rivalry, another one suddenly appears. What unexpected policies will have an impact on the entire market?

8. The threat of quantum computers

Blockchain generates a self-motivating system to ensure that it can operate on its own under decentralized conditions. Most applications It is asymmetric encryption that uses the corresponding public key to verify transactions signed by the private key to ensure that blockchain assets such as Bitcoin can only be used by the legitimate owner. But quantum computers can solve the problem of asymmetric encryption. Quantum computers can calculate the private keys from the public keys in a few minutes. After knowing all the private keys, people with quantum computers can spend digital currencies such as Bitcoin at will. . Of course, when quantum computers will come out is also a question in itself. Digital currency protocols are constantly adding new encryption standards. However, the potential threats posed by quantum computers have to attract the attention of investors.

9. There is the possibility of a major reversal at the supply and demand level

The market capitalization of the blockchain token market has hovered near one trillion U.S. dollars, although OTC funds are still flowing in continuously. Influx, but the stability and growth rate of its capital inflows are questionable. The supply of encrypted digital currencies is a very embarrassing matter.If we look at a single digital currency, the total amount is strictly limited. For example, there are only 21 million Bitcoins, but the threshold for issuing encrypted digital currencies is getting lower and lower. Anyone and any organization can issue encrypted digital currencies anytime, anywhere. The supply is almost unlimited. On the other hand, transaction costs continue to increase and are suppressing the demand side. Currently, investors in transactions need to pay handling fees on exchanges and miners when transferring money. If countries start to tax digital currency transactions in the future, , which means that this market has to bear more operating costs without generating its own profitability. If coupled with the continuous increase in supply level, the overall market supply and demand expectations may undergo reversal changes at a certain moment.

10. Blockchain assets lack legal protection

It is not uncommon for global digital currency exchanges to be "hacked", and during various over-the-counter and on-site transactions, , fraud and other incidents also occur from time to time, and the legal protection for investors is very limited. Especially for domestic investors, once they are stolen or defrauded due to trading digital currencies, it can be said that it is almost difficult to effectively recover. Due to the lack of intermediary guarantees such as banks, the security of digital currency is entirely your own responsibility. Although this is in line with the logic of self-keeping of private property, it also brings greater uncertainty to the storage and trading of digital currency assets. Before there is a complete legal system to protect the rights and interests of personal digital currency assets, the legal safety of investing in blockchain-related assets is a very serious issue.

㈢ Why the rise and fall of blockchain stocks are highly correlated with Bitcoin

It is important to understand the correlation between Bitcoin and the US dollar and traditional assets, and then in this relationship Finding patterns allows us to predict the Bitcoin market by observing the performance of other markets such as stocks and gold.
Infinite Quantitative Easing has fueled the recent bull run in the stock and crypto markets
There is no doubt that there is a certain correlation between Bitcoin (BTC) and the overall cryptocurrency market and the stock market, with market experts pointing out that Bitcoin and Traditional markets have been growing rapidly for some time. Market experts have conducted extensive research into the apparent correlation between the two markets.
In this article, we use a simple holistic approach to look at the correlation between Bitcoin and cryptocurrency markets and stock market movements this year.
The Nasdaq fell to 6,686.36, a one-year low on March 18. The Dow Jones Industrial Average fell to 19,094.27, its one-year low on March 20. The S&P 500 fell to 2,191.86, a one-year low on March 23. During this time of the COVID-19 market crash, Bitcoin also fell to its lowest point of the year at $3.8 billion on March 13, and Ethereum fell to its own yearly low. Same day $86.
March 23 is the day the S&P 500 hit its low, which is the most influential day in the market. The Fed announced unlimitedThe quantitative easing policy and the establishment of several new lending programs mean that sufficient funds will be provided to maintain markets regardless of national borders. New money supply and its expectations have become the most important factor in the stock and cryptocurrency markets, which tend to rise when liquidity is freely provided.
Since then, bull markets have begun in both the stock and cryptocurrency markets. On September 2, the S&P 500 and Nasdaq reached all-time highs, and on September 3, the Dow Jones Industrial Average reached a new all-time high. Ethereum reached a 2-year high on September 1st. However, Bitcoin is somewhat different from the 1-year high it reached on August 17, but this was significantly impacted by MicroStrategy’s announcement to select Bitcoin as its primary reserve currency and invest $250 million in it. Cryptocurrency.
It seems that the cryptocurrency market is now becoming more sensitive to monetary policy, which may be due to the fact that the overall cryptocurrency market is much smaller than the stock market. Although the performance of the crypto market has little impact on the stock market, stock traders need to be aware of the sensitivity of the crypto market. This may be ancillary factor to observe.
Bitcoin and Cryptocurrencies as Assets
Well, to understand the logic of Bitcoin and Cryptocurrencies as Assets, we need to understand how our financial world currently operates.
The US dollar is the de facto world currency and therefore the base of value for all other currencies including assets and other fiat currencies. Many financial activities are based on the US dollar, such as lending and clearing, which will undoubtedly increase the demand and adoption of the US dollar (and in turn, US dollar colonization). When the world is short of supply of dollars, all other prices fall relative to the dollar. If the U.S. dollar stabilizes, cryptocurrency prices may have been affected by the monetary policies of other currencies. For example, Argentina has a high inflation rate, so the public wants to convert their Argentine pesos into Bitcoin to reduce the risk of inflation.
Although Bitcoin and other cryptocurrencies can function like currencies, such as payments and stores of value, cryptocurrencies have a small market capitalization compared to traditional finance, and most financial activity is based on fiat currencies. After all, you can't borrow Euros and then pay them back in Ethereum. Typically, you will need to repay the Euros. In other words, financial inclusion in cryptocurrencies is not enough. If Bitcoin and other cryptocurrencies replace more traditional financial functions, which may reduce the role of the U.S. dollar and other fiat currencies, then the relationship between Bitcoin and other fiat currencies will be different.

㈣ Why do some people say that blockchain is an opportunity for ordinary people to make a fortune

With the recent increase in currency popularity, the country’s demand for the development of blockchain technology, and more Industries are flocking to the blockchain industry. Many companies in the securities market own blockchain stocks, and they all use the name of blockchain to provide a golden institution for face-to-face action. In the early days of blockchain, there were basically no professional investment institutions. Project parties often relied on the power of the community to raise funds, and ordinary people also had opportunities.

Some people say that blockchain is an opportunity for ordinary people to make a fortune. Think that the current blockchain circle can actually bring opportunities to the public. There will be opportunities if you participate. There are many free project platforms in the blockchain industry. You can get some tokens for free. As the value increases, you will make money. The blockchain currency circle also requires advanced awareness and insight, so that it is challenging and courageous to conduct in-depth research, learn its expertise, and learn the model rules of various platforms. You can earn money from this industry.

㈤ What are the favorable development prospects of blockchain?

The favorable development prospects of blockchain will drive the overall development of A shares. rise and become the focus of investment institutions. The rapid development of blockchain will bring new changes to the world's personal payment methods, global trade settlement systems, global currency issuance mechanisms, and improve the operational efficiency of the industrial chain.

1. Personal payment methods have been subverted

The future development prospects of blockchain will be connected with global commercial banks and payment institutions, used to solve multi-party communication in cross-border remittances, participate in the delivery of documents, and realize The synchronous and coordinated processing of information from all parties across regions and across time can greatly improve our original serial processing between institutions and enable efficient processing of global personal payments.

㈥ What is Ethereum? What is the relationship between Ethereum and the blockchain?

What is Ethereum:

Ethereum is a technology based on Bitcoin and concepts applied to computer innovations. Ethereum itself imitates many of Bitcoin's technologies to maintain the computer platform. Blockchain technology is one of them.
The Ethereum platform can safely run any program that users want.

The advantages of Ethereum over other competing currencies

Before the emergence of Ethereum, there were already some digital currencies that imitated Bitcoin. However, these projects themselves have certain shortcomings and can only support one or several specific applications at the same time. (A better digital currency trading platform is in "Bihui")

However, the reason why Ethereum can surpass the limitations of these previous projects is because of the core idea of ​​Ethereum.

What Ethereum wants to implement is a blockchain protocol with a built-in programming language. Since it supports programming languages, theoretically any blockchain application can be defined in this language and then serve as a An application that runs on the Ethereum blockchain protocol.

Ethereum is designed to be very flexible and adaptable.

Ethereum aims to combine the strengths of blockchain technology in order to add the advantages of blockchain, such as decentralization, openness and security, to almost all computing fields. .

Ethereum’s blockchain applications

Ethereum has many blockchain applications, such as gold and stock digital applications, financial derivatives applications, DNS and digital Certification and more.

Ethereum is implemented by many startupsThere are more than 100 blockchain applications developed.

Ethereum has also been closely followed by some financial institutions, banking consortiums (such as R3), and large companies like Samsung, Deloitte, RWE and IBM, which has also spawned a number of projects such as Simplification and automated financial transactions, merchant loyalty index tracking, gift cards designed to decentralize electronic transactions, and other blockchain applications.

The relationship between Ethereum and blockchain:

Ethereum is a programmable blockchain.

Ethereum does not give users a series of preset operations (such as Bitcoin transactions), but allows users to create complex operations according to their own wishes.

In this way, Ethereum can be used as a platform for many types of decentralized blockchain applications, including but not limited to cryptocurrency.

Like other blockchains, Ethereum also has a peer-to-peer network protocol. The Ethereum blockchain database is maintained and updated by numerous nodes connected to the network. Each network node runs an Ethereum emulator and executes the same instructions. Therefore, people sometimes refer to Ethereum as the "world computer".

㈦ Zhou Xiaochuan talks about blockchain technology and central bank digital currency again

On March 10, the News Center of the Fifth Session of the 12th National People’s Congress was held At the press conference, People's Bank of China Governor Zhou Xiaochuan, Vice Governor Yi Gang, Vice President and Director of the State Administration of Foreign Exchange Pan Gongsheng, and Vice President Fan Yifei were invited to answer questions from Chinese and foreign reporters on issues related to "financial reform and development."

It is worth noting that at this press conference, Governor Zhou Xiaochuan also talked about digital currency and blockchain. He said:

“The central bank believes that the development of technology It may cause huge changes in the future payment business, and the central bank highly encourages the development of financial technology. Technologies such as digital currency and blockchain will have impacts that are not easy to predict. Problems that arise during the development process need to be regulated.

< p>Previously, Zhou Xiaochuan answered a series of questions about the digital currency to be issued by the central bank. According to Governor Zhou Xiaochuan’s description, the digital currency issued by the central bank should have the following characteristics:

First, provide convenience and security.

The second is to achieve a balance between protecting privacy, maintaining social order, and combating illegal and criminal activities. In particular, necessary containment measures must be retained for criminal activities such as money laundering and terrorism.

< p>The third is to facilitate the effective operation and transmission of monetary policy.

The fourth is to retain the control of monetary sovereignty. Digital currencies are freely convertible and controllable.

p>

It is also worth mentioning that during the two sessions a few days ago, deputies to the National People’s Congress frequently mentioned Bitcoin and its underlying technology.

PBoC Zhou Xuedong: Domestic Bitcoin trading platforms should be tolerant and No ban for the time being

On March 6, Zhou Xuedong, a representative of the National People’s Congress and director of the Business Management Department of the People’s Bank of China, proposed thatDomestic Bitcoin trading platforms should be tolerated and not banned for the time being, leaving a period of observation. However, in the short term, the regulatory red lines for Bitcoin trading platforms must be clarified and strictly supervised.

“In the long run, it is necessary to study and explore long-term regulatory mechanisms.” Zhou Xuedong said that it is necessary to study the financial attributes and commodity attributes of virtual currencies such as Bitcoin, study the nature of Bitcoin trading platforms, and explore the introduction of national-level regulations. Bitcoin trading platform management pilot policy, licensing or filing pilot for a small number of qualified trading platforms. At the same time, we will strengthen regulatory cooperation mechanisms, strengthen industry self-discipline, and build an integrity system for Bitcoin exchanges.

National People’s Congress Representative Wo Weidong: Suggestions for reasonable supervision of Bitcoin and promotion of its healthy development

On the afternoon of March 7, Wo Weidong, Chairman of Shanghai Huiyin (Group) Co., Ltd. The speech suggested that Bitcoin should be placed under a legal framework to promote its healthy development. Wo Weidong said that after the central bank recently stepped up its supervision of Bitcoin trading platforms, it has achieved various results, clarifying the nature of Bitcoin, suppressing market bubbles, and at the same time, the risks to social funds have also been initially control.

However, Wo Weidong believes that while achieving the above results, related problems must also be observed. "Currently, the trading volume of Bitcoin in China has decreased significantly, and the trading volume of China's major trading platforms has dropped to less than 1% of the original level." Correspondingly, before this, more than 90% of the world's trading volume occurred on China. Precisely because China previously occupied the high ground of transaction volume, "there is no doubt that it has the global pricing power of Bitcoin and has sufficient voice and influence on Bitcoin and even the blockchain industry."

Wo Weidong said that world powers are actively exploring new things like Bitcoin and blockchain, so they cannot be simply denied and abandoned. He suggested that Bitcoin be included in Internet financial supervision and formulate appropriate regulatory strategies. "Appropriate regulatory strategies can truly stimulate, promote and lead innovation while controlling risks."

Bitcoin has a negligible market value compared to gold and stocks, but the underlying application technology of Bitcoin is Blockchain has attracted a lot of attention. Since blockchain technology has been officially recognized, various markets around the world are studying the feasibility of blockchain technology and digital currency. The Central Bank of China is also openly recruiting relevant talents and practicing digital currency. Against this background, I believe that all countries will hold the Treat the Bitcoin industry with a more tolerant attitude.

㈧ Deciphering Coinbase, the first cryptocurrency stock: risks, opportunities and future prospects

On February 25, 2020, Coinbase officially submitted a listing application to the SEC, planning to list its Class A common stock The shares are listed directly on the Nasdaq Global Select Market. This article starts from the development background of the blockchain industry and encrypted digital market, and conducts an in-depth analysis of Coinbase's business scope, revenue structure, target groups, operating performance, profitability and other factors. Finally, this article provides Coinbas with an overview of the risks and opportunities that cryptocurrency exchanges will face.e future outlook.

From the perspective of industry development, in recent years, various countries have successively introduced blockchain support policies, and the epidemic has also promoted blockchain R&D investment in various industries; the scale of the cryptocurrency market has grown rapidly, reflecting The market value increased by as much as 293.1% in the past year. The market value of Bitcoin alone has exceeded that of well-known companies such as Tesla, Tencent, Alibaba and Facebook. Institutions rushed to increase their holdings of cryptocurrencies, fueling the bull run in the cryptocurrency market.

From the perspective of company operations, Coinbase's business scope is diversified, mainly providing online trading platforms, and additionally providing subscription items, services and other businesses, which effectively reduces the volatility of income. Coinbase became profitable for the first time in 2020, with a net profit of $320 million. In terms of profitability indicators, Coinbase’s ROE and ROA both surpass those of major traditional exchanges. According to DuPont analysis, asset turnover rate is the main contributor to ROE growth, equity multiplier is at the bottom of the industry, and other indicators are basically the same as the three major traditional exchanges. From the perspective of capital structure and debt repayment ability, Coinbase has strong growth capabilities. The net profit attributable to the parent company at the end of 2020 increased by 1247.35% year-on-year; the asset-liability ratio has been increasing year by year, indicating that it has confidence in the company's operations and has the ability to bear the interest and risks of debt. .

From the perspective of future development, Coinbase is subject to increasingly stringent legal and regulatory requirements globally. To this end, Coinbase has had to increase its investment in compliance to meet legal and regulatory requirements. On the other hand, with the rapid development of the encryption economy, Coinbase has huge opportunities to further expand its business territory and operating income, and continue to maintain its leading position in the encryption industry.

Table of Contents

1. The sun is shining brightly on the shores of Surabaya, and the boundless scene is new: the first digital currency stock to land on Nasdaq?

2. Dapeng rises in one day and soars to 90,000 miles: Coinbase is listed at this time

2.1 Countries have successively introduced blockchain support policies, and the epidemic has promoted blockchain research and development Investment

2.2 The global cryptocurrency market is developing rapidly and remains strong

2.2.1 Bitcoin has a market value of over one trillion and is firmly on the Diaoyutai River

2.2.2 The COVID-19 epidemic is the ignition point, and institutions are rushing to promote it

3. After all, the mountains are beautiful and the snow is floating in the clouds: Coinbase competitiveness analysis

3.1 The diversification of business scope effectively reduces the income Volatility

3.2 “*****” or “honey”, Coinbase takes advantage of the trend

3.3 Coinbase’s key business indicators perform well

4 students In times of crisis, emerge from the cocoon and become a butterfly: CryptocurrencyRisks and opportunities of currency exchanges

4.1 From national scope to business involvement, exchanges face complex risks

4.2 With abundant cash flow and product innovation, the exchange has broad future prospects

1. Digital currency exchange listings on stock exchanges: the beginning or end of the crypto industry?

On February 25, 2020, Coinbase officially submitted a listing application to the SEC, planning to directly list its Class A common shares on the Nasdaq Global Select Market (stock code "COIN"). Coinbase is a cryptocurrency exchange headquartered in the United States. Its users are located in more than 100 countries, with approximately 43 million certified users, 7,000 institutions and 115,000 ecosystem partners. Its business scope covers investment, consumption, savings, Earn and spend cryptocurrency. If Coinbase is successfully listed, it will become a milestone event in the encryption industry.

Between 2012 and 2020, the overall market capitalization of crypto assets grew from less than $500 million to $782 billion, a compound annual growth rate (CAGR) of more than 150%. During the same period, Coinbase's retail users grew from approximately 13,000 to 43 million, and the number of institutions increased from more than 1,000 in 2017 to 7,000 in 2020. As of the end of December 2020, customers' total trading volume on the Coinbase platform exceeded $456 billion and more than $90 billion worth of assets were stored on the company's platform. Currently, Coinbase has grown into a leading provider of financial infrastructure and technology in the crypto-economy sector.

2. Coinbase stands at the forefront: the blockchain industry and digital currency market are growing rapidly

2.1 Countries have successively introduced blockchain support policies, and the epidemic has promoted blockchain R&D investment< /p>

In 2020, the increased global uncertainty and distrust brought about by the COVID-19 epidemic has promoted R&D investment in blockchain technology. According to the China Patent Protection Association's "Global Authorized Patent Report in the Blockchain Field in 2020", from the perspective of not distinguishing between virtual currencies, public chains and alliance chains, as of May 2020, there are 100,000 patents in the blockchain field worldwide. 3924 authorized patents. Among them, the United States accounts for 39%, South Korea accounts for 21%, and China accounts for 19%.

Currently, the development of blockchain technology has also attracted great attention from governments of various countries. Governments of various countries have rushed to issue a number of documents and policies to promote the development of blockchain technology and strengthen the governance of blockchain technology. With the implementation of blockchain technology, it will bring about subversive changes in traditional social production relations and promote the development of global political, economic and social. Survey data from the China Academy of Information and Communications Technology shows that from 2019 to 2020, 24 countries around the world issued plans specifically targeting the development and industry of the blockchain industry.special policies or laws and regulations on industry supervision. The European Union, China, Australia, India, Mexico and other countries are actively developing the blockchain industry and have formulated overall industry development strategies. For example, in September 2019, Germany released its “National Blockchain Development Strategy”; in November 2019, the European Commission announced a new investment plan for European artificial intelligence and blockchain-focused startups; in February 2020 , Australia released the "National Blockchain Development Roadmap"; in March 2020, South Korea Science and ICT announced the launch of the "Blockchain Technology Verification Support Plan 2020".

2.2 The global cryptocurrency market is developing rapidly and remains strong

Cryptocurrency is a trading medium that uses cryptographic principles to ensure transaction security and control the creation of transaction units , which assumes multiple functions such as medium of exchange, storage of value, and energy supply for applications, is the most active part of the global encryption market. Nowadays, the public has widely recognized that blockchain technology is the three major trends that will change the future. In this era, cryptocurrency based on blockchain technology is undoubtedly the eye of the storm.

The global cryptocurrency market has grown from US$10.4 billion in 2013 to US$764.7 billion in 2020, with a compound annual growth rate of more than 3.2%. In 2020 alone, the market value increased by nearly US$570 billion. The increase is as high as 293.1%. Not only that, the encryption market is still gaining momentum in 2021. As of March 3, 2021, after only two months and three days in 2021, the size of the encryption market has expanded by 94.5%.

2.2.1 Bitcoin’s market value exceeds one trillion, firmly sitting on Diaoyutai

In the global encryption market, Bitcoin (BTC), as the creator, undoubtedly ranks third A top chair. Since Bitcoin was created by Satoshi Nakamoto, its market share has remained high. Since 2021, Bitcoin’s market share has basically remained above 60%, with the lowest market share in history being 33%. Following it is Ethereum (ETH). ), but Ethereum’s market share is only hovering around 10%, and it is far from being able to compete with Bitcoin. This is especially true for other altcoins, which compete with each other for the remaining “cake” of Bitcoin, and no one has a market share. More than 3%.

At the same time, Bitcoin has suddenly emerged despite the recent downturn in the overall market economy. The market value rose rapidly in a short period of time, even exceeding the trillion-dollar mark on February 19, 2021.

Judging from the current market value of listed companies around the world, there are only four high-tech companies that have exceeded the trillion-dollar market value mark: Apple, Microsoft, Amazon, and Google. Among them, Apple has the highest market value, currently reaching 20,000 One hundred million U.S. dollars. If Bitcoin is added to it, its market value has exceeded that of well-known companies such as Tencent, Tesla, Alibaba, and Facebook. Even more surprisingWhat is shocking is the speed at which Bitcoin became a member of the "trillion club": it took Apple 42 years, Amazon 24 years, Google 21 years to reach a market value of one trillion US dollars, while Bitcoin only took for 12 years.

Bitcoin’s return rate is far ahead of the world’s major asset classes, reaching as high as 301.46% in 2020. From the perspective of market return rate, in the past year, the return rate of the S&P 500 Index during the same period was 16.26%, and gold, which was sought after by the market, was only 25%. It can be said that Bitcoin’s performance in 2020 has far exceeded All other major asset classes.

2.2.2 The COVID-19 epidemic is the ignition point, and institutions are rushing to promote it

In 2020, the world has experienced black swan events such as the "pandemic" and "negative oil prices" that have not been seen in a century. In order to cope with the economic recession caused by the epidemic, countries have adopted quarterly loose monetary policies. In an economic environment of high inflation and low growth, in order to avoid damage to nominal principal and pursue higher returns, investors' demand for cash hoarding naturally evolved into the demand for cryptocurrencies such as gold and Bitcoin, which drove The crypto market bull market started with Bitcoin as the leader.

According to Bitcoin Treasures data, as of the end of 2020, 15 listed companies around the world have purchased and held more than 100,000 Bitcoins on their own, 12 of which are located in the United States or Canada. In February 2021, Elon Musk, the world's richest man and the father of Tesla, bet $1.5 billion on the Bitcoin market. American brokerage WedBush predicts that nearly 5% of listed companies will follow suit in the next 12-18 months. Sera’s investment diversification strategy joins the Bitcoin investment wave.

3. Alternative financial market exchange: How strong is Coinbase?

3.1 Diversify the business scope and effectively reduce the volatility of income

As we all know, there are two ways to obtain Bitcoin. The first is to use complex and powerful computers to solve the problem. Complex math problems to mine Bitcoin, or buy Bitcoin on exchanges. The former is ridiculously expensive and requires a lot of technical knowledge, while the latter only requires opening an account at the above-mentioned exchanges, of which Coinbase is the leader among such exchanges.

Coinbase’s main business is to provide an online trading platform that allows buyers and sellers to meet and invest, spend, send and receive, store, save, mortgage, lend and lend, distribute at the right price, Build, pay, and more broadly access and trade with cryptoassets. Its revenue structure includes the following parts: transaction revenue, subscription and service revenue and other business revenue.

Transaction revenue includes net revenue from transaction fees incurred on the platform. The company charges approximately 0.50% for the purchase and sale of cryptocurrencies, although this rate will vary based onVaries according to market conditions. From mid-2019 to the end of 2020, transaction services revenue increased from US$235.35 million to US$1,096.17 million, an increase of 366%. Transaction service income is the most important component of operating income, accounting for approximately 86%.

Revenue from subscriptions and services includes Store, Stake, Distribute and Build. These revenues are calculated using the interest method, with interest revenues dependent on the balance of escrow statutory funds and the prevailing interest rate environment. Subscription and service revenue accounts for approximately 4% of total operating revenue. From 2019 to 2020, this revenue increased by approximately 355%.

Other business income includes income from the sale of crypto assets. The company regularly uses its own crypto assets to complete customer transactions. The company maintains custody and control of the cryptoassets in some small orders before they are sold to customers, and records revenue at the point in time when sales are processed. The company records the total value of the sales as revenue and the cost of the cryptoassets in other operating expenses. Other income also includes interest income earned on cash and cash equivalents. This type of revenue accounts for about 11% of total revenue and has risen 329% in the past year.

In terms of user groups, Coinbase has a target income group of approximately 43 million retail users, 7,000 institutional users and 115,000 ecosystem partners. These customers span all continents and are located in more than 100 countries. Among them, the company’s retail users span all geographies and age groups, indicating that Coinbase has received broad acceptance as a provider of the crypto economy. As of the end of 2020, Coinbase had more than 43 million retail users and 2.8 million monthly trading users, an increase of approximately 180% from the end of 2019.

In addition, Coinbase’s institutional clients include hedge funds, major trading firms, small and large financial institutions, family-owned businesses, and, more recently, companies seeking to allocate a portion of their investment portfolios to crypto assets. As of December 31, 2020, there were 7,000 institutional clients on the company's platform. For example, innovative investment management company One River Asset Management.

In terms of ecological partners, Coinbase is looking for businesses that can build their own products and services or distribute these products and services through the Coinbase platform. For example: developers building new blockchain protocols and applications that leverage blockchain protocols; creators of new tokens on these protocols; those who see business value in accepting these tokens as new payment methods for their businesses Merchant Partners; organizations and financial institutions that use Coinbase Analytics technology to monitor blockchain transactions for various use cases, such as compliance. In addition, the company’s cooperation on DeFi protocolsPartners include Compound.

3.2 "*****" or "honey", Coinbase takes advantage of the trend

Since the outbreak of the new crown epidemic, the global economic situation has become increasingly sluggish, and people have turned their focus to the cryptocurrency industry , cryptocurrencies rushed to the market, driving the business development of virtual asset trading platforms. Coinbase's operating income skyrocketed from 1.820 billion yuan in the second half of 2019 to 5.666 billion yuan in the second half of 2020, with a compound half-year growth rate of 76.44%. The scale of Coinbase's operating income is not yet comparable to that of traditional exchange giants, but the gap is shrinking rapidly. In the second half of 2020, the difference with the Hong Kong Exchange was only 2.168 billion yuan. At the same time, COINBASE has huge growth potential: in 2020, the revenue levels of other stock exchanges (Hong Kong Stock Exchange, London Stock Exchange, Intercontinental Exchange, etc.) have declined, but Coinbase has been the best, with revenue increasing for half a year to the beginning of the year. 2.12 times.

In terms of net profit, as encrypted digital currencies shine, the trading volume of major crypto market exchanges has increased rapidly. Coinbase achieved profitability for the first time in 2020, and it has rapidly increased from 45 million yuan in the first half of the year. It increased by 262.48% to 165 million yuan at the end of the year. Hong Kong Exchange and Intercontinental Exchange only increased by 2.57% and -35.86% in the first half of 2020.

From the perspective of return on net assets (ROE) and return on total assets (ROA), Coinbase exchange’s ROE and ROA caught up with major traditional exchanges in the second half of 2020, and ROA even surpassed It is 2.50 times and 3.51 times that of Hong Kong Exchange and Intercontinental Exchange. This is mainly due to the occurrence of major events such as the epidemic and "black swan" in 2020. Major traditional exchanges have suffered heavy losses. Exchanges such as Coinbase in the encrypted digital currency market Instead, with the help of Dongfeng, it has become a "hot potato" in the eyes of investors.

According to further analysis by DuPont, except for asset turnover rate and equity multiplier, other indicators are basically the same as those of the three major traditional exchanges. Asset turnover rate is the main contributor to ROE growth. Coinbase's asset turnover rate in 20 years was 0.31, while the Hong Kong Exchange and Intercontinental Exchange were only 0.06 and 0.05, and the London Stock Exchange was even 0. Coinbase is a virtual digital currency trading platform. Compared with the other three traditional exchanges, the unique technical characteristics and application scenarios of the virtual market make Coinbase's trading procedures simpler, production and operation faster, and it can be obtained with less resources. Greater revenue.

Coinbase’s equity multiplier is at the bottom of the industry, only 3.19. Among the three major traditional exchanges, Intercontinental Exchange, which has the lowest equity multiplier, also has 6, which is Coinbase’s 1.8.8 times. The capital invested by Coinbase shareholders accounts for a relatively large proportion of assets, indicating that borrowed funds are very small and the financial risks are not significant. This may be related to the fact that Coinbase has just entered the market.

From the perspective of capital structure and solvency, the asset-liability ratios of the three major traditional exchanges are all above 80%. In recent years, the asset-liability ratio of the London Stock Exchange has even reached above 99%. According to Coinbase’s annual report and prospectus, although Coinbase’s asset-liability ratio has also been increasing year by year, from 55.61% at the end of 2019 to 73.94% at the end of 2020, there is still a large gap with the three major traditional exchanges. However, Coinbase's current development trend is relatively healthy. The rising asset-liability ratio shows that Coinbase is very confident in its business operations and has the ability to bear the interest costs and risks of borrowing from banks.

In addition, Coinbase has strong growth capabilities and huge development potential. In the first half of 2020 and the year-end net profit attributable to the parent company increased by 710.87% and 1247.35% year-on-year respectively. The other three traditional exchanges are already relatively mature and have less room for growth. The old London Stock Exchange's net profit attributable to its parent company increased by even -13.13% and -8.13% year-on-year.

3.3 Coinbase Outperforms on Key Business Metrics

In addition to financial results, the company also uses verified users, monthly trading users (MTU), assets on the platform, trading volume and non-GAAP Business metrics such as financial indicators are used to evaluate the business, measure performance, identify trends affecting the company's business and make strategic decisions. Verified users represent users who have shown interest in the platform. Verified users increased in all quarters ended December 31, 2018, 2019 and 2020 compared to the prior quarter. Among them, the retail e-wallet application launched in mid-2018 had an annual growth of more than 2 million users as of December 31, 2020.

MTU represents the company's active and passive retail user transaction base and reflects revenue opportunities on the platform. MTU drives growth in retail transaction volume and includes retail users interacting with transaction-based products such as investing, spending, sending and receiving, investing and allocating. MTU has historically been correlated with the price of Bitcoin and the volatility of crypto assets.

The assets on the platform are a measure of the total value held by the platform, reflecting the trustworthy nature and profit opportunities of the platform. This metric is influenced by market factors, such as platform assets declining in 2018 as crypto asset prices, dominated by those of Bitcoin and Ethereum, fell from their 2017 highs. Between December 31, 2017 and December 31, 2018, Bitcoin and Ethereum prices fell by approximately 74% and 82%, respectively, of the total crypto asset market capitalizationdropped by 80%. During the same period, assets on the platform decreased by 73%. Despite short-term fluctuations, assets on the platform grew over the longer term from $7 billion to $17 billion in 2019 and 2020, respectively, as of December 31, 2018, due to growth in the price, volume and type of cryptocurrencies. US dollars to US$90 billion.

Trading volume represents the product of the number of trades for an asset and the trade price at the time the trade is executed. Since trading activity directly affects trading revenue, the metric reflects the liquidity on the company's order book, trading conditions, and cryptocurrencies. potential growth of the economy. Retail trading volume is more affected by Bitcoin price and crypto asset volatility than institutional trading volume, and institutional trading volume fluctuates less over time. As institutional trading increases, expands the number and types of crypto-assets supported by the platform, and the utility of crypto-assets expands, it is expected that the correlation between Bitcoin price, crypto-asset volatility and trading volume will decrease.

Non-GAAP financial measure refers to Adjusted EBITDA, which is defined as net income (loss), adjusted to exclude interest expense, income tax (earnings) reserve, depreciation and amortization, based on stock-based compensation expense, goodwill impairment, acquired intangible and crypto assets, restructuring charges, less recurring acquisition-related compensation expense, unrealized foreign exchange gains and losses, fair value adjustments to derivative instruments and non-recurring legal provisions fees and related costs. Adjusted EBITDA for the year ended December 31, 2020 increased compared to the year ended December 31, 2019 primarily due to higher trading revenue.

Currently, Coinbase has obvious advantages in terms of brand influence, user trust, compliance and product experience. The company has built a powerful back-end technology platform to support the real-time and uninterrupted needs of the global crypto asset market. By working with regulators around the world to develop policy, the company has made significant investments in regulatory compliance and pioneered industry-leading security practices to protect crypto assets. The company attracts retail users, institutions and ecosystem partners to the platform, creating a powerful flywheel: retail users and institutions store assets and increase liquidity, allowing the company to expand and offer and launch new, innovative crypto assets, Thereby attracting more new customers to join. The company's scale and leadership attract ecosystem partners to connect with our millions of customers around the world, further increasing the value of the platform.

4 Born out of crisis, emerges from cocoon and becomes a butterfly: Risks and opportunities of cryptocurrency exchanges

4.1 From national scope to business involvement, exchanges face complex risks

< p> As a result of its global operations, Coinbase is subject to various laws and regulations enacted by U.S. federal, state, local and foreign governments and regulatory agencies. Globally, Coinbase is subject to increasingly stringent legal and regulatory requirements relating to the detection and prevention of counter-terrorist financing, anti-money laundering, fraud and other illegal activities, competition regulations, economic and trade sanctions, privacy, cybersecurity, information security and data Protect. These laws, regulations and rules (and their interpretations) change frequently and are increasing in number.

Money laundering and terrorist financing are crises faced by all cryptocurrency exchanges. Coinbase is subject to various anti-money laundering and counter-terrorism financing laws, including the BSA in the United States and similar laws and regulations abroad. Coinbase has implemented a compliance program designed to prevent the platform from being used to engage in money laundering, terrorist financing, and other unlawful activities in countries or with individuals or entities included on designated lists promulgated by OFAC and equivalent foreign authorities. Activity. A compliance program includes policies, procedures, reporting protocols and internal controls designed to meet legal and regulatory requirements and assist in the management of risks associated with money laundering and terrorist financing. Anti-money laundering regulations are constantly evolving and vary from jurisdiction to jurisdiction. The Company continuously monitors compliance with anti-money laundering and counter-terrorism financing regulations and industry standards and implements policies, procedures and controls in accordance with the latest legal requirements.

4.2 With abundant cash flow, innovative products, and a bright future for the exchange,

The market operated by Coinbase has one of the deepest liquidity pools and network effects, with a large amount of liquidity for exchange A wide range of crypto assets. A good mix of retail and institutional activity provides the company with deep liquidity, highlighting synergistic relationships and network effects among customers on the platform. Liquidity begets liquidity, an advantage that will deepen as it continues to expand the range of supported cryptoassets and attract new customers to the company's platform.

Coinbase grows with the development of the crypto economy. Powerful incentives drive online exchange of nearly every aspect of economic activity. More importantly, Coinbase has huge opportunities to grow its customer base: including increasing user adoption and engagement with its products, expanding and accelerating retail user reach, expanding institutional reach and support, developing great ecosystem relationships, and adding payment options. and international expansion, etc.; increasing the depth and breadth of crypto-assets on the platform: including expanding support for digital currencies and crypto-assets, supporting the exchange’s blockchain protocol functionality and tokenizing new assets; and launching new innovative products to actively drive business Development, that is, building any existing and more yet to be created financial and non-financial products for the crypto-economy.

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