Block 101 | kamikaze: the "new" story of bitcoin

On October 13, 2020, F2Pool, co-founder of block 101, and Cobo, is the god fish. The Leo god fish's favorite sport is fishing, his favorite game is civilization, and he is used to getting information from RSS. He owns 80-90% of his personal assets in bitcoin, and about 10% of his eteum and other weird and strange COINS from mining. The last time he halved, he was installing graphics in a mine and nearly became a civil servant in 15 years. It is called "the first hand of coin circle" because "there are so many holes filled that each hole turns into a stalk. "

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He said he took a trip for a few months after some setbacks and found it boring to be idle for a few months without thinking about bitcoin. Blockchain is fun, something new comes out all the time. So he couldn't wait to come back.

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Block 101 guest views of the god fish

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On the question of computing power monopoly

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He proposed three points: 1. There are several mining machine manufacturers competing with each other, but none of them is the dominant one. Samsung joined the competition with TSMC, which solved the problem of chip monopoly and determined that bitcoin computing power will not be monopolized. 2. So-called mining monopoly, but it is also difficult to hold a mine in the hands of a single entity. 3. The pit votes as the representative of the miners, but the miners can vote with their feet, and the pit is in a highly dynamic competition process. There are different political opinions among the major mining pools and different opinions on what exactly bitcoin is. Even if there is a real consensus to try to manipulate the entire market, there will be other algorithms to balance the miners in the game between the developers of the world's users of the blockchain and the miners. He didn't think that would happen.

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About pit operation

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Because do a miner to start up, mining has a deep experience, stepped on a lot of pits, such as the encounter with the mine pool run away, handling fees do the trick, do false calculation, etc.; They have also experienced the delayed connection between China's Internet and the global blockchain, which has a great impact on miners' earnings. The fish pond has been from the interests of the miners, do not forget the original heart.

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About half

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On the one hand, there is no room to optimize the electricity cost, which is the largest part of the expenditure. Now what is left is a series of indexes, such as labor cost, miners and mining machines, which account for a small part. In the future, people will be forced to optimize. On the other hand, the halving has something to do with the traditional financial world. In fact, the price trend of bitcoin shows a positive correlation with the stock under the dollar asset. In the current economic pattern, bitcoin has become a standard risk asset under the background of the global financial crisis. It remains to be seen whether this will happen in the future.

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About the future development goals of Cobo

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By helping 1 billion users around the world use blockchain. We have been working on infrastructure because a lot of our wealth comes from the industry and we hope to make the industry develop better, especially to allow more people to enter the industry quickly and enjoy the dividends brought by the blockchain world.

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Yuan anluna:Today is our block 101 issue 16, and our distinguished guest today is our co-founder of F2Pool and Cobo wallet cofounder, godfish. The god of fish bosses, everybody is very familiar with the school when he was at the age of 23 created the first domestic mineral pools, is our F2Pool fish pond, at the same time, he also has a currency circle legend story, also very romantic, he sent a block, which is 25 COINS do a wedding gift to his wife, today we invite to god fish, fish, and we talk about the currency's new stories.

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Why is our topic this time called the "new" story of bitcoin? Because you know the currency has just completed the third production, the new things, when it is initially set up to now four years were a lot of meaning, some people say that it is a kind of can take the place of bank and Swift agreement cross-border transfers the convenience of a tool, others say it is a network of gold, at the time of weak global economy is a kind of safe havens.

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In fact, over the last few years we've been able to get a sense that whatever the definition of bitcoin is, it's more or less as if it's done or not done. Just after the third half, we'd like to invite kamikaze to talk about his thoughts on bitcoin and his new development ideas. Hello, first of all, would you please say Hello to everyone?

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God fish:Hello, everyone, I am the god fish, colorful angelfish. As an early miner and entrepreneur in China, I have been working in the world of blockchain and filling in numerous holes along the way. I am very lucky to still be able to chat with you in the circle today.

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Yuan anluna:Our first topic is of course the hottest topic -- halving. Everyone knows that the last block in which bitcoin was cut in half was dug up by the fishpond, and the fishpond included a headline from the New York times in the last block, paying tribute to bitcoin and also to satoshi nakamoto. As one of the most knowledgeable people in our industry about bitcoin, do you see any difference between this halving and the other halving?

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God fish:When it comes to halving this time, you have to analyze the first two halving. The first half, may be a lot of new leeks do not know, is on November 28, 2012, when the background of the vast majority of the computing power is graphics card, a small part of the computing power is LP. We didn't have the mining machines that we have today, so the mining was basically done within the family. My mining machine was at the end of my bed.

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Yuan anluna:In the bedroom?

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God fish:Right, in the bedroom, so everybody electricity charge cost is very high, not professional hardware, so stability is very poor. But when that happened, there were a lot of old mining machines, the graphics card could not be dug back its electricity, it was not cost-effective in economics, everyone shut down, so it was a very, very dangerous period of time. Because if you had a couple of super computers, you could have had a 51% attack on the bitcoin network, but you were lucky to get through it, and there were no hackers or national organizations that were cheating on it. Then, two months after halving, with the birth of the first ASIC avalon, the overall computing power of the network ushered in the rise of geometric multiples, so it exceeded the global TOP100 super computing many times, which is a big background of the first halving.

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In the first half before the currency was actually in the smallest native circles, that is, in the hands of a bunch of technology geeks and enthusiasts, basically is not known from the outer circle, and there were only a few a few big technology companies and the silk road network to support the currency as a means of payment, or bud at that time.

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The second halving, in the middle of 2016, coincided with the slump that followed 2015. Under such a background, people were forced to optimize the corresponding electricity cost, which led to the phenomenon that we all saw a lot of media reports later: the miners migrated like migratory birds. The big picture was that, in 2016, everyone was basically moving from the family-owned mines that had been cut in half the last time to industrial parks, because electricity was cheaper in industrial parks than in homes, they had tiered electricity prices, they had peaks and troughs, and they were big because factories were readily available.

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But after the halving, we found that the electricity cover of the industrial park could not cover our cost, so we began to dig during the day and at night, because it was cheaper at night. Later, I found that I was forced to optimize the largest part of the electricity cost when I couldn't cover it. Therefore, I basically ran around the places around the world where there was surplus energy. Finally, such a bureau was formed.

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Go to hydropower station in summer, use impoundment to obtain very low cost power resource; The cost of power generation is coal, and most of the cost of coal is actually in transportation costs rather than mining costs. Because it takes the coal directly from the surface through the conveyor belt to the inside of the thermal power station, next door to the thermal power station, and we store it on the spot as bitcoin. So in this process, everyone calls bitcoin an energy currency, because it essentially takes cheap energy reserves from all over the world and puts them in bitcoin. This is the second phase.

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This year is a little different this year by half and mill, because we used before 16 nm based integrated, now account for around 30% of entire network share of the work force, in such a force under the share, basically the mining machine at the end of this month altogether later will be eliminated, we basically electricity cost optimization.

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So this time will bring some improvements, because a lot of mill under these two days have been basically shut down, we also observed the phenomenon of very much, you can see various mineral pools work force are reduced, because not enough electricity, many mining machine will choose the shelves at this time, start from Inner Mongolia, xinjiang, yunnan began to move to chengdu. So there are several challenges for miners in this process:

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On the one hand, we in the process, the vast majority of the lion's share of the spending - electricity have no optimization space, because the two are to optimize this thing, now the remaining is the human cost of capitulum, miners and mining machine online a series of index, may be in the next cycle will force you to optimize inside, if there is a unique advantage in the water, is likely to get excess profits. The current level of profit margins is very low, this is actually a relatively large increase in net income.

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Second, because this halving has something to do with the traditional financial world. We can see that the price trend of bitcoin in the past has shown a positive correlation with the stock of dollar assets. In the current economic pattern, bitcoin has become a standard risk asset in the context of the global financial crisis. After halving, bitcoin's inflation rate is actually only around 1.7%, roughly in line with gold. So in this context, there are a lot of people who think, although it may not be that scientific, that a reduction in inflation, which is associated with a reduction in supply, may be associated with a big market like the one before, and we'll have to wait and see if that happens in the future.

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Yuan anluna:So how do you think about the impact of bitcoin after halving, and how do you think the bitcoin that has been halved three times is still the original bitcoin? Do you think the roles will change?

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God fish:I think bitcoin has halved three times and every time it has changed a lot. The first time we were in the early days of bitcoin being in the hands of the niche and the technology geeks, there was a very close discussion in the community about what bitcoin was. What can be done? What are the future possibilities? But not out of the small circle, just in the hands of geeks and hackers.

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In the second phase, the second half included the period before 2017, when bitcoin emerged in the hands of grassroots and early Internet entrepreneurs.

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In the process of the third half to the last round of the bull market, in fact, a large number of institutional users began to participate in the block chain in the process, and a lot of new entrepreneurs and users poured in. We think one of the most obvious features of this halving is the presence of institutional users and large, collectivist-style mainstream players.

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Before participation grassroots users while many, but their proportion and voice is in decline, because we see a very typical phenomenon is the pricing power of the currency, as it plays a very big influence in the domestic market, then with the influence of a series of recent things, actually pricing power basically shifted to the north American market, especially in the compliance exchange the proportion is more and more, we see the CME holdings has come up very much, very many institutions users many qualified investors they didn't even open an account, directly in the stock platform can directly to buy or sell currency futures contract, So we think there will be a massive influx of institutional users and a large number of qualified investors, which may bring a new round of rise to the industry.

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Yuan anluna:I think this point of view also has some of their own ideas, you should also have some benefit. Back to yourself, on the last day in 2016 when bitcoin halved, do you remember what you were doing?

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God fish:On the day of halving in 2016, I was supposed to install a video card in one of the mines where I was expanding the video card mine and digging ethereum.

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Yuan anluna:What vision and plan did you have for your future when you cut yourself in half? And after these four years, to today's third half, you had the idea of whether to achieve?

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God fish:Most of our assumptions were actually made in 2012, which was a very idle year. There was nothing interesting about bitcoin in terms of the market situation. Basically, it was only 3 dollars and 6 dollars. I think most of the things I have experienced or thought about in blockchain were discussed intensively with technology geeks in 2012, and most of the issues were discussed clearly in this year. In fact, we basically had a prototype or some shadows in these discussions in 2012.

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But in the following days, we really saw the head take root and grow into a community one by one, and finally into a public chain. Most of our discussion was formed in 2012, and then with the influx of people and the influx of entrepreneurship, these ideas gradually took root and grew.

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Yuan anluna:I think as an old man who has been in the currency circle for so long as you, a few dollars of bitcoin is indeed something that many people can hardly imagine at present. The feeling of picking up money. I would like to ask you a question about yourself. What is your current asset allocation status, boss, and what is the proportion of bitcoin in your total asset allocation?

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God fish:First of all, digital assets account for a very high proportion of my total assets, and I would maintain a normal level of 80% to 90%. Consider real estate and so on. The remaining 80 to 90 percent of the assets are mostly in bitcoin, with a small amount of ethereum and a small amount of mining in a very large variety of small currencies.

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Yuan anluna:As for your personal question, you also met some challenges before. What was your feeling at that time? Could you share a few things that impressed you most?

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God fish:Bitcoin's brightest days were 2013 and 2017, when it broke the one-ounce mark and hit a new high in 2017. In fact, a bear is a slow bear market after a high. You are in a slow bear market, and bitcoin either goes down or sideways every day. You can't see any hope.

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In fact, when it comes to such hard times, 2015 is one. Since the beginning of New Year's day in 2015, bitcoin has been falling all the way down to 900 RMB when it dropped the most. A large investor broke his position in OK, which led to a pin sticking down the price. The back sideways at the 1000 yuan price was very difficult at that time.

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Most of the participants in the coin circle stopped talking. We were in some core QQ groups, and we were very active in discussing the market, some food and games. However, in those days, we were all unknown, as if no one was talking and no one mentioned bitcoin.

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At that time, many of my friends persuaded me to work in a big company. At one point, my parents found me a lot of civil servants or something and went there to have a look. At that time, we were in such a state, which was very painful in our hearts. At that time, we still thought that bitcoin would have a tortuous development process, but most of us had no idea.

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In 2015, said before the high energy can not break, will a higher wave than before? You may think that 2015 will see 2013, when the price of an ounce of gold was broken. At that time, many people were in the mindset that bitcoin could not regain its glory, just as many people now believe that bitcoin will not break $20,000 in the future.

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I have a lot of groups, and I secretly go online to watch people's mentality change. I also see some groups discussing whether bitcoin will break $20,000, and some people hold this view. In fact, it's the darkest of times when these ideas are growing, when many people are ashamed to mention that they've been involved in bitcoin startups, that they own a lot of bitcoins, that they've changed careers in other industries, that they've taken a few classes, and that they've finally found that bitcoin has broken new records.

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In fact, I was quite depressed in those days. I was relatively young at that time, and I started a company. I did not deal with a lot of risk hedging and risk exposure at that time. So at that time, I also sold a lot of bitcoin, and was forced to liquidate the company. I spent a long time in psychological construction at home, and traveled around the world.

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Later, I think that when you are idle for a few months and don't think about bitcoin, you will find that the days are really boring, because the blockchain world is so interesting, there are new hot spots and new ways to play every few months, and there are new stimuli to stimulate you all the time. When you go home for a few months, you can't help but miss the world of bitcoin, so I can't wait to get back.

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While in the middle of the process is more twists and turns, go out to play for a few months, do a little bit of project, by the way, when cash flow than dig cash flow better, but then I feel that the world of chain block is more interesting, and such a historic, will hold the trends of revolutionary are actually very lucky, so I will decisively back later. Then he went back to Beijing and started to contribute a little bit to the blockchain world.

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Yuan anluna:Ok, thank you very much for sharing. In fact, through you to share their own story, so many years of journey, I and you will have an intuitive feeling, now the so-called blockchain big guy he is not only hit the opportunity, he has experienced the unimaginable journey of the ordinary people and had their own persistence, can have now achieved.

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God fish:It is undeniable that we have seen a lot of blockchain owners or those who have accumulated a large amount of bitcoin. First of all, they are lucky. Second, in this process, may have some own unique thinking, stepped on a lot of pits, still do not give up. There are many friends around us who also had a lot of bitcoin in the very early stage, who were technology geeks, who faded out from the circle, turned into cash, and enjoyed their lives. The rest of us may still have a very good passion and affection for this thing, and may still be in the process of digging and filling holes.

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Yuan anluna:Yu is very modest, feeling that you really love the bitcoin and blockchain industry. Let's get back to our business problem. We all know that you now is the co-founder of fish pond and Cobo two companies, the birth of the fish pond and strong began in the last half COINS, this time in half and further development with Cobo, we want to know about the, from the perspective of fishpond, what do you think of the mineral pools walked out of the cow and the bear cycle, and become a major mining area, the world's leading the successful experience of it or you think you run it is the secret?

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God fish:Before us the most core is the miners, the two founders of the fishpond were miners at the very beginning, we have a deep experience of mining. Have stepped on a lot of pits, just like the mine pool run, handling fees do trick, do false calculation, this series of pits we have filled. We also deeply appreciate network is connected to the global chain blocks of time delay, miners earnings have larger influence, from miners interests we founded the PPS payment of this model, and force payment 24 hours a day, let the miners first to understand in one's hand is the theoretical value calculated values, rather than mine pool so miners can calculate account clearly, avoid being pit mining pool.

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At the same time, we have mandatory 24-hour payment, because there are many mining pools to keep the miners' money, and finally, just like P2P mine explosion money, I once had a lot of money which was not returned because some mining pools were closed, so we have mandatory 24-hour payment, which means that your miner's biggest loss is the gain of 24 hours.

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In addition, we have designed a lot of special mechanisms to adapt to the Chinese network. For example, we have a variety of distributed nodes around the world and a variety of network optimization. In terms of technology, we have done quite a lot. We always adhere to the block chain at the lowest level of the distributed network to do high-speed network transmission optimization and then save bandwidth and a series of work, in fact, the technology curve climb up the slope faster, all the way down also accumulated a lot of process.

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Another thing, why we can survive in a bear market in the past so many years, there is a reason, before we keep the mode of a small team, because the chain of blocks in the world is filled with all sorts of uncertainty, if your marginal cost is very high, especially the human cost is very high, probably can send out salary, company liquidation.

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Our early adopted the combination of mines and mineral pool, we didn't have a lot of marginal wage to hair, especially in the bear market cycle, can say in addition to the expensive cost of server we don't have the cost of much more special, so very good can survive in such a counter-cyclical, many foreign mining pool died because of these reasons in the inverse cycle.

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Another thing we are blessed with mining the rise of the rapid development of the whole China, ASIC in China in 2013, after the birth of Chinese miners in the global power and calculate the proportion of rising gradually, we adapted to in the process of such a network environment in China, optimization of various parameters and index, will increase the income of miners in China, there is, in the process of our work force from the beginning of 10th rapid rise to the world's largest mineral pools.

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Fish pond, the most important we are familiar with the industry, we know the needs of miners, we maintain a beginner's mind, there is a case can well illustrate the problem. In the early days, because of this mechanism, we covered a lot of risk for users. We lost a lot of bitcoin, but when we announced the closure of the pit, the miners stayed. We announced that the mine would be closed by 24:00 on any given day, but the Chinese miners didn't even try to cut away. Later, I also asked many people why they chose the mine pool. The miners understood the calculation, and they could understand many of the mechanisms we designed. So we finally put in another 2,100 bitcoins, held on, and finally saved the day.

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Cobo was started in 2017, in the early stage of the last bull market. There is a little similarity between the two things, that is, we are both doing block chain industry, which is far from money, but very important infrastructure. The mining pool guarantees the safe infrastructure of the block chain, which guarantees the distributed computing power in the early stage of the block chain and ensures the smooth growth and upgrading of the block chain.

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As more ordinary users enter the whole industry in 2017, the security of wallet is actually facing a very, very big threat, because there are a lot of various hacker groups wreaking havoc in the industry by means of automation and manual means, especially for a series of events such as exchanges that have done a lot of automatic theft of COINS. Small white users enter this industry is very difficult, we do not have the knowledge of cryptography, we do not know what the public and private keys are, he can not really understand what the block chain is, we eventually become speculative objects, in fact, the block chain is very adverse to the landing and development.

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In this larger context, we've been thinking about how to make wallets safe and easy to use. But safety and ease of use are very expensive, and you need to maintain a large team of engineers. The wallet thing is you have to have a very strong security backing, you have to have a very strong security team and a team of professional engineers to build the infrastructure on top of that, so it costs a lot of money.

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But wallet this things, the will of the user does not have to pay, there are all kinds of wallets on the market, security that only to throw COINS can realize value, no one in the process of daily use will have a strong motivation, especially in the domestic market, will pay for security this matter, the wallet, there is no business model, without the business model to talk about profit, it is basically impossible, not for a long time to maintain such security team and excellent technical team.

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But in 2017 a number of possibilities, we do early POW mineral pools, POS such a trend and trends in 2017 is very good, actually we had thought, if able to build the business model in POW can provide infrastructure, so in the field of POS, we based on past experience and technology advantage also can produce?

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So at that time, we thought that POS could be used. The wallet and POS naturally have such an application scenario, where the assets are stored here and the tickets are located here. So we created Cobo wallet. But in the process of our subsequent iterations, find POS now seem to be very difficult, everybody also has very many jokes, in the past few years, especially the bull market after we took a lot of money, counterfeit currency to vote, found the last coin standard made a lot of money, but fiat standard were awful, there are all kinds of jokes on weibo.

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In addition, several problems widely criticized by POS, such as network governance, have not been properly solved. So in the process, we explored it for a while and found that maybe this path is not perfect or maybe there are some big problems with it, and we might need ethereum and a whole bunch of other technologies that are very strong chains to make the path clear. So in the process, we found out that we spent a lot of money building a very good and secure wallet system around the world, and on top of that system, we had a very good accumulation.

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But there are very, very much good purse, because they don't have such power, but they have such demand, they often choose their reengineering a set of wheels, also means that a lot of security risks, we will give you after a SaaS infrastructure and reuse for many exchanges, requirements have a purse of users and projects, they use our infrastructure and security of distributed, based on encryption machine solution, heat to keep their wallets.

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So in 2018, Cobo proposed Cobo yiyuan as a business line for institutional custodial services, which is currently the largest market share in Asia. Most of the second and third-tier exchanges and some institutions in China have also adopted Cobo yiyuan. Cobo WaaS is used as a hot wallet. So later, we also launched products like loop, which can quickly solve the fast transfer and settlement in blockchain congestion. It has also been highly praised by users such as the function quantification team, so now there are a lot of quantification teams using our function.

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To sum up, the bottom layer of these two companies is actually doing one thing, we are doing block chain low-level technology driven, the most hardcore technology infrastructure, things are the same thing.

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Yuan anluna:Ok, so if you want to put it in a nutshell, what is Cobo's future goal?

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God fish:Our goal is to help one billion users worldwide use blockchain, both directly and indirectly.

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Yuan anluna:Have you been working on infrastructure and want to be a promoter and facilitator in the industry?

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Shenyu: yes, yes, a lot of our wealth comes from the industry. We hope to make the industry develop better, especially to let more people quickly enter the industry and enjoy the dividends brought by the blockchain world.

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Yuan anluna:Let's go back to what you mentioned just now. For miners and pools, they are no longer able to reduce the burden in the way of optimizing the electricity price. It is not an easy state for them now.

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God fish:Now is really very painful, miners our internal defines an index, the miners dig misery index, now very pain, we go back over the past few years, briefly about four to five times this stage, such a stage, and the pressure of the miners is very, very big, so everyone will go to optimize their costs as much as possible, improve the yield. That in such a process, in fact, the ore pool can do more things.

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Because of mine pool is the upstream of the miners, he is essentially a mining software services, in such a big software service there are a lot of subtle point help miners improve profitability, such as fish pond recently launched intelligent mining services, within the same hash algorithm system 256 free switch, at the same time to lock the exchange rate, ensure no risk arbitrage, the way is to raise revenue in the form of zero cost without threshold loss for the miners, can make gains more.

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In addition, there are basically three schools of the mineral pool. The first school is the technical school, which is dominated by us and Poolin. We mainly take the lead in technology, and we have a lot of technology accumulation and industry accumulation. The other is dominated by miners such as ant's AntPool, BTC.com and ViaBTC. The other school to coin an ore pool, OK, fire money ore pool, mainly to exchange ore pool. There are basically three categories, the first being completely neutral technology drivers, the second being hardware vendors, and the third probably being exchanges.

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The starting point and the demand point are not quite the same. Under the general environment, we can see by ourselves that the concept of absolute number of diversion users is not so optimistic, and there is still some possibility of AOC. Therefore, the exchange basically keeps iterating around this circuit.

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After all the things I want to tip a little ore pool is very professional, also many, the pit inside exchange with the method of technology outsourcing, just do yourself, grasp the AOC, this process is also lost some initiative, so in the process also need to watch the various mineral pool background indicators, including miners absolute return stability also need to monitor their mining machine and so on a series of influence.

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The next four years of mining, how do you say? Ore pool dividend period ended, in the currency every four years and a half in half, after a profit is very little now, mineral pool after heated of price war, also subsidies, you get about the same, even many mineral pools are also appeared a large losses turned off, we have seen during the first half of the mineral pools, so mine pool under such a pattern in the future may make more derived from pure software services, before you can survive in the future.

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Yuan anluna:Thank you very much for your detailed answer. I still have a small question that I didn't mention. Our company, yuan 'an, has recently launched its ore pool business.

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God fish:I think currency Ann do mine pool business is inevitable, because of OK and fire currency on the mineral pools, we follow the block chain data have more new dig COINS is OK and fire COINS, overflow to the future for a period of time many mining machine abroad, especially after the same foreign cheap oil prices lead to energy is very cheap, so some of the mining machine, coin in the globalization strategy still has certain advantages.

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Yuan anluna:Ok, thank you. Let's talk about our two main business. Let's talk about the last topic, is the future of our industry, although the topic is large, in 2018, when you said that block chain can actually change the areas of human life is to pay, also is your point of view at the time, that now again, what do you think what else field or use can add? Or what do you imagine the industry or the future of bitcoin to be, cyberpunk?

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God fish:I think the future of bitcoin may be as an important means of storing value and as a tool to counter the global central bank's massive release of water, especially to provide people in Latin America and the third world with an alternative means of payment independent of the original economic system. We can see this trend now, and it will not change.

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Behind another block chain technology with very, very much can fall to the ground the application, for example we distributed identity based on block chain, there are a lot of very interesting new technology has emerged some industry standards, Microsoft in a standard protocol, such as agreement, I think block chain technology could be like in the 90 s the Internet through layers of product packaging to the ground, you get what the underlying is the use of chain blocks, but the user may not know the logic and principle behind it, as long as he can just OK. I think it's going to take a while for these products to hit the ground and develop, but the trend or the picture is much clearer than it was a few years ago.

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Yuan anluna:Ok, so do you think there is still a chance for ordinary people at this stage in the future, or for people like new leeks to invest in bitcoin?

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God fish:I think there's a chance, and it's a big chance. Because we have just been through the 3.12 plunge, very many very many of the old leek have surrendered early currency assets and chain blocks, blowing up or take the initiative to sell, here did not pay attention to good exposure to users in the same starting line with you, you basically on the line, there is no new leek old leeks, some old Chinese chives is worse.

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So in the process, if we are in the process of this block chain kept curiosity or to block chain we have some understanding, we suggest a new approach of users first to learn or to active learning instead of passive learning, to learn to understand the logic behind it really is a what things, and then according to their own economic strength and the use of cash flow, because it's a big economic crisis of the background on safe to buy and store the digital assets, may have large quantities after may need to know such a public/private key system, to use the purse, especially after the special big, You need to secure your assets in a variety of ways, including using a hardware wallet.

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Another point, our new leek comes into play, such as much as possible need to review the old leeks, tread pit may not speak a lot of people stepped on, a lot of a lot of stories are circulated on the Internet, we still go to read, history is similar, the pit the terrier or repetition, so lucky enough to understand this period of time, understanding the underlying block chain technology or in the future days probably will first to avoid a lot of unnecessary pit.

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Second, we enter the investment in the industry or to participate in the entire block chain, we need to have a very robust state of mind, that there is a boom collapsed, you need to have strong psychological quality, guarantees the process of wind waves and a roller coaster, and you don't because of the psychological state of imbalance lead to some accidents happen, some people are in a state of inflation even to JiaBaiRenWang this kind of thing happen. The second point is to do a good job of psychological construction.

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Third, now the whole chain the block chain of the world or the lack of regulation, also is the most primitive of the bloodiest of the capital market, is full of all kinds, from the bottom may be a pyramid scheme, the upper normal block and the application of the upper chain project, but the inside is full of all kinds of human challenge, although we block chain is to solve the credit, but a lot of things at this stage is not completely on the chain is not completely resolved through block chain, such a process, or want to try to release the things on the human nature, don't so good to pay attention to these risks.

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Yuan anluna:Ok, so you just mentioned that there are opportunities for new investors to invest in bitcoin, but you still need to avoid stepping into some pits. Give some advice to bai, give two or three examples. What are the pits to avoid?

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God fish:First, small white will certainly encounter a problem, many small white will encounter. We bought COINS, what kind of coin is yours, what kind of coin is not yours. Normal advice is that we need to put our COINS, especially long-stored COINS, into our wallets that hold the private keys to prevent some black swans.

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The second pit is that block chain is such a series of public and private key system. Once the coin is in your hand, the private key cannot be recovered if you lose it. Therefore, you must have a sense of security and a knowledge of the bottom layer of the block chain and properly keep your private key. The simplest thing is, you want to use password management software, you don't want a password everywhere, you don't want your private key to be random, someone will take the phone number, the id number when the brain wallet generates the private key we've seen before, and then it's identified. So you want to keep your private keys random, and you want to have a basic sense of security and experience with password management. If the assets than the later, we suggest you buy a basic word mnemonic board, will your word mnemonic, 12 mnemonic word, 24 mnemonic word, on the metal word mnemonic plate inside, and placed in the safe inside, this is a little bit of basic requirements, prevent stolen when connected to the Internet, can't keep the word mnemonic cut a figure, notepad, etc. These things happen.

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Third, in the process of block chain investment, especially the bear market is full of all kinds of pyramid schemes. I observed in my QQ group that a lot of small white users realized that bitcoin was known through pyramid schemes, which were popularized by the elderly women. So we are in this process, there may be a lot of people through such a path to learn about bitcoin, we have to try to distinguish which are pyramid schemes, which are real blockchain projects, can not follow another blockchain road.

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Yuan anluna:Thank you very much for the total fish just for some advice of small white or small Chinese chives, I think some experience are very real, just I see an audience raised a very popular problem, want to ask a rather fish here, COINS again in 9000, have an audience to mention ask, this price can not buy the BTC now?

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God fish:This is a good question, and basically every would ask, everyone is very concerned about this problem, but now such a big market cycle, buy COINS, just say you want to buy definition and poker are two different things, do you use to be cast surely, does not affect the life and the cash flow situation, I think now the currency is not so expensive, though perhaps now we see the domestic market is generally somewhat pessimistic for COINS in the future, but has a lot of cash, especially the north American market users to influx, lead to the currency actually everyone would think in half after fall, but now in half after there is no how to plunge, Maybe it went from more than 9,000 to more than 8,000 and slowly came back.

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Therefore, this position may be the position of dynamic balance and game in the short term. If you take a long-term perspective, this position is still able to enter the market. Moreover, from the perspective of another long cycle, the bitcoin market is basically spiraling upward from the past. We don't think bitcoin will be able to start several bull markets as many of our friends predicted optimistically. However, bitcoin has been trading back and forth in this position. Buying now is suitable for the long term, not necessarily for the short term.

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Yuan anluna:Let me give you a summary of the view of the god fish, the point of 9,000 is not not can buy, but it is recommended not to shuttle, and everyone in this stage to enter the market or to see more long-term development, if you want to do short-term wealth, you can consider, about this point.

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So we're going to leave time for the audience, and then we're going to probably have one or two questions about the fish. So the question is, it's very difficult for the miners to go out in large Numbers after they've halved. Would that create a pool monopoly?

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God fish:I don't think the pools are monopoly at first, because the miners are not that concentrated, and there is no single entity that controls the many, many mining machines that were there before, but they are gradually being dispersed. Under such a background, the miners will select multiple mineral pools, rather than a single mineral pools, because there have been some COINS political ideas, so the miners will also, especially the big miners will also pay attention to the balance, so that after a miner's withdrawal actually won't appear ore pool monopoly, but one thing is important to note that because this is a big challenge for the miners, so there will be more has the scale of the miners group.

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Because mining pool is a choice for miners relatively, it will not be monopolized, but the mining union will be centralized or collectivized in the shareholding structure. Retail investors will not have so many competitive advantages in this process. In the future, mining of bitcoin will be collectivized and fully capitalized. But historically, this concentration has been broken and diluted in bull markets for the second time, so I don't think it's something to worry about in the short term.

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Yuan anluna:Ok, next question, do you have any Suggestions for personal investment in mining machines? In fact, when we interviewed liu fei last time, he said that we still need to be cautious. I don't know what your opinion is.

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God fish:Can individual retail investment mining does not have advantage, unless you are a hydropower station, related party or you have some special channel to get the very cheap electricity costs, in addition to this kind of situation, individual users do not recommend now to invest in mining, mining energy cost is the cost of the biggest shots, followed by the refinement operation ability, individual users don't have.

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Individual users can dig a few small investment reserve currencies and relying on the unique information and advantages of the currency, you could buy a graphics card or do you have a FPGA or if you have strong FPGA programming ability, you can invest in the corresponding hardware, to dig up some of the early chain project, then you will get very, very substantial excess returns, but they do not rely on you to have a low power cost, and rely on your knowledge reserve, vision, programming ability, so it is a piece of can. But if you're going to invest in ASIC or mining in the short term and it's not going to be fully commercialized, it's not going to be viable until the mines and cloud computing reach a standard like IDC in the server market.

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Yuan anluna:So we'll come to that, what do you think about cloud mining? Will some platforms launch such financial products?

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God fish:You also mentioned that this is a financial product, so our vision, with our computing power, we can not understand many accounts. It is still difficult for investors to distinguish this one, so we still need to be cautious about this one. But in some stages or in some markets to come, in fact, mining has a certain advantage over direct speculation. Because mining is a physical event, the production and manufacturing of its hardware and the construction of the mine have a certain period of time, during which there will be excess returns on the investment in mining. However, it is not suitable to participate in such a period when the relative price is stable or even halved.

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Yuan anluna:The last question, how does the boss of god fish evaluate the worries of BTC computing power monopoly?

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God fish:我觉得比特币的算力基本上不可能出现垄断，在现在的市场格局里面，有几个垄断的可能性。第一个可能性就是上游的硬件的制造，我们也看到现在是几家大的矿机厂商竞争的格局没有一家独大的局面，这个根源上决定了比特币算力不会垄断，是多家竞争，并且最大比特币的中心大家猜是什么？它不是比特大陆，也不是什么芯片制造企业，它就是台积电，全球没有几家企业能够真正具备实力生产芯片。

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However, this situation has been improved since 2018, because samsung's participation in the block chain has led many enterprises to adopt the samsung solution to produce chips, which has solved the problem of chip monopoly from the root. Secondly, the monopoly is the mining monopoly, which often leads to the rapid decline of the mining industry due to the geographical monopoly, and it is difficult for the mining industry to be in the hands of a single entity, so there is no need to worry too much about this.

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And then finally there's the pool, the pool algorithm where you worry about the pool being the representative of the miners and the monopoly of voting rights. In fact, miners can vote with their feet, and even if you disagree, you can purchase the mining machines by yourself. The chips are relatively dispersed, and the mining machines are relatively dispersed, and the mining pools are also a highly dynamic and competitive process. I think the bitcoin computing power monopoly is much better today than before. From three perspectives.

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Yuan anluna:One audience member continued to ask, "what if several mining pools combined to create a monopoly?"

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God fish:I don't think so. First political opinion not unified, and everyone to recognize COINS, and currency exactly is what opinion is not unified, even if you really tried to manipulate the market reached a consensus, we should pay attention to block chain world game world users, developers, and miners, rather than a word, this is bound to have other algorithms in the process of checks and balances the miners, and I don't think there will not be the situation, recently there are a lot of people ask us, if can unite give confiscated in the hearing of the currency, I think it is not possible.

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Yuan anluna:Thank you for your questions, and thank you to the owner of the magic fish in & NBSP; Thank you very much for joining us. I also hope to see you make more infrastructure and contributions to the blockchain industry in the future.

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God fish:Thank you! Bye bye.

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币安露娜：thank you Bye bye. & have spent & have spent

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