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Bitcoin, as a virtual currency, was worth only a few cents when it first appeared. After 8 years of development, the price of Bitcoin has risen more than 5 million times. Recently, the price of Bitcoin on mainstream trading platforms such as OKCoin and Huobi has exceeded 30,000 yuan. At the same time, BCC also soared to 5,000 yuan in two days. As of 10:00 on August 21, 2017, the total market value of the world's top ten digital assets has exceeded 954.2 billion yuan.
This triggered many pseudo-experts who falsely claimed to be industry experts to come out and make a large number of eye-catching false statements, such as Bitcoin is the next tulip bubble, ICO is the next Ponzi scheme, etc.
Among them, Zong Ning wrote in the article "What kind of scam is blockchain, virtual currency, and ICO?" "Let's talk about what this is. I can define it as the ultimate product that combines currency, stock market, and Ponzi schemes, the three classic human financial scams. It's really amazing, but the current group of people are still focusing on defrauding money because they don't understand it at all."
The entire article is illogical and the principles of blockchain and ICO are even more vague. In response, Sun Yuchen, China's youngest entrepreneur in the blockchain field who is known as Jack Ma, a post-90s generation, said: "Blockchain technology is the most well-known solution in the field of financial technology. He can summarize it in seven words: "intelligent trusted system." Multiple nodes are distributed and accounted for, jointly maintained and cannot be tampered with. A set of intelligent trusted systems can be established in an environment of weak trust or distrust between each other. Blockchain technology can build a pure point-to-point value transfer system. Without the need for mutual trust among nodes, blockchain can ensure the integrity and security of data records in the system."
ICO, the full name of which is Initial Coin Offering, is adapted from the term Initial Public Offering in the securities industry. It is a financing method in the blockchain industry, which refers to financing through the issuance of tokens. Blockchain technology has been incorporated into the national strategy of the 13th Five-Year Plan. At the same time, at the closed-door seminar on financial technology supervision on August 15, Huo Xuewen, director and party secretary of the Beijing Financial Bureau, expressed the view that financial technology needs supervision and encourages the healthy development of financial technology. The regulatory authorities define ICO as a financial technology project, and the inclusion of supervision also means supervision and recognition of the industry. As for the Ponzi scheme mentioned by Zong Ning, it is completely ridiculous and unfounded.
In fact, this is not the first time that someone has been criticized for criticizing Bitcoin. A few years ago, the famous economic commentator Lang Xianping once criticized Bitcoin in his Finance and Economics article. As we can see in the video, when he was offered 100 Bitcoins, he refused them! He also criticized Bitcoin as a bubble that would be worthless sooner or later.
Regarding the "tulip investment bubble", in the book "The Secret of the Bubble", economist Professor Garber, after comparing the price decline trends of the original rare bulbs in the 18th century with those in the 17th century, concluded that the sky-high prices of rare tulip bulbs and their rapid decline reflected normal pricing behavior, and that the soaring prices of Dutch "tulips" in 1637 were due to an accidental aesthetic stimulation of the French aristocracy.
Bitcoin is a product of Internet technology under the background of global modern financial development. Its birth is closely related to the inherent defects of the global monetary system and has a certain historical inevitability. In the era of "lack of anchor" in the international monetary system, Bitcoin, as an anti-inflation asset with a clear total issuance and decreasing issuance speed, provides a new possibility for the public to allocate value-preserving assets.
On August 15, 2017, China News Network published an article titled "Experts believe that Bitcoin should not be inappropriately compared to the tulip investment bubble." The article mentioned that "the surge in the price of Dutch tulips in 1637 was due to the accidental aesthetic stimulation of French aristocrats. Bitcoin is a product of Internet technology in the context of global modern financial development. Its birth is closely related to the inherent defects of the global monetary system and has a certain historical inevitability."
As the youngest entrepreneur in China in the blockchain field, Justin Sun was the chief representative of Ripple Labs in Silicon Valley, USA, in Greater China from 2014 to 2016. Now he has set sail again to release the value of blockchain technology and founded Tron. Justin Sun mentioned: "It is not advisable to exaggerate the investment bubble of Bitcoin and try to create panic to scare off investors. Blockchain technology is a new financial technology that is widely recognized worldwide. There are many evangelists in the blockchain industry who are sincerely starting businesses with the dream of changing the world and fighting against Internet monopoly. For example, Tron, which our team is working on, is the world's first technology and financial company that introduces distributed computing, social finance, and sharing economy into the digital entertainment field. Tron is committed to improving the operating efficiency of global digital entertainment platforms and providing functional support for payment, R&D, storage and credit for digital entertainment platforms such as live broadcasts, social networks, online games and mobile games."
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