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Since October, the Bitcoin industry has experienced explosive growth, gaining the favor of listed companies.
The heads of several Bitcoin trading platforms told reporters that the average daily Bitcoin trading volume in China has reached about 350 million RMB, and there are nearly 30 platforms engaged in secondary market trading, with a total of more than 200,000 registered users and an average daily trading user base of nearly 400,000. Related company stock trends The value of Bitcoin has also continued to appreciate, exceeding RMB 2,600. In particular, the market size grew rapidly in October. In November, the domestic Bitcoin holdings ranked second in the world, and the transaction volume ranked first in the world.
In addition, Huobi CEO Li Ning told reporters that the website has opened financial businesses such as "financing and currency lending business" and bulk transaction matching, and will soon launch a Bitcoin mortgage loan function. Financial products based on Bitcoin are beginning to emerge.
Li Ning also revealed that domestic A-share listed company Dazhihui is discussing acquisition or strategic investment matters with Huobi.com, and the two parties may also jointly launch Bitcoin-based financial services.
In addition, another listed company, Sanwu.com, also signed a "Letter of Intent for Cooperation" with CICC Online on November 2 to jointly develop Bitcoin-related advertising, Bitcoin mining machines, Bitcoin trading platforms, Bitcoin payment intermediaries and other businesses.
Testing financial products
Huobi.com provides investors with a "financing and currency lending business". Specifically, when users judge that the price of Bitcoin will rise, they can borrow RMB from Huobi.com's lending center to buy Bitcoin, and then sell the Bitcoin to repay the RMB after the price of Bitcoin rises, thereby earning the difference. Similarly, when users judge that the price of Bitcoin will fall, they can use the currency borrowing function to borrow Bitcoin to sell, and then buy Bitcoin to return to the system after the price of Bitcoin falls.
The website stipulates that the amount of loans or borrowed coins by users is twice their personal net worth, and the calculation of personal net worth is based on the current value of Bitcoin converted into RMB. In addition, when the user's total assets are less than 110% of the loan amount, the system will force liquidation of the user's assets and return the loan and borrowed coins.
In this business, Huobi.com calculates interest on financing or loaned currency at a simple interest rate of 0.1-0.2% per day (the lending rate is determined according to the user's level).
In addition, Huobi.com also provides matching services for large transactions, and the website will charge a 1% handling fee from such over-the-counter transactions.
Li Ning also revealed to reporters that Huobi.com will soon launch a P2P Bitcoin mortgage loan business. The biggest difference from other P2P online lending platforms is that users can only apply for a RMB loan of no more than 60% of their value based on their Bitcoin assets on Huobi.com.
Based on the platform's development of bitcoin financial products, Great Wisdom has begun discussing acquisition matters with Huobi.com. Li Ning believes that with the help of Great Wisdom's experience in financial information and financial products, Huobi.com can launch supporting value-added services with more financial characteristics.
From the perspective of European and American countries, financial services including credit and securities have been applied to Bitcoin, such as Bitcoin mortgages, Bitcoin bonds, Bitcoin virtual IPOs, etc.
However, Li Ning also admitted that financial products developed based on Bitcoin have certain legal risks. In particular, compliance, which is the most important thing in the financial industry, is a huge test for the platform. This is also one of the main reasons why Huobi.com cooperates with Dazhihui.
Competition intensifies and chaos begins to emerge
With the surge in domestic bitcoin trading volume in October and Sanwu.com's announcement to test the waters for bitcoin, the industry's popularity has risen rapidly, further exacerbating the breeding of various chaos including the bitcoin mining industry and secondary market trading platforms.
Under pressure from competition, major domestic Bitcoin trading platforms have gradually cancelled the 0.03% transaction fee. In this regard, Xu Mingxing, CEO of OKCoin, believes that from the perspective of various traditional currency exchanges, transaction fees are the main means of income. The cancellation of fees is a short-term vicious competition behavior. The platform will restore the fee system after the market stabilizes.
Li Ning said that the buying and selling transactions of Bitcoin are the basic functions of the platform and no handling fees should be charged. The platform should develop new business models based on value-added services such as financial products.
At the same time, since there is no authoritative third-party statistical agency in the Bitcoin trading industry, the performance data released by various platforms are contradictory. For example, Li Ning told reporters that Huobi.com's daily transaction volume exceeded 100 million, accounting for nearly 30% of the market share, ranking second in China; interestingly, Xu Mingxing also showed reporters exactly the same data.
In addition, the most critical security issues in Bitcoin transactions have gradually emerged. The reporter learned that two trading platforms in China, such as "Bitsea", have experienced large-scale account theft. Due to the decentralized nature of Bitcoin, it is almost impossible to recover the losses after the user's account is stolen. At the end of October, the Hong Kong GBL platform took away 30 million yuan worth of Bitcoin and fled. The police refused to file a case because they did not recognize the monetary attributes of Bitcoin. This incident also increased the market's concerns about the moral risks of traders.
It is worth noting that in addition to secondary market traders, dangerous signals of "virtual mining machines" have also appeared in the production process of Bitcoin.
An insider of a Shenzhen manufacturer told reporters that Bitcoin mining machines are currently priced in Bitcoin, and payment is completed in RMB according to the currency value at the time. Among them, the price of a large mining machine is about 700 Bitcoins, which is equivalent to nearly 1.7 million RMB, and the prices of medium-sized and small mining machines are halved. Since the coin production efficiency of mining machines is relatively fixed, some mining machine manufacturers do not deliver the machines to users, but directly deliver Bitcoin to users according to the average daily coin production at the time. Under this model, if the manufacturer uses the income from the sale of machines to invest in RMB or Bitcoin, and then converts the investment income into Bitcoin as the new output of Bitcoin, no new Bitcoin is generated in the whole process.
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