Will Bitcoin disappear soon, or will it be an opportunity for losers to make a comeback or bring about change?

At an event hosted by OKCoin, economists, investors, and Bitcoin industry entrepreneurs had an interesting discussion.

Xie Guozhong (former managing director of Morgan Stanley): I think Bitcoin is a temporary phenomenon and will disappear in a few years . In terms of value, Bitcoin has already reached its peak. The original speculation on Bitcoin indicated that the US dollar would fall, but in the next 12 to 18 months, the US dollar will rise.

Mai Gang (angel investor, chairman of Tongka Holdings Co., Ltd. ): In fact, a new thing only comes into being when it enters a context. Such a thing in the future and in the long river of history can only be tested by time.

Hong Hao ( Managing Director and Chief Strategist of Bocom International ): I think Bitcoin is originally a software, so it is highly substitutable. Therefore, after the success of Bitcoin, other electronic currencies emerged, so the potential role is more than everyone imagines.

If this software only has the function of trading, then its market price depends on the emotions or judgment of the traders on the vision, and its most fundamental value is mining. When Bitcoin was first created, its trading price was between 20 and 40 US dollars, and it was hyped up in the end, so now it is still in a period of time when the value will return to the original value of the currency. At the same time, because of the government's taxation, there is a possibility that a new system will replace it in a few years or after a period of time.

Xu Mingxing (founder of OKCoin): In fact, many people who operate Bitcoin believe that a kind of value has a foundation, and this foundation is a possibility for Bitcoin to become a global transaction payment tool in the future. Mr. Mai has also directly invested in Yibao Payment, the second largest payment company in China. What do you think of the development of the Bitcoin payment field?

Mai Gang: Bitcoin is a complete payment network. Let’s not talk about the currency meaning and value meaning. Bitcoin is the most complete and advanced payment network in today’s technological background in terms of its characteristics, inconsistency, cost, efficiency, time, etc. Therefore, the value of Bitcoin must be supported by such a network. Secondly, as a payment tool and payment network, as more and more merchants and users adopt it, the value of the network is getting higher and higher. This is a very clear network benefit. Therefore, with the value of payment function, Bitcoin is undoubtedly a very valuable system.

Xie Guozhong: Who is using it now? Now, although stores accept it, the actual amount of payment is very small, and it serves a propaganda purpose. In the United States, it is used to promote Mexican drug cartels because it is anonymous, which is the biggest advantage of Bitcoin. In the long run, this anonymous system is definitely not feasible, and it goes against the government. I think the problem faced by Bitcoin and other payment functions is that it must meet the conditions for government monitoring, and it is necessary to hire a large number of lawyers and a huge IT system to ensure security, which is very costly. In the end, it will become the same as a bank.

Xu Mingxing: I heard that many people in South Africa use diamonds instead of US dollars. Is Bitcoin better than diamonds?

Xie Guozhong: Because diamonds are small, a tiny bit of them can be worth a lot of money. If this thing is really Bitcoin, if the government does not interfere, it is at least 1/10 of the actual gray economy. There are many corrupt officials in China. If they use it, your value will be incredible. But if we consider this issue dynamically, if the government allows it to exist, the policy will fall.

Hong Hao: At today's bitcoin price, the entire bitcoin is worth 6 billion US dollars. Today, this method is used to mine all 21 million. If we compare it with the annual credit card payment in the United States, which is about 600,000 US dollars, it is only about 1% of the entire payment system in the United States. Therefore, the design of this currency itself has a very big flaw. It is too small and has not become an effective tool for payment connection. At the same time, there is a large element of anarchism, because everyone issues their own currency, but everyone's behavior does not change and benefit, so the behavior of this currency leads to the instability of the entire system.

Mai Gang: What Mr. Hong just said is a factual error.

Liang Song: Bitcoin on-demand broadcasting is not available yet, but it is very likely that in October Bitcoin will be used on TV programs to support the coordination of Nobel Prize winners. This is likely to be possible.

Xu Mingxing: In fact, a very important thing happened this year. A plan was passed in California, USA, making Bitcoin a legal currency.

Xie Guozhong: If Bitcoin wants to become a currency, it must be regulated. If it is not regulated, it will be used by the gray economy, so it is against the legal system. After accepting regulation, Bitcoin's advantages will be gone. There is no scale effect, and its volume is very small from an economic perspective. Secondly, its supply cannot be controlled, and it is very difficult to become a competitive currency.

Mai Gang: Bitcoin is a new thing and it is constantly evolving. I believe that these rules are becoming clearer in China and other countries. Regulation is inevitable because it is a financial service.

Speaking of the Chinese government's attitude, Professor Xie just mentioned the concept of currency issuance, which is a very important concept that is different from other places. In today's international monetary system, with the support of the central bank as the main bank, the currency is gradually issued through a series of tools such as commercial bank statements and education. This is the foundation and basis of today's international conference system, but it has nothing to do with the foundation of Bitcoin issuance. The most similar thing about Bitcoin's economic generation is the value generated by gold, so the concept of issuance is completely non-existent in Bitcoin.

Xie Guozhong: The core of finance is to share and manage capital. The Internet is a tool. So many capable people are concentrated in the IT industry, so it has a lot of energy and many forms of expression. So I think Bitcoin is related to this. Another thing is that under the current system, many people cannot be brought into play, so they are magnified here, regardless of whether it is useful or not. I think it is not easy to make money at this time.

Liang Song ( TV producer ): When Bitcoin started to rise in the first wave, the founders of Apple and others were the ones who bought a lot of Bitcoin. They agreed with the concept of digital currency and believed that it was the trend of future currency and an innovation. The second wave was driven by people on Wall Street, not by the Chinese.

An American economist gave an example. I will translate it: There are two kinds of animals in the world. This is what Americans say. There are two kinds of animals in the world. One is the chicken and the other is the weasel. Millions of years ago, the way the weasel ate the chicken was to see the chicken, grab the chicken's neck, twist off the chicken's legs and then start eating. Now, hundreds of years have passed. The way the weasel eats the chicken is thousands of miles away. It can eat the chicken without meeting it by issuing more currency. Later, a few chickens around the world thought this was unfair, so they thought of a way to compile a set of mathematical models and encryption algorithms. So they can issue a base, and tens of millions of computers around the world jointly maintain a system to ensure this base, so they don't have to travel thousands of miles to eat it. So the chickens around the world are excited, and we finally have a way to protect our property.

Hong Hao: Regarding the problem of chickens and ducks, there are smart chickens and stupid chickens. The whole story of the loser's counterattack that we just talked about is based on the smart chicken discovering the stupid chicken and the problem of the stupid chicken. Therefore, the loser did not counterattack. The cost of the loser's counterattack was based on the failure of other losers.

Mai Gang: He is not stupid even if these companies are stupid.

Hong Hao: Because he uses Bitcoin for marketing.

Xie Guozhong: Let me add one more thing. The world is in a big IT bubble. In the United States, Silicon Valley is following the IT bubble. The people in Silicon Valley have become so rich that they want to buy the whole world. They want to buy finance and central banks. They are self-inflated. I think this is a reflection of the bubble. Some people are good at doing something, which is called expertise. If you want to go into other fields and take over other fields, I think this is excessive.

Liang Song: Mr. Xie means that what is hyped up is a bubble, and bubbles must be problematic. Garlic and ginger have been hyped up, increasing by dozens of times, so did the central bank prohibit settlement for them? Why did the central bank prohibit settlement for Bitcoin when it increased by more than ten times? It is because it is a disruptive innovation that destroys some competitiveness. It has nothing to do with hype and bubbles.

Hong Hao: It is very relevant. It not only damages the interests of the government, but also infringes on the rights of the government, because it is the rights of the government. At the same time, the central bank prohibits it because if the fluctuation of a currency is too large, the holder of the currency will suffer losses. This is the inflation cost in our economics. Now the Chinese government does not prohibit the sale of garlic, because it does not harm our international reputation. We can still eat without garlic. However, if you want to fry it, you will never be allowed to fry rice and wheat, because we see that the government's national reserve purchases wheat every year, and the cost price of wheat is rising every year. This is completely different.

Mai Gang: There is only 6 billion US dollars of demarcation business in the world now, and it has caused so much uproar in the world. There are so many heated discussions among all economic people, which is enough to prove that this is a very epoch-making discussion. Then let's go back to my discussion framework. Let's discuss clearly that Bitcoin is a tool for Alipay rather than a value. I believe that the concept I understood just now, including my understanding of the guest's point of view, is valuable.

Hong Hao: Payment is a function, and you don’t need to pay money to pay for something.

Mai Gang: If I invest in Yibao Payment, if Yibao Payment is to go public, it will be at least 200 million US dollars. The economic allocation ticket is also a subsidiary, not independently listed, but at least if Alipay goes public, it will have value as a payment network and payment system. Without Bcoin, there will be no Bcoin payment network. This is a fundamental logical problem. If this payment network is valuable, then this Bcoin is valuable. This is the first level of my discussion. We will move on to the second level immediately.

Liang Song: Mr. Mai meant to divide Bitcoin into two levels. One is as a software used as a payment tool, whether this tool has the function of financial services, and whether this function is valuable. The second is whether it is a currency, or whether it is recognized by the government. This is the second point.

Xie Guozhong: I think that at that time, when Bitcoin was being hyped up to over 100, it was very common. The money made by the garlic speculation was all from Chinese people, at least in China. So the stock speculation was within China, but the Bitcoin speculation was global, and it was not controlled by the Communist Party, so the nature of the speculation was different.

Liang Song: This kind of thing can still be done without Bitcoin. There are people in Hong Kong who trade Hong Kong dollars every day. Without Bitcoin transactions, who would bring in Hong Kong dollars?

Mai Gang: Just like the units of physics are kilograms, mass, and length, which can be measured. What is the unit of economics? It is currency. Currency is of course a variable. How much does a McDonald's cost? Should I ask the dollar or gold? Is it the gold in 1978 or the US dollar in 1987? Currency is manipulated and changed by various elements. Second, why are many items in the United States so cheap? The reasons are very complicated, but there is one fact that cannot be distinguished. The current US dollar is undoubtedly the hegemonic currency, which is the most important foundation of the American system. What financial focus is Bitcoin most similar to in the current financial system? Digital gold or a near-perfect version of gold, this is the significance of Bitcoin. After the emergence of such a material that has never existed in human history, what kind of impact will it have on the monetary structure?

Hong Hao: I don't agree with all your views. It is not a digital link, because the total amount of Bitcoin is 21 million, but it cannot exclude other software systems and use new algorithms to spread new algorithms. Economics is not a quantitative discipline, it is a philosophy. The question that economics needs to answer is how to maximize the output of limited resources among limited resources?

There are several major currency systems in the world, including the US dollar, the euro, and the RMB. The RMB now accounts for less than 1% of the reserve currencies, which is very small, but the total transaction volume is less than 10%, and in the past two years, the RMB's share of the world's total transaction volume has doubled. In the new currency system, the five major currencies are used to solve global payment problems. Since there are already five major currencies, and these five major currencies run very smoothly, there are no particularly big risks and struggles, unlike Bitcoin, which can be launched online for hundreds of yuan, tens of yuan, and 10% online. This currency system has been able to achieve the maximum output with limited resources. So there is no need for this new currency.

Liang Song: I disagree. The world already had horse-drawn carriages and ships. Does that mean the invention of the steam engine is inferior to the automobile?

Hong Hao: The steam engine is better than the horse-drawn carriage.

Liang Song: Who says Bitcoin is not better than other fiat currencies? Payment and settlement are fast.

Mai Gang: I am also an economist, and more and more people are talking about money. I just talked about money banks and commercial banks’ transfers. There are many problems here. First of all, they introduced unfairness. What is unfairness? The closer the enterprises and individuals are to the source of money, the more money they make. Let me tell you with a real example who has benefited the most from the past 4 trillion yuan? Who did the bank lend the money to? Who benefited the most. Who did the bank lend the money to? They lent it to state-owned enterprises and commercial investors. But later we know what these enterprises do with the money? They did not invest in the actual funds that the country hopes to use, but in the field of capital speculation. So even if the country’s fiscal policy and monetary policy are in the right direction, can its execution, operation, and practice be guaranteed to be correct? So I can only talk about this topic. The current monetary system has shortcomings. Can the emergence of a new monetary system solve this problem? I think it is worth discussing, so the topic I threw to all the guests and the audience in the front is, if there is perfect gold in the world, is the emergence of this perfect gold a stability for the world economic division? Or is it a connecting meaning? What is perfect gold? Gold cannot be cut infinitely, cannot be received infinitely, and cannot be exchanged in some countries. These problems make gold imperfect. What Bitcoin wants to do today is to further improve it through its imperfect nature. So I would like to bring up the topic again. If this kind of material commodity appears, will it give us a good impression?

Xu Mingxing: Gold withdrew from the field of human currency in the 19th and 20th centuries. The main reason is that its total amount was not enough. Therefore, the basic rule currency first appeared in the UK. The ratio of gold seemed to be 1 to 1 pound. The pound was discovered using this mechanism. If perfect gold exists in this world, what do you think?

Xie Guozhong: The technical issue just mentioned, that Bitcoin can be divided infinitely, if it can be divided, it is not targeted at a few points, because if we adopt the price of Bitcoin tomorrow, when you buy a cup of coffee, everything will have the price of Bitcoin, and it will be useless to divide it, because the price has been set. After dividing, you must change the price before the supply of Bitcoin will be realized, so it is actually not feasible.

Mai Gang: The price of gold dropped after this cut. That’s why gold is exiting the stage of history.

Xie Guozhong: Because the price of gold can be raised infinitely, and then re-priced, it is enough. But this is not in line with reality. If rice is set at one tael of gold, 100 kilograms of rice, then tomorrow the production of rice will become a lot, and gold will not be enough. After leaving the meeting, I said that if you say gold, gold has been redefined, and one tael of gold has changed from 10 kilograms to one tael, and the price has been re-priced, so this division is useless from a functional point of view.

Liang Song: It can be infinitely divided. What problem does it mainly solve? To solve the problem that the total amount of Bitcoin is not enough to meet the needs of the entire world's real economy. When the price of Bitcoin is high enough, it can be infinitely divided, and you can still use 0.00 Bitcoin to buy a cup of coffee. I think this problem.

Xie Guozhong: When there is more coffee tomorrow, you will not be able to adjust the price of Bitcoin. You say that if the demand for currency increases tomorrow, and I cut it infinitely, then the price of coffee will be set at a certain price and cannot be repriced.

Liang Song: After this transaction, the price of OKcoin will change to a certain extent, so the coffee shop can change its price.

Xie Guozhong: With Bitcoin in your pocket, you can buy a cup of coffee today, and tomorrow you can buy two cups of coffee. So the same is true for gold, because before gold was abolished, the industrial economy saw a large decline every 10 years because of the industrial revolution. Now everyone is singing the praises of the IT revolution. Compared with cars and trains, the IT revolution is a very small technological revolution.

Liang Song: The development of the industrial revolution made gold obsolete, and the development of the information revolution is making gold obsolete.

Xie Guozhong: Look, IT is developing so fast now. The world economy has been growing in the past six years. What miracles has IT brought?

Mai Gang: Why do you say that gold has withdrawn from the stage of history? In fact, I personally think that the problem that gold needs to solve is very simple, that is, to digitize gold. But why gold has not been digitized and has not been promoted? It is very simple because since the 1920s, the country has promoted the development of gold because of the rise of the currency application system. It has a national monetary system, so gold has withdrawn from the stage of history. It is not that the production of gold is not enough, so it has led to retreat. So gold itself is the problem.

Xie Guozhong: The production of gold is very limited. The world's gold is limited. Gold is a very small thing produced during the evolution of the planet. So how much gold do we know on Earth? Just now, Mr. Hong said that you have Bitcoin today, and I have other currencies tomorrow. Everyone can have a currency. If this technology can change, it can be done very quickly. So Bitcoin is not gold. It is wrong to say that Bitcoin is gold.

Mai Gang: Gold is formed geographically and is unique in the world. So is Bitcoin unique? Or can similar commodities be copied? This is a very hotly discussed topic, but the industry generally agrees that this is a more emotional topic.

Xu Mingxing: Let me answer this question. I am an engineer and I studied mathematics. Why is Bitcoin said to have the intrinsic gold attribute? One of the very good attributes of gold is that it is not replicable. If Bitcoin can be replicated into another coin, how will the data of this Bitcoin be reflected? How does Bitcoin have the gold-like attribute? It is actually based on two softwares. One is its algorithm, which is replicable. In addition, Bitcoin depends on the computing power of the entire network. The greater the computing power, the harder it is to forge Bitcoin. It is also easy to double-send digital things. However, when Bitcoin becomes the computing power of the entire network, the greater the computing power, the harder it is to prevent and forge. How powerful is the computing power of the entire Bitcoin network now? There are many people doing mining calculations on the scene. There is a number that is the cost of Bitcoin mining every year. Now it is the average cost of small and medium-sized countries, equivalent to the average cost of Kazakhstan. The speed of this calculation is that the most powerful computer in China, Tianhe, may only have one thousandth or one ten-thousandth of its computing power. If you want to copy Bitcoin, it is a very difficult thing. If you create a new set of other things, such as Acoin and Bcoin, it is very difficult to build such a huge computer network. Bitcoin has been quietly analyzed in the past few years. Then, because it can make money, people have provided it with capabilities. Now they have begun to design professional chips to perform mining calculations. Therefore, it is difficult for new coins to copy the Bitcoin process. So in the past 4 to 5 years, more than 200 coins have been promoted around the world. What kind of coin is it? Like Bitcoin, it is recognized by everyone in such a large range. So it is not replicable or difficult to replicate. Gold can be replicated now, but the cost of replicating gold is much higher than the price of gold. That's it.

Hong Hao: Many things are not replicable, and each of us here is not replicable. But that doesn’t mean that all things that are not replicable are valuable, and its market price is much higher than its intrinsic price. So we are not arguing about Bitcoin here. I regard Bitcoin as a means of payment, because it has things that other currencies cannot do. There is one thing, we are arguing about whether this thing is a speculative thing or a tool or a software, which is something we cannot reach a consensus on.

Mai Gang: We tend to overestimate the progress of new technologies in the current three to five years, and underestimate their future development. So the price market of Bitcoin today is of course an investment market, but it does not mean that it controls the development space in the future. Whether its value at this time depends on its attributes. Again, I think Bitcoin is the first technology in history to use advanced science and technology to simulate gold. Although it is not perfect, the starting point of the facts and the progress required at present make its future prospects irreplaceable.

Liang Song: Bitcoin is printing money privately, and any country thinks it is illegal. From this perspective, let's look at it from another perspective. I think the euro is established as a legal currency. Why? These European countries voluntarily gave up their resident rights, and then everyone jointly maintained the total amount of currency issued. In fact, the entire meaning of Bitcoin is similar. I think the special mechanism of Bitcoin is recognized, approved and used by these legal currency issuing countries.

Mai Gang: We have also done some research and discussion here. When we talk about currency, we are talking about circulating currency, which is used by people to buy vegetables. Of course, I believe that in my lifetime, I will see people using currency to buy vegetables, but currency has many forms. For example, in today's golden age, it is undoubtedly currency, and its existence mainly exists in the form of currency. Bitcoin exists in the form of a digital currency, which may have the meaning of circulating currency, payment, and reserve currency. We are looking forward to its emergence in future games. We are talking about the day after tomorrow and the day after tomorrow.

Liang Song: Today we are using an adult's standard to demand a child. The size of a child may be different every day. He may be fed this week and next Monday, but by the time he grows up, he has grown up and his vitality is there.

Hong Hao: Your own logic is contradictory, because your selling point is that your power is limited, but the power of paper money is not limited. However, the limit of the power of paper money depends on our economic growth and the level of inflation, but electronic currencies such as Bitcoin have limited selling points. So your selling point and your future growth into a currency are inherently contradictory, do you know?

Xie Guozhong: Gradually I emphasized to everyone that I felt the Communist Party would never support it, so don’t even think about it.
Mai Gang: This incident is still for the United States and European and American countries to solve. The United States is not targeting China. Bitcoin does not belong to China alone, it is a global product. I think the Bitcoin you just mentioned is a circulating currency. There are many currencies for pricing and reserve. This is the role and value of the currency era. I never said that I would use currency to buy vegetables on the street tomorrow. Because this is impossible.

Xie Guozhong: Currency is rarely traded as a circulation. It is mainly a credit system, and the value of circulation is determined by credit. For example, if it is China's currency, there are more than 1.2 million yuan, but in reality, there are very few people who suddenly use it. Most of it is credit, and behind the credit are factories, buildings, railways, and roads. So its value is determined by these markets, so why the price of this commodity does not fluctuate greatly is because of this. So when you talk about Bitcoin, if you only look at it from the perspective of currency, it is because it is only regarded as a circulating thing, and its price fluctuations are definitely very large.

Mai Gang: I personally believe that Bitcoin has the potential to serve as a reserve currency in various fields around the world in the future.

Hong Hao. There is absolutely no possibility. The total value of digital gold is now 800.8 billion US dollars, and that of Bitcoin is 6 billion US dollars.

Mai Gang: The difference is too small.

Hong Hao: Gold only accounts for 5% to 10% of total currency.

Mai Gang: I want to ask why the world needs to develop information technology? Because it is our valuable asset, it brings a kind of value, a means of protecting value. Does Bitcoin have this means? I think it has this property. In addition, it is too small today and will be nothing in 50 years?

Liang Song: In my eyes, Bitcoin is a disruptive innovation. How can we use this innovation? On the one hand, we can wait for it to appreciate. On the other hand, think about the mechanism of Bitcoin. How can it be transformed from a disruptive innovation to a cooperative innovation? Some people have applied this mechanism to the 1,286 online platforms in China, with a credit transfer amount of 200 billion yuan, and 6.2 billion yuan in the United States. These financial products need to run in a transparent and unprocessable financial system. Can we use the mechanism of Bitcoin to solve the innovation of the financial system? When we regard Bitcoin as a means of transaction, a tool, and a software, we suddenly see the light. How can we discover its innovative attributes? Is this a solution for us?

Hong Hao: Before the Opium War, China was the most powerful country in the world, and China's monetary system was the most circulated system in the world. At that time, copper coins were the main circulating currency.

Liang Song: Yes, so at that time we used copper coins instead of paper money, and others used silver, so we were defeated by those who used paper money. So now we use paper money because others taught us to do so. If we don’t use Bitcoin anymore, we will be defeated by those who use Bitcoin.

Mai Gang: Let me make a hypothesis. If there is a country in the world, and a country says brothers, I have issued a national currency today, and I am here to support you with a Bitcoin exchange system. It is just like 100 years ago, Britain said that you can exchange currency for gold. If a country I issue uses currency, but I say that currency can be exchanged for Bitcoin at any time, will these currencies be welcomed in certain fields? If one country does this, what will the other country think? If two countries do this, what will the other countries think?

Liang Song: What you said is that the weasel has been separated. Does this exist? It has already happened. Some European countries accept Bitcoin.

Mai Gang: California has already recognized it, what will others think? Will California benefit from recognizing it? If others benefit, what benefit do we get? If we accept his Bitcoin, his transactions will be taxed.

Xie Guozhong: California is almost bankrupt, and he has done everything.

Liang Song: So when the weasel can’t catch the chicken, he will expose the base that issues the chicken.

Xie Guozhong: A Silicon Valley-style prison can just donate some money to a chairman in California. I think the fatal problem of Bitcoin is that payment is linked to currency. In the end, it hides itself and says that it is for the payment function. If the efficiency is very high, it will also be replaced by other new payment systems.

Mai Gang: I have never thought of Bitcoin from a practitioner's perspective. In my mind, it is a brand, a technological innovator, and a future world financial brand, so I am very much looking forward to you bringing new trends to the world.

Liang Song: Let me say one more thing about this trend. Our current trend is not just an era of Internet finance. The future is an era of self-management. Everyone here can use their own abilities to participate in its design, issuance and operation. So this is our era. Don't let them close the door to our wisdom.

Hong Hao: Issues regarding the US dollar continue to emerge. Originally, our foreign exchange loans were US$800 billion, and now they are US$4 trillion. We have grown five times in the past 10 years, but do you feel that the Chinese people are ultimately forced to improve.

Liang Song: The parable we just talked about does not represent the key to this fact, but just makes it easier for you to understand. The incentive mechanism invented by the chicken is not like the original legal mechanism. It is maintained by a set of algorithms and tens of millions of computers around the world. Therefore, it is difficult to evaporate. This is the advantage of its transparent mechanism. As for how can we, the losers like me, counterattack through such an innovative opportunity, you need to move forward and use the current idle period of Bitcoin to study its technology and application, and bring out its true intrinsic value. For example, can it be dyed and cut? How can it be connected with the existing financial system to make cooperative innovation? This is an opportunity for counterattack.

Hong Hao: I think everything in this world is relative. When only wolves issue currency, everything is chicken. When all chickens can issue currency, all chickens become wolves and dogs. So even if you have a rigorous algorithm and various software systems, there is no way to guarantee this weakness of human nature and turn every chicken into a wolf.

Liang Song: You are absolutely right. Human weakness does not exist. However, it is not the chickens that issue the currency now. Instead, the chickens jointly maintain a currency system. The chickens themselves do not issue the currency. Not every individual chicken can issue the currency. They have a system, and this system is copied by many other chickens. Other currencies cannot account for more than 80% or 90% of the global transaction volume. So in the end, the most commonly used chickens won. That is why we are here today to discuss Bitcoin and find the counterattack opportunities that Bitcoin innovation brings to our innovation.

Mai Gang: I don’t quite agree with your concept of the loser’s counterattack. I just think this is a huge opportunity for change.

Xu Mingxing: To sum up in the last sentence, excessive expectations and excessive denigration of Bitcoin are both irrational behaviors.