Xu xiaoping and han feng: what is the most valuable application scenario in block chain?

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At the annual meeting of the Chinese youth angel association, xu xiaoping and teacher han feng held a fire in the block chain.
Host: han feng, visiting researcher at Columbia University, the central institute of block chain consultant, Asia block chain DACA association secretary general, also to cloud foundation director, his editor in chief of the new economic blueprint, and guide on block chain block chain ~ quantum view of wealth and other monographs, participate in and develop the common course of tsinghua university graduate student "cyber intelligence economy and chain blocks and speaker, one of Dr. Let's applause, let's welcome the first han feng first to tell us about a block chain, please welcome.

Han feng: I'd better use this (hand-held) microphone because I prefer mobile communication. Just now Mr. Ouyang told me about his experience of starting a business, and I was quite impressed by it, because I have a certain intersection with new Oriental. I was a doctoral student at tsinghua university. I decided to start my own business in the sea. But in 1995 and 1996, I quickly realized that the network voice was unrealized and the transmission was too slow. I actually tried it first, now called O2O, which is actually using the Internet, so many American teachers come to China to talk about it.
Do pretty well in the first several years, in 1998 I met wang qiang teacher in new Oriental school in haidian communication on a private education seminar organized by the ministry of education, when we communicate with each other about their annual income, I was very proud of I am a third of new Oriental. But after that, yu minhong once had a classic saying that you must have a mansion in your heart, otherwise you would have to move bricks all day long. Unfortunately, after 1998, I was basically in the same situation that yu minhong said, which is not to have a good strategic construction for the future development of the enterprise.
Now recall so many years to move the brick, the only thing I feel is commendable, I really found I actually inside, this pursuit of the self is not to run a business, not earn much money, I am particularly eager to this world have a satisfactory explanation, of course, I mainly in tsinghua research of quantum mechanics. I was always puzzled why quantum mechanics never understood, and when I read a PhD at tsinghua, I didn't understand it. So I spent a lot of time, and I went back to tsinghua and followed my tutor to learn quantum mechanics. Fortunately, I have always been the general manager of that yunzhou, so no leader on my team dared to give me attendance, so I spent a lot of time in absenteeism and went back to study.
In this way, you can get a business, and you can imagine that the enterprise will not be able to do it in 2013, and then it will be transferred to others very cheaply. Because that moment I thought, I this lifetime to do business without success, but somehow I want to do something you really yearning, I want to go back to tsinghua university to continue to study the quantum mechanics, continue to do my research. Later, both of my mentors were at the institute of advanced studies, which was run by Mr. Yang zhenning, and later they accepted me. Thank you very much. This is the experience of 2013.
But the weird thing about history is that in 2013, I suddenly encountered bitcoin and blockchain, which I didn't expect at the time. I actually enter the have a strong desire, or from the heart a kind of life I need or hobbies, I hope to face new things, to the whole world can have a more self-consistent interpretations. Why does bitcoin appear? Why the blockchain? Why does bitcoin have such a price? So my main focus in recent years is in thinking about this thing, because I also heard someone asks me, said the currency is ponzi scheme, if it is foam, tulip? Is its price real? What is the value behind it? Countless such questions.
I feel the need for a set of theories to explain it, and now that I have read several times in 2013 in this our papers of the earliest COINS, I firmly believed that this technology is promising, this technique is promising, I think we should have a more reasonable explanation for it, to answer these questions in the future. After these years of hard work, I found that the last when I really think is that you can find the answer, I found that is not the technology itself, we must stand at the whole history of human economic and financial development, is now the Internet economy under such a background, may explain why there is block chain boom, that some digital currency, including its price and value.
In this process, of course, I would like to thank Mr. Zhou ziheng, a researcher at the ali institute. Our discussion has played a crucial role in shaping the final theory. This is also the reason why Mr. Zhou ziheng has a position in ali, because you know, in fact, alibaba, jack ma has been criticized in his whole business process. Lang xianping, an economist, used to speak publicly of jack ma, calling alibaba a "disaster" and using it entirely. And traditional economics, dong mingzhu and founder of the wahaha have published a very negative opinion, for alibaba, basically think it make no sense, just provide some cheap products, even a fake.
Although he is a smooth talker, he doesn't seem to have much theoretical knowledge in my opinion, so he can be really polite and answer the criticism in this way. Then finally came a zhou zi heng, zhou zi heng was trained as an economics doctor at Peking University and a researcher in the finance institute of the Chinese academy of social sciences. He later developed a theory, let ali Gao Gongbing these addictions, now not only to his appointment as ali institute members of the committee of experts, and basically ali some discussion meeting Zhou Ziheng is speaker. Fortunately, I was a good friend and a good friend, and I often went to conferences with him.
Zhou ziheng's main theory, here is a brief introduction. I think this is the first mainstream economics in China for out of nowhere the so-called new Internet economy, we also didn't say to block chain, he has a set of more self consistent, original theory is put forward. He seized on one of the most important features of the Internet economy, the big bang. Deal appeared on the surface, of course, it is true that the big bang, a double tenth, 12-12 every year set a new record of scary by next year and become the norm, and create a higher sales, are so grow over the years.
There is no doubt that the big bang theory is actually produced, but the most fundamental is how do you explain all this? Zhou ziheng's original creation was to blow up the big bang, the big bang that Britain developed over 100 years ago, the industrial revolution. Because of the industrial revolution in Britain more than 100 years ago, it should be said that in the economic history of mankind, even the history of civilization is iconic. Because before the big bang, almost all of humanity was scarce, because of the serious bottlenecks in production.
Before the industrial revolution, human production of agriculture, animal husbandry, handicraft industry, it is seriously influenced by weather, environment, season such constraints, not to say that the production can be anywhere, anytime you want. Four seasons, what season can you produce what, like the northeast most typical, one year and three months cannot produce, so the northeast people like to sing two people turn, this is to limit you. In this way, human production is actually severely restricted by the natural environment, which is the basic state of human economy before the industrial revolution.
Nixon wrote a book, "the years of the White House," which specifically mentions China, which actually looks rather bitter. I believe he has read some survey materials in China. He said that China's civilization has been developing for thousands of years, and most of the Chinese people are in a state of semi-starvation. A lot of it should be true, so scarcity, so far the economics courses taught by universities, are scarce. Then, on the basis of the scarce hypothesis, we will study how to allocate resources efficiently.
But Zhou Ziheng explicitly proposed that the industrial revolution, the production of big bang humans to escape from the scarce for the first time, because can make the mass production, can not completely controlled by time, location, environment, production can be 24 hours. This is an image in Charlie Chaplin's film "modern times," and it's all production lines, and you just have one movement, you can make it almost infinitely efficient, and you end up driving the workers crazy.
And, of course, the main background was the technology, which was based on Newtonian mechanics, the mechanical revolution, the steam engine and some of the new technologies that went into production. It turns out that a lot of human hand-made processes can now be turned into mass social production, the most visible sign of the British industrial revolution. But zhou's theory goes on to say that the human race has long since entered the industrial revolution and produced the big bang. But humans are stuck on the second bottleneck, and the deal is still manual. For more than 100 years since our industrial revolution, it's still a trade in the hands of money, even if you go to the mall. Therefore, the trade is a bottleneck in the more than 100 years' history since the industrial revolution, and the trade is still in the era of handicraft industry.
It's been almost 100 years since we've been plugged in, and zhou has given specific examples, such as the great depression in the United States. The average textbook tends to say that the great depression in America was caused by overproduction, but zhou was careful to analyze it. He said it was not the case at all, at least not so much. In fact, the production of the big bang, but trading on this side of the completely scarce resources, can not keep up. Its level of development cannot match the explosion of production, the most typical picture, the American pipe, and the milk is poured out. In general, it is not true that there is a surplus of milk produced in the following textbooks. It is absolutely not that the milk production in the United States is too much for consumers to drink. Zhou Ziheng to investigate this matter, in fact, at the transaction phase, completely there is no a set of refrigeration equipment in the retail stage, so it is to sell the milk at less than 100 kilometers smelly, so can only pour out, because the consumer end technology on various aspects doesn't match with the production end at all.
Zhou ziheng, I think he points out, I believe many people in this room have the experience of running a company. Indeed, the biggest headache for a company's boss is sales, because production can be exploded and can be produced socially, but the deal hasn't caught up in years. But what is the new economy emerging from the Internet? It was now the high-tech, which is the information technology, we calculate these things rushed into the area of sales force, incredibly let sales also from the original state of the manual, handicraft industry has become a social big sales. Zhou ziheng carried it to the same height as the original industrial revolution and the big bang, which is a new stage in the history of human history and economy.
We used to have big bang, but now we have a big bang, so the economy is going to get a whole new look. Of course, we see a lot of examples, such as the two years of sharing a bike, you scan the code, including the payment automation. So you want to rent a car, you have to talk about price, sign the agreement, including how to pay for these things could have been a very long process, now solved by a few seconds a sweeping code, this is a typical transaction automation process, a lot of new technology into such a transaction.
But zhou's story ended abruptly, though ali made him a treasure, because ma finally heard the theory. Finally speak alibaba is similar to the position of the British industrial revolution, to declare to the whole economics, we represent the Internet in the new economy, it is human a new stage of economic development. But then I talked to zhou ziheng, and I said that your theory is at best half, because obviously you have a very important question that you can't answer.
Where is the direct economic benefit after the big bang? It often produces a lot of shopaholic because the volume is up. What does that mean? It can't form a complete set, in fact, our entire economy society have so many credit resources, after all didn't so much money, you always blindly increase economic rate is no good, this thing has happened twice in history. One was in the big bang, the industrial revolution, when god threw a big pie in Europe.
Spain has found a large silver mine in central and South America. It appears that the Spanish have taken the silver to Europe and the spaniards are the first to get rich. But the real economic significance was to provide an entirely new and sufficient credit resource for the entire British industrial revolution at that time, because there was not enough credit resources to circulate the market. How can the market form a closed loop? The whole flow is likely to have an economic effect.
In fact, there is the so-called big production in the UK, the production of the big bang this cycle is not possible. But god above, let Spain find the great silver mine. But silver out of the Spain a bunch of lazy, lazy, but really promoting and perfecting of Britain's industrial revolution, so the final result is that in the history of the British navy the Spanish fleet out of the water, at the time the industrial revolution was done so.
In the second example, in the great railroad era in the east of the United States, it was found that the railway technology greatly promoted economic development, but the bottleneck in the United States was the lack of credit resources. That's not to say that you're just going to be able to do it fast, and that the whole economy is going to be in a cycle. And then god threw a pie for the americans, and it was California that discovered the gold mine, and that's how San Francisco came about. Gold rush, the results for the entire us economy has injected new credit resources, suddenly closed loop formation, let us very fast development, later than Britain, to become the world's richest countries.
Now the problem comes, we admit Zhou Ziheng you theory, China has a deal, the big bang is at least a link greatly accelerates the economic and trading behavior from the manual behavior, became the social big deal. But then, what about credit resources? You can't just generate shopaholic. Where do credit resources come from? Finally, I came from behind him. Only the block chain, the blockchain solves a fundamental problem, which is that the big data of everyone can be confirmed and become wealth.
If this were done by the blockchain, all of our economic fields would suddenly emerge with the same new credit resources as the discovery of the great gold mine. We for the first time in human history entered everyone can produce their own gold, your gold is actually your big data, because of the large data it has value, this has no doubt. Alibaba has big data, tencent has big data, it has raised its market value to hundreds of billions of dollars, and of course it has no right to do so. It actually look out from the China real estate at a glance, once our government in 1959 after it is back state-owned land, on the surface of the national land and real estate all belong to the state, the unit can only be time. But exactly 20 years we are the poorest, when are we rich? The sign is that in 1998 we can have the property ownership certificate, everyone's house is right, then the transfer can be complied with, the law can protect, the real estate becomes the wealth. In the absence of this, in the housing era, real estate is definitely not wealth, no value, so now our real estate wealth is equal to what? It is equivalent to four times our GDP, which is the future wealth for every family in China.
And what did bitcoin do? A lot of people don't realize that the currency is the first time in the history of mankind to do the Numbers, the Internet was the number of Internet belong to the who is not clear completely, just can produce, transfer from compliance. I'll give you a copy of the document and I'll keep it for myself. It's called a copy, not an asset. But for the first time in human history, bitcoin did it right, right? Cryptography, private key signature, this is just like a check. You have the private key, and this number belongs to you, right, just like we did at the time.
The second transfer contract, by what? Block chain, whole network bookkeeping, you can only transfer once, cannot duplicate copy. The beginning of a digital entered the era of can turn into wealth, so the logic is simple, by chain block most the prospects of the technology is that it can make each of us digital your wealth, if everyone their own big data become your wealth, each of us for the first time in human history can dig their own gold.
We also equivalent to a big gold mine have been found in California, so only block chain in the popularization and development of China's massive, so-called Zhou Ziheng they found in China, including trading ali they have really big bang era is a new economic era. So everyone faces the blockchain, which is the equivalent of facing a new wealth continent.
I'm just going to give you all that, thank you!

The host: in the past about half a year or so, many investors in the investment circle, several, can't say a lot, say you study block chain? Are you involved? I said not yet. Say I have all in block chain, there is still one today. They cut the wires with a kitchen knife, and the sparks flew with lightning to the blockchain. But after all, it caused some ripples in the local area, until one person adopted the internal WeChat method to express the appeal of the blockchain. This makes us understand that for big companies and big people, internal letters can be seen externally, which directly leads to the whole investment circle and the venture nest. WeChat on the Internet has triggered a variety of interpretations and reports of hundreds of tracks, and negative people like the moon, the first and the fifteenth are different. Teacher xu xiaoping, like the sun, shine on where, the whole block chain once again the fire.
Next we are going to welcome China's super angels xiao-ping xu teacher, on the stage together with han feng always to a super dialogue, take a look at block chain, looks glittering, is it gold or dog poop.

Xu xiaoping: my task today is to consult and learn from teacher han feng. I have had a long talk with him before. Today, I represent more of you friends here, and we have come to consult with Mr. Han feng for advice and advice on many of our views. I would like to ask you not to tell us what we said today.

Han feng: since I don't want to tell you, I would like to say that I had a conversation with teacher xu xiaoping that night. I think he has two most classic words, but they don't dare to talk about it.

Xu xiaoping: that's right. I've been listening to you, and I've been listening to you countless times, and I've been fascinated by you countless times, but that was the first time I'd heard it, with a kitchen knife, a wire, and lightning. I think the teacher was talking about the flash of lightning, and I went on to say two things.
You know, big data is energy, big data is gold, but today's big data is really big data and it doesn't matter, isn't it a contradiction? Isn't that a possession? You use my consumption data, where you go, what you use, what you buy, which is a resource that other people can sell. So I still listen to the Korean teacher, really do not have the means now, really big company wealth is precious. And as we go along, how does the blockchain allow individual data to become personal gold? I also want a little bit of gold to tell us how it came about.

Han feng: I understand this. First of all, I understand the role of gold in the economy. I tell the truth, I think most people put gold real role in the economics to speak the truth, the first he saw phenomenon is a lot of people do with gold jewellery, including a lot of people with gold. He said gold had a value, so it turned into wealth, which is usually the logic. Later, when I studied history, I found that the logic was completely reversed. In fact, gold was not even a jewelry at the earliest. Gold, to some extent, is the most useless metal in ancient history. Iron and copper are productive forces, and gold does not produce any productivity. But why does gold end up being an important resource or even wealth? The fundamental truth is extremely simple.
Human beings in the process of trading, the original must be based on content in content, but was later found in the object content of efficiency is very low, I need you, you don't need my things, we exchange not bottom go to. So humans figured, I need to have credit resources to facilitate transactions, and the most primitive trades are like we're relatives and friends. Of course, the bigger deal, the relatives and friends are not enough, that is the natural resources. So gold as a metal, actually the first stable physical and chemical properties, gold, silver, not just decay, it is bad to keep, and it is easier to cut or something, I will not elaborate. All in all, gold and silver have become common equivalents.

Xu xiaoping: the first is not easy to corrode, the second is easy to cut.

Han feng: third, mining requires a certain amount of work, natural scarcity, and you can't do it everywhere.

Xu xiaoping: are there any other factors?Han feng: the rest is distributed around the world. If you have only one country, you are not willing to recognize it.

Xu xiaoping: how did I hear you say this thing is bitcoin?

Han feng: yes, in fact, it can be seen from the literature that he is almost entirely imitating gold. And in fact, if bitcoin is to be successful, it is now digital gold, the equivalent of the digital wealth that the future has just said.

Xu xiaoping: gold, data, how can big data become personal wealth in the block chain era? I find this very interesting.

First of all, the problem with the principle of bitcoin solution is that the number can be confirmed, which is not possible on the Internet in the original TCP/IP protocol, which number belongs to who doesn't know. The simplest rule is that you can't repeat payments.

Xu xiaoping: the data can be confirmed?

Han feng: right, it is signed by private key, which USES the result of cryptography, which is called non-repeat payment, that is, transfer conforms to the basic logic of the asset. I give you, I must not, and I can no longer give others, this is the basic logic of the asset. Was the number of Internet is not have this function, but it depends on the block chain, chain blocks a great creation is to rely on tech-oriented account, common account, ensures that you can't repeat the transfer, can't transfer to others, so the currency was the digital it is valuable.

Xu xiaoping: you can talk about the block chain. Don't tell me that blockchain is an untamable database. Such as the Internet comes, we usually don't know what is the Internet, but we know that Email E-mail, today a lot of people don't know what is the mobile Internet, but we know, WeChat playing, it is a typical application of block chain seems to this day I haven't seen consumer applications, don't say.

Han feng: to be honest, the first application is bitcoin, which is a fact. Now the blockchain is so hot that even last month I went to the United States, to a large extent, directly related to the price of bitcoin. Americans still ask me for bitcoins, because the average person feels unintelligible. Because the Internet number is not valuable in people's mind, it suddenly has such a high price, how did it come?

Xu xiaoping: I saw an article written by wang lijie yesterday about the nature of bitcoin, its value, what is the value of bitcoin? I haven't figured it out so far, so I haven't bought a bitcoin yet, and I've missed several hundred million. Can you say it in a simple, violent language, and tell us you're going to buy bitcoin as soon as you talk about it.

Han feng: no, I'm not trying to persuade you to buy bitcoin today. It's the simplest and most brutal truth. It is the gold of the future.

Xu xiaoping: I still can't understand.

Han feng: as for the gold behind the purpose, what with big gold teeth, because of gold into the commercial credit business field resources, everybody to wealth, he takes up more credit resources.

But bitcoin can't be set with gold teeth.

Han feng: it does not need to set teeth, but it has become a new credit resources this point, the Internet is very similar with gold, and to some extent, can play the role. Because the future of Internet gold should be transmitted like Email, otherwise your real gold is not welcome on the Internet?

Xu xiaoping: then suddenly one day I won't use bitcoin? Mr. Wang said it was a consensus, but I have no consensus now.

Han feng: the entire global future digital asset trading credit resources will soon be no, scarce. I have just cited two examples where a new economy, such as Britain's industrial revolution, needs to be injected with new credit, otherwise the economy cannot be recycled. Now the Internet has produced a lot of Numbers, no problem, but no new credit resources to trade it all.

Xu xiaoping: let me summarize. I just did not understand the problem that was deliberately difficult. But if you don't have bitcoin or any other currency, you can't deliver value on the Internet, right?

Han feng: it can't transmit it so quickly. Of course, you can do it in theory, but it is extremely inefficient and extremely expensive. That's the problem.

Xu xiaoping: but I think WeChat payment is also good.

Han feng: the world is not good. If you change to other legal currency, you can't.

Xiao-ping xu: suppose the United Nations passed a resolution, now the world together to do a currency, the dollar, yen, pound sterling, the unified settled on this thing, in theory also can rebuild. If it were reinvented, it would be a digital currency, and that's for sure, and then the global consensus, it's possible to replace bitcoin, right?

Han feng: no way.

Xu xiaoping: why?

Han feng: I will tell you the truth. In fact, the credit resources of human beings are produced by the centralized government only for 100 years, or even less than 100 years. You are like gold and it is believed to be natural scarcity, which is the basic logic of human finance.

Xu xiaoping: because there is a thing called USDT, a number corresponds to one dollar. What if globalDT?

Han feng: $$not stem, as early as the so-called bretton woods also claimed that it anchor for gold, but then the dollar to find it more far more than the number of the anchor, so I quit.

Xu xiaoping: there is a conclusion from the dialogue that bitcoin, as the first application of the block chain, has been irreplaceable according to the teacher's point of view.

Han feng: as the status of gold has started to form, I can't say absolutely.

Xu xiaoping: that's not what I said. I also see an article abroad, block chain has eight applications, in the field of the application of the eight. Zhang min also said that the blockchain can be used in any field, but I would like to ask Mr. Han, for example, to raise a field for investors and entrepreneurs in this room to feel its power and value.
In 2008 and 2009, I walked with Allen kuo near international trade and talked about mobile technology. He said mobile technology was a great revolution. What did I say? He says, for example, when you hold a cell phone, the scene is born. Now I don't know what the scene is. I wave my hand. You have GPS, you know where you are, you know where your driver is, and you connect it. Of course, the earliest mobile apps were not people looking for cars or cars, but people looking for people. Now the blockchain comes to this step, and I feel like the mobile technology of 2008, give me a scene, it affects my life.
Han feng: that's too much. I'm telling the truth. I think what China needs most now is a financial instrument for the future. Because it's so simple, America's wealth is the future, because it's the stock market, the stock market, 10 times GDP. Why the United States is doing well in the future, even alibaba is going to go public, its wealth is the future, and it doesn't need to produce a lot of products to generate wealth. Only real estate in China is now in the future, and the real estate has been confirmed. In any case, the contract is legal protection. So China's real estate actually, professor zhang yingbin said, is called home buyer is the future development of the city stock, the house actually plays this role.
China's real wealth of future wealth is only real estate, but the real estate itself does not encourage innovation, I don't need to say much. Future China is urgently needed to increase along with the new situation, to have a liquid financial instruments in the future, so I think the future block chain, including the large data, this is a perfect, but also to everyone's wealth status, this isn't to everyone?

Xu xiaoping: this is the concept. It's like I'm talking about the mobile Internet, you're looking for people, people looking for cars, people looking for people, mobile Internet. A little bit nearby, somebody comes out, you don't have to hold a computer.

Han feng: well, the specific example I told you about two years ago, ant financial sent me an Email and said I would give you five thousand yuan. Please write an article for us. The content of the article is their 12-12, and the sales volume suddenly exceeded 100 billion. I received this request, and I was filled with rage, because I thought you were worth a hundred billion. There's a lot of shopaholic out there, right?

Xu xiaoping: I just give you five thousand pieces, I am also angry with me.

Han feng: that's the second one. I think that's the point. If he wants to write it, I don't think it makes sense. You've only increased your sales, you've let me flatter you, I'm touting you for shopaholic, unless I have a conscience. But suddenly I want to clear, on this logic should not be like that, I finally wrote an article for him, the title you can probably guess the point of view, called "the chop of the party's hands with block chain connected". What do you mean? That is, if your ant financial is willing to let these merchants on your taobao.com set up some kind of integration, you can set the integral to be limited in total natural amount, like bitcoin. As long as you are the annual sales rose, your points is limited, they can be converted into cash in the future, I can appreciate you, become a kind of liquid financial instruments in the future, that you want to consumers will he cut his own hand? He's making money, he's got an integral in his hand, he's going to go up next year, he's going to kiss himself. So I wrote him an article, so the result unexpectedly, their chief strategy officer Jackie chan immediately turn this to their circle of friends, and is just above answer for a moment, I think can be recorded in the history of a word, investment consumers said this is what I said. In fact, he understands the logic of blockchain, and the future is to turn consumers into investors at the same time.

Xu xiaoping: consumption itself is investment.

Han feng: yes, americans have a book called "poor dad, rich dad", which is a very different kind of people in history. Poor dad can only accept the present of wealth forever, he can only sell his labor time. It is the logic of investing that rich dad has a future of wealth. But for the first time in human history, the logic of the blockchain, the poor dad and rich dad could be one.

Xu xiaoping: this idea is very important. I was very shocked when I heard from teacher han feng a few days ago, and then went back and chopped off my hand.

Han feng: no need to chop hands.

Xu xiaoping: what is the title of that article?

Han feng: "use block chain to pick up the hands of the party", you go to search the circle of friends of Chen long.

Xu xiaoping: no blockchain can do this?

Han feng: no, the big premise is that this thing must be right, and the big data in itself must be confirmed.

Xu xiaoping: the title of this article has been changed to "make the hand of the hands-chopping party become golden finger".

Han feng: yes.

Xu xiaoping: the more you buy, the more you can change to the blockchain. The more you buy, the more you will earn. Really? Is there such a good thing?

Han feng: in fact, there were many people who made a fortune in the blockchain process last year, some of which took advantage of such wealth effect. That is, the power and efficiency of a number, once it becomes a reality, can't be compared.

Xu xiaoping: what are the risks and dangers of blockchain?

Han feng: two big risks, the first risk, the bubble is undoubtedly huge, of course this thing is actually the Internet.

Xu xiaoping: do you mean the bubble of block chain or industry bubble?

Han feng: block chain industry bubble, of course, the second biggest risk is one of the biggest differences than the first Internet startup big changes a lot this time technologies are directly move of the government's cheese, this is a fact. Issuing rights, because the government find existing in the so-called securities including approval issued securities, you almost completely not by centralized chain of the blocks, because its core idea is decentralized, it is to rely on math, is to rely on natural resources consumption and calculation to solve of, originally the most government thinks only own authoritarian, calculation to solve it is to rely on the Internet now, completely decentralized.
You're like bitcoin, and the logic government hates it.

Xu xiaoping: don't take the centralization of things. Decentralization is not the essence of blockchain. But what do you think of the government's problem as a party and central intelligence?

Han feng: so I often tell the story to the government, even to ali. I say you see real estate national land in 1959 belong to the country, are you rich or poor? In fact, China was poor, right? Including the government. When did you get rich? It's just to give these things back to everyone, you give them the right to do it, and then you protect their assets and let them transfer compliance, which becomes a huge wealth market. And in fact the government is in the middle of this real estate, you still cut the biggest piece, you have what not satisfied? So the logic of the future should look like this. It's not that you have all the power in your center.

Xu xiaoping: so far, I just want to be an expert, how to help the government to manage, to anticipate the risk of controlling a new technology. Because when I spoke to a leader two days ago, he said that the Internet had brought information to a rapid spread, and now People's Daily website has become the most popular news website in China. Wouldn't it be said that the new technology to governments has brought a new platform, so what do you make recommendations to the government in this respect, let us in new technology comes to guard against its risk, reduce the negative effects of it?

Han feng: actually, China's central bank is also among the most active in the world to issue digital currency. It's actually issuing digital money, and the mechanics of it are not going to be discussed here, but there's one thing that I think he's very clear about, a director of the central bank. It's about protecting consumer digital rights with digital money, which is essentially the very essence of what we just said, but they're not willing to do it now. In the future, the central bank will fight this kind of flag. Ali really has no room for resistance. I issue a digital currency, I destroy you pay treasure, but my slogan is that I protect consumer digital rights and interests, you cannot protect. Do you dare to resist this? So take that.

Xu xiaoping: why did the central bank destroy ali? Ali is also China's competitiveness.

Han feng: that's not what it means. It's a struggle for the initiative, which is actually competing with ali for the initiative.

Xu xiaoping: for entrepreneurs, how can some start-ups use the block chain technology to achieve their own entrepreneurial goals?

Han feng: do you dare to say anything?

Xu xiaoping: control a little.

Han feng: the simplest way to say, in fact, the biggest pain point for every investor and start-up is to realize the future as soon as possible.

Xu xiaoping: the biggest characteristic of enterprises is to create value.

Han feng: is the creation value not also to realize the future? Why is it a successful way to go public? Why is it so eager to list?

Xu xiaoping: to realize the value of a startup, I offer a good product and a good service to realize the future. Therefore, starting a business must not be the main goal of the future, so this is also the negative impact of the blockchain. So my question is, how do you get the blockchain in a startup, for example, credit companies, P2P is not very popular, great inclusive finance. Do blockchains work for them?

Han feng: it's very useful, as long as they dare to use it.

Xu xiaoping: are you talking about the atomic bomb or the block chain?

Han feng: for example, Japan's capital cost is extremely low, some even negative interest rate, China's capital borrowing rate is so high. If block chain can get through this, you think how much this space, among a lot of things, of course, you know, already has the entrepreneurial projects, and I am very bullish on, I was their angels, that they want to do to be off the charts.

Xu xiaoping: really? Give me the founder's call later.

Han feng: well, if the global money gets through, it really is.

Xu xiaoping: thank you, Mr. Han, for my concluding remarks. Dialogue with Mr. Han feng, I have a deep conversation with him, and I have learned a lot. I specially suggest you to be President, and I will talk to Mr. Han feng on this occasion. Because knowledge is known, not knowing is not knowing. I don't know about this digital currency, and I've been thinking about it for two or three years. I finally come to a conclusion, if it is not a new Internet, at least it's the Internet and mobile Internet, the remarkable technology upgrading, great technology revolution, is no problem for this I.
For bitcoin, what can we bring to the block chain and the various applications it brings? I think it will definitely increase the efficiency of all aspects, but it will bring all kinds of risks, taking the Internet as an example. On the Internet, anyone can publish information, and it is a terrible thing that social responsibility, your own integrity, and the word spread more than the truth. We need truth in our society, and human civilization for thousands of years has explored the truth, the truth of the universe and the truth of society. But by the age of the Internet, anyone can send a Duan Dongxi in a small corner, creating a social chaos, this of course is not allowed, but the Internet has made the possibility greatly improved, so I don't know what block chain can bring.
I want to please speak Korean teacher some political right, some don't understand the block chain people don't feel confused, I think you still make us more profound understanding of the block chain brought about by the possibilities, but I want to supplement it from another Angle, is a new technology, the water boat can cook porridge. Therefore, blockchain can greatly improve our social productivity and productivity, and may improve our production relationship, which is what I believe. Block chain on the other hand, will bring a lot of new problems, so I called for here, everyone here are major influential investor, you are the first line of entrepreneurs is very active, also has a lot of government leadership here, we work together to a new technology, a new technology phenomenon to standardize and guide the early, management, self-discipline, finally let China become a leading countries block chain, let it for the benefit of society, the benefit of China also benefit the world, thank you! Thank you, Mr. Han!

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