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Bear market escape: blockchain VC survival map

Time : 04/08/2021 Author : peyfou Click : + -
        In January of this year, bitcoin once rose to 130000 yuan / piece. Jon, a VC investor in Silicon Valley, began to worry inexplicably: if the price of bitcoin rises to 100000 US dollars one day, what will happen to the world?. "The wealth will be reallocated, the holders of dollars may be destitute, and the money will be concentrated in the hands of the smartest geeks. How will the world change?" He often feels "extremely afraid of thinking carefully". Worried Jon is the epitome of many VC investors. Since the beginning of this year, traditional VCs have entered the bitcoin world on a large scale. In the eyes of the chain circle elders, this is a group of regular troops with sickles. The bear market of bitcoin in the past two months has put the regular army into a stage of hiding and waiting for an outbreak.
        According to the statistics of we media "up chain participant", on January 6 this year & mdash; Between March 8, the breaking rates of Binan, okex and Huobi Pro reached 11.76%, 77.94% and 81.25% respectively. In this tumbling tide, the decline of various minority digital tokens has far exceeded that of mainstream digital currencies such as bitcoin and Ethereum, and some bifurcated currencies have even fallen by 99%. In the world of blockchain, new money and old money meet, and the waves behind push the waves ahead, and the tide of money surges. Survival or destruction? This is an escape map of chain VC. Most of the VC funds in the chain circle were raised during the bull market of the blockchain. Recently, the bear market has continued, and the speed of VC fund-raising and project investment has slowed down greatly. People in the circle generally began to economize on food and clothing for the winter.
        "The bear market is actually good for the old leeks, but it should have a great impact on the people who entered the market crazily in the last three months. Because the costs are different and the accumulation is different, I don't know how these people are now." Yi Lihua, founding partner of Youling capital and founding partner of inblockchain, said in wechat circle of friends. Yi Lihua calls himself "old leek". In 2015, he came out of the traditional VC and focused on investing in the blockchain. In the early years, he could not compete with the traditional VC tycoons, but found the opportunity to overtake in the blockchain. In recent years, e-lihua has gained 100 times of return through investment in blockchain and become a billionaire. He soon reinvested this wealth into unknown projects.
        He joked: "this year, many projects have been invested, and the landlords have no surplus grain.". The "old leeks" did not feel too much pressure in the bear market, but the "new leeks" entering the market around January this year were different, and they suffered heavy losses in repeated "harvesting". The entry of new leeks comes from the advocacy and shouting of classical Internet people during the Spring Festival this year. The "3 o'clock blockchain group" created by Yuhong has caused a wave of anxiety in the industry. A large number of traditional Internet people swarmed into the market. They wanted to make money quickly, but they were caught by the bear market. An early blockchain investor expressed disdain for the late entrants. "It's too impetuous to go to bed at three o'clock in the morning and pull wechat groups to do pyramid marketing. Is it true that you miss the opportunity when you go to bed before three o'clock? The anxiety of a swarm of people is meaningless. There are always good projects, but they can't catch them. These people still don't understand the industry.
        ”。 Behind the cries of classical Internet people, a gradually clear logic is emerging: traditional Internet thinking has reached a turning point and needs a new support point & mdash& mdash; Blockchain. "With the development of the Internet, there are a lot of bad and wrong information. The current Internet pattern is not the ecology that we hoped to form in the early years. Therefore, we need to change the status quo and need new things with higher efficiency. The emergence of blockchain is in line with the trend." Zheng Daxin, partner of Xinlian venture capital, told all-weather technology. Xu Ping, partner of Pangu Chuangfu, has been watching the blockchain for more than two years. In the early stage, she did not invest in the project because she did not find the direction of application.
        This year, Xu Ping finally took part in the equity financing of some blockchain startups. "Blockchain is a very early technology. It will first be applied in the 2B scenario. At present, blockchain is developing rapidly in the financial industry. In the future, it will work with AI and big data to solve the problems that supply chain finance has not overcome." Xu Ping told me about all-weather technology. In her view, the blockchain foam is necessary for the market & mdash& mdash; There are also foam in the stock market, but the stock market is an orderly foam. The multiple of the blockchain foam compared with the stock market is "one day in the circle and one year outside the circle". The bear market will blow the foam of bitcoin. There is no active capital in the market, and new money will not enter. Many projects without profit points will be difficult to survive after burning money.
        Yi Lihua believes: "if the bear market lasts for one year and the blockchain project wants to continue to prosper, the valuation in the primary market must be lowered and lowered, and a new round of refinancing must be completed. If it is not done well, the initiative will die. The previous price is unreasonable, so don't have any illusions at this stage.". As one of the earliest participants in the industry, Yu Wenbo, executive director of distributed capital, has experienced the ups and downs of the blockchain Market: in the past few years, blockchain entrepreneurs and investors were calm. In the recent year, the market was hot, and in recent months, they were relatively calm. "The phenomenon of breaking is very normal. Many projects can not withstand scrutiny. If the development team and project model are not comprehensive, then it should be broken. Breaking will make the market more rational and beneficial to the development of the industry. We will return to common sense and fundamentals to look at the project in the future. The value of future projects will be determined by the market.
        ”Yu Wenbo told me about all-weather technology. On March 30, two blockchain industry gatherings were held in Beijing and Sanya. In the eyes of investors, the gathering in Beijing is organized by several traditional Internet tycoons, which is the network circle; The party in Sanya was organized by a bitcoin exchange, which is the coin circle. The three forces of network circle, chain circle and currency circle are interwoven into a huge network. Each participant hopes to become an important node to gather high-quality projects and obtain huge returns. Ethanding is a partner of a VC in Shanghai. Recently, he rented a floor in a joint office space in Jing'an Temple to establish a blockchain incubator hashincubator.
        Immersed in the investment circle for many years, he began to pay attention to the blockchain in 2014. The blockchain entrepreneurs who came to him for investment at that time were not the elites in the traditional world. They seemed to have no high-quality background and strong strength. After several hesitations, Ethan rejected these young people. After missing several projects with huge returns, ethanding decided to focus on the investment and incubation of the blockchain industry and obtained angel investment from several VC institutions. In ethanding's plan, a complete blockchain ecosystem includes: incubator, digital investment bank, exchange, technical advisor, rating agency, media, expert library, external investment agency, and crowdfunding community.
        "This ecology is global. In the future, organizations will spread all over the world, including foundations in Singapore, exchanges in Australia, and office space in Silicon Valley. I am a VC. I think that in ten or eight years, the environment of the primary market will change dramatically. High quality projects can be directly traded to the market for equity financing. Maybe VC does not exist, so I want to embrace change." Ethan told me about all-weather technology. In last year's blockchain boom, token was used by many speculators to issue project tokens to make money. ICO was identified as illegal fund-raising by the state. "ICO has made a great contribution to the activity of the blockchain. Because the appreciation space of ICO is far greater than that of ordinary equity, everyone will speculate. After the bear market, the space between the two will reach a balance, and everyone will compete in an orderly manner.
        If a good company issues an ICO now and goes to the market to directly raise money, it will be very dangerous. In the future, startups will gradually carry out 2C business. After the country's financing system is more mature, it is not too late for some high-quality blockchain companies to issue ICOS after rounds C and D of financing. " Xu Ping told me about all-weather technology. In the view of some VC investors, the governments of some countries are formulating rules. In the next two or three years, the ICO system may be more sound. Now the market is laid out early, and greater returns may be realized in the future.
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