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What role does Sequoia play in the coin circle exchange under the "God mode"?

Time : 27/11/2021 Author : stwnj1 Click : + -
        "I can give you a coin in three minutes." At a blockchain related salon attended by renminct (ID: renminct), the host introduced a technician sitting beside him. "As for whether you can go to the exchange or not, it depends on your own operation.". On September 4 last year, the people's Bank of China (PBOC) and other seven ministries and commissions jointly issued the announcement on preventing the financing risks of token issuance (hereinafter referred to as the announcement), which characterized ICO as "an unauthorized illegal public financing behavior", and called for the suspension of various token issuance financing activities. However, just a few months later, with the popularity of the "blockchain" concept, ICO also appeared in the form of private equity crowdfunding in the form of "foreign vest", and its sweeping force was even greater than before it was called to stop by seven ministries and commissions.
 
        At this salon, people from various industries such as investment, sales, logistics and short video gathered in a small conference room to discuss chains and coins that they did not know. In a few hours, the topic of "issuing coins" always resonated with everyone. The host's experience of participating in issuing coins but being cut into leeks even once set off a small climax. The exchange, Li Xiaolai, Guo Hongcai (ER Bao) and other celebrities in the currency circle are the ingredients to create this small climax. The words "Zhuangzhuang" and "liar" are the most eye-catching embellishments, making it difficult for the small fans to escape the fate of "leeks". As a matter of fact, the channels for voting, issuing and trading coins are still unimpeded in China.
 
        According to the announcement on September 4, the coin issuing and currency trading that should be stopped can once jump to okex to continue trading through the link provided under the okcoin homepage. As of press release, there is still an obvious "start trading" button on the home page of Huobi, which allows users to jump to Huobi smoothly after clicking the button In addition, the original account of huobi.com is completely connected with the account of huobipro. At the same time, users can also successfully log in to the hadax page to participate in coin voting. In the introduction of the website, hadax is a brand-new sub brand of huobipro. Users of huobipro can directly log in to hadax and use HT (token issued by Huobi) to vote. The currency with the highest votes will have the opportunity to be traded online.
 
        The project party can fill in the project information and apply for currency listing by itself. The purpose is to provide platform display opportunities for more innovative digital assets at the start-up stage. "The rules in Bi'An are that you have to pay a fee if you want to deposit coins. The project parties are crazy about buying Bi'An coins. Because there are many coins in the hands of the project parties all over the world, they spend money to buy Bi'An coins. In addition, there are many trading users. In order to save the handling fees, the trading users hold Bi'An coins, because holding Bi'An coins can save half of the handling fees. Anyway, after holding Bi'An coins, all kinds of fees will be very cheap, and then Bi'An takes them again Obtain 25% of the profits to buy back and destroy Bi'An coins. The number of Bi'An coins in the market has been decreasing. Bi'An coins has become the key to the rapid development of Bi'An.
 
        ”Said Guo Hongcai, a famous person in the currency circle. In Guo Hongcai's understanding, the trading platform issues coins by itself and uses this currency to vote on other tokens, which can promote the rapid accumulation and development of the trading platform. Now the mainstream exchanges have "become the Shanzhai currency platform" and "now all the so-called mainstream platforms are learning from the original bitage, and all do multi currency. The advantage of multi currency is the large number of users." When users come and the transaction volume goes up, the trading platform will naturally achieve great development. Even, the industry has formed a one-stop coin ecology of issuing, pushing, listing, distribution and endorsements. According to media reports, the standard configuration of a Shanzhai team is several Chinese programmers, several foreign programmers, a leader in the digital currency circle, a mining boss, and a marketing staff from P2P.
 
        The benefit spokesperson and team are responsible for packaging air coins with blueprints and ideals, the platform is responsible for coin listing and trading, and the commission sales is responsible for sales. In Guo Hongcai's description, he belongs to the money circle boss of the collection platform. Many project parties who hope to develop the Chinese market will find Guo Hongcai and give him 1% of the share. He is responsible for sending friends to promote. According to media reports, he is regarded as the most famous tycoon in the currency circle in China by many foreign projects that want to do internationalization, and he has received more than 80 platform projects. After arriving in the United States, Guo Hongcai charged a total of US $5 million for five project platforms. This money was used by him to buy a manor in the United States. The manor can park more than 100 cars and is named as "leek Manor". I am full of leeks. When the time comes, everyone can cut the leeks, one after another, to ensure freshness.
 
        ”。 "Ethereum was very popular last year, because I made it. This year, stellar coin will continue to be made. I will bring this coin to the world from the United States. Comrades will wait and see. These projects are just the beginning. In the future, there will be dozens or hundreds of projects to raise stars. I hope everyone will fry this stellar coin together, and let me get back to the capital first." Guo Hongcai recommended his new project on Weibo. For the whole transaction chain, Guo Hongcai is only one link. At the top of the whole coin issuing food chain are the mainstream token trading platforms, such as Binan, huobipro and okex. For token holders and project parties, the presence of their own tokens on the mainstream trading platform means that there can be more trading volume and room for operation to maximize the value of the currency. Even in order to reach the mainstream exchange, of course, they may encounter the situation of falling below the issue price.
 
        These platforms hold the key link of whether a token can eventually become an individual trader. Voting on coins is a typical embodiment of the power and status of the trading platform. At the same time, relying on its advantages as a rule maker, the tentacles of the trading platform have been extended to all important links in the whole chain, and have the foundation to open the "God mode" in the currency circle. Take Huobi group as an example. Its Beijing Huobi Tianxia Network Technology Co., Ltd. is the fifth largest shareholder of Beijing Caizhi Information Technology Co., Ltd., the company behind the well-known blockchain media golden finance. At the same time, Huobi group also invested in wxy, a Singapore digital information company that provides marketing and business consulting services for blockchain projects.
 
        Beijing Huobi Tianxia Investment Co., Ltd., a subsidiary of Beijing Huobi Tianxia Network Technology Co., Ltd., is the investor of another blockchain media coin world. The voting rules on hadax show that, "Super nodes use the real name system to vote. Super nodes do not need to pay HT for voting. Super nodes' voting means that% of the projects voted by super nodes on the project line can be recommended to huobipro to conduct the review process of huobipro. We will select the projects to enter the public voting list according to the voting results of super voting nodes from high to low. The projects recommended by super nodes in the later stage will be first reviewed.
 
        ”。 People's venture capital (ID: renminct) found that the trading platform was retreating behind the scenes, and introduced investment institutions in the industry as super nodes to transfer the right of preliminary review of projects originally controlled by the trading platform to investment institutions in the industry. According to the changed rules, the preliminary review of the project is completely handed over to super nodes including Zhenge fund, bitland and Chuangshi capital, and almost all of these super nodes have invested in blockchain projects. The connection between the trading platform and traditional venture capital is not limited to inviting them to become super nodes responsible for reviewing projects. It can be seen from the data of the enterprise that the genuine fund, as an early investor, has not completely withdrawn from huobi.com.
 
        This point has also been confirmed by people's venture capital that it has not completely withdrawn from Zhenge fund. Another investor, Sequoia Capital China fund, also has employees who are the sole legal person shareholder of Huobi Tianxia Network Technology Co., Ltd. and the largest shareholder of Beijing Juxin Yuanye Investment Consulting Co., Ltd. According to the inquiry, the second largest shareholder of Beijing Huobi Tianxia Network Technology Co., Ltd., which holds the domain name, is the director with a shareholding ratio of 8%. Dong Fang serves as the legal person of Beijing chuangxiang Tiandi Investment Management Co., Ltd. and Qianhai Zhenge Tianrui (Shenzhen) Investment Consulting Co., Ltd. among them, the only intellectual property held by Beijing chuangxiang Tiandi Investment Management Co., Ltd. is the crowdfunding platform "real shares" under Zhenge fund. The main personnel of Qianhai Zhenge Tianrui (Shenzhen) Investment Consulting Co., Ltd. include Fang Aizhi, Dong Fang and Wang Qiang, Its shareholder is a company named Zhen advisors (HK) Limited.
 
        On the official website of Zhenge fund, the introduction of Dong Fang is the Secretary of Zhenge fund. At the same time, Beijing Juxin Yuanye Investment Consulting Co., Ltd., the sole legal person shareholder of Huobi Tianxia Network Technology Co., Ltd., has a shareholding ratio of 1%. The major shareholder of the company is Zhang Lianqing, who holds 80% of the currency. Zhang Lianqing is also the legal person of Sequoia broadband Junxi Investment Management (Hubei) Co., Ltd. one of the shareholders of the company is Sequoia Wende equity investment management (Beijing) Co., Ltd. The major shareholder of Sequoia Wende equity investment management (Beijing) Co., Ltd. is Zhou Kui, general manager of Sequoia Capital Consulting (Beijing) Co., Ltd. In an activity report last December, the general legal adviser of Sequoia Capital China fund was also called Zhang Lianqing.
 
        In the Iost event that caused a great stir before, the Dora printing team invested by Zhenge fund and the Iost team were highly overlapped, and then it was launched globally on the huobipro invested by Zhenge fund, and then the currency price fluctuated greatly. Many people in the industry have deep doubts about the "God model" in which such institutions not only do endorsement, but also audit, and may also become bookmakers. Once the "God mode" comes true, it will be more difficult for the low-level Xiaosan to escape the fate of "leek". On the blockchain forum, a user wrote in a post discussing the "breaking" of Tokens: "the issuing price of ICO tokens in the coin circle is the satisfiedprice that the original founders had in mind to fulfill their wealth dreams, fragrant car beauties, young model villas and yacht immigrants.
 
        ”This is a fact acknowledged by many people. However, there are still more people who believe that the various tokens in their hands, even if there is a foam, can exchange a small house for them in the future. For the project parties and their investors, issuing and listing coins is the best way to raise a large amount of funds for their projects at one time. Although it has always been stressed that the blockchain project team needs to exercise self-restraint, and even if it issues tokens, it only takes the funds needed for its own project development, when asked why it does not seek traditional financing channels since it has such strong confidence in the project, the investor said directly, "because traditional financing channels are slow.
 
        ”。 "The appreciation of bitcoin is not because of the appreciation of bitcoin itself. Bitcoin is a medium, and the medium itself has no value. It is because of the appreciation of this concept." Cai Jian, a professor of management practice at Guanghua School of management, Peking University, said that when people look at economic value, they often look at the flow. The flow itself represents social popularity. Social popularity is also one of the important criteria for Xiaosan to judge whether a currency should be invested. Under the role of the industrial chain of issuing, pushing, placing, distributing and endorsements, the whole blockchain ecosystem has built a "virus transmission network from one to ten and from ten to one hundred" as Cai Jian calls it. From the beginning of the "God mode", the gold finger may greatly enhance the popularity of tokens, and create a "shortcut to get rich overnight".
 
        On this shortcut, the exchange and its stakeholders are indispensable. They are not only the referees of issuing coins, but also the athletes of issuing coins. Occasionally, they also serve as part-time propagandists to promote transactions. They make a lot of profits and are the ultimate "leek harvesters" who can make profits but can hardly make losses. However, Cai Jian also pointed out several possibilities that could lead to the collapse of digital currency. One possibility is that after the traditional financial giants established the futures market and did a good job in hunting and killing coins, they joined hands with the technical experts in Silicon Valley to attack the tokens, and the tokens may also be killed; One possibility is that the government will implement stricter regulation on token transactions, and tokens will be returned to their original form overnight. At that time, a large number of tokens and projects will become Ponzi's scams.
 
        A partner of a law firm told renminct (ID: renminct) that according to the announcement on preventing the financing risks of token issuance jointly issued by seven ministries and commissions on September 4 last year, "there are multiple risks in the financing and trading of token issuance, including the risk of false assets, the risk of business failure, the risk of investment speculation, etc. investors must bear the investment risks themselves, and hope that the majority of investors will beware of being deceived." In other words, the state does not support token trading. Token trading is strictly regulated in the legal environment of our country. Therefore, we do not encourage the general public to participate in token trading to avoid property losses.
 
        The lawyer believes that as far as the exchange is concerned, the announcement on preventing the financing risk of token issuance essentially prohibits all kinds of activities of the exchange in China. Therefore, the current trading activities of the exchange in China are illegal. He also pointed out that the issuance of tokens for financing in China's territory is expressly prohibited. The distribution of tokens in the process may have the risk of being suspected of unauthorized issuance of stocks, companies, corporate bonds, and illegal operations due to different actual operating behaviors. At the same time, the publicity and promotion of blockchain projects should also comply with the relevant civil and administrative laws and regulations of China, such as the advertising law and the anti unfair competition law.
 
        The lawyer stressed that for users who have participated in token trading, since most of the exchanges have been operating overseas, if disputes really arise, there will be inconveniences in evidence collection and interest recovery. Therefore, it is suggested that all users strengthen their risk prevention awareness and identification ability to avoid losses. Therefore, even if the sharp sword of regulation comes, or the shortcut is cut off by the financial giant, if you still have the luck of speculation, the reality will still be as one currency circle person said: "under the God mode," leek "will always be small.
 
        
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