Is Bitcoin still the best gift for Valentine’s Day? | Weekly Krypton Essence

Will Bitcoin usher in a new spring again in 2018?

How will blockchain, a disruptive technology, develop in the future?

Which industries can be combined with it to unleash productivity?

What is the future of blockchain and existing policies?

— Nowadays, it is difficult for individuals to mine Bitcoin using their own computers. Using the unit of Bitcoin hash collision, mining is basically calculated as 1 to 1000. 1K is 1,000 operations per second, 1M is 100 operations, 1G is 1 billion operations per second, 1T is 10,000 operations, 1P is 1,000 trillion operations, and 1E is 100 trillion operations. If measured in billions, the Bitcoin network must perform 100 trillion operations per second, which is very fast. There are a large number of devices involved in maintaining the security of the Bitcoin network.

— Bitcoin mining is a bookkeeping and reward-based process. The earliest Bitcoin mining was actually for each block. A new block would be generated in the Bitcoin system every ten minutes. Each earliest block would reward the miner who recorded the block with 50 Bitcoins. The rule set by the Bitcoin system is that after every 210,000 blocks are recorded, the basic reward for each block will become 25 Bitcoins. With an additional 210,000 blocks, the basic reward for each block will become 12.5 Bitcoins.

— The mining industry is actually here to stay.

— The price curve is not over yet, and will continue to go on. The rise in currency prices will also lead to an increase in difficulty, and the payback cycle will be longer than everyone thought before.

— Due to the participation of big players like Xunlei and Baofeng in the past, they have also updated and upgraded the mining model. There are some ways to participate in mining. For example, if you use your idle bandwidth or unused storage space, or even user behavior, they can be used as attached assets for mining, and the model will undergo more changes. As currency prices rise in the future, ASIC chips for more currencies will be born.

— The reason why Bitcoin is better than gold is that the golden section and verification are difficult.

— First of all, we have to talk about what its vision is, and what kind of basic judgments we should have about the future society and the future structure. In other words, basic things can support our vision.

— We can exert our power in the infrastructure. We believe that when we first see a new picture, we strive to become a builder and planner of new infrastructure, including underlying links and public chains, which are definitely the most basic mobile facilities. At the same time, we also need to look at what are your most basic things that need to be refactored and redefined in the future. At the end of 2015, we reached a consensus that digital identity is something that needs to be rebuilt.

— For digital identity, we emphasize four aspects: autonomy, privacy, security, and assets. With the opening of the Internet and the activeness of the digital economy, trust has become more and more important, allowing more strangers to establish such a network by passing on trust and value. Everyone knows that the friction will be much less when trust is established. In order to achieve this goal, we can use blockchain technology to issue digital credit. In the Chinese market, this is a more practical and necessary starting point.

— Rather than saying it is a technology, it is an idea. When the cost of information is zero, we individuals can directly deliver value. Last year, a buddy published an insurance chain and applied the insurance model to the chain. I said that your model is not tenable at all. The reason is simple. Will I still need an insurance company in the future? Why did we need an insurance company before? Whether this person needs rescue or not, we need a third party to certify it. Now whether this person needs help or not can be seen by everyone in the group. This is the change brought about by the communityization of this society itself.

— Therefore, blockchain means that the cost of information transmission is low. With this encryption technology, it can be used wherever it can be used. Isn’t it an industry? Is the Internet still an industry today? Lao Ganma doesn’t have internet at home? Therefore, blockchain is not so much a technology as it is an idea.

— The purpose is to make money, not to make money. If you think this thing is the direction of human beings in the future, you don’t care how much the coins are worth. If you have less coins, you will lose, which is equivalent to getting off the bus. You have taken the wrong direction. This is what people are most afraid of. The future wealth evaluation model will have to be overthrown and there may be no US dollar in the future. Bitcoin may be a totem in the end, just like today we say that I have Leonardo da Vinci's paintings at home. In the future, human organs can be combined back and forth. You say how much money you have, we don’t know what the pattern of money will be in the future, so wealth needs to be reshuffled. I think participating in this movement is more valuable than making money.

— We call this pseudo-anonymity. There is a system in the background that can track all your addresses. As long as you use it once, your identity can be identified and you don't have to run away. Do you think that others don’t know it’s you? As long as you use it once, it will be recorded. You can check everything that happened at the address directly online. All the accounts in and out of it are public. When and how much money was transferred, it is clear at a glance. What privacy is there? No. Unless I don't know that this address is yours, the probability of not knowing that this address is yours is very small. Indeed, many geeks and people who have been playing for a long time change their addresses every time and never use it a second time. You can't find me, but this kind of person is only a few in ten thousand. Most people hear it through hearsay.

— Why do you want to do blockchain? Your original company is doing very well and is very profitable. Why do you want to do blockchain? One is fear, not understanding, and wanting to come in ； One is that the original business cannot be continued and wants to come in. ； One is that when others make money, you also want to make money. In my opinion, 80% of people don't need this thing. It turns out that it works very well. You can gradually evolve and use it for something, rather than being revolutionary.

— We often look at whether a scenario requires blockchain, so it is very important to review the scenario. Not everything will be used. Many things may be used in the future, but not now. It may take decades or hundreds of years of evolution. In what fields is it used now? The first is finance. Finance needs this thing the most because it kills finance. The second is the Internet of Things and species traceability. Other fields are experimenting, but there is no large-scale application. This technology is still far from maturity, but it has a wealth effect. If someone comes in, it can promote the progress of this industry.

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