In the past, I was mainly losing money in the blockchain industry. The money I made was all based on luck, and the money I lost was all based on my strength! I learned about Bitcoin in 2012 and started mining. Here is a paragraph in 2013, when Erbao's wife Yangyang interviewed me about what I thought about Bitcoin. Later, I invested in Canaan, and later served as the co-chairman of Canaan until Canaan went public. Here I correct that I am not a co-founder, but an investor. At the end of 2015, I started planning Canaan's listing. In 2016, I acquired in the A-share market. Because the regulatory authorities did not understand the industry, they also conducted two inspections, and it was almost regarded as a typical example of fraudulent restructuring. Then I experienced the Hong Kong stock market until I was listed on the Nasdaq on November 21, 2019. At first, I proposed to go public, but no one believed it. Later, I supported the transformation of the 9th City into a mining company, and also bought a lot of 90% of the shares, which are still stuck now. In August 2020, I withdrew from the management of Canaan. Of course, I have not sold a single share of Canaan stock since August 2020. After that, I was mainly busy with the business of Nano Micro Technology, which mainly makes ETH chips and now ETC. It will be listed on Nasdaq on July 12, 2022. In the past ten years, the block track has been divided into two stages, the Bitcoin era and the Ethereum era. There were few things that could be done in the Bitcoin era, such as chips, mining machines, exchanges, mining pools, wallets, etc. At that time, Chinese people accounted for more than 90% of the global dominance. In the financial application era dominated by Ethereum, there were many things that could be done, and the Ethereum ecosystem also grew into an ecosystem with a larger market value than Ethereum itself, but at this time, Chinese people no longer had dominance. Now it is the third stage, and the third stage starts with the outbreak of Bitcoin Inscription. Inscription began in December 2022, so it will be exactly one year in December 2023 and we will also be one year old. On that day, I celebrated the first anniversary of Ordinals with Casey, the father of Inscription. This year, Inscription went from 0-1, from nothing to a track worth only 5 billion US dollars. Many friends in the group bought mining stocks. In the past six months, the Bitcoin mining fee has skyrocketed, and the mining income of mining machines has increased significantly, mainly due to the explosion of inscriptions. Inscriptions have become Bitcoin for young people, and transactions have also changed from trading individual Bitcoins to trading inscriptions in units of sats.There are about 300,000 inscription users now, and there is a chance that they will grow from 300,000 to 30 million in the bull market. When there are 300,000 users, the handling fees have already brought huge income to miners. When there are 30 million users, it will definitely bring more handling fee income to miners, which can be a good hedge for the halving of Bitcoin. Speaking of this, by the way, let's talk about Bitcoin mining. The core of Bitcoin mining is actually the relationship between mining machines, electricity prices, mining field stability, and mining machine computing power and Bitcoin prices. Without considering the growth in handling fee income brought by Bitcoin inscriptions, considering Bitcoin halving, it may take more than 100,000 US dollars of Bitcoin to support the income growth of mining companies. There is an uncertain factor here, which is how many new mining machines will be added by mining machine companies such as Bitcoin Mainland and Canaan. Therefore, in recent months, the sales liquidity of nano-etc mining machines has been better than that of BTC mining machines. But in general, it is only a matter of time before Bitcoin breaks through 100,000 US dollars. This view is my view that Bitcoin was worth a few thousand US dollars in 2019, but now the view is different. I think it is only a matter of time before Bitcoin exceeds the market value of gold, and I think this will happen during the ninth cycle. A few days ago, the media asked me what I thought about the comparison between the trend of Bitcoin and gold after the ETF was passed. I think gold and Bitcoin are no longer comparable. Whether Bitcoin can surpass gold is essentially a macro-social issue. The industrial revolution made gold the global anchor, the information revolution made the US dollar the anchor, and the digital revolution will make Bitcoin the anchor. Decentralized artificial intelligence has and can only choose digital currency. In addition, Bitcoin has three advantages over gold: first, it aggregates global liquidity, second, it has the network effect of global users, and third, it has the attribute of technological innovation! Every second, someone is taking the opportunity to innovate on Bitcoin! We see that the Bitcoin ecosystem outside of Bitcoin itself will also become a track of hundreds of billions or even trillions of dollars. So now the Bitcoin of more than 40,000 US dollars has only completed the process from 0 to 1. The Bitcoin ecosystem has a huge explosion of assets with inscriptions, and there are still many opportunities for the ecosystem. A month ago, there was a saying called Eastern inscriptions and Western depin, so various opportunities are exploding on the blockchain. In addition to the explosion of financial assets, I would rather see AI+blockchain in the long run. I think AI+blockchain=Web3.The two biggest consensuses in the world are blockchain and AI. On the fifteenth anniversary of Bitcoin, a trillion-dollar financial ecosystem was born on the blockchain, and a trillion-dollar AI ecosystem will be born on the blockchain in the future. On the blockchain, inscriptions are the asset development trend for the next ten years, and AI is the technology development trend for the next ten years. A few days ago, I sorted out my judgment on 2024 on Twitter! My ten predictions for 2024: 1. The inscription track exploded, becoming a large track at the level of hundreds of billions of dollars, becoming one of the most important engines of this bull market, retail investors also have a voice, and the mysterious power of the East rises 2. ETFs have become a positive in the eyes of the public, and the engine of the West is clear 3. Grassroots L2 and well-known L2 on Ethereum usher in a melee 4. New applications with wealth effects appear in the Sol ecosystem 5. The rise of the AI+web3 track 6. DEPIN has also become a narrative in which many people participate 7. In the middle and late stages of the bull market, RWA will become one of the directions for web2 people to enter web3 8. Social networking will still generate new hotspots 9. Gamefi will rise again in a new way 10. The Federal Reserve began to cut interest rates. Many people asked me if this round of bull market will be worse than the previous one. My answer is no, just like the market value of new energy vehicles exceeds that of fuel vehicles. This round of bull market may be another unprecedented epic bull market. This bull market is different from the previous bull markets, but it may be the largest bull market in history. I summarize it as seven factors driving the bull market boom. 1. New tracks such as inscriptions appear and begin to be widely accepted. The bull market will inevitably bring hundreds of billions of dollars in asset creation and a large number of incremental users. I think the Bitcoin ecosystem exceeds hundreds of billions of dollars. 2. After the ETF is passed, hundreds of billions of dollars of compliant funds will flow into Bitcoin, driving Bitcoin to rise. The overflow value will allow new concept coins recognized by the public to have a larger increase. 3. The actual impact of Bitcoin halving on the market is not big, but for many people who do not understand the full picture of the industry, it is a psychological hint that a bull market is coming, further forming a group consensus. 4. The return of US dollars to hot asset sectors brought about by the Fed's interest rate cuts. 5. The improvement of web3 mobile terminal infrastructure has lowered the threshold for users to enter the industry, just as it took 16 years for mobile phones to be popularized to 100 million, while CHATGPT only took two months. It can be seen that the efficiency of this round of bull market cycle will be different from the previous ones.6. A new generation of young people has become the native group of the inscription era. They came into contact with inscriptions when they were in college and just graduated from college, and made money on inscriptions. Inscriptions are the Bitcoin of their generation, and they have brought unlimited vitality to this track! 7. Binance, Ok and other exchanges have provided more traffic and liquidity to the industry! This is my understanding of Bitcoin driving this bull market before the recent inscription bull market broke out in June 23. At the end of December 2022, Casey Rodarmor appeared in the public eye with the concepts of Bitcoin Ordinals and Inscriptions, introducing NFT to the Bitcoin network. Inscriptions are digital imprints created on Bitcoin using new technologies. If Bitcoin is compared to digital gold, then inscriptions are gold jewelry, and they share the same essence. Bitcoin Inscription is a piece of metadata engraved (inscribe) on Satoshis by adopting Ordinals (ordinals), which can also be called "Bitcoin NFT". The smallest unit of Bitcoin is Satoshi (sats), 1BTC = 100 million Satoshis, each Satoshi is sorted by ordinal theory, has different characteristics, and has a unique number. These Satoshis with different rare characteristics are called inscriptions. Originally, everyone was optimistic about Ethereum because Ethereum could issue various contract assets, and then more and more assets were created, and various applications were born, such as Uniswap, Opensea, Blur, Bayc, various L2s, etc. Ethereum also went from the ICO tide to the big bull market with the craze of DeFi, NFT, GameFi, etc. Now Bitcoin inscriptions can be deployed without smart contracts. Compared with Ethereum's coin issuance, asset issuance has several huge advantages: 1. There is no contract security risk, you don't need to understand technology at all, it has a lower threshold and is more friendly; 2. It does not meet the principle of nano-testing, and the theoretical design has not been judged as a legal risk of securities; 3. It also solves the domestic insecurity problem of Chinese coin issuance; 4. The huge explosiveness and liquidity of the Bitcoin ecosystem have brought more wealth effects, allowing more users and funds to flow in.
Thank you all for so many red envelopes. I won’t accept any red envelopes. I joined the group to learn from you all!
