On August 18, 2018, the 2018 Blockchain + Digital Economy Empowerment Summitsuccessfully wrapped up at the Guangzhou Convention Hall of the Guangzhou Baiyun International Convention Center. During the roundtable meeting, Ansel Qi, CEO at Yutu.cn and strategic partner at CarLive Chain, expressed his views on the development of the blockchain in recent years. His views were highly recognized by the guests. .
As time changes, he who acts most quickly gains the biggest say
Ansel Qi points out that blockchain is still in its early stage and people should grasp the chance and embrace it as soon as possible. In most cases, companies that get a headstart in the market will take over most market shares. You can only be able set standards and have a say in the market by quickly investing, growing and thriving in the industry. This has been proven true for the Internet industry for the past 10 years. But in the blockchain era, things will happen 20 times faster.
According to Ansel Qi, the 1980s and 1990s were the most prosperous time for manufacturing, as numerous entities gained large amounts of funds under national policies, and thus dominating the market. However, just a few years later, the situation was totally reversed by the Internet. The million- dollar bosses of such entities had to resort to Internet companies for help, and it was during such time that Internet giants such as Baidu, Alibaba and Tencent (BAT for short) were born.
Blockchain will soon bring about a new era, during which the old industrial standards and dominant forces will also been changed. If you act quickly enough, you will become the new dominant force. Ansel suggested that “everyone should find their right positions during the blockchain era. If you are a project owner, you’d better get cracking on the implementation of your projects; if you are an investor, you should quickly invest into different areas. The blockchain industry will gradually enter a normal stage, where only the ones that act quickly enough can have a larger say in the future.”
Projects focus on technological development will succeed in the end
The summit also touched upon the capital market. Ansel Qi raised the question: should investors focus more on middle and long term interest or short-term interest? Ansel Qi said that he often heard requests by short-term investors to manipulate token prices. But of course, he already made up his own decisions
Ansel Qi believes that investors should respectthe nature of a project’s development. Many projects listed during March and May are physical projects. These projects are now focusing on developing technology and it takes about six to nine months before they could bring any results. On the other hand, air tokens are seeking to collect bonus from investors in this bear market. Ansel said, “Air tokens are busy manipulating prices and trying to rip off their investors. So what will happen in the end is that those tokens will zero out as they have nothing to support their prices.” Ansel Qi believes that as time goes on, the unconscientious act of bonus-getting will have no room to survive. True projects will sure suffer during this time, but only by enduring the suffering and staying down-to-earth will they really prosper in the future. This is how they stay truly responsible for their investors.
Investors that are patient with physical blockchain projects will gain the biggest share of market dividend. This is how it worked for investors for traditional Internet companies, such as BAT. Ansel Qi said “IOV Capital and Ali Token Foundation will definitely invest in any project that can create value in the application system. People don’t necessarily understand what’s written on the blockchain, but if you can create a user surface like Windows, you’ll be the next Microsoft.
From traditional Internet companies to ETH and EOS in the blockchain industry, they all have gone through tremendous pain, which is very necessary for them to boom today. Ansel Qi believes that the immaturity of the blockchain market is the major reason for the sluggishness of the capital market. Most funds are just speculating and the whole market is actually a zero-sum game with no new funds entering. However, as blockchain industry sees more improved supervision,it will eventually be put back on the right track and token prices will return to normal. New funds that recognize the value of blockchain projects will slowly enter the sluggish market and they will focus more the implementation of projects.
Ansel Qi said, “Consensus matters a lot in blockchain, and people who stick to the end are all believers of the true value of blockchain.” He boldly predicts that in the next five years, capitals will rush into the blockchain industry and thus bringing it to a new level of prosperity.
