Foreword: This series of articles focuses on web3, including the meaning of a series of emerging concepts such as NFTs, The Metaverse, Gamefi, and representative issues in the space. I will also describe what I think of their future from the perspective of practitioners as well as scholars. What kind of projects should be labeled … More The road to the future – one of the five parts of web3

Abstract: How should we treat the emerging token projects? How can retail investors quickly judge the rationality of token rights financing projects? How should regulatory agencies mediate from the technical and industry self-discipline perspective? How can traditional VCs participate in token interests as much as possible within their own equity legal framework? And as an … More Crypto Capital Tetralogy Part 2(B) —— The Battle between VCs and Token Funds

Abstract: As a Chinese crypto entrepreneur, I sometimes feel that myself and my fellow countrymen are treated as “second-class citizens” in crypto. This has me feeling a bit frustrated and lost. Here are two posts in Chinese arousing a heated discussion during token 2049, and I translate them here to kick off the context and … More Synergy or opposition — Some comments on token2049

Abstract: This series dives from a dual perspectives approach; by both being a practitioner in the blockchain market as well as a scholar. My goal is to convey my understanding of this market, consolidate the analytics behind my reviews, and give overall reflections on the sentiments and up to date situation of our industry. How … More “Crypto Capital” Tetralogy Part 2 — The Battle between VCs and Token Funds

By Tony Ling *further translation and edits by Xiaochen Zhang and March Zheng Abstract: This series dives from a dual perspectives approach; by both being a practitioner in the blockchain market as well as a scholar.  My goal is to convey my understanding of this market, consolidate the analytics behind my reviews, and give overall … More “Crypto Capital” Tetralogy Part 1 —- Token issuance, a new financial paradigm  

The concept of Bitcoin first appeared in the world in 2008 and Bitcoin first appeared in the world in 2009. Now after 10 years, Bitcoin starts to move gradually from the geek world towards the mass capital markets. Especially in the recent two years, the real value of Bitcoin has been the centre of an increasingly vibrant discussion in the market. Even practitioners and academia are debating on how to value Bitcoin appropriately.
With the burst of financial bubbles in 2017 and 2018, the real intrinsic value of Bitcoin is still highly debated. Based on data from July 2016 to December 2018, this research paper aims to explain the relationships between Bitcoin price and its intrinsic value based on the market equilibrium in the mining industry. The model has significantly explanatory power on some recent cryptocurrency events through microeconomics cost analysis method. We concede the needs to consider the endogeneity of the model and will analyse retail trading activities in a subsequent research paper. … More A Bitcoin Valuation Model Assuming Equilibrium Of Miners’ Market — Based On Derivative Pricing Theory