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The core game rules of the blockchain are value investing or speculative harvesting? This problem is like "the elephant in the room" in the blockchain world. Everyone cares, but it is difficult to put it on the table and discuss it truthfully.

Translated from

The recording incident that has flowed out recently broke the deadlock - letting the currency circle smash like a thunder, and also drove the recording hero Li Xiaolai to the cusp. Some people think that he has told the real logic of the blockchain world. In most media public opinion, Li Xiaolai is described as the “cutting leper speculator” in this industry.


(Li Xiaolai data map)

Li Xiaolai is full of huge controversy. He is known as the "Best Rich in Bitcoin" and he denies that he has claimed himself. He was one of the earliest people to preach bitcoin in China, but he also bears accusations of standing up for multiple "air coins" projects. People who like him think he has insight into the future of the blockchain, while those who hate him think he is a "speculative liar."

At this special moment, Li Xiaolai accepted an exclusive interview with Caijing magazine. In the face of doubt, he explained the expression and behavior logic behind it, and responded to the details of controversial projects such as EOS and Yuncoin. At the same time, he also disclosed his motives and strategies for joining the world of blockchain.

Caijing magazine is a reporting principle based on fair and objective reduction of the truth. We also interviewed Chen Weixing, the representative of the other party in the dispute. An exclusive interview with "Dialogue Chen Weixing" will be issued tomorrow, and welcome attention.

Recording door

"The concept of amaranth is wrong."

Caijing: A few days after the recording burst, it is your birthday. Is this birthday different from the past?

Li Xiaolai: I have experienced a lot this year. On this birthday, I sent a Twitter microblog of PressOne, and then finished watching the movie with my wife.

Caijing: Does the recording event affect you?

Li Xiaolai: There must be some influence. This year, I was troubled a lot in this respect. Some people faked the public security microblog and said that Li Xiaolai was arrested. My phone was smashed for 48 hours. This situation has occurred many times throughout the year. But how nervous is the friend and relatives around me this time? My mother didn't call me. I called my wife. From this detail, I can see that she was really worried. I spent a lot of time explaining to her.
I have to deal with the outside world. This is time-consuming and labor-intensive. When I was teaching in New Oriental, I spoke more than this. Zhangkou said... But people will not come to a large area for negative reports because of this. But now it is different, misunderstanding, misinterpretation, and even frame. If the things you do in your hands are not that big, then you won't have such a big trouble.

Caijing: Did you know that you were recorded?

Li Xiaolai: I don't know. I was talking privately to two people at the time. They were not malicious. They were not recorded for malicious exposure after 5 months. It is a long time that people think that Li Xiaolai is valuable in this respect, so they want to secretly record, for example. Share it to the team. It was passed down and used by people with ulterior motives.
I don't think that the so-called "cutting amaranth" is the best way to make money in this world. It is very inefficient and bad. I think the world has a more efficient way to make money.

Caijing: A more efficient way to make money, such as?

Li Xiaolai: Holding the currency does not move. This is a fact that has been proven. In fact, can you cut the leeks 80 times? Can you cut 1000 times? You have to know that my average bitcoin price is $1, and what is the highest price? The highest rise to nearly 20,000 US dollars, I ask you to cut leeks can cut 20,000 times? It’s obviously a more profitable way to hold it, so why should I do so inefficient?
The word leek is simply not used in my concept. The concept of leeks is wrong, so in the recordings of more than 50 minutes, I have not mentioned the word "chives" and never do the so-called "cutting leeks". Of course, there is no "cutting leeks". said. Whether it is a pseudo-concept or a true act, I don't agree with it, so I can't spit it out in my mouth.
However, it was misinterpreted. The title of the recording was titled "Li Xiaolai teaches you how to cut the leeks." There is no such sentence in the whole process. Next, I will go to court, this is the only way. But even if I win after the lawsuit, will these articles now disappear on the Internet? No, this is the embarrassment of being a good person. What should I do?
When you fight with the bad guys, the bad guys can use whatever means, but you can't use that means. And in order to win, you can't use that means, because after you win with this means, in fact, you have been turned into a bad person by the bad guys, then you not only lose, you are even worse than losing. What should I do? I just wanted to come up with such a trick. I was writing a book in eight books. The title was called "A Self-cultivation of a Leek".

Caijing: Do you not recognize the concept of "chives"?

Li Xiaolai: I really don't recognize it, but this phenomenon exists. It is very condolence. Suppose you think of leek as a newcomer, and the concept does not need to exist. Suppose you think of leek as a loser, you will find that they are cutting themselves - buying is also their own decision, selling is their own decision. But this does not mean that no one makes money, nor does it mean that losing money is a leek. Facebook also broke in the same year. After the break, the person who sold it is self-cutting? After the purchase, it broke, and the Facebook holders who hold today can make no money? Earn a lot of money, who cut his leeks? He did not.
But is there anyone in the world who has deliberately cut the leek? some. In fact, in the traditional securities market, there are many prohibited behaviors. For example, insider trading. These are all long-term laws. I mean, even in the blockchain world, "cutting amaranth" is still not my identity, but if people think that cutting amaranth is referring to these things. Then I will write a book, telling you in detail what are the possible ways of cutting the leek in the world?

Caijing: What is the purpose of writing this book?

Li Xiaolai: You must be stronger than the bad guys to qualify as a good person. Someone made a large-scale fabrication of the title and spread the network. I had to write what I liked to dilute the content that tainted me.
The thinking of many people who are making deals is quite confusing. Guess what they are doing in the trading market? I want to make money, but they are confused in his mind. He thinks that making money is cutting the leek. Then all his actions are wrong, and the future mistakes caused by this.
Let me give an example. Concept confusion has always been the beginning of bad luck. How many children have we encountered in high school that it is one thing to go to school and study? They refused to learn because they hated going to school. Remember? After spending ten or twenty years, the class sank two or three layers. I don't know why? This is the decision-making mistakes brought about by conceptual confusion and the consequences of life.
Confusion of concepts takes ten or twenty years to show results in life, and the parties do not necessarily know. In the trading market, it is a modern newspaper. It will be done tomorrow. In the trading market, the result of confusion after the concept is that you have to pay, buy and sell, and sell the money.


“Value investing is right in the long run, but do you have the ability to stay in the long run?”

Caijing: Many people accuse you of inducing some people to invest because they believe in you.

Li Xiaolai: The key here is: Have I induced it? This is very important.
If you don't explicitly disclose the risk to the public when doing this, you are not only inducing, you may still be guilty. You clearly disclose the risk, but the other person turns a blind eye, which is a very helpless thing for you.
And there is something I am particularly depressed, familiar with my readers, familiar with my students, I am teaching, writing books, writing blogs, what do I teach? I teach writing, what does writing teach? Teach independent thinking. What do you mean by independent thinking? I said what I said, you listen to it.
My consistent opinion is that you have to think independently. I bought you and bought them. Are you OK? It’s okay to throw my money into my life and not take it out. Why? I have earned a manuscript fee, can you do it? I bought it, and you bought it, but if you borrowed it, you can't resist it for two months, and then you said that I induced it. These are not right.

Caijing: You said in the recording that stupidity is the one who supports you.

Li Xiaolai: My original words are the most popular among retail investors. Why? The biggest difference between the blockchain and the traditional world outside is that it is a more thorough way of crowdfunding. In this world, if you find someone who has invested you 100 million, you are not arrogant, there is nothing to be arrogant, only one person will admit you. There are actually 100 million people, and one person throws you a dollar. Then you are so arrogant, is that true?
My stupidity is definitely not a leek, not a retail, who am I? That's what I just said - the brain is stupid and blame others, and it's still rumored around, and every day is conspiracy - I mean these people. A normal retail is the backbone of this world, and you are absolutely wrong. I am jealous of those who have the support of retail investors and who are stupid. So the logic inside is completely chaotic, and of course no one cares about this set of things. The title of a person who cuts a leek is more attractive to traffic, everyone knows.

Caijing: Why are everyone saying "Li Xiaolai comes to bloody leek"?

Li Xiaolai: This is a conjecture that is consistent with people's long-term mistakes. I ask you a question. Is the money you earned in the stock market and the trading market the money that others have paid? This is the misunderstanding of most people. Most people think that trading is a zero-sum game. If I lose money, someone must make money. So why do so many people lose money but some people make money, he must have done something inappropriate to earn money, this is all the way to reason.
But the reality is this – the trading in the securities market is definitely not zero, because it does not put economic growth in it. Why do everyone in the bull market make money, no one loses money because of economic growth. Then why do bears lose money? why? The economic downturn. Why do value investors make money in the long run? There is a time limit inside. Talents with the ability to cross the economic cycle are worth talking about value investing.
There is still a misunderstanding in that recording. I tell people about value investing every day, but in the recording, the value investor is stupid. My original words are like this: If you blindly believe in long-term investment, you are stupid. Value investment is right in the long run, but do you have the ability to stay in the long run? This is a very serious question. Why can I be long-term? I have lived on the manuscript for a long time.

Caijing: How much can you earn from the manuscript fee?

Li Xiaolai: I started from 2003, and the annual draft fee is no less than 150,000. Later, more and more. I have been living on the draft fee for many years. My annual post-tax fee is about 1 million. I have a lot of books, plus last year's column. Since 2011, my post-tax fee has not been lower than 300,000.


"The world is not 100% bad guys."

Caijing: When did the huge controversy about you start?

Li Xiaolai: It started in August last year. I returned from Japan on September 4 last year and were interviewed by the media on September 7 and 8. As of today, I am actually very confident. When the relevant departments asked us to retreat in September last year. You go to see the whole of China. So far, who has done 100% retreat besides us? One hundred percent, not 60%, not 99%.
At that time, the relevant departments asked this question: "If you let me go back, what difficulties are there?" I said that there is no difficulty. They are all very surprised, why is there no difficulty? I said, we ask the project side to provide progress, your project is ready, I will give you the money, this is no problem. Your project has not started yet, it is an idea, and then you take the money away, it is irresponsible.

Caijing: Why is it so obedient?

Li Xiaolai: Why are you not obedient? This is different from what most people outside of us ask us, or who are guilty of us. Blockchain, the world, you can make a lot of money by being a good person. What am I doing? I just bought a bitcoin and put it there for several years. You honestly make the right decision. The correct behavior can make a lot of money.

Caijing: Why did you resign as the managing partner of Xiong'an Fund?

Li Xiaolai: Blockchain is a new world, unlike everyone who wants to speculate. Very early on, I said that the biggest scene in the future blockchain world is not speculation, it’s just a slap in the face.The biggest scene is public affairs, such as ID card, driver's license, marriage certificate, diploma, equity registration, business registration, interbank notes, which is the public can participate?neither. But it is the biggest part of the world. I really believe that the blockchain will definitely change the world, especially China.
We formed the Xiong'an Fund and Hangzhou City strongly supported it. Three years ago, I said that if there is a blockchain center in China, it must be Hangzhou. why? People, money, land, money are the most important. Where is the money, where is the person, so the land will do. You are a blockchain industrial park, you are not a joke? However, Hangzhou is very reliable in doing this, so of course, if you have the opportunity, you are willing to cooperate with them. Then the leaders supported it.
Now someone deliberately misinterprets me and portrays me like this through the media. I don't want to let this matter bring confusion and obstacles to people in the government who can understand the future and support the future. What should I do? I am not doing it, I voluntarily quit, but the Xiong'an Fund should do it. I announced from 2015 that Li Xiaolai will not make money for herself from now on, and the outside world does not know it. But I have to continue to support them, and I can't let them have any big resistance under the misunderstanding.

Caijing: Who is a good person and a bad person in this industry?

Li Xiaolai: There are no 100% bad guys in this world. There are only good people and some bad people, but it is not necessarily how big the proportion is. It is even hard to see more than 50% of the bad guys, which is already bad.
We do things by reason. The investor’s money, the project party said to take away, it is not reasonable. After you have made something, everyone feels good and gives you the money. This is in line with the truth, so we are doing things according to the truth.

Caijing: Why do many people in the blockchain don't like you?

Li Xiaolai: I like me in the blockchain world, I don't like it, I can't talk about it, but there are many people who value me. Sometimes, you can't just look at the "bad review" and the "bad rate". I can tell you an example outside the circle, and in turn can understand the things in the circle. For example, Li Xiaolai gave a lecture on fees of 1 yuan, and 120,000 listeners. You know how many people are searching because of this lecture, too many, more than a thousand. But the number of people listening is 120,000. What is the rate of bad reviews? 1%. Is there more people who like me, or who do not like me? In the circle, I am a person with many true friends. But as far as I know, most people have no real friends, only a community of interests.

Caijing: Where did the external emotions come from?

Li Xiaolai: The mood of the secondary market has always come from whether the market is a bull market or a bear market. As long as the bear market has a big mood. Where did the emotion come from? The emotions come here. Why is the mood bad now? From January to the present, the bear market has continued and everyone has lost money.

Caijing: Have you lost your money?

Li Xiaolai: Of course. We are the same, our currency holders are all evaporating, and bitcoin has evaporated by 80%. The book wealth we had in December last year has now evaporated by 80%.


"I didn't say that Li Xiaolai is the richest man in Bitcoin."

Caijing: Are you still the richest bitcoin?

Li Xiaolai: No, I have not said that Li Xiaolai is the richest man in Bitcoin. I don't.

Caijing: But you revealed that you have 6 digits of bitcoin.

Li Xiaolai: Yes, people ask me, I said it. At that time, the 6-digit bitcoin was more than 100,000, and this number may not be the most in China. When did I say that Li Xiaolai was the richest bitcoin?

Caijing: Do you currently have bitcoin 6 digits?

Li Xiaolai: No, because we still consume some in the investment process.

Caijing: I heard that your current assets have exceeded 5 billion?

Li Xiaolai: Actually, I don’t know much about it now. My assets are virtual assets, so the evaporation in the bear market is very fast. My main assets are virtual assets. As the price of these virtual assets fluctuates too much, the result is that the value is not really significant at all times.Moreover, their "liquidity" is actually not strong.

Caijing: You have not invested in the primary and secondary markets in the stock market?

Li Xiaolai: Less, I bought it before, but it didn't move for a long time. My life is basically based on my manuscript fee.
Jianghu rumors ridiculed to "cut the leek", then I will give you an example. I voted for a project that was too bad, and the team was mad at me. When I gave money to them, they sent me tokens. The blockchain is good for this. There is a public address. You can see where the currency is going. I can prove to you that I have not sold it. More than 70 million, of which 15 million are my friends, so they gave me the token. I gave that 15 million to the two friends that day, and the remaining more than 50 million have not been moved yet. Then how do I cut the leek? I didn't have a high throw and a low suck. I didn't have a low suck and a high throw. I also sold it after the shelves and also went up. I didn't sell it.
This is the benefit of the blockchain and can be used to produce evidence. The token transfer mentioned in the above example can be found at this address: 0x14a248cde50873bfbffeaa4e8fe7d37c19366bcb

Caijing: Why not sell?

Li Xiaolai: My investment principle is that I am optimistic. I will buy it. If I don’t rise 30 times, I don’t think I should sell it. I made my decision, and then he didn't rise well. Actually, I didn't decide that I would make money in the future, because I decided to do a dozen or so. I have one to get it. This is my strategy. But if I pay attention to buying or selling my own time, I can't do anything else, so buying and selling is not worthwhile for me.

Caijing: Have you invested in an Internet project that is not a blockchain?

Li Xiaolai: I voted, but all failed.

Caijing: Is this vision good or not?

Li Xiaolai: Very good in a particular field. This trend is very good in the blockchain world, because no one can fight with me in this regard. I got Bitcoin in 2011. I got Ethereum in 2015. Although I am not optimistic, my partner got it. I got EOS in 2017, and I have never missed one of the most headed projects in the world. Do you think that I am not good? Again and again, my eyes are very good. But it's not good in the outside world, probably because I don't have that experience at all, and I don't have enough time to study there.


"I am a person who looks far away. All the cheapness I have spent in my life comes from here."

Caijing: Do one thing, you will think it is particularly complete before you start?

Li Xiaolai: In the real world, I am a person who can think for a long time, that is, people who are far away. I have taken all the cheapness in my life from here. But in the blockchain world, I think it is a little longer than others, but because it develops too fast, it is often useless, and often because of the long-term loss, there are many.
For example, I think decentralized exchanges are a trend, so I am the first investor on the planet to invest in decentralized exchanges, 2013. However, the egg was defeated. Then it led me to lose two or three again, because I saw it too early, and thought too far, and the result was that the world would develop very quickly.

Caijing: Some people say that your ability to be particularly big is to mobilize people's emotions in a short time, and to apprehend people's desires?

Li Xiaolai: If you are a good speech person, that ability is what you must learn. All the good teachers you meet in the classroom during your growth are those who have the ability to mobilize your emotions. This is the ability of all public speakers and teachers to learn seriously.
But if you go to see my article or my book, I am the one who removes emotions, that is, I rarely mobilize people's emotions in articles and speeches. Even if I was responding to the controversy, I also read it again after three hours of writing, and removed all the words with emotions.
People may think that I have this ability. Of course, I have been a teacher for so many years. Of course I have this ability. But are you willing to take the initiative to do things with this ability? Unwilling, because you soon know that what this kind of thing attracts is not a good thing.

Caijing: Are you an idealist or a realist?

Li Xiaolai: I am not an ideal, I hate this thing. Because I know very well that there are many accidents every day in reality. For example, in the previous lectures, what is the meaning of college students asking about life? Life makes sense, life doesn't make sense. But at the end of the conclusion, the meaning of your life is that you live yourself.
Many people ask me, what value did you create with laughter? My thoughts are like this. I guess I am creating value, but what value is created specifically. This is not something I have to say, and in the end everyone will see it. Look at it again in a decade.
I invested in an EOS, the value of the blockchain world is inevitable, it popped up, it made everyone see that DPOS is possible, the community is possible, the super node is possible, these are the values. But what did I contribute? We invest in it, give it the greatest support, and the creator is it. But at the starting point, and in the course of these years, no one can see these values, but in two or three years, some people may have seen it. But it is also possible that it will die in two or three years. I know that I am creating value, but I think that the value of this thing is really judged by others at the end, so I said it is useless.

Caijing: Do you have any sense of mission and responsibility?

Li Xiaolai: There is a sense of responsibility, and there is no sense of mission. I am willing to be responsible for myself, but I feel that I am not responsible for the world.

Caijing: What is your biggest motivation in the blockchain?

Li Xiaolai: Of course, it has something to do with money. It must be related, but what is more important is that no field can satisfy my curiosity like this field.

Caijing: What is your bottom line?

Li Xiaolai: Be a good person.


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