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Blockchain is an idea and technology

The most critical factors in promoting social progress are ideas and technology. The form and representation of things can change, but the core of ideas and technology is stable. Bitcoin is such a representation, and blockchain is an idea and technology that promotes social progress. Circle 's huge list of investors shows that Bitcoin and the blockchain technology behind it are being favored by the capital market. Investors believe that blockchain technology will have a revolutionary impact on future transactions, payments, and even the financial system. However, we also believe that this revolutionary impact is not subversion and overthrow, but improvement.

Blockchain is open and advanced

The blockchain, which originated from Bitcoin, provides a way for humans to solve problems and opens a window for humans. The DAO incident also shows that the blockchain is not formed in one go, but is continuously iterated and advanced during the application process.

Most easily applied areas: areas with low transparency, weak credibility, asymmetric information and high intermediate costs

The original transparency is not high, the credibility is not strong, the information asymmetry is serious and the intermediate cost is high. In the financial field, private equity transactions are a major direction, which will greatly save costs and improve transaction efficiency. It is also the direction chosen by Nasdaq's Linq and China's Ant Financial. Its derivative and related quasi-financial fields include contract signing, arbitration, fund custody, etc. In addition, such as insurance, blockchain is used to ensure the authenticity and legality of the insurance policies purchased.

Blockchain realizes the correspondence between "physical objects" and "information" in the field of Internet of Things

Blockchain will be widely used in the Internet of Things industry. Current smart hardware can realize some simple data circulation, but if we want to solve the cross-domain problem of smart hardware and realize the transaction and exchange properties between data, the Internet of Things must rely on blockchain, or rely on the sharing system represented by blockchain technology.

The ups and downs of Bitcoin at this stage are normal

A mature, high-quality currency should not experience big ups and downs. However, Bitcoin is not mature now and is still a new thing. It is unrealistic to expect Bitcoin to become a mainstream currency and play a role of universal exchange. The reality is that many people are making a profit by trading in the market. For Bitcoin, the most pragmatic attitude is to recognize the positive role of speculators, attract more speculators, let more people recognize and participate, and develop in the direction of "mature currency".

From this perspective, the current volatility of Bitcoin is not entirely a bad thing. A large number of Bitcoin traders started out as speculators, and slowly accepted it, acknowledged it, and even got used to it. As more and more traders come, the total market value of Bitcoin increases, the corresponding financial derivatives institutions gradually increase, and its use becomes more convenient. More merchants begin to consider and accept it, and the Bitcoin-based ecosystem gradually prospers. Eventually, we may be able to use it as a currency. This development path does not require users to have lofty ideals or self-consciousness. Instead, the pursuit and fear of wealth will help Bitcoin move towards maturity.

Industry investment and financing focuses on blockchain product development and application

Since 2016 , there have been many investment and financing events in the blockchain industry. Research has found that:

( 1 ) Investment areas are mainly concentrated in Bitcoin transactions and blockchain technology application companies. Blockchain products or applications lead blockchain investment; in terms of Bitcoin, it focuses on companies that provide Bitcoin transaction services, such as trading platforms or transaction monitoring.

( 2 ) Investors are mainly large VC companies active in the fields of Bitcoin and blockchain; and blockchain technology products or applications in the financial field will also be favored by many traditional financial institution giants.

Investment advice

The blockchain industry is in its early stages of development, and the main startups in the industry are in the primary market. Based on the application scenarios, we recommend the following A- share companies: upstream blockchain company Luyitong (28.55 suspended , buy ) , announced the acquisition of Canaan Creative; asset trading system companies Hengsheng Electronics (65.45 -0.73%, buy ) , Synnex (52.21 -2.39%, buy ) , and digital evidence storage company Meiya Pico (24.54 -3.42%, buy ) . Blockchain in the field of digital copyright applications Anne Shares (17.72 -2.80%, buy ) and Guangyi Technology (48.44 suspended , buy ) . (Guoxin Securities (16.66 -2.80%, buy ) )