Mars Blockchain Summit NYC 2018 was successfully held in New York on October 18, Eastern Standard Time. Joint by well-known financial institutions and industry leaders from both China and Wall Street, guests engaged in deep dialogues to explore what’s next in blockchain.
On the summit theme “Next Step”, six panel topics were tackled, including the Trend of Global Regulations, the Future and Implementation of STO, Stablecoin, Secondary Market and Trading Platforms, Public Blockchain and Application, and Investment Strategy against Market Cycle. Remarkable speeches on topics such as public chain, stablecoin, regional market and the future of blockchain were given by six industry leaders as keynote speakers.
Fred Wang, the Founder of Mars Finance: three trending directions in blockchain look promising.
Wang shared with the audience and the guests of the summit on the current business progress and future directions of Mars Finance.
To summarize Mars Finance’s future direction, Wang says, “there are three industry buzzwords that we take very seriously, and they also represent three important directions. First, the information service of blockchain, with a broader scope, is far more than the media information provided by Mars finance. Second, blockchain financial services, which we will get involved quite heavily through acquiring shares, incubation and other means. This will include the digital currency portfolio manager BitUniverse and the cryptocurrency bank CoinBank we partnered with. Third, industry blockchain transformation is another focus for Mars Finance, through promoting the transformation and upgrading traditional industries with blockchain technology.”
Chuanwei Zou, Chief Economist of Bitmain: only stablecoin projects with transparency and regulatory compliance are likely to succeed
We need to pay attention to two things. The first is portfolio restructuring, in which investors sell shoddy stable currencies in exchange for mainstream ones to hedge against risk. The second problem is the liquidity shortage. If the quality of the stabilizer shrinks, the holders of the stabilizer will adjust their investment positions and get the dollars they have there from the issuers, which will have a huge impact on the whole cryptocurrency market.
David d.Namdar, Partner at GalaxyDigital: there is great hope for innovative projects in Asia
In Asia, we are very hopeful to see innovative projects, the entrepreneurs in the region are working hard every day, and I think the Asian market is very vibrant and very driving. About bear market investment, it is investment relation on certain level, investor. Objectively speaking, I want to choose companies that we think will achieve something and optimize our process, which is the most important thing.
Dong Li, Founder of GoWithMi: we are the world’s first “map public chain”
GoWithMi’s goal is to create a decentralized and shared global economic infrastructure map. In my opinion, if blockchain becomes the next generation of Internet after a few years, it must have a decentralized map as its basic component.
The direction chosen by GoWithMi is to support the sharing economy with decentralized maps, which has great social value. GoWithMi is a vertical public chain, not a general public chain with pure competitive performance. GoWithMi is the supporting capacity of specific business scenarios.
Keith Azzopardi, Embassador of Malta to the United States: Malta will rapidly grow into a blockchain country
Currently there are three innovations in regulation in Malta, and we have established corresponding technology bills, bill of rights and regulation bills that can ensure the free development of blockchain enterprises. Malta is not the first country to develop blockchain technology, but we have perfect supporting infrastructure.
Global regulatory trend panel: We should take a fresh look at stablecoin, procedural regulation, Fintech and etc.
Angela Angelovska-Wilson (Co-Founder of DLx Law): The regulation of blockchain technology in the United States is relatively mature, requiring project parties to not only protect themselves, but also protect their investors, because if done badly, it will affect the entire cryptocurrency industry. The future regulation will be computerized, and if the company breaks the rules, the computer will immediately start the program to enforce regulations to limit and punish those actions. I think blockchain technology can help us build more robust regulatory mechanisms, and it’s not our enemy.
Victor T. Samuel (Founder and CEO of NV Global)：Many people say that Fintech is mouse technology, which means that Fintech is efficient, fast and intelligent on the one hand. But on the other hand, it also has negative meanings.
So we need mousetraps to catch some of the companies that are doing bad things with blockchain. Regulators cannot simply say this is not good, that is not good. Regulators must learn about blockchain and enter the blockchain industry to help users, which is very important.
Future of STO Panel: to embrace STO, you must embrace regulation
Yifeng Mao (Founder of Usechain): STO was more regulatory friendly and in line with the regulatory requirements compared with ICO, and STO increased the KYC and AML processes, which can alleviate the situation of currency manipulation and enhance the securities liquidity and investment and financing efficiency.
In the traditional PE and VC equity markets, when the investors want to sell the unlisted equity assets, almost all the shareholders need to sign the agreement, which makes the equity transaction in the primary market very difficult. However, STO may generate a new equity standard: true co-ownership, STO may bring liquidity efficiency to the primary market and connect the primary and secondary markets. But hugging STO must embrace regulation.
Shayne Coplan（Founder of Token Union）：The STO does not cause too much fluctuation in the cryptocurrency market. The main reason is that the cryptocurrency market does not know how to confirm the feasibility of STO and the value of security token. The impact of STO on the cryptocurrency market is relatively smooth.
Lingxiao Yang（Partner and COO of Trade Terminal Inc.）：STO is not the solution to everything, so when looking at investors investing more than 1,000 bitcoins, the first three questions are not about returns, but about infrastructure issues, namely the aforementioned obstruction. So maybe the whole industry’s focus is on infrastructure, although it’s driven by technology, and maybe when we look at the longer term, building infrastructure first, we should give them a little bit of time, and they need to understand what the market’s need.
Igor Denisov (Supervisor of Polymath Strategy and Business Development): Now there is a lot of competition between public and private chains. Therefore, increasing transparency can increase the value of STO tokens now. Wall Street is willing to participate, and the visibility of the whole mechanism is high. So in the cryptocurrency market, the prices of tokens are actually driven up by opacity.
Jeffrey Wernick (Early investor in Bitcoin, Uber and Airbnb): the emergence of stablecoin has held back the growth of cryptocurrency
Jeffrey: I don’t think that the currency is an asset class. Market is crazy, but I will not go to care about the currency for a month or a year, I am more concerned about is the future of its development space, the world demand for encryption currency will only be more and more, I think that by far the most dominant encryption currency or COINS, I believe that the practicability of the currency will be getting better and better, I am a very patient person, I am willing to wait for that day to come. As a long-time holder of bitcoin, I think price predictions are purely noise, and for noise, I usually filter it out.
Fred Wang: At present, there is a steady currency supported by the government in the market. The Chinese government and the central bank are also paying attention to cryptocurrencies. Some people think that the next currency war will be caused by the stablecoin.
Jeffrey: I think the emergence of stablecoin has hampered the development of bitcoin and cryptocurrency. The use of the stablecoin is to measure other cryptocurrencies. An important feature of the cryptocurrency is its anonymity, but stablecoin exposes information, so the government can indirectly manage other cryptocurrencies through the management of the stablecoin. If you don’t think freedom is valuable, what do you think is valuable? I would rather accept the freedom of fluctuation than the restraint of stability.
Adam Cai, Head of CoinBank North America: Five years later, CoinBank will play an important role in the field of finance
After entering into the 21st century, more and more traditional Banks begin to shift in the direction of the development of coin bank. We’re seeing more and more capital flowing into coin bank. It’s not hard to imagine that five years from now, digital banking will play a bigger role in finance.
By surveying the market, we find that the main customer base in the field of digital financial services is young people. It is understood that there are many similar fulcrum between the behavior and lifestyle of these young people, who manage their lives through digitalization.
The storm of stablecoin panel: the significance of stablecoin is mainly reflected in the payment field, and transparency is crucial
Sarah Olsen (Head of Business Development at Gemini): there is a real possibility of winner-take-all for some of the legal tender assets, and access to large-scale applications is critical. The market doesn’t need as many dollar-linked stable currencies, certainly not just one, stable currency is likely in the future. What’s the difference between a stable currency and a bitcoin? Bitcoin and stable currencies are different products. For the first time, bitcoin integrates economics and technology, so it is more like an investment product. GUSD and bitcoin are two very different products.
Dominic Ward (Advisor of Iconiq Lab) : if the anchor is legal tender, your product should be transparent. You have to trust the custodian, or it will feel unreal. A lot of stability notes don’t choose to rely on legal tender, but if you claim to be using legal tender, you have to have a reliable custodian, and you have to prove that you actually own the assets.
Secondary Market Brainstorming Panel: decentralized trading mechanisms play a limited role
Jiyue Lou (Founder of Tokenmania): In a bear market and in a bull market, the approach is the same, but the investment demand is different, in a bull market, the profit is relatively thin, and the liquidity is very large, in a bull market, investors are willing to accept risky investment. I previously bought a coin at $0.50, then sold it at $20, and I like investing in bull markets.
STO cannot represent the future development direction of digital currency, for the token of physical assets in the traditional financial market, STO provides a huge, explorable future market. The regulation and competition of traditional financial market also promote the progress and development of the market. Regulation from the legislature, as in the United States, sets a high bar for credit investors, which could limit global liquidity in the digital currency market.
Peng Hu (CEO of Exshe11): Whether it’s bull or bear market, we should move forward and provide investors with the best possible service, considering risk management and how to protect your retail investors. Most of the retail investors were losing money in the market, and they had a way to avoid loss in their own way, and they provided these methods to institutional investors.
In a bear market, how to get new investors, how to get more funding? First, communicate more with the exchanges; second, adopt better execution methods; third, make sure that the methods used are correct and guaranteed.
Top Application: probably need to speed up DApp by a million times
Theodore Gray（Advisor of Newton and Co-founder of Wolfram Research）：We have no idea what killer apps are, and just as we saw the Internet in the 1990s, we can’t imagine what the future holds. The reason why we can’t imagine killer apps is that we have an infrastructure problem, a solution that’s 100 times faster is not enough. It might take a million times.
Steven Haft (Head of Global Partners Relations of Consensys): Killer app will change the flow of capital across the globe, benefit the billions of people who cannot benefit on the Internet.
Investment Strategies to counter Market Cycle: the market is moving, but economic data needs to be studied before making any decisions
Aurora (Founding Partner of Crypto Capital): In order to find quality blockchain projects to invest in, we need to look at its community, risks of project development, and also analyze the measures for project implementation. As in the team’s aspect, it is important to know the background of the founding team, whether the founders are true entrepreneurs, whether the products solve practical issues, and whether they create value for users and so on.