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Chinese Investors Busy Debating on Blockchain: The Ending of Bitcoin Is To Be An Antique

Blockchain has been in full swing. “3 o ‘clock Sleepless Blockchain” WeChat group has been eye-catching in the past Spring Festival. And you can find many big names of Chinese investors and movie stars in it. It was named “3 o’Clock Sleepless Blockchain Group” as it was created at three o’clock in the morning on Feb.11 before the Chinese New Year and has become the latest blockchain sensation in China. Known as the top blockchain group with 500 members worth trillions of Chinese Yuan, it’s not only a gathering of KOL (Key Opinion Leader) including senior executives with Sequoia Capital, 360 Security and famous angel investors like Charles Xue Manzi, Bob Xu Xiaoping and Cai Wensheng, but also attracting many popular stars in the entertainment industry like Gao Xiaosong, Tong Liya, Han Geng, etc. As its name tells, members in this group are so active that they keep debating and discussing blockchain and cryptocurrencies until 3 o’clock in the morning.

Every member in the group shall share a topic on blockchain, and answer the questions from other group members. Most investors think blockchain in the future is not stopping with just value exchange represented by ICO and cryptocurrency, but there will be more landing scenarios and value in use, in this way, it bears both investment value and great bubble.

Cai Wensheng: a cryptocoin is a faith

The founder of Meitu, a popular selfie app, firmly believes that the developing of blockchain is becoming faster and faster, only those who embrace the changes to iterate have the say.


“As the first application of blockchain, bitcoin is all about faith in spite of its inadequacy as slow transaction and expensive charge without support from any government and real economic value. And the faith in bitcoin is liken to the belief in Christ or Buddha. That’s theology! A coin is a faith!”

When it comes to volatility, Cai said that before 1973, fiat money also fluctuates a lot all around the world. As state sovereignty changed frequently at that time, a lot of currencies backed by their governments devalued to waste paper overnight.

“It is the same case with the Gold yuan issued by the government of the Republic of China. It is a common development process of a mainstream currency and cryptocurrency will have a stable value in the future.”

Mu Yan: bitcoin will be an “antique”

Mu Yan, founder of, one of the earliest Internet matchmaking sites, recently march in blockchain with blockchain whitepaper released. He thinks,


“The ending of bitcoin is to be an “antique”. Bitcoin is the starting point of the Age of Blockchain. It has the value of an antique, precisely asset value, rather than monetary value. Like the porcelain of Song dynasty and the Ford Model T, no one will drive the Model T to work every day nowadays, while as an antique collection, its price will go up and up over time.”

Xue Manzi: most of today’s “boiling hot” companies are doomed

Xue Manzi, as one of the first investors turning to blockchain with the background of traditional investment, invests over 20 blockchain projects in 2017 alone, including Qtum, Bytom and Ink chain. He’s among the most active ones in the 3 o’clock group, and even worshiped as the blockchain mentor for his frequent interaction with Li Xiaolai, the Chinese who holds the most bitcoins, and his active involvement in ICO projects under the strict crackdown from Chinese regulator, as well as his ambition to build a distributed Airbnb by purchasing Minshuku properties in Japan and Thailand which are top two oversea destinations for Chinese, for which cryptocurrencies as BTC, ETH, RIPPLE, EOS, QTUM, BTM, INK and NEO can be paid.


The biggest opportunity now is blockchain. I was the only one who embraced blockchain in the traditional investment circle last year. So sometimes the choice in life is more important than diligence, and I almost seize every chance.

“Blockchain is just the beginning of a marathon, rather than a 100-meter sprint. Most of today’s sprint companies are doomed. We investors should have a careful and wise choice. It’s not sustainable to expect a 1000% annualized rate.”

In Xue’s view, blockchain will first bring reformation to the financial sector, all the certificates issued by authorities like birth certificate, marriage certificate, certificate of land property rights transaction, industrial and commercial registration and tax refund policy will soon be reformed.

Xue sees China’s regulation on cryptocurrency and blockchain is in dilemma. He mentioned that the blanket ban on ICO gives a blow to those brilliant entrepreneurs, the same as dotcoms such as BAT went overseas to get registered and listed back then. While on the other hand, pyramid schemes are creating many altcoins in the name of blockchain to make big money off people.

The spread and success of “3 O’clock Sleepless Blockchain” introduces a new pattern of interview or AMA (ask me anything), as chat log will be organized and quickly get spread with the efficient effort of blockchain media. This pattern was soon copied and many “3 o’clock groups” are flooding in.


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