I went to the TechCrunch first ever Blockchain conference at Zug onJuly 6th 2018, and here are my top 10 takeaways on Asia Crypto from my conversations with entrepreneurs and investors there.
1. Potential Chinese government intervention in the second half of year. Because of INBLOCK partner Li Xiaolai’s conversation-leak incident, there is increasing talks amongst the Chinese community that in the second half of the year, the Chinese government may intervene and potentially prosecute individuals that are taking advantage of the Chinese speculators (ICO and exchanges are banned in China, but doesn’t mean Chinese people are not trading and buying elsewhere. A lot of strategic and investment conversation about crypto and blockchain still happens in China and many of these Crypto funds still have their investors based there.)
There were accusations of Li in his recorded conversation of calling retail investors dumb and taking advantage of them, which would expose him as someone who is committing fraud and taking advantage of the people. This is very risky because in China, if a large number of people start reporting an individual to the police and say that he has cheated them or made them lose money, the Chinese authority is obligated to take action and prosecute them. This is the exact reason why Li published a response to a few days after the leak and attempted to clear himself. The very first point he highlighted was that he did not call the retail investors dumb. He mentioned that he didn’t explicitly say that he was “taking advantage of the retail buyers”, or 割韭菜 in Chinese, which literally translates into “cutting chives”, with the chives referring to Chinese retail buyers. And that there is no referral of the word “chives” in his recording. He also mentioned several other clarifications such as that there is a misunderstanding of his comment on QTUM and that QTUM is not a fraud project. See the google translated section