Ask Me Anything with Dave Chapman | Future of Libracoin
问题一
Facebook的全球数字货币计划Libra，不仅轰动了美国国会还在世界范围内引起热议，你对Libra有何看法？扎克伯格为何要发行数字货币，这对于Facebook的意义是什么？在刚刚结束的Libra听证会上，Facebook表示推出Libra之前会和美国以及世界各地的监管机构充分合作，你认为Libra最终会是何种命运？
Question 1
Facebook’s global digital currency project Libra has not only gained the attention of the US Senate but also caused heated debates around the world. What do you think of Libra’s logic?
Why would Facebook issue its own digital currency, what could this mean for them in the future?
At the just-concluded Libra hearing, Facebook said that Libra will fully cooperate with regulators in the US as well the regulators around the world before the launch of Libra. Do you think that’s possible?
虽然人们为此争辩，他们雄心勃勃地认为Libra对Visa和Mastercard等传统支付网络构成直接威胁，但值得注意的是，这两家公司都加入了Libra协会，每家都有1000万美元的会员费。对于那些不断否定数字资产生态前景的人来说，这可能是令人惊讶的。
Whilst one could argue that it’s ambitious to think that Libra represents a near-term, immediate threat to traditional payment networks such as Visa and Mastercard, it is interesting to note that both of these firms have joined the Libra association, each along with a 10m USD membership fee. That could be surprising for those who have continually dismissed the digital asset ecosystem prospects.
我确实认为传统的支付公司和银行已经疏离科技公司一段时间了，但如果我们聚焦科技公司已经取得的转型，例如中国的微信和腾讯，那就不难想象Facebook这样的科技公司确实有能力在我们熟知的支付业务中插上一脚。要记住，Facebook及其子公司WhatsApp，Instagram和其他子公司的用户已渗透到世界四分之一的地区。看到传统金融受到这种发展的影响，有争议也是自然的，更不用说监管机构会对此事再三思考和谨慎行事的态度。
I do believe that the traditional payment firms and banks have dismissed tech companies for some time, however if we appreciate the transformation that a limited number of tech companies have already achieved, for example, WeChat and Tencent in China, it’s not a hard stretch to think that a tech firm like Facebook really does have the ability to dislocate the payments rails businesses as we know it today. We have to remember, Facebook, along with its subsidiaries WhatsApp, Instagram, and other subsidiaries, have penetration across a quarter of the world’s population. It’s a very natural reaction to see traditional finance be quite shaken by this development, not to mention regulators approach this was apprehension and caution.
关于马克扎克伯格是否是加密领域的优秀代表人物，不可否认公司在过去深受用户隐私问题的困扰。一家对消费者行为影响力巨大的公司拓展到支付领域是否有意义？更不用说他已经获得了如此多权威的监管部门的批准，时间会证明一切。
Some are curious as to whether Mark Zuckerberg is a good representative for crypto, there is no denying the firms troubled past, with privacy being the obvious concern. Does it make sense to allow a company with already so much influence on consumer behavior to extend to payments? Time, and not to mention regulatory approval to be wielded with so much authority, will really tell.
然而，随着这一资产类别的持续增长，监管将变得更加突出。虽然今天加密领域的许多参与者都不愿意接受监管，但现实情况是BC Group这样的公司早就预料到了这一天。正如我们首席执行官Mr. Hugh Madden今天早上给客户和投资者的公开信中所说，我们正在目睹监管的改变。在十年的大部分时间里，这个资产类别一直由很少关注监管和消费者保护的玩家所领导，现实情况是，下一轮转型将极大地依赖于风险管理，透明的资产负债表，合规框架，可靠的审计并为即将到来的监管做好准备。那些已经为这种转变做好准备的人将会蓬勃发展。
The certainty, however, will be that regulation will become more prominent as this asset class continues to grow. Whilst many of today’s participants in the crypto space shy away from regulation, the reality is firms such as BC Group have long anticipated this day. As our CEO Hugh Madden stated in an open letter to our clients and investors this morning, we are witnessing a changing of the guard. Whereas for the better part of a decade this asset class has been led by venues with very little regard to regulation and consumer protection, the reality is this next wave of transition will depend immensely on risk management, transparent balance sheets, compliance frameworks, credible audits and being well-positioned for the inevitable upcoming regulation. Those who are already prepared for this transition will flourish.
问题二
美国总统特朗普炮轰Libra与比特币，表示其价值如同空气，正如巴菲特认为数字货币是老鼠屎一样，这非常有意思，在你看来其根本原因和真实意图是什么？这会对区块链和加密货币在其他发达国家和第三世界国家的发展产生什么样的影响？
Question 2
POTUS Donald Trump tweeted earlier to voice out his concerns on Facebook’s Libracoin and Bitcoin, stating the asset is baseless like air, and quoting Buffet that Digital asset is like rat poison. What is their true intention? How will this affect the meaning of blockchain and cryptocurrency in other developing and third world developing countries?
虽然有些人可能对特朗普的言论持怀疑态度，但当美国总统承认这一点时，现实是非常乐观的。监管机构和金融机构都担心比特币和Libra会取代和破坏传统金融，我为这对于发达国家和发展中国家未来的意义感到非常兴奋
Whilst some might view comments from Trump as being skeptical, the reality is very bullish when the President of the United States acknowledges its existence. Regulators and financial incumbents alike are fearful of bitcoin and initiatives such as Libra. That’s because they look to displace and disrupt traditional finance.
I’m extremely excited what this means for the future, both in developed and developing nations!
I have a very funny Meme, hopefully, someone here can translate for me.
问题三
来自中国的90后创业者孙宇晨拍下巴菲特的午餐，试图让巴菲特了解区块链和加密货币无疑也是最近一大热点，作为世界顶级投资人巴菲特曾多次怒怼加密货币，你如何看待传统投资人对区块链与加密货币的看法？你认为阻碍传统投资人接受加密货币的主要障碍有哪些？
Question 3
Justin Sun, a 90s entrepreneur from China, bought Buffett’s lunch and is trying to get Buffett to understand blockchain and cryptocurrency. As the world’s top investor, Buffett has repeatedly slammed cryptocurrency as a fraud. What do traditional investors think of blockchain and cryptocurrency? What do you think are the main obstacles that prevent traditional investors from accepting cryptocurrency?
祝贺Justin，巴菲特午餐那个主意非常棒！
I applaud Justin for his efforts! Bidding for that lunch was an awesome idea!
巴菲特曾经错过了谷歌。虽然我非常尊重巴菲特，但现实是他统治的那个时代不再与我们相关了。技术正在塑造这个世界，因为它已经彻底改变了我们今天的生活。巴菲特不了解比特币和数字资产这一事实对我来说并不是一个问题。正如Satoshi所说：如果你不明白，我没有时间教育你。
Buffet was also completely wrong about Google (and other tech firms). Whilst I respect Buffet immensely, the reality is he has dominated an era of time that is no longer relevant today. Technology is going to shape this world as it has already revolutionized our lives today. The fact Buffet doesn’t understand bitcoin and digital assets is not a concern to me. As Satoshi said: If you don’t understand it, I don’t have time to educate you.
关于传统投资者参与加密资产的障碍，主要还是他们不了解该技术，事实上他们永远不会理解这项技术是如何运作的。
With respect to obstacles preventing investors from participating in this asset class, the excuse is that they do not understand the technology. The reality is they will never understand how the technology actually works.
以互联网为例……投资者真的了解互联网的运作方式吗？明白其中的底层协议吗？当我在浏览器中输入“www”时会发生什么？当然他们并不了解。比特币也是如此。随着比特币和数字资产变得更加合法化，教育市场的部分将不再重要。
Take the Internet, for example, …do investors really understand how the Internet works? The protocols? What actually happens when I type “www” into a browser? Of course, they don’t. And this will be the same with bitcoin. As bitcoin and digital assets become more legitimized, the education part won’t matter anymore.
我相信Justin将会帮助巴菲特改变他的思维方式
I am sure Justin will help Warren change his ways of thinking!!!
比特币对互联网支付非常有用，但不幸的是，没有多少人喜欢花掉它，因为人们认为它会增值。
Bitcoin is very useful for internet payments, but unfortunately, not a lot of people like spending it as the thinking is that it will increase in value.
考虑到目前的经济和政治不确定性，人们强烈相信比特币的价格将继续上涨。
Provided the current economic and political uncertainty, there is a strong belief that the price of bitcoin will continue to appreciate.
问题四
微软、亚马逊、星巴克等公司纷纷将区块链技术应用到自己的供应链场景中，并开始接受虚拟货币支付，你认为这些传统巨头涉足区块链与加密货币领域的核心驱动力是什么？可能会遇到的阻力有哪些？
Question 4
Microsoft, Amazon, Starbucks, and other companies have applied blockchain technology to their own supply chain scenarios and began accepting virtual currency payments. What do you think are the core drivers of these traditional giants dipping their toes in blockchain and cryptocurrency? What are the resistances they may encounter?
可以说，区块链是自大数据或云计算以来最为过度承诺和交付不足的技术之一。大约5年来，“区块链”的概念已经涉及到各行各业，从金融、物流到医疗保健。所谓的“区块链”可以解决世界上所有问题，这样的说法是荒谬的。真实情况是，虽然区块链是一项令人惊叹的技术，但它仍然需要时间慢慢沉淀，这才能真正实现迄今为止关于区块链的所有承诺。
It could be argued that blockchain is one of the most over-promised and under-delivered technologies since big data or cloud computing. For about 5 years, the concept of “blockchain” has been sold to everyone from finance to logistics, to healthcare. The supposed endless possibilities of “blockchain” fixing all the world’s problems are absurd. The reality is that whilst blockchain is indeed an amazing technology, it will need time to mature prior to it actually delivering on all the promises made so far.
区块链提升了效率，提供了审计的可能性。我们也开始看到区块链集成成功应用的案例，随着时间的推移，我相信我们将看到这种技术运用在更多的领域。
Though that being said, blockchain will deliver on efficiency gains and superior audibility in time. We are starting to see successful trials of blockchain integrations and I anticipate that over time we will see more adoption of this tech.
问题五
当下发展区块链技术已成为各国共识，但在加密货币领域，各国的态度松紧不一但都十分暧昧，你是如何看待当下加密货币的监管与合规之路？在香港这片特殊的土壤，政府与监管部门做出了哪些努力？起到了什么样的作用？
Question 5
Now, the value of blockchain technology has been generally accepted, but the attitude on cryptocurrencies is still divided. What do you think is the regulatory and compliant pathway forward for crypto? What efforts have been made by the government and the regulatory authorities in Hong Kong?
一方面我非常钦佩比特币的自由主义根源，当然围绕着数字资产的监管也是毋庸置疑的。很多人认为监管是不必要的甚至觉得是个负担，但是现实情况是在资产类别的合法性和可信度方面，没有什么方式比监管机构介入更可靠了。监管的不透明化同样也是阻碍机构采用这种制度的主要原因之一。
Whilst I admire the libertarian roots of bitcoin, regulation and digital assets is a certainty. Whilst many consider regulation to be a burden and unnecessary, the reality is there is no surer way to confirm the legitimacy and credibility of an asset class than when a regulator steps in with policy. The lack of regulatory clarity is also one of the primary reasons preventing further institutional adoption.
在很长一段时间，监管机构拒绝使用比特币和加密货币，我觉得有些人希望它会消失。然而，现在监管机构和金融机构都承认这一资产类别，这对比特币和加密货币整体而言是非常积极的一个现象。
For a very long time, regulators dismissed bitcoin and cryptocurrency, I feel with some hoping it would go away. However this asset class is now acknowledged by regulators and financial incumbents alike, and this is very positive for bitcoin and crypto as a whole.
香港通过虚拟资产沙盒来展示其创新意识。虽然不能保证实现，但现实情况是，我们看到全球监管机构正在通过类似举措进入这一领域。
Hong Kong is demonstrating its innovative heritage by proposing a virtual asset sandbox regime. Whilst not guaranteed to materialize, the reality is we are seeing regulators globally enter this sector with similar initiatives.
我预测全球都会重点关注监管方面，并且在未来两年内，整个资产类别都将收到大多数司法管辖权的监管。
I anticipate a global focus on regulation and estimate that this entire asset class will be regulated in most established jurisdictions within the next 2 years.
但值得肯定的是，随着这类资产的持续增长，监管也会变得更加突出。虽然今天许多加密领域的参与者都在回避监管，但是像BC Group这样的公司早就预料到了这一天的到来。正如我们的首席执行官休·马登（Hugh Madden）昨天在致客户和投资者的公开信中所说，我们见证了这场变革(详细内容可参阅)。然而，在过去十年的大部分时间里，这种资产类别一直存在于在监管力度弱和客户保护力弱的场所，但现如今，下一波转型将极大地依赖于风险管理、透明的资产负债表、合规框架、可信的审计，并且为即将到来的不可避免的监管做好准备。而那些已经准备好迎接这场变革的人（如BC Group）将会抓住机遇，势如破竹。
The certainty, however, will be that regulation will become more prominent as this asset class continues to grow. Whilst many of today’s participants in the crypto space shy away from regulation, the reality is firms such as BC Group have long anticipated this day. As our CEO Hugh Madden stated in an open letter to our clients and investors yesterday (Read Here), we are witnessing a changing of the guard. Whereas for the better part of a decade this asset class has been led by venues with very little regard to regulation and consumer protection, the reality is this next wave of transition will depend immensely on risk management, transparent balance sheets, compliance frameworks, credible audits and being well-positioned for the inevitable upcoming regulation. Those who are already prepared for this transition (like BC Group) will flourish.
问题六
刚刚提到的，你所在的BC Group作为一家香港上市公司，在区块链方面有哪些战略布局？其主推的业务是什么？
Question 6
What has your company BC Group done in the blockchain space, as a Hong Kong-listed company? How would you describe your main business?
在过去18个月里，我们在港交所主板上市公司（BC Group 00863）旗下构建了数字资产及区块链技术子公司体系。
We’ve spent the past 18 months building digital asset and blockchain technology subsidiaries within a mainboard listed, HKSE company (BC Group 00863).
我们的核心业务包括：
Our primary businesses are:
OSL — 亚洲领先的数字资产经纪公司 — 推进交易、系统化RFQ价格匹配系统及对冲产品
OSL (osl.com) — Asia’s leading digital asset prime brokerage, facilitating block trades, systematic RFQ and hedging products.
ANXONE — 目前还未正式全面开始运营的数字资产交易渠道 — 主要面向职业交易员，注重机构级的匹配引擎（FIX可连接性、同位置选项等）结合一系列我们相信在这一领域迎来全球性的管制后所必要的合规工具（包括市场巡察、交易监控、链分析等）
ANXONE (anxone.io) — Our (currently soft-launched) digital asset exchange venue — focused primarily on professional traders with the nucleus focused on an institutional matching engine (FIX connectivity, co-location options etc) combined with a suite of compliance tools that we believe will be mandatory as this space becomes regulated globally (including market surveillance, transaction monitoring, chain analytics etc).
ANXONE解决方案，包括:
ANXONE Solutions, consisting of:
ANXONE 白标 — 我们的SaaS 系统，可以迅速实现交易所及系统化的RFQ报价匹配系统的构建。白标系统及独有的集团内部流动性通道，我们将帮助客户解决成立新交易所面临的最大难题 — — 流动性。
ANXONE Turnkey Solution — our SaaS stack that can be quickly provisioned to deploy turn-key, white labels for both exchange and/or systematic RFQ platforms. Our unique approach of liquidity aggregation across our own platforms in addition to our deployed turnkey platforms solve the most difficult challenge of launching a digital asset trading venue — liquidity.
ANXONE 托管- 5月正式上线，我们提供行业里少有的为冷、热钱包结构同时提供100%保险赔付保证的托管解决方案，体现了我们超高的技术保障与内部管理水平。
ANXONE custody — officially launched in May, we are one of the few custody solutions that offer the optionality of 100% insurance for both hot and cold wallet infrastructure — a testament to the maturity of our custody technology stack and affiliated operational controls.
此外，我们还聘请了四大会计师事务所进行集团的审计（全球首例上市的主营业务为数字资产的公司）这让我们在可以预见的下一轮传统金融机构的大规模应用及不断增加的合规需求中占据先机。
Assisted by the fact that we appointed a big 4 accounting firm as our group auditor (a first in the world for a listed, digital asset focussed business), we are extremely well-positioned for the next phase of institutional adoption and increased regulatory requirements.
问题七
前几天中国央行发声说组织市场机构准备推出数字货币，央行做数字货币的价值是什么？想要达成什么样的结果？其实中国国内早已事实上实现货币数字化了，已经实现fb描述的转账像聊天一样便捷和低成本。
Question 7
The other day, the People’s Bank of China made a statement that they expect market institutions would be preparing to launch digital money. What do you think is the value of the People’s Bank of China doing digital money? What kind of results do they want to achieve? In fact, China has already achieved digital currency, the fb description of the transfer as convenient and low cost as chat.
对于每个政府及中央银行而言，考虑发行数字货币都具有巨大价值。突出表现在以下两个方面：
There is immense value for every government and central bank to consider issuing a digital currency. They are primarily two-fold:
1. 税收 — 将对一种具有完全控制权的货币实现高效的征税。目前针对现实现金的税收难言高效。
1. Tax — you can more effectively collect tax on a currency you maintain complete control over. You cannot effectively tax physical cash.
2. 控制 — 将能够够高效地控制现金的使用，并且获得与现实现金相比更多的信息。
2. Control — you can more effectively control how money is spent and also collect far more information than you can with physical cash.
注意啦！我不一定支持这些主要原因，但这些都是事实！
Please note! I am not necessarily a supporter of these primary reasons but those are the facts!
现实的现金将会在下一个十年被废止，甚至是5年。目前已经有一些主体在推行，比如欧洲和印度。
Physical cash will be abolished in the next decade, if not half-decade. We are already seeing jurisdictions abolish large denominated notes, such as Europe and India.
这是我的荣幸，谢谢你们的邀请。如果有人用Twitter的话，可以互粉一下哦：https://twitter.com/IamDaveChapman
It has been my pleasure and thank you for hosting me. For those who use Twitter, you can follow me @ https://twitter.com/IamDaveChapman
今天Dave跟我们分享了他对Libra，金融机构如何参与，和区块链国际监管趋势等问题的想法。我相信如果大家还有任何问题他都愿意随时解答。作为在香港区块链行业深耕5年之久，而且是世界第一个区块链上市企业的创始人，我们希望在不久的未来BC Group可以为行业的合规化，金融服务的普及化，以及面向传统行业的推广融合做出更大的贡献。
Today, Dave shared his insights on Libra, the participation of financial institutions, and the global trend of blockchain regulation. He’s happy to answer any questions you have any time.
As the founder of the first listed blockchain corporate rooted in Hong Kong for 5 years, we hope that in the near future BC Group can contribute more towards compliance for the industry, and further widespread application in the finance industry, and move forward to allow more traditional institutions to enter the space.
