From Wall Street to the Crypto World — LeadBest Service Philosophy
“The crypto world is such a mess!” Whenever an outsider makes these sorts of comments to criticize people involved in cryptocurrency, the LeadBest team (being active participants in the crypto world) can’t help but feel slightly disappointed. However, these comments can be hard to refute. Looking at the aftermath of Bitcoin’s massive moonshot at the end of 2013, anyone who didn’t get involved at the time is left wondering how they’re going to be able to find the next rocket to the moon… No doubt, it’s a real mess.
Blockchain technology makes it possible to exchange value unprecedentedly fast. Add to this the fact that modern laws haven’t kept up and the industry itself is still developing, all these stories of becoming an overnight millionaire in the crypto world are especially enticing. Some people are even taking advantage of the buzz to sell get-rich-quick schemes. However, given the current “One day in the crypto world is equal to ten years on Earth” type of environment, even experienced investors are unable to say confidently that there’s no chance of them getting cheated or fooled. So how can we expect anything different from anyone else?
However, we have to ask: is it really just the crypto world that suffers from such disorder? If you turn on the TV (that is, if you still watch TV) the hosts of financial programs and specialists in stocks and investment funds are nearly foaming at the mouth to report on industry big shots. In reality, their actions are not so far off from those old hands with poor track records in the crypto-world. Didn’t Leonardo DiCaprio’s character in the film The Wolf of Wall Street, Jordan R. Belfort, simply rely on speculating penny stocks to earn his profits? In the end, the root of the problem might just lie in our own human nature. Regardless of whether it’s stocks or blockchain assets, greedy people will always find a way to take advantage of a situation.
In fact, in the early days of its development, Wall Street also faced a period of time that was extremely disorganized and messy. Post-Civil War 19th Century America was industrializing, building railroads, and facing a period of reconstruction. The demand for financial investment increased massively, and Wall Street’s development was booming along with it. The regulatory system of the time was still developing as well, and it was often difficult to tell fact from fiction with respect to market information. The prices of financial products were constantly fluctuating, eventually leading to multiple market collapses until the beginning of the 20th century when, as a result of the first World War, a sustained bull run on Wall Street caused investors to forget about the “certain risk” of investment. This in turn led to the Wall Street Crash of 1929 and the beginning of the 12-year-long Great Depression.
Over 100 years have passed since this chaotic period on Wall Street began, and there is now no shortage of careful investors who work hard to keep their focus on long-term interests. In its time without heavy government supervision, Wall Street actually evolved a number of its own self-regulatory practices, and investors began to unite and demand more transparency from companies on the market. Independent third party organizations were established, predecessors to the modern-day American treasury system. This continued until 1934 when Roosevelt’s New Deal established the U.S. Securities and Exchange Commission (SEC), finally formalizing capital market regulatory compliance.
“ Right now blockchain investment is a lot like the Wild West. ”
LeadBest Chairman — Franky Hu
Looking back at the blockchain investment market, one can draw many parallels with 19th Century Wall Street. While stories of market disruption aren’t unheard of, now is also a time full of endless potential. This is what an emerging capital market looks like, and it’s an inevitable stage of development.
The LeadBest team believes that blockchain has the potential to truly change the way we conduct trade as we know it. We’re not willing to sit back and watch as others equate blockchain to fraud, stigmatize it, and disrupt future opportunities for its development. With this firm belief in mind, LeadBest has developed a tool to assist investors. Through the use of smart contracts and a credit score system, we’re making transactions more automated and transparent in order to establish a foundation of mutual trust to connect lead investors/institutions, investment projects, and individual investors.
In the ocean of existing blockchain assets, LeadBest will be a true leader for investors, striving to protect the long-term interests of the market and speed up its development so it can become a complete and stable financial ecosystem.