谁在纵容币圈乱象“李笑来”们

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灰色手段层出不穷，舆论质疑绵延不绝，政策高压并未缓解，但他们依然安然自得我行我素，“榜样的力量”给了后来者与同行者们信心与参照。那么是什么缺位了？

The grey tactics are endless, public opinion questions lingering, and policy pressures are not subdued, but they remain at ease, and the power of the role model gives confidence and reference to later generations and their peers. So what is the gap?

钛媒体深评

The titanium media commented on it.

来源丨钛媒体（ID：taimeiti）

Source: Media (ID:taimeiti)

一段李笑来的录音，掀开了币圈躲在“区块链”概念背后最不堪的那层纱，所有的丑陋、势利以一种赤裸裸的方式，冲击了所有人的眼球。

A recording of Lee's laughter opened up the scariest veil behind the concept of the “block chain” and all the ugly, snobs hit everyone's eyes in a naked manner.

“李笑来”这个名字也似乎一夜之间成了币圈乱象代名词。“他说出的难道不是币圈真相吗，有什么好大惊小怪的？”支持者们却依然恬淡如昨。

The name "Li laughs" also seems to have become a currency ring adage overnight. “Isn't he telling the truth about the currency ring, or is there anything to be surprised about?” The supporters of

在链得得吐槽大会创始群里，资深群友们感叹总结：

In the founding group of the Ribbon Conference, the senior group sighed and summed up:

现在的行业畸形在于：投资人先看看站台的人是谁，投资团队哪些，问一些很没意义的，你准备上哪个交易所，开盘几倍，啥时候让我出货——再加上创始人是不是网红或者有那没有网红潜质——真的有人关心区块链实际落地应用价值吗，少之又少——这些既是李笑来“录音门”的总结，也是币圈的现实映射。

The industrial anomaly now is that the investor first looks at who's on the platform, who's on the investment team, and asks what kind of nonsense, which exchange you're going to do, how many times you're going to open up and when you're going to get me out -- and if the founder's red or if there's no red potential -- does anyone really care about the actual application value of the block chain -- these are both a summary of the laughter of the “record door” and a realistic picture of the currency circle.

所以“李笑来”们，与其叫区块链投资者，不如就叫“炒币者”。再还是攒币、发币、炒币一条龙的“操盘者”。

so "Li laughs" instead of being a block-chain investor, they're called "stewards."

我们依据公开资料和官方消息，整理了李笑来近年来“通往财富自由之路”上的一些典型做法，之所以选取李笑来为窗口，因为他极具代表性，自2013年以在央视上自爆拥有“六位数比特币”并因此被业内称为“比特币首富”以来，关于“六位数比特币”的真实性，及其个人财富成长路径就争议不断，直至“录音门”爆发，“李笑来”这个名字，似乎已成为币圈“网红”力量的代表，更是国内目前币圈乱象的典型缩影。

On the basis of public information and official information, we collated some of Li's typical approaches to the “road to wealth freedom” in recent years, and chose Li's laughter as a window because he was extremely representative, since 2013, when he was self-inflicted with “six-digit bitcoins” and was thus called “bitcoins-rich” in the industry, the authenticity of the “six-digit bitcoins” and the path to personal wealth growth were controversial until the “record door” broke out, and the name “strong” (“Li laughs”) appeared to be a typical microcosm of the “net” power of the currency ring and, more so, of the current currency turmoil in the country.

此文旨在“管中窥豹”，盘点历史和现状，以求解决问题之路经，对未来启迪，希望更多以理性建设性推动区块链变革。

The purpose of this article is to take stock of history and the current situation in order to find a solution to the problem, to inspire the future, and to promote more rationally and constructively the transformation of the block chain.

其实，早有媒体对李笑来的报道称：“复盘李笑来的“通向财富自由之路”，实际上就是一条“名气变现”之路，他充分利用自己的名气，配以精妙的营销，最终通向了财富自由。” 这与“录音门”中，李笑来自己总结的“先成为网红，有自己的IP，再组建社群”、“价值投资无用论”等的“区块链投资”逻辑一样。

In fact, the media laughter of Lee has long stated that “the “road to wealth freedom” from “records” is actually a “beautiful realization” that takes advantage of his reputation, is accompanied by sophisticated marketing, and eventually leads to wealth freedom.” This is just like the logic of the “block chain investment” that Lee snivells out in the “record door” that “becomes red first, has his own IP, forms a community” and that “value investment is useless.”

i黑马的一篇文章曾引用对李笑来的评价：“曾经一次微醺，李拿着手机跟我说：‘不用去同情那些人们，也不用承诺什么，只要你看起来强大，他们甘愿给你交钱。’当时阵阵凉意，把自己的信徒说成傻X，其实他心里应该都清楚的，我想。”

An article by a black horse quotes the laughter of Lee: “There was a time when Lee held his cell phone and told me: > `Don't feel sorry for those people, don't promise nothing, as long as you look strong, they'd give you money.' spoke of his followers as fools, but he should have known it in his heart, I think.”

当然过后，李笑来否认他说过这句话。但是这段话的意思，却与本次“录音门”暴露的意思和语气也都如出一辙。

Then, of course, Li laughed to deny that he had said so. But the meaning of the phrase was the same as that of this “record door”.

乱象看似可怕，但比现存乱象更可怕的，是集体无意识地认为“理所当然”，一如既往，甚至有人还翻版了一份“正面解读”。所以，即使灰色手段层出不穷，舆论质疑绵延不绝，政策高压并未缓解，但他们依然安然自得我行我素，“榜样的力量”给了后来者与同行者们信心与参照。那么是什么缺位了？

What's the gap, even if the grey tactics continue, public opinion continues to question and the policy pressures are not subdued, but they still do what they do, and the power of the role model gives confidence and reference to later generations and their peers?

募资手段千奇百怪

/strong'

有人在网上发布过一张树状图，称之为“李笑来圈钱史”，将其近年来的募资手段做个分类，我们也在此基础上进行了求实和一一验证，虽然不够全面和个别细节描述不够精确，但大体如实，我们在此基础上也做了更多资料搜集，通过梳理其不同的募资方式也发现，以李笑来为代表的币圈募资手段的确可谓千奇百怪，但也基本涵盖或者说引领了“潮流”，参与募资者众。

Some have published a tree map on the Internet, called the “Li laughs for money history”, and have classified its fund-raising instruments in recent years. On that basis, we have conducted a factual and one-by-one validation exercise. Although not comprehensive and individual details are not sufficiently precise, on that basis we have gathered more information, and by collating its different forms of fund-raising, it has been found that the money-earning instruments represented by Li laughs are truly strange, but they also largely cover or attract the “tide” and the participants.

李笑来“圈钱史”，来源：网络

Lee laughs about the history of money in circles. Source: Internet.

这也是为什么，多位投资者虽然在李笑来的投资项目上多有亏损感到愤恨时，也还是向钛媒体表达了对李笑来的感谢，“他算是带我们入行入圈的”。通过流量优势，以李笑来为代表的“网红”大V的确不断吸引着新的“韭菜”进场。

And that's why many investors, despite their anger at Li's loss in his investment projects, expressed their gratitude to the titanium media, “He's kind of taking us into the circle.” By the advantage of the flow, the Big Red V, which is represented by Li's laughter, is indeed constantly attracting new “celebrities” to the field.

对李笑来来说，不仅数字货币，不仅ICO，几乎每一个新时期出现的新的募资方式，例如中间曾经股权众筹的短暂兴起，他都没有错过，与区块链更是关系不大。钛媒体总结了以下几种典型募资手段：

For Li to laughter, not only the digital currency, but not just the ICO, but also the new forms of fund-raising that have emerged in almost every new era, such as the short rise in the number of shareholders in the middle, he has not missed, but he has little to do with the block chain. The titanium media has summarized the following typical means of fund-raising:

一、法币募资、比特基金与股权众筹

i. French-currency fund-raising, bit funds and equity fund-raising

2013年在央视自爆“六位数比特币”一站成名后，李笑来众筹了350多万美元（当时相当于3万个比特币）创建了比特基金（Bitfund），吸引了吴钢等众多币圈大佬参与认购（多位大佬直接以比特币认购，或者为了更合法化，将比特币兑换成了法币后认购）。

In 2013, after becoming famous for the self-declared “six-digit bitcoin”, Li laughter raised more than $3.5 million (equivalent to 30,000 bitcoins at the time) to create the Bitfund, which attracted a large number of large money circles, such as Wu Steel, to participate in the buy-in (many larges either directly into bitcoin or, in order to be more legitimized, to convert bitcoin into French).

媒体报道称，到了2017年11月，距比特基金的四年兑付约定期限过去4年，李笑来却单方面宣布延期1年兑付。

According to media reports, in November 2017, four years after the four-year cut-off period for the Bit Foundation, Li laughter unilaterally announced a one-year extension.

宝二爷的一个朋友借他的微博发布一条视频，说自己放在（李笑来）基金里的3万枚币蒸发了，宝二爷本人在视频中喊话：最应该和李笑来撕的应该是老吴。吴钢随后转发微博并且表示：“我希望Bitfund能够对LP公开透明，不负初心和托付。”

A friend of Mr. Bo released a video on his microblog, saying that 30,000 coins had evaporated in his fund, and Mr. Bo himself shouted in the video that the best thing to do with Li's laughter was to tear it up. Wu Gang then forwarded the video and said, "I hope Bitfund can be transparent about the LP, free of initiality and entrustment."

但他们并没有得到回应。

But they did not receive a response.

而无论是新生大学、马克新生学院，还是一块听听，都是没有延续至今的项目，但都成了当时用来募资众筹的手段，也进行了股权众筹。

Both the University of Newborns, the Mark School of Newborns and a piece of listening are not ongoing projects, but they were used as a means of raising public funds, as well as equity.

同时，备受诟病的问题也都几乎没有差别：项目团队和进展不透明，财务管理不公开，即便LP都无法获得基金财务报告，项目多为李笑来“攒局”而非普通投资，项目最终几乎都倒了。

At the same time, there is little difference in the problem of exposure: project teams and progress are not transparent, financial management is not open, even LPs are not able to access the Fund's financial reports, projects are often “contributed” rather than ordinary investments, and projects end up almost all over again.

二、600ETH入会俱乐部

II, 600ETH Joining Club

给微信群收高额入门会以做共同投资，李笑来不是第一个，也不是最后一个，都显示了监管地带的完全空白。

“支付600ETH的人当然不会白白付出，会通过各种办法找补回来，不仅要收回成本，还要借机大捞一笔。不仅如此，交了20ETH的人很多又自己拉群，每人收2ETH，又发展了一层下线。”

"Those who pay 600 ETH will not pay for nothing, they will come back by various means, not only to recover the cost, but also to take advantage of the opportunity. Moreover, the people who pay 20 ETH have a lot of them and have their own groups, a 2 ETH per person, and they've developed a lower line."

作为之前李笑来的追随者，MrChow撰文称，“他的解释是，600ETH是为了筛选出“合格投资者”，达到这个资产门槛的人才能和他的基金合作。这又是故意混淆概念：要求投资者证明拥有这么多资产，和要求投资者支付给他这么多资产，是两回事！”

As Lee’s previous laughter follower, MrChow wrote, “His interpretation is that 600ETH is designed to screen “qualified investors” so that those who meet this asset threshold can work with his fund. This is also a deliberate confusion: it is a different thing to ask investors to prove possession of so many assets and to ask investors to pay him so much!”

不过入群之后，向群友们推荐等大多数币，又有多个都与李笑来自己发行，并上自己控制的交易所有关。几个月后李笑来推荐的这些币，大多破发严重，很多至今也未恢复元气。

However, after joining the group, most of the money is recommended to the group, and many more are associated with Li laughing to issue it himself and to go to his own-controlled exchange. Most of the money that Li laughter recommended a few months later is badly broken, and many have not recovered their strength.

在一片骂声中，李笑来在600ETH群里退了500ETH——最后迫于压力终于把那剩下的100ETH也退了。

"Strong" in a scolding, Li smiled off 500 ETHs in the 600 ETHs -- and finally forced to put down the remaining 100 ETHs.

但这种入门方式至今仍在币圈各种炒币喊单群里流传。

However, this introduction is still in circulation in the currency ring and in the troupe.

三、风利基金用支付宝“吸储”

iii. The wind money fund is used to “sort” the payment treasure

根据李笑来官方微信号的发布，风利基金每份最小2万元募集，通过支付宝集资，按照年化 8% 的利息计算，投资者两年后赎回本金。

According to Lee's release of the official microsignal, wind money funds are raised for a minimum of $20,000 each, and investors redeem their principal in two years, based on an annualized interest rate of 8 percent.

“举例来说，某位投资者投资了 10 万元人民币，两年后到期，赎回本金 10 万人民币，期间产生的利息为 1.6 万人民币，以众筹的方式投入了某个早期创业项目。利息虽然是两年借期之后才能落实，但风利基金在投资者投入资金之后垫付相应的利息先行进行投资。”

“For example, an investor invests RMB 100,000, which expires two years later, redeems the principal sum of RMB 100,000, resulting in interest of RMB 16,000 during the period, and invests an early start-up project in a publicly funded manner. Interest is not realized until after a two-year loan period.

有律师看了该文件后表示，从描述来看，风利基金已具备典型含固定回报承诺的“吸储”功能，可能会涉嫌部分“非法吸储”的可能。

A lawyer who read the document said and described the wind money fund as having a typical “sort” function with a fixed return commitment and may be suspected of some of the “illegal stowage” potential.

来源：李笑来微信号

Source: Li laughs at the micro-signal.

迄今风利基金已经做了超过30期，并且还发布了固定利率的理财产品“风利投资”（如下图），该理财产品同样不具备任何资质。

To date, the Wind Fund has been in operation for more than 30 years and has also issued a fixed interest rate “wind investment” in the cultural property (see figure below), which also lacks any qualifications.

四、用糖果币混淆ETF开放基金

iv. Confusion of ETF Open Fund with Candy Currency

虽然李笑来在媒体采访中说他没有推荐炒币，在央视上更是声明自己99.99%都是被站台，但是网络上他推荐各种币的记录仍然比比皆是。也由此，他受到了大量的网络质疑。

Although Li laughter said in the media interview that he did not recommend coins and stated in general that 99.99 per cent of him was on the stand, his records of recommending various currencies on the Internet are still widespread. As a result, he has been subjected to a lot of online questioning.

以下节选自李笑来曾经追随者Mr.Chow的一篇文章，发表于今年2月，也是对后文中，李笑来录音实录里有提到的“Candy”（糖果币）的一些疑问：

The following excerpts are drawn from an article by Mr. Chow, a former follower of Li's laughter, which was published in February of this year and in the latter, Lee's laughter recorded some questions about “Candy” :

“李笑来的公众号“学习学习再学习”上有一篇文章《错过了比特币，别再错过糖果》，仔细讲解了他发行的糖果币CANDY，在哪里领，价值跟哪些币锚定。

"Li laughs for the "Learn and Learn again" article, "Mist bitcoin, don't miss candy" details the candy coin that he issued, where he gets it, where it's worth, and which currency it anchors.

引用一下李笑来官方描述：

Quoting Li's laughter to the official description:

说白了，CANDY就像是ETF（交易型开放式指数基金）一样，显示着其所包含的代币的价值。这些代币包含PRS、BIG、XIN、MTN等在内的近二十种代币，目前总价值即将突破8000万美元。

To be clear, CanDY is like the ETF, showing the value of the tokens it contains. These currencies include nearly 20 of them, including PRS, BIG, XIN, MTN, etc., and the total value is now about 80 million dollars.

ETF（Exchange Traded Funds）是股票里的概念，实际上就是把一揽子股票交给一个共同管理者，打包并重新发售的新股票。

The ETF is a concept in a stock, in effect handing over the portfolio to a co-manager, repackaging and reselling the new stock.

这番解释避重就轻，故意绕过最关键的概念。最关键的概念是什么？是ETF基金份额的价格如何做到“锚定一揽子股票的价格”。本来应该是这样做到的：

This explains the importance of avoiding and deliberately bypassing the most critical concepts. What is the key concept? How does the ETF share price go “a anchored package”. This should have been done:

1. 在一级市场，交易者可以直接拿自己持有的一揽子股票去换取ETF基金份额，也可以用ETF基金份额换回一揽子股票，因此基金份额的价格等于这一揽子股票的价格。

1. In the first-tier market, traders can exchange their share of the ETF fund directly for the stock package held by them, or the share of the ETF fund for the equity package, so that the price of the share of the fund is equal to the price of the portfolio.

2. 在二级市场，交易者可以挂单买卖ETF基金份额，成交价格跟那一揽子股票的价格相比，可能会有溢价或折价。

2. In the secondary market, traders may purchase and sell a share of the ETF fund on a single basis, and there may be premiums or discounts compared to the price of the portfolio.

3. 由于在二级市场交易ETF基金份额有溢价或折价，就会有人从事一级二级市场间的套利交易，最终会把溢价或折价拉平，套利交易的存在使得二级市场的ETF基金份额价格不可能跟一揽子股票的价格偏离太多。

3. As the share of ETF funds traded in the secondary market has a premium or discount, there will be arbitrage between the secondary market, which will eventually equalize the premium or discount. The existence of arbitrage makes it unlikely that the share price of ETF in the secondary market will deviate too much from the price of the portfolio.

那么，CANDY是一种ETF吗？

So, is Candy an ETF?

CANDY确实可以在BigONE交易所挂单买卖，也就是可以在二级市场自由交易。但一级市场在哪儿？我能把我的CANDY兑换回那一揽子的各种代币，或者反过来用一揽子代币兑换CANDY吗？我找遍了candy.one官网也没找到这个功能，官网上有人提出这个问题也没有得到回复。

Candy can actually be listed and traded on the Bigone exchange, which means it can be freely traded on the secondary market. But where is the primary market? Can I convert my CANDY back to the various currencies in the basket, or vice versa?

所以现状是这样的：

So here's what happened:

1. 李笑来声称他把一揽子各种代币放进了糖果盒，总价值8000万美元。

1. Li laughter claimed that he had placed a package of various tokens in the candy box, for a total value of $80 million.

2. 至于到底锁定没锁定这些代币，谁也不知道。

2. No one knows whether or not these tokens have been locked.

3. 就算真的锁定了这些代币，它们跟CANDY之间也看不出有任何联系。因为CANDY的一级市场是不存在的，只有BigONE的二级市场。

3. Even if these tokens are actually locked, there is no connection between them and CANDY. Because there is no primary market in CANDY, only the secondary market in BigONE.

4. 那么在二级市场上CANDY该值多少钱？反正有人卖，有人买，你相信它值多少钱，它就值多少钱。

4. How much would CanDY be worth on the secondary market? Someone sells it, someone buys it, you believe it's worth it, it's worth it.

5. 如果你相信CANDY锚定的总市值是8000万美元，所以每个CANDY应该值 8000万 / 1万亿=0.00008美元 ，你愿意当这个接盘侠，那也是你的自由。

If you believe that the total market value of CanDY's anchor is $80 million, it should be worth 80 million per CanDY / 1 trillion = 0.00008, and it is your freedom to be this handler.

李笑来不是刚讲过么，“在现代交易市场上，没有任何一笔合法交易是被迫形成的，双方买卖自由”（详见 所谓“韭菜”和所谓“无政府主义者”有什么惊人的共同之处？）。

Didn't Lee just say, “No legal transaction in the modern trading market is forced and free to buy and sell” (for more details, what is amazing in common with the so-called pickles and the so-called anarchists?

6. candy.one上面无数人留言提问“为什么提币到BigONE等好多天了一直在审核中”？而我想问的是，BigONE上面搞活动发放的CANDY远远少于candy.one上发放的，而candy.one上领到的币又提不出来，那么BigONE上挂单卖CANDY的都是谁在卖？

And I want to ask, "Why have the money been under review for days since Bigone's been waiting for us?" And I want to ask, "Who's the one who's selling Candy on Bigone, who's selling Candy, who's selling Candy?"

从MIXIN（注明：也是李笑来发起的另外一个著名项目币）到CANDY，鼓动粉丝们用分销链接刷屏是“笑来系”发币的惯用伎俩。每次看到微信群和朋友圈全被攻陷，真的觉得很恶心。

From MININ (which is also another famous project coin sponsored by Li laughter) to CANDY, fans are encouraged to use distribution links to brush screens as a “joke-to-be” method. It's really disgusting to see the micro-letters and friends fall.

营销就像味精，本身并不能成为菜，而且也不需要太多。落地的产品没看见，天天就看见无数粉丝被裹挟着铺天盖地做营销，你说烦不烦？

Marketing is like taste, and it doesn't have to be too much. Don't you get bored when you don't see what's on the ground, when you see a lot of fans in the middle of it?

所谓“发糖果”，真的是李笑来自掏腰包给大家发福利吗？不是的。本质上不过是发动一部分群众割另一部分群众的韭菜罢了。

Is it true that Li laughter comes from spending money on benefits for everyone? No, it's essentially just a part of the crowd cutting off the other part of the crowd.

1. 通过层层分销，让社交网络中的大V有机会收割他们的粉丝，培养大V们的忠诚度。

1. Through layered distribution, the Big V in the social network is given the opportunity to harvest their fans and cultivate the loyalty of the Big V.

2. 通过自家完全控制的交易所BigONE，让最忠诚最脑残的韭菜们接盘。

2. BigONE, a fully controlled exchange of its own, allows the most loyal and demented veggies to be picked up.

五、发币、发币、发币

V, coins, coins, coins

有人经过不完全统计，把李笑来参与发币或者“明确站台”发币的项目进行统计，数量多达数十个，这些代币也大多上了李笑来自己掌握的交易所。

Some people go through incomplete statistics, counting Li laughter as many as dozens of them in a project to issue coins or “specify stations”, and most of these tokens go to the exchange that Li laughter has in his own hands.

（上图来自网络）

(The above figure is from the Web)

而这些为了“发币”而发币的项目，荒谬到，一个发币（ERC）地址下还可以有多个发行的币。此处需要解释的是，一般以太坊上发币，是一个ERC2.0合约地址对应一个代币。

And these items, which are issued for the purpose of “distribution of currency”, are absurd to the extent that there can be more than one issue of currency under an (ERC) address. Here, it should be explained that usually the currency is issued in the Taiku, and an ERC 2.0 contract address corresponds to a token.

经钛媒体找技术人员进行的地址验证，在李笑来发行的两个典型代币Candy和Pressone的token合约地址下，都的确各有多个不同币的记录。这些币又疑似进入了前述600eth俱乐部推荐里。

It is true that two typical tokens issued by Li laughter, the Token contract address of Candy and Pressone, were verified by titanium media technicians, each with several different currencies. They appear to have entered the above-mentioned 600eth Club proposal.

而上述这五大操作，都离不开的是另一个典型的利益循环。

These five operations, however, cannot be separated from another typical cycle of interests.

图片来源网络

Image Source Network

交易利益链毫无区隔，疯狂做市操纵一条龙

以下引用自李笑来“录音门”事件中广为流传的录音内容，发言者为李笑来：

The following is a quote from the widely recorded recording of Li's laughter at the “record door”:

“我不管你是投机还是投资，赚到钱的才是成功，你投资也可以失败，你投机也可以成功。到最后他妈的我跟你讲一大堆世界观，我操你不赚钱，投资干吗的？核心目的目标只有一个赚钱。所以这他妈的，所以你一定要找到最核心的东西，然后我们把它当作第一性原理我们不能骗自己你这样能理解吗？

"I don't care whether you're speculating or investing, it's making money, it's going to be a success, it's going to be a failure, it's going to be a success. At the end of the day, I'll tell you a whole bunch of world views, and I'll fuck you for what? The core goal is just making money. So you have to find something at the core, and then we can't fool ourselves about it as a first-of-a-kind principle.

当然，我们会研究很多战术，来完成这个东西。就是说你看我做Candy（糖果币），用一个那么烂的技术团队，第一天网站挂了负载均衡没做，第二天终于好了，第三天短信费他妈居然没交足。第四天终于好了，第五天。

Of course, we're going to study a lot of tactics to do this thing. So you're going to look at me as a Candy, with such a shitty technical team, with a load balance on the website for the first day, and finally the next day, and the third day's fucking cost. The fourth day's going to be fine, and the fifth day.

网站被拖库了，所以所有的数据库都被人拿走，亏的那个网站上根本就没有钱。但是我知道那个网站上没有钱，所以我不管你搞得好不好，你只要搞起来就行。七天两百万用户，流量放大不起，我达成我的目标，我们会研究这些战术的，怎么迅速的把流量搞起来。

The site was towed, so all the databases were taken away, and there was no money on the lost site. But I knew there was no money on that site, so whatever you do, you just do it. Seven days, two million users couldn't zoom in, I reached my goal, and we're going to study these tactics, how to get them up quickly.

然后又怎么才能把它持续的，就它的核心竞争力在于说我们往里放多少个糖果币，我那个糖果盒里我容多少糖果，那我知道我肯定是有核心竞争力的，所以我出去抢钱，我根本就不是说跟人商量，立马跟我合作你就扔进来，否则别合作了，少废话，所以我有这个强的能力，所以这个别人拼不过我。然后我也在担心说那他妈有钱，有一天我抢不动了怎么办？所以我会把它变成一个交易所。

And then how do we keep it going? It's about how much candy money we put in there, how much candy I've got in my candy box, and I know I'm sure I'm core-competitive, so I go out and grab money, and I'm not talking about talking to people, working with me right now, and you throw it in, or I'm not working with you, so I have the power, so this guy can't fight me. And then I'm worried about the fucking money, and I'm not gonna do it one day. So I'm gonna turn it into an exchange.

到4月份它就是一个交易所，你上架你总得往里扔，所以这就持续了，他只要持续，我操，它就能涨，所以我心里有数，然后我再怎么样通过我的方式把这些糖果币分散到足够多的人手里面，现在看已经至少分散到300万。因为现在是注册用户应该超过800万了。但实际上这里有很多样模板，把他们踢掉也剩300万。

By April, it was an exchange, and you always had to throw it in, so it lasted, and he could go up if he lasted and I fucked him, so I knew how I could spread the candy coins to a lot of people in my way, and now it looks like it's at least 3 million. Because now there are more than 8 million registered users. But there are a lot of templates here, and there's only 3 million left.

然后再做个交易所，然后那些糖果币现在已经有定价了，所以我下一步就是说它里面有三样东西：一个是交易所，这交易所保证持续的往里放币；然后一个是游戏中心，就是一个游戏的引擎，就是捕鱼达人就是他们的开发的，他们能做一切概率游戏，我把这个游戏厅开起来，这样的话就是看你在里面就有消费和循环了，然后我又把那个，你知道金马吗，他有代投社区，定投社群，3000多这个付费用户，然后把他们拉起来就很简单。

And then there's an exchange, and the candy coins are now priced, so the next thing I say is that there are three things in it: one is the exchange, which is guaranteed to keep the money going in; the other is the game center, which is the engine of the game, which is that the fishing people are their development, and they can do all the probability games, so I open up this game hall, and I see you have consumption and circulation in it, and then I take that, you know, the golden horse, he's an alternative community, he's a community, he's a paid user, and it's easy to pull them up.

“我问金马，我说你这些用户一共交给你多少钱？他算了一下是大概160万。我说那这样，就是我给你1600万，价值1600万人民币的十倍收益（糖果或币），你发给你的用户，他们就爽翻了。然后你发动他们干一件事，就把那个新闻版块运营起来，四处摘好新闻，大家现在都在去做区块链媒体，互联网发生过事情会重新发生的。

“I ask Kimma, how much do you pay these users? He's counting about 1.6 million. I say, I give you 16 million yuan, 10 times the RMB worth of 16 million, and you send them to your users, and they kick it. Then you start one thing, you run that piece of news, pick it up, everybody's doing chain media, and things happen again on the Internet.

就是当这种媒体多起来之后，下一个大号它就不是某个媒体了，它是聚合媒体，大家把东西贴到一块。大家来看这就好了，然后再把信息分发出去。

And that's when there's more of this kind of media, it's not some kind of media, it's a condensed media, you put something in one piece. It's good to see this, and then you distribute the information.

我说你就把这个弄起来了。所以这上面，流量有了，媒体有了，游戏厅有了，这个交易所有了，那这个东西它就转的起来。所以就是说你通过这个例子能看出来，就是我们是很研究战术的。我们很知道怎么去干，然后去做真正有意义的事情。但是到头来大原则上，你要是真信那套（价值投资），你就废了。

I say you've got this. So here's the flow, there's the media, there's the game hall, there's the deal, there's the deal, there's the thing. So that's what you can tell by this example, we're studying tactics. We know how to do it, and then we do something really meaningful. But in the end, if you're real, you're dead.

过去融资三个月，现在融资五分钟，过去上交易所就纽交所18个月，现在人家同意直接上，所以中间环节是一定会被干掉的，所以我要是当中间环节我就傻逼了。所以其实我们（注：应该指李笑来的inb资本）是家技术公司。

The last three months of financing, five minutes of financing, 18 months of trading, and now they've agreed to go directly, so the middle line is gonna get killed, so I'm stupid if I'm in the middle. So we're a technology company.

我们是一家技术公司，你想发币我们能马上给你发；你想建立要求网络，我们马上有现成的给你用；你想开交易所，我直接跟你对接；你有社区想转化成区块链项目，区块链积分，我马上给你介绍全币种钱包，然后你想快速的建立社群，你给我足够代价，我肯定马上给你能把流量导过去，我们是干这个事。”

We're a technology company, and we can send it to you immediately if you want to create a demand network; we'll have it ready for you immediately; you want to open an exchange, and I'll go straight to you; you have a community that wants to turn it into a block chain project, a block chain component, and I'll introduce you to the whole dollar wallet, and you want to build the community quickly, and you give me enough money, and I'll give you the flow, and that's what we do.”

上述内容，几乎是全部录音最精华的部分，充分曝光和拆解了“币圈大佬”或者说币圈流量掌握者们，疯狂做市操纵一条龙的操作方式， 且在“交易所”、“媒体”、“代币发行方”几乎合为一体， 交易利益主体之间毫无区隔。

The content, which is almost the most delicate part of the entire recording, is fully exposed and dissected by the money-circumstancers or the money-circumstance masters, who operate in such a way that the market manipulates a dragon, and is almost integrated in the “exchange”, “media”, “demonstrate issuer”, with no distinction between the interests of the trader.

有一篇自媒体文章总结了一句话：“李笑来们”本身就是利好或利空的风向标，他们大多数人要么拥有代币发行权，要么拥有交易所，甚至将二者都握在手里，既当运动员又当裁判。最终的结果，自然是李笑来们财务自由了，散户则成为“韭菜”。

A self-media article summed up the words: "Li laughs" are in themselves good or cheap wind signs, and most of them have the power to issue tokens, or have an exchange, or even hold both in their hands, both as athletes and as judges. The end result, of course, is that Li laughs become financially free, and the street becomes a "celebrities."

财新网也曾报道，当时有业内人士认为，李笑来自己发行ICO项目，并将其放到自己投资的平台上进行交易，“相当于交易所参与IPO”。

As FCN also reported, at the time

《新京报》也还原过李笑来一项操作称：李笑来既是EOS开发block.com的成员，又是为EOS进行众筹的云币网的股东，“利用云币网平台做交易为EOS众筹，相当于把云币网客户的钱，变成自己口袋里的钱”。

The New Kyoto newspaper also responded to Li's laughter by stating that he was both a member of the EOS Development Block.com and a shareholder of the cloudnet, which was widely raised for EOS, “to make a deal for EOS using a cloudnet platform, which is equivalent to turning the money of the cloudnet customers into money in his pocket”.

媒体报道称，去年7月10日，除了EOS，李笑来还开启了另一个比较大的ICO项目Press.One，宣布发售220亿代币，其中100亿枚PRS通过众筹完成，价值2亿美元。这个项目的最大争议之处在于没有白皮书，仅在官网写着几百字的介绍。

According to media reports, last July 10, apart from EOS, Li laughter opened another larger ICO project, Press.One, which announced the sale of 22 billion yen, of which 10 billion PRSs were produced by the public and valued at $200 million. The biggest controversy in the project was the absence of a white paper, with hundreds of references written on the official web site.

“一个不知所云的项目，连白皮书都懒得写，竟然想募集2亿美元，太荒谬了。”当时一名投资者对《新京报》说。当然，现在Press.One的现状就不用说了，至今团队不明，价格暴跌之后，Press.One的代币，也几乎成了仅在李笑来自己掌握的交易所Bigone上交易的鸡肋。

It's ridiculous that an unknown project, even a white paper, was too lazy to raise $200 million.” One investor said to the New Kyoto newspaper at the time. Now, of course, the state of Press.One, whose tokens have become almost a part of the deal on Bigone, which Lee only laughed at himself.

政府“公信力”成为消费品

因为区块链和数字货币在中国政策层面依然是一个比较敏感的地带，使得政府公信力成为特殊背书。

As block chains and digital currencies remain a more sensitive zone at the policy level in China, making the credibility of the Government a special endorsement.

今年4月9日，雄岸基金对外发布消息称，浙江杭州余杭区政府、未来科技城管委会与杭州暾澜投资管理有限公司共同出资成立了一个名为“雄岸全球区块链创新基金”。

On 9 April of this year, the Yuhang District of Zhejiang County, the Government of the Future Science and Technology City Council and the Hangzhou Investment Management Corporation Ltd. co-financed the creation of a “Major Bank Global Block Chain Innovation Fund”.

该基金总规模100亿元人民币，由姚勇杰的暾澜投资和李笑来、老猫联合创立的INBlockchain组成的雄岸基金管理公司进行管理。

The total size of the fund is RMB 10 billion and is managed by Yao Yongjie's investment and by Lee laughter, an INBlockchain, a consortium of older cats.

据媒体报道，杭州市政府引导资金将出资30亿，占基金总额度的30%，70%向社会合格机构投资者公开募集。

According to media reports, the Hangzhou municipal government will contribute 3 billion dollars, 30 per cent of the total, and 70 per cent of the funds will be publicly collected from socially qualified institutional investors.

从此之后，李笑来就背负了更多“政府支持”的色彩，雄岸基金按中国首个政府背景支持的区块链投资基金形象在外活动，相对基金来说，更需要“政府背书”的，是雄岸基金投资的那些币圈项目。

Since then, Li’s laughter has assumed more “government support” – the image of the SWF as a block-chain investment fund supported by China’s first government background, and the need for “government endorsement” is more important than the SWF’s investment of currency circles.

不过，值得注意的是，在雄安基金公布的首批投资名单中，有两家交易所VNbig和ThinkBit，与此同时，其他多个项目方都正在筹划ICO，“政府背景加持”无疑成为它们的最大砝码。

It is worth noting, however, that two of the first investment lists published by the Yu An Foundation include VNbig and ThinkBit, while several other project parties are planning the ICO, “government background holds” undoubtedly becoming their biggest mark.

虽然现在所有交易所都号称是海外交易所，但不可否认的是，“交易所”依然是国家政府严令禁止的范围，ICO更是在去年94被“一刀切”之后，也是尚未明朗。

Although all exchanges are now referred to as overseas exchanges, it is undeniable that “exchanges” remain strictly prohibited by the national Government and that the ICO has not been made clear since last year 94 was “one-size-fits-all”.

事后，也有媒体致电出资方之一未来科技城管委会和余杭区政府了解情况，但未获得答复。在科技城官方网站所披露的2018年预算材料中，并没有任何政府性资金基金支出。

After that, there were also media calls from one of the contributors to the future Science and Technology City Council and the government of the Yu Hang District for information, but no response was received.

据知情人士称，政府引导基金这种行为乃重点规划领域的正常招商引资行为，很难称得上是政府背景资金。同时，发布会后，政府实际也还未实际出资，因为该事宜在杭州市政府内部也存在很大争议。目前，该项目在政府层面也已暂时搁置。

According to the sources, the government-directed fund is a regular solicitation in the priority planning area, and it is difficult to describe it as funding from the government background. At the same time, after the conference, the government has not actually funded it, as the matter is also controversial within the Hangzhou municipality.

不过据参会现场人士称，实际上，杭州市领导揭牌和站台等事宜也并非基金而是研究院。

, however, according to the participants in the meeting, in practice the Hangzhou City leadership is not a foundation, but a research institute.

一位当地政府部门人士说，在这件事里，政府显然也成了被懵的带进去的那一方。“浙江与杭州政府向来是敢于尝试，积极支持创新发展经济，领导开明且照顾民营企业。

One local government official said that in this case, the government was apparently the one that was taken in. “The Zhejiang and Hangzhou governments have always dared to try and actively support innovative economic development, leading enlightened and private business.

但如果因为炒币需要，利用政府风险投资引导政策，虚构百亿政府基金形象，以吸引散户信任为目的，使得政府公信力被消费，这就变味了”。

However, it would be retort if the government's credibility were to be consumed because of the need for currency speculation, the use of government venture investment to guide policy, and the fiction of a $10 billion government fund image designed to attract trust among the diaspora”.

上述这些，都远非一人一事，而是极具代表性和普遍性的行为，从一级市场到二级市场，喊单、拉单，操纵交易等行为随处可见，但因为中国现有法律标准和对加密货币对定性尚不清晰，几乎难以管理。

Far from being a human matter, these are highly representative and universal acts, ranging from primary to secondary markets, such as billing, billing, trading, etc., all over the world, but because China's existing legal standards and the characterization of encrypted currencies are unclear and difficult to regulate.

综合看来，为何会出现整个币圈被放纵的“乱象”，有如下几个原因：

, taken together, why there is a “disturbing” of the entire currency circle, for the following reasons:

区块链的知识和认知门槛较高，具有很大迷惑性，普通百姓看不懂只能追随所谓信任的“网红”力量，政府看不懂则只能暂时观望；

(b) The high knowledge and cognitive threshold of the block chain is confusing, and ordinary people cannot follow the so-called “net red” forces of trust, while the Government can only observe for a while;

被各界塑造的“一夜暴富”幻想和榜样，不断在激励着人性贪婪的铤而走险通向“财富自由之路”；

The illusions and role models of “one-night rich” shaped by various circles are constantly driving the dangerous road to “freedom of wealth” that inspires human greed;

监管不明朗始终如一把达摩克利斯之剑悬在空中，但由此带来的套利空间也巨大，巨头参与少，传统主流竞争者不敢进场，在竞争不足当情况下也给了市场里的投机者巨大的套利机会。

Regulation remains as elusive as a sword of Damocles in the air, but the arbitrage that it offers is also enormous, with few major players involved, traditional mainstream competitors afraid to come in and, in the absence of competition, give speculators in the market a huge arbitrage opportunity.

区块链变革力量巨大，但依然任重道远。

The power of transformation in the block chain is enormous, but much remains to be done.

（本文独家首发钛媒体）

(Only titanium media in this post)

编辑：魏帆

Editor: Wei Fan

如果可能、那就走在时代的前面

If that's possible, it's in front of the times of the strong.

如果不能、那就同时代一起前进

If you can't, you can move on with the times of strong.

但决不要落在时代的后面

But never fall behind the times of strong.

——布留索夫

- Breusesov.

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