一、全球第一家比特币交易所：Mt. Gox
I. The first Bitcoin Exchange in the world : Mt. Gox
2010 年 7 月，百无聊赖的 P2P 传输网络“电驴”创始人 Jed McCaleb （杰德-迈克卡勒伯） 浏览到一篇关于比特币的文章，文章提到的新技术像催化剂，激活了 Jed 的好奇心。
In July 2010, Jed McCaleb (Jed-Mike Caleb), founder of the boring P2P transmission network, viewed an article on Bitcoin, which referred to new technologies like a catalyst that activated Jed's curiosity.
好奇心驱使下，他打算买几枚比特币来研究，但发现购买比特币极其不方便，大多都是场外交易。他突然有了一个绝妙的 idea，建立一个任何时间都能购买比特币的网站——Mt. Gox，国人戏称其为：门头沟。
Driven by curiosity, he intends to buy a few bitcoins to study, but finds it extremely difficult to buy bitcoins, mostly off-the-shelf transactions. He suddenly has an amazing idea to build a website that can buy bitcoins at any time — Mt. Gox, which the nation calls a door-to-door ditch.
7 月 18 号，门头沟上线。上线第一天，门头沟成交 20 枚比特币，5 美分一枚。由于可以 24 小时交易，交易速度快，界面美观，不到一个月，门头沟便成为世界上最大的比特币交易平台，占全球比特币交易量总量的 70%。
July 18th, Door Trench on the line. On the first day of access, the Door Trench had 20 bits of bitcoins, 5 cents of one. With 24 hours of trade, speed of trade, beauty of interface, less than a month, the Door Gap became the world's largest Bitcoin trading platform, accounting for 70 per cent of the total volume of Bitcoin worldwide.
交易所的出现，在比特币历史上具有里程碑式意义。2011 年 3 月，Jed 将门头沟出售给居住在日本的法国开发商 Mark Karples。由于 Mark Karples 身材略胖，比特币社区把他称为：法胖。自此，门头沟进入了法胖时代。
The exchange emerged as a landmark in Bitcoin’s history. In March 2011, Jed sold the front ditch to the French developer Mark Karples, a Japanese-based developer. As Mark Karples was slightly fat, the Bitcoin community called him "Fatty." Since then, the front ditch has entered the fatty age.
发胖接盘后，凭借着门头沟的先发优势，稳坐比特币交易网站的头把交椅。到 2013 年 5 月中旬， 门头沟每天成交的比特币达 15 万枚，占全球比特币交易量总量的 80%，高光时刻，风光无限。
Fat, with the pre-emptive advantage of the doorway, sits on the headknob of the Bitcoin trading site. By mid-May 2013, the doorknob had 150,000 bitcoins per day, accounting for 80% of the global volume of bitcoin transactions, high light and windy.
法胖更是发展顺风顺水，不仅入选了比特币基金会董事，还成为比特币世界里最具实力的大佬。风光背后往往隐藏着致命的风险。2014 年 2 月份，门头沟事件爆发，门头沟被盗 65 万枚比特币，宣布破产，法胖也锒铛入狱，而被盗的比特币，至今仍是比特币世界的达摩克利斯之剑。
In February 2014, there was an outbreak of a door ditch, where 650,000 bitcoins were stolen, bankrupted and imprisoned, while the stolen bitcoins were still the sword of Damocles in the world of Bitcoin.
门头沟事件不仅是门头沟的丧钟，更是所有交易所的警钟，它时刻提醒着交易所创始人：用户资产安全重于一切。
The door-to-door incident, which was not only a dead bell at the door-to-door, but also a wake-up call for all exchanges, was a constant reminder to the founders of the exchange that the safety of user assets was paramount.
二、中国第一家比特币交易所：比特币中国
II. First Bitcoin Exchange in China : Bitcoin China
2011 年，温州商人杨林科正在北京做汗蒸设备的生产销售。他偶然间看到一位朋友的 QQ 签名——想玩比特币的找我。出于商人的嗅觉，他向好友询问比特币是什么？能不能赚钱？
In 2011, a Wenzhou businessman, Yang Linko, was working on the production and sale of sweating equipment in Beijing. He happened to see a friend's QQ sign -- he wanted to play with me in bitcoin. He asked his best friend what bitcoin was. Can he make money?
在得到肯定答案以后，杨林科萌生做比特币交易网站的想法。而这位朋友是技术宅，名叫黄啸宇，成为杨林科的合伙人。
When you get the answer, Yang Linko is starting to think of a bitcoin trading site. And this friend is a tech mansion called Wong Woo, and he's a partner in Yang Linko.
此时，年仅 26 岁的杨林科还没有意识到，他偶然间打开一道财富的大门。彼时，比特币交易所在中国还是一片待开发的处女地，淘宝是最主要的比特币交易渠道。
At this point, 26-year-old Yang Linko has yet to realize that he occasionally opened the door to a wealth. At the same time, the Bitcoin Exchange is still a virgin land in China, and the most important bitco deal.
2011 年，比特币还没有中文名字，中国币圈人并不多。既然要开交易网站，杨林科和黄啸宇在一起商量，交易的东西叫什么合适？两人一番交流后，杨林科最终决定将它叫做：比特币。这是 Bitcoin 第一次被翻译成中文，比特币从此在中国币圈流传开来。
In 2011, Bitcoin did not have a Chinese name, and there were not many Chinese in China. Since Yang Linko and Huang Shao-woo had been working together to open a trading website, what was the proper name for the deal? After two exchanges, Yang Linko finally decided to call it Bitcoin. This is the first time Bitcoin has been translated into Chinese, and Bitcoin has been transferred from here to China.
2011 年 6 月 9 日，杨林科和黄啸宇共同创建的中国第一家比特币交易网站——比特币中国正式上线，从此拉开了中国比特币交易所的序幕。比特币中国是中国首家比特币交易所，成为早期中国人进入币圈的起点。鼎盛时期的比特币中国，日交易量占到全球比特币交易总量的 80%。
On June 9, 2011, the first Bitcoin trading website in China – the official entry of Bitcoin into China – was created jointly by Yang Linko and Huang Xiaoyu. Bitcoin China was China’s first Bitcoin exchange and became the starting point for early Chinese entry into the currency circle. Bitcoin China, which accounted for 80 per cent of the global volume of Bitcoin transactions.
杨林科是中国比特币交易所领域第一个吃螃蟹的人。当时的杨林科绝对不会想到，比特币将彻底改变他的命运，把他推向聚集着巨额财富和风雨跌宕的新江湖。
Yang Linko was the first crab eater in China’s Bitcoin exchange. The Yang Linco would never have thought that Bitco would have completely changed his fate and pushed him towards a new river of wealth and rain.
三、中国交易所的草莽时代
2013 年 4 月，一个年轻人敲开杨林科公司的大门，他表示想要加入比特币中国。眼前的这个年轻人毕业于斯坦福大学，8 年雅虎高级工程师经验。杨林科问他，你能为公司带来什么？对方回答：我能融资。此时的比特币中国遇到新的困难，行情好了，公司却赚不到钱，没钱请技术人才。这个年轻人承诺：至少融 300 万人民币。令人意外的是，在 4 个月后，他为公司拿到来自光速创投的 500 万美金投资。这个年轻人就是比特币中国 CEO 李启元，也是莱特币创始人李启威的哥哥。钱虽然有了，但竞争对手也出现了。OKCoin 币行和火币网两家交易平台先后上线，中国交易所的草莽时代开始了。
In April 2013, a young man knocked on the gates of Yanglinco and said he wanted to join Bitco in China. The young man before him graduated from Stanford University, eight years of Yahoo's experience as a senior engineer. Yang Linko asked him what you could bring to the company. He said: " I can finance it." At this point, the country was facing new difficulties, but the company could not earn money and had no money to hire skilled people. The young man promised: at least 3 million yuan. Surprisingly, four months later, he received a $5 million investment in light-breaking investments for the company. The young man was Bitco China's CEO, Li Qin Won, who was Lee's founder, and his brother.
2013 年 6 月，两次创业失败后，徐明星开始第三个创业项目——OKCoin 币行。幸运之神眷顾了这位屡败屡战的创业者，项目伊始便拿到创业工场、美国著名投资人 Tim Drapper 的 100 万美金的投资。
In June 2013, after two failed start-ups, Xu-Star started a third start-up project, OKCoin. The lucky god took care of this long-defeated entrepreneur, and the project began with an investment of $1 million in the start-up of the start-up workshop, the famous American investor Tim Drapper.
随后，OKcoin 又走了一步妙棋——上线莱特币。比特币中国 CEO 李启元为了避嫌，坚决不同意上莱特币。以至于杨林科无奈地说：我买莱特币都得上 OKCoin，OKCoin 把我们的用户都抢走了。起初，莱特币在 1～6 元徘徊，但随着行情的爆发，莱特币暴涨 80 多倍，最高达到 380 元。这也迅速助推 OKcoin 的崛起，上线三个月后，OKCoin 的用户数突破 10 万，13 年底完成千万元级别的 A 轮融资，成为比特中国最强有力的竞争对手。不久，赵长鹏、何一等日后币圈大佬相继进入 OKCoin，OK 铁三角正式形成。
And then, OKcoin took another good move – Leitcoin on the line. Bitcoin China's CEO, Li Qi Won, firmly disagreed with Leitco. So Yang Linko said: "I've got to buy Leitcoin, OKCoin, OKCoin, and took all of our users." First, Leitcoin wandered at $1-6, but with the break-in, it rose 80 times, to 380 yuan. This also contributed quickly to the rise of OKcoin, and three months later, the number of users of OKCoin broke out by 100,000, and by the end of the year, it completed a million dollar-grade A round of finance, which became the strongest competitor in Bit China.
与徐明星同时，李林也开始自己的第三次创业。在比特币中国上交易的不良体验，让他看到比特币二级兑换市场的机会。2013 年 9 月，火币网正式上线。上线后，李林宣布：火币网永久免除手续费（注：2017 年恢复收费）。这一举措，受到用户的青睐，使火币迅速成为后起之秀。
At the same time as Star Xu, Li Lin started his third business. The bad experience of trading in Bitcoin China allowed him to see opportunities for the Bitcoin secondary exchange market.
2013 年 11 月，火币网获得真格基金和天使投资人戴志康的天使投资；2014 年 4 月，火币网获得红杉资本的 A 轮投资。
In November 2013, it received an angel investment from the Genuine Foundation and Angel Investor Dai Chikang; and in April 2014, it received an A round of investment in Redwood capital.
2013 年是中国交易所的草莽时代，也是激情迸发的时代。OKCoin、火币、中国比特币、BTCTrade，加上最早的比特币中国，五大交易所争霸的格局基本上形成。当时，五大交易所都上了比特币等主流币。另外，还有专门上山寨币的比特儿和比特时代，准确来说，是“5+2”格局。
The year 2013 was a time of recklessness and passion for China’s exchanges. OKCoin, coin, Chinese bitcoin, BTCtrade, together with the earliest bitcoin, basically formed a pattern of rivalries among the five major exchanges.
四、云币网，交易所的准上市公司
, semi-listed company of the exchange
14 年上线的云币网，完美错过比特币牛市的红利期，但这不影响它上演弯道超车的好戏。作为李笑来的嫡系项目，虽然时间上慢半拍，但起点并不低。在流量网红李老师的加持下，云币网起步阶段就有几万的用户量。
14 years of online cloud webs, perfectly missing the bonus period for Bitcoin, but that does not affect its ability to perform the trickle-over. As Li's laughter project, although slow, the starting point is not low. With traffic net mastering, there are tens of thousands of users at the start of the network.
由于云币一直不收取手续费，又赶上熊市，14 年和 15 年几乎没有盈利，完全是靠李笑来的注资，20 人的团队被迫裁到 10 人。转机出现在 16 年初，以太坊项目开发完毕，云币网是国内第一个上线 ETH 的交易所，区块链 2.0 项目正是通过云币进入中国币圈。以太坊上线后经历小幅下跌，之后便一路高歌猛进，与此同时，云币网的客户量和交易量每天都刷新高。
Because of the fact that the cloud coins have been free of charge and have caught up with the bear market for 14 and 15 years, with little profit, and thanks entirely to Li Xiaoling’s investment, 20 people’s teams have been forced to lay down to 10 people. In early 16, the exchange of ETH, the first online exchange in the country, the cloudnet, and the line 2.0, which enters the Chinese currency through the cloud currency. After a small drop in the Chinese currency, the number of customers and transactions in the cloudnets has increased every day.
一花独放不是春，真正让云币崛起的是 1CO。在圈里多年的耕耘李首富，终于在西元 2017 年获得了大丰收。一手拿着硬币资本对项目进行筛选，另一手把项目送上自己的众筹平台——ico.info 进行 1CO，还有一手把众筹后的项目放到云币网上进行交易，提供一条龙服务。
A flower is not a spring, and the real thing is a CO. After years of farming in the circle, Li was successful in 2017. One hand screened the project with coin capital, the other hand sent the project to his own public fund-raising platform, Co.info, for a CO, and the other hand traded the projects that he had raised online to provide a dragon service.
当年，凡能上云币网的项目都会翻几倍，1CO 的项目只要说自己将上云币网都会被疯抢，投资人更是希望自己手里的币能上云币，“云币效应”可谓是叱咤币圈。
In that year, projects that had access to the cloud money network had doubled, projects that had a CO were taken out of control by saying that they would, and investors were hoping that the currency in their hands would be in the cloud currency, the “coin effect” being the ring of coins.
国产三大公链：小蚁、量子、公信宝都是云币效应的体现。
Three public chains of national production: small ants, quantums, and communal treasures are all expressions of the cloudy effect.
17 年上半年，行业开始爆发，云币每天的交易量有 2～3 亿美金，每天的利润 500 万人民币。在上线 EOS 时，交易量一度达到全球第一，甚至还成为海淀区的纳税大户。李笑来得意的说道：“现在云币网足够上市啦！”
In the first half of the year, the industry began to break out, with clouds trading between US$ 200 to 300 million a day, with a profit of RMB 5 million a day. At the time of coming online, EOS was once the world’s number one, and even became a taxpayer in the Seadian region. Li laughed and said, “Now the network is full of money!”
正当李笑来春风得意时，九四监管突然来袭，众筹平台 ico.info 暂停 1CO 业务。原计划 10 月 24 日在纳斯达克上市敲钟的云币网，也被迫结束了它交易所的使命，硬币资本合伙人兼云币网 CEO 老猫远走日本。后来李笑来叹息地说道：他失去了一家上市公司。
Just as Lee laughed at the wind, the 94-year-old regulatory came in, and the public platform co.info suspended the 1-CO operation. The cloud network, which was supposed to ring the bell on the market in Nasdak in October, was forced to end its exchange, and the coin capital partner and the cloud network CEO left Japan. Li laughed and said: "He lost a listed company."
五、九四监管，至暗时刻
九四监管是中国交易所的断头铡刀。2017 年 9 月 4 日，央行等 7 部委叫停 ICO，北京市监管机构约谈比特币交易平台，要求各交易平台终止虚拟货币交易，并立即停止新用户注册。
Ninety-four regulation is the Chinese exchange’s cut-off knife. On September 4th, 2017, central banks and other ministries called an ICO, and Beijing city regulators interviewed the Bitcoin trading platform, demanding that the trading platforms end virtual currency transactions and immediately stop the registration of new users.
这一禁令不仅彻底终结了各大交易所自由竞争的格局，还宣布了中国合法比特币交易所时代到此终结。一些交易所因惧怕风险选择关门大吉，另一些交易所选择出海，还有一些交易所则趁势崛起。由于政策原因，对于九四监管，币當不做过多叙述和评价。但是可惜的是：比特币中国未能渡过此劫。
Not only did the ban put an end to the free competition of major exchanges, but it also declared the age of China’s legitimate Bitcoin exchange closed for fear of risk, others closed for risk, and others took advantage of the rise. For policy reasons, the currency was not described and evaluated as much as it was in the case of the 94 regulations.
六、交易所的黑马，趁势崛起的币安
2017 年 7 月 14 日，币安交易所正是上线，在当时人看来，这是一家奇怪的交易所。
On July 14th, 2017, the currency exchange was just on the line and, in the eyes of the people at the time, it was a strange exchange.
1、它不接受法币，只接受比特币、泰达币、莱特币等数字货币充值，也就是说币安是一家“币币交易”的交易所；
1. It does not accept French currency and accepts only the numeric currency of bitcoin, tedarco, Leiteco, which means that currency security is an exchange for “currency transactions”;
2、这是一家有平台币的交易所。
2. This is an exchange with platform money.
币安的创始人叫赵长鹏，加拿大籍华人，麦吉尔大学计算机科学毕业，曾为东京股票交易所及彭博 Tradebook 开发系统和软件，还是担任过 OKCoin CTO。币安上线后表现平平，一度屡遭诟病，其平台币也处在破发状态。但很快局面就得到扭转，因为九四监管来了。
Yuanan’s founder, Zhao Chang Peng, a Chinese citizen of Canada, graduated from computer science at McGill University, developed systems and software for the Tokyo Stock Exchange and the Bloomberg Tradebook, or acted as OkCoin CTO. He performed fairly well when he was on the line, he was once sick, and his platform coin was in a state of collapse.
在九四监管下，国内的交易所纷纷停止注册，停止充值，停止交易，但投资者的投资需求真是存在，投资者急需一家海外交易所进行买卖，以追赶不断上涨的币价。当时出现一奇观，投资者拿着钱，到处找交易所而不得。不知道现在那些求投资者来自己平台的交易所作何感想？
Under 94 regulations, domestic exchanges have stopped registering, charging, and trading, but investors’ investment needs are real, and investors urgently need an overseas exchange to buy and sell to catch up with rising currency prices. There was a wonder that investors were looking for an exchange with money.
币安就是这样进入了人们的视野，币币交易的模式成功避开了政策风险，平台币更成为了神来之笔。大量用户开始涌入币安，每天都有数以十万计的注册量，以至于币不得不控制注册数量来应对巨大的流量。于是，有人专门炒卖币安账号，一个账号最高炒到 1 枚比特币，当时一枚比特币价值 10 万。
This is how the currency gets into people’s eyes, where the currency-trading model has succeeded in avoiding policy risks, and the platform currency has become a god-fearing pen. A large number of users have started pouring into the currency, with hundreds of thousands of registrations every day, so that the currency has to control the volume of registrations to cope with the huge flow.
短短 6 个月，币安不仅成为全球第一大交易所，赵长鹏也以 20 亿美元的身价登上了《福布斯》杂志封面，完美的演绎了屌丝逆袭的故事。
In just six months, not only did the currency become the world's largest exchange, but Zhao Chang Peng also posted the cover of Forbes magazine at a cost of $2 billion.
七、「交易即挖矿」模式崛起之 FCoin
Fcoin, the rise of the "trade is mining" model
当 FCoin 崛起时，对 FCoin 的评价是：眼见他起高楼，眼见他宴宾客，眼见他楼塌了。FCoin 真的很会玩！
When FCoin rose, the evaluation of FCoin was: to see him rising up, to see his guests, to see him falling down. FCoin was really good at playing!
17 年 6 月份，“交易即挖矿”、“100% 收入分红”、“邀请返佣”等一系列市场推广，瞬间引来币圈人的眼球。FCoin 依靠该模式在三足鼎立的交易所格局中杀出一条血路，仅用 15 天时间，交易量就超越几大交易所的总和。从 OKEx、币安、火币抢夺 70% 的交易量，而 FCoin 也拔得全球加密货币交易所头筹，可谓一时风光无限。
In June of this year, a series of markets, such as “trade is mining”, “100% income bonus”, and “invite home workers” were promoted, drawing the eyes of currency circles at once. FCoin, relying on this model, killed a blood trail in a three-legged exchange pattern, in 15 days alone, the volume of transactions went beyond the sum of several exchanges.
面对突然崛起的 FCoin，几大交易所是懵逼的，哪里来的刺头？还这么能打！很快，纷纷亮出自己的对抗措施，OKEx 推出“开放共赢计划”，要扶植 100 家交易所；币安也不肯示弱，誓要扶持 1000 家交易所；火币也默默的搞起“火币云”计划……
In the face of the sudden rise of the FCoin, where's the sting of the big exchanges? Still, there's a lot of resistance. Soon, there's an open win-win program, OKEx, to foster 100 exchanges; the currency doesn't show weakness, vowing to support 1,000 exchanges; and the gun coins are silent about the "Fire Cloud" program.
在打懵几大交易所后，FCoin 开始了“作死迭代”，搞起了创业板，帮助传统企业进行 STO，设置涨跌停限制……。三个月后，在 FT 的暴跌下和频频修改规则的不满中，FCoin 停止了“交易即挖矿”模式，它如流星般崛起，也如流星般陨落。
After breaking down several major exchanges, Fcoin began to “circumstance” and set up an entrepreneurship board to help traditional businesses carry out their STOs and set up drop-and-drop limits. Three months later, in Fcoin’s frustration at the fall of the FT and the frequency of changes in rules, Fcoin stopped the “trading is mining” model, which rose like a meteor and fell like a meteor.
“交易即挖矿”是交易所对通证模型的一次大胆探索，虽然这 FCoin 没能成功，但也给后来者积累很多经验，谁能保证下一个不会成功呢？
“Trade is mining” is an exchange's bold exploration of translator models, and while FCoin has failed, it has also gained a lot of experience for later generations. Who can guarantee that the next one will not succeed?
八、交易所行业现状
VIII. State of the Exchange Industry
从目前来看，交易所处在整个行业的核心位置。项目方需要来交易所上币，投资者需要来交易所投资标的，矿工需要来交易所出售代币，媒体需要交易所养活……。据不完全统计，目前有几千家比特币交易所，交易所行业的竞争异常惨烈。
At present, the exchange is located at the heart of the entire industry. Project parties need to come to the exchange for money, investors need to come to the exchange for investment, miners need to come to the exchange for the sale of tokens, and the media need to feed the exchange.
对交易所而言，两件事情至关重要：
For the exchange, two things are essential:
1. 用户资产安全问题；
1. User asset safety issues;
2. 用户留存和增常问题。
2. User retention and enhancement issues.
对于第一条不用说太多，对于第二条，想必是很多交易所想知道和解决的问题，尤其是在熊市。摊子支起来，发现没有用户，多少有些尴尬。对于交易所而言，一个成熟用户的价值是 1000 USDT。
Not much for the first, but for the second, there must be a lot of exchanges that want to know and solve problems, especially in Bear City. The stalls, they don't have users, they're a little awkward. For the exchange, the value of a mature user is 1000 USDT.
把交易所的盈利方式分为三类：
The exchange is profit-making in three categories:
1. 常规盈利：上币费、现货交易手续费，提币手续费；
1. Conventional profits: overhead fees, charges for spot transactions and charges for payment of currency charges;
2. 升级盈利：平台币、杠杆收益、合约收益；
2. Promotional profitability: Platform currency, leverage gains, contractual gains;
3. 战略盈利：资本、钱包、矿池、学院、技术……
Strategic profitability: capital, wallets, ponds, colleges, technology
从长远来看，伴随着行业竞争越演越烈，上币费和手续费将越来越少，甚至不需要，交易所常规盈利所占的比重将越来越少；交易所的平台币将成为常态，期货交易将会受到越来越多人的喜爱，升级盈利所占的比重会将会增加；伴随着行业的发展和成熟，交易所的生态布局将日渐成熟，战略盈利所占的比重也会越来越大。
In the long run, with increasing competition in the industry, the costs of upper currency and handling will become less, if not less, and the share of conventional exchange earnings will become less and less; the exchange's platform currency will become the norm, futures transactions will become more popular and the share of higher profits will increase; and, with the development and maturity of the industry, the exchange's ecological layout will become more mature and strategic profitability will increase.
九、畅谈交易所未来新格局
9; talk about the new future of the exchange
目前的交易所格局，币當网认为处在春秋时期，未来将会进入战国时期，最后是秦王扫六合。春秋时期有几百个诸侯国，大家谁也灭不了谁，四周都是蛮夷的土地，想要土地直接抢蛮夷的就可以，没必要伤感情，就像现在有大量用户还没有进入币圈。
The current exchange pattern, the currency net, believes that it is in spring and fall, and that the future will enter the war era and, finally, the King of Qin Qin Qin Quanqian Quanqian Quanqian. There are hundreds of countries in the spring and autumn period, no one can be killed, no one can be killed, no land can be destroyed, no land can be stolen directly, no need to hurt feelings, just as there are a lot of users who have not yet entered the currency circle.
春秋的战争叫争霸战，虽然大家谁也灭不了谁，但总得有霸主，制定规则，防止大家打架。现在就是争霸阶段，南有楚国币安，东有齐国火币，西有秦国 OKEx……。各大交易所之间既有默契，也有冲突，时而生死相依，时而相互攻伐。但大家都明白一个道理，市场太大，谁也没法一口吃下。
The war of spring and fall is called the war of domination, and while no one can be defeated, it must be dominated by rules to prevent all from fighting. It is now the phase of the struggle, with the south, with the south, with the south, with the south, and the west, with the west, with the Qin, OKEx.
区块链是无国界的，这就意味着蛮夷也是华夏，当华夏的疆域北抵荒漠，南达大海，西临高原时，可转化的用户开发完了，然后会发生什么？行业将进入战国，交易所进入灭国战。不从别人手里抢用户，就没有用户！
The chain of blocks is borderless, which means that it's also summer, and when summer's territory reaches the desert in the north, the sea in the south, the sea in the west, and the plateau in the west, the convertable users are out there. What happens then? The industry will enter the war, the exchange will enter the war on the country. If you don't grab the user, there will be no users!
大国会先灭小国，大交易所会吃小交易所的用户。最后剩下的是几家大交易所，就像战国最后剩七雄。交易所越大，意味着越安全，深度越好，服务更有保证……
The greater the deal, the better the depth, the better the service...
在互联网时代，行业老大会活的很好，行业老二可能会死，行业老三及以后必须死。这一情况在区块链时代将会更加明显，区块链比互联网更容易形成聚集效应。
In the age of the Internet, the industry has lived well, the industry may die, and the industry must die later. This will become more evident in the age of block chains, which are more likely to have a concentrated effect than the Internet.
小交易所目前还可以获得很好，因为市场足够大，允许任何人分一杯羹。但随着时间的推移，大交易所将会更加强壮……但这并不是说小交易所没有机会，行业还处在早期，一个技术漏洞、一条政策、一个模式都可能使一家交易所由小变大，由弱变强。
Small exchanges can still be good at the moment, because they are large enough to allow anyone to share. But, over time, big exchanges will be stronger... But this is not to say that small exchanges have no opportunity, that the industry is at an early stage, and that a technology gap, a policy, a model can make an exchange small and weak and strong.
未来的交易所格局应该是这样的：几个中心化的寡头交易所，辅以去中心化的交易所。
The future pattern of exchanges should be as follows: 小交易所应该关注以下几个可能翻身的新机会： The small exchange should focus on the following possible new opportunities: 1. 交易所平台币的底层公链； 1. The bottom public chain of exchange platforms; 2. 体验感更好的去中心化交易所； 2. A better sense of decentralisation exchange; 3. 新的通证模型； 3. A new pass model; 4. 币股交易。 4. Currency exchange transactions. 如果你是个创业者，不建议你去做交易所。熊市用户少，开发难度大，竞争激烈，做交易所基本上自寻死路，除非能像 FCoin 一样，有颠覆性的模式创新。 If you're an entrepreneur, you're not advised to go to an exchange. Bear City has a small number of users, it's difficult to develop, it's competitive, it's basically self-defeating, unless, like Fcoin, there's a subversive model innovation. 币當网是全球领先的数字资产抵押借贷平台，官网www.popshop.top，欢迎登录或关注公总号。 A leading global platform for mortgages of digital assets, the Currency Exchange, www.popshop.top, is welcomed to login or focus on public numbers.
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