3月27日19:00，“Bibox 兔子小姐直播间-大咖来了”AMA第5期，币信矿业CEO 刘飞、资深行情分析师 币姥爷、Bibox商务总监 刘冲围绕“BTC波动剧烈，比特币减半行情该何去何从？”与Bibox首席品牌官兔子小姐、金色财经主编王瑜琨展开了讨论。
On March 27th, at 1900, "Bibox Miss Rabbit Lives - The Big Bang" AMA No. 5, "Kinto Mining CEO Liu Fei, Senior Analyst, Grand Master, Director of Bibox Business" Liu Yoo went on to discuss "BTC's volatility, where to cut bitcoin by half?" with Bibox's chief branding officer, Miss Rabbit, and the editor-in-chief of Golden Finance Wang Yogi."
对话亮点：
【币信矿业 CEO】刘飞：
{\bord0\shad0\alphaH3D}Strong! {\bord0\shad0\alphaH3D}
BTC市场没有熔断、没有央行救市，去杠杆的过程比传统市场更惨烈。
The BTC market has not melted, there has been no central bank bailout, and the deleveraging process has been worse than in traditional markets.
BTC可以抵御局部地区动荡，但这次是全球性危机。
BTC can withstand local instability, but this time it is a global crisis.
央行大放水，肯定导致资产价格上涨，但是BTC流动性的修复不是短时间能完成的。
The central bank's massive flooding certainly led to an increase in the price of assets, but the rehabilitation of the BTC's liquidity could not be completed in a short period of time.
抄底的两个建议：1、远离杠杆；2、用闲钱投资。
Two recommendations were copied: one, distance from leverage; and two, investment with free money.
投资的核心是要有除了投资之外的现金流。现金为王，没有现金流就会被迫低价卖资产。
At the heart of the investment is the cash flow other than the investment. Cash is the king, without which assets are forced to sell at low prices.
【资深行情分析师】币姥爷：
币圈市值越低，与美股的关联程度越低，走出独立行情的概率越高。
The lower the market value of the currency circle, the lower the connection to the United States shares and the higher the probability of moving out of independence.
如果央行大放水引发全球通货膨胀，BTC可以作为对冲法币贬值的避险资产来看待。
BTC can be seen as a hedge asset against devaluations in French currency if the central bank's flooding triggers global inflation.
承受自己能够承受的风险，勇于止损。
Take the risks that you can take and be brave enough to stop the damage.
保证自己持有一定量的现金以及未来获取现金流的能力。
Ensure that they hold a certain amount of cash and their ability to obtain future cash flows.
【Bibox 商务总监】刘冲：
网格交易适合在震荡行情使用。
Grid trading is suitable for tremors.
合约跟单适合在有明确市场方向的时候大咖带着Bibox用户无脑赚钱。
The contract bill is suitable for making money with Bibox users when there is a clear market direction.
用户要根据自身情况，拿自己能睡得着觉的投资额度去投资。
Users are required to invest in their own circumstances at a level that allows them to sleep.
合约跟单是我们给大神提供的一个舞台，欢迎各位大神来一展身手。
The contract list is a stage that we offer to the Great God, and you are welcome to show your hands.
以下为对话原文整理：
The following is a compilation of the original text of the dialogue:
第1环节
【Bibox首席品牌官】 兔子小姐：
Miss Rabbit:
3.12大跌50%，前几天，BTC一夜涨幅达1500美金，继而回调，现在行情和美股高度正相关，对这种行情怎么看呢？大佬们这一波盈亏情况如何呢？
What about the 50% drop in the strong 3.12, and the BTC grew by $1,500 a night the other day, and then went back, and now it's highly related to the American stock. What about this wave loss?
【币信矿业 CEO】刘飞：
{\bord0\shad0\alphaH3D}Strong! {\bord0\shad0\alphaH3D}
我们提到3.12大跌，其实有2波。第一波是3.12，当天比特币价格从7900美金跌倒5555.55美金；第二波是3.13上午比特币价格从6000美金跌倒3800.00美金。这波踩踏行情以BITMEX宕机为结束。
The first wave was 3.12 and the price of Bitcoin fell from $7,900 to $5555.55 that day; the second wave was 3.13 and the price of Bitcoin fell from $6,000 to $380.00. The first wave ended with BITMEX.
3.12跌的时候我还在说，这是我第四次看到这样惨烈的下跌，但是当时还是比较乐观的。当时还连夜和朋友确定了如果继续跌5800美金半仓，4000美金以下全仓。
3.12 I was still saying that this was the fourth time I had seen such a tragic fall, but it was still a bit more optimistic, when my friends and I determined that if we continued to fall by $5,800 and half, it would be less than $4,000.
市场需要用比特币和USDT补仓，但是它们都得经过网络确认，比特币平均确认时间在10分钟，以太坊网络当时已经彻底拥堵不可用。当时那个情况哪怕10分钟都太久了，以至于当时市场内已经没有资金可以用来接盘了，USDT价格直接飙到8以上。大家疯狂买所有能买的东西补仓。
The market needed to use bitcoin and USDT to replenish the warehouse, but they all had to go through the network to confirm that bitcoin had an average confirmation time of 10 minutes, and that the network was completely blocked. That situation had been too long for 10 minutes, so that there was no money in the market to feed, and the USDT price went up to eight or more.
这次比特币市场出现的问题和传统市场出现的问题是联动的，核心是流动性危机。不论股票、债券还是房市都有一个问题，就是我们是用了很少的资金在撑着很多倍于资金本身体量的资产。
The problems that have arisen in the Bitcoin market and in the traditional market have been connected, with a liquidity crisis at the core. There is a problem in the stock, bond, and housing markets, that we are assets with very little money to sustain many times the amount of money.
拿比特币来说我们平时用的USDT体量不到50亿美金，但是我们日常在交易的比特币在200万枚左右，价值超过100亿美金，整个比特币市值在1200亿美金。
In bitcoin, the USDT that we usually use is less than $5 billion, but we trade around 2 million bitcoins, worth over $10 billion, and the entire bitcoin is worth $12 billion.
这导致如果你一次性卖1万枚BTC，你可能以6500USDT/BTC成交；你一次性卖10万枚BTC，你可能以5000USDT/BTC成交；你一次性卖100万枚BTC，价格可能会被砸到1000USDT/BTC以下；当一次性卖150万枚的时候，BTC的价格可能就被砸成个位数了。
This has led to the sale of 10,000 BTCs at one time, which you may have paid for 65 million USDTs/BTCs; you may have sold 100,000 BTCs at one time, which you may have paid for 5,000 USDTs/BTCs; you may have sold 1 million BTCs at a price below 1,000 USDTs/BTCs; and when you sell 1.5 million at a time, the BTC prices may have been broken into a number.
美股的ETF和企业回购也有这个问题。
This is also the case for United States shares of ETFs and business buybacks.
这几年我们都经历过各种大额卖币的事件，但是大家感受不深。因为当十几万甚至几十万枚BTC，慢慢卖的时候，给市场以充钱补充流动性的时间，这种卖盘对BTC的价格影响就不会那么剧烈。
We've all been through a lot of big money sales these past few years, but we don't feel that much. Because when hundreds of thousands or even hundreds of thousands of BTCs are sold slowly and give the market time to replenish liquidity, the price impact on BTC is less dramatic.
现在的美股也一样都是属于恐慌情绪蔓延，流动性挤兑。越挤兑越跌，越跌越挤兑。所以我们能看美股一次又一次熔断，连巴菲特也感叹活久见。
And now the US shares are all just the same: panic spreads, liquidity rushes. The more you push, the more you fall. So we can see the US shares melt again and again, and even Buffett wonders how long it has been.
我们看到美联储一次性降低100个基点，我们能看到美国空前的6万亿美金救助计划，我们也能看到美联储跳过商业银行，自己到市场上直接购买企业债券。
We see a one-time reduction of 100 basis points in the Fed. We see an unprecedented $6 trillion bailout plan in the United States. We also see the Fed skip commercial banks and buy corporate bonds directly from the market.
在这个过程中任何资产都不如现金来得更加迫切，作为避险工具的黄金都会因为流动性挤兑跟跌。大家都现金为王，都怕抄底成为格雷厄姆。
In this process, no assets are as pressing as cash, and gold as a safety net will fall as a result of liquidity run-off. Everyone is the king of cash, afraid of becoming Graham.
那说回比特币，比特币是个自由资产，去中心化不受任何组织的约束。比特币交易市场也是自由市场。这个市场没有中央银行来调节，所以去杠杆的过程就会更加惨烈。
That says bitcoin, bitcoin is a free asset and decentralisation is not subject to any organization. Bitcoin is also a free market. The market is not regulated by the central bank, so the deleveraging process becomes even worse.
而比特币市场偏偏杠杆高企，大量矿工豪赌减半行情，纷纷采用币贷的方式加杠杆；大量老韭菜也为了减半行情在合约市场上有大量头寸。
By contrast, the Bitcoin market is highly leveraged, with a large number of miners risking half the price, resorting to the use of currency loans to leverage it, and a large number of old cucumbers in the contract market for the purpose of halving the price.
由于比特币去杠杆比较彻底，所以能看到比较快的反弹。但是最近BTC不一定是比较好的投机工具，朋友前一阵普遍都在关注A股、特斯拉、波音等，传统市场由于救助会导致绝地大反击的标的还是有很多的。就如同2008年经济危机之后的中国楼市一样，很多人也看好黄金等未来的走势。大水满贯，必然水涨船高。先修复大宗等商品，但是拉长看，涨得最多的可能是风险型资产。
But the BTC is not necessarily a better tool for speculation recently, as friends have been concerned about A shares, Tesla, Boeing, etc. Traditional markets still have a lot of targets for bailouts that could lead to a massive response from the Jedi. As in China, after the 2008 economic crisis, many people see future trends like gold.
【资深行情分析师】币姥爷：
美股的暴跌源自于金融市场的流动性枯竭，所以说这一状况也会对币圈资金量产生影响。二者高度相关一方面源自于配置美股的资金也配置的数字货币资产，以至于在美股暴跌的情况下资金选择从币圈撤出引发联动性下跌；另一方面美股与币圈的联动性规律被市场所发现，使得币圈投资者跟随美股行情进行操作，进而巩固了这一联动性。
The collapse of the United States shares stems from the depletion of liquidity in financial markets, so that this situation also has an impact on the volume of money in the currency circle. The two are highly correlated, on the one hand, with the allocation of the dollar’s funds and the allocation of digital monetary assets, to the extent that the withdrawal of the dollar from the currency circle is triggered by a sharp fall in the dollar’s share; and, on the other hand, the link between the United States shares and the currency circle is discovered by the market, which allows currency-world investors to follow the American stock market, thereby consolidating it.
但实际上币圈与美股是两个市场，我之前在文章中指出了二者的联动性，但同时也表达随着币圈暴跌后一次性去杠杆调整到位，也就是说当币圈市值走低的时候，它与美股的关联程度就越低，操纵容易程度越高，走出独立行情的概率就越高。
But the fact that the currency circle is two markets with the United States shares, which I have previously pointed out in my article, is also an expression of a one-time deleveraging adjustment as the currency circle collapses, that is, when the market value of the currency circle falls, the less it is connected to the United States shares, the easier it is to manipulate, the more likely it is to get out of independence.
【Bibox 商务总监】刘冲：
其实3.12大跌在此前已经有很明显的预兆，从9000多一路跌下来。市场的流动性已经在下降。疫情影响全球所以投资属性的产品都在被抛售。只是疫情加速了这个洗牌的过程，当时市场足够恐慌，人们感到自己生命受到威胁，短时间的集中抛售套现保命是很常见的作法。连锁反应带动了杠杆爆仓，各种资产抛售在补保证金。
In fact, the 3.12 fall had already been a clear omen, falling from more than 9,000. Market liquidity is already falling. The epidemic has affected the world, so investment-dependent products are being sold.
现在行情上涨一部分是市场多空比严重失衡，一部分是市场流动性的下降导致拉盘的成本变低，还有就是一部分抄底资金的入场。其次和美股的正相关性不仅仅是近期产生的，比如在18年中期的一段时间也是和美股正相关性很强，BTC会隔一段时间和黄金走势很像，隔一段时候和美股走势很像。这完全是看近期操盘的主力是什么地方，如果主力是华尔街那边那就会有强相关性，但是也不会维持很长时间，这次大跌开始的时候本身就是史前大户集中抛盘离场开始的，所以当美股爆仓急于去补保证金的时候，BTC当然就变成了第一时间被抛售的资产。但是这种情况不会一直持续下去，大家也不用太在意美股的指标，当换庄操盘的时候操作思路就会转变，比较加密货币市场现在的流动性处于历史低点，想操纵价格真的用不了太多的钱。这也是近期市场动辄10%上线波动的原因。
The positive correlation with the US share is not only recent, for example, in mid-18 years, when the US share is also highly relevant to the US share, but BTC is likely to be in the same position as gold for a period of time. But this is not going to last, and it is not going to be so long as you don’t care about the US share, but it is going to be very relevant if the main force is on Wall Street, but it will not be sustained for a long time, and the start of the crash itself is the beginning of a pre-historic period when the US share of the money is concentrated on the ground, so when the US stock rushes to replenish the bond, the BTC of course becomes the asset that was sold at the first time.
至于我个人的话，基本是在9000多的时候就看空市场了，到7500的时候身边好多朋友看多抄底，虽然我也拦过但是效果不佳....我是在8000多的时候抛售了大部分资产，变为USDT了也幸运的躲过一劫。
As far as I'm concerned, it's been almost 9,000 years since the market was empty, and by the time we got to 7,500, a lot of friends were looking at it, and I stopped it, but it didn't work out......I sold most of my assets in over 8,000 years, turned into a USDT, and I was lucky enough to get away with it.
【Bibox首席品牌官】 兔子小姐：
Miss Rabbit:
大家看减半行情还会来吗？现在适合抄底吗？外面传的杠杆抵押，期货连环爆仓导致的死亡螺旋会成真吗？预测一下2020年BTC的行情走势。
Do you think it'll work? Does it work now? Will the death spiral from the leverage mortgages, the futures chain explosion chamber, come true? Project BTC 2020.
【币信矿业 CEO】刘飞：
{\bord0\shad0\alphaH3D}Strong! {\bord0\shad0\alphaH3D}
全球都开启了无限量QE模式，肯定会导致资产价格上涨。但是BTC流动性的修复不是短时间能完成的。不必过于着急。减半从来都是分减半前行情和减半后行情，大家可以翻翻历史K线。减半前行情结束了，减半后行情还得等待。如果大家想抄底，我有两个建议：1、远离杠杆；2、用闲钱投资；
The world has set in motion an unlimited QE model, which will certainly lead to an increase in asset prices. But the repair of BTC liquidity is not going to be done in a short time. There is no need to be too anxious.
【资深行情分析师】币姥爷：
关于减半行情，如果是指减半前的炒作行情，那么它实际上在2月份之前已经发生过了，如果是指减半后所发生的拉涨行情，我觉得是有可能发生的。币圈的行情所谓低位涨，高位跌，目前6000多这个价位我觉得处于一个相对的低位，减半后现有的供求关系打破，我认为会来一波行情。
With regard to halving the price, if it refers to pre-twice pre-twilighting, then it actually happened before February, and if it refers to the boom after halving, I think it could happen. The currency circle is so called low, high, and now more than 6,000 I think is at a relative low, and when the existing supply and demand relationship breaks down, I think there will be a wave of movement.
关于现在是否适合抄底，从3800到当前位置，已经有接近80个点的涨幅了，感觉合适的抄底时机已过。我觉得目前重要的是管理好自己的仓位吧，考虑到当前美股熊市危机未走出，全球金融危机预警的环境，我觉得对于币圈的投资别太像以前那样冒进就好，一个傻瓜的仓位管理方式就是保持半仓，然后给自己设立一个方案，跌到哪个位置进多少仓位，涨到哪止盈，我觉得这种操作要比单纯的猜涨跌重仓出击稳妥的多。
I think it is important to manage my own position at this point, given the current crisis in the US Cove, the global financial crisis warning environment, and I think that investment in currency circles should not be so much as it was before. A fool’s position is managed in a way that keeps half-barrel, and then provides himself with a plan to drop into a position and ups and ups and downs, and I think it is much more prudent than mere speculation.
期货连环爆仓死亡螺旋不是已经发生了吗，有了这次预警，后市人们开单也会谨慎得多，多空比失衡的情况估计大家也会注意到然后自发地控制杠杆。我觉得2020年下半年左右应该会有一轮行情，币圈即便入熊以后，每隔大半年来一次行情也算是正常的周期性运动，再加上减半后矿工抛压减少，2020整体行情我持乐观看法。
With this warning, the city’s billing will be much more cautious, and it is estimated that imbalances will notice and then control leverage spontaneously. I think there should be a round around the second half of 2020, and it would be a normal cyclical movement every second half of the year, even after a bear has been in the currency, and I am optimistic that 2020 will be followed by a reduction in pressure on the miners after halving.
【Bibox 商务总监】刘冲：
其实减半行情这个分怎么看，减半的名词解释是区块奖励的减半，对比特币来讲意味着两点，一个是通胀速度的减少，这次减半后由每年4%左右降低至2%；再一方面就是矿工挖矿的边际成本提高。
In fact, by halving the number of cases, the term is interpreted as halving the amount of block incentives. By bitcoin, that means two points, a reduction in the rate of inflation, this time from around 4 per cent to 2 per cent per year; and, on the other hand, an increase in the marginal cost of mining by miners.
如果按照大宗商品的角度来看，区块链奖励减半，意味着供给减少，根据常用的评估大宗商品的S2F模型来看，是有利于价格上涨的；而从挖矿的边际成本来看，可以有两方面解读，一个是当供给成本提高来看，确实有利于价格的上涨，但是比特币有其特殊性，就是其价值来源于它网络的安全性，也就是挖矿的人越多，其网络越安全，价值越高；但是一旦减半之后，价格并没有明显上涨，在多数矿工的边际成本升高下，那么矿工就有清算矿场的可能，而矿场多数又大量持有BTC，从而形成抛压，对比其他的大宗商品，多数有明确的需求方，而BTC却没有，当价格跌到一定位置时，需求是不确定的，一旦发生类似矿难的“死亡螺旋”很难找到其供需平衡点，目前比特币历史当中只经历过2次减半，前两次减半时，市值偏小，不能形成一个有效“减半就会爆涨”发生的强逻辑。
If, from the point of view of bulk commodities, the block chain incentive is reduced by half, which means a reduction in supply, according to the S2F model used to assess bulk commodities, there are two ways in which the marginal cost of mining can be read: one is that, when the cost of supply rises, it does favour price increases, but Bitcoin has a special value derived from the safety of its network, that is to say, the more secure and higher the value of the network; but once the price has been halved and the marginal cost of most miners rises, the miner has the possibility of liquidating the mine site, while the miner has a large share of BTC, which in turn creates pressure and most of the other large commodities has a clear demand side, while BTC does not, when the price falls to a certain location, the demand is uncertain, and it is difficult to find a balance of supply if a “death spiral” similar to the mine has occurred, and it is now only two times halved in the history of the Special Currency, and the market value is small when the first two halves have a strong logic of an effective “half”.
就算减半行情，也分减半前的减半行情和减半后的；减半前的减半行情，从目前的走势来说大概率结束了，但最近世界整体金融资产走势向好，BTC有可能在它们的带动下，走出一波减半前的反弹行情，但大概率不会突破10000美元前高，而且这个发生的概率也不是很高。再一个就是减半后的，在比特币前两个减半周期中，减半后的涨幅往往高于减半前，所以减半之后，可以持续关注BTC的价格。按照5年时间为节点，现在BTC还是历史低点的机会。如果全球经济回暖，全球复工，BTC一定会报复性反弹。
Even if it were to be halved, it would be half by half, and then half by half by half; until it was halved, the trend was over, but the world as a whole had been better recently, and BTC could be driven out of a wave of rebounds before it was halved, but it would probably not be over $10,000, and the probability would not be high. After half, after the first two halves of Bitcoin, the increase would often be more than half by half, so the BTC’s price could be kept on the table after halving.
至于BTC行情走势的预判，首先价格是比较难预判的，现在BTC价格也受全球疫情发展和全球形势紧密相关，如果全球疫情持续恶化下去，BTC价格势必进一步受到影响，这已经超出单纯资本市场可以控制的范畴，但是我个人坚信人类可以在短期内战胜疫情，BTC也会在减半以后，随着全球经济市场转暖，在下半年走出爆发性行情，重新回到一万美元区间，甚至突破。
As for BTC's prognosis, prices are relatively difficult to predict, and BTC's prices are now closely linked to the global epidemic's development and global situation. If the global epidemic continues to worsen, BTC's prices will be further affected, beyond mere capital market controls, but I personally believe that humans can overcome the epidemic in the short term, and that BTC will be halved and, with the warming of global economic markets, it will return to the 10,000-dollar zone, or even a breakthrough, in the second half of the year.
【Bibox首席品牌官】 兔子小姐：
Miss Rabbit:
BTC到底是不是金融危机下的避险资产呢？
Is the BTC a hedge asset in the financial crisis?
【币信矿业 CEO】刘飞：
{\bord0\shad0\alphaH3D}Strong! {\bord0\shad0\alphaH3D}
BTC是抵御局部地区动荡的避险资产，从历史看不论是欧债危机导致塞浦路斯人民大量买入，还是朝核危机导致韩国人大量买入。核心是BTC的全球通兑性，拿着这个资产你可以不被审查地把钱带到需要避难的国家。这是BTC所谓的避险价值。
BTC is a risk-free asset against local instability, whether historically the European debt crisis led to massive buy-in by the people of Cyprus, or the nuclear crisis led to massive buy-in by Koreans. Centrally, the BTC’s global currency, with which you can take money to countries in need of asylum without censorship.
但是这次是一次全球的危机，全球都在爆发新冠肺炎，拿着BTC能导致大家不得肺炎么？不能；拿BTC能让大家更好么？似乎美国、欧洲更惨，日本、新加坡、韩国、澳大利亚、巴西、非洲、印度都高危。那你说拿着BTC能有啥用？能避什么险？而整个经济环境恶化导致大家需要现金补充流动性，BTC这种交易不限制的资产是属于优先被砸的。
But this is a global crisis, with new coronary pneumonia all around the globe, and with BTC it can cause no pneumonia? No; can BTC be better for everyone? It seems like the US, Europe, Japan, Singapore, South Korea, Australia, Brazil, Africa, and India are more dangerous.
【资深行情分析师】币姥爷：
金融危机通常表现为流动性危机，那BTC显然不是。但如果政府央行为了解决金融危机而采取大放水动作，引发全球通货膨胀，那么BTC可以作为对冲法币贬值的避险资产来看待。
The financial crisis usually manifests itself as a liquidity crisis, and the BTC is obviously not. If the central bank of a government takes a massive action to address the financial crisis, triggering global inflation, the BTC can be seen as a hedge asset against French currency depreciation.
其实金融危机分前半段和后半段，前半段大家手里没钱，那BTC其实发挥不出避险的功效。而金融危机之后，市场上热钱膨胀的时候，估计会是BTC的机会。
In fact, the first half and the second half of the financial crisis have no money at their disposal, and the BTC does not actually have the benefit of risk avoidance. After the financial crisis, when the market booms, it is expected to be an opportunity for the BTC.
【Bibox 商务总监】刘冲：
BTC本质上具有避险属性，已经在这次大跌的时候验证失效了。在人们需要资金的时候，第一时间会把BTC抛售掉。加上BTC的波动越发地大，对于上亿规模的资金出入金确实不太友好，避险属性基本失效。
The BTC is essentially risk-free, and it has been validated at this time of collapse. When people need money, the BTC is sold out the first time.
但是另一个观点，现在全球进入到撒钱的阶段，美国又开启了无限QE和2万亿资助计划，预计未来几年，货币的购买力会直线下降，如果是抵御通货膨胀，长期来看BTC还是一个比较看好的标的。
However, according to another view, now that the world is entering the money-spill phase, the United States has set in motion an unlimited QE and $2 trillion financing scheme, and the purchasing power of the currency is expected to decline sharply in the coming years. If inflation is resisted, the BTC is a relatively good target in the long run.
【Bibox首席品牌官】 兔子小姐：
Miss Rabbit:
对于机构级矿场来说，目前矿池哪家更适合些，这些矿池有什么特点？散户想参与进来，矿机托管，云算力是否可行，哪家产品比较好一些？
Which of these ponds is more suitable for institutional mining, and what are the characteristics of these ponds? Is it possible for the diaspora to be involved, the miner to host, cloud computing, and which product is better?
【币信矿业 CEO】刘飞：
{\bord0\shad0\alphaH3D}Strong! {\bord0\shad0\alphaH3D}
看算力排名就知道了，市场选择的肯定有道理。币印矿池、鱼池等传统势力矿池都是非常棒的矿池，同时不可忽视作为新生代矿池，老牌传统矿池技术扎实、服务专业、资源优势明显、综合实力雄厚，适合规模型矿工；新生代矿池和交易所账号打通，方便快捷，还有各种活动，非常适合中小型矿工。
Arithmetic rankings make sense, and market choices make sense. Traditional power ponds such as currency-printing ponds, fish ponds, etc., are excellent pits, while at the same time they must not be overlooked as old-fashioned, traditional ponds with sound technology, service professions, clear resource advantages, combined strength and suitability for scale miners; new-generation ponds and exchange numbers are open, easy and fast, and there are various activities that are well suited for small and medium-sized miners.
云算力这个问题，币信旗下就有矿机商城，有云矿机的产品，1T起买卖，对个人投资者很友好。电费是所有同类型里面最便宜的、也有算力保险避免停电停水停网带来的收入波动、临时需要钱的时候还能直接卖掉退出。
The issue of cloud computing is that there is a city of mine traders under the flag of the currency, with the product of the cloud machine, and 1 T for sale, which is friendly to individual investors. The electricity bill is the cheapest of all types, and there is also arithmetic insurance to avoid fluctuations in earnings from power outages and to sell out when the money is needed.
但是还是要说，云算力也好，云矿机也好，更多的是为了强迫自己囤币的一个好工具。挖矿是很专业的事情，尽可能选大品牌的平台，尽量选择优质矿机。功耗50W/T以上的机器，我非常不建议大家投资。没有算力交易，不能方便退出的平台不建议参与。
But let's just say, cloud computing is good, and cloud machines are good, more of a tool to force yourself to hoard money. Mining is a professional thing, choosing as many branded platforms as possible and as many quality machines as possible. Machines with more than 50 W/T capacity, I don't really recommend investing.
【资深行情分析师】币姥爷：
这个我并非专业矿工，所以这方面我了解较少一些。
I'm not a miner, so I don't know much about that.
矿池的话，有的是联合挖矿，有的自带机枪池，我觉得要想挖矿去他们矿池官网了解他们的收益分配模式，计算出对自己收益最大的挖矿方案就好。我觉得矿机托管要比云算力好一些，云算力收益要比托管挖矿收益低一些，回本周期更长，根据我的一些朋友的反馈，熊市来临时云算力普遍比矿机托管更难受一些。
In the case of the pits, there are co-minings, there are self-propelled machine-gun pools, and I think it would be better to dig into their network to understand their distribution patterns and to calculate the most profitable mine-mining options. I think the mine-hosting is better than the cloud, the cloud-based returns are lower, the returns are longer, and, according to feedback from some of my friends, the temporary cloud-counting in Bear City is more difficult than the mine-hosting.
【Bibox 商务总监】刘冲：
机构级别的矿场，应该普遍有两个特点，一是机器更新换代频率快，二是规模大。这个时候在与矿池合作时往往可以拥有更主动的位置，所以主要选资格老、费率低、不偷算力的平台就好了，没有特别的点。
At the institutional level, there should generally be two features, one being the rapid frequency of machine renewal and the other being large. At this point, working with the ponds often has a more proactive position, so it would be better to select platforms that are old-qualified, low-cost, non-prejudicing and have no special points.
散户进入云挖矿的领域，其实是一种比合约更理性，收益更稳定的期权投资，但客观来说，散户也是在这个领域中食物链最底层的一批人，所以安全的品牌是最重要的，无论是Bibox主打的没有任何中间商的实体矿机算力租赁业务，还是ViaBTC、比特小鹿这些依托知名矿池和矿机厂商发布的标准算力产品都是可以参与的，当然币信也很好，一定是属于长期定投，不要关注一时的ROI。
While it is a more rational and stable option to invest in cloud mining than a contract, it is objectively also the bottom of the food chain in this area that the safe brand is most important, be it the physical machine rental business of Bibox, which does not have any middlemen, or the standard computing products of ViaBTC and Bitt deer, which depend on known ponds and miners, that can be involved, and of course the letters of money are good and must be long-term and do not pay attention to RIOs.
【Bibox首席品牌官】 兔子小姐：
Miss Rabbit:
前段时间的上涨，大家称为“杠杆牛”，但是近期散户、大户，抵押借贷连环爆仓，大家如何看待现在杠杠市场，可以对近期失血严重的用户说点什么吗？
The rise in the previous period, known as the “leverage cow”, but what do you think of the bar market in recent times, when the bulk of the population, the bulk of the population, and the mortgage and loan chain are going to explode?
【币信矿业 CEO】刘飞：
{\bord0\shad0\alphaH3D}Strong! {\bord0\shad0\alphaH3D}
市场还小，所以谁资金量大谁说了算。尤其是交割合约市场，由于交割市场的机制，太容易被操控。用3倍杠杆以上，就是给庄家当燃料的，不要赌运气了。现在这个市场流动性缺失上下1000点非常容易，没必要用自己的血汗钱给别人当燃料。
The market is small, so the money is in the hands of whoever. Especially the contract market, which is too easy to manipulate because of the mechanism of the market. More than three times the leverage, that's fuel for the dealer. Don't gamble.
只要有十万分之一的概率你会爆仓，那你的数学期望值就是0；拿能输得起的钱投资或者投机；碰杠杆长期幸存者万分之一都没有，不要相信自己那么幸运；交易是种修行，先修炼好自己再梭哈；屯币。
As long as you have a chance of one in 100,000, your mathematical expectations are zero; investing in or speculating with money you can afford to lose; not believing in the luck of one in 10,000 long-term survivors of leverage; trading is a trade, fixing up your own life; and Tuenjie.
当然在这个时间里，我们还是优先需要照顾好家人。如果照顾不好他们，投资就失去了意义。要有除了投资之外的现金流，才能从投资上赚到钱。
Of course, at this point in time, we need to give priority to caring for our families. If we don’t take care of them, investment loses meaning. Cash flows, in addition to investment, are needed to make money from investment.
【资深行情分析师】币姥爷：
山寨币失去了造富效应后，合约杠杆弥补了它们的空缺，成为了市场吸引散户的又一大卖点。相信有了前面暴跌的前车之鉴，市场会变得相对理性一些，大家会关注市场中的合约多空比来控制自己的杠杆。另一方面来说，合约杠杆为市场注入了流动性，也不可一概否决。
When the bounties lost their enrichment, contract leverage made up for their vacancies and became yet another point of sale for the market to attract the diaspora. It was believed that, with the precipice of the fall, the market would become relatively rational, focusing on how many contracts were in the market to control its leverage. On the other hand, contractual leverage injected liquidity into the market, and could not be rejected in a single way.
所以建议大家还是在自己适合的领域玩耍，承受自己能够承受的风险，做不了合约就玩现货，做不了短线就做长线或者一个波动周期内的交易。还有就是要勇于止损，一旦你判断行情大概率要与你操作的方向相反的时候。
So you're advised to play where you want to be, to take the risks you can take, to go off-the-shelf if you can't make a contract, to do a long-line or a swing cycle. And to be brave enough to stop the damage, once you judge that your behavior is likely to be in the opposite direction.
【Bibox 商务总监】刘冲：
确实大家都说2020年会是合约爆发的一年，各家都在上各式各样的金融产品。但是杠杆越重，就会导致BTC价格越难以上到2万的高度，今年BTC在一万以上的时候市场情绪高涨，多空比十分悬殊，这种情况是很难在价格上有突破的。1929年华尔街崩盘的原因也是过高的杠杆使得当时并不完善的金融系统陷入困境，继而导致崩盘。
Indeed, everyone says that 2020 is a year of contract breakout, with all kinds of financial products. But the stronger leverage, the harder it will be to get BTC prices to 20,000, and this year, when BTC is 10,000 or more, it will be very difficult to make a breakthrough in prices.
当市场以期货影响现货走势的时候，并且在加密货币市场本身金融产品不成熟，一旦发生类似3.12大户不计后果的砸盘，就会引发流动性危机，杠杆爆仓，借贷清算一系列的后果继而走向崩溃。比如MakerDao就是在二级市场发生剧烈波动的时候由于抵押产品，网络gas费用等原因导致清算失灵。
When markets seek to influence the performance of goods, and when the financial products of the crypto-currency market itself are immature, a liquidity crisis like that of 3.12 large households triggers an unbridled crash, leveraging a series of consequences of the liquidation of borrowing and lending. MakerDao, for example, fails to do so because of mortgage products, network gas costs, etc., when the secondary market is volatile.
包括我们交易所本身其实都还承载不了3.12那种程度的冲击，提供流动性的做市场，本身交易所系统承载量，风控系统等等，这也是好多友商在那天出现不同问题的原因。不过我们Bibox那天的表现非常优异，系统交易正常，把影响降低到最少了。也和我们平日重视风控，技术优化密不可分。
This includes the fact that none of our exchanges can carry the 3.12 magnitude of shocks, the availability of liquid markets, the carrying capacity of their own exchange systems, wind control systems, and so on, which explains why many of our friends had different problems on that day. But our Bibox performance on that day was excellent, the system was normal, and the impact was minimized.
也正是因为这波去杠杆化，让各家都意识到了自身不足和杠杆产品的缺陷，也让加密货币用户有了惨痛的教训，教育了机构也教育了用户。我个人觉得是挺好的事情。想跳得更高必须蹲得更深才行，把技术不过关滥竽充数的机构洗牌出去，留下来的都是经过洗礼的合规机构，才能给大家提供更好的金融杠杆和产品服务。
And it's because of the deleveraging that makes everyone aware of their shortcomings and the shortcomings of their products, and the painful lessons they learn from encryption money users, as well as from institutions. I think it's a good thing to teach them. If you want to jump higher, you have to sit deeper.
【Bibox首席品牌官】 兔子小姐：
Miss Rabbit:
现在疫情蔓延全球，不仅仅是加密市场，全球股市暴跌，对于散户来说，如何在熊市中逆袭，或者保证财富不缩水，有什么方法吗？有下一个财富密码可以透露一下吗？
Is there any way that the epidemic is now spreading around the world, not just through the encryption market, but through the collapse of the global stock market, or in the bear market, or by making sure that wealth doesn't shrink? Is there a next wealth code that can be revealed?
【币信矿业 CEO】刘飞：
{\bord0\shad0\alphaH3D}Strong! {\bord0\shad0\alphaH3D}
现金流非常重要，没有现金流就会被迫低价卖资产，这是最难受的。在这种全球大放水的情况下，我们肯定还是要投资于最能保值的东西、投资于钱要往里面流的资产。
Cash flows are very important, and without them assets are forced to sell at low prices, which is the worst. In such a global flood of water, we must invest in the most valuable things, in the assets where money flows.
1、我觉得最保值的永远是自己，要多学习提高自己的能力和价值；
1. I feel that the most valuable is always my own, learning to improve their abilities and values;
2、现金为王，留最有竞争力的现金。最近大家看到美元指数飙升，其实全球的资金已经告诉我们答案了。
2. Cash is the king, leaving the most competitive cash. You've seen a sharp rise in the dollar index, and global funding has given us the answer.
3、可以考虑持有一些美元稳定币。在经济开始复苏的时候买一些资产。
Consider holding some US dollar-stabilized coins. Buy some assets when the economy begins to recover.
危机，有危险也有机会。不论是债务危机还是经济周期，顺势而为。得承认我们大部分的资产不是靠努力工作获得的，找到那些会水涨船高的资产。抑制自己总想努力的冲动，时机不到越努力越亏钱。
There are risks and opportunities. Debt crises and economic cycles do well. It is important to recognize that most of our assets are not made out of hard work, and to find those that are too high.
【资深行情分析师】币姥爷：
钱都是凭借熊市赚的，此话并非一句空话，因为熊市才能捡到低价的筹码。牛市市场虽然火热，风险同样很高，一旦逃顶失败，想回本就比较难了。
The money is made from the bear market, and that is not an empty phrase, because the bear market can only pick up low-priced chips. The cattle market, though hot, is equally risky, and it is harder to get it back if it fails.
正如我上文所说，可以建立一个仓位管理方案，然后执行。还有就是保证自己持有一定量的现金以及未来获取现金流的能力，黄金的话也可以考虑配置一些，用于抵御金融危机后可能发生的通货膨胀风险。
As I said earlier, a warehouse management programme can be established and then implemented. And there is a guarantee that you will hold a certain amount of cash and that you will be able to access future cash flows, and gold can also be considered for allocation to counter the inflation risk that may arise in the wake of the financial crisis.
我觉得财富密码就币圈吧，其实在这个市场待得时间长一些，善于总结经验，还是可以做到盈利的。
I think the money code is a currency circle, but it's a lot longer in this market, better to learn from experience, and more profitable.
【Bibox 商务总监】刘冲：
全球疫情蔓延，民众恐慌的情绪是无法避免的，可以参考一下之前大家在家闭关的日子，对未来的不确定性，人人自危的感受。
It is inevitable that the global epidemic will spread and that people will panic. It will be possible to refer to the days before we were closed at home, the uncertainty of the future and the feelings of each and every one of us at risk.
刚才已经提到，BTC是一个比较好抵御通货膨胀的产品。其实如果长期来看，BTC在底部5000多可以适当进一部分，分批买入。控制自己仓位，还是一个比较不错的选择。即使是现在，数字资产依旧是无产阶级逆袭的最好机会，大家从10万做到1000万的概率机会还是远远大于别的投资标的。当然如果上亿规模资金进来，可能承载量有待加强。另外美股这边大家也可以关注一下，历史经验告诉我们，在经济大衰退的前期现金为王是硬道理，但是在中期就会有历史性的资产增值的好机会，大家可以把握一下。
Even now, digital assets remain the best opportunity for the probabilities of the proletariat, and the probability of 10 million from 100,000 is far greater than the other investment targets. Of course, if billions of dollars of money come in, the load may need to be strengthened.
【金色财经主编】王瑜琨：
{\bord0\shad0\alphaH3D}Strange: {\bord0\shad0\alphaH3D}
第一个问题给@刘飞(币信·BTC·Wallet·Miner) ～刚刚有聊到矿业，请问您怎么看矿难呢？最近矿工过得怎么样？矿场是否正常开工，对他们有什么影响？减半到来后，大批矿工会死掉吗？矿难后的死亡螺旋会对币价产生影响吗？
The first question for
【币信矿业 CEO】刘飞：
{\bord0\shad0\alphaH3D}Strong! {\bord0\shad0\alphaH3D}
币信矿业这边管理了3%的BTC算力，最近真的惨。
It's a 3% BTC factor on this side, and it's been really bad lately.
机器回本周期太长了，估计很多机器都没办法回本了。
The machine return cycle is too long, and it's estimated that many machines will not be able to return.
而且减半马上就到了，成本不变，收入减半这个会导致很多机器被淘汰。
It was also almost halved, with no change in costs, and the reduction of income by half would lead to the elimination of many machines.
但是幸运的是减半后不久就开始丰水期了，由于丰水期矿场的电费比较便宜，减半后算力不会是断崖式下跌，不会发生特别惨烈的矿难。
Fortunately, however, the water boom began shortly after halving, and, given the cheaper electricity costs of the water-rich mines, the reduction of half would not be a cliff-sliding fall, nor would there be a particularly tragic mine disaster.
但是如果币价没有大改观，算力真正惨烈的下跌会发生在今年11月份。
But if there is no significant improvement in currency prices, the real fall in arithmetic will take place in November this year.
当丰水期过了，大家往枯水期矿场搬的时候，那才会是真正矿难。
It will be a real mine disaster when the season of abundance is over and people move to the dead-water mines.
矿场在减半后整体会比较惨，现在所有机器都在全年矿场跑着。等减半后有可能四分之三的全年矿场都得关门闲置了；
After halving, the mines as a whole will be worse, and now all the machines are running throughout the year. By halving, three-quarters of the mines will probably be closed all year long;
但这并不意味着丰水期矿场就好过，今年新建的丰水期矿场太多了，总体是供过于求。
This does not mean, however, that the well-fed mines will be better off and that there will be too many new well-fed mines this year, oversupply overall.
但是最优质的矿场永远是抢手的，今年对于没有优质电力资源的矿场是个生死关。
But the best-quality mines will always be the best, and this year will be a dead end for mines that do not have high-quality electricity.
整体看矿场和矿工要成为联合体，否则都没有抵御风险的能力。
As a whole, mines and miners are considered to be a conglomerates, without which they have no capacity to withstand risk.
【金色财经主编】王瑜琨：
{\bord0\shad0\alphaH3D}Strange: {\bord0\shad0\alphaH3D}
现在定投BTC还是一个好的策略吗@币姥爷
{\bord0\shad0\alphaH3D}Is it still a good strategy to throw in BTC now?
【资深行情分析师】币姥爷：
[Senior Analyst] Grandfather:
这个价位的话定投还可以吧，适用于新人玩家，其实如果在这个市场生存久了的话，也可以去判断市场的低位、高位，采取低位建仓高位卖出的方式。
The price is good enough for newcomers, but if the market survives long enough, it can also be judged as low, high and sold in a low-cost way.
还有就是底部或者相对低位通常都是以月级别的横盘形态走出，如果想建仓的话可以找这种机会，因为低位市场波动率低，且交易低迷，主力控盘吸筹也比较容易一些。
There is also the fact that the bottom or relative low is usually in the form of a month-class hysteria, an opportunity that can be found if you want to build a warehouse, because low market volatility and low trades make it easier for the master control plate to absorb.
当然了，我这里并不是说底部就一定是横盘或者横盘一定是底部，只是说通常在币价开始月级别横盘的时候，距离底部也不太远，一轮波动周期中在此位建仓即便因进一步下跌而套牢，后面也是有机会回本以及盈利的，可以观察BTC历史K线走势。
Of course, I do not mean that the bottom must be the bottom, or the bottom, but that usually it is not too far from the bottom when the currency starts at the monthly level, and that there is an opportunity to return to the bottom and profit from the BTC's history of Kline, even if it falls further in the swing cycle.
【金色财经主编】王瑜琨：
{\bord0\shad0\alphaH3D}Strange: {\bord0\shad0\alphaH3D}
为求心安定投到现在的我，今晚必须问一句，现在BTC每天波动这么大，对散户有什么交易建议吗？@币姥爷
"Strong" has to ask me tonight, "Does the BTC have any advice on dealing with the slobs because the BTC is so volatile every day?"
【资深行情分析师】币姥爷：
散户群体太多，有新手有交易经验丰富的投资者，他们持仓的目的也不尽相同，有长中短的市场玩家，也有合约杠杆的用户。我觉得吧，散户做交易，一定要明确自己持仓的目的，是做短线还是中长线，在这个目的的基础下比如说短线日内5%就可以止盈了，中长线是做一轮行情呢还是拿着等到真正意义上的大牛市才出，或者说可以等到中长线持仓有了自己的目标利润就可以出掉了。我觉得有了自己的目的之后根据自己的目的进行操作，也不至于因为断顶失败而套牢，即便踏空以后也能寻找到新的机会。
There are too many small groups of newcomers and experienced traders, who have different aims, medium- and long-term market players, and contract leverage users. I think it is important for the bulk to be clear that the purpose of the deal is to make a short line or a medium-long line, which is based on, for example, 5 per cent of a short-line day, or a long line that waits for a real bull market, or that can wait until the middle and long-line have their own target profit.
【金色财经主编】王瑜琨：
{\bord0\shad0\alphaH3D}Strange: {\bord0\shad0\alphaH3D}
作为一枚合格的小散，突然想起了前段时间兴起的云算力
要再请教@刘飞(币信·BTC·Wallet·Miner) 老板一个问题，挖矿难度调整，对云算力矿工来说意味着什么呢？ would like to ask the boss a question about how difficult it is to dig. What does it mean for cloud-based miners? 【币信矿业 CEO】刘飞： {\bord0\shad0\alphaH3D}Strong! {\bord0\shad0\alphaH3D} 昨天挖矿难度调整，矿工确实会好过一个难度周期，也就是14天左右。但是感觉下个周期可能难度还要下降，这时候60W/T以内的机器会增加不少收益。 Yesterday, mining difficulties were adjusted, and miners did get better than a difficult cycle, that is, 14 days or so. But it was felt that the next cycle might be less difficult, and the machines up to 60W/T would add a lot of money. 很多云算力之前卖的矿机是S9、T2T，类似的机器最近应该都在关机价附近了。 Many of the machines sold prior to cloud computing were S9 and T2T, and similar machines should have been close to closing prices recently. 所以买云算力要注意几个要点： So there's a few things to pay attention to when buying cloud power: 1、买入周期很重要。要么选择优质矿机接近于厂家成本价的时候再入手，要么选择币价回升初期入手； 1. The buy-in cycle is important. Either you choose a high-quality miner to start when you approach the cost of the plant, or you choose the currency to return to the start of the price increase; 2、尽可能地选择最好的矿机，这样有其他的落后矿机来当垫背。像最近S9、A8和T2T陆续开始关机后，难度下降15%，预期下个周期难度还要下降。所以当币价下降的时候，最新一代的矿机收入不会线性下降，如果买的是优质矿机大概率是会跑满机器的自然生命周期； As soon as the S9, A8 and T2T shut down recently, the difficulty falls by 15%, and the next cycle is expected to decline. So when currency prices fall, the revenues of the latest generation do not fall linearly, if quality mining machines are purchased at a rate likely to fill the machine’s natural life cycle; 3、电费很重要，买云算力一定要看好平台的电费。尤其马上减半后，电费可能占收入的90%以上； The cost of electricity is important, and the ability to buy clouds must take care of the platform’s electricity costs. In particular, when they are halved, they may account for more than 90% of the income; 4、平台一定有交易功能。类似S9和T2T现在电费都挖不出来，难道还真申请提现机器？当纪念品？普通用户通过交易市场把矿机卖给有资源的人，让有丰水期矿场的人买完提现去丰水期跑会更合理。 4. The platform must have a trading function. Is it true that a machine like S9 and T2T can't be excavated now? 【金色财经主编】王瑜琨： {\bord0\shad0\alphaH3D}Strange: {\bord0\shad0\alphaH3D} 我们知道目前Bibox有三大产品活动“网格交易&合约带单&资管”， 想问一下，您更青睐哪个产品呢？@Chris We know that Bibox currently has three major product activities, "Network Trading and Contract Tape", and we'd like to ask, which product do you prefer? @Chris 【Bibox 商务总监】刘冲：
首先Bibox作为全球首个AI数字资产交易平台，我们致力于给大家提供更加智能的金融工具，其中网格交易属于自动化的低买高卖适合这种宽幅震荡行情，合约带单适合在有明确市场方向的时候大咖带着Bibox用户无脑赚钱，资管银行我们现在管理规模也在1000BTC以上了，定期稳定的给用户提供收益保障。 First of all, Bibox, the world's first digital asset trading platform, is committed to providing you with more intelligent financial instruments, in which grid transactions are automated, low-cost sales for this kind of broad banding, contract sheets are suitable for making money with Bibox users in mind when there is a clear market direction, and capital banks are now operating on a scale of over 1,000 BTCs, providing regular and stable benefits to users. 我个人比较喜欢网格交易。特别适合在这种震荡行情使用，相当于每人配了一个量化机器人，在一定范围内的自动低买高卖。我个人被邀请测试网格交易，也有年化120%的收益成绩，确实是非常适合现在行情的一种交易策略。网格交易也是Bibox独家给大家交易工具福利。 Personally, I prefer grid trading. Specially suitable for this kind of concussion, which amounts to a quantitative robot per person, with a range of automatic low-sale deals. My personal invitation to test grid trading, with 120% annualized earnings, is a very good trade strategy. 合约跟单，Bibox刚刚上线，在开发难度上十分大。但是我们坚信市场上是20%的人赚80%的人钱，为了让Bibox用户不做80%的人，跟上那20%的人赚钱也是我们保护用户免受冲击的一种手段。当然，我们只是给大KOL提供一个平台，也欢迎各位大神来一展身手，用户也要根据自身情况，拿出自己能睡得着觉的投资额度去投资。 But we are convinced that 20% of the people in the market make 80% of the money, and that keeping up with 20% of the people in order to keep Bibox from doing 80% is also a means of protecting the users from shocks. Of course, we are simply providing a platform for the big KOL, and we welcome all the great gods, who, according to their own circumstances, need to invest in investments that they can sleep with. 【金色财经主编】王瑜琨： {\bord0\shad0\alphaH3D}Strange: {\bord0\shad0\alphaH3D} 那最后跟大家聊聊Bibox最近有什么进展？之前提到的ETF还有打新币进度如何? Let's finish by talking about Bibox. How's it going with the ETF? 【Bibox 商务总监】刘冲：
首先对于ETF产品的开发我们早已经开发完毕，但是我们在参考友商加上行情的考虑，没有上线这个产品。因为我们发现ETF的概念虽然在传统金融市场很成熟，但是现在加密货币市场还不足够支撑起这个产品，友商也因为这个产品损失惨重，同时在3.12的时候也有友商产品暴雷的情况。我们本着保护用户的考虑，暂时不上这个产品。 First of all, we have developed ETF products, but we do not have access to them on the basis of reference and goodwill considerations. We find that the ETF concept, while mature in traditional financial markets, is not enough to support the product now, and that there is a huge loss of the product, and at the time of 3.12, there is a thunderstorm on the product. We are not doing it for the time being. 对于打新币来说，我们本来在3月的时候，已经要做宣发，但是因为行情的原因，暂时延后，相信在4月份的时候会和大家见面的。 For the new currency, we would have made an announcement in March, but for reasons of courtesy, we have postponed for the time being, confident that we will meet with you in April. 我们也在设计一些更有意思的模型，后期会陆续透露给大家，包括盒芯回馈，BIX赋能，代币保本销售等策略。相信陆续会和大家见面。返回搜狐，查看更多 We're also designing more interesting models that will be leaked to you at a later stage, including box core feedback, BIX enabling, proxy sales, and so on. I trust that the session will meet you. returned to the fox to see more 责任编辑：
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