近日，比特币开挂，价格一飞冲天，一度暴涨到3000美金，搅动了一池春水。
In recent days, the price of Bitcoin was so high that it went up to $3,000 at a time that it stirs up a pool of spring water.
而错过这波红利的人群，并不甘寂寞，纷纷将眼光瞄准了其他加密货币。
And the people who miss the dividend are not lonely and look at other encrypted currencies.
一时间，各种ICO和背后的加密货币破土而出，据统计，现在活跃的加密货币多达800余种，价格也直线狂飙。
At a time when various ICOs and the encrypt currency behind them have broken down, there are now, according to statistics, more than 800 encrypt currencies active and the prices are flat.
ICO的玩法是，将股份或收益权，变成“代币”公开出售——说白了，玩法和IPO完全类似，相当于“地下股市”。
而蜂拥而至的投资人，似乎并不关心，灰色地带的高风险，也不关心这些是否是庞氏骗局。
The crowding of investors does not seem to care about the high risks in the grey areas or whether these are Ponzi scams.
只要我不是最后的接盘侠，加入这次狂欢，又如何？
As long as I'm not the last hostess, join the party, so what?
01、ICO的狂欢
{\bord0\shad0\alphaH3D}Em data-scene= "strange" 01, the ICO party
“**链，即将众筹，加我进群。”
“** The chain is about to be raised, and I will be added.”
微信群里突然冒出这么一句话，原本热闹的群变得更加沸腾。
The euphoric crowds became more boiling when a word like this suddenly appeared in the micro-message.
“拉我、拉我！”各种声音呼喊着，迫不及待。
“Draw me, pull me!” The voices shouted, "I can't wait."
一个勾勾手指的表情，一句煽动的话，一张带二维码的图片，甚至一个直接邀请入群的链接，他们都会跃跃欲试。
An expression of a ticking finger, a sedition, a picture with a two-dimensional code, and even a direct invitation link, they jump to the test.
他们大多数，粗略翻过ICO项目白皮书，对区块链知识不甚了解，对核心代码一窍不通。
Most of them, by rebuffing the ICO Project White Paper, had little knowledge of the block chain and no knowledge of the core code.
但看不懂没有关系，他们都清楚地记着这几个数字，如灯塔般照耀：
But it doesn't matter if they don't understand. They remember the numbers clearly. They shine like lighthouses:
量子链第一天“上市”， 最高价格66.66元，涨幅达到33倍；
The first day of the quantum chain was “listed”, with a maximum price of $66.66 and a 33-fold increase;
公信宝众筹时“一股”几毛，如今翻了90多倍；
When the public treasures were raised, “one share” was raised, and it has now increased more than 90 times;
小蚁币从5毛涨到了40块……
Small ant coins went up from 50 cents to 40 cents.
最夸张的Stratis，一年涨了1500倍；而“BAT”，8天时间暴涨8倍，一天翻一倍。
the exaggeration of Stratis, which rises 1,500 times a year; “BAT”, which soars eight times in eight days and doubles in one day.
“错过了黄金比特币，不能在错过xx币！”他们在群里激动不已，即使看不懂ICO，不了解技术场景，但他们却坚信，这就是他们稍纵即逝、一夜暴富的机会。
"lost gold bitcoin, can't miss xx!" They're excited in the crowd, even if they don't know ICO, and they don't know the technical scene, but they're convinced that this is their chance to die and be rich overnight.
而在他们狂热的背后，是整个加密货币市场极度火爆。
And behind their frenzy, the entire market for encrypted money is extremely hot.
据媒体报道，现在以比特币为代表的800多个加密货币市场估值已达到1100亿美元；
According to media reports, the value of over 800 encrypted currency markets, now represented by bitcoin, has reached $11 billion;
而由剑桥创新金融中心发布的报告显示，已经有超过300万人正在积极挖掘、积累和储存加密货币。
A report issued by the Cambridge Center for Innovative Finance shows that more than 3 million people are actively digging, accumulating and storing encrypted currency.
搭建在区块链技术之上的加密货币市场，已不是极客们自由的代名词，而成为越来越多人的“投资品”。
The crypto-currency market, built on block chain technology, is no longer a term of freedom for the extremes, but is becoming a “investment” for a growing number of people.
与此同时，越来越多的创业公司选择用ICO模式，筹得第一桶金。
At the same time, an increasing number of start-ups have opted for the ICO model to raise the first barrel of gold.
Status在首次推出后曾募集了超过6000万美元的资金。
Status raised more than $60 million after his first launch.
今年6月13日，区块链项目Bancor，筹集了价值约1.53亿美元的以太币，成为数字货币中获得融资最高的平台。
On 13 June of this year, Bancor, the block chain project, raised approximately $153 million in Chinese currency as the platform for the highest level of financing in digital currency.
国内ICO项目也如火如荼，量子链、黄金链、选举链、艺链等项目纷纷出台。
National projects such as the ICO, the Quantum Chain, the Gold Chain, the Electoral Chain, the Art Chain, etc. are also under way.
根据研究公司Smith+Crown的数据显示，截至目前，2017年ICO规模超过了5.6亿美元，远超过了通过VC融资筹集的2.95亿美元。
According to research company Smith+Crown, the size of the ICO to date exceeded $560 million in 2017, well above the $295 million raised through VC financing.
ICO到底是什么，让无数玩家如痴如醉？它是缔造了共赢的生态圈，还是编织了一件皇帝新衣？
What the hell is ICO, like, a bunch of players getting drunk? Is it a win-win ring or is it an emperor's new suit?
02、ICO的真面目
02, the true face of the ICO
ICO终于迎来了极致的狂欢。它的本质，到底是什么？
The ICO finally had a great party. The essence of it, what is it?
ICO是IPO仿制品，全称是Initial Coin Offering。IPO，就是拿钱买股权；而ICO的玩法是，将股份或收益权，变成加密货币，公开出售——你买的是加密货币，实际上相当于买了没有“决策权”的股权。
虽然不是最早采用ICO方式募资的区块链项目，但这个项目创纪录的筹到3万多比特币。 Although not the first block chain project to raise funds using the ICO approach, the project has a record amount of more than 30,000 bits. 以太坊相当于建立了一个类似苹果的系统，所有的开发者都可以开发、运行APP。 但这些操作需要消耗一定的以太币才能完成。以太币就是开发者进入以太坊的“令牌”。 But these operations require a certain amount of TT. The TT is the "demonator" of the developer entering Ether. 这也是以太币的价值所在。 And that's what it's worth. 按照这个计划，当越来越多的人参与开发APP后，这个“苹果”系统将越来越有价值，相应的，以太币也变得更值钱。 Under this scheme, when more and more people are involved in the development of APs, the Apple system will become increasingly valuable, correspondingly, and the TT will become more valuable. 换一个思路来说，所谓的“以太币”，和“股份”极为相似——当这个公司越来越有价值，股份就越值钱。 以太坊的成功，让一批区块链领域创业者，找到了新的融资方式。 The success of Tai Hwan led a group of entrepreneurs in the area of block chains to find new ways of financing. 这个融资过程，和IPO几近相似。 This financing process is almost similar to IPO. 创业公司获得天使、VC、PE的青睐，一路打怪升级，最终获得上市勋章。IPO后，前期机构投资者就可以套现退出，投资人看好公司前景，持续持有、买入。 After IPOs, pre-institutional investors can withdraw, and investors look at the company’s future and keep holding and buying. 库神联合创始人，比特币资深投资人孙泽宇告诉一本财经，一个完整的ICO可以拆分成三个部分：众筹、发放代币、代币登上交易所。 Sun Zewoo, a senior investor in Bitcoin, the co-founder of the Ku god, told me that a complete ICO could be divided into three parts: crowd-mobilized, tender-distributed and decoupled on the exchange. 其流程就是，先发布项目，然后大家抢购加密货币，最后可以在交易所上交易买卖。 The process is to publish the project and then buy encrypted money, which can be traded on the exchange. 但ICO显然更加疯狂。 But the ICO is obviously more crazy. 正规的股市，有监管，有透明机制，而这里，就如“地下股市”，监管空白，所有的加密货币，都可以在交易所上随意交易…… Formal stock markets, regulated, transparent mechanisms, and here, like “underground stock markets”, regulatory gaps, all encrypted money, can be traded freely on the exchange... 03、惊心游戏 03, horrifying game 代币一旦登上交易所，疯狂游戏正式开始。 Once the tokens are on the exchange, the crazy game begins. 即使是最资深的比特币，在今年的“牛市”中，也会在一天出现20%以上的跌幅。 Even the most senior bitcoin, this year's “Cow City” will experience a drop of more than 20 per cent a day. 在加密货币的世界，没有涨跌停，没有时间限制，一群淘金者，沉醉在无休止、无限制的“炒币”游戏中，红色绿色的K线图，是猩红的眼珠和无止尽的欲望。 In the world of encrypted currency, there is no up and down, there is no time limit, there is a group of gold-diggers, in the endless and unlimited game of “coins”, the red green K-lines are red eyes and endless desires. 而这场游戏，背后往往有庄家操纵。 And the game is often dominated by dealers. 一位业内人士透露，由于新上的代币“市值”低，可能只要几百万，便能成功做庄。因此，炒币，尤其是这类“山寨币”，“赚钱的都是庄家，其他投资人只是“运气”。” An insider has revealed that, due to the low “market value” of the new tokens, millions of dollars may be needed to succeed. Thus, the coins, especially those that are sold, are “profiters,” and the other investors are only “lucky”. 这里是庄家的地盘，他们操纵价格，大涨大跌，翻手为云覆手为雨。 This is the house of the dealer, who manipulates prices, who rises and falls, and who turns his hand upside down. 除了庄家坐庄之外，另外一个巨大的风险，就是创业公司本身的风险。 In addition to being a banker, another great risk is that of the start-up company itself. 说白了，IPO的公司，都相对比较成熟，通过了监管层层考核，最终上市，运营较稳定；而ICO的项目，却很多都是创业项目。 To be clear, IPO companies are relatively mature, have passed regulatory tests, have ended up on the market and operate more steadily, while ICO projects, many of which are start-up projects. 创业就是一场幸存者的游戏，ICO的项目同样要经受市场残酷的血洗和考验。 Entrepreneurship is a survivor's game, and the ICO project is subject to the cruel blood and testing of the market. 区块链创立了一个全新的大陆，没有人质疑它未来的前景，但没有人能确定，这些创业公司，能走多远？ The chain of blocks creates a whole new continent, where no one questions its future prospects, but no one can determine how far these start-ups can go. “最主要的，还是要看技术未来是不是能落地应用的场景。”孙泽宇认为，也就是这个技术，是不是有真实作用。 “Most importantly, it depends on whether the future of technology is the scene where it can be applied.” Sun Zewoo believes that this technology is real. 但目前，部分ICO项目介绍，都过于简单，有时候，投资人只能通过一个天花乱坠的“白皮书”来判断是否值得投资。 At present, however, some of the ICO project presentations are too simple, and sometimes investors can only judge whether an investment is worth investing through a small “white paper”. “只要宣传、营销做到位，基本上90%的ICO项目都会成功。”比特币资深玩家闪电对一本财经表示，找名家站台，就是最常用的方式。 “According to publicity, marketing, almost 90% of ICO projects are successful.” Bitcoin's senior player, Lightning, says to a financial book, finding a famous station is the most common way to do this. 李笑来就是被常常提及的，他参与的项目，往往在众筹开闸时便被抢售一空。 Li was often mentioned as being involved in projects that were often stolen while the gates were being opened. 但也有各种项目，为了包装自己，克隆核心代码，和各种币圈名人扯上关系，以太坊创始人Vitalik Buterin不得不公开撇清，“自己未来将不会是任何ICO项目的顾问”。 There are various projects, however, in which Vitalik Buterin, the founder of the Tails, has to leave out “his future will not be an adviser to any ICO project” in order to package himself, clone the core code and relate to various currency circles. “目前，几乎没有（ICO）项目实现了他们广告中的功能。”R3市场研究部总监Tim Swanson在研究后指出。 “To date, few (ICO) projects have achieved their advertising functions.” Tim Swanson, Director-General of the R3 Market Research Department, noted after research. 不过，如果ICO背后，确实有产品和项目，像以太坊和小蚁，相当于投资的是一家“有前景”的公司，还无可厚非。 However, if there are products and projects behind the ICO, such as Etheria and Little Ants, there is nothing wrong with investing in a “prospective” company. 然而，一群高智商的骗子，披上“区块链”的外衣，步下了一个个庞氏骗局。 However, a group of high-intellectual liars, dressed in a “block chain”, moved on to a Ponzi scheme. 臭名昭著的MMM，宣称“日收益1%，月收益30%，年收益23倍”，玩家每次交易，都会获得或支付“马夫罗币”。但实际上，马夫罗币只是一个记账单位，并没有任何价值。 The infamous MMM claims that “one per cent of the daily earnings, 30 per cent of the monthly earnings and 23 times the annual earnings”, and that each transaction by a player will receive or pay “Mavrocoin.” In practice, however, Mavron is only a unit of account and has no value whatsoever. 而随后横空出世的维卡币，更有迷惑性，宣称“比特币对挖矿的设备要求很高，但维卡币不用，维卡币公司负责购买矿机，大家只要投资”。 And then it became even more confusing to say that “bitcoin had a high demand for mining equipment, but it was not, and Vikaco was responsible for buying mine machines, and everyone had to invest”. 近日，江苏省互联网金融协会发布了最新的《互联网传销识别指南》，MMM、维卡币等26种“数字货币”赫然上榜。 In recent days, the Jiangsu Internet Finance Association has issued the latest Internet Distribution Identification Guide, which is well known for 26 “digital currencies” such as MMM, Vikaco and others. “你看各个ICO群里的投资人喊的口号，‘我们要把价格拉到几块钱之上，让大家赚更多的钱’，这不是传销常用的洗脑手段吗？”一位投资人吐槽道。 "Look at the slogans of the investors in the ICO community, "We're going to raise the price above a few dollars to make more money." Isn't that the usual way of brainwashing? 孙泽宇在朋友圈吐槽，“ICO白皮书太多，都看不过来了。” Sun Zewoo talks to his friends, "ICO's got too many white papers to watch." ICO市场，目前来看，太过于浮躁。 The ICO market, for the moment, is too rash. 04、理智回归？ {\bord0\shad0\alphaH3D}Em data-scene= "strange" 04, "Sense back"? “过去6个月中，靠ICO融资的团队或者公司目前只有40%存活着，其他的要么项目中止或者团队卷款跑路。”加拿大华尊投资集团公司CEO张宇东在文章中写道。 “In the last six months, only 40 per cent of the ICO-financed teams or companies have now survived, while the others are either project suspensions or team rolls.” The Canadian company CEO Yudong Zhang wrote in his article. “现在处在ICO热潮中的企业，绝大多数会在下一轮熊市中倒闭：或者把币买回来，或者直接跑路。”即便如此，闪电反转地提出，他依旧会参与到ICO投资中。 “The vast majority of enterprises now in the ICO boom will close down in the next round of bears: either buy the money back, or run directly.” Even so, lightning inverts suggest that he will still be involved in ICO investments. 一本财经加入了几十个ICO的微信群，投资人每天发布上千条的讨论信息，无比火热。 A book of books has joined dozens of ICO micro-messages, and investors publish thousands of discussion messages every day. 他们最浓烈的情绪，就是“上车”，不顾一切地上车。 Their greatest emotion was to “get in the car” and get in the car at all costs. 如果有人提出风险很大，就会受到一帮人的嘲讽，“你这么理智的人，不适合投资”。 If the risk was raised, it would be ridiculed by a group of people, “You're not a reasonable person to invest”. “我知道有风险，但我依然会上车。”一位投资人称，就如炒股一样，只要搭上上涨的列车，下跌之前下车，就可以了，“所有的投资逻辑，不都是这样吗？” 只要不是最后的接盘侠，加入这次狂欢，又如何？ As long as it's not the last pick-up man to join the party, so what? “ICO可能是一个有前途的方向”，闪电认为，它有优势的地方：成本低、融资速度快，大量人员参与，众筹本身就是一次极好的宣传……有种观点认为，ICO甚至会改变公司的经营模式。 “ICO may be a promising direction”, the lightning argued that it had advantages: low costs, rapid financing, large numbers of people involved, and public fund-raising itself was an excellent propaganda... There was a view that ICO could even change the business model of the company. 新的领域初期，总是有巨大利益重新分配的可能，也总是会出现灰色的、不合法、不合规的伴生品。 In the early stages of the new field, there is always the possibility of a substantial redistribution of benefits, as well as grey, illegal and non-compliant companions. ICO发现了一个新的领域，在开疆扩土的时候，总是伴随着血腥暴力，也难免会有迷失的羔羊。 The ICO has discovered a new area where the spread of land is always accompanied by bloody violence and, inevitably, by lost lambs. 就像历史上的淘金热，90年代的互联网泡沫，02年充斥着骗子、假货的淘宝，总是要在蛮荒中渐成秩序…… Like the gold rushes of history, the Internet bubbles of the 1990s, the trappings of liars, fakes, always in order in the wilderness... 如今，ICO在全球范围内的火热，已经起了监管层的注意，美国证券交易委员会(SEC)可能会对ICO发起更严密的监控。 Today, the ICO is becoming more global and has received attention at the regulatory level, and the United States Securities and Exchange Commission (SEC) may initiate closer surveillance of the ICO. 国内，也开始有声音，呼吁行业自律，包括规定ICO披露的详细内容、公司进展等。 Domestically, there is also beginning to be a voice calling for industry self-regulation, including details of disclosure by the ICO, corporate progress, etc. 在比特币的加持下，ICO迎来了难得的狂欢。 Under Bitcoin's hold, the ICO had a great party. 在金融的历史上，从来不缺暴富传奇。 In the history of finance, there has never been a shortage of legends. 只是泡沫破灭的时候，会有一批人，不能全身而退；也会有一批人，收拾行李，继续前行…… It's just that when the bubble breaks, there will be a group of people who will not be able to leave their bodies; there will also be a group of people who will pack their bags and move on...
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