Look at the value of the block chain block chain

The first wave of internet professionals entering the blockchain space in the financial sector are not optimistic. They believe that today's blockchain is akin to the early days of the internet, with inflated value and a fabricated dream of perfection. A bubble is bound to burst, and most projects will fail to deliver on their promises.

As is well known, there's a "squint chain" among blockchain practitioners.

Blockchain experts often struggle to understand the wild behavior of cryptocurrency speculators, where the chaotic digital currency market has overshadowed the real potential of blockchain technology.

Recently, many practitioners have pointed out that the bubble in the crypto market has inevitably spread to the so-called "technical" blockchains.

Blockchains that touch money, trust, and rights offer opportunities for marginalized groups to rise. With blockchain technology, blocked companies can see their stock prices soar; many projects may never land, yet they still attract massive fundraising and hype.

Adding people's heads, cutting leeks, and cashing in on investors have become the norm. Compared to the "pigs can make money" era, it’s just a white paper you can’t fully understand.

Rationality is simply not seeing the price before the situation, and making money isn’t shameful. But how long can this straightforward approach last?

Wang Pengfei believes the blockchain bubble will definitely burst. Yet, despite his experience in the mobile internet and app industry, he chose to go all-in on blockchain at the end of 2017.

He said: “The current situation is similar to the first wave of the internet bubble bursting. Many people know that a big shake-up is coming, but they don’t see the bigger wave behind it.”

It’s just the beginning of the game now.

Current blockchain, once the internet.

Today’s blockchain is like the internet in the late 20th century — unclear and full of uncertainty.

In 1994, the World Wide Web (WWW) emerged, bringing the internet into the public eye. In the following years, innovators and followers flooded the scene. At that time, many startups had no real operations or assets, yet their valuations doubled overnight with just a “.com” label. Meanwhile, concept stocks became hot commodities, and the Nasdaq index soared rapidly, forming an internet bubble quickly.

By the end of 1999, as the bubble neared its peak, the Nasdaq’s market value reached $5.2 trillion. Then, on March 10, 2000, the Nasdaq hit its peak, and the bubble burst. Executives cashed out, funds dried up, and the financing market cooled. More than 80% of projects vanished, and only those with solid business models survived.

“After the bubble burst, the internet found its right path. In China, better internet companies were born around that time, including BAT,” Wang Pengfei, who has worked in the internet industry for 15 years, recalls. He was 18 at the time, sitting in an internet café in Nanyang, a fifth-tier city, chatting with an Indian through ICQ and building his own personal website.

Five years later, in 2003, when he entered the market barefoot, the internet was on the right track, and the mobile internet was beginning to take shape. Based on his past experiences, Wang Pengfei, who wasn’t afraid of challenges, made a judgment: With the development of the internet, mobile terminals would be the trend, and future phones must be smart devices.

Based on this insight, he developed a mobile web-based social and gaming product, similar to the mobile version of the Happy Network, called Tianxia.

Wang Pengfei was the first in China to explore the mobile internet. During the boom period, he quickly accumulated over 20 million users, raised more than $10 million in two rounds of funding, and placed his website among the top five in the mobile internet rankings of the year.

In 2009, he sold the site to a Japanese listed company for tens of millions of dollars.

At the time, the largest of its kind was the 3G portal, which was already listed in the U.S., and UC had a huge user base. Many people felt sorry for Wang Pengfei, saying that if he had persisted, he could have been a prince.

Wang Pengfei concluded: For a young man from a fifth-tier city starting his first business, he felt this ending was a staged victory in his entrepreneurial journey. Back then, young people couldn’t foresee that the mobile internet would bring a bigger wave.

After that, Wang Pengfei’s predictions about megatrends remained accurate. He was optimistic about apps and launched the first Chinese version of QR code reading software.

Originally planned to start with tools, then services, and finally a business model, but when trying to integrate upstream and downstream industries and enrich application scenarios, WeChat rose and swept the market, instantly eroding the first-mover advantage.

To survive the attack from WeChat, Wang Pengfei decided not to focus solely on tools or entrances. He shifted to back-end services. After experimenting with marketing solutions and adding RFID chips, he found a way forward: combining QR codes with anti-counterfeiting traceability and system integration, successfully entering the New Third Board.

Innovative technologies like the internet create bubbles, but after they burst, they find their right path. Giants like Google, Facebook, and BAT were born from such cycles. “If I had stuck to it and focused on the APP, plus the accumulation, we might have been able to do more.” Despite missing two waves, Wang Pengfei talks about the past with some regrets, but also a calm acceptance.

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Wires and cables stand as fundamental components in constructing the modern world. Like veins in a body, these "Electrical Wires" form the circulatory system of our electric infrastructure, quietly distributing power to residences, businesses, and factories alike.
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