Judy Yan: The secrets to the success in crypto investments

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It is very difficult to build financial modeling for blockchain network.


Time:10 PM (Beijing Time) , July 10   10 AM(ET) /7 AM(PST) , July 10

Groups:Mars Finance Global Family

Judy Yan:DHVC Managing Director

Vivi Lin:Mars Finance Global Partner ,General Manager of Mars Finance International Wechat Community 

Steven(Tianyuan) Wei:Finance in Miami university ,Co-founder of Sharp Eye Capital,Invest and Incubate high-quality overseas projects,Media,Exchange,Mine

the difference between a traditional tech co and a token project

Steven:Welcome Judy Yan !

Vivi:Danhua Capital is very active in crypto asset investments,cant wait to hear what Judy has to say in this space

would you please tell us a bit more about yourself,as a start.we know you graduated from MIT

Judy Yan:Thanks for the inviation! This is Judy from DHVC. I am focusing on crypto investment since more than 3 years ago. I am from MIT not from Standford.

Lets get started. 

Steven:I have ten questions for you

1. Many investors claim that it is very difficult to build financial modeling for blockchain network. What do you think?

Judy Yan:In my opinion, each blockchain project is the code providing services. Users of such services pay fees in terms of gas. 

Under this definition,the core part of the valuation model is to evaluate the quality and usage of the service based on the open source code.

I think within this definition, i am easy to do my job to evaluate the networking value

Vivi:could you give us an example

Judy Yan:I have two examples.

Example1: the code of Bitcoin is providing service for value transfer. The network value for bitcoin can be evalued as trade avtivity of the world.

Example2: We have a portolfio named CertiK which providing formal verification security service for the blockchain. The network value for CertiK can be evaluaed as fee % smart contract activity of Blockchain.

Happy to draw more in whiteboard if we can chat off line

Steven:2. From an investor's perspective, what is the difference between a traditional tech co and a token project?

Judy Yan:the traditional tech company focuses on using technology methods to solve the economic problems. However, an important part of the token project  is to use the economic incentive to address the technology problems.Total different

Steven:My question 3:Is there any entrepreneur spirit uniquely required in blockchain industry?

Vivi:how the incentives are designed matter a lot - what do you think are the good ways of incentizations?

Judy Yan:The purpose of using the incentive is to optimize the robustness of the system. So a good way not means higher incentive to users but balance incentive can construct a robust system.

Bitcoin and Etherum are both very good examples. By using the block rewards as incentive, they make sure that the system is robust to double spending attack.

I can also give another bad example 

There is a new token forked main stream coin last year. They totally abused the incentive model by giving 300% annual token return. Its own system cannot sustain such big inflation.

question 3 : Is there any entrepreneur spirit uniquely required in blockchain industry?Let me type this answer now.

1) The founders must have knowledge of how to use economic incentive as an effective way to address technical problems.

2) The founders must be aware that "ICO" is just the beginning but not the end. And all "ICO" projects are only at the seed stage of an organization no matter what paper valuation is

liquidity is really double edged.

These are more important than struggling in pure decentralization model or half-centralization model

Steven:Let me ask some questions about Investment trend

4.What are the differences between your last years' and this year's investment direction in crypto investment?

Judy Yan:For last year I am very typical and traditional "crypto" investor focusing on: cross chain; privacy; "implementable" platform; scalability.so we have Aion, NuCypher, OriginProtocol, Zilliqa etc.

Steven:It is traditional 

Judy Yan:Starting from this year, I am thinking that all nice features and performance improvement, such as sacalability and privacy, can be delayed and sacrificed. However, the only thing we  can not sacrifice is the security. We can tolerate the slow network but can not never bear the loss of our own tokens.

Steven:I know you have investment path

Judy Yan:Path is using blockchain to solve real world security problem

Steven:MARs founder also investment path

Judy Yan:Marshall is genius. Always focusing on talent investment 

DHVC should host a panel for genius entrepreneur 

Steven:5. What do you think of the hype of platform token?

Judy Yan:Good Question!

Steven:Platform is hot topic recently 

Judy Yan:According to the first principle, the token economy assume that (1) every token holder is a protector of the network (2) token hoder is tutility user or potential user.

Most of the whitepapers are based on the above two assumptions. However, from my point of view, only three types of tokens have met this assumption so far, bitcoin, etherum, and platform token.

If you know any other token has already met both assumptions, I am happy to learn 

the most successful company/project/organization in blockchain so far

Steven:6. what do you think is the most successful company/project/organization in blockchain so far? which will be the next big one?

Judy Yan:Bitcoin proved that an organization without founders can still achieve great success ! no doubt....  miners are army of Bitcoin

- ETH shows that the consolidation has great potential in the crypto world

Steven:7.How has blockchain changed the VC/PE industry?

Judy Yan:I guess next time we can discuss TSMC 

VC/PE will de be disrupted by the blockchain. VC/PE makes money basically through two ways: (1) information arbitrage and (2) capital intensive. However, blockchain disrupts both of them.

Steven:8. Any advice to new token entrepreneur?

Judy Yan:two here.1) No need to have blind faith in the "famous" investor. 90% of the Top 20 tokens is not backed by any "famous" investor at the beginning. 

2) Truly realize the high volatility of the crypto world, and be prepared for it. You are raising token.

hope it will be helpful.

Steven:who is the most influential people in blockchain?Last question 

Judy Yan:yea. all my life, I thank to Satoshi very much and Professor Zhang who sent the papaer to me ,It is a very good question!

My judgment is very simple. The person, whose disappearance will bring the most impact on the overall token market price, is the most influential people in the blockchain.

You name it!

Vivi:great job!thank you for your time

Judy Yan: would like to thank the Mars Finance Global for holding this activity. It is a great opporutnity to share some of my thoughts and exchanged opinions with all people in the channel. Due to the time limit, If you are any further questions or ideas, feel free to add me on wechat

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