Keynote Address by Anndy Lian, Advisory Board Member of Hyundai DAC “Navigating blockchain & cryptocurrency in the public sector”

Anndy Lian, Advisory Board Member of Hyundai DAC Technology gave a keynote address on 12 October 2020 at the Digital Week Online Summit. His keynote topic “Navigating blockchain & cryptocurrency in the public sector” gave good insights on how he navigates through the public sector and sharing the real essence of the adoption and usage of blockchain technology.

“If they can’t trust you, you are not going anywhere especially for this technology that is relatively new and accompanied with quite a bit of negative publicity. For those who want to talk to the governments, your products must be ready for commercialization and you must be ready to answer all kind of questions that comes with it. Once you have completed with this phase, you are halfway done. Good luck.”

– Anndy Lian shared with Blockreview after his speech.

Digital Week Online is an online Summit held from 12-16th October 2020. This event unites tech entrepreneurs, authors, investors, innovators, leading corporates, and key governments

To know more about what Anndy Lian is doing, you can visit www.anndy.com or on his social media channels, https://twitter.com/anndylian and https://www.linkedin.com/in/anndylian/. You can also view his keynote speech at https://www.youtube.com/watch?v=47tBlAbSAro.

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Anndy Lian’s Comments Quoted “DeFI as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner.”- Associated Press

Thanks for taking my comments BitBerry. I got to know about this wallet from UpBit in their early days. Glad to see that they are moving along with the times and working with new partners to expand their business.

Anndy Lian, a DeFI expert and also a Member of Gyeongsangbuk-do Blockchain Special Committee, Government of the Republic of Korea added:

“I am a user of BitBerry and I do see the importance for their wallet to move with the times and embrace DeFI. DeFI as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner. Thanks to their existing framework, BitBerry’s non-custodial nature can let users safely store their own funds without having to rely on third-party institutions to hold their assets. And by partnering with OKEx and listing OKB to their wallet, this has opened up new opportunities for the current users.”

 

 

BitBerry Signs MOU with OKEx, a world-leading cryptocurrency spot and derivatives exchange

 

South Korea, Seoul — BitBerry signs MOU with OKEx, a world-leading cryptocurrency spot and derivatives exchange to work together in the cryptocurrency industry. On the signed document, both parties agree to help each other in the markets that they are active in and also look at listing OKB onto BitBerry’s wallet.

BitBerry, founded in 2016 is a leading cryptocurrency wallet in South Korea with over 100,000 users. They aim to make money transfer simple, easy and secure globally based on blockchain technology.  While, OKEx is a world-leading cryptocurrency spot and derivatives exchange, offering the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks.

The community members from BitBerry who heard of the plans to include OKB into their wallets spark new excitement in the forum. OKB is a globally available ERC-20 utility token issued by the OK Blockchain Foundation that gives users of the OKEx trading platform various exclusive benefits. OKEx also has a buy-back and burn program for OKB tokens, whereby 30% of spot trading fee income is allocated to acquiring OKB from the secondary market each quarter. In terms of performance, OKB posted gains of 287.96% in 2019 and according to date from CoinGecko, OKB topped the list of the 30 digital cash in the first quarter of 2020, with a 148% increase. A crypto analytics firm  Messari, the annual return on investment of OKB is as high as 62%, which is far above the industry average.

Jae Bum Yoo, CEO of BitBerry said: “Having OKB listed on our wallet is a gateway for our platform to grow globally. OKB is a top 20 coin according to CoinGecko.com and Blockreview.net, we want our users to be exposed to coins and products ranging from DeFI, payments and security to cryptocurrency trading bots that come together with the OKB ecosystem. This will be win-win-win for all parties. We will work hard to make it happen earlier for our users.”

BitBerry has more than 100,000 users on their platform currently and many of the users are also keen to know more about OKB and experience DeFI services that comes in the ecosystem. For example, once the integration and listing of OKB is completed on BitBerry, OKB now can be used as  collateral in C2C loans  on OKEx. Users can borrow USDT by pledging OKB without incurring any service fees and take advantage of the minimum interest on borrowing, which is as little as 0.01% per day.

Connecting Wallet to DeFI

DeFI or commonly known as decentralized finance refers to financial services, including lending, exchanges, investment, stablecoins, and more, is currently the buzz word in the cryptocurrency space. Financial services are bounded by smart contracts, which are automated enforceable agreements that do not require intermediaries like a bank or lawyer and use online blockchain technology instead.

BitBerry is ready for this space and it is ideal integrating their wallet to OKEx’s full suite of trading products for on DEX such as Uniswap. Anndy Lian, a DeFI expert and also a Member of Gyeongsangbuk-do Blockchain Special Committee, Government of the Republic of Korea added: “I am a user of BitBerry and I do see the importance for their wallet to move with the times and embrace DeFI. DeFI as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner. Thanks to their existing framework, BitBerry’s non-custodial nature can let users safely store their own funds without having to rely on third-party institutions to hold their assets. And by partnering with OKEx and listing OKB to their wallet, this has opened up new opportunities for the current users.”

Planting Seeds for Regional Growth

While BitBerry is a known brand in South Korea, they allow users to transfer money via phone numbers by issuing a unique address based on the unique phone number. The login process is simple and authentication can be triggered using KakaoTalk or fingerprint recognition via Kakao Pay. The strong case study in South Korea gave them more confidence in the regional market.

BitBerry’s sales and marketing spokesperson also highlighted that they are already working with more corporate clients regionally who want to utilize BitBerry’s technology for retail and other commercial purposes. They are continuing its efforts to move beyond its shores into South East Asia such as Singapore, Malaysia, Thailand and Philippines as their next target markets. The regional growth plans will expand more effectively with the help of the MOU with OKEx.

 

About BitBerry ( www.bitberry.app)

Founded in 2016 is a leading cryptocurrency wallet in South Korea with over 100,000 users. BitBerry aims to make money transfer simple, easy and secure globally based on blockchain technology. MonsterCube is the owner of BitBerry and also SODAcoin that is already listed on Bithumb.

 

About OKEx ( www.okex.com)

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks.

 

Press Contact

Name: Jenny Zheng

Title: Editor

Email: contact@blockcast.cc

Web: www.blockcast.cc

 

 

Source: https://apnews.com/press-release/kisspr/technology-business-financial-technology-seoul-south-korea-61100ffaa3e727fc3827735d699af011

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Featured on Startup India Magazine: Keynote Speech by Anndy Lian: “Navigating Blockchain & Cryptocurrency in the Public Sector”

Thanks, Startup India Magazine Team for featuring my keynote speech on “Navigating Blockchain & Cryptocurrency in the Public Sector”.

Keynote Speech by Anndy Lian: “Navigating Blockchain & Cryptocurrency in the Public Sector”

Anndy Lian, Advisory Board Member of Hyundai DAC Technology gives a keynote speech at the Digital Week Online on the topic “Navigating blockchain & cryptocurrency in the public sector”. Digital Week Online is an online Summit held from 12-16th October 2020. This event unites tech entrepreneurs, authors, investors, innovators, leading corporates, and key governments

At his keynote speech, Anndy shares his experiences on how to deal with the different governments while introducing blockchain and cryptocurrency in the most effective manner. He started by giving a quick overview. Stating that the blockchain technology is possibly one of the finest piece of art when it comes to this century. In simple words, this technology is a decentralized ledger and it is immutable, with core functions like traceability and tracking. It is and will be widely used in finance, manufacturing, supply chain and governments. But it has not welcomed by all especially when it comes to cryptocurrencies, in fact, cryptocurrencies have been denounced by several governments due to a number of reasons. For example, Bitcoin, the leading cryptocurrency, has been banned in some countries, including Nepal, Bangladesh, among others. Many other countries have in the past made it clear that they will not accept Bitcoin but will accept blockchain technology.

“This is a good start for governments. For those who are currently dealing with governments or intend to participate in a public sector bid, please bear in mind that you need to address what is lacking and what can blockchain help them solve and not pure fluff.” Anndy Lian explained.

Anndy emphasises that governments are open to the technology so far based on his experiences on the ground when dealing with them. He goes on saying that food security, ID management and controlling the flow of money are some of the “hot” topics. Countries like Singapore, Estonia, South Korea are already embarking their journey to solve problems using blockchain technology together with their existing infrastructures.

Navigating through the public sectors needs time and determination. Businesses must be ready before speaking to the government to sell their products and solutions. They need to build themselves up properly by building up trust and increase credibility through partnerships and with sufficient marketing. Your brand has to gain some traction before approaching them for any form of business. Anndy went on by highlighting that all these are only made possible if the solution providers are backed by real, solid technology that is robust enough to tackle their demand. He has also noted that many of the startup blockchain companies depended on advisors and consultants to make their sales and introduction. He cautioned again that companies must choose wisely and not deceived by their smooth talks as many of them do not have any real experience in the tech field and have not gotten deep in the blockchain space.

Last but not least, he told all to be “Pragmatic”. Only being real and practical will open up new paths for you.

Anndy Lian’s is known for his advisory work for governments. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region. He advises the Secretariat on the latest concepts and applications of blockchain technologies in cybersecurity and IoT network data integrity across smart factories and upskills the Secretariat staff in blockchain technologies as applicable to productivity. APO members include Bangladesh, Cambodia, Republic of China, Fiji, Hong Kong, India, Indonesia, Islamic Republic of Iran, Japan, Republic of Korea, Lao PDR, Malaysia, Mongolia, Nepal, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam.

He is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce (Chairman, Bitcoin Foundation) and Alexis Sirkia (Founder of Yellow.com), helping the province to grow using blockchain technologies.

To know more about what Anndy Lian is doing, you can visit www.anndy.com or on his social media channels, https://twitter.com/anndylian and https://www.linkedin.com/in/anndylian/. You can also view his keynote speech at https://www.youtube.com/watch?v=47tBlAbSAro.

 

Media Contacts:

Name: Jenny Zheng

Title: Editor

Company: BLOCKCAST.CC

Email: contact@blockcast.cc

Website: www.blockcast.cc

 

 

Related Links: 

https://www.startupindiamagazine.com/anndy-lian/

https://m.dailyhunt.in/news/india/english/startup+india+magazine-epaper-dha49a0dd9ef6b4bf68dc7033f9990f13b/anndy+lian+delivers+keynote+speech+on+navigating+blockchain+cryptocurrency+in+the+public+sector-newsid-dha49a0dd9ef6b4bf68dc7033f9990f13b_8ada6db00d6911eb9fff2988a8504e1a

Keynote Speech by Anndy Lian: “Navigating Blockchain & Cryptocurrency in the Public Sector”

Keynote Speech “Navigating blockchain & cryptocurrency in the public sector” by Anndy Lian at Digital Week Online 2020

Keynote Speech on “Navigating blockchain & cryptocurrency in the public sector” by Anndy Lian, Advisory Board Member of Hyundai DAC Technology

 

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“Let’s Defy to DeFi”: Anndy Lian, Crypto Thought Leader Shares Insights with Blockreview.net

By now, we have all heard about cryptocurrencies. It is a digital currency that is secured by cryptography. Many cryptocurrencies are decentralized networks based on blockchain technology. A new spin-off from the decentralized economy is called “decentralized finance” or commonly known as DeFi. 

Basically, DeFi leverages decentralised networks to transform old financial products into trustless and transparent protocols. DeFi lending & borrowing platforms allow their users to supply and lock their funds into smart contracts from there other users can borrow and pay interest. Smart contracts make all these possible, allowing automated and open finance to transact with a bank in the middle. 

This “trustless” model has its pros and cons. 

Anndy Lian will share his views on Defi. He is an early adopter & thought leader in cryptocurrency and blockchain and currently the Advisory Board of Hyundai DAC, the blockchain arm of the South Korean carmaker. 

 

1. In your own words, give us an overview of what is DeFi?

DeFi is “Decentralized Finance”. This term has been the talking point at the start of 2020 and it has grown to a market cap of $15 billion according to Coin Gecko. In very simple terms, DeFi is a combination of traditional finance and decentralised technologies. 

It is poised to be the start of a new financial era where it aims to be self-managing and is open to everyone who wants to be on it. It does not require everyday users to place trust in it, unlike the traditional financial system where the trust is placed on the bank to take care of the money deposited and the government to maintain the monetary value. 

 

2. Recently, the supply of wrapped bitcoin has increased significantly. To what extent do you think Bitcoin (and bitcoin holders) in particular are driving the growth of DeFi? Are they a major part of DeFi’s growth?

Big whales are always more careful with their money, they normally hold only BTC, early on if they want to participate in the liquidity mining they have to deposit their BTC to ETH and other Ming tokens to participate which most of them think it’s risky. Yes, I think the use of WBTC pair mining will boom the Defi market in certain extend.

According to the data released today(the 2nd day of Uniswap Liquidity Mining), 50% of the miners used WBTC/ETH pair in the initial mining, and most of them are big whales.

The DeFi market is no longer the same market we see in 2019 or early this year before small investors can make a big profit in the market, now as the APY drops and gas increases, it favours the whales more. And small investors are forced into the secondary market.

The good thing about this is the market/volume grows, the bad thing is the DeFi is not that DeFi any more.

 

3. Conversely, are the opportunities provided by DeFi encouraging people to invest more in bitcoin?

Sure it will.

Firstly, as I mentioned before, now the DeFi market favours the whales more, small investors can not even make their ends meet after paying skyrocketed gas fees. So they are forced out from the DeFi mining game and move to the secondary market. As we all know trading Waited for 7 hours, nothing is done.tokens on the secondary market is very risky so many might just trim back to bitcoin(cause bitcoin price will also rise if more WBTC mining pools opens).

Secondly, as big whales they will keep on selling whatever coins they mined and swap them to bitcoin.

Thirdly, as the market as a whole, more and more bitcoins will be locked up which will bring another bull market for bitcoin.

However, all of these above happens only when WBTC liquidity mining succeed. So far we can see Uniswap locked up 750 million dollars on their second day of liquidity of which half is from WBTC/ETH pool, but we can also hear many complain of the market that the APY is much lower than before(compared to Sushiswap, Moonswap or Sakeswap). It’s only the beginning let’s go forward and see what’s gonna happen.

 

4. What, in your view, would happen to DeFi if the price of bitcoin crashed significantly/collapsed? Would DeFi struggle to grow or survive? And what would happen to Bitcoin if DeFi collapsed?

Most of the “Value” coins will go zero if the price of bitcoin crashed significantly/collapsed. One thing is for sure: no coin(maybe tiny shit coins can) can survive if bitcoin collapse. Even 10 years later the Blockchain industry is gone bitcoin is here to stay.

Well, Bitcoin is still bitcoin whatever DeFi live or die, just like the universe will still be there non matter the earth exploded or not.

 

5. Do you see DeFi and Bitcoin becoming more or less interrelated in the future? In what ways might their relationship change?

Defi could go big or disappear but Bitcoin is here to stay. There are no doubts about this. But I do hope to see new players coming into the challenge bitcoin supremacy. With challenges, there are improvements. This is what’s lacking in today crypto space.

 

Meanwhile, “Let’s Defy to DeFi”– Defy current financial norms to embrace the new DeFi economy. 

 

 

About Anndy Lian

Anndy Lian is an intergovernmental blockchain thought leader, a best selling book author, investor and crypto advocate. He is currently appointed as the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group where he looks after the governance and compliance aspects of the business. 

Anndy is driving the crypto and blockchain agenda with governments and businesses and is a known figure in this segment. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, helping the province to grow using blockchain technologies.

 

About Blockview.net

Blockreview.net started as a platform for crypto and blockchain enthusiasts who want to monitor and understand the market better. Users can monitor the trends in the market and review the coins and exchanges activities. 

You can find out its rank, price, market cap, history, volume and other things. You have all the information about the cryptocurrencies right at your fingertips. We have since added a news and media section to share impactful news on the industry. 

“Let’s review the blocks together!”

 

 

 

Original Source: https://blockreview.net/news/anndy-lian-crypto-thought-leader-lets-defy-to-defi/

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Anndy Lian believes DeFi will also result in more and more bitcoins being locked up, “which will bring another bull market for bitcoin.”

Anndy Lian’s comments were featured on CryptoNews on 27 September 2020. He believes that DeFi will also result in more and more bitcoins being locked up, “which will bring another bull market for bitcoin.”

“This inter-related relationship between Bitcoin and Defi works hand in hand with the demand as seen in the market. The breakout trend in Defi for 2020 will continue. New terms will supersede “Yield Farming”  and a more stable environment will be established as you see the bigger exchanges like Binance, Gemini, Huobi and Okex taking the lead.” Anndy Lian added.

Read more about the article on Google News:

https://news.google.com/articles/CAIiEGyo6SpEJbiRN5EMTwYXqjoqMwgEKioIACIQOG0vTzP65T11pGTnFueHJCoUCAoiEDhtL08z-uU9daRk5xbnhyQwg7vbBg?hl=en-SG&gl=SG&ceid=SG%3Aen

 

 

 

‘If DeFi Collapsed, Bitcoin Would Still Be Bitcoin’

 

  • The core driver of DeFi is its use case, not Bitcoin.
  • “BTC is money, DeFi is banks, that’s how people should think about it.”
‘If DeFi Collapsed, Bitcoin Would Still Be Bitcoin’ 101
Source: Adobe/golibtolibov

Bitcoin (BTC) and DeFi both had a good summer. After the coronavirus-induced collapse of March, the price of bitcoin rose from USD 3,500 to just over USD 12,000 in August, while the total value locked into DeFi platforms rose from USD 1bn in June to almost USD 12bn in late September.

It’s tempting to view the performances of bitcoin and DeFi as connected. Given that the supply of wrapped bitcoin has ballooned from wBTC 500 to almost wBTC 90,000 in the past 12 months, it would seem that bitcoin holders have been driving the growth of DeFi.

However, industry figures speaking to Cryptonews.com said that, while BTC has been a significant player in DeFi’s growth, its importance within the DeFi ecosystem will wane over time. And while some may be tempted to regard Bitcoin and DeFi as interdependent, most commenters believe that each can survive without the other.

Bitcoin boosts DeFi

There’s little doubt that bitcoin — and in particular wrapped bitcoin — has spurred at least a portion of DeFi’s impressive growth over the past few months – USD 1.4bn worth of BTC is locked in DeFi today, or almost 13% of total value locked (TVL) in decentralized finance projects.

As data from Defi Pulse indicates, the demand for wBTC began rising exponentially from the end of June onwards.

‘If DeFi Collapsed, Bitcoin Would Still Be Bitcoin’ 102
Source: defipulse.com

And data also indicates, it was around the end of June that TVL into DeFi platforms suddenly began rising more strongly, as ethereum (ETH) locked in DeFi jumped also this past summer.

‘If DeFi Collapsed, Bitcoin Would Still Be Bitcoin’ 103
Source: defipulse.com

Industry figures agree that the two trends are connected, even if they have their own opinions on how long the interconnection may continue.

“Yes, I think the use of wBTC pair mining will boost the Defi market to a certain extent,” said crypto advisor and author Anndy Lian.

“According to the data released today (the second day of Uniswap Liquidity Mining), 50% of the miners used the wBTC/ETH pair in the initial mining, and most of them are big whales.”

Analyst and CryptoMondays Partner Lou Kerner suggested that bitcoin will remain an important part of DeFi in the medium term, not least because it still accounts for over half of the total value of all cryptoassets.

“Given its scale, bitcoin will be an increasingly significant asset in DeFi. But over time, as real world assets are tokenized and enter DeFi, bitcoin relevance will decrease,” he told Cryptonews.com.

However, while BTC has played a role in DeFi’s recent growth, ADVFN CEO Clem Chambers doesn’t see it as the main factor.

“Bitcoin will influence DeFi but it is not the core driver. The core driver is the powerful use case,” he said.

DeFi boosts BTC

Conversely, commenters agree that DeFi is boosting BTC, or that it will in the near future. By offering the chance to earn an additional return on the bitcoin you own, DeFi’s liquidity mining and yield farming is making BTC seem even more attractive to investors, particularly during a period of reduced economic opportunity.

“DeFi has made BTC even more attractive as an investment,” according to Kerner.

That said, Chambers estimated that most of DeFi’s boost to BTC still awaits us in the future.

“It will [boost bitcoin] but not yet. DeFi is still underground with only the core early adopters ‘getting it’,” he said.

Aside from enhancing the returns offered by bitcoin, Anndy Liang pointed out that DeFi will also result in more and more bitcoins being locked up, “which will bring another bull market for bitcoin.”

Mutual aid, not mutual interdependence

While DeFi and bitcoin both help each other in various ways, commentators seem that they don’t believe that each needs the other to survive.

“Bitcoin crashing would certainly slow the growth of DeFi, but one is not dependent on the other,” said Kerner.

Likewise, if DeFi were to somehow collapse, Interlapse CEO and Co-founder Wayne Chen said that BTC would continue as before.

 

“Bitcoin has seen massive growth over the past decade and will certainly continue its momentum,” he told Cryptonews.com. “If DeFi collapsed, Bitcoin would still be Bitcoin and continue its growth and adoption.”

On the other hand, some think that bitcoin crashing would have a severe effect on DeFi, since even if parts of the DeFi ecosystem survived, altcoins would struggle.

“Most of the ‘value’ coins will go to zero if the price of bitcoin crashed significantly or collapsed,” suggested Lian. “One thing is for sure: no coin (maybe tiny s***coins can) can survive if bitcoin collapses.”

The future: parallel, not pivotal

As for the more distant future, some experts believe that DeFi and Bitcoin will increasingly operate in parallel, rather than remain interlinked.

“BTC is money, DeFi is banks, that’s how people should think about it. The linkage is parallel not pivotal,” argued Chambers.

Chen claims that it’s in the interests of DeFi and Bitcoin that each maintains a degree of independence from the other in the future.

“Industry professionals will likely try to interrelate DeFi and Bitcoin. However, this needs to be done cautiously so that it doesn’t turn into a complicated financial product which can ultimately confuse the market,” he said.

Anndy Lian isn’t completely sure that DeFi will be around in several years’ time. However, if it is, he said there’s a chance other cryptoassets could emerge to reduce BTC’s influence on DeFi.

“But personally I do hope to see new players coming into challenge Bitcoin’s supremacy,” he said. “With challenges, there are improvements. This is what’s lacking in today’s crypto space.”

 

 

Original Source: https://cryptonews.com/exclusives/if-defi-collapsed-bitcoin-would-still-be-bitcoin-7827.htm

 

 

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Podcast on Spotify: Anndy Lian Talks about “Is crypto a fad or for the future?”

In Wealth Secrets second episode, we delve into the world of cryptocurrency. Our guest Anndy Lian is an experienced professional in the space. He is an Advisory Board Member of Hyundai DAC Tech (the blockchain arm of Hyundai Motor Group). On this Pocast, we discuss on- “IS CRYPTO A FAD OR FOR THE FUTURE”, where we provide some clarity on cryptocurrency in general and hopefully answer pressing questions on your mind. His impressive resume speaks for itself.

  • Advisory Board Member of Hyundai DAC Technology (Blockchain arm of Hyundai Motor Group)
  • Blockchain Advisor of Asian Productivity Organisation(APO).
  • Member of Gyeongsanguk-do Blockchain Special Committee Government of the Republic of Korea.
  • Book Author of “Blockchain Revolution 2030”
  • Chairman of Chairman of Korea eSports Industry Association (Singapore Chapter)
  • Former Chairman (Asia), DECENT Foundation
  • Former CEO of LINFINITY “World’s First Distributed Supply Chain Platform”
We covered these and some further questions:
1. Is any digital currency a cryptocurrency? What are stable coins?
2. Who are the major players of crypto market?
3. Why the hype about cryptocurrency? Is it worth it?
4. How is cryptocurrency solving the problems associated with fiat?
5. Should crypto be taxed? What are some regulations that you think may not favour cryptocurrencies going forward? How can the government and policymakers help preserve and stabilize the crypto community?
Catch it on Spotify:
Or on Podbeab:
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Anndy Lian to Share his Knowledge on Blockchain Trends at “Digital Week Online” Led by InvestHK

Anndy Lian will be speaking at Digital Week Online and will share his knowledge on blockchain trends and how this new technology is taking its shape in the global arena.

Digital Week Online held between 12-16th Oct 2020, is a global online event that’s uniting tech entrepreneurs, investors, innovators, corporates, and governments. Blockchain, Digital Transformation, COVID19 Impact, Digital Marketing, Privacy & Cybersecurity, Corporate Innovation, Gaming & Entertainment, and more. AI-based networking and matchmaking platform, virtual meetings, and e-booths. You will expect to see more than 200 speakers, 10,000 attendees from 5 continents and 8 tracks.

“I would like to thank the organisers and sponsors for the invitation to speak. Bringing everyone together during this pandemic times are easy.

Let’s keep the technology space united and hit new heights together for the future!”

Anndy Lian shared during the phone call.

 

 

  • Oct 12 – Global Blockchain Day

Crypto & Blockchain trends 2020

Blockchain for corporates – trends, cases, challenges

DeFi – future of finance

Institutional investments and trading, infrastructure and framework

Exchanges track

Adoption, payments, wallets

Regulations, CBDC, forecasts for 2021

Mining

 

  • Oct 13 – Digital Transformation Day.

Society 5.0. 4th Industrial Revolution. Government cases.

 

  • Oct 14th – Innovation Day APAC
  • Oct 15th – Innovation Day AFRICA, MENA, EUROPE, CIS
  • Oct 16th – Innovation Day NORTH AMERICA and LATAM

 

Innovation Days key tracks:

  • Covid19
  • FinTech
  • Privacy & Cyber security
  • Impact & Sustainability
  • Digital Marketing
  • Corporate Innovation
  • Gaming & Entertainment
  • Startup Pitch Competition

 

About Anndy Lian:

Anndy Lian is an all-rounded business strategist with more than 15 years of experience in Asia. He has provided advisory across a variety of industries for local, international and public listed companies.

He is appointed as the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group where he looks after the governance and compliance aspects of the business.

Anndy currently also plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region. He advises the Secretariat on the latest concepts and applications of blockchain technologies in cybersecurity and IoT network data integrity across smart factories and upskills the Secretariat staff in blockchain technologies as applicable to productivity. APO members include Bangladesh, Cambodia, Republic of China, Fiji, Hong Kong, India, Indonesia, Islamic Republic of Iran, Japan, Republic of Korea, Lao PDR, Malaysia, Mongolia, Nepal, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam.

He is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce (Chairman, Bitcoin Foundation) and Alexis Sirkia (Founder of Yellow.com), helping the province to grow using blockchain technologies.

 

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Citiesabc Interviews Anndy Lian, Author, Blockchain Thought Leader On Bridging Blockchain Between Business & Governments

Anndy Lian is an Inter-Governmental Blockchain Adviser, Book Author, Investor and Board Member.

Anndy Lian is a global thought leader and an all-rounded business strategist with more than 15 years of experience in Asia. He has provided advisory across a variety of industries for local, international & public listed companies. Anndy played a pivotal role in not-for-profit and quasi-government linked organizations. An avid supporter for incubating start-ups, Anndy has investments in a few health-related companies. He believes that what he is doing through Linfinity and blockchain technology currently will revolutionise and redefine traditional businesses.

Anndy Lian Interview focus

1. An introduction from you: education, professional background
2. Asia is one of the most dynamic regions in the world. You have been working in Singapore and South Korea, which are at the forefront of technological development. How do you see this dynamic in the region and especially in these two countries?
3. There is no doubt that governments and organizations need to better understand blockchain and your company is keen to make that vision a reality. Can you tell us more about Linfinity and its mission?
4. Blockchain is one of the fundamental technologies of the 4IR with a lot of potential but we are still in the theoretical stage. Many countries are lagging behind in R&D and there is a lack of awareness about blockchain. Working with governments and businesses, can you share with us your thoughts on what is the general approach to blockchain?
5. You have written ‘Blockchain Revolution 2030’ and very active as a blockchain writer. Can you tell us about your work as an author and how you see blockchain intertwined with traditional industries?
6. Blockchain technology combined with AI is a powerful setup that can create really innovative and interesting solutions for many of our current challenges, such as leveraging trust in technology, digital identity, etc. At the same time, it also raises some concerns in some sectors. including governments and users. How do you see this?
7. Cryptocurrencies are becoming more and more mainstream. Countries are developing CBDCs, there are thousands of different digital currencies, companies use them to raise money through ICOs and, more recently, STOs… How do you see the cryptocurrency industry right now, especially the evolution from ICOs to STOs?
8. From your experience working with governments, advising companies and your knowledge about blockchain and emerging technologies, what would be your advise to governments and companies and what do you expect about the future of blockchain?

Anndy Lian Key Takeaways

· About Anndy Lian’s background and education. I am originally from Singapore but I have spent a great part of my life in working and living in various cities across Asia, including Hong Kong, Taiwan and, especially, Seoul in South Korea. I started my journey in blockchain a few years ago. I joined the government area of blockchain research because of the rising scams and frauds that there were in the blockchain space so I became an advisor to the government. This role and expertise provided me an invaluable insight into the blockchain technology and in management. I was appointed recently to the Hyundai DAC blockchain research branch as an advisor. I am also an investor in different startups and companies building solutions through blockchain technology.

· About working in Asia and the economic development in Singapore, South Korea regarding blockchain. I always wanted to learn more and become an expert in something that would harness the power to change the future and blockchain came about just in the right time so I made myself go out of my comfort zone in Singapore and travel to places where blockchain was trending. When I started in blockchain, I saw a lot of fraud and scams in the blockchain space and I thought it was damaging the technology and its future. I first started as an advisor in the private sector but I soon saw that the only way blockchain can really become widespread is if governments accept it. So that is what drove me to work hand-in-hand with and to advise governments.

·  On the governments’ stance on blockchain and Linfinity’s role. Linfinity started in 2017. One thing to note is that even though we are a blockchain-focused company, we never did an ICO or anything like that, not even in the hectic 2018 ICO year where it seemed like it would be the easiest option to get funding. We struggled a bit in the beginning but we didn’t want to do anything that would eventually harm the company.

We have worked with different countries advising them about how to implement functional blockchain platforms and, especially, blockchain technology in supply chain systems. What I learned during that time is that working for governments is much more important than working for the private sector as we can really help a whole country to step up and improve their systems. It is very satisfying to do it. That is ultimately our goal with Linfinity, we want to help the adoption and widespread literacy about blockchain and cryptocurrencies.

·  About blockchain adoption and government approach. From a country standpoint, they are talking about the implementation of blockchain solutions in the near future. COVID-19 is actually speeding up research and accelerating the implementation of blockchain-based solutions and that’s really good news, there are positive vibes around the possibilities. I feel like one of my responsibilities is to push the agenda of these countries further and help other countries that are not as receptive to blockchain and change my mind regarding this technology. Fortunately, most of the countries are starting to understand blockchain without cryptocurrencies, as a standalone technology. In fact, if you talk about cryptocurrencies, governments are reluctant to discuss them further due to regulatory hurdles and legacy systems that dominate the financial industry.

Not all countries have the same approach to blockchain and cryptocurrencies. Singapore and South Asia countries, for example, are really keen to research and are more open to implementing blockchain and cryptocurrencies solutions.

· About ‘Blockchain Revolution 2030’ book and your work as an author. Governments, companies and organizations want to be more efficient and there are politicians, which are important for blockchain, that believes that blockchain can do a lot to make legacy systems more efficient, transparent and secured.

Typically, whenever a technology comes up, governments eventually pick up and explore how that technology works and what that technology can do for them and its potentiality. And they have taken that approach with blockchain. I have been approached by governments with these very questions about blockchain. Normally, governments try to see these solutions in place and invite businesses to try them out. The Filipinas example is quite interesting. We were asked by the Filipino government how to implement a blockchain solution to make the export supply chain more efficient as they were losing revenue. We proposed a solution and many businesses from Filipinas step up, attracted by the idea. And I think this is a success story.

· Blockchain technology and AI: Challenges and opportunities. Based on what I see, AI is really going to help our daily lives. There is an ongoing smart city project in which they use AI to improve their citizens’ lives greatly. In fact, AI is the core technology behind the project. I had the chance to talk to the people in charge of the project and I was asking questions about cybersecurity and the right way to implement AI. I was also dropping the benefits of using blockchain in that project because it can actually boost AI with an extra layer of cybersecurity and trust.

One thing I have learned is that blockchain can only do so much, it is the collaboration and combination of different technologies that will change the world.

· How do you see the cryptocurrency industry right now, especially the evolution from ICOs to STOs? I believe that South Korea is a strategic country between Japan, China and the gateway to South Asia. That’s why I think cryptocurrencies took hold there. Today, the main use of cryptocurrencies is trading. There are hundreds of crypto exchanges and there are many traders who make money from cryptocurrencies, speculate on its price and use it as a trading product and I think this will stick with us for the long term. However, I don’t see cryptocurrencies just for their trading capabilities. The regulations will have a major impact on cryptocurrencies, making them a more mature market and helping the industry attract investors and more users. Tokenization is, in fact, much more than trading cryptocurrencies. Companies are already exploring the idea of ​​tokenizing their assets and using tokens to reward employees, investors, and consumers. In short, the cryptocurrency industry will look like a commercial product for a while, but as governments start to take a closer look at it and pass regulations, it will help make the market more mature.

Anndy Lian Biography

Anndy Lian is an Inter-Governmental Blockchain Adviser, Book Author, Investor, Board Member

Anndy Lian is a global thought leader and an all-rounded business strategist with more than 15 years of experience in Asia. He has provided advisory across a variety of industries for local, international & public listed companies. Anndy played a pivotal role in not-for-profit and quasi-government linked organizations. An avid supporter for incubating start-ups, Anndy has investments in a few health-related companies. He believes that what he is doing through Linfinity and blockchain technology currently will revolutionise and redefine traditional businesses.

Anndy Lian is currently the founder and CEO of Linfinity, a company that manages the total supply chain using Blockchain Technology. We establish such a platform with reliable data, transparent information, efficient cooperation and interconnected network to cope with the practical business pain points and development demand of corporate users.

In parallel, Anndy Lian currently serves as the Advisory Board Member for Hdac (Hyundai DAC) Technology, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian advises the company on the token economy and governance matters.

He is also the author, together with co-authors, Park Young Sook and Shawn Hamnison and published by Kyobo Book Centre, the largest bookstore chain in South Korea, of Blockchain Revolution 2030. Blockchain Revolution 2030 is a comprehensive review of the birth, principles, industrial and institutional issues, status and future of the “blockchain” that will become the foundation technology of the 4th industrial revolution.

Anndy Lian has also been advisory to China-ASEAN Business Alliance (CABA), engaging with government leaders and policymakers of various countries through roundtables and policy briefings and offer views and recommendations on behalf of its members on trade and economic issues/policies affecting them especially on the ASEAN–China Free Trade Area as well as other schemes under the ASEAN-China dialogue relations and ASEAN Economic Community.

Prior to that, he was the Council Head, South East Asia at Korea Horse Industry Council, a subsidiary of the Ministry of Agriculture, Forestry and Fisheries of the Republic of Korea. This department’s aim was to presentee the right policy directions and alternatives for nurturing and supporting the horse industry. It was established on November 28, 2011, to promote the balanced development of the economy and enhance the quality of life of the people by establishing the development base of the horse industry and strengthening its competitiveness.

Anndy Lian Links and sources

https://www.linkedin.com/in/anndylian/

https://anndy.com/

https://www.crunchbase.com/person/anndy-lian

https://medium.com/@anndylian

https://twitter.com/anndylian

http://eapo-tokyo.org/team/anndyl/

http://www.digitaljournal.com/pr/3851649

https://www.youtube.com/channel/UC9_AJmXg1s0Z-1E41555lJg

https://www.openpr.com/news/1879799/catching-up-with-anndy-lian-inter-governmental-blockchain

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Anndy Lian Commented on “Banking Giants Laundering Billions Might Turn Against Bitcoin Too” at CryptoNews

Banking Giants Laundering Billions Might Turn Against Bitcoin Too

Documents uncovered by an investigation conducted by 110 news organizations appear to show global banking giants moving trillions of dollars for clients allegedly involved in fraud, embezzlement, money laundering, and more, as the banks defend themselves against the allegations. Meanwhile, the crypto community appears to be divided as to whether it spells good news for crypto in general, and bitcoin (BTC) in particular. (Updated at 17:45 UTC: updates in bold.)

The evidence was uncovered by the International Consortium of Investigative Journalists (ICIJ) in a new report. The consortium said that it, together with BuzzFeed News and 108 other media organization, conducted a 16-month, cross-border investigation, and revealed the leaked documents, now known as the FinCenFiles.

The consortium wrote that “secret United States government documents reveal” that global banks “have defied money laundering crackdowns by moving staggering sums of illicit cash for shadowy characters and criminal networks.” The five named banks are JPMorganHSBCStandard Chartered BankDeutsche Bank and Bank of New York Mellon.

Furthermore, the leaked documents allegedly “show banks blindly moving cash through their accounts for people they can’t identify, failing to report transactions with all the hallmarks of money laundering until years after the fact, even doing business with clients enmeshed in financial frauds and public corruption scandals.”

These files, the authors said, include more than 2,100 suspicious activity reports (SARs) filed by banks and other financial firms with the United States Department of Treasury’s Financial Crimes Enforcement Network, also known as FinCEN.

ICIJ said:

“[The] documents identify more than [USD] 2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity — including [USD] 514 billion at JPMorgan and [USD] 1.3 trillion at Deutsche Bank. […] The FinCEN Files represent less than 0.02% of the more than 12 million suspicious activity reports that financial institutions filed with FinCEN between 2011 and 2017.”

ICIJ added that United States agencies responsible for enforcing money-laundering laws rarely prosecute megabanks that break the law, “and the actions authorities do take barely ripple the flood of plundered money that washes through the international financial system.”

Per the authors, the data shows that Deutsche Bank is leading by some distance, with JPMorgan in second place.

“Mobsters pushed billions through Deutsche Bank in one of the biggest dirty money scams ever,” tweeted BuzzFeed News, adding that “small businesses were crushed” in the process.

The news outlet further claimed that the bank’s executives “had direct knowledge for years of serious failings that left the bank vulnerable to money launderers.” After a USD 10 billion mirror trading scandal was exposed, “Deutsche Bank blamed it on a few middle-level staffers in its Moscow office, paid a fine, and got back to business,” reported BuzzFeed News.

Crypto as a systemic threat

News of the traditional banking system’s alleged wrongdoings came as little surprise to the crypto community.

And the irony of the situation was not lost on many commentators: While regulators ramp up the pressure on the crypto industry, particularly in the field of anti-money laundering (AML) measures, the banking sector appears to be running roughshod over the very same AML rules.

Commenting on a report on HSBC’s drop to a 25-year low today in the stock market, the CEO of crypto exchange Binance, Changpeng Zhao, tweeted that it “might be a good time for their treasury to buy bitcoin?”

However, Anndy Lian, investor and blockchain adviser, didn’t agree that this was a good idea, writing: “On the contrary, I hope HSBC to stay away from bitcoin. Early stages mess the soup.”

Others, like the Chief Legal Officer of crypto exchange Kraken, Marco Santori, also claimed that this will not help Bitcoin’s cause at all.

“If you think this is good for bitcoin, man you are going to be so disappointed,” he said. “I wonder if this will compel FinCEN to publish more information about the efficacy of its enforcement activity. It would serve to quell many complaints to the tune of “Why do we send all this info to FinCEN – what good has it done?”

Others, like GetLevvel CEO Chris Hart, also chimed in saying that there is a risk that “the answer to a perception of poor enforcement is more enforcement, and ‘more’ isn’t limited to fiat-based transactions.”

Bitcoin educator, author, and entrepreneur Andreas Antonopoulos also stressed that this leak will be used against cryptocurrencies. According to him, the correct analysis of this news is that AML/CTF (counter terrorism financing) and KYC (know your customer) don’t work and the report will be used to increase the use of controls and surveillance.

 

“That makes crypto-currency a systemic threat, not to the economic nature of national money, but to the control and surveillance system of geopolitical money. Math money doesn’t play politics, which makes it automatically “rogue” money,” he said, estimating that “the war on cash and the war on “illicit” money becomes an all out war on the only money that still works.”

According to him, “the solution is to stop trying to use money (a tool) to fight crime (human nature).”

“But if you think the hypocrites will back down and adopt sensible systems and laws that enable human trade and economic inclusion, you are wrong,” Antonopoulos said.

 

Banks respond

“BNY Mellon takes its role in protecting the integrity of the global financial system seriously, including filing Suspicious Activity Reports (SARs),” told Cryptonews.com Associate Director for Corporate Communications Sorrel Beynon, adding that they “fully comply with all applicable laws and regulations, and assist authorities in the important work they do.” The bank cannot by law, they claim, “comment on any alleged SAR we may have filed or that may have been illegally disclosed by third parties to the media.”

Deutsche Bank’s Head of UK Media Relations, Charlie Olivier, told Cryptonews.com that the fight against financial crime, money laundering and capital flight has been a priority for both investigating authorities and financial institutions, the latter of which, Deutsche Bank included, have invested “billions of dollars” to more support authorities in this effort. “Naturally, this leads to increased detection levels.”

Olivier stated that “the ICIJ has reported on a number of historic issues,” claiming that “those relating to Deutsche Bank are well known to our regulators.”

“The issues have already been investigated and led to regulatory resolutions in which the bank’s cooperation and remediation was publicly recognized. Where necessary and appropriate, consequence management was applied. To the extent that information referenced by the ICIJ is derived from SARs, it should be noted that this is information that is pro-actively identified and submitted by banks to governments pursuant to the law. SARs are alerts of potential issues, not proven facts,” he said.

Per the statement provided by Standard Chartered Group Media Relations Director, Josephine Wong, to Cryptonews.com, SARs are filed by the banks “when circumstances warrant and that means our screening and monitoring systems are working as intended.” A SAR filing does not mean there has been criminal activity, but that the bank has identified “something suspicious or irregular in a transaction that meets the filing requirements in the local market,” which is then reported to law enforcement “so they can investigate and, if they see fit, take further action.”

“The reality is that there will always be attempts to launder money and evade sanctions; the responsibility of banks is to build effective screening and monitoring programs to protect the global financial system,” said Wong, adding that in 2019 Standard Chartered “monitored more than 1.2 billion transactions for potential suspicious activity and screened more than 157 million for sanctions compliance.”

JPMorgan declined to comment. We contacted HSBC as well, and will update should they reply.

 

Source: https://cryptonews.com/news/leak-alleges-banking-giants-moving-staggering-sums-of-illici-7768.htm

 

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AMA on DeFi with Roy Li, Founder of Ruffchain & Moderated by Anndy Lian, Book Author of Blockchain Revolution 2030

Blockcast.cc: Welcome to Asia Blockchain Community (ABC). ABC is a community that is based in Asia and run by volunteers. We know the market very well and is backed by a panel of blockchain & crypto experts and influencers. ABC is also a brand manage by Blockcast.cc, a media and PR company based out of Singapore. Without further delay, let us welcome our guests for today. Anndy, please.

 

Anndy: Welcome to our ASK ME ANYTHING (AMA) segment. My name is Anndy Lian, book author, blockchain advocate and currently is the Advisory Board Member of Hyundai DAC. Most people know me by the work I do for the government. Today at Blockcast.cc, we have Roy Li, he is a pioneer in this space. He will be here with me to have a chat about DEFI.

Before we began, please stay on the channel. At the end of this AMA, we will open for questions. We will reward 10 TRX for the questions picked. Each person will only be picked once.

 

Roy: Hello Anndy, Hello everyone.

 

 

Anndy: Hi Roy, nice meeting you online. I believe we have brushed shoulders a number of times in South Korea and China. I have heard so much about you but did not have a chance to speak to you properly. We shall do it today over “Defi”.

Can I request that you give us an introduction of yourself?

 

Roy: Nice meet you too, my name is Roy Li, I am the founder of Ruffchain – a public chain designed for IoT, since the main usage for IoT will be a settlement between things (hopefully in a few years), I studied quite hard in Defi as this is the infrastructure for all public chains

 

 

Anndy: Defi has been the buzz word. Many of the Community members want to know more about it. Tell us in the simplest manner, what is Defi, staking, mining, yield farming and all. Please in the simplest manner. Tell us in the simplest manner, what is Defi, staking, mining, yield farming and all. Please in the simplest manner.

 

Roy:  Defi is short for decentralized finance, it’s like centralized finance, there r yields like in borrowing/lending, exchange, investments. Yield is the basic of definance, the foundation is the time/yield exchange, you either buy time or buy liability within a ratio. If there is an arbitrage in ratio difference borrow/lend or collateral interest & investment income, actions might be taken. staking & mining is the incentive just like bitcoin & ether to reward the workers such as liquidity providers. And the ecosystem, hopefully.

 

 

Anndy: I hope so too. Good insights. This question looks simple but it takes a lot of knowledge to reply in a simplified manner.

Next question. Defi is the future finance, what do you think of this statement?

 

Roy: Defi is definitely future of finance, remember how hard it is to sign all the paperwork and have due diligence to apply for a line of credit?  I remember when I applied for a mortgage the approval and appraisal cost quite some money even to my bank.

Defi is trustless, owned by the governance of consensus, that may wind up as a super-efficient way of financing, 100% transparency guaranteed if possible. I think 90% of the financing will be defi in visible future.

 

 

Anndy: Next question, could be tricky in my opinion. The majority of popular Defi protocols have some form of centralized control that enables specific ‘administrator’ addresses to intervene in powerful ways. Do you think this trend will continue or will it go total decentralised?

 

Roy: the admin access is limited from what I know, they can update fees, strategies or so, but can’t move users’ assets, and governance will limit the access, even more, votes will determine whether u should apply a tariff just like president Trump.

In the early stage, we lack a lot of fundamental rules & tools. Admin key is required in some cases, like I accidentally lost roughly 1 mil USD yesterday on harvest.finance upon an investment strategy to cream, without admin key, cream & harvest won’t be able to help me. Finally, the funds got recovered, awesome job on both teams!

 

 

Anndy: President Trump as an example. I guess Defi governance got to be improved. Glad you got your funds back. Defi coins on Cefi exchange vs decentralised exchanges? What is the gameplay? Are they the same? Does it mean that is it safer on Cefi?

 

Roy: Well, it is not my problem, the code was not audited properly but there are bugs. Cefi exchange is good for order book strategies since the fee is low, while defi is more of AMM gameplay, they will both remain major support roles in crypto market.

 

 

Anndy: That is risky. Trust me. I do not trust the centralised systems that wrapped up us decentralised. Not sure about Cream, but I know Machi is promoting it strongly.

 

Roy: Cefi is definitely not safer.

 

Anndy: Tell us more about it.

 

Roy: There is always a price for innovation, I would like to take that risk.

 

Anndy: We, all are :>

 

Roy: Cefi exchange sites got stolen all the time, almost every year there is a major event.

 

Anndy: I can name many of them in Asia especially. You have to enlighten us on this. Some Defi project is obviously scams, why are they still in the market? Why are people still buying them? Why are exchanges listing them too?

 

Roy: In real-world scams are everywhere, u can’t eliminate them, can’t prevent people from buying them, especially at early stage, when you have no idea whether its a scam or not. I still remember when Vitalik was asking for 31,000 BTC for his ICO, like several million USD back then, many people thought he was crazy. When ETH was $0.79 back then, there were articles warning Eth might have huge risk but how can you tell ETH is not one of the scams?

Sometimes we have to tolerate obvious scams to find out the real gold. Chainlink, DoT, you might have no clue what happened last 3 years, till u realized “oh, I remember that back in 2017”, the market will adjust itself. BTW, if a scam is tooooooo obvious, you should be able to identify.

 

Anndy: Many think that they can run before the scam got caught. People like to gamble LOL.

When there is demand, there is supply I guess. Market forces take over. No one is a saint here in the name of innovation. Cefi needs to catch up the times, else someone else would. Defi promises high interest, in my opinion, it has a very high risk. Do you think Defi is sustainable?

 

Roy: In 2012, I had no clue if bitcoin was sustainable, I was like, what if people stop paying $50 each for that shit coin? Still, we have bitcoins mined every day, who’s buying them? Sustainable can be tricky, I don’t know where the money comes from, but I do know miners are not providing any real value, it’s just more and more people join this consensus game.

Defi however, is like cefi, you can compare to cefi but are cefi exchange sustainable? Apparently not if people stop trading. I wouldn’t say 100% sustainable, but as long as the market holds 100B volume every day ( from CMC, the number might be exaggerated), as long as the market holds enormous volume every day,  Defi can be sustainable.

 

Anndy: This brings to the next question I have in mind now. Do you then think that liquidity will be an issue after waves of scam-like dumps and pumps? Who is paying the bills? Someone got to lose in this Defi game, isn’t it?

 

Roy: As long as the net value is positive, I am an optimist in Defi. People trade every day, the trading fees will eventually cover the bubble in the long run. We do have bubbles right now, but we have bubbles in the stock market, bonds, our currency so bubbles are fine, we are using bubble paper money to pay for possibly fewer bubbles.

 

Anndy: Bubbles back by real assets vs Bubbles backed by air is very different but we will leave this as it is or talk later in a private discussion. What are some of the risks, challenges and opportunities ahead for investors and projects? What should retail investors in this community look out for if they want to also “invest”?  And most importantly, how to make money?

 

Roy: First, always hit for the long run, you know the gas fee is no kidding, if u switch boats rapidly, you will lose money since the APY might drop dramatically in a short time. Second, try to avoid impermanent loss, don’t mine with shitcoin/ ETH pair or similar. I saw APY dropped from 1000%+ to 10% in 1 day if u withdraw, ur gas fee can be 100+ USD. Impermanent loss is the major problem for most users aiming for high APY, I spend most mining on projects like curve, swerve, or so low return, low risk. Relatively low return, still 30%+ APY, in the promotional period, swerve used to be 300%+ almost 0 risks.

Risk is fine, as long as risk can be calculated. I know a few people do like ETH/USDC and do futures at the main time, and some people collateralize ETH for DAI and use DAI to mine stuff.

 

Anndy: What is the definition of the long run? And a short time? You know, in crypto 1 hour is considered a long time to some lol And please share why is there “no risk” for some platform?

 

Roy: Swerve is like curve, its like exchange between stable coins, the revenue comes from ppl who want to switch between stable coins, so if you deposit stable coin pairs, your impermanent loss can be very little, a couple of days yield will cover that easily. That is my first point, try to master risk/return ratio, if you can’t control that, don’t invest.

Another point is to find where the alpha chances are, uniswap is definitely an alpha chance, the idea is how to maximize your benefit in UNI, mining might not be cool since the APY is relatively low comparing to impermanent loss, the total liquidity deposits are huge on all 4 pools. However, UNI/ ETH pair generate 600K fees per day, which means if you add liquidity in that asset, you get 0.25% returns per day.

The downside? UNI price might drop significantly, but that is not going to happen on the first day, if your UNI cost is relatively low, you are good. If UNI price surge by a lot, you get more ETH, it’s like selling your UNI eventually, you gain what you initially want plus daily yield from that pool, better than mining. Especially there is enough dump on day 1 since over 12k users have 400 each, buy them, pair with ETH and add liquidity on day 1, that is the alpha chance.

 

Anndy: Indeed the daily yield + is very attractive. HIGH RISK, HIGH RETURNS. OR NO RETURNS. Seems to the underlying message. Last but not least, share with us an inspiring quote.

 

Roy: I thought about this question many times, it happened like I have strict discipline, I take no action without calculation. My experience might not be that inspiring. I don’t gamble, I do arbitrage. Even if I gamble, I never play against odds.

People worship Elon musk or steve jobs, who think outside of the box, I do think outside of the box, but I prefer boundaries, I know my limit, even if “sky is the limit”,  there is a limit, you can’t gamble without limit. I don’t recommend being risk seeker or hater, I recommend you calculate your risk.

 

Anndy: Calculated risk and knowing one’s limit comes with experiences.

It is always good to have chats with experts like Roy. He is somewhat a neutral party like me to an AMA like this. We are totally neutral; not promoting for any projects right now. Just want to share our knowledge with all of you. This is what Asia Blockchain Community is all about.

Shall we open the floor for 5 questions first? You post your questions here. Roy will choose 5 of them to answer. You have 5 mins to post your questions now.

 

 

Roy: Im ready, shoot me.

 

(Audience starting asking about Ruff Chain)

 

Ruffchain is an IoT public chain, Internet of Things, like maybe one day you spend $100 USDT and get a non-fungible token, this will grant you 1-day access to a car at the airport, without signing the paper, registration, credit card and insurance etc.

 

Since this is more about Defi I will focus on Defi this time, if you like to know more about Ruffchain go to our site at ruffchain.com.

 

Shuja Hashmi: Hi Roy My questions are as follows: What holding Defi back today and can these barriers be overcome? Where do you see the future of Defi in 15-20 years from now?

 

Roy: OK, this is actually a good one. There are a few things holding Defi back now:

  1. Usability, like someone has mentioned it is too hard to understand, too hard to use it properly. There should be some easy tools giving you numbers more than APY, like health/risk factors, withdraw rate or so.
  2. High gas fees, not friendly to all users on Ethereum. However, most assets are on ether, it will be hard for other chains to build an ecosystem, we have to live with the high gas fee for now until we figure out some cross-chain tech.
  3. Lack of innovation, copycats will get dumped for sure, innovation like Synthetix is much better than sushi (copycat).

 

Mahathi: Now Defi is growing all over. What’s your view on Binance bridging the CeFi with Defi ?

 

Roy: Now defi and cefi are doing similar things (money-related), but when NFT (non-fungible token)  gets popular, many things will interact with Defi not cefi, so cefi will be limited to a subset of defi in utilities. Binance will be good on order book trading, but that’s it.

 

 

Venkatz K: Recent DeFi Trends Creates a Massive turn towards crypto  But The growth is not stable some Projects Launching then it peaks in a short time and dumps to none and exits. A lot of Examples we see Sushi Founder Exit. HotDog Exit with 4k$ to 0$. EOS Defi Emeraldmine(EMD)  Exit from Scam. Peoples also wanted to gain profit quickly and massively so they don’t read about the projects and team background. Also loss lot.

Are these facts healthy for DEFI? How to avoid Scam Projects? DeFi will survive with Investors Confidence?

 

Roy: I mentioned before copycats are not growing organically, don’t invest on copycats. However, yearn clone is an exception as aggregators may be different if they use different strategies.   Therefore, you need to find the entity behind a project. Compound, AAVE, cream are banking, Curve, swerve are stable coin exchange(close to real-world foreign exchange as the rate is not volatile),  uniswap,  balancer are volatile exchange.

 

As long as you understand the entity, you will know what you invest for, e.g if you buy sushi you are betting on sushi take significant market share from uniswap & balancer, Sushi might have a chance, but how is that possible when rewards dry up? by risk calculation, sushi has high risk comparing to its price, I might have bought sushi since normally the market runner-up will take 10-20% market share, but not at a high price.

 

 

Alpha Veer: Do audited platforms n protocols guarantee ppls investment ?

 

Roy: Every time a new pool or a new strategy is released, another audit is a must. Don’t just look at seals, you should ask if they have audit up to date, you may contact the audit company.

 

Venkatz K: Ruffchain comes under Alpha chance? how could we find a project comes under alpha chance and safe to go with that?

 

Roy: Ruffchain is listed on Huobi, as a public chain, our alpha chances will be right next to defi->filecoin type -> NFT. Non-fungible tokens are the prerequisite for Ruffchain as well as defi, the alpha chance is more like finding the trend.

Yesterday I lost 2276 ETH while withdrawing ETH using harvest’s fWETH, fWETH burnt but ETH not received, some other users got that bug too. However, I managed to stay cool and found out the panic is spreading, farm price dropped to $90 (not an alpha chance since risk is still high), fWETH can’t convert back to WETH temporarily so ppl try to sell fWETH , which becomes less than 1 WETH, I bought all the fWETH below 1,  and once everything got recovered, I exit with 1.005+ each fWETH. That is the alpha chance.

 

 

Venkatz K:  Super cool, Good One, most of the losses happens due to panic selling.

 

Shuja Hashmi:  Nice And thank You for your time..learning a lot from this session.

 

LALA: What is next after yield farming?

 

Roy: Defi is at very early stage, if you even read the book about Wall street history, you will find out in 200 years human beings stack many tools on finance to create an enormous semi-working system today. And that system needs to get updated every 10 years whenever there is a major financial crisis, Defi is no different.

In March 12th,  Makerdao experienced gas attack by ppl using 0 DAI to buy out ETH with higher gas fees, compound experienced loss in liquidity algorithm back when ETH price declines rapidly. We are fixing the problems, many projects state like yearn (beta project, use at your own risk).

We probably need years to make our defi systems bulletproof, and try to stack more tools, insurance, for example, default swap products (sounds familiar if you know what happened in 2008), syntehtix introduced another idea of DIY- asset, which is good, you can bet on a price change or other related factors.

Many more will come out and spark, I just can’t wait.

 

 

Anndy: Same here man. Thank you, Roy for all the sharing today!

 

Roy: Thank you!

 

Jenny: Good and Interesting Session learning session, love that and thank you, Roy.

 

Roy: My pleasure.

 

 

 

Original Source: https://blockcast.cc/interviews/blockcast-cc-ama-on-defi-with-roy-li-founder-of-ruffchain-moderated-by-anndy-lian-book-author-of-blockchain-revolution-2030/

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Anndy Lian Moderates Panel on Artificial Intelligence, Deep Tech & Blockchain at ASEAN Summit 2020

Some ASEAN countries may be on the road to economic recovery, but many economists warned that it won’t be smooth. This panel addresses how technology like AI, deep tech and blockchain to act as a tech enabler for the businesses and governments.

In this panel, the panellists cover the following topics:

– How technology like AI, deep tech and blockchain will affect lives?

– How AI can help in good data and 5G

– How to tackle teething problems such as security for AI?

– How can blockchain technology improve on security aspects of things?

– Do you really trust AI?

– What should investors and people who want to get into the technology industry look at? What is the future?

 

Moderated by:

– Anndy Lian, Advisory Board Member of Hyundai DAC

 

Panel members:

– Dr Andrew Wu, Founder & Chief Executive Officer, Meshbio Pte Ltd

– Sheeram Iyer, Chief Executive Officer & Founder, Prisma Global

– Stephen Ho, Group Chief Operating Officer, Skylab Group

 

This is the 6th edition of CABA ASEAN Summit with the theme “ASEAN – Harnessing Dynamic Capabilities.”. They have invited top business experts to share their experiences, insights, and new strategic approaches to technology, innovation, investments, trade, and supply chain management at the 6th RHT ASEAN Summit 2020.

 

For more information on the event, refer to the organiser’s website.

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“Is Cryptocurrency a Fad or for the Future?” Anndy Lian Shares with Wealth Secrets Community

Join Anndy Lian and his hosts to talk about “Is Cryptocurrency a Fad or for the Future?”. The event will be held on 16 September 2020, 1 pm GMT on Podbean and Spotify.

Some topics are:

Can you brief us about cryptocurrency? Is it different from BlockChain Technology?

Is any digital currency a cryptocurrency? What are stable coins?

  1. Who are the major players of the crypto market?
  2. Why the hype about cryptocurrency? Is it worth it?
  3. Bitcoin went from being worthless in 2008 to $1,000 in the span of three years, before dropping to a low of $250 in just a few months, then rising meteorically to nearly $20,000 in 2017, and plunging to historic depths yet again just a few months later. With such volatility, is it really a safe haven as they say? Compared to gold?
  4. What are the major factors hindering the mass adoption of cryptocurrencies? How long do you think it’s going to take for cryptocurrency to be accepted in the mainstream?
  5. Looking at the cryptocurrency timelines (From Nakamoto, The world’s largest Bitcoin exchange, Mt.Gox, went offline declaring bankruptcy. Theft and scam concerns emerged. And recent scam activities associated, do you think cryptocurrency over fiat currencies is safe?
  6. How is cryptocurrency solving the problems associated with fiat?
  7. With the government of different countries having different attitudes towards considering cryptocurrency as a legal tender, people unaware of its mechanism consider it to be a risky investment. What could be the next major milestones for cryptocurrencies?
  8. Should crypto be taxed? What are some regulations that you think may not favour cryptocurrencies going forward? How can the government and policymakers help preserve and stabilize the crypto community?

 

 

Updated on 16 September 2020 with LIVE Youtube recordings:

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