Quote from: RainbowKun on Today at 04:34:48 AM

Quote from: RainbowKun on July 30, 2021, 04:34:06 PM

Quote from: kaggie on July 30, 2021, 12:50:55 PM

Since I don't have a feel for who the writer is, I don't feel that I can appropriately judge the work
and the motivation. Is it a person new, intermediate, or expert to bitcoin? It lacks the emotion of a newb, the deep twists of an expert, and
presents a very sterile intermediate view. So, what's the angle? Is it to promote bitcoin? Is it excitement about what crypto can do? Is it genuine belief?
I feel confused as to whether it's someone who is genuinely learning who will do well, especially with more experience and practise,
where dialogue would help them improve? Or is it someone who will one day pop out to turn around and sell something, because the topics are very regular with a lot of time put into them,
so it seems out of place to have a pure hobbyist write so frequently? Because I don't have a grasp of the person's motivation, I don't know how to respond and don't engage.

So, RainbowKun, if you are reading this, I encourage you to continue. You've got a lot of potential there, but think about how you might change the presentation?
Perhaps you can delve deeper into specific sub-themes in your topics. Some of the themes within your writing are presented only briefly that an ordinary person may be
unfamiliar with, so you can take time to explain some of that as well. Maybe even consider writing a book, but get some friends to review it for things that you can clarify further?

I hope that my writing here is genuinely helpful. I try not to be so critical unless I think it can help..

Thank you very much kaggie for raising these questions. I will summarize and reply to these questions raised by kaggie. In fact, many answers have been included in my previous articles. For more details, please see my first article published on July 1: Bitcoin is not just a currency, but represents a new human civilization.

1. First of all, I am a newbie on the bicointalk forum, but not a newbie on the blockchain. I have very rich experience in the blockchain industry, and I also have a high reputation in our homeland. I used to be a community leader of a community-based exchange. At that time, we were Binance’s biggest competitor. This project is world-famous. But because of some reasons from the founder of the project, we failed in the process of competing with Binance. At the right time in the future, I will tell the story that happened that year.

2. For the past four years, I have been doing deep learning on Bitcoin. As I learn more about Bitcoin, the more I feel the greatness of Bitcoin. In my opinion, Bitcoin is definitely not just a technology or a currency. Bitcoin represents a brand new thought. When the thought of Bitcoin continues to spread around the world, Bitcoin will create a new kind of human civilization. This is my most basic view of Bitcoin. In the process of learning about Bitcoin, I gradually became a true believer of Bitcoin.

3. I think Bitcoin will create a new kind of human civilization, which covers knowledge of almost all human subjects, not only computer science, mathematics, economics, monetary science, game theory, psychology, law, but also physics , Chemistry, sociology, anthropology, etc., and even religion and philosophy. For the past four years, I have been trying to understand Bitcoin's transformation of human society from different disciplines. Because of this, I say that Bitcoin will create a new kind of human civilization. At that time, my thinking was fragmented. Many thoughts were forgotten in the blink of an eye. Therefore, I decided to record all these thoughts, form words, and output them in the form of articles. Such fragmented information can form systematic knowledge.

4. There are more and more Bitcoin believers all over the world. They are constantly preaching for Bitcoin, especially the Bitcointalk forum, which has gathered the most Bitcoin believers in the world. However, at present, everyone's research on Bitcoin is still limited to the fields of technology and currency, and rarely involves the fields of social science, culture, philosophy, and even religion. The articles I am writing now are mainly to trigger some thinking outside of Bitcoin technology. These philosophical thoughts are more of my judgments on the future development of Bitcoin. They are fundamentally different from technical articles. The technicality must be accurate, without any ambiguity. And the thinking of these philosophical articles will never have a standard answer. People with different knowledge backgrounds must understand differently. But whether there is a standard answer or not, let me first put forward the things that may happen in the future. You can express your opinions on the basis of these questions.

5. Every time I write an article, I try to put forward an independent point of view as much as possible, and then describe my thinking process of this point of view, and finally draw my conclusions. As a result, the number of words in each of my articles will be very large, and even many places appear very verbose, forming a wall of words. As a result, most people have no patience to read all the text, and feel that these are nonsense and worthless. But as far as I am concerned, I still find it very valuable. Because every article records the process of my independent thinking. I am not simply making a conclusion. It is very simple to come up with a conclusion. The most important thing is that I recorded the process of reaching this conclusion. When these articles meet people who are really interested in them, they will read the process of drawing conclusions and compare them with their own conclusions. Finally, I was inspired in the process of communication. At the same time, and more importantly, I will carefully read the information that everyone responds, and improve my conclusions through everyone's feedback, and ultimately improve my own knowledge system.

6. I know that these articles of mine will not be welcomed by most people. Because they have a lot of words, they are even very verbose, and some parts require deep thinking, and most people can't even read them. But I think these are not important. Writing these articles, the first thing I learned the most was myself. I let the fragmented information form a systematic knowledge, so that my own knowledge system has been substantially improved. At the same time, I firmly believe that these articles of mine are very vital. They don’t lose value as quickly as news. Most of my articles are predictions about the future of Bitcoin, and many of them are my philosophical thinking. Five years later, even ten years later, people will still see them and get inspiration from them. Therefore, I wrote them down today and let them serve as historical witnesses to the development of Bitcoin. At the same time, these views will definitely be opposed by many people, because everyone's knowledge reserves are different, and their understanding of the future of Bitcoin must be different. There is no standard answer here. I believe that 10 years from now, history will give some comments on these articles.

7. Why is my writing frequency so high? I have produced more than 20 independent articles throughout July. Because I have very limited time now. In a month, I will devote all my energy to the DAO and DeFi project that I have been preparing for more than three years. At present, throughout July or even August, during these two months, all my energy has been devoted to the writing of the article. Writing an independent opinion article a day is really a very big challenge for me. It consumes almost all of my time and energy every day. But if I don't record all my views on Bitcoin in these two months, when my project really starts, I won't have any energy to continue writing articles. So I gave up all other work in the past two months and only focused on deep thinking about Bitcoin. Write as much text as possible to record my understanding of Bitcoin. Time is really precious to me.

8. I came to bitcointalk to write, I never asked for merit. I didn't even know the role of merit at the beginning. I don't need to make money through merit. I am not short of money myself. At the same time, I personally own the world's top blockchain development team, and they are all very good development engineers. I have many ways to make money in the crypto world. In the past month, my daily rhythm was basically writing, publishing, and then replying to some posts. This takes up almost all of my energy. I currently don't have any extra energy to read posts or rules in other sections of the forum. I just want to do my best to record all my thoughts on these bitcoins and output them. Of course, in this process, I will also meet many like-minded friends. By then, if you want to participate in my project together, you are also welcome to give me various suggestions. Because I believe that the crypto world must be community-based, and we need to rely on the power of the community to build together.

9. Each of my articles has its own logic, but they combine to form a more complete logic. Everything is to show that Bitcoin will build a new human civilization. And my future career will also revolve around this point. Give all my energy to Bitcoin. This is my core philosophy. In the future, I will also combine these articles into a book, which will be published by a publishing house, translated into different languages, and distributed in different countries. I hope that every ordinary person can understand these words written by me. This is also the reason why the text is often verbose. I try to use as detailed text as possible to explain the process of drawing a conclusion, so that in the future even people with very limited knowledge can understand what I want to express. This is part of my sermon on Bitcoin.

Finally, thank you again for all your friends’ suggestions, whether it is encouraging establishment or critical suggestions, I accept them humbly. Because of continuous communication with everyone, my own cognitive level has also improved significantly. This is the greatest wealth that these writings have brought to me. Thanks again!

Quote from: RainbowKun on July 01, 2021, 02:51:19 AM

Hello everyone, I am glad to communicate with you in the Bitcointalk forum. I am Kun from the east of the world. I have learned a lot from this forum, thank you all. Although I have not been exposed to Bitcoin for a long time, I have become a strong believer in Bitcoin. I am a Bitcoin maxis, and I am awakened by Satoshi Nakamoto.

In the next two to three months, I will officially launch a blockchain DAO project, which I call Rainbow City. But before that, I want to communicate with you on Bitcointalk. I want to get more inspiration and thinking from your gays, and I also want to meet friends from different countries in the world, study together, and communicate together.

I know that Bitcointalk is where Satoshi Nakamoto started Bitcoin, and it is also a gathering place for Bitcoin believers. So, I also hope to start my new career here. During the time I joined the forum, I saw old users in the forum answer questions to rookies every day, and I was very encouraged. It is precisely because of this unreserved help that the Bitcoin community has grown and expanded its consensus around the world.

In order to learn better, I also want to share my thoughts on Bitcoin in the forum and communicate with everyone.

Bitcoin is not just a coin, but a new civilization of human.

I named it Bit Civilization.

Quote from: _Miracle on August 28, 2021, 11:32:14 PM

Few people want to scroll through your threads of disputes.
If you have something to contribute then do it. If you are making claims to some accomplishment in TRW (the real world) then prepare to prove it or be called out on it.

Quote from: RainbowKun on July 30, 2021, 04:34:06 PM

1. First of all, I am a newbie on the bicointalk forum, but not a newbie on the blockchain. I have very rich experience in the blockchain industry, and I also have a high reputation in our homeland. I used to be a community leader of a community-based exchange. At that time, we were Binance’s biggest competitor. This project is world-famous. But because of some reasons from the founder of the project, we failed in the process of competing with Binance. At the right time in the future, I will tell the story that happened that year.

Quote from: RainbowKun on August 31, 2021, 05:56:20 AM

One of my identity in the real world of crypto is: I used to be the founder of China’s largest crypto learning community ChainNode. We had 5,000 students in 2018. Our main job is to learn about Bitcoin and the crypto world every day. Related knowledge, promote the ideas and concepts of Bitcoin in the Chinese community.

My other identity in the real world of crypto is: I used to be the community leader of FCoin Exchange, one of the largest exchanges in the world, Zhang Jian, the founder of FCoin, is the chairman of the committee, and I am the vice chairman of the FCoin community committee. He is in charge of technology, and I am in charge of the community. We are the world's largest competitor of Binance in the field of exchanges in 2018 and 2019. At present, this exchange has been closed by founder Zhang Jian in February 2020, and owes huge debts to the community. My personal assets have also suffered serious losses. This is also the biggest scandal in China's crypto world in 2020.

In 2019, I formed the RainbowCity community based on the members of the ChainNode Community and the FCoin community, and continued to try "token economy" and "community governance" to practice the true Satoshi Nakamoto Bitcoin spirit. Prepared for up to 3 years.

On July 1, 2021, the first day I came to the bitcointalk forum to post, I clearly expressed my purpose here:

In the next two to three months, I will officially launch a blockchain DAO project, which I call Rainbow City. But before that, I want to communicate with you on Bitcointalk. I want to get more inspiration and thinking from your gays, and I also want to meet friends from different countries in the world, study together, and communicate together.

I did not at any time cover up my intention to start a blockchain DAO project: Rainbow City. On the first day of posting on Bitcointalk, I expressed the reason why I hope to start my new career on Bitcointalk. I did not try to deceive anyone nor did I try to cover up any purpose. I hope that through my continuous writing articles, I can get to know friends from different countries in the world, so that in the future, I can really build a global community to serve the global propaganda of Bitcoin ideas. It is not limited to the Chinese community.

At the same time, regarding my identity in TRW (the real world) and my experience in the encrypted world, I spent two days compiling the following information to further disclose my identity and experience in the real world. I compiled these media and news links to prove the authenticity of the information I said. Some of these materials are in Chinese and some are in English, but most of them are in Chinese. Those who are really interested can directly translate it into English through Google.

Unlike many old Bitcoin players, I only heard about Bitcoin in 2015. I started to study Bitcoin in 2017. During the first half of 2018, I was completely in the study of Bitcoin and became obsessed with Bitcoin. A believer in Satoshi Nakamoto and Bitcoin. I formally created a blockchain learning community on August 8, 2018: ChainNode learning community, and began to lead the Chinese encryption community members to learn Bitcoin and various encryption knowledge. The number of students reached 5,000 in less than half a year. At that time, all learning was free, and no fees were charged. We divide all students into 12 classes, each class has close to 500 students. Each class has its own monitor and class committee, responsible for the learning of their respective classes. We soon became the most influential community in the Chinese encryption world at that time.

The following article links can prove the above experience: mainly in Chinese, you can translate it yourself if you want to study.

https://tinyurl.com/dytu6vk5

https://tinyurl.com/c4mpx2j3

https://tinyurl.com/2ucf33c2

https://tinyurl.com/z3thm232

https://tinyurl.com/h3h9camv

https://tinyurl.com/bp6v4v7h

On May 21, 2018, Zhang Jian, the former CTO of Huobi, created the FCoin exchange and launched the exchange governance token FT. FCoin's main "transaction is mining, holding currency is dividend" model, that is, 100% of the transaction fee paid by the user will be refunded in the form of token (FT) issued by the FCoin platform, and the previous day's fee will be collected every day 80% of the income will be returned to the user according to the proportion of FT held by the user.

With this model, FCoin instantly attracted many investors. On June 6, 2018, FCoin completed the first phase of income distribution. On June 13, the 15th day when FCoin officially launched trading, its 24-hour trading volume reached 28.8 billion yuan, not only ranking first in the world, but also surpassing the total of the other six exchanges ranked second to seventh. FCoin was therefore joked by the Chinese encryption community as the "first exchange in the universe". The price of its token FT rose from o.o15U to a maximum of 1.25U in less than a month, a surge of more than 80 times.

This article is an introduction to the rise of the FCoin exchange at that time:

https://www.chainnode.com/post/181083

The sudden emergence of FCoin not only invaded the market share of other exchanges, but also caused unprecedented threats to the original operating modes of other major exchanges. Then in 2018 the biggest exchange war in the Chinese crypto community began. In order to maintain the existing market share, the three major Chinese exchanges Binance, OKEx and Huobi launched a war to encircle FCoin.

On June 20, 2018, Changpeng Zhao, the founder of Binance, posted several Weibo posts to express his views on FCoin transaction mining. In his view, this model has no barriers, the threshold is very low, and it will soon lose value.

Now we can take a look at Coindesk's report on the melee in Chinese exchanges on June 22, 2018.

https://www.coindesk.com/markets/2018/06/22/fcoin-crypto-exchange-draws-fire-for-controversial-business-model/

Quote

China-based FCoin – a new crypto exchange launched in May that takes a novel revenue model – has come under the spotlight after its trading volumes appear to have almost immediately surpassed some of the largest exchanges.

While the platform's trading data is currently not visible on more notable third party sites such as CoinMarketCap, a similar service in China indicates that FCoin saw over $5.6 billion in trading volume over the last 24 hours – more than the sum of the top-10 platforms on CoinMarketCap.

He wrote on his Weibo account on Wednesday:
"You pay transaction fees to the platform with BTC and ETH. Then the platform pays '100%' back to you with its token. Isn't it just buying platform token with BTC and ETH? How is this different from an ICO?"

Zhao went on, accusing the firm of, in effect, making money through price manipulation:

"If an exchange doesn't get revenue from transaction fees and solely profits from the price of its token. How would it survive without manipulating the token price? Are you sure you want to play against a price manipulator? The same price manipulator who controls the trading platform?"

On another post on Thursday, Zhao further commented on FCoin's method of distributing revenue, likening it to interest in the form of bitcoin to users who hold FT tokens.

"It may appear attractive that you just hold the token and let other people who make trades on FCoin to generate dividend for you. But in the long run, who would be that stupid to keep making trades?" he said.

But, notably, OKEx, the Hong Kong-based crypto-to-crypto trading platform launched by OKCoin, announced on Wednesday that it too is launching a program that will help 100 new crypto exchanges to adopt the trans-fee mining model.

By holding 500,000 OKB, the token issued by the OKEx exchange, partners of OKEx would receive technical support from the platform in launch an exchange utilizing the new concept, the firm said.

Then, on Thursday, in a move possibly aimed to ridicule OKEx and FCoin, Binance made a seemingly sarcastic announcement that it is going to partner with 1,000 teams to open 1,000 new trading platforms adopting the same trans-fee mining model.

Commenting on the plan, He Yi, co-founder of Binance, said:

"Now that people love trans-fee reimbursement, how about giving back 200 percent? One exchange is not enough, let's do a thousand. Users have different needs, so we are now providing different choices."

As of press time, the price of FT, which can only be traded on FCoin's platform at the moment, has seen a 16 percent decline to $0.427 in the last 24 hours, reflecting a 65 percent drop since its recent high at $1.25 on June 13.
FCoin could not be reached for comment.

These two articles are also some introductions to FCoin's 2018 exchange war:

https://baijiahao.baidu.com/s?id=1619076211225057745&wfr=spider&for=pc

https://bitcoinexchangeguide.com/chinas-fcoin-crypto-exchange-trading-volumes-raise-eyebrows-from-community/

CZ’s response at the time was interpreted by Binance’s official telegram group as that Binance was frightened by FCoin. Since the afternoon of June 21, a large number of Binance users asked Binance to launch a mechanism similar to FCoin as soon as possible. In the afternoon of the same day, Zhang Jian expressed his appreciation for Changpeng Zhao and Binance in the WeChat Moments, and announced that FCoin will launch BNB trading on the FCoin platform on the same day. BNB in 2018 is still very different from BNB in 2021. It belongs to the platform currency of Binance Exchange and is only traded on Binance Exchange. The listing of BNB on the FCoin exchange was a provocation to Binance at the time.

At that time, the efficiency of the FCoin team was amazing. Zhang Jian released WeChat Moments at 4 pm and officially opened the BNB trading channel at 5 pm. At around 10 o'clock that evening, the trading volume of BNB/USDT on FCoin already accounted for 7% of the total trading volume of the BNB market. This can be seen FCoin's powerful strength at the time. At around 8:15 that evening, FCoin suddenly increased the share of currency dividends by 100% from the previous 80%. In other words, the FCoin platform will return all profits to FT holders, further intensifying the exchange war.

15 minutes after FCoin announced an increase in the share ratio, Binance announced an alliance plan that it would support 1,000 exchanges that trade mining and hold currency dividends. At the same time, the alliance plan indicated that it will directly rebate 200%, which is double the income in FCoin. Later, cz said on Weibo that he would increase the rebate ratio to 300% and fully block FCoin.

At that time, the Chinese exchange melee lasted for three months. The daily trading volume of FCoin Exchange had long occupied the world's first place, and exceeded the sum of the second to seventh places combined. The FCoin exchange once became one of the most influential exchanges in the Chinese crypto world in 2018. However, due to the rapid rise of FCoin, the foundation is unstable. At the same time, the currency price has skyrocketed by more than 80 times in a short period of time, and a large number of profit opportunities have fled. This has led to the continuous collapse of FT's currency price and the continued deterioration of the exchange's reputation. During this process, Zhang Jian took a series of measures to stabilize the situation, including FCandy, FOne, FT warrants, insurance, currency reform, etc., but this did not prevent the FT currency price from continuing to plummet.

On July 30, 2018, FCoin founder Zhang Jian publicly released a signed article: Three truths about FCoin, a plan and a trump card.

https://www.163.com/tech/article/DO0BH6TI000998GP.html

This article is also in Chinese. If you are interested, you can translate it yourself.

In this article, Zhang Jian proposed a plan to return FCoin to the community within 3 months. Many people ask Zhang Jian, as the founder of FCoin, what is your goal? Is it on Forbes? How much money is still made? Zhang Jian's answer is that his goal is not to make money, but to practice the real Satoshi Nakamoto's ideas. His only goal and plan at this stage is to return FCoin to the community.

In the next three months, he will focus most of his energy on the design of the community system. His most important goal at the time was to complete the transformation of FCoin's governance structure: to transform FCoin from personal governance to community governance.

Zhang Jian also put forward the biggest trump card of FCoin in the future: transparent community-based governance and supervision.

Zhang Jian said that many people have seen the success of "transaction is mining" but do not understand the purpose of designing this mechanism. Zhang Jian said that the real purpose of designing this mechanism is to complete the community-based distribution of FT. This is only the first step in the whole plan. And the essence behind all this, and the biggest trump card in the future, is not transaction mining, but transparent community-based governance and supervision.

The power of transparency has begun to show in the public chain system represented by Bitcoin. Although the entire industry is still in a very early stage, coupled with the early characteristics and high risks of the financial industry, most participants only focus on short-term price increases, and do not care whether you are transparent or represent the community. However, any industry cannot always be sustained by creating bubbles, and it will eventually return to the essence of economy and value creation. The real trump card of FCoin in the future will be transparent community-based governance and supervision.

It was this article by Zhang Jian that made me really interested in Zhang Jian and FCoin. Zhang Jian said that he is committed to creating a transparent FCoin to pay tribute to Satoshi Nakamoto and thank Satoshi Nakamoto for opening this great era. At that time, I also became a believer of Satoshi Nakamoto. I created the ChainNode learning community at the time to popularize Bitcoin knowledge and practice Satoshi Nakamoto's Bitcoin ideas. It's just that Zhang Jian is doing it in the form of an exchange, and I do it in the form of building a learning community. Different routes lead to the same goal.

At that time, I was also an FT holder and purchased a large amount of FT. As long as the FT holder, who is the owner of the entire FCoin exchange platform, can participate in the governance of the FCoin exchange. This is exactly what Zhang Jian expected. FCoin will be handed over to the community within three months to realize the transformation from personal governance to community governance. It was at this time that I began to pay attention to the governance of the FCoin exchange.

On August 14, 2018, the FCoin exchange's first community referendum ended and announced the results of the referendum. The announcement indicated that the FT ceased to be issued, the total circulation of FT will no longer increase, and the deflationary mode will be initiated through repurchase and destruction. The FCoin1.0 era marked by "transaction is mining" has officially ended, and the FCoin2.0 era marked by "community governance" has been fully opened. After time, when I founded the ChainNode learning community, I also began to simultaneously participate in some governance affairs of the FCoin exchange.

At that time, Zhang Jian, due to various failures and various domestic pressures in China, eventually chose to leave overseas instead of staying in mainland China. In order to encourage Zhang Jian and the FCoin community, I wrote two articles on August 21, 2018 and August 23, 2018: To Zhang Jian: The Lonely Walker (Part 1) and To Zhang Jian: The Lonely Walker (Part 2).

https://tinyurl.com/433yyj3s

https://tinyurl.com/4zxuhuww

At that time, these two articles caused a great sensation in the entire FCoin community and spread widely, giving a boost to the dreary community atmosphere. In the article, I explained Zhang Jian's "token economy" and "community governance" thoughts in detail, and pointed out that the true development direction of FCoin in the future is to create a completely transparent economy governed by the community. Through these two articles, I gradually gained the trust of members of the FCoin community, and established some prestige step by step, and gradually began to deeply participate in FCoin's community governance.

Zhang Jian began to hand over the management of the FCoin exchange to the community in accordance with his plan, and officially launched the first global election of the FCoin Community Committee in October 2018. As an important participant in FCoin community governance at that time, I also participated as a candidate in the global election of FCoin's first community committee.

On November 1, 2018, on the 10th anniversary of Satoshi Nakamoto's Bitcoin white paper, the FCoin community officially opened the first two-day global referendum of community members. These two days are also the days when FCoin Japan Station started trading and mining. FCoinJP's transaction mining once again pushed Zhang Jian to the forefront. At that time, the FCoinJP trading incentive plan was seriously abused and allowed individual large miners to obtain a position sufficient to operate the market price, which caused serious harm to the overall interests of the community.

Big miners continuously dig out FJ through mining, and then directly sell off FJ. The miners' smashing caused panic in the entire FCoin community. At the same time, the collapse of FJ prices also directly affected the price of FT, and FT panic disks also appeared one after another. At this time, the consensus of the FCoin community was severely challenged, and the community continued to panic. Many people don't know when it happened. Everyone only saw the constant beating of FT and FJ. Affected by panic, some people handed over their chips again and again, reluctantly leaving the market.

At this critical moment of FCoin, I published a signed article in the name of Kun Yuan, calling on the community members of the entire FCoin community and ChainNode learning community to choose to support Zhang Jian and fight side by side with Zhang Jian. Kun Yuan will lead all the community members of the ChainNode learning community. Participate in the community defense battle of the FCoin community. We will bring a steady stream of fresh blood to the FCoin community through the ChainNode learning community, and continue to grow the FCoin community.

This article is a link to the article at the time. The publication date is November 2, 2018. The content of the article is also in Chinese. You can translate it yourself:

https://tinyurl.com/vd99n7fk

At the moment when the consensus of the FCoin community is facing a breakdown, at 24:00 on November 2, 2018, Beijing time, the first global referendum of the FCoin community committee ended. In the end, 10 candidates successfully won and were elected as members of the first FCoin community committee. In addition to the 5 members appointed by Zhang Jian's team, FCoin's first community committee has a total of 15 members. As the founder of the ChainNode learning community, I was successfully elected to the first FCoin committee.

Since then, Zhang Jian formally handed over FCoin to the community, and the community committee began to govern the FCoin exchange, and the FCoin exchange officially entered the era of community governance. I also fully started my FCoin community governance career. I handed over the ChainNode learning community to other partners to manage, and basically all my energy was put into the governance of the FCoin community.

At that time, Zhang Jian had already left overseas, focusing mainly on the development of technology, while my energy was mainly focused on the governance and operation of the FCoin community. I began to formulate the basic law of the FCoin community, and explored various governance systems, governance institutions, vision, mission, values, and so on. All my energy is basically occupied by FCoin community governance, and I slowly started to lead the work of the entire FCoin community committee.

As winter passes and spring comes, spring blossoms. In the blink of an eye, a new year of 2019 has begun. FCoin's community governance process ushered in a milestone breakthrough. On February 27, 2019, the first offline consensus meeting of the FCoin Community Committee was held in Beijing, China. The 9 community members and 3 team members of the FCoin Community Autonomy Committee, a total of 12 members, gathered in Beijing. Zhang Jian, the founder of FCoin Participate in the whole process in the form of a conference call. This meeting formed the "FCoin 2.27 Consensus Resolution", which mainly reached consensus in three aspects.

Core consensus 1: The ecology of the FCoin community is officially upgraded from a single FCoin exchange ecology to the four major components of Fractal public chain ecology, FCoin exchange ecology, FOne open merchant ecology, and FToken global ecology.

Core consensus 2: The meeting elected FCoin founder Zhang Jian as the chairman of the FCoin community committee, and elected ChainNode learning community founder Kun Yuan as the executive vice chairman of the FCoin community committee. Kun Yuan will coordinate the daily work of the social committee.

This meeting officially confirmed that Kun Yuan, as the vice chairman of the community committee, coordinated the work of FCoin's entire community.

This news article contains the appointment information at the time:

https://www.chainnode.com/post/288016

Core consensus 3: The meeting determined the "FCoin community governance top-level design framework system", determined the FCoin community's positioning, vision, mission and values, and determined the FCoin community's three-year development plan.

The top-level design framework for community governance and the three-year plan for the FCoin community were also designed by me in three months. I hope that through this set of governance system, FCoin's community governance will be fully upgraded, so that FCoin can truly become the ecology of community autonomy. I set FCoin's three-year plan and three-year goals together with Zhang Jian. It is hoped that through the efforts of the entire community for three years, at least the market value of FT will reach the goal of 50 billion U.S. dollars. By 2021, BNB has now achieved a market value of 80 billion US dollars, and FCoin has completely disappeared. The complete fall of FCoin is my biggest regret in the past few years.

When the "FCoin Beijing 2.27 Consensus Meeting" ended, the entire FCoin Community Committee and I started busy work and began to lead the entire community to realize the revival of FCoin. At this time, after half a year of reflection and summary, Zhang Jian also began to come back, and proposed a "sustainable mining" plan. The biggest change between "sustainable mining" and transaction mining in 2018 is that there are more types. At the same time, the gift of FT will be locked for one year and will no longer be released directly. This minimizes the direct selling pressure of FT.

This article is my interpretation of FCoin's sustainable mining, the time is March 12, 2019.

https://news.huoxing24.com/20190312103151815635.html

Entering March 2019, under the leadership of the entire FCoin community committee, the entire FCoin community is full of vitality and has begun to enter a stage of comprehensive revival. At this stage, the FCoin Community Committee has launched a series of "sustainable mining policies", including transaction mining, pending order mining, sorting mining, wealth management mining, leveraged mining, and promotion of mining. At the same time, I also formulated the organizational structure of the FCoin Propaganda Committee, and led the members of the ChainNode learning community to fully participate in the promotion of FCoin mining, bringing a steady stream of fresh blood to the FCoin community.

These articles are about the promotion of mining at the time:

https://tinyurl.com/y7bfp2pd

https://tinyurl.com/app/myurls

https://tinyurl.com/2sh8z7yu

https://www.jinse.com/blockchain/351787.html

Entering May 2019, the first anniversary of FCoin, the FCoin community held its first anniversary conference in Hong Kong, China on May 24. There are two core themes, one is community governance, the other is the release of the FT public chain, both Will be the two long-term driving forces of the FT ecology. The FCoin Community Governance Committee is the main promotion of the FCoin community governance, and the FT public chain is the world's first public chain based on the token economy. Both of these belong to the institutional innovation and technological innovation in the field of cryptocurrency.

These two articles are about the first anniversary of FCoin and the FT public chain:

https://news.huoxing24.com/20190515181525587790.html

https://news.huoxing24.com/20190524164541475911.html

From November 2018 to May 2019, with the establishment of the first FCoin Community Governance Committee, the restart of sustainable mining and the launch of the testnet of the FT public chain, FCoin is in a stage of full renaissance. In the ranking of currency exchanges in April, FCoin had the largest monthly trading volume and ranked first. The average daily trading volume of FCoin surpassed Binance, reaching 1.56 billion U.S. dollars. The price of FT's currency has increased by 18 times in 5 months, and it was the currency with the largest increase in all platform currencies at that time.

This article is a news report on FCoin trading volume at that time:

https://news.huoxing24.com/20190520220841917463.html

However, at that time, I also felt FCoin's huge hidden worries. First of all, there is the issue of funding. At the time, I promoted the various proposals of the FCoin Community Committee and ultimately failed to be implemented due to insufficient funds. It stands to reason that FCoin should not be short of funds at that time. At the same time, I also found that although I was trying my best to promote FCoin to achieve change as the vice chairman of the community committee, most of the plans I made could not be effectively implemented, and encountered resistance from FCoin's internal team members.

From the perspective of FCoin's internal staff, it is the community that is robbing them of their power. Whether it is the FCoin ecological structure that I formulated, the three-year plan of FCoin, or the plan of FCoin's propaganda committee, all of them have been resisted by FCoin's internal staff and cannot be effectively implemented.

At this time, I also deeply felt that the implementation of true community-based governance was so powerless. At the same time, I also understand that FCoin is always the FCoin of Zhang Jian and his founding team. Although it has been handed over to the community in name, the community still does not have much power to effectively implement the community’s proposals. Except that each community committee receives a subsidy of 1,000 USDT for one month, no funds are invested in the construction of the community committee.

I was very disappointed with this, and I also began to understand that FCoin is no longer a suitable platform for me to practice Satoshi Nakamoto's ideas and the spirit of Bitcoin. FCoin is always Zhang Jian's FCoin, not Kun Yuan's FCoin. It will only move forward in accordance with Zhang Jian's wishes, and Zhang Jian will not take into consideration anyone else's suggestions. Therefore, I also decided to leave the FCoin community directly to create a platform that I can control by myself, to practice my ideals and beliefs. Therefore, in June 2019, at the most beautiful moment of the revival of the FCoin community, I directly resigned from the posts of FCoin Community Committee and Vice Chairman of the Social Committee, completely left the governance of the FCoin community, and started to chase my own dreams.

It wasn't until more than half a year later, in February 2020, that Zhang Jian chose to close the FCoin exchange and published an article on the truth about FCoin, that I understood Zhang Jian's situation at that time. At the beginning of FCoin's explosive development in 2018, due to errors in the back-end system, a large amount of funds were distributed as additional dividends. The financial loopholes of the FCoin exchange continued to expand until it could not be maintained in the end. The FCoin ship is like the Titanic. It crashed into a glacier when it started sailing, and the ship started to leak. In the case of constant water leakage, Zhang Jian maintained that the ship did not sink for two years. But with more and more water leaks, it finally sank completely in February 2020. Zhang Jian therefore owed more than 100 million U.S. dollars in debt to the entire community.

https://www.coindesk.com/markets/2020/02/17/crypto-exchange-fcoin-insolvent-after-revealing-up-to-130m-bitcoin-shortfall/

https://cointelegraph.com/news/chinese-exchange-fcoin-closes-down-still-owes-users-125-million

https://baijiahao.baidu.com/s?id=1658785689360230705&wfr=spider&for=pc

Many people don’t understand how the $100 million debt of community members was generated because many community members deposited their cryptocurrency on the FCoin exchange for trading and financial management. This part of the funds was misappropriated by Zhang Jian . This kind of loophole cannot be repaid to the user in the end. And the FT itself is also zeroed out. I also put a lot of encrypted assets in FCoin's financial management, and I eventually lost all of them. Because many members of the FCoin community belong to FCoin's most loyal fans, they put all their crypto assets on the FCoin exchange. Zhang Jian’s closure of the station directly caused thousands of families in China to go bankrupt. Thousands of people have initiated legal proceedings against Zhang Jian in China. This is also the biggest scandal in the Chinese encryption community in 2020.

Later, Zhang Jian handed over US$10 million of funds to the community. Members of the FCoin community spontaneously formed a temporary committee, hoping to use the funds to restart FCoin and try to repay the debts of the community members. In the end, the FCoin exchange was restarted, but after a few months of operation, it was closed again by the temporary committee, and FCoin completely disappeared from the stage of history.

https://cointelegraph.com/news/fcoin-working-to-resume-operations-promises-to-return-lost-funds

But none of this has anything to do with me anymore. Since I resigned in June 2019, I have never participated in any governance work in the FCoin community. All my energy has been put on the idea of my own project. This is the original intention of creating the "RainbowCity" today.

From October 2018 to June 2019, for 9 months, I dedicated all my personal time and energy to the FCoin community. Although Zhang Jian is now called a liar by thousands of people, no matter what Zhang Jian is, in my opinion, the FCoin community itself is still successful. The FCoin Community Governance Committee is the world's first community-driven governance organization through a referendum, creating a precedent for global crypto community governance. Although it has various problems and ended in failure, it cannot deny the historical role of innovation in its era.

After I left the FCoin community, I reviewed the 9-month experience of the FCoin community every day, thinking about how to create a truly community-driven encryption project. In my opinion, although FCoin ultimately failed, the experience of FCoin is the greatest asset. It is with this wealth that I now have experience that I can refer to when creating the RainbowCity project.

In the second half of 2019, I initially constructed the top-level design of the RainbowCity project, and established the RainbowCity Chinese community based on the original members of the FCoin community and ChainNode learning community. Up to now, the RainbowCity Chinese community has more than 1,000 core members. It is these more than 1,000 core members who support me as always.

For me, RainbowCity and Zhang Jian’s FCoin have similar ideas. They also pay tribute to Satoshi Nakamoto, practice the true spirit of Bitcoin, adhere to the concept of decentralization, and practice the "token economy" and "community governance".Various types of mining are also conducted. For me, RainbowCity is a continuation of my unfinished business in the FCoin community. I planned the top-level design and organizational structure of the FCoin community back then, and planned the three-year planning and publicity system of the FCoin community, which could not be effectively implemented at the time. Now I will implement the RainbowCity project under my own leadership and continue my dreams and ideals.

At that time, I set FCoin a goal of reaching a market value of 50 billion US dollars in three years. Unfortunately, FCoin has completely died, and I also set a grand goal for RainbowCity: RainbowCity will achieve a market value of 50 billion US dollars in 5 years. In 10 years to achieve a market value of 1 trillion US dollars, I will use 10 years to create a brand new bitcoin.

This goal may be a joke in the eyes of most people. It is completely impossible, but in my opinion, it is completely possible. The only way is to truly build an economy that is truly driven by a global community.

Designing a complete token economic model and establishing a truly community-autonomous economy is the only possible path to success in the future. To this end, RainbowCity only prepared time, I have spent nearly three years. In these three years, with the support of the Chinese community, I have established the world's top technology development team. We are simulating and improving the token economic model of RainbowCity every day. We are paying attention to industry innovation and industry hotspots every day, integrating the elements that are most in line with the trend of the times into the economic model of RainbowCity.

In the past three years, all of my goals in designing RainbowCity have been calculated based on the 10 year market value of 1 trillion US dollars. For this goal, we spared no effort to spend three years to make various preparations. Until today, the economic model and governance system of RainbowCity has a preliminary and complete framework. I am also about to officially start the construction of the RainbowCity global community.

Many people on Bitcointalk may have questions, RainbowKun, why have you spent so much time and energy writing articles and posts on Bitcointalk in the past two months? I have answered this question on many occasions.

One aspect is that when the RainbowCity project is officially launched, I will no longer have any time and energy to write articles about in-depth thinking about Bitcoin. Therefore, I must squeeze a few months to record some of my thoughts over the past four years. On the one hand, it serves as an imprint in the history of Bitcoin's development; on the other hand, it points out the direction for the future development of Bitcoin. Therefore, I specifically proposed the concept of "Bit Civilization", and the construction of the entire RainbowCity is also carried out around "Bit Civilization".

At the same time, I also recommended some users of the Rainbow City Chinese community to come to Bitcointalk to learn and communicate, and let them participate in discussions in the Bitcoin community. This is why many Chinese novices are active recently. Many people are like me. Although they are new to the forum, they are not new to the crypto world. They have been learning Bitcoin for many years. This is why I sigh, the forum wants to kill all novices.

Another aspect is that through the writing of these in-depth articles on Bitcoin, I hope that community members on Bitcointalk can understand who I am, what my thinking is, what my philosophy is, and what my rainbowcity is , to attract some like-minded people to build the RainbowCity global community together. In this way, relying on Bitcointalk's Bitcoin global community resources, RainbowCity can establish independent communities in various countries around the world. Only in this way can RainbowCity truly become the world's top encryption project.

At present, most of the projects in the crypto world are capital-driven projects, relying on capital hype to attract retail investors to take over, and run away after cutting the leeks, which is not what I want. To truly achieve the goal of USD 1 trillion in 10 years, RainbowCity must be a truly community-driven project, involving all community members in the construction. This is the only possible path.

This is why I spend so much energy on organizing my personal resume these days. I hope everyone on Bitcointalk who follows RainbowKun knows what my experience is, what my ideals are, what my future goals are, and what I am here to do. You really have to understand me and supervise me. At the same time, regarding the allegations of my alt army, I will make one last clarification. First, I don't have the energy to do an alt account at all. It will be clear by looking at how many articles I have written in the past two months. The second is that I don’t need to make an alt account at all, because I have a strong Chinese community, and thousands of community members can join in the promotion of RainbowCity at any time.

But this is not what I want at this stage. What I want is not a strong Chinese community, but a united, strong and consensus global community. This is also the main purpose of my coming to Bitcointalk.

Recently, this incident has involved too much energy and interrupted the rhythm of my work in reality. I also have to reveal my true identity in reality, and I will no longer need to start RainbowCity anonymously in the future. After writing this article, I will not reply to this incident. I will return to the original track of writing, concentrate on writing the last articles about in-depth thinking on Bitcoin, and complete the establishment of my own knowledge system. After all the articles have been written, start the construction of the RainbowCity global community in a suitable way. Because the RainbowCity project is still in a completely confidential stage, I will not mention RainbowCity too much in the future. All information disclosed by ANN in the future shall prevail.

Here, I sincerely thank everyone in Bitcointalk for their attention and supervision to me, and I welcome everyone to communicate with me at any time in the future.

I am not going to read this crap. I think nobody is going to. If I wanted to read a fucking book, you wouldn't be the fucking author. You should try to write shorter. Parroting the same thing over and over is not going to win any argument for you.