Chinese Legendary Crypto Investor Li Xiaolai ： ‘ I Once Owned Over 100,000 Bitcoins, But Is Not The Founder of EOS’
Li Xiaolai , the Chinese legendary bitcoin investor and a key figure in the cryptocurrency world, acknowledged that he once held a six-figure sum of bitcoins and is the investor rather than a co-founder of the record-breaking ICO,EOS, in a recent interview with tech entrepreneur Wang Feng.
Wang: It is said that blockchain has disturbed China’s internet landscape ,leading to a shift in overall conflicts of internet industry. What’s your opinion?
Li: Some people call blockchain “Classical Internet”, but I do not agree with it. There is no so-called “classical internet” and blockchain is just part of the internet.
Wang: A rumor is spreading far and wide that you hold a six-figure sum of bitcoins. Is it true? Have u sold any yet?
Li: Yes, my bitcoin holdings once hit ” the six figures”, but now I do not have that much .After I launched a cryptocurrency exhchange several years ago, my bank account got frozen for many times due to various reasons. However, we must ensure that the exchange was backed by adequate monetary reserves to draw on when traders hurry to sell coins. So I had to sell some bitcoins in a bear market and unfortunately, when my bank account was unblocked, I failed to buy those bitcoins back.
Wang: You are reportedly the founder of EOS.IO blockchain, a new open-source platform designed to support Dapps and a signature product of blockchain 3.0. EOS’s 345-day ICO had raised $185million in the first five days, showing its tremendous influence across the industry. So are you willing to respond any rumors about it? And what’s the relationship between you and Daniel Larimer, the brain behind EOS?
Li: There is a great deal of misinformation about my relationship with EOS. Actually, I’m just an inventor for EOS, not the founder or co-founder. If EOS is a scam, I’m also a victim.
Daniel Larimer, CTO of EOS, is my old friend. I’ve invested in the decentralized cryptocurrency exchange which he created back in 2013 and I’m a long-term supporter of it. Then when he joined EOS and started to lead the project’s development, I also bet on it.
Wang: Do you have any investment advice for cryptocurrency newcomers?
Li: First, I recommend that most people should stay away from cryptocurrencies for the time being; Second, investors should invest in as few blockchain projects as possible. The top priority is to “guarantee” the safety of your money. Successful investors are usually risk- averse.
As for the current market capitalization of blockchain projects, Li said the “market cap” of most blockchain projects is impractically high. And it does not make much sense to compare market value of different blockchain projects as they still have a long way to go to be further implemented.
The former English test-prep teacher is also the founding partner of INBlockchain which bills itself as the largest blockchain investment firm. The capital fund has invested in over 30 blockchain projetcs such as EOS, BigOne, steemit.