基金圈的人往往对投资特别敏感，这种敏感不仅限于传统领域，也存在于创新领域。基金圈里有一批人，早早开始了对区块链和虚拟货币的研究与投资，还有些人已经获得了巨大的收益，而开始从事这一投资研究的人正在变多。
People in the circle are often particularly sensitive to investment, not only in the traditional domain, but also in the area of innovation. There is a group of people in the circle who started research and investment in block chains and virtual currency early on, and some who have already reaped significant benefits, and the number of people starting to do this is growing.
基金圈里炒币忙
It's a lot of money in the fund.
上海基金圈里流传着一个财富故事，有一名基金公司员工，平常从事的是中后台支持工作，前段时间辞职了，原因是在过去几年他通过炒币实现了财务自由，回家享受人生去了。
There is a wealth story in the Shanghai Fund Circle, where one of the Fund's employees, usually in the back-office, resigned during the previous period because he had achieved financial freedom through the practice of slinging coins in the past few years and went home to enjoy his life.
现在流行一句话：“币圈一天，股市一年。”近几年来，币圈的致富神话很多，而基金圈又是对投资敏感度特别高的地方，因此基金圈中有不少人早早地就接触起了虚拟货币投资。有位私募人士告诉记者，他早在2010年的时候就开始用家里的矿机开始挖矿，那个时候比特币还只有几块钱。多位基金业内人士向记者表示，自己在过去几年内投资过比特币，部分人士最高持币量非常大，但是大多卖早了。
In recent years, there have been a lot of myths about the wealth of the currency ring, and the fund circle is particularly sensitive to investment, so a lot of people in the fund have been exposed to virtual money investment early in the day. A private recruit told reporters that he started digging with his home mine as early as 2010, when Bitcoin was a few dollars. Several funders told reporters that they had invested in bitcoin in the last few years, and that some of them had the highest money, but most of them sold it early.
有一位私募基金经理向记者表示，他现在忙碌得很，每天又要看股票盘面，又要看虚拟货币盘面，股市、币市都不能耽误。
A private fund manager stated to the journalist that he was busy and looked at the stockboard every day, and at the virtual currency floor, and that neither the stock market nor the currency market could be delayed.
还有年轻的私募基金新人，刚进私募不久，本打算按照传统进阶路径，从研究员到基金经理助理到基金经理，逐步实现人生价值，但是没曾想，只过了一年，他通过炒币就直接步入人生新阶段，现在回家全职做虚拟货币投资了。
There were also young private fund-raisers who, just after entering the private sector, had intended to realize their life value in line with the traditional step-by-step path, from researcher to assistant fund manager to fund manager, but it had not been thought that, only a year later, he had moved directly into a new phase of his life through the production of currency and now went home on a full-time basis to invest in virtual money.
一些私募基金经理，在研究传统投资标的之外，早早开始了对虚拟币的投资研究。一村投资的投资经理李振就是其中之一，他告诉记者，他早在2012年左右就投资过比特币，现在他一直关注区块链技术及相关政策，他认为以新加坡等国在“沙盒”监管的框架下提供金融及技术服务的做法值得参考。
A number of private fund managers, in addition to studying traditional investment targets, started early on their research on virtual currency investments. One of them was the investment manager Lee Jin, who told journalists that he had invested in bitcoin as early as 2012, and that he was now focusing on block-chain technology and related policies. He thought that it would be useful to refer to the provision of financial and technical services in Singapore, for example, within the framework of sandbox supervision.
越来越多人投身区块链
More and more people in the chain of blocks.
由于虚拟货币投资均属个人行为，因此在公募基金公司中，公开、广泛谈论虚拟货币投资的情况并不多。有基金经理告诉记者，公司里那些个对数字币投资有兴趣的小伙伴，一般都只会私下进行讨论，而且真正有兴趣的人数不算多。
Since virtual money investments are personal, there is not much public and extensive talk about virtual currency investments in public fund-raising companies. There are fund managers who tell journalists that small partners in companies interested in digital currency investments tend to discuss them in private and that the number of people who are really interested is low.
同时，由于区块链涉及范围广，各人对于区块链的兴趣点也不同。有些基金经理对投资虚拟货币更感兴趣，有些则更倾向于投身区块链事业、做区块链项目，还有一些基金公司人士则选择跳槽到区块链企业。
At the same time, because of the wide range of block chains, there are different interests in block chains. Some fund managers are more interested in investing in virtual currencies, others tend to be involved in block chain projects, while others choose to jump into block chain businesses.
此前，兴业证券的TMT首席分析师袁煜明跳槽到火币网担任区块链研究院院长，曾一度引发行业关注，而实际上，此类跳槽正在变得越来越频繁。
Previously, TMT chief analyst Xiao Ming, who had been the director of the block chain institute in the currency network, had been a cause of concern to the industry and, in practice, such chutes were becoming more frequent.
有业内人士表示，他观察到，在区块链的赚钱效应驱动下，越来越多的其他行业人士纷纷进入区块链行业，而在这其中，金融行业人士的跳槽正在增多，他认为，此类专业人士的聚集将有助于区块链行业向更专业化的方向发展。
Some insiders indicated that he had observed that, driven by the profit-making effect of the block chain, more and more people from other industries were entering the block chain industry, where the financial industry was becoming more numerous, and that such a pool of professionals would, in his view, contribute to the development of the block chain industry in a more professional direction.
投资经理不认同巴菲特的比特币观点
The investment manager doesn't agree with Buffett's bitcoin view.
鉴于虚拟币交易风险，去年9月，央行开始清理各类虚拟货币交易机构，上个月央行宣布国内的交易所全部清理完毕，现在国内的这些虚拟货币交易所已全部转到海外。
Given the risk of virtual currency transactions, in September last year the Central Bank began to clean up various virtual money trading agencies, and last month the Central Bank announced that all domestic exchanges had been cleared and that all of these virtual currency exchanges in the country had now been transferred overseas.
对此，不少投资大佬都纷纷提示虚拟币投资风险。巴菲特、索罗斯均在公开场合指出此类加密货币的风险，巴菲特更直言，此类虚拟货币只能期望有人接盘，是个击鼓传花的游戏，最终不会有好结果。而近日马云也公开表态，直指现在的比特币是泡沫。
Buffett and Soros have pointed out in public the risks of this type of encrypted currency, and Buffett has been more blunt. The virtual currency can only be expected to be connected, a game of slamming flowers, and will not end up with good results.
对此，一些投资于比特币的投资经理并不认同。一位投资经理向记者表示，在各类加密货币市场中，比特币被认为是此类虚拟货币中类似黄金的品种。他分析，由于比特币的总数量恒定，而开矿成本只会越来越高，因此比特币有一个比较简单的估值标准，那就是开矿成本，目前开矿成本大约在9000美金/个左右，而由于近期比特币价格持续下跌，现在的比特币价格已低于其开矿成本。
In response, some investment managers who invested in Bitcoin disagreed. An investment manager told journalists that Bitcoin was considered to be a gold-like species of this type of virtual currency in the various crypto-currency markets. He analysed that because the total amount of Bitcoin was constant and the cost of mining was only increasing, Bitcoin had a simpler valuation standard, namely, the cost of mining, which was now around $9,000 per unit, and that the price of Bitcoin was now lower than the cost of mining because of the recent decline in Bitcoin.
另一位投资经理则认为，巴菲特对于数字货币的不认同与其对前些年对科技股的不认同是一样的，没有太高参考价值。但是同时，他也认为，目前虚拟币市场鱼龙混杂，各种炒作、坐庄行为层出不穷，而且大量虚拟币存在明显的泡沫现象。
Another investment manager argued that Buffett’s disagreement with digital money was the same as his disagreement with the technology unit in previous years, and was not too high-referenced. At the same time, however, he also argued that the virtual currency market was currently mixed, that there was a great deal of fiction, that there was an obvious bubble in a large number of virtual currencies.
李振向记者分析了多种加密货币的不同种类。他表示，目前主流的虚拟货币按照瑞士金融市场监督管理局(FINMA)的指引规则大致可以分为三类，一类是支付类，例如比特币这样的数字货币，除了一定的支付功能外没有进一步的功能，其属性类似于商品、黄金；一类是应用类，是用于非金融应用或服务的数字凭证，例如以太坊、EOS等通过搭建区块链平台，做区块链基础设施建设来实现其功能；还有一类是资产类的数字凭证，例如代表着对实物、公司、收益、参与分红或利息支付的权利等，它是标准化的数字凭证。由于功能的不同，对于这些币的估值方式也不同。
Li Jin analysed various types of encrypted currency for journalists. He indicated that the current mainstream virtual currency could be broadly divided into three categories according to the Swiss Financial Market Supervisory Authority (FINMA) guidelines, namely, a digital currency such as Bitcoin, which has no further function than a certain payment function, with attributes similar to commodities, gold; an application, a digital voucher for non-financial applications or services, such as building a block infrastructure by building a block-chain platform, for example, in Taipan, EOS, etc.; and an asset-type digital certificate, such as the right to physical, corporate, earnings, participation in dividends or interest payments, which is standardized.
他认为，从投资的角度来看，虚拟币投资属于风险相当高的投资，需要做好风控，并且做好分散投资和资产配置。
In his view, from an investment perspective, virtual currency investment was a high-risk investment, requiring good wind control and diversification of investments and asset allocation.
币圈里面故事多
There's a lot of stories in the ring.
实际上，比投资圈更早认识到区块链价值的是技术圈。“技术圈里的人是最早富起来的，因为区块链技术门槛高，只有那些懂技术的人才真正懂。”有基金行业人士向记者表示，“而对于投资行业的人来说，区块链有相当高的技术门槛，做投资的人其实很难搞懂。所以现在做的人还是很少数。”
Indeed, the value of the block chain is recognized earlier than the investment circle. “The people in the technology circle are the first to be rich, because the technical threshold of the chain is high, and only those who know it really understand it.” Funders say to journalists, “For those in the investment industry, the block chain has a fairly high technical threshold, and it's hard for those who do it to understand. So there's still a very small number of people who do it.”
说起币圈的故事，不少早期就参与虚拟币投资的投资经理表示自己亲眼见证过身边人的暴富，但同时，有基金经理也指出，虽然币圈有很多致富的故事，但是其实每个通过币圈富起来的人都不简单。“外界看到的都是币圈里一夜暴富的神话，但是那些致富的人付出的艰辛，是外界根本看不到的。”
To tell the story of the currency circle, many investment managers who had been involved in virtual currency investments at an early stage said that they had witnessed the rich people around them, but at the same time, some fund managers pointed out that, while there were many stories about the rich in the currency, it was not easy for every person who had been rich through the currency ring. “What the outside world sees is a one-night myth of the rich in the currency, but the hard work of those who have been rich is simply invisible to the outside world.”
每个早期参与者都有很多故事。有一个故事是这样的：有个很早投身开矿事业的人，前几年弄丢了几万个比特币，错失了暴富的机会。但是不久前，他投资了一个小众虚拟币，该虚拟币在一年时间内涨了一万倍。
Every early participant has a lot of stories. One story is: a very early miner who lost tens of thousands of bitcoins in previous years and missed his chance to be rich. But not long ago, he invested in a small virtual currency, which increased 10,000 times in a year.
还有一个故事会很容易让人联想到“封闭式基金”。故事是这样的：每个虚拟币的创始团队都会为自己留一些币，但创始团队往往容易出现卖早了的情况。有一个创始团队的虚拟币却有一定的封闭期，大家伙儿都不能卖，要等解禁了才能卖，结果这个团队的每个人都发了。
There is another story that can easily be associated with a “closed fund.” The story is that every start-up team of virtual coins leaves some money for itself, but the start-up team tends to sell early. A start-up team’s virtual currency has a certain period of closure, and the big guy can’t sell it until it is released, and everyone in the team sends it.
投资必须做好归零的准备
Investments must be ready for zero.
币圈可不只有喜剧。
The currency circle is not just comedy.
据业内人士介绍，有很多年轻投资者由于对投资理解不深，只看到虚拟币暴涨的一面，而不知其中风险，往往遭受巨额亏损。而且，由于一些虚拟币交易所还提供杠杆资金，而虚拟币的波动又很大，所以极易导致投机客爆仓。此前就有媒体报道了一个典型案例，有个大学生因杠杆炒币，不仅亏光了父亲给的学费和生活费，还欠下了大笔债务，难以偿还。
According to industry sources, many young investors often suffer huge losses because they have little understanding of their investments, but do not know what the risks are. And, because some virtual currency exchanges also provide leverage funds, and virtual currency fluctuations are so high that they can easily lead to speculation.
近几日，虚拟币市场出现了普跌走势，一位高位买入的新手玩家告诉基金君，在短短半个月时间里，在没有加任何杠杆的情况下，他投入的资金已经被腰斩。
In recent days, the virtual currency market has shown a downward trend, with a high-ranking new hand player telling the Fund King that in a short period of half a month, without any leverage, the money he invests has been cut off.
实际上，在采访中，基金君发现，不少投资者都强调同一件事，那就是当你考虑将一部分虚拟货币作为资产配置的时候，你必须首先认真思考一个问题：如果这部分资金最终全部归零，你是否能够平静地接受。
In fact, in an interview, the King of the Fund found that a number of investors had emphasized the same thing: when you think about a portion of virtual currency as an asset allocation, you have to think seriously about the question: if that part of the money is ultimately zero, can you accept it calmly?
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