(Source: Unhashed) Nearly an hour of secretly recorded audio of Chinese Bitcoin Billionaire, Li Xiaolai, has been leaked onto the internet today. Translations of the recording reveal shocking statements about major players in the cryptocurrency community, including NEO, Tron and Binance.
Li Xiaolai is considered a celebrity in China; he was one of the first investors to publicly collect Bitcoin and in the biggest ICO in China’s history, raised $79.8 million in July, 2017 for his PressOne cryptocurrency.
Translations of the leaked audio released today reveal scathing attacks made against major players in the cryptocurrency community along with the community itself. The recording also contained condemning statements about the scam-like nature of many ICOs.
Here are some of Li’s key points:
- Successful ICO campaigns are built upon building a following, and finding opportunities for publicity stunts.
- A person needs to become a celebrity before starting any blockchain based project. Blockchain project creators need people to believe in them, and most people are dumb and easy to manipulate. Fan-flow is the core competition. The rest of the factors are largely bull-shit.
- The word ‘consensus’ is a lie. If enough idiots believe in your lies, then you will have ‘consensus’.
- Investing and trading cryptocurrencies are not going to make regular investors any money.
- The majority of popular coins and exchanges are scams.
- Qtum is a scam. The coin has absolutely no value, and the project will never succeed. Xiaolai was responsible for leading Qtum’s promotion for 6 months. Qtum creator, Patrick Shuai was running a simple scam, and Xiaolai regrets not insisting on Qtum having a finished product before promoting the coin.
- NEO is a stupid project and is worthless. NEO’s price was driven up solely by big venture capitalists who bought in due to hype. Even Da Hongfei (CEO of Onchain) knows this and he himself is holding very little NEO.
- Litecoin (LTC) is stupid. The creator of Litecoin, Charlie Lee, does not even believe in the project himself. There is no innovation behind Litecoin. It’s just a knockoff of Bitcoin. Lee only started working on Litecoin full time when he realized how many idiots had believed his lie about Bitcoin being the gold and Litecoin being the silver. Lee sold all his LTC during the boom and began working with Coinbase.
- It is impossible to make money during a bear market, so during that time the best thing to do is build a following so that when a bull market comes you can capitalize on your followers.
- Xiaolai began a blog in 2015 for the purposes of selling his book and growing his following for future projects when the bull market comes.
- The driving force for Xiaolai and many other leaders in the crypto market isn’t making great products, but garnering attention. Pride becomes the driving motivation. If you have been to the top, you want to stay there.
- Two of the biggest scammers in crypto are Zhao Changpeng (founder of Binance) and Justin Sun (founder of Tron). Changpeng in particular is not a good person. He knows very little about technical issues. Binance’s success is largely due to all the other exchanges in China being shutdown during the Chinese cryptocurrency ban in September, 2017. Staying ahead of people like Changpeng and Sun is a driving force in Xiaolai’s life.
- China’s cryptocurrency industry is a rumor driven market. Large amounts of FUD are produced and easily manipulated by the few in power. It is risky and foolish to sign up on exchanges and start investing.
These translations were gathered from Asia Crypto and unpublished sources. Unhashed is keeping a close watch on this story as it breaks and will be adding further details as they become available. Link to the original video can be found below.