►
Description
Presentation at the Bitcoin South 2014 Conference in Queenstown, New Zealand.
Talk: "Bitcoin Adoption in Asia: A General Introduction"
Presented by Weiwu Zhang, our CTO Alphawallet
A
All
right
for
our
next
presentation,
zhang
werewolf,
is
an
entrepreneur
and
bitcoin
columnist
and
as
and
an
arbitrager
who
focuses
on
the
china
bitcoin
market,
he
believes
bitcoin
is
the
most
the
biggest
internet
innovation
of
the
decades
and
before
entering
the
bitcoin
industry,
he
has
been
working
as
a
professional.
It
consultant,
and
software
developer
for
10
years
zhang
will
be
telling
us
about
bitcoin
adoption
in
asia.
A
general
introduction,
please
welcome
zhang.
B
C
B
That
you
can
challenge
me
a
few
words
start
with
some
basic
introduction
to
asia.
People
here
know
asia
right
it's
a
little
bit
remote
on
this
planet.
Eighty
percent
60
percent
of
people
are
living
in
asia.
In
china
we
have
a
special
situation
that
remittance
is
either
free
for
most
of
banks
between
the
provinces.
You
can
consider
china
as
europe
between
different
countries,
they're
quite
cheap
or
fees
fees,
not
a
problem,
because
we
have
capital
flight
issues.
So
most
of
money
didn't
go
through
remittance.
B
They
go
through
a
black
market,
so
fee
is
really
not
a
problem.
Legitimacy
is
problem
and
very
cheap
transaction
fees.
That's
a
point.
Eight
percent
for
pulse
machines,
so
in
china
you
can
usually
you
can
pay
with
pause
machine.
They
don't
say
that
you
have
to
pay
more
than
ten
dollars
to
use
that,
and
banks
are
policy
tools
here.
I
often
heard
bank
bankers
are
greedy
in
this
country.
In
our
country
they
are
not
they.
B
B
There
are
two:
I
can
draw
two
circles
about
bitcoins
in
asia.
One
is
china
influence
sector,
the
other
is
the
other
countries.
China
influenced
the
sector.
Very
briefly,
chinese
people
speculate.
We
don't
have
many
payment,
processors
and
government
billing
visit
dealing
with
hong
kong
and
in
hong
kong.
They
are
currently
fine,
but
if
china
have
new
policy
about
bitcoin,
that's
going
to
influence
hong
kong,
vietnam
basically
is
looking
at
what
we
are
going
to
do.
Other
countries,
korea,
I
talked
to
korea
exchange.
B
B
There
has
a
chinese
idiograph,
try
two
chinese
character
on
it
on
it.
You
can
you
can't
miss
it.
China
made
the
main
name
in
the
mainstream
media
because
of
china.
Bitcoin
made
a
name
because
the
the
price,
the
buying
power
of
china,
pulled
up
bitcoin
price
to
over
1
000,
cny
and
later
over
1000
usd
that
started
from
china.
And
that's
the
point
where
I
addressed
myself.
B
I
made
a
small
name
by
predicting
this
event
and
later
I
become
columnist
writing
about
china
market
thanks
to
my
prediction,
so
I
know
it
and
and
then
the
things
I
often
realize
that
people
outside
of
china
time
after
time,
shocked
by
things
happening
in
china
like
suddenly
people
buy
a
lot
of
things
and
suddenly
people
sell
them
off.
I'm
not
too
surprised
every
time.
So
I
think
I'm
well
informed
about
the
market.
B
Oh
this.
This
is
only
satisfied,
correct
predictions
skip
it:
china,
china,
the
government,
says
bitcoin.
China
is
quite
particular
where
the
market
doesn't
decide.
It
government
decided
there's
one
same
similarity
similar
similar
from
china
and
the
west,
that
the
government
and
regulators
don't
understand
bitcoin,
but
that's
so
far.
How
does
inheritance
go
the
the
difference
of
china
and
west?
B
We
have
debate
whether
or
not
bitcoin
is
good,
and
we
have
trying
to
lobby
the
government.
The
regulators,
the
lawmakers
that
bitcoin
could
be
good.
If
we
don't
do
that,
innovation
happens
in
another
country
in
china,
our
government
is
pretty
sure
it's
a
bad
thing
for
them,
pretty
pretty
sure.
I'm
I'm
more
than
one
time
amazed
at
how
people
in
the
west
speculate
that
the
government
will
take
advantage
of
bitcoin
chinese
government
will
move
to
towards
bitcoin
and
use
it
against
the
us
or
use
it
against.
B
All
sorts
of
things,
but
no
they
don't
think
bitcoin
is
good.
So
if
china
sees
it
bad,
why
don't
they
crash
it?
Why
don't
they
simply
stop
it?
They
have
banned
it,
but
they,
but
we
are
we're.
Having
a
loophole.
We
allow
strange
ways
trading
anyway,
trading
china
still
happening
pretty
pretty
actively.
So
why
government
crush
it,
because
this
is
the
frequency
answer
I've
seen
on
the
internet,
because
the
the
bitcoin
is
decentralized,
no,
there's
no
single
point
of
failure
and
the
government
can't
can
kill
it,
but
that
that
can't
be
true.
We
have.
B
Our
government
has
succeeded
in
many
things
like
cutting
people
away
from
the
facebook
twitter
and
have
managed
social
networking
to
extend
that.
No
one
has
ever
did
on
this.
Planet
posts
are
being
filtered
and
people
don't
feel
censorship
either
because
they
only
see
what
the
same
information
they
were
supposed
to
see.
B
So
the
government
has
been
managing
this
really
good.
It's
like
people
are
evolving
and
the
government
is
evolving
too.
They
have
the
solution.
I
don't.
I
don't
okay
here
the
real
reason
why
it
is
not
crushed,
because
it's
too
small
we
see
that
china
is
the
biggest
bitcoin
market
in
the
world
and
in
china.
If
you
ask
people
if,
if
bitcoin
is
popular
in
china,
no,
it's
not
popular
in
china,
we
have
a
1
000,
100
000
bitcoin
owners
appropriately,
and
that
means
it's
not
popular
at
all
to
illustrate.
B
The
point
here
is
the
bitcoin
global
market
capital
size,
which
is
about
four
billion
and
agarwood
market
size
in
china.
Don't
anyone
know
agaw?
This
is
a
chinese
thing.
We
burn
it
and
smell
it.
It's
supposed
to
cure
every
disease
here
here
here
is
a
how
how
is
to
be
burned.
You
can
carve
some
chinese
character
on
it
and
then
it
the
the
rumor
cure
more
disease
kind
of
different
characters.
It
kills
different
diseases,
it's
how
popular
it
is
in
china,
I've
been
doing
business
for
10
years,
and
this
is
the
business
thing.
B
If
a
business
people
want
to
invite
the
other
one
for
dinner
and
after
dinner,
they
go
to
smell.
This
rumor
burn
this
wood
and
cure
every
disease
for
10
years.
I
have
never
been
invented
to
this
event.
For
one
time
I've
been
doing
business
in
china
for
10
years,
so
this
is
how
popular
it
is
in
argo.
Within
china,
not
popular
at
all,
and
the
market
size
of
this
thing
in
china
is
equals
to
the
bitcoin
size
in
the
world.
B
B
B
This
is
how
the
government
sees
bitcoin
our
government.
My
speculation
think
that
bitcoin
is
going
to
die
by
itself,
because
a
lot
of
things
at
this
size
died
by
itself.
They
don't
have
to
move,
they
move
if
it's
big
and
if
it's
big,
the
the
the
chinese
system
in
general,
believe
americans
want
to
control
things
more
than
we
do.
B
In
fact,
we
control
things
a
little
bit
more,
but
we
believe
the
u.s
will
act
first
and
most
importantly,
for
our
government.
At
that
moment,
they
are
doing
quite
well
is
to
establish
confidence
in
centralization
to
make
people
believe.
Centralization
is
better
than
decentralization
and
at
this
progress
they're
going
to
succeed
in
10
years
in
10
years,
most
people
in
china
will
believe.
Centralization
is
better
than
decentralization
right
now,
more
than
half
believe
so
so
for
the
government.
B
They
think
that
if
they
can
build
this
confidence
believe
in
the
communist
party,
then
they
can
easily
get
bitcoin
out
of
the
picture
outlook.
Oh
this
is
the
prediction.
Okay.
This
is
a
little
bit
long
time.
If,
if
bitcoin
grows
10
times
china
and
if
china's
center
of
growth,
china
will
bash
it.
If
not,
china
will
work
out
with
allies.
B
That's
my
prediction:
if
bitcoin
come
becomes
accessed
in
the
world
in
the
10
years
frame,
china
will
have
to
slowly
accept
it.
So
we
do
not
expect
growth
of
bitcoin
adoption
in
china.
We
expect
expect
that
the
negative
news
from
china
I
expect
in
next
few
years,
and
but
why
I'm
saying
this
because
I
believe
bitcoin
will
really
be
successful.
B
D
Would
you
change
your
prediction
about
china's
reaction
to
bitcoin
if,
at
the
same
time
as
bitcoin's
possible
great
success,
there
is
a
a
major
negative
downturn
in
the
value
of
fiat
currencies.
The
us
dollar,
particularly
those
currencies
used
by
china
for
trading
with
their
biggest
trading
partners,.
D
B
Okay,
I
cannot
answer
that
question,
but
I
can
give
a
view.
What
is
more
likely
is
that
china's
currency
will
have
its
own
problem
with
our
economy
is
one
of
one
kind
of
the
world.
We
have
a
growth
depth
faster
than
any
other
countries
in
the
last
50
years,
so
there
will
be
a
high
chance
that
china
and
china
u.n
will
collapse
before
usd
there's
high
chance,
and
if
that
happens,
the
bitcoin
control
will
be
stricter.
B
B
E
B
B
Let
me
talk
about
more
general
about
my
observation,
maybe
because
I
don't,
after
that,
china
hype.
I
was
closely
watching
market
sentiment,
but
after
that
the
the
thing
is
no
longer
martin
sentiment.
The
thing
is
government
policy,
and
this
is
harder
to
predict
on
the
right
time,
but
the
trend
is
generally
predictable.
B
I
will
share
another
view
of
between
you
right
now
we
are
looking
at.
There
was
a
talk
before
me
about
the
the
world
is
going
to
to
go
to
decentralization
in
general.
More
and
more
is
going
to
decentralize.
We
each
one
are
no
longer
following
the
hierarchical
order
of
the
world.
I
totally
support
that
view.
It's
a
very
good
thing
to
happen
and
I
believe
humanity
is
walking
right
towards
that
direction.
B
But
from
my
observation
in
china,
it's
going
to
the
opposite
direction.
I
don't
mean
that
the
the
the
word
the
word
world
is
going
to
evolve
into
decentralization
and
china,
I
believe,
will
evolve
into
centralization
for
five
or
ten
years
until
it
passes
the
world
until
it
change
the
trend.
Reverse.
B
A
Thank
you
so
much.
This
is
fascinating,
stuff
sang.
I
wanted
to
ask
you
about
the
black
market
economy
in
china
and
slightly
more
specifically
about
capital
flight
in
just
in
the
last
several
months.
There's
been
a
concerted
effort
to
deal
with
government
corruption,
and
I
know
that,
for
example,
places
like
macau
have
seen
a
massive
increase
in
the
use
of
those
locations
for
expatriating
corruption
originated
money
from
china,
specifically
in
in
macau,
you
can
go
into
a
store.
A
B
Right,
I
really
believe
it
will
happen,
and
I
believe
so,
half
a
year
ago,
when
some
someone
some
people
from
macau
already
trying
to
start
this
business,
we
met
each
other
in
the
conference
and
there
were
not
too
much
development
in
macau.
So
I
was
wondering
maybe
this
started
really
slow,
but
I
think
it
will
play
a
role
and
about
capital
flight.
China
is
controlling
it,
but
there
are
still
many
ways
to
get
capital
out
of
china
and
still
active.
B
When
you
look
at
china,
you
have
to
think
about
it
as
a
hierarchical
place
where
the
leaders
make
decisions
and
if
the
leaders
doesn't
kick,
the
things
doesn't
go
through
the.
So
china
has
much
shorter
attention
span.
If
they
focus
on
one
thing,
they
would
lose
other
focus,
and
it's
like
a
if
you
have
a
very
really
big
master,
lord
king
of
the
country,
and
he
has
to
approve
a
lot
of
things
he
missed
this
and
that
capital
flight.
B
If
the,
if
our
leader
gets
time,
they
will
control
it,
but
right
now
the
most
important
thing
is
to
boost
the
confidence
for
people
to
believe
in
the
centralized
government.
So
you
see
that
they're
trying
to
crash
it,
you
see
there
are
still
loopholes,
it's
not
let
it's
just.
They
don't
have
time
when
they
have
time
they
will
come
back
to
it.
G
G
B
I
met
one
of
the
ceo
of
one
of
the
top
five
exchanges
in
china
and
asked
him
the
same
question:
do
you
think
the
other
people
are
reporting
the
honest
value
and
he
says
we
are
reporting
the
honest
volume,
but
I
think
theirs
are
wrong.
I
think
if
you
take
half
a
half
out
of
it,
it's
closer
to
the
truth
and
then
walk
to
the
nether
of
the
office.
If
another,
ceo
of
a
top
five
china,
I
wouldn't
name
them
and
and
ask,
is
your
number
two:
what
about
the
competitors?
B
And
he
said
our
number
is
true:
the
competitors
well
take
half
out
of
it
and
it
should
be
true,
so
where's
the
truth.
I
think
you
can
take
everyone
half
out
of
everyone
and
that's
probably
close
to
truth
and
btc.
China
is
the
most
western
style
exchanges
in
china
because
in
china,
so
their
their
number
is
probably
closest
to
truth
because
in
the
west
we
have
this
value
of.
We
have
this
value
system.
You
you
need
to
be
honest.
If
you
found
dishonest
people,
don't
use
your
service
in
china.
B
H
H
B
Oh
this
one:
okay,
the
hong
kong
thing,
it's
complicated,
china.
The
communist
party,
has
never
been
challenged
like
this.
Before,
like
the
hong
kong's
recent
protest,
I
I
think
the
china
government
believe
they
have
it
under
control.
I
think
they
believe
they
have
it
kind
of
control.
Once
they
have
this,
they
will
slowly
move
the
the
control
current
control,
secure
control
of
security
control
of
bound
market.
B
C
E
B
No,
no,
the
the
the
if
bitcoin
is
used
by
the
government.
People
will
learn
a
wrong
lesson
that
something
starting
from
the
people
can
be
good
and
can
be
used
government.
This
is
a
very
long
lesson
after
people
learn
this
lesson.
Next
lesson
will
people
believe
democracy
then
this
will
be
disasterful.
B
And
I
believe,
china,
I
believe
the
crackdown
doesn't
have
impact
on
china
and
china
will
be
one
of
the
biggest
bitcoin
export
country
in
the
future.
For
the
simple
reason
that
we
have
a
centralized
planning
system
and
the
system
planned
more
power
than
it
would
use,
we
will
have
a
power
surplus
in
china
and
this
will
be
put
to
throw
them
by
by
other
means,
go
to
the
hands
of
miners.
So
with
miners
will
get
cheaper
power
than
anywhere
else
in
the
world.
It
will
be
export
country.