First of all, when you read this letter, the original data still needs the community to push Zhang Jian further to continue to hand over authority, but at present, the overall main permissions of the platform have been transferred (including public assets, major domain names, restored platform). Some people withdrew from the Provisional Committee due to pressure, but those we stay behind will continue to promote rebirth. Please understand that at present we have no way to use our real names. Maybe day when it allows, you will know that we have always been in the community.
I. Who is the Provisional Committee?
The Provisional Committee is composed of 15 members of the Social Council, major holders of mainstream coins, large holders of platform coins and some ordinary individual investors elected by the original referendum in the community.
Most of the people on the provisional committee are regular and active, which I believe most of the users in the community should know them.
They are all ordinary users or investors in the community, but after this incident, it was just a discussion at the beginning, because many of them had already had financial freedom, and although they had suffered heavy losses, there was no need to take risks for them. After all, the incident is now at the forefront of the storm. The whole community are full of doubts. Once handled carelessly, it would also bring personal risks, but in the end, whether it is for family, friends or a trust,
we decide to bear the responsibility, and look forward to our struggle bring the community out of despair and tide over the difficulties together.
The number of temporary committees is small, but there is no shortage of industry elites, including investors with experience in mergers and acquisitions of listed companies, successive successful entrepreneurs, well-known fund investors, founders of overseas Internet companies, core members of exchange operations, founders of traditional futures industry, trading analysts, international quantitative fund technical experts, and so on.
In addition, there are also some community friends who have not joined the Provisional Committee but actually making contributions.
At present, the provisional committee as a whole is relatively complementary in terms of personnel structure. There are exchange employees and experienced practitioners in the upstream and downstream of the industry. at the same time, overseas resources have also been supplemented.
For example, there exist people in the community who hold legal licenses for
overseas exchanges and have ten years of overseas operation experience.
In addition, in the following days, more capable, resourceful and responsible community members will be added through the mechanism to enhance combat effectiveness further.
II. What is the basis of Nirvana rebirth?
To make the exchange reborn, we must be quite familiar with the original spiritual core of the community first.
We have been in the community for almost 2 years, and we have come along with each other step by step. We can say that we know more about this community than anyone else outside, and we are full of feelings and expectations for this community.
This exchange and community was founded by Zhang Jian, who put forward the "vision of making traders the owners of the exchange" and the values of "not doing evil". These people in the community today are all united here because of this vision and values. we are deeply convinced so that we can have withstood the cold winter of currency prices. Because of deeply convinced, we have taken the initiative to lock up positions and lost the opportunity to cash out high prices. I vaguely remember that on the first anniversary, at the dinner table in Hong Kong, people talked more about how they should do their best to help the platform.
But unfortunately, Zhang Jian disappointed everyone completely.
We are the group of people who are most convinced, but in the end, we are also the ones who are badly hurt.
He did not do what the vision described to make us the "masters" of the exchange.
The Social Council and the partners have had no real rights ever, no right to know, let alone the right to supervise, and they may be in financial deficit and misappropriation for a long time, only to find we “the masters" are the last to know it.
But are the vision and values of the community wrong?
As a matter of fact, no, it was the executor who made the mistake. Today, we still believe in the original vision and values, as well as the future of the pass economy.
We need transparency and community supervision so that we can practice and tap the potential of the stock exchange in the right direction.
III. Where is our own potential?
The lack of transparency is a sore point for the whole industry, and what happens in FCoin today will happen again on other exchanges in the future. Recently, an exchange in the industry has misappropriated user assets. The black swan incidents will emerge one after another in the future.
Because of the temptation of vested interests and the need to whitewash data, it is rare to be truly open and transparent, and many practices are already open secrets.
Today, FCoin essentially has the basis for transparency, simply because there is no alternative but complete transparency.
If opaque, there is only a dead end. Without "naked" honesty, who can trust you again?
And we also hope that because of this opportunity, transparency will be thoroughly carried out to the end, including database assets, wallet assets, operating costs, everything that can be transparent, and financial data will also be linked to the end in the future.
We are well aware that transparency is a double-edged sword, and in the future, there will certainly be new users who will question why you have so few assets and why your trading volume is not as high as that of a certain exchange, but we still choose transparency, because we believe that as the market matures, more people will know what transparency means, where the value of transparency is, although transparency takes effect slowly, and it will even be difficult at first. But one day quantitative change will become qualitative change, becoming the real core of our new brand, and we also firmly believe that the road to simplicity, adhere to continuous transparency and re-transparency, from the original community "not doing evil" values to find our own new position, out of line with our own community values of the unique road of differentiation.
Having noticed that people in the community are talking about the topic of restart, which the quality is very high, I bet no other community in the industry has such an atmosphere and quality of discussion.
I just find what we have discussed most is, after the restart, why should we let others come to us to trade, what strategy do we have, why do we surpass other exchanges, and why can we succeed?
These questions, I believe many entrepreneurs have been asked by the investors countless times, "Tencent is already doing it, how can you surpass it? What if both of you and Tencent do?"
Zhang Yiming's Jinri Toutiao only had a team of 5 people in 2013. Today Tiktok make it , with its own efforts, to emerge from the ground in the news and information market, where there are many traditional strong enemies, and in the social media market where Tencent dominates the world.
The rapid growth of the market and high-quality talents are the core of success, while the strategy and environment are always changing, and good strategies need to be formulated and controlled.
First of all, as far as the market is concerned, we firmly believe that there will be dozens of large exchanges like Binance and Huobi in the future.
The second is talent, which is also the biggest advantage of communalization
and certification. No traditional start-up company can summon five or six founders and executives of excellent companies, a number of exchange industry experts and quite a few of senior technical personnel in just three days, while continuously work overtime to do the plan, do the technology transfer. But we have done it.
And there is no traditional start-up company that has such a rich potential for human resources in a short period of time. In our community, there are reserves of resources such as technology, market businessmen, upstream and downstream of industries, markets, operations, and so on. In addition, institutional investors who are also members of the community have also reached a consensus that they will be re-empowered at the right time in the future. Secondly, as for the effectiveness, although most of the community talents never know each other before, after 2 years of filtering by the community, we have a group of people with common values and vision to make remote communication run-in faster than expected, and it is easier to reach a consensus. The environment will change in the future, and so will the business. It is the key to have such a high-quality manpower reserve and combat readiness mobilization ability. Luckily, we just have such a unique community.
IV. Future challenges and governance.
We are well aware that the future is full of great challenges. No matter internally or externally, the current situation is more difficult than any other exchange. After having suffered such a heavy blow, catastrophic damage, the trust will take quite a while to repair. Nevertheless, we can let go of any burden because of this situation, and do our best to make assets transparent, so that the community's human resources can be maximized.
We hope to unify the strength of the community, whether it is creditors or shareholders (platform coins), whether to support the protection of rights or to restart, we will seek more common ground while reserving differences, and then discuss together with efficient governance, decision-making and supervision mechanisms, making the Social Council a true social committee with the power of supervision, and users the real owners of the exchange.
In the end, we may fail even if we have done it, but we will never succeed if do nothing.
Provisional committee. 2020.03.14