分享时间：2019年7月30日21:00
Time-sharing: 30 July 2019, 21:00
分享主题：币圈的量化交易价值几何？
Share theme: How geometric of the value of quantified transactions in currency circles?
微信社群：羊驼区块链VIP学习群
Wet communities: camel block chain VIP learning group
主持人：金豆豆，HKDT商务总监
Moderator: Golden Bean, Head of Business, HKDT
分享嘉宾：Jack Hu，Bitglobal创始人
Sharing guest: Jack Hu, founder of Bitglobal
Q1首先，请您为大家介绍一下您个人以及公司的发展史和目前的发展情况，让大家可以对您有更详细的认识。
Q1 first of all, please describe your personal history, as well as your company's current development, so that you can have a more detailed understanding of you.
Jack Hu：我首先介绍一下我自己，Hello Everybody！Good evening.My name is Jack Hu.我之前一直是从事传统的金融行业，真正接触BTC是从14年开始，当时在北京有一个新金融联盟的会议，有个朋友投了一家公司叫锐波科技。同时锐波科技的创办人孙宇晨也被邀请过来，但是那个时候我跟他并不是特别熟，从他分享中了解了BTC，觉得这个东西很神奇，但是又和传统金融差别很大。
Jack Hu: Let me start by introducing myself, Hello Everybody! Good Evening. My name is Jack Hu. I've been in the traditional financial business since 14 years, when a new financial union meeting was held in Beijing, and a friend voted for a company called Sharpwave Technology. And Sun Woo-mun, the founder of sharp wave technology, was invited, but I wasn't very familiar with him at that time, and I learned from his sharing about BTC, which was amazing, but it was very different from traditional finance.
我在2014-2015年主要做股票操盘手，当时股票市场行情处于牛市，我从最开始管理3000万资金，收益到达1.2亿后退出，也在业内小有名气，但也错过了最早的那一波BTC行情。我All in进入区块链是从17年开始，那个时候虽然我们投了lCO项目，赚了一些钱，但是我觉得并不符合我自己的定位，后来几经周折，定了几个大的方向。
I was a major stock player in 2014-2015, when the stock market was in the cattle market, and when I started to manage 30 million money, and when the returns reached 120 million, I withdrew, and I was a small player in the business, but I also missed the first wave of BTC. My All in entry into the block chain started in 17 years, when we made some money, but I didn't feel like I was in the right place, and then, after a few weeks, decided a few big directions.
我觉得做事情还是要做自己最擅长的东西，所以还是回归到金融的板块，公司目前专注于数字资产的量化基金和流通性服务。主要服务于Fund基金、项目方、矿主、交易所、钱包等客户，目前我们Bitglobal管理的数字资产规模大概3800多个BTC，我们目前也在给十多家合作方提供流通性管理的服务。
I think doing what I do best is going back to the financial sector, where companies are now focusing on quantitative funds and mobile services for digital assets. For clients such as Fund funds, projects, miners, exchanges, wallets, and so on, we now manage more than 3,800 digital assets in Bitglobal, and we are providing mobile management services to more than a dozen partners.
Q2本轮行情从四月份开始上涨，到了七月下跌后，一直在调整，对于后市，我非常想听听您的看法？
Q2 has been changing since April, when it fell in July. Do I really want to hear your opinion about the city?
Jack Hu：还记得2018年在金色财经的量化论坛上，我作为主讲嘉宾去参加，当时很多人提出对于BTC的后市行情是怎么看的？因为那个时候还是处于熊市的阶段，所以就有人猜是1500美金、1000美金、3000美金等等，而我在会议上提出会在12月成立抄底基金，并且在3500美金左右成功抄底。
Jack Hu: Remember, in 2018, at the Gold Book Quantification Forum, I attended as a guest speaker, when many raised the question of how the BTC’s post-market business was perceived? Because it was still at the Bear City stage, some people guessed at $1,500, $1,000, $3,000, etc., at which I offered to set up a bottom check fund in December, and succeeded in doing so in the amount of $3,500.
现在回过头来看当时入场的时间点还是非常合适的，我们对今年的走势是非常看好的，并且是一直看好到明年的减半行情之后，毕竟现在币圈，其实还是由共识包括资金量去推动的。所以我们从去年年底一直看好到2020年的六七月份。关于7月份的调整，主要是8月的LTC的减半行情，整体获利盘的了结，在资本领域有一句话叫见光死。简单地说就是消息兑现后就会出现回调，再加上7月的Facebook监管和恐慌盘的出局。所以面临了一波调整，但是调整完之后，所有主流币还是要继续震荡上行，我们依然非常看好接下来的BTC减半行情，直到2020年6月之前的行情我一直看好。
Looking back at the time of entry, we are looking very well at this year’s movement, and we are looking forward to seeing it halved until next year, and now the currency circle, after all, is driven by consensus, including the amount of money. So, from the end of last year until June/July 2020. With regard to July’s adjustment, mainly about August’s LTC, the closure of the profit plate as a whole, there is one word in the capital field that will come back when the news comes in, plus July’s Facebook monitoring and panic drive. So, after a wave of adjustments, all mainstream currencies will continue to vibrate, and we still look very much at the next BTC’s halving until June 2020.
Q3近期大家比较关注Libra，您认为它最终是否能通过美国的批复？以及关于USDT这两天的听证会，会对市场造成什么样的影响？
Q3 has recently paid more attention to Libra, and do you think that it will eventually pass through the United States? What will the impact on the market of these two days of hearings on USDT?
Jack Hu：LibraLibra我是特别看好的，Facebook发币这个举动是触动了整个互联网大佬们的神经，更是触动了整个主权国家央行的神经，不管它能不能得到美国的认可。就算Facebook不干这事，其他的企业也会干，中国也是一样，BAT不干，央行也会干，尤其是像美元已称霸多年，谁能在数字货币的时代成为霸主，那它也将成为世界通用货币的霸主。我觉得这不是一个企业能够撼动的，可能是某个国家去带领的。目前这个事情一定有两个国家会干，一个是美国，另一个就是中国，所以我对这一块是特别看好的。
Jack Hu: I am particularly impressed by Facebook’s move to touch the nerves of the entire Internet gents, whether or not it is recognized by the US as a sovereign central bank. Even if Facebook doesn’t do this, other businesses will do it, China will do the same.
关于USDT的听证会，USDT的准备金率还是挺高的，它不像传统货币的准备金率那么低，目前数字货币其实还是基于强大的社区共识，所以我觉得听证会其实很难撼动它在大家心中的共识的。如果它不受到制裁，那USDT还会根据市场体量来新增资金，USDT增发对于BTC的行情实际上是非常大的带动作用。如果USDT受到制裁，其它稳定币也会弯道超车。所以这次听证会制裁或不制裁，对于BTC都是利好。
With the USDT hearing, the USDT reserve rate is still quite high, and it is not as low as the traditional currency reserve rate, and the digital currency is still based on a strong community consensus, so I think it is hard for the hearing to shake the consensus in your mind. If it is not sanctioned, the USDT will add new money to the market, and the USDT’s increase in BTC’s performance is actually a very powerful driving force. If the USDT is sanctioned, other stable currencies will bend over.
Q4您可以先为大家科普一下什么是量化交易吗？主要的服务对象是谁？盈利模式又是什么呢？
Q4 Would you like to take a quick look at what a quantitative transaction is? Who is the main client? What is the profit model?
Jack Hu：量化交易实际上是我们非常专注的领域，量化交易无非就是通过量化策略研发人员根据历史数据、指标包括对策略的独到看法，所形成的数据模型。利用计算机工程把它组合成量化策略。目的是减少人工操盘的情绪影响。
Jack Hu: Quantified transactions are actually areas of great interest to us. Quantified transactions are data models based on historical data, indicators, and unique perceptions of strategies by researchers and development agents. Use computer engineering to group them into quantitative strategies. The aim is to reduce the emotional impact of manual dishes.
因为在人工的交易里，实际上很容易受到自己情绪的影响，包括对行情的误判，所以就需要量化交易进行严格的仓位控制、风险控制、止损管理、止盈管理。
Because manual transactions are in fact vulnerable to their own emotions, including miscalculations, strict position control, risk control, damage control and surplus control are required to quantify transactions.
简单来说，就是用量化机器人去代替所有的人为操作，而不是用人去做主观交易。目前Bitglobal的服务对象主要是Token Foud基金、矿主、交易所、项目方、持币大户。我们目前所有的量化交易的盈利模式，主要是帮客户以币增币，再进行分成。
In short, quantitative robots are used to replace all man-made operations, rather than subjective transactions. Bitglobal currently caters mainly to Token Foud funds, miners, exchanges, projects, large-scale money-holdings.
Q5从您的专业角度，量化交易的过程中，如果遇到利空导致短期价格瀑布，有何策略来预防或止损呢？风险如何把控？有什么的优势？
Q5 From your professional point of view, what are the strategies to prevent or stop damage in the process of quantifying transactions in the event of short-term price falls in the face of windfalls? How are risks controlled? What are the advantages?
Jack Hu：量化交易每一种策略对市场的环境偏好都是不一样，比如像趋势策略，适合大波动行情，如果遭遇重大利空或者重大利好，形成啦长洲齐全的单边趋势。趋势型策略就会有比较大的收益。
Jack Hu: Each strategy for quantifying transactions has a different environmental preference for the market, for example, a trend strategy that is suited to large fluctuations, and that creates a unilateral trend across the continent if it encounters significant windfalls or major benefits. Trend-type strategies have greater returns.
套利策略需要发生多个交易对出现价格偏离的时候，才存在套利的机会，所以出现极端行情，价差偏离的会更加大点。
The arbitrage strategy requires multiple transactions for price deviations to take place before arbitrage can take place, so extreme behaviour can lead to greater price deviations.
高频做市策略偏震荡行情，如果出现单边行情往往会出现亏损。
The high frequency of market-based tactics is highly disruptive and often leads to losses in the event of unilateral behaviour.
对于碰到上述这种行情，我们会对应相关的情况制定相关策略，包括预防。并且我们所有的量化策略必须要严格执行仓位的控制，基本上占整体仓位的5到20个点区间，包括合约也要严格控制仓位，以及严格止损止盈，只赚确定性的利润。
In this case, we will develop strategies, including prevention. And all of our quantitative strategies will have to strictly enforce position control, with 5 to 20 points, essentially in the overall warehouse, including strict contractual control of position control, and strict controls on loss and gain, with certainty only.
同时我们会设置好止损点，一旦触碰到了止损点，量化策略就会严格地去执行，没有任何犹豫的余地。在数字货币领域中其实还有存在交易所的风险，因为我们发现所有的量化策略其实都是基于API来管理客户数字货币的资产，当极端行情服务器出现宕机后导致的API如果是无法正常下单的话，也会带来一定的风险。
At the same time, we will set a cut-off point, and when we touch the cut-off point, there will be no room for hesitation about the quantitative strategy. In the digital currency field, there is a risk of an exchange, because we find that all the quantitative strategies are based on API to manage the assets of the customer’s digital currency.
我们Bitglobal目前在风险控制，包括量化的策略已经运行了很长时间，我们也经历过几轮大波动并在这个市场上很好地活下来了。所以我们对各方面的风险把控经验也非常丰富。同时也为我们的投资人带来啦比较丰厚的回报。
We in Bitglobal have been working on risk control, including quantitative strategies, for a long time now, and we have experienced several rounds of volatility and survived well in this market. So we have a lot of experience with risk management.
Q6 Jack你能介绍一下你的量化基金团队和你们的量化基金产品吗？
Q6 Jack, can you introduce your Quantified Fund Team and your Quantified Fund product?
Jack Hu：我们团队有海外回来的海龟，还包括本土的技术精英，并且前一段时间新加入两位来自BAT的技术大拿，主要负责bitglobal的所有的策略的实现，以及流通性管理软件的高标准优化。我们立志要把这一块做到量化行业的最高标准。
Jack Hu: Our team has sea turtles returning from overseas, including indigenous technocrats, and has joined two new technocrats from BAT for a period of time, mainly to achieve all the strategies of Bitglobal and to optimize the high standards of mobile management software. We are committed to achieving the highest standards in the quantitative industry.
关于量化产品的话，我们目前管理的规模是在3800多个BTC的量化规模，今年获利最高的是我们的大趋势策略，也就是去年12月份，做的第一期跟第二期的抄底资金，我们的抄底资金也是根据现货的趋势，再加上量化稳健策略，形成的一个策略组合。目前盈利已经到达500%（usdt本位）以上。
With regard to quantitative products, the scale of our current management is the size of more than 3,800 BTCs, and the most profitable of this year is our big trend strategy, which in December last year was to take down the first and second tranches of funds, which are a combination of strategies based on spot trends, coupled with a robust quantitative strategy. The profits are now over 500 per cent (usdt base).
Q7很多人认为量化基金不可信，不靠谱，您能说一下他们为什么会产生这种观点？
Many people in Q7 believe that the Quantified Fund is untrustworthy and unconvincing. Can you say why they have this view?
Jack Hu：在币圈有一句话叫：熊市囤币，牛市赚钱！量化基金从18年的5月份到现在，都是比较火爆的热点，尤其是在去年基本上每一家主流的媒体，都会搞很多量化基金的分享会，在去年的时候，量化资金行业已经进入了一个洗牌阶段。目前市场上真正做量化策略的团队并不多，很多主观交易打着量化交易的口号，但是因为仓位的控制不严格，下单完全凭感觉，不凭数据操作，最后出现爆仓等负面消息，都造成了大家对量化的误解。所以投资量化一定要找比较好的品牌。
Jack Hu: In the currency circles, there is a saying: Bear City hoards money, Bull City earns money! The Quantified Fund has been a hotspot from May 18 years to the present.
Q8我们普通人要如何辨别量化基金的好坏？
Q8 How do we ordinary people distinguish between the good and the bad of quantitative funds?
Jack Hu：非专业人士对量化基金的好坏，辨别难度还是挺高的，虽然历史并不代表未来，但是还是要看量化团队的历史业绩。我们Bitglobal真正进入到大众的视野是在去年12月到今年的1月份，当时我们参加共识实验室跟火星财经举办的量化大赛，过程中一直稳居第一，最后获得了第二名的成绩，对当月BTC的收益是65%。
Jack Hu: While history does not represent the future, it still depends on the historical performance of the QE. We in Bitglobal really came to the public’s attention from December to January of last year, when we took the first step in the process of the QEL and the Mars Finances, and ended up with a second score, which was 65 per cent of the BTC’s returns for that month.
这个收益是非常亮眼的，但是也并不能保证每个月的收益都是如此的可观，因为量化资金的收益，其实还是跟市场行情密不可分的。
This is a very bright gain, but it does not guarantee a significant return every month, because quantifying the return of funds is still inextricably linked to the market.
关于辨别的话，我觉得一定要找一些市场比较有品牌的、比较老的团队。因为如果这个团队它没有经历过几轮比较大波动的行情，实际上它的风控并没有太完善。第二点，就是在这个市场上要找比较有良好口碑的量化团队，这个也是非常重要的，因为一个好的团队，口碑一定是重于一切的，第三点，要对这个团队长期观察，这个团队的业绩以及业绩的稳定性也是非常重要的。
In terms of distinguishing, I think it is important to find some of the older teams that are more branded in the market. Because if this team has not experienced several rounds of more volatile behavior, in fact its wind control is not too perfect. The second point is that it is also very important to find a better quantitative team in this market, because a good team must be all-important, and the third point is that the team’s performance and the stability of its performance are also very important for its long-term observation.
Q9您能预测一下未来量化基金的发展方向，以及未来会遇到什么瓶颈，你们又是如何对应的？
Q9 can you predict the direction of the future quantitative fund and what bottlenecks it will encounter in the future, and how do you respond?
Jack Hu：目前市场的体量还是有点少。就连币王BTC，也就是只是一个茅台的市值，对比传统的金融市场还是有差距，传统金融市场有非常多的巨头，也会有非常多衍生品的。同时也会有很多量化对冲的工具，未来会越来越偏向于专业化、巨头化、垄断化，包括未来华尔街入场，实际上也会带动行业越来越专业化。
Jack Hu: The market is still a little small. Even BTC, which is just a low-end market value, is still a gap between traditional financial markets, which have a lot of giants, and a lot of derivatives.
我们未来会遇到什么瓶颈，其实就是监管到底能不能放开，开放监管实际上会对体量增长来说是非常有利的。
What bottlenecks we face in the future are, in fact, whether or not regulation can be liberalized and open regulation can actually be very beneficial to growth in terms of volume.
那么我们目前如何应对？我觉得我们对整个市场的布局具有超强眼光，就像我们去年布局的抄底策略做的是两年的产品。布局生态上，会站在长周期的角度去看待。我们的基金产品的设计偏向于传统的风控。
So, what do we do now? I think we have a very strong vision of the whole market, like the two-year product that we did last year's layout strategy. The layout is ecologically viewed from a long-cycle perspective. Our fund product is designed in favour of traditional wind control.
我相信未来非常美好，我们已经做好了迎接未来的准备，当然我们还是要把眼前的事情做得更漂亮，让投资人能够稳健获利，对于我们来说是非常重要的。
I believe that the future is very good, that we are ready for it, and that it is very important for us, of course, that we do the things that are ahead of us better and that investors be able to make a sound profit.
Q10最后，您对我们羊驼社群的驼粉还有什么建议吗？
Q10, in the end, do you have any advice for our camel pollen community?
Jack Hu：我们对羊驼区块链早已久仰大名，羊驼社群是一个非常强大的社群共识的群体。也是希望未来我们的量化以及流通性管理，能够跟羊驼区块链有更加深度紧密的合作，能够听到更多社群的声音，同时也希望大家能够共同的成长、合作，去实现财务的自由，包括精神财富的自由。
Jack Hu: We have long known the camel block chain, and the camel community is a very powerful community consensus group. It is also the hope that in the future we will be able to work more closely with the camel block chain, to hear more community voices, and to grow together, to work together to achieve financial freedom, including freedom of spiritual wealth.
访谈过程嘉宾和主持人观点不代表羊驼区块链立场，数字货币市场具有高风险，投资需谨慎噢。
The views of guests and moderators during the interview process do not represent a chain position for camel blocks, the digital currency market is a high risk and investment needs to be prudent.
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