Introduction
This article originates from the WeChat public account "Wang Feng's Ten Questions" (ID: wangfengshiwen). The dialogue took place on May 2nd at 10 PM in the "3 O'Clock Mars Finance Founder Learning Group."
Participants:
- Cai Wensheng: Chairman of Meitu, founder of 265.com. Known as the "Godfather of Personal Websites" for organizing three consecutive China Internet站长大会 (Webmaster Conferences) from 2005 to 2007. Notable investments include Storm Player and 58.com.
- Wang Feng: Founder of Mars Finance, founder of HK-listed Blueport Interactive, and former SVP of Kingsoft.
Key Insights from the Dialogue
1. The Domain King's Journey
Wang Feng: You earned your first fortune through domain trading (e.g., uc.cn, qiyi.com, t.cn). What inspired you to organize the 2005 China Webmaster Conference in厦门?
Cai Wensheng:
- Entered the internet space in 2000 via domains due to low barriers to entry.
- Founded 265.com in 2003 and moved to Beijing after securing IDG funding.
- The站长大会 aimed to bridge grassroots webmasters with venture capital.
- Lesson: Understanding domain registrations provided insights into successful websites, a methodology applied later in angel investing and blockchain.
2. Angel Investment Philosophy
Wang Feng: As a member of China’s Angel Investment Committee, how do you evaluate peers like雷军 (Lei Jun) or徐小平 (Xu Xiaoping)? Should investors consider价值观 (values) beyond returns?
Cai Wensheng:
- Lei Jun: Invests in熟人 (acquaintances) and assesses team scalability.
- Xu Xiaoping: Romantic investor—backs projects that emotionally resonate.
- Social Responsibility: Highlighted龚虹嘉 (Gong Hongjia), who reinvested billions into societal causes. Personally backed农网 (farm-tech) and贷帮网 (micro-loans for farmers).
- Missed Opportunities: Nearly invested in Xiaomi, Meituan, and ByteDance but timing/location decisions led to misses.
3. Embracing Blockchain
Wang Feng: Why pivot to blockchain during the 2018 "3 AM Blockchain" craze?
Cai Wensheng:
- Blockchain mirrors the 2000 internet boom—a "historic泡沫" (bubble) but skipping it is riskier.
- 3 AM Group’s Success: Fueled by春节 (Spring Festival) downtime,轮值群主 (rotating moderators), and rules like "no红包 (red packets)" to maintain quality.
- Current Focus: 70% of blockchain projects will fail; only teams with落地 (practical applications) and strong networks will thrive.
4. Addressing BEC Controversy
Wang Feng: Clarify美链 (BEC)’s relationship with Meitu. Was the黑客 (hacker) attack due to technical flaws?
Cai Wensheng:
- BEC ≠ Meitu: Independent Singapore-based基金会 (foundation). Terminated partnership post-attack.
- Hack Aftermath: Exposed ERC-20 vulnerabilities industry-wide. OKEx froze 40/60 stolen BTC; users reimbursed +10%.
- Lesson: Blockchain startups require信用 (credibility)—"发币 is a lifetime commitment."
5. Investment Strategy
Wang Feng: Share your blockchain portfolio (e.g., Theta, Ontology) and logic.
Cai Wensheng:
- Owns "10,000 BTC" (accumulated post-2018 dip).
- Invested in 12+ projects: Some浮盈 (profitable), some浮亏 (losses). Long-term看好 (optimistic).
- Rule: Serve more people; embrace change (e.g., AI × blockchain convergence).
6. Future Outlook
Wang Feng: Can blockchain disrupt互联网 (internet) in 3 years?
Cai Wensheng:
- Synergy: All internet firms will adopt blockchain;反之亦然 (vice versa).
- Dream: Beyond货币 (currency), value emotions/ideas like文学家 (writers’) thoughts via blockchain.
FAQs
Q1: What’s the biggest lesson from your投资生涯 (investment career)?
A: Patience—e.g., 58.com/暴风 took 10+ years for returns.
Q2: How to avoid投机 (speculation) in blockchain?
A: Focus on teams solving real problems (e.g., supply chain, IP protection).
Q3: Will福建 (Fujian) remain a tech hub?
A: Talent is borderless; blockchain enables global collaboration.
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