Author: Terry, vernacular blockchain

In the Spring Festival Gala of 2022, Shen Teng's sentence "I'm in the metaverse" made the Meme Dogeking of the same name soar into the sky, and a similar thing happened during this summer vacation:

The anti-fraud movie "All or Nothing", which was officially released on August 8, involved encryption elements in many places. Among them, the meme "Ketaicoin" with the same name as the one used for fraud in the movie, the transaction volume on the chain has already increased in just a few days. Reaching about 14 million US dollars, whether it is the number of people or the number of holding addresses, the popularity is high.

Nowadays, Internet frauds are becoming more and more tricks, especially against the background that the anti-fraud propaganda is sinking and deeply rooted in the hearts of the people. It is no surprise that "All or Nothing", which has won the total box office champion of Chinese film history The large-scale discussions inside and outside the encryption industry also seem to have led more people to directly equate encrypted assets with fraud.

01 Encrypted elements in "All or Nothing"

**First of all, let's take a look at the anti-fraud movie "All or Nothing", what encryption elements are there, and what do you want to express? **

Among them, the most widely circulated screenshot in the encryption industry is undoubtedly the "Ketaicoin" purchased by the character played by the actor Wang Dalu in the film for 8 million yuan, and the corresponding English subtitle is "Ethereum", which is exactly the same as the original English name of Ethereum. ".

**That is to say, the Token in this movie is actually another Chinese translation of the original English name of Ethereum. **In the film, Token is regarded as a fraudulent method used by fraud gangs to deceive victims and put funds into the slaughterhouse.

Another widely discussed encryption element in the film is a certain platform. Among them, the platform played by Wang Dalu's character spent 8 million yuan to purchase Token is positioned as a fraudulent tool used by fraudulent groups in the film. (This platform also has a platform with the same name in reality)

This kind of duplicate name also directly pushed the certain platform to the center of public opinion attention, and in the movie, the plot related to these encryption elements is the last link for the victim to be deceived, and ** is also the final cause of the deceived person’s suicide. It is equivalent to directly labeling the "encryption industry" as a fraud. **

It is worth noting that, as of the time of publication, this anti-fraud movie is becoming a dark horse at the summer box office: Maoyan Professional Edition data shows that the superimposed screening of "All or Nothing" and the total box office since its launch on August 8 reached 745 million yuan, and the total box office is expected to exceed 3 billion yuan.

Therefore, it is expected that this wave of labeling and depiction of encryption elements will continue to go out of the circle, and even with the big sales of this movie, more ordinary audiences who have never learned about encryption will be labeled as "encryption=fraud".

02 **The "stereotype" of encrypted assets? **

In fact, in this anti-fraud movie, whether it is a certain platform or "Ketai currency", various encryption elements are essentially just a packaging method for fraudsters to deceive victims.

That is to say, the "Ketaicoin" and a certain platform in this movie are just pyramid schemes and pig-killing scams under the guise of "blockchain" and "encrypted assets", just like in Yuan After the concept of the universe, artificial intelligence, quantum computer and even superconductivity became popular, some fraudulent means of peddling dog meat are just conceptual tools to be used.

The leader of the scam gang played by the actor Wang Chuanjun in the film once said personally: "If you make a small bet, let him win, and then give him (the player) some inside information. We have experts here, and a webpage can be published in 10 minutes. What they see All the webpages and games are all customized by us, that is to say, if I want him to win, he will win, and if I want him to lose, he will lose.”

**Some people in encryption also said that it is a bit "allergic" to say that the video labels this circle a scam. **Although the victim in the video commits suicide by jumping off a building because of investing in Token, its legal category is "pig killing" fraud, and the specific terms involved in it, such as "insider trading", "fund allocation", and "profit dividend" correspond to electronic fraud The "killing pig tray" in

The characteristics of killing pigs, usually scammers use asset speculation to earn high profits as bait to lure victims into remittances, but until the final principal is defrauded, victims may not have directly participated in asset speculation or trading, which involves The buying and selling K-lines, trends, etc. may be completely fraudulent server simulation displays.

So in a sense, it’s not that “blockchain” and “encrypted assets” are equated with fraudulent schemes such as pyramid schemes and killing pigs,** it’s the trickery of these scams, It has stigmatized neutral technical concepts such as "blockchain" and "encrypted assets". **

03 ** "Encryption" needs supervision to clear the source**

Whether it is the CBDCs that central banks plan to launch (such as China's digital renminbi DCEP), or the stablecoins that big companies are trying (such as Libra and the newly launched PYUSD), regulators and traditional financial institutions have been actively exploring encrypted assets. The application prospect of blockchain technology.

This will bring many benefits. For example, from the perspective of the financial system, commercial banks around the world can transfer the central bank's digital assets (CBDC) through cross-chain technology, and allow assets to circulate globally under compliance. international money transfers.

**However, we need to be clear that while blockchain and encrypted assets bring convenience and financial innovation, they also urgently need to be standardized at the regulatory level. **

**Even to a certain extent, the movie "Desperate for One Thing" expresses it more implicitly - in today's illegal activities such as fraud and killing pigs in the real world, stablecoins such as USDT have begun to be increasingly used Used for cross-border illegal fund transfer and other purposes. **

In recent years, XQ activities using the DeFi protocol have also expanded steadily. According to statistics, the DeFi protocol has received more than 70% of encryption-based payments related to illegal activities. Tornado.cash has become the "stolen foundation" of the DeFi hacker industry chain and XQ. facility".

At the same time, compared with the traditional financial system with strict supervision, the regulatory system for encrypted assets, especially stablecoins, has not yet taken shape, which makes stablecoins such as USDT and other on-chain tools begin to become a hotbed for criminals to do evil, thereby further Stigmatize blockchain and encrypted assets.

**However, since the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued sanctions against Tornado Cash last year, DeFi regulation has been put on the table. **

In the past month, the U.S. Congress has successively introduced or is considering a series of encryption-related bills, especially the regulatory bills involving stablecoins, which cover the field of encrypted asset supervision in a variety of ways, aiming to supervise the transition from stablecoins All topics to the jurisdiction of the regulator:**

Crypto Assets National Security Enhancement Act. A bipartisan bill focused on extraordinary asset transfers and sanctions compliance that, if approved, would have a major impact on DeFi protocols;

21st Century Financial Innovation and Technology Act. Aims to establish a reliable process for determining whether a digital asset is a commodity or a security, which, if passed, would define once and for all the CFTC and SEC’s regulatory roles for cryptoassets;

Digital Asset Market Structure Act. Aims to define the crypto-related roles of the SEC and CTC and develop a framework for regulators to determine whether certain cryptoassets are securities or commodities;

Digital Commodity Exchange Act. Mandating that stablecoin providers can register as “fixed-value digital commodity operators,” which includes recordkeeping and reporting requirements;

**In general, regulation and innovation need a balance. In the early stages of the birth and development of new things, barbaric growth is inevitable, but the subsequent compliance issues will become more prominent and become a vital lifeline, and will gradually rectify the source , let the neutral technical tools play their due correct value. **

Therefore, the label of "encryption = fraud" in "Desperate for All" needs supervision to get to the bottom of it. When more and more people experience the convenience brought by blockchain and encryption technology in their lives, the stereotype of "encryption = fraud" will naturally fade away.

Whether we are ready or not, for the crypto world, that day will finally come.