问题一：请您简单介绍一下XMEX平台
XMEX是一家专注数字资产衍生品交易的平台，于2018年在塞舌尔创立。目前我们平台已经获得了赛舌尔、美国、加拿大金融服务牌照，在美国、日本、新加坡、香港、加拿大等8个国建立了12个本土化交易服务中心，由国际化专业团队研发运营，面向全球数字资产用户提供最专业最顺畅的合约交易服务。
XMEX创始团队来自BitMEX、摩根士丹利、中金所、恒生电子等金融机构，分布全球的研发团队有超过100人。由金融行业资深专家团队开发完成，保障交易平台的安全、稳定、高效运行。每秒可处理百万级订单，同时支持超2000万用户在线交易。至今为止，XMEX从未发生过一起盗币、偷币等风险事件。
今年年初，XMEX全球用户数已经突破了300万，日均交易额超307亿美元。过去一年XMEX平台年度总成交量达到6.75万亿美元、单日最高交易额峰值634亿、单日最高交易人次达86000余次，累计招募合伙人超8100人。XMEX取得的这些成绩也说明了我们在比特币合约的领先地位得到全球用户和市场的认可。
Question 1: Please you Introduce the XMEX platform?
XMEX is a platform focusing on digital asset derivatives trading that founded in Seychelles in 2018. At present, XMEX has obtained Financial Service Licenses from Seychelles, United States and Canada. XMEX was established 12 localized transaction service centers in 8 countries including the United States, Japan, Singapore, Hong Kong, and Canada, which are developed and operated by an international professional team. Global digital asset users provide the most professional and smooth contract transaction services.
The founding team of XMEX comes from financial institutions such as BitMEX, Morgan Stanley, CICC, and Hang Seng Electronics. There are more than 100 R&D teams distributed worldwide. It is developed and completed by a team of senior experts in the financial industry to ensure the safe, stable and efficient operation of the trading platform. It can process millions of orders per second and support online transactions of over 20 million users. So far, XMEX has never had a risk incident such as theft of coins or theft of coins.
At the beginning of this year, the number of XMEX global users has exceeded 3 million, with an average daily trading volume exceeding 30.7 billion US dollars. In the past year, the total annual trading volume of the XMEX platform reached 6.75 trillion US dollars, the highest single-day peak trading value was 63.4 billion, the highest single-day trading number reached more than 86,000, and the cumulative recruitment of more than 8,100 partners. These achievements of XMEX also show that our leading position in Bitcoin contracts has been recognized by users and markets around the world.
问题二：XMEX2018年注册到现在已经成为了合约领域的头部交易所之一，想必一定有什么成功之道或者是突出的优势，您能简单聊聊吗？
其实也谈不上成功之道。XMEX能去的今天这样的成绩最关键的一点就是“用户至上”的理念。我们一直把“用户至上”视为平台发展的核心理念。XMEX自成立以来，始终坚持从用户角度出发，聆听用户需求，快速将用户需求转化为产品功能。我们在交易体验和操作上做了很多创新，都是源于用户、服务用户。产品设计上，借鉴了苹果公司的产品逻辑，奉行极简主义。我们的愿景是让每个人一分钟了解交易，每个人都有公平的交易环境。为了让用户0基础、0成本、0门槛看懂交易、学会交易，我们设立了新手指南、福利中心、《小白交易100问》等多个新手向交易辅导功能，方便新用户理解行业、理解交易，认知风险，管控风险。
推动合约之王XMEX崛起的有7种力量，被我们总结为：顺势而为、用户至上、合作共赢、锐意创新、自主研发、全球合规以及勇于竞争。
Question 2: XMEX registered in 2018 and has now become one of the leading exchanges in the crypto contract field. There must be some success or outstanding advantages. Can you briefly talk about it?
In fact, there is no way to success. The most critical point of XMEX’s achievements today is the concept of “Customer First”. We have always regarded “Customer First” as the core concept of platform development. Since XMEX establishment, XMEX has always insisted on starting from the perspective of users, listening to user needs, and quickly converting user needs into product functions. We have made a lot of innovations in trading experience and operation, all of which originate from users and serve users. In product design, we borrowed from Apple’s product logic and pursued minimalism. Our vision is to let everyone understand the transaction in one minute, and everyone has a fair trading environment. In order to allow users to understand transactions with 0 basics, 0 costs, and 0 thresholds, and learn how to trade, we have set up a novice guide, a welfare center, and “100 Questions on Little White Transaction” and other novice transaction guidance functions to facilitate new users to understand the industry and understand Transaction, perception risk, control risk.
There are seven forces that promote the rise of the king of contracts, XMEX, which we summarized as: taking advantage of the trend, user first, cooperation and win-win, keen innovation, independent research and development, global compliance, and the courage to compete.
问题三：XMEX交易所在去年获得了年度最佳创新衍生品交易平台等不少奖项，与火币、币安同台领奖，那么创新这一方面XMEX做了哪些突破呢？
以XMEX首创“多仓位管理”为例，最初就是由一位资深用户建议而发起，经过大规模的用户调研，近90%的用户都支持多仓位模式 — — 更简单和直观、有利于用户自身资产账务和风控管理。经过约两周紧张的研发周期，“多仓位”模式顺利上线，赢得一众用户的支持。我们率先开创了多仓位管理、闪电开仓、一键平仓、阶梯强平、止盈止损、全仓逐仓同时、交易跟单、价差保护等等行业领先的创新功能。
Question 3: XMEX exchange won many awards last year, such as the Best Innovative Derivatives Trading Platform of the year, and received the awards on the same stage as Huobi and Binance. So what breakthroughs has XMEX made in terms of innovation?
Take XMEX’s first “multi-position management” as an example. It was originally initiated by a senior user’s suggestion. After large-scale user research, nearly 90% of users support the multi-position mode-simpler and more intuitive, and beneficial to users. Asset accounting and risk control management. After about two weeks of intense research and development cycle, the “multi-position” model was successfully launched and won the support of a large number of users. We are the first to create industry-leading innovative functions such as multi-position management, lightning opening, one-click liquidation, step liquidation, stop-profit and stop-loss, simultaneous full position, copy trade , spread protection, etc.
问题四：众所周知，安全对于一个交易所来说是重中之重的。那么像XMEX这中大体量的交易所，目前在安全和⻛控的投⼊上主要包括哪些部分？
安全的风控分很多种，包括资产安全、交易安全、系统稳定性等方面。
首先，从底层技术来说，我们是自主开发和搭建底层技术的。无论是在交易风控上，还是交易撮合引擎上，都投入了大量的研发工作，基本达到了军工级的加密保障措施，可以100%保证用户数字资产的安全性。XMEX当前具有三层安全系统，为的就是全面安全审计。
其次，我们的团队成员都是业内顶级数字资产领域专家，还有传统金工技术团队。成员都是摩根士丹利、中金所、恒生、这种顶级公司的精英，在风控模型的设计上绝对是足够专业的。
行情的波动其实很考验投资者的风控能力，这种行情也对交易所的系统稳定性有着很高的要求。这一方面呢，XMEX一直在做技术建设，比如说，我们会通过提高系统单元模块的处理能力，来提升系统的吞吐性，以应对极端行情，保持交易服务正常运行。
再从产品设计上来说，为了保护交易安全，我们也是首推开单止盈止损、一键反向开单、一键平仓、双向多仓机制等六大创新功能，可以有效帮助用户降低仓位风险。这都是经过用户实战验证了的东西。
另外XMEX全球首创了交易保障基金，其中包括“异常行情穿针保障基金”和“第三方事故保障基金”，对于出现插针、宕机等问题给用户造成的亏损平台将会理赔，这就很完美的解决了合约交易中的几大顽疾，用户交易的时候也会减少很多后顾之忧的。
Question 4: As we know, security is the top priority for an exchange. So, what are the main parts of the security and control investment of a large exchange like XMEX?
There are many types of security risk control, including asset security, transaction security, and system stability.
First of all, in terms of the underlying technology, we independently develop and build the underlying technology. Whether it is in transaction risk control or transaction matching engine, a lot of research and development work has been invested, and it has basically reached the military-grade encryption protection measures, which can 100% guarantee the security of users’ digital assets. XMEX currently has a three-layer security system for comprehensive security audits.
Secondly, our team members are all top experts in the field of digital assets in the industry, as well as traditional metalworking technical teams. The members are all elites from top companies like Morgan Stanley, CICC, Hang Seng, and they are absolutely professional enough in the design of risk control models.
The volatility of the market actually tests the risk control ability of investors, and this kind of market also has high requirements for the stability of the exchange’s system. In this regard, XMEX has been doing technical construction. For example, we will improve the throughput of the system by improving the processing capacity of system unit modules to deal with extreme market conditions and keep trading services running normally.
In terms of product design, in order to protect transaction security, we are also the first to introduce six innovative functions such as order opening stop loss, one-click reverse opening, one-click closing, and two-way multi-position mechanism, which can effectively help users reduce Position risk. This is something that has been verified by users in actual combat.
In addition, XMEX created the world’s first transaction protection fund, which includes the “abnormal market penetration protection fund” and the “third-party accident protection fund”. The platform will compensate users for losses caused by problems such as pin insertion and downtime. It perfectly solves several stubborn problems in contract transactions, and users will also reduce a lot of worries when trading.
问题5:. 从去年后半年开始，比特币一路高歌猛进，10万美元可能是比特币的下一个关口吗？
5. From the last year, Bitcoin has been advancing all the way. Could 100,000USDT will be the next threshold for Bitcoin?
比特币在2021年成功超越了早先5万美元的目标价格和1万亿美元的市值门槛。随着需求的上升与供给的下降，以及越来越有利的宏观经济环境，比特币作为一种资产类别已经成熟，对黄金的相对波动率正在下降，如果这种新生的数字资产继续有类似的表现，那么几年后其波动率将小于亚马逊和其他股票。比特币正在获得进入60/40混合的势头，部分原因是当与黄金搭配时，顶级加密货币的表现优于标准普尔500指数，且风险较小。我个人认为比特币可能在2021年底达到10万美元的价格门槛。
Bitcoin successfully surpassed the earlier target price of $50,000 and the threshold of $1 trillion in market value in 2021. With rising demand and falling supply, as well as an increasingly favorable macroeconomic environment, Bitcoin as an asset class has matured, and the relative volatility of gold is declining. If this new digital asset continues to have similar Performance, then its volatility will be lower than Amazon and other stocks in a few years. Bitcoin is gaining momentum into the 60/40 mix, partly because when paired with gold, the top cryptocurrencies outperform the S&P 500 index and are less risky. I personally think that Bitcoin may reach the $100,000 price threshold by the end of 2021.
问题6:.当前市场上出现这样一种情况，供应量减少导致持有者不想出售。那么用户该如何赚钱？
6. There is a situation in the current market where the reduction in supply leads to the holders not wanting to sell. So how do users make money?
目前比特币卖家的情况与2017年相似，链上指标和比特币自2020年供应量再次减半以来的价格走势预示着卖出热情减弱，支持加密货币的升值倾向。新币的年开采量在2021年首次降至供应量的2%，长期持有者似乎和2016年一样不愿意出售。
The current situation of Bitcoin sellers is similar to that of 2017. On-chain indicators and the price trend of Bitcoin since the supply halved again in 2020 indicates a weakening of selling enthusiasm and supports the appreciation of cryptocurrencies. The annual mining volume of new coins fell to 2% of the supply for the first time in 2021, and long-term holders seem to be as unwilling to sell as in 2016.
我个人认为，随着每次区块奖励减半后供应量的减少，加密货币在供不应求后的过去几年中增长了55倍，过去的比特币模式很可能会继续流行。有迹象表明，即使比特币价格在4万美元以上，长期的比特币持有者不愿意卖出，这可能会使价格偏向更多的升值。对于普通的用户最保险赚钱的方式就是长线持有。
I personally think that with the decrease in supply after each block reward halving, cryptocurrency has increased by 55 times in the past few years after the supply exceeds supply, and the past Bitcoin model is likely to continue to be popular. There are signs that even if the price of Bitcoin is above $40,000, long-term Bitcoin holders are unwilling to sell, which may bias the price to more appreciation. For ordinary users, the safest way to make money is to hold for a long time.
问题7: 与法币相比，比特币是否是一种“合格”的货币？
7. Compared with fiat currency, is Bitcoin a “qualified” currency?
法币自身有诸多问题，比如它本身并无价值，而是以发行法币的政府信用作为背书。然而自纸币诞生以来，国家就很难抗拒滥用这种信用的冲动，远到13世纪的宋朝，近到上世纪70年代的津巴布韦。当政者开足马力印钱，恶性通货膨胀频发。
出于对当时政府的不信任，一些经济学家如哈耶克提出了在国家权力之外建立自由货币系统的想法，也因此被今日之比特币狂热者视为开山鼻祖的人物。然而，随着央行制度越来越成熟独立，货币政策越来越先进，到上世纪80年代，全球货币系统已经非常稳定。近几年，主要经济体都维持了一个非常温和的目标通胀率。因此，替代法币，形成一种完全自由货币系统的想法已经失去了部分必要性。
从货币功能的角度看，比特币与法币差别还是很大。
Fiat currency itself has many problems. For example, it has no value, but is endorsed by the government credit that issued the legal currency. However, since the birth of banknotes, it has been difficult for the country to resist the urge to abuse this credit, as far as the Song Dynasty in the 13th century, and as recently as Zimbabwe in the 1970s. Those in power are printing money at full speed, and hyperinflation is frequent.
Out of distrust of the government at that time, some economists such as Hayek put forward the idea of establishing a free currency system outside of the power of the state, and therefore are regarded by today’s Bitcoin enthusiasts as the pioneers of the mountain. However, as the central bank system became more mature and independent, and monetary policy became more and more advanced, by the 1980s, the global monetary system had become very stable. In recent years, major economies have maintained a very moderate target inflation rate. Therefore, the idea of replacing legal currency and forming a completely free currency system has lost part of its necessity.
From the perspective of currency functions, Bitcoin is still very different from fiat currencies.
首先，比特币不是一种好的交易中介。今天电子支付又快捷、成本又低，而比特币支付平均交割时间为10分钟，每笔需要支付的成本达到20美元以上。有时交易甚至需要几天才能完成，这是因为当大量交易发生时，区块链网络发生堵塞，而矿工们只会优先为那些开出高价的交易提供算力，将交易上链；而那些支付费用较少的交易只能在长长的等待名单里无人问津。人们提出建立比特币现金层的目的，就是为了加快交易认证和上链。
从价值储存角度看，法币和比特币本身都没有价值，不同的是法币有各国央行背书。如上所述，各主要经济体近几年维持了大约2%的温和通胀率。
与法币相比，比特币价格的波动性极强，很有可能在几周内翻倍或腰斩，更不用说长期持有。可以说大部分人持有比特币的目的是投资，而非储存价值。所以说现阶段比特币是无法代替法币的，还不太合格。
First, Bitcoin is not a good transaction intermediary. Today, electronic payment is fast and low in cost, while the average delivery time of bitcoin payment is 10 minutes, and the cost of each payment is more than 20 US dollars. Sometimes transactions can even take a few days to complete. This is because when a large number of transactions occur, the blockchain network is blocked, and miners will only give priority to those transactions that open high prices to provide computing power and put the transactions on the chain; and those payments Transactions with lower fees can only be left unattended on the long waiting list. People put forward that the purpose of establishing the Bitcoin Cash layer is to speed up transaction authentication and chaining.
From the perspective of value storage, both legal currency and Bitcoin have no value. The difference is that legal currency is endorsed by central banks of various countries. As mentioned above, the major economies have maintained a moderate inflation rate of approximately 2% in recent years.
Compared with fiat currencies, the price of Bitcoin is extremely volatile, and it is likely to double or cut in half within a few weeks, let alone hold it for a long time. It can be said that most people hold Bitcoin for the purpose of investment, not to store value. Therefore, at this stage, Bitcoin cannot replace legal currency, and it is still not qualified.
问题8: 比特币和法币能共存吗？
8. Can Bitcoin and fiat currency coexist?
比特币要取得成功，除了不断刷新新高的价格，它们还要可以用来交换实实在在的商品。假设越来越多的商家开始接受比特币，当它的网络突破一定的临界点，它一定会和各国法币产生竞争性的关系。
法币和比特币之间的均衡是不稳定的，博弈的终局一定是非此即彼的关系。尽管这种情景不太可能实现，但让我们想象一下，当比特币取得完全胜利，彻底替代法币会发生什么。为了便于统计，G20国家的M1总量为31万亿美元，为了达到相同的购买力，单个比特币的价格将升值到150万美元。此时，比特币的持有者将成为人类历史上最富有的阶层，而由于过快的升值，绝大部分公众将一贫如洗，特别是通过退休基金和共同基金持有财富的人。
话说回来，由于其本质问题，比特币作为货币的潜力非常有限。因此作为通行货币的话比特币与法币共存的可能性不大。我个人更倾向于比特币作为一种长期的投资资产，这就像股票、债券，是完全可以共存的。
For Bitcoin to succeed, in addition to constantly setting new high prices, they must also be used to exchange tangible commodities. Assuming that more and more merchants begin to accept Bitcoin, when its network breaks through a certain critical point, it will definitely have a competitive relationship with the legal currency of various countries.
The equilibrium between fiat currency and Bitcoin is unstable, and the end of the game must be an either-or relationship. Although this scenario is unlikely to be realized, let us imagine what will happen when Bitcoin achieves a complete victory and completely replaces legal currency. For the convenience of statistics, the total M1 of G20 countries is US$31 trillion. In order to achieve the same purchasing power, the price of a single Bitcoin will rise to US$1.5 million. At this time, Bitcoin holders will become the richest class in human history, and due to the rapid appreciation, most of the public will be impoverished, especially those who hold wealth through retirement funds and mutual funds.
Having said that, due to its inherent problems, Bitcoin’s potential as a currency is very limited. Therefore, it is unlikely that Bitcoin and legal currency will coexist as a common currency. I personally prefer Bitcoin as a long-term investment asset, which is like stocks and bonds, which can coexist completely.
