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Famed Chinese financial writer: Li Xiaolai went out of business but taught us a common sense lesson

Wu Xiaobo, Dean of the School of Management at China’s Zhejiang University, director of the country’s National Institute for Innovation Management and famous Chinese financial writer, has recently published an article titled “Li Xiaolai went out of business but taught us a common sense lesson”.

According to the article, though blockchain is definitely here to stay, this cutting-edge technology has become a tool for speculators eager to capitalize on retail investors, as it has a lot of “blind spots”.

Wu Xiaobo believes that stripping blockchain off all the hype and depreciation of bitcoin are the only ways for the industry to come down to the ground and regain rationality.

“We should be thankful to Li Xiaolai, who is about to leave the industry, because he gave us a vivid common sense lesson, although for some people, this tuition turned out to be a little too costly,” – he concludes.

As reported earliler, Li Xiaolai, Chinese bitcoin whale and founder of venture capital firm BitFund, has recently announced that he is not going to invest in blockchain projects any more.

“I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet,” – Li said in a Weibo post.

This news was provided by sanyanblockchain.com, our partnering media source in China.