Hong Kong Web3 Essays Collection: Hong Kong, the New Homeland for Crypto Jews?
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Hong Kong Web3 Essays Collection: Hong Kong, the New Homeland for Crypto Jews?
In mid-April, Hong Kong Blockchain Week was bustling with unprecedented excitement, releasing the pent-up enthusiasm that had long been building.
Navigating Web3 tides with focused insights
Since Token2049 in Singapore, writing a post-event essay seems to have become an industry standard. From joking about "Crypto Jews" to now regarding Hong Kong as a shared "safe haven," all this has happened within just one year.
In mid-April, Hong Kong Blockchain Week was unprecedentedly grand. Long-suppressed emotions were finally released—over a hundred side events dazzled attendees. Terms like “small ears,” “Brother Sun,” “Hong Kong Web3.0 Association,” and “yacht parties” flooded social media. After the noise in Hong Kong subsided, TechFlow has selected 11 essays for your reading.
Aaron Zhang, Linking Ventures: In Web3, Build Small Companies With Strong Profitability
1. Fundraising: VC firms may only have half a year left to scale up. After speaking with many potential LPs in Hong Kong, I aggressively pitch the timing and urgency of investment in this cycle. But they care deeply whether you hold one of the 10 asset management licenses—these licenses are quickly becoming the threshold that determines whether a fund can grow large. This kind of dynamic shift has occurred multiple times in fund history.
2. Why do so many feel there’s “more money than projects”? Because most TokenFunds are essentially speculative capital. The barrier to entry is low—second-generation wealthy individuals can easily take $1 million from their families to form a fund and invest $50k–$100k per project with great enthusiasm. But founders can’t rely on them. These funds won’t support you when you’re in trouble—they’re just crowd-funding contributors.
3. Real Crypto Venture: If you don’t have the capacity to write single checks over $1 million, don’t call yourself a Crypto Venture. Only funds capable of investing $1M+ per deal and exerting real influence on projects—whether in tokens or equity—deserve the title. Otherwise, stick to incubation (essentially co-founding) or secondary markets (just call it coin trading).
4. On Web3 Entrepreneurship: Build small companies with strong profitability. In Web3, you must “keep the company small.”
- Being small allows focus and enables you to genuinely collaborate within others’ ecosystems;
- There are already numerous examples of small Web3 companies making big profits;
- The industry evolves too rapidly;
- Traditional Web2 fundraising infrastructure no longer exists.
5. On Networking Events: The purpose of traveling far to attend should be efficient one-on-one meetings. For learning, watch livestreams—they’re less distracting. Avoid “Gatsby-style” parties; attend after-parties sparingly (mainly for reconnecting with old friends). Instead, prioritize individual meetings: coming together in the same city makes face-to-face conversations far more efficient.
6. On Policy & Regulation: Hong Kong's policies are still largely CeFi-focused and irrelevant to many entrepreneurs. For DeFi, continue operating in lightly regulated jurisdictions—keep building in places like the Cayman Islands. For speculative fintech innovation, operate within Fintech frameworks—the U.S. actually encourages this, and Singapore is also favorable. For Web2.5, Xiao Feng’s three-token model fits well in Hong Kong, while fiat-based incentives and points systems can be implemented on the mainland. For AI transitions, opportunities exist globally.
7. Master English. Here’s the truth: Industry standards before China’s September 4, 2017 crypto ban were also set by the English-speaking world—whitepapers had to be written in English. Never underestimate English due to cyclical shifts. I’m surprised many 90s-born professionals can’t understand English panels. Web3 practitioners should be among China’s most worldly (having traveled extensively) and fastest learners (otherwise they’d have been eliminated long ago). Strive to master English like native speakers do in Singapore.
Wang Yishi, OneKey: A Market Turning Point Will Come Sometime in 2024
1. The bear market is over.
2. When prices break $30K, four words float in the air: No Looking Back.
3. A turning point for the market will come sometime in 2024.
4. Singapore won—but not completely. Backed by 1.4 billion people, Hong Kong remains the bridgehead for Chinese financial innovation.
5. Long Crypto = Long China = Short USD.
6. Hong Kong government’s push for Web3 has Beijing’s backing. Whether it’s genuine or just flirtation depends on when the HKD stablecoin goes live on-chain.
7. U.S. regulators' long-term impact is massive. Any project with a token economy must ensure its operations are outside the U.S.—being a U.S. founder is a debuff.
8. If you want to build something meaningful in crypto, know this: now is almost certainly the last cycle ordinary people will get such an opportunity.
9. Today’s founders are two levels more qualified than last cycle—U.S. undergrad degrees are baseline, Ivy League grads are everywhere.
10. Grassroots Chinese founders’ biggest advantage is boldness—nothing else.
11. Infrastructure is still far from mature—plenty of opportunities remain. Even Hayes (Xiao Hei Ge)'s family office Maelstrom is placing major bets this year.
12. Last year’s FTX collapse shattered Western “White Jewish” worship. People finally realized that reliable exchanges are still run by Chinese teams.
13. Historically, 2023 will be remembered as the year the U.S. dollar monetary system began to crumble.
14. Web3 growth must center on technology and users—creating real value. Grand claims made at conferences are useless.
15. Not everyone gets to participate in humanity’s monetary-financial revolution. Neither our parents nor our children will have this chance.
16. Working anywhere is still working. If you plan to work a regular job forever, don’t come to Web3.
17. Web3’s narrative has shifted from cryptocurrency to AI.
Todd, Nothing Research: AI Makes It Possible for Everyone to Understand Code
The essence of crypto: it represents freedom—freedom secured by cryptography. Theoretically, if everyone could read code, everyone on crypto (or blockchain) would enjoy infinite transparency. Thus, everything built atop would be infinitely free—you could do whatever you wanted, because extreme transparency would expose every trick, forcing everyone to act honestly.
AI advancements make it possible for everyone to understand code.
Web3 should be seen as an internet upgrade—not emphasizing what the tech brings, but highlighting a grand vision. I don’t deny overlap, but using this term to obscure crypto feels like “scratching an itch through a boot.”
Hong Kong officials show strong support for Web3. Heads from the Financial Services Bureau, SFC, and HKMA all gave speeches. I even heard, “We’re not just a regulator—we’re also an accelerator” (paraphrased from English), a confidence boost clearly felt by every attendee. Also heard from friends: Web3 companies settling in Cyberport can receive HK$500,000 subsidies—a significant incentive.
Hong Kong’s Web3 regulation follows “same business, same risk, same rules”—a very prudent approach.
Beyond talks, exhibition booths were packed. I met many “online friends” from around the world—proof of crypto’s powerful global connectivity. Although my impression is that crypto is becoming more localized rather than increasingly globalized.
What will future regulation look like? Regulatory requirements vary greatly across regions—highly fragmented. The golden era when crypto companies could effortlessly go fully “global” may be ending. That’s worth discussing.
Sakkaku: Where Is Hong Kong’s Web3 Trend Heading?
Web3.0 => Builder > Fraudster > or "Fucker" with Suck girl.
This conference was utterly unoriginal—and I didn’t expect otherwise. Because this is merely the beginning of China entering the Web3 industry.
1. Web3.0: Markets won’t swing based on some KOL’s opinions or gatherings. Focus on policy, not project teams or their glamorous women. Amid CPI data releases and ETH Shanghai upgrades, many “Hong Kong trash” hype nonsense like Brother Sun’s projects—worthless in the long run.
2. Builder: This Hong Kong gathering isn’t another “spiritual Jew” meetup—it’s a “national entrepreneur” build-a-thon. Like patriotic entrepreneurs basking in national glory, they rush to win Hong Kong government support and become part of the official ranks. They pretend, “We’re not here to profit, just making friends!” but really mean, “Now that we’re here, give us a break.”
National entrepreneurs never truly serve the nation. Web3 Builders don’t serve Web3 either—they serve the crypto sitting in exchange wallets.
3. Fraudster: Scammers are everywhere in this industry. Things are never as shiny as they seem. The real threats lie behind organizers and the Hong Kong government.
4. "Fucker" with Suck girl: These Web3 “national entrepreneurs” are as desperate as Shanxi coal tycoons—always fucking or on their way to fuck. Hence “Suck girls”: with a Web3 veneer, making money is easy—especially for women. No brains needed, just good looks. Add “Web3” to your Twitter ID. Ladies, respect yourselves. And you Web3 sheep, stop dragging down the industry’s reputation—almost got all the vices covered: sex, gambling, drugs.
Summary: Hong Kong’s Web3 future won’t be shaped by Web3 “national entrepreneurs” or “spiritual Jews.”
Director Zhao Chen, Web3 Jews: Web3 Is Becoming More Like Chinese Hip Hop
Those who didn’t attend mock it as just a big party, boasting about how much harder-core their events in NYC/Lisbon/Denver were, then sneering, “The highest DAU DApp in Web3 is conferences,” to preserve their mental hierarchy.
Everyone finally realizes: crypto is entertainment. Traffic has class—only top-tier influencers earn top-tier money.
The Web3 scene is increasingly similar to the Chinese Hip Hop scene.
1. Crypto, like Rap, was imported and crudely processed by early OGs like XIAO Lai;
2. 2017 ICOs launched a “variety show” era, diversifying participants—bringing idol rappers and Web2 singers transitioning in;
3. Idol Rappers are mass-produced, highly polished products—excellent ones like Blur are the Jackson Wang of crypto;
4. Meme coins are fandoms—they profit from IQ taxes;
5. The 2023 Hong Kong conference birthed a new role: “Web3 National Entrepreneurs” (credit to Sakkaku)—akin to GAI appearing on CCTV;
6. Web2 entrepreneurs transitioning into Web3 are like “Super Boy” contestants doing rap: Su Xing tries hard, but you still don’t want to listen;
7. Whether pouring Sprite on your head or charging 160K for a handjob, beef drives productivity;
8. Rap is the best cosmetic surgery for men; Web3 is the best for women. Of course, female rappers/builders can instantly spot fakes;
9. Xiao Qinglong with his 15 titles and Li Jingze with his vulgar mouth are cornerstones of the industry; Bao Shi Lao Jiu on CCTV equally contributes by expanding reach and acquiring users;
10. Whether OG, idol, Web2, or national entrepreneur—hold your底线. Don’t become a Wu Qian.
No need to repeat thoughts on Hong Kong policy—currently, some treat trivialities as imperial decrees, others pretend ignorance.
Difference between Web3 and Web3.0: Web3 is Gala, Web3.0 is pGala.
Jiaofu Lai La, Insider Venture: Has the market really been improving continuously?
At least not in the venue. Maybe builders all went to Tokyo. No products satisfying native demand—mostly rebranded versions of previously disproven concepts, ready to scam again. In other words, no fresh, non-consensus new scythes—just oiling up old ones, claiming smoother cuts.
Another feeling: people still obsess over platform-like products, euphemistically called “infrastructure”—like empowering ancient dung with fresh dung, without questioning whether the end-goal demand is valid. Walking through the venue, realizing these shocking piles of dung will soon flood the market as “new narratives,” I suspect true crypto winter has arrived.
From the government’s perspective, Hong Kong’s current policy seems designed to lure money flowing to SG back. While directly bringing money back to mainland China is impossible, luring it back to HK first is the goal. If they truly cared about orderly industry development, there’d be no reason not to arrest street-walking Brother Sun to spice things up.
Due to years of pandemic-driven emigration, Hong Kong faces a talent outflow. Its “human mining” model lacks sufficient liquidity to sustain extraction by the “Big Four” families. I sensed HK’s urgent need for human capital—even someone like me, applying for the High Talent Pass just for a rumored HK$2,500 identity airdrop, got approved instantly. That speaks volumes.
HK licenses serve professional investors—catering to the wealthy. Like HK “welfare girls” shifting from selling to retail (unprofitable) to serving high rollers aboard yachts after being absorbed by Southwest Ponzi schemes—now cashing in handsomely.
I saw countless outrageous garbage projects at the venue. Initially wanted to file complaints, but ended up farming free merch. Just like buying NFTs in 2021—spending hundreds of thousands on Jay Chou Bears, getting a sub-$100 t-shirt to pacify holders, while founders abandon ship to dance fitness routines on Douyin.
Last night, dining with HK friends, aside from one traditional finance buddy, everyone else was from crypto institutions, projects, or self-proclaimed “crypto-native builders”—digital drifters. At dinner, we loudly debated decentralization, mass adoption, and boasted ambitious funding goals of several millions. Even the restaurant auntie shot us envious glances. Only the traditional finance friend quietly ate, then simply said, “I’ll get this.”
Oh, by the way, Avalanche’s booth raffle can be witch-attacked—use Safari private browsing to keep entering.
Matrix Zixi.eth: Hong Kong Is a Paradise for Capable Founders
1. Hong Kong’s crypto policies are a major positive. The presence of the Chief Executive and Central Liaison Office sends a strong signal.
2. Through frequent communication, we see Hong Kong gradually embracing crypto. Rather than letting institutions and users gamble in the dark forest, better to let them gamble under our compliant framework.
3. Hong Kong’s current narrative primarily attracts Web2 capital, not Web2 users or developers.
4. Massive inflow of Web2 capital hinges on seamless fiat on/off ramps. Compliance in withdrawals enables compliance in deposits.
5. Absolute freedom leads to a dog-eat-dog primitive world. Freedom within a framework is true freedom. Only compliant markets attract serious capital. We don’t want zero-sum games—we want to grow the pie together.
6. Hong Kong suits CeFi, asset management, compliant fiat gateways. If successfully built under policy guidance, this becomes core infrastructure enabling large-scale capital entry.
7. Exhibitions still dominated by familiar/big-name projects—half the projects I spoke to or recognized.
8. Outside exhibitions, met several new teams—but mostly early-stage, traffic-focused projects.
9. More people willing to fund than spend—making HK paradise for capable founders.
10. HK may evolve like SG: executives and BD in HK, dev teams and operations in Shenzhen.
11. Met many seniors—impressed by generational growth of VC leaders. Second-gen (2014–2016 entrants) became OG bosses; third-gen (2017–2019) now lead firms. Our fourth-gen (2021–2022 entrants), having weathered a few ups and downs, hope in the next cycle Jerry, Rick, Raxy, and peers will lead the charge—help others succeed, seize the final opportunity. In a few years, we’ll be the next backbone.
kvc.eth @CryptoGame: In Prosperous Lands, All Show Their Skills
After a week of excitement—what comes next? Optimism, pessimism, or observation?
1. My take: optimistic. At minimum, HK government money will flow in, followed by outside institutional capital. Local money arrives, overseas Chinese (from mainland/Europe/US) money follows. How big the bubble grows depends on fate. Example: Brother Sun and Bao Er Ye are here—do you really think they came just for girls? Less anger, more grabbing meat—even soup is good.
2. Difference between HK and SG, per GaryYang: HK has port culture—policy-driven promotion focused on short-term deals; SG operates under Western legal systems favoring long-term博弈, hard to enter but safe once landed, no retroactive liability. One says “I’m not checking now—hurry up and act”; the other says “if not prohibited, then permitted.” Anyway, don’t overthink—Crypto natives, digital nomads, just do it.
3. Biggest change: quiet people behind WeChat finally dare to show up—openly taking photos, sharing on Twitter and Moments. High and low culture coexist in crypto—no one should mock or hide. As more people operate openly, competition intensifies, raising bar for projects. Scams and old scammers have nowhere to hide. HK simplifies fundraising and enables easier recourse. Past wrongs might be forgiven—giving everyone a chance to restart on a new server. Next time, scamming won’t go unpunished.
4. Previously, boldness alone earned money in crypto. Now, half the game is product competition. Risk-taking红利are nearly exhausted.
5. Previously, 99% of crypto (except me) were scammers. Now it’s better—only 50% are scammers, and they’re working damn hard.
6. Crypto isn’t necessarily profitable. Many suffered years, risking lives like drug dealers, surviving troughs. Bull market is coming—time for韭菜to relax, sprout, and encourage each other.
7. Whatever crypto plays today—yacht parties with models, midnight ramen—the gaming industry did it first. That’s good—Mass Adoption is arriving.
8. Liu Siyi in Guangzhou hosted a 3,000-person traffic summit, openly screaming sales pitches, closing $200K/day. Shame—missed the pre-2020 liberalization era. Insiders can only sneak projects now. Rush now before everyone joins the grind. BTW: No hope for crypto in Mainland—don’t even dream.
9. Macau’s past is HK’s future. America isn’t as flexible—stuck in UT/ST debates, SEC tightly controlling. We’re different—socialism allows casinos. The East wins this round. Licensed big casinos will thrive for 50 years. Big players open shops—you can be a chip runner. Earn without breaking bones. First come, first served.
10. Stop FUD! Seriously, stop FUDding. You gain fleeting satisfaction and righteousness; others capture cycle gains. Making money in crypto means buying early tokens or launching projects—not studying. Dr. Xiao became a crypto titan by buying ETH—not by reading books. Follow Dog Brother—sell your house and go all-in.
11. Conference over. Except for big shots, small businesses and builders return home. Pushing real projects is what matters. Aim to attend Binance’s event next year, eating CZ’s lovingly baked cookies. Stop freeloading off Brother Sun—risk getting reverse-rugged. For disputes, find Zhao the Jew to write an exposé. Next year, rappers will shine.
12. Came to crypto to make money. Listing is king. Pumping is justice. Pure storytelling leads nowhere—unless it’s a rights-bearing pass, like Teacher Wang’s Elepass selling for $2M. Remember: spring is coming, but one last cold snap remains. Hold on till next year—see a boom of project-team girls.
13. Say it again: Long CryptoGame! Gaming will surely profit! Buy cheap new game projects, avoid high-priced bags.
Kevinren, LK Venture: Secondary Funds Currently Have Huge Opportunities
1. Time Window
2–3 years. Depends on whether any blow-ups occur and how governments re-perceive the industry. Per Murphy’s Law, chaotic breaches of底线will eventually happen.
2. On Investment
Secondary funds currently have huge opportunities—need 6–12 months to prove themselves. Survivors become compliant kings.
Primary funds aren’t favored in HK now—can only benefit indirectly via spillovers in project sources and capital, skirting compliance edges.
3. On Projects
Can become a hub for transparent, ethical domestic projects (unethical domestic projects remain in Shenzhen; overseas projects have more options). Technology and products unrelated to HK—only trading and traffic matter.
4. Future Opportunities
Big players will dominate—small players step aside. Capital reigns. Young people should first gain experience at compliant crypto institutions.
“Digital nomad” is always self-deprecating—don’t treat it as a feature.
5. On Singapore vs. Hong Kong:
I suggest watching Tokyo, Lisbon, and Vancouver—less competitive places with big opportunities.
Ryanqyz, Crypto Analyst: Leverage Yourself More
0. The conference was a gathering of Chinese people—everyone’s joy was visible. Some call it Chinese self-indulgence—I see it as a perfect chance to strengthen bonds. Meeting online friends in person was delightful.
1. Peers connect through insight and interesting souls. Group chats, mere wealth, or polite small talk rarely build lasting partnerships.
2. Many born between 1997–2003 are already exceptional builders. Crypto empowers us to do anything—each person becomes a super individual. Impossible in other industries.
3. I used to think extroverts who showcase themselves thrive most here. Later realized recognition comes from what you’ve built, written, and whether you’re interesting. Met several introverted degens—one more impressive than the next. Each had elite circles. No need to post photos or bare legs for attention.
4. This industry is highly inclusive. Whether introvert or extrovert, meticulous or bold, analyst, BD, marketer, engineer, investment manager, or capital-backed participant—you’ll find your place. With proper methods and effort, you can thrive. On being an analyst:
5. Being a researcher/analyst remains complex. Switching states is crucial. During research: stay calm, block noise, integrate information like during college entrance exams, form logic, boldly express views. During socializing: be energetic, precise, confidently showcase yourself. In traditional finance, analysts must flatter PMs, exploit interns, suck up to chiefs, manage politics, spin illogical ideas as brilliant. In crypto, analysts seem purer—meritocracy prevails.
6. Writing should emphasize non-consensus or reusable broad themes. Still cover known topics/hotspots. A balanced content mix: niche non-consensus : broad consensus : hot topics ≈ 1:1:1.
7. Also, leverage yourself more—build Twitter presence, proactively link resources, showcase achievements, reduce communication costs.
8. Maintain separate English and Chinese accounts. Don’t merge them—algorithm issues will kill reach. Combined accounts get zero traction.
9. Twitter and Telegram contain everything you need. You don’t need any other apps.
10. Writing about secondary markets won’t hurt your access to primary deals. Write freely—on what you know. Skip areas where you lack edge. Right people will find you. Absorb only 10% useful info.
11. Post frequently. Write it—then publish.
On Investing/Speculating/Degen:
12. Matt: Bear markets are ordinary people’s bull markets.
13. Diversification advice comes from those who succeeded via all-in bets—it doesn’t suit those with limited capital. For individuals, when confident, go all-in—no alternative. Below $300K, split into five all-in moves (with bold vision—don’t expect quick returns, plan trades well, accept mistakes). If wrong, just go back to work—earn it back in a year or few. Honestly, screw diversification—individual winners emerge from all-in moves. Biggest takeaway from talking with degens. (Different for companies/funds.)
14. Knowing and doing are hard. The key lies in doing, not knowing—because only by doing do you truly know.
15. The key to action is courage, not knowledge.
16. Definition of干货: Content that immediately makes you money or ensures long-term earnings. Everything else is noise.
17. The best content is always free—but requires time to learn and understand. Anything asking payment is likely trying to scam you. (Though occasionally, paying for high-quality insights from proven individuals is worthwhile.)
18. Separate long-term holdings from trading positions. Don’t keep them in the same account—your hand will itch.
19. Ultimately, investing/speculating tests physical stamina and mental state. Avoid poor mental health—exercise regularly.
20. Manage money within your competence yourself. Only delegate funds beyond your control. Entrusting money is unreliable (unless you literally know the person’s address).
Anonymous: The Pessimism of Web3
The Hong Kong conference wasn’t revolutionary, lacking ETHDenver’s technical atmosphere. Government policies mainly aim to attract capital for self-interest.
1. Hong Kong Oversight
Main convenience: easy entity registration and fiat on/off ramps. Overemphasizing compliance—even demanding DeFi projects comply—severely hinders DeFi’s wild growth and composability. Unimaginable that builders would flock here amid red tape.
2. Poor Builder Culture
Too many VCs lack vision and sense;
Outdated mindsets, mostly minor tweaks;
No sight of Paradigm-level vision or products;
Even the few overseas projects quickly leave for Tokyo’s Ethereum event—ETHGlobal remains where tech and product ideas are exchanged.
3. Cold Water for Chinese
China is a retail market, not an innovation market;
Replicating past experiences no longer works—e.g., chains adopting EVM, importing Ethereum’s big projects. Problem: no native innovations. Imagine Curve deploying on another EVM L1—so what?
Government officials speak fluent English but lack crypto sense. Mainland arrivals have some sense but speak Chinglish;
Micro-innovation projects won’t attract capital or community support.
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