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Where is Hong Kong going?
Written by: Luo Jinhai, Yuan Dao
Source: Quantum School
During this period of time, I have been running around in Hong Kong and met many people.
In fact, no matter who they are, they are walking in the gap between the fate of the times.
When climbing Tai Mo Shan, Hong Kong people who have never met say "zou sen" to you, which is so kind that people are caught off guard.
Some wealthy bosses have been discussing "Web 3.0", anxious about how to enter the game.
I also met with some senior media professionals who are still reflecting on Hong Kong's political immaturity in recent years.
When communicating with some young people, I found that these children from world-renowned schools are willing to communicate with you in Mandarin, and they are also thinking about the future of Hong Kong.
…………
After three years of baptism of consciousness, superimposed three years of epidemic impact.
HONGKONG is no longer that HONGKONG, but Hong Kong is still that Hong Kong.
Today's world pattern has changed dramatically:
The game between China and the United States, the war between Russia and Ukraine, the reversal of globalization, the sinking of rationality, the extinguishing of lighthouses, the strengthening of authoritarianism, and the proliferation of populism.
At the focal point where East meets West, Hong Kong can be said to be on fire.
What should the city do? The Pearl of the Orient is being deliberately marginalized.
A potential consensus is forming: stay away from politics, maintain the rule of law, love technology, and return to the economy.
At the same time, the new policy is also fighting to the death: embrace DLT, deploy Web3.0, and implement financial technology.
The chess game was laid out, and countless explorers came upon hearing the news. Last month, 40,000 people gathered on both sides of the Xiangjiang River.
Self-healing, or self-help? Where will this great city go?
How this special group of 7 million will affect the fate of 1.4 billion people.
We talk about the future of Hong Kong from three stages: the capital of meta-assets-higher-dimensional capitalism-the digital charter city of the world
On June 1, Hong Kong's "Encryption New Deal" ignites new hope?
Where is Hong Kong's hope? Many people are thinking.
On October 31, 2022, Hong Kong issued a virtual asset policy, which is considered to be a brand new approach and the beginning of new hope.
In the past few days, many people are paying attention to Hong Kong’s “Encryption New Deal” on June 1.
This is a policy implementation after Hong Kong's entry into the Web3.0 trend in 2022.
The "Encryption New Deal" policy can be summarized as follows:
Beginning June 1, Hong Kong will allow retail investors to trade cryptocurrencies.
This is no small matter. An international financial capital that allows retail investors to trade cryptocurrencies.
what does that mean? It means that the trillions of encrypted assets that have been suppressed will have legal channels and be directly connected to the fiat currency world.
People all over the world who are disappointed with legal currency, or want to back up their digital assets, can find deposit and withdrawal channels with confidence.
The imagination behind this is endless.
Capital of Atomic Finance → Capital of Digital Finance → Capital of Meta Assets
Why do you say that the imagination behind this is endless, let's sort out this logic.
Regarding the definition of meta-assets, it is described in detail in the article "Hong Kong, the wind is blowing".
What is a "meta asset"?
It is "personal sovereign wealth" - no other individual, organization or even the government has the power to control it, and the wealth owner has absolute control and domination:
In such an era of "increasing legal currency entropy", traditional finance is hopeless.
What will be the consequences of "de-dollarization"? Don't think about who will replace it, it may be the further origin of all fiat currencies.
Cryptocurrencies will become risk hedgers, while digital assets will become more reliable wealth.
"Denationalization of currency" is no longer just a dream, whoever seizes it will be the new "world digital financial center".
Singapore has foresight and ambition, but the technical talent environment around the country is under-configured.
As a vested interest in the traditional financial system, the U.S. dollar has a natural resistance to cryptocurrencies.
Then the "international capital" of virtual assets may still be Hong Kong.
Then Hong Kong’s layout this time may change from the capital of atomic finance to the capital of digital finance.
If we further industrialize virtual assets, let finance help the real economy. Finally, the distribution of personal sovereign wealth is completed in Hong Kong, which will further develop: the capital of digital finance→the capital of meta-assets.
That is to unify digital assets and atomic assets into "meta assets" to complete the closed-loop construction within the digital economic system.
Hong Kong and Shanghai are making efforts at the same time, is this a coincidence?
Some people say that this is just Hong Kong's self-help and self-indulgence.
No country likes the "decentralized" Web3.0, and sooner or later it will be called "click".
This judgment is not unreasonable, because there are too many lessons learned.
But this time is really different. Hong Kong's Web3.0 New Deal is obviously a high-dimensional decision, and it is impossible to turn back.
That's why we can see the following supporting phenomena before the introduction of the "Encryption New Deal" on June 1:
On the morning of May 15, the People's Bank of China, the Hong Kong Securities Regulatory Commission, and the Hong Kong Monetary Authority jointly held the "Swap Link" launch ceremony.
On the afternoon of May 15, the Mainland and Hong Kong interest rate swap market interconnection cooperation (referred to as "swap link") went online.
This is the foreshadowing of the front, some people may say that this is just a coincidence, then the following news.
On May 22, the Hong Kong Securities Regulatory Commission said it would hold a press conference the next day for its consultation conclusions on virtual asset regulatory requirements.
On May 22, the Shanghai Municipal Party Committee held a meeting to speed up the upgrading of the Shanghai Data Exchange and build a national data trading center.
Hong Kong and Shanghai have their own division of labor, one is a retreat and the other is a pragmatic one. Don't make too many associations, but there is an inevitability in the accident.
One Hong Kong, one Shanghai, at the same time, released linkage information.
Behind this, there must be a high-dimensional mapping to resonate in different spaces.
Is it a coincidence that Hong Kong and Shanghai are making efforts at the same time?
All in Web3.0, not just Hong Kong's self-salvation
Why are there high-dimensional maps? Is it really just Hong Kong's self-salvation?
Not necessarily, self-salvation is one of the reasons, and there are more factors behind it.
Hong Kong's All in Web3.0 has both the practical needs of urban transformation and the strategic significance of higher-level self-defense.
Hong Kong is not only a Hong Kong with 7 million people, but also a financial "mouth" for 1.4 billion people.
Against the background of such a confrontation between China and the United States, in addition to the bottleneck of technology, the bottleneck of finance cannot guarantee that it will not happen.
Then the layout of Hong Kong on Web3.0 has the following layout:
Against the background of anti-globalization, Hong Kong must gather Web3.0 resources in the shortest possible time to establish Hong Kong's unique position in the global digital economy.
Positive proposition: If the world is really de-dollarized, the final winner is likely to be digital currency.
Antithesis: the dollar is re-centralized and stronger, then digital currency is another means of counterbalance.
Only by establishing the highest position in the global digital economy can it maintain its current status as a traditional financial capital.
One of Hong Kong's advantages: a "trustee" trusted by the world
However, Hong Kong is eager to become the digital financial capital of the world, can it do it?
Although the goal is ambitious, Hong Kong has its own unique advantages.
The first advantage is "the capital of trustees". Its trust culture is unmatched by other regions.
In 2013, Hong Kong revised the Trustee Ordinance to enhance Hong Kong's competitiveness and attractiveness as a trust center.
In 2023, Hong Kong will surpass Switzerland and become the world's largest cross-border financial center and wealth management center.
Non-Hong Kong residents have US$2.3 trillion in assets in Hong Kong, and family wealth funds also exceed records.
It can be seen that no matter how big the current controversy is, Hong Kong is still trusted by the whole world.
Then this trust culture is very easy to extend to the custody of private keys in the virtual world, the control of multi-signatures, the backup of wallets, and the custody of more forms of digital assets.
Hong Kong should become the safest central node of digital ledgers and the ideal bookkeeping island of the blockchain.
Since Hong Kong can become a custodian of traditional assets, it can also become an excellent custodian of digital assets.
The second advantage of Hong Kong: the financial "hexagonal warrior"
The completeness of Hong Kong's financial system is its greatest advantage.
After so many years of development and accumulation in banking, insurance, leasing, trust, etc., Hong Kong is very complete:
…………
In addition, Hong Kong's financial system also has a high degree of earthquake resistance, and the linked exchange rate system that has been implemented for nearly 40 years has also maintained effective operation.
Hong Kong also has foreign exchange reserves of more than US$430 billion, which also provide a solid backing for the monetary system.
Hong Kong can become the financial center of the traditional world, and it can also turn this advantage into a financial center of the digital world.
The third advantage of Hong Kong: the "common law system" that leverages its strength
Hong Kong's legal system belongs to the "common law system", which is often referred to as "common law", which has the following advantages:
This makes Hong Kong ideal for attracting international capital, businesses and professionals.
The common law is more conducive to the development of the financial market, and the most important securities trading markets in the world are all areas that use the common law.
This is true of the world's four major financial centers, New York, London, Singapore, including Hong Kong.
The "common law system" that leverages its strength makes it easier for Hong Kong to become the financial capital of digital assets.
The fourth advantage of Hong Kong: the world's most professional "accounting and actuary"
Hong Kong has the most professional "actuary" in the world. This person is professional and rigorous, and has always been a role model for "accountants" around the world.
These people have been working for the big four accounting firms, but they could also be working for themselves.
These accountants no longer follow the Big Four, but follow the public chain, follow the best contracts, and follow the best computing power.
After entering the world of meta-assets, they can audit smart contracts, query DIFI vulnerabilities, audit exchange codes, and assess the risk and legality of leveraged transactions. After a sudden change, he is also the most scarce digital accountant in the world.
…………
Of course, Hong Kong still has many advantages: an open regulatory environment, a high-quality investor group, a good regulatory framework, and so on.
All these conditions allow Hong Kong to build a "meta-asset capital", which can be broken down to create a "Web3.0 capital", "blockchain capital", "encrypted world heart" and "metaverse financial capital".
Recently, 18 things that Hong Kong urgently needs to do
So based on the above goals, what specific things should Hong Kong do?
The following are 18 actions to promote the development of Web3.0:
Here it is emphasized again:
The two most important points are still these two.
Free borders for Hong Kong?
Of course, many friends will say that Hong Kong is no longer free.
How can it be possible to become the capital of Web3.0, and how can it be possible to have personal sovereign wealth.
The natural opposition between centralization and decentralization of values, these are just your personal thoughts and ideals.
This is what I have heard repeatedly, and it has become a prison for many people to think.
There was even a person in the circle who suggested that the implementation of the New Encryption Policy is evidence that Hong Kong is moving towards unfreedom. The reason is the WEB3.0 New Deal that Keynes is manipulating.
Understanding this concern, the nature of this questioning is also well-intentioned.
And this does require vigilance. In Hong Kong, freedom and the rule of law must be the prerequisites for its prosperity and development. If you want Hong Kong to be good, you must protect these two prerequisites.
People with a clear mind will understand this truth. Interfering with the freedom and rule of law in this city will definitely harm Hong Kong and the country, and it will not bring good results to Hong Kong.
But is Hong Kong really not free? What is real freedom?
Come out of the shadow of three years ago, let's analyze it after calming down:
Hong Kong needs to de-ideologize
Hong Kong is not that complicated. Sincerity and enthusiasm are surrounded by too many ideological things.
It was originally a judgment of good and evil, but ideology had to be brought in.
For example, it is wrong to set fire to hurt people, but adding ideology seems to be just? Is this what freedom is like? Is there a reason for this?
The manipulation of ideology complicates the original simple justice.
Whether left or right, ideology makes too many things uncontrollable.
From crazy to calm, it is worth more people to calm down and think.
It is indeed necessary for a city to stabilize.
For Hong Kong, it is also necessary not to go to extremes and maintain a balance.
Don't draw conclusions now, but return to rationality and common sense.
Today, Hong Kong is going to be ideologicalized!
What Hong Kong needs is freedom with borders
Much of the perception that Hong Kong is not free comes from the implementation of the National Security Law.
But such a prosperous city that gathers forces from all walks of life doesn't need the "National Security Law"?
Whether it is Abu Dhabi in the Middle East or New York in North America, which city does not have national security laws involved.
I have traveled to many places, more places than Hong Kong are harsh.
The implementation of the "National Security Law" is a boundary restriction on freedom.
Only with this kind of boundary setting in Hong Kong can we let go and do our own business.
The "National Security Law" must be stated openly, and it must also be implemented fairly and openly.
If the "National Security Law" is bad, then it is necessary to point out which specific provisions are problematic.
If not, it is necessary to say where there are frauds in the implementation of specific cases.
If there is procedural injustice in its implementation, there will be a stain on law enforcement.
Then use the "Basic Law" to sue it, the whole people protest against it, and use the law to resist it.
If no such specific case is found, it is illogical to object in general.
But be sure to remind here:
The "National Security Law" is the image of the country and one of the cornerstones of the rule of law in Hong Kong. Every case must be fair and open.
If the law is corrupt, the bad will be a river.
Hong Kong must have its own voice
For the above, Hong Kong should follow its own logic.
Hong Kong wants to be a safer, less ideological city with free borders.
What we want to build is an international financial center, a future digital financial super platform. Don't impose those political and ideological things on Hong Kong. This city is not interested in these things. Hong Kong should pursue a higher-dimensional civilization ladder.
At the same time, don't jump up and explain as soon as you encounter accusations.
Instead, we should take the initiative to make top-level settings and lead a new discourse system.
Hong Kong is an English-speaking city, so it should have a strong ability to speak out.
Also, city operators should stop circling in circles in the Greater Bay Area, but go out bravely and face the whole world.
It is China's Hong Kong, and it is the world's Hong Kong.
It is the territory of one country, two systems and the center of capitalism.
Hong Kong wants to be the safest city physically
As a financial center and wealth management center, the most important thing is safety.
Not only financial security, but also personal security.
Recently, the murder case in Bali is still inconclusive, which makes people feel more suspenseful than a suspense drama.
The identity of the couple in Bali was picked up: the woman plans to immigrate, and the man may be a "big boss" in the currency circle.
No matter how beautiful the tourism and the land of freedom are, it is not as important as the safety of life.
If the atomic world is not safe, no matter how rich the bit world is, it is useless.
Therefore, for Hong Kong, the most important thing is to return to what Hong Kong movies proudly talk about: the safest city in Asia.
No matter how many ideals there are, physical safety is the first priority.
Hong Kong is still free
I still have a good understanding of Hong Kong, if I don't wear too much ideological sunglasses.
It can still be said: Hong Kong is one of the freest cities in the world.
Dealt with some dissidents who live in Hong Kong and they still speak out. As long as you sincerely love this land, you can openly criticize those wrong policies.
I have also dealt with some relatively conservative people, and they repeatedly expressed the same point of view. As long as it complies with the National Security Law, this city is freer than anywhere else.
Perhaps the above views are not entirely correct, but this is the real impression I have seen, and we can discuss together if there are problems.
But anyway, deep down, we believe in a better tomorrow for this city.
At the same time, I also believe that Hong Kong must stick to its current traditions: its capitalization system, its common law system, its trust culture, its financial system, its internationalization route, and its isolation mechanism.
Hong Kong, of course, must adhere to its inherited capitalism.
At the same time, today's Hong Kong should also have its differences:
Actively integrate the new finance of Web3.0, stay away from emotional ideology, seek the boundaries of safety and freedom, absorb more technological ideas, create and build a capital of meta-assets, review the opposition in recent years, and conduct a comprehensive review of the capital system. The most comprehensive reflection.
In addition to what we mentioned above: Hong Kong will also become the "Capital of Web 3.0", "Heart of Encryption", "DLT Base", etc.
Today's Hong Kong, in addition to sticking to its current capitalist discourse, should also pursue a higher-dimensional capitalism.
Hong Kong 2.0: Pursuing higher-dimensional capitalism
There is nothing wrong with capitalism, it is an advanced form of modern civilization.
As of now, it's still worth exploring more.
Unless one day, capital will no longer be the driving force driving mankind forward.
Therefore, as a benchmark of modern cities and an advanced form of capital cities, what Hong Kong pursues is not a question that will remain unchanged for 50 years, but a question that Hong Kong will pursue a higher capitalism for 100 years.
After capitalism has gone through the stages of free competition, monopoly capital, state capitalism, social welfare capitalism, and ecological capitalism, there are still many problems.
Take Hong Kong as an example. It is already a high-level model city of capitalism, but its problems are very obvious:
……
Recently, we can also see that in the traditional financial world, there are frequent thunderstorms in the capital at the same time. The collapse of Credit Suisse Bank and Silicon Valley Bank almost triggered a worldwide crisis again. Countless loopholes are really hard to make up.
It is difficult to go down the traditional road.
At such a critical moment in history, Hong Kong should have its own planning and design to create a higher-level capitalism with the help of the potential energy of Web3.
This higher-order capitalism can have the following characteristics:
……
This is the "new narrative" of Hong Kong 2.0, a new structure from mathematics to finance.
After the injection of Web3.0 and the blessing of meta-assets, this city can go further than other cities.
Back to the source of capitalism:
In the 18th century, Rousseau wrote "The Social Contract", using contracts to escort capital and ushering in the harbinger of modern civilization.
In the 21st century, humans use mathematics to create smart contracts, and Hong Kong is the center of smart contracts, reconstructing the capital base.
Hong Kong, can human beings move from a "social contract" to a "mathematical contract".
"Social Contract Theory" derived modern finance, and contracts are used to maintain the trust between people and civilization.
And "Mathematical Contract Theory" uses mathematics to maintain trust between people and between people and machines.
Besides transitioning from social contract theory to mathematical contract theory, what is capitalism in a higher dimension?
To sum it up: Hong Kong needs to move from capitalism that pursues efficiency to capitalism that pursues Play to Earn.
Abandon those old and outdated concepts, and take off the cloak of ideology.
Hong Kong 2.0 must strive to become a beacon in the capitalist world.
Hong Kong's goal to create a charter city?
For Hong Kong, Web3.0 is the biggest consensus now.
But for the whole world, the artificial intelligence model may be the consensus.
The third goal of Hong Kong is to consider the combination of AI productivity and Web3.0.
No matter how artificial intelligence develops, and no matter how big the AI is, the essence is still productivity, and the final settlement method of productivity is still in the hands of Web3.0.
In other words, all rivers will return to the sea, and Hong Kong will eventually become the ultimate harvester of AI productivity.
This is reasonable. Only the advanced production relationship of Web3.0 can be connected to the productivity of AI.
On the surface, Hong Kong has nothing to do with AIGC, but in fact it is Hong Kong that distributes the cake.
Moreover, Hong Kong itself is a natural living Chinese-English large-scale model, and the confrontation between the Chinese-English large-scale model will still be the main tone in the future.
Hong Kong is likely to rely on the super AI computing power of a country to complete its third goal setting.
So what is the third goal of Hong Kong: to establish a charter (mathematical contract) city.
This is also the vision of OpenAI Altman. He believes that the city is the Athens of the 21st century, an elite community that can test new management methods that adapt to new technologies and hand over main management responsibilities to AI. For example, only self-driving cars are allowed here, and humans are not allowed to drive. Another example is not allowing anyone to make money from real estate.
If the rest of the world falls into turmoil in the future, at least this city is still a model, which can keep a hope for mankind.
So, can Hong Kong become such a city?
How to create a charter city?
So how do you create a charter city?
First, starting from Web3.0 identity, identity is not an ID card, but a unified calculation.
In this charter city, the calculated consensus does not determine the outcome with power and authority. Identity determination is achieved through mutual recognition and computation of network participants.
This process is not only about personal identity, but also about the cooperation and mutual trust of the whole society. The future of digital identity will bring a more autonomous, secure, private and fluid experience, and build a more authentic and rich self for people in the future world.
Second, form a digital tribe.
Artificial intelligence expands personal productivity, general-purpose computing power and network equipment become basic resources, and digital tribes become mainstream organizational forms. Carbon-based and silicon-based unified use of network-based authentication results as the unique ID, which solves the authentication problem of issuing digital citizens.
Each terminal of man-machine collaboration has an immutable public-private key pair, which provides the basis for establishing a digital tribe pass.
Third, parameter economy that can be tuned at any time.
Hong Kong is an experimental field of new capitalism, allowing more young people to become participants and initiators of the parametric economy, and the tuning of these parameters is to serve the charter city.
In practice, this requires the construction of clusters containing a large number of GPUs to provide powerful computing power. The exponential growth in the scale of parameter training brings massive computing demands for training and data processing.
But this parametric hub is in Hong Kong, controlled by the city's digital citizens.
Fourth, implement social governance in the form of DAO.
Including the acquisition of productivity, the distribution of social resources, and the interaction between people are all executed in a distributed and autonomous manner.
Fifth, establish a stable public chain.
The system is based on a widely recognized and stable public chain, and makes full use of the public chain ecosystem to ensure the sustainable operation and expansion of computing.
Use smart contracts to realize trusted bookkeeping, trusted account sharing, DAO management, etc. Establish a public chain where the world is the public and serve a new type of urban civilization.
It doesn’t need to be too radical at the beginning, just build a future city in Hong Kong and Hetao in the mainland, and start using smart contracts for social governance.
Sixth, settle production relations in the form of smart contracts, and support smart contracts to meet other urban needs.
……
Relying on AI computing power, with mathematical contracts as the core;
Connect with digital identity and believe in citizen autonomy;
Based on the public chain, relying on DAO, trusted bookkeeping, trusted account sharing and other technologies, the city will be built into a charter society of co-construction, sharing and win-win.
Hong Kong, will be fine
As soon as the new policy comes out on June 1, Hong Kong's new Web3.0 policy will definitely have a lot of controversy.
But the direction is right, there is no doubt about it.
However, many good things are ruined in the details. Hong Kong must pay attention to this aspect.
Web3.0 is just a starting point, and Hong Kong has even more ambitious goals.
From the writing of the first "Hong Kong, The Wind Blows" in October last year, to "Hong Kong, Be Careful" in April, and the completion of "Where is Hong Kong Going" today, this can be regarded as an immature three-part oriented towards Hong Kong. Song it.
In the last chapter, thanks to the guidance of old friend Mr. Yuan Dao, many viewpoints in this article come from Mr. Yuan Dao.
When I wrote the first article "Hong Kong, the wind is blowing", the wind was buzzing that day.
When I finished writing this article "Where is Hong Kong Going", although it was hot, it was quiet and peaceful.
Going back to the beginning, I met a lot of friends in Hong Kong during this time.
When I was still climbing Tai Mo Shan, when the Hong Kong resident I had never met said "zou sen", I replied "Good morning" with a little embarrassment.
He was very happy and said "Come on" to me again. In fact, this is the true face of Hong Kong people.
And the few days I was in Hong Kong, it was the Cathay Pacific incident, but these were extreme cases.
Ordinary people in Hong Kong are very friendly.
The city of Hong Kong will be even better.