2017年9月，央行等七部门联合发布了《关于防范代币发行融资风险的公告》，将ICO（Initial Coin Offerings,首次代币发行）定性为未经批准非法公开的融资，涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。
In September 2017, the Central Bank and seven other departments jointly issued a bulletin on protection against the risk of financing the issuance of money in currencies, characterizing the ICO (Initiative Coin Offices, first issue of money in currencies) as an unauthorized and public source of finance suspected of illegal distribution of currency coupons, illegal issuance of securities and illegal collection, financial fraud, distribution and other criminal activities.
虽然ICO被取缔，但是币圈依然热闹。2017年8月1日，BCH（Bitcoin Cash，比特币现金）的诞生标志着币圈的第一次分叉币产生，IFO（Initial Fork Offerings，首次分叉发行）随之兴起，越来越多新的虚拟货币通过IFO的方式产生。
Although the ICO has been banned, the currency ring is still hot. On August 1, 2017, BCH (Bitcoin Cash, Bitcoin Cash) was born, marking the first fork in the currency ring, with the rise of IFOs and the growing number of new virtual currencies generated through IFOs.
互联网金融专业委员会主任陈云峰律师认为，该种形式的融资活动在法律上尚未被明确定义，且不具备统一的技术标准，故其在实务中该种经营或融资活动可能存在着诈骗风险、技术安全风险以及非法融资风险。
According to counsel Chen Yunceng, the director of the Internet Finance Professional Committee, this type of financing activity is not legally defined and does not have uniform technical standards, so that in practice it may have a fraud risk, a technical security risk and a risk of illicit financing.
基于IFO产生的分叉币层出不穷
The split coins generated by the IFOs have come up on a continuous basis
2017年，ICO依托着“数字货币”“区块链”“智能合约”等概念大热了一把。但是仅仅通过几人团队发布一个“白皮书”，甚至有些连白皮书都没有就可以启动融资活动，这样的运行方式为投资者埋下了极大的风险，外界也因此对于ICO的合法性一直有争议。去年9月，央行等七部门对于ICO给出了明确定性，同时叫停了各类代币融资活动。七部门在公告中表示，代币发行融资本质上是一种未经批准非法公开融资的行为，涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。
In 2017, ICO relied on concepts such as “digital currency” “block chains” and “smart contracts” – a “white paper” issued by teams of people alone, and even the fact that some of the white papers did not allow financing activities to start, a mode of operation that places investors at great risk, and therefore the legitimacy of the ICO has been disputed. In September last year, seven sectors, such as the central bank, gave a clear characterization of ICO, while calling off various forms of money financing.
然而，ICO被禁之后，币圈又兴起了新的玩法——IFO。所谓IFO是指基于比特币、以太坊等主流币种而进行的分叉货币发行，在这些主流币的原有区块链基础上，按照不同规则分裂出另一条链，产生新的数字货币。持有主流币种的人在IFO过程中能够获得分叉后的新币，IFO成为一种新的虚拟币融资手段。
However, when the ICO was banned, the currency ring developed a new game, the IFO. The so-called IFO refers to the distribution of split currencies based on the main currency, such as bitcoin, and in the main currency, which, on the basis of the original chain of the mainstream currency, divides another chain according to different rules and generates a new digital currency.
2017年8月1日，BCH的诞生标志着币圈的第一次分叉币产生。比特币区块设立的大小只有1M，而区块越小，容量越小，比特币的交易就会越慢。为了解决比特币区块拥堵的问题，BCH区块链成功在区块478559与主链分离，由此产生新的加密货币默认区块大小是8M，还可以实现区块容量的动态调整。同时，原来持有比特币的人可按1：1的比例免费获得BCH。
On August 1, 2017, the birth of BCH marked the creation of the first fork in the currency ring. The smaller the bitcoin block, the smaller the block, the smaller the capacity, the slower the bitcoin deal. In order to solve the problem of block congestion, the BCH block chain was successfully separated from the main chain in block 478559, resulting in a new encrypted currency default block size of 8M, which also allows for dynamic adjustment of block capacity.
自诞生以来，对于BCH是比特币的新分支还是另外一种“山寨币”，业内论调不一。不过，在BCH的价格经历了几番涨跌之后，开始逐步稳定发展。截至2月26日晚上20时30分，火币网数据显示，BCH的价格达到8058.8CNY（人民币），BTC（比特币）的价格为67558.69CNY。
Since its inception, there has been a difference in intra-business discourse as to whether BCH is a new branch of Bitcoin or another form of “shelter currency.” However, the price of BCH began to develop steadily after several spikes and drops. As at 2030 p.m. on 26 February, gunnet data showed that the price of BCH was 8058.8 CNY, and the price of BTC was 67558.69 CNY.
继BCH分叉成功后，越来越多新的虚拟货币通过IFO的方式产生了，如BTG（比特币黄金）、BCD（比特币钻石）、SBTC（超级比特币）等等。陈云峰认为，据有关技术层面的说明，部分分叉币是对于原有技术的升级或改进，如果是这个层面意义上的分叉，很难说其没有价值，并且在监管层面反复提示虚拟货币投资风险的情况下，投资价值应由投资人自己做出判断。
Following the success of the BCH split, a growing number of new virtual currencies have been generated through IFOs, such as BTG (bitcoin gold), BCD (bitcoin diamonds), SBTC (superbitcoin), etc. Chen Yunfeng argued that, according to the relevant technical level, part of the split is an upgrade or improvement of the original technology, and if it is a split in the sense of this level, it is difficult to say that it has no value and the value of the investment should be judged by the investor itself in cases where the regulatory level repeatedly points to the risk of virtual currency investment.
共享财经创始人史青伟则表示，IFO是过去两个月币圈产生的一个新玩法，大多数IFO产生的项目没有投资价值。一些IFO发行方认为自己不是通过ICO的方式募资，是对比特币、以太坊等主流币种的分叉，这些主流币种的用户数量很多。用户在得到分叉币后，一般会要求加入交易，然后IFO的发行方就会因之前预挖的分叉币数量获得巨大的利润。他进一步表示，大多数IFO产生的分叉币没有投资价值，甚至比ICO的投资风险更高。
The founder of the shared finance book, Qingwei, said that the IFO was a new game created in currency circles over the past two months, with most of the IFOs producing projects with no investment value. Some IFO issuers did not think they raised money through ICO, which was a split between the main currencies of Bitcoin and Taichen, and the large number of users of those currencies. When users received a split, they usually asked to be part of the deal, and the issuer of the IFO would gain a huge profit from the number of splits that had previously been dug up. He further stated that most IFOs generated splits that were not worth investment, or even higher than the investment risk of the ICO.
“预挖”分叉币或存在欺诈风险
"pre-draw" fork currency or risk of fraud
那么，IFO究竟是如何赚钱的呢？《每日经济新闻》记者发现，矿工通过技术手段在比特币区块开发分叉币，然后将开发的分叉币按比例相应分配给比特币持有人，并且在交易流通中获得价值，部分也会通过数字资产交易所进行交易流通。值得注意的是，大部分分叉币在正式发布前都会“预挖”，预挖得来的分叉币相当于是免费获取的，由此分叉的创始者将能轻松赚取利润。市场上，有人认为以“预挖”为名的IFO，实际上是一种更为赤裸的代币发行圈钱游戏。
So how does the IFO make a profit? Daily Economic News journalists find that miners develop splits in bitcoin blocks by technical means, and then distribute the developed splits to bitcoins holders proportionally, and gain value in the flow of transactions, partly through the digital asset exchange. It is worth noting that most of the splits are “preduced” before they are officially released, and the predestination of the splits is a free-of-charge acquisition, so that the founders of the splits can make easy profits.
2017年11月15日，国内知名度较高的super bitcoin团队宣布，将于12月17日在比特币区块链的第498888高度实施分叉，开始对BTC进行零知识证明、支持图灵完备的智能合约等技术试验，并将其区块扩大至8MB，其还将于在2018年3月初上线智能合约增加BTC可扩展性、2018年5月底上线零知识证明、2018年11月底移除动态检查点实现完全去中心化挖矿。若分叉成功，将产生新的分裂币——SBTC，比特币原来持有者将一比一赠送 ，其总量是2121万，其中21万为分叉预挖，归分叉团队基金会管理，主要用于激励早期开发者投资生态建设以及基金会运营。
On 15 November 2017, the high-profile team of the country's super bitcoin announced that on 17 December, at the 498888 height of the Bitcoin block chain, a split would be implemented, with the start of technical experiments on BTC's zero-knowledge certification, support for a fully-fledged smart contract with Turing and the extension of its blocks to 8MB. It would also increase BTC expansionability by the beginning of March 2018, the roll-out of a zero-knowledge certificate at the end of May 2018, and the removal of dynamic inspection sites at the end of November 2018.
著名经济学家宋清辉表示，由于监管政策的缺失，用户参与的门槛极低，IFO本身就可能涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗等，通过IFO诞生的众多新的虚拟货币几乎没有太大的价值，这里面可能存在忽悠与欺诈，投资者需要引起足够重视。
Distinguished economist Song Qinghui said that, because of the absence of regulatory policies and the very low threshold for user participation, the IFO itself could be suspected of illegal sales of coupons, illegal issuance of securities and illegal fund-raising and financial fraud, and that the many new virtual currencies born through IFOs could be of little value, and that there could be fraud and fraud, and investors needed to be given sufficient attention.
史青伟分析认为：一方面，IFO会造成社区很大的分裂；另一方面，发行IFO的人基本上都是一些投资者，很少有真正踏踏实实做IFO项目的人，因为没有很强的执行力和价值观，IFO项目很难做出来。说白了，一些IFO项目就是缺钱，套现后就不做了，也没有特别大的风险，加剧市场收购、割韭菜就行。最典型的风险就是欺诈风险，另外就是市场操作的风险，部分投资者已经被套在了IFO项目里面。
According to his analysis, on the one hand, IFOs create large divisions in the community; on the other hand, the IFOs are essentially investors, and few are actually working on the IFO project, because it is difficult to do it without strong executive power and values. To be sure, some IFOs are short of money, fail to do it, and do not have a particularly high risk of increasing market acquisitions and cutting vegetables. The most typical risks are the risks of fraud, and the risks of market operations, some of which are already embedded in the IFO project.
在盈灿咨询高级研究员张叶霞看来，首先，IFO这种融资活动在我国法律上尚没有明确的定义，存在被禁止的风险；其次是诈骗风险，随着IFO概念的兴起，很容易吸引不法分子利用“主流货币分叉”“区块链技术”等概念吸引投资人，但实际上并没有所谓的代币发行和技术研究；第三是技术风险，目前市面上比特币、以太坊等主流货币分叉的技术和标准各不相同，并没有同一的技术标准，技术水平也各不相同，技术安全隐患不容忽视。
First, there is no clear definition of such financing in our legislation and there is a prohibited risk; secondly, the risk of fraud, with the emergence of the IFO concept, can easily attract the wrong elements to attract investors using concepts such as the “mainstream currency split” “block chain technology”, but in practice there is no so-called currency issuance and technical research; thirdly, there is a technological risk that the techniques and criteria for separating mainstream currencies, such as bitcoin and takaya, currently on the market, do not have the same technical criteria, do not have the same technical standards, do not have the same level of technology and do not allow for technical security risks to be ignored.
陈云峰认为，对于以IFO名义的融资行为，其发行的分叉币本身在没有实际应用场景的情况下，投资人获取分叉币，仅通过数字货币交易市场交易过程中获得增值收益，该种形式的融资活动在法律上尚未被明确定义，有待相关部门出台具体规范。
According to Chen Yunfeng, for financing in the name of the IFO, the issue of the fork currency itself is a non-practical scenario in which the investor receives the fork currency and gains value added solely through the course of transactions in the digital currency exchange market, a form of financing that is not legally clearly defined and subject to specific regulation by the relevant sector.
苏宁金融研究院区块链实验室首席研究员洪蜀宁认为，IFO的风险表现在这几个方面：一是未经深思熟虑地更改协议可能存在严重的漏洞；二是匆匆忙忙发布的软件难免会有大量的BUG；三是每次IFO都会分流一部分矿工，对比特币的交易顺畅性造成波动；四是分叉币由于接受度不高，导致价格波动可能远超比特币，对投资者不利。
According to the Chief Researcher, Hong Yong Ning of the Sector Chain Laboratory, Sunning Institute of Finance, the risks of IFOs are manifested in several ways: first, there may be serious loopholes in changing agreements without careful consideration; second, there will inevitably be a large number of BUGs in the software that has been released in haste; third, every time an IFO splits a portion of the miners and the smoothness of the Bitcoin transactions causes fluctuations; and fourth, the split currency, due to its low acceptance, may cause price fluctuations that are far greater than bitcoins, to the detriment of investors.
洪蜀宁同时表示，真正意义上的IFO是不应该有预挖行为的，因为这违背了比特币开发、公平、自由的初衷。实际上IFO与ICO一样是一种变相的融资手段，需要预挖牟利的团队应该发行自己的数字货币，而不是打着IFO的旗号。
At the same time, Hong Jinning said that the real IFO should not be pre-drawn, because it runs counter to the original purpose of Bitco’s development, equity, and freedom. Indeed, the IFO, like the ICO, is a disguised means of financing that requires pre-drawn profit teams to issue their own digital currency, not under the banner of the IFO.
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