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Thunder of “All in blockchain”, stock price plummeted 90% from its highest point

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Text | After two years of ratcheting the All in blockchain, Thunder failed to produce a satisfactory answer.Today, Thunder’s share price has plummeted 90% from its peak, and the player cloud mine has also been discontinued.The financial report shows that there is no real progress in the revenue of the blockchain business of Thunder.Beyond the overall background of the blockchain industry’s overall cooling, some blockchain practitioners believe that the transformation of Thunder in the blockchain field is blocked, and it is related to the “tangledness” of the blockchain industry.How to balance the privacy and supervision, openness and compliance on the chain has become an unsolved problem of Thunder.A number of Thunder employees said to a blockchain, even within Thunder, Thunder’s blockchain transformation attempt is still controversial.But for today’s Thunder, the blockchain seems to have become the only direction of transformation.01 The stock price plunged and its temper was also ruined.The experience of Thunder may be the best explanation for this sentence.As of the last US stock trading day, Thunder’s share price has fallen to 2.68 US dollars, down from the highest point of two years ago, 27 US dollars, fell 90%.Less than a month ago, Thunder just released the Q2 financial report for 2019.The earnings report showed that its profitability still did not improve – revenue of 47.8 million US dollars, down 27.3%; net loss of 2.04 million US dollars, a narrower year-on-year.Since then, Thunder has suffered losses for four consecutive quarters.If the year is the time scale, Thunder has lost money every year since 2015.After the release of the Q2 earnings report, Thunder’s share price ushered in a 50% increase, once breaking through $3.However, the US stock research institute said that this “is largely a self-help of the organization”, in order to raise shipments.In addition, since the end of 2018, the production of Thunder Player Cloud has been greatly reduced, and a large number of mines have been shut down.(For details, see “Hard Disk Mining is a False Proposition? A large number of stoppages in the guest cloud mine.”) “A company that has lost its future may not have to hold it.” For Thunder, the US stock research institute said.Bustling and easy to die.Two years ago, Thunder was still experiencing high light moments.In October 2017, at the press conference of the player cloud, Chen Lei, the CEO of Thunder, shouted the slogan of the “All in” blockchain.Thunder’s blockchain plan has long been exposed.In 2017, the gamer cloud conference was viewed by the outside world. The Thunder, which started with download tools, has accumulated in decentralization technology such as P2P, and may be one of the most suitable Internet companies for the transformation of blockchain.Like Bitcoin that year, Thunder’s share price has risen from the $3 in August 2017 and eventually reached its all-time high of $27 at the end of November of that year.In the past two years, how is Thunder’s blockchain business revenue?In the Thunder Financial Report of Q2 in 2019, the blockchain business was integrated into “cloud computing and other Internet value-added services” and was not separately listed.The shared CDN business that Thunder has been vigorously promoting has also been included in this revenue.Thunder’s 2019 Q2 financial report shows that Thunder’s business revenue was 22.5 million US dollars, down 38.3% from 36.5 million US dollars in the same period last year.In contrast, Thunder’s most traditional subscription service (Thunder Member Service) has seen a slight increase compared to the same period last year.The new business is getting worse and worse, and the traditional business is still strong.This makes it difficult for the outside world to understand Thunder’s “blockchain transformation”.At the level of the Thunder Group, new businesses such as cloud computing and blockchain are under the responsibility of “Net Technology”, a wholly-owned subsidiary of Thunder.In the financial report, the two consolidated the report; but in the specific business, the two have long been separated.”In fact, since the day of its establishment, Netcom has been relying on Thunderbolt blood transfusions.” Xu Wen’s former employee Han Wenjie said to a blockchain, “Xunlei parent company provides a lot of financial support for the network every year. Even the networkThe overall salary is higher than that of Thunder.” He revealed that when the network was established, it took a lot of technical talents from Thunder.Although Chen Lei is also the CEO of Thunder and Net, but as a Thunder employee, Han Wenjie can only see Chen Lei at the quarterly Thunder Open Day.”Chen Lei is mostly in the net, and rarely comes to Thunder.” Han Wenjie said.The straight-line distance between the two companies is less than 300 meters.The focus of the entire Thunder Group is also concentrated in the blockchain field.”Nete’s blockchain product ‘Thunderbolt’ still uses the Thunder brand.Hu Siyuan, who is close to the network market and public relations department, said to a blockchain. “The exposure of Thunder in the mainstream media has now been completely concentrated in the blockchain field.””Today, in Baidu search Thunder, almost all positive reports are related to the blockchain – holding a developer contest, building a blockchain lab with People’s Network and Hong Kong University of Science and Technology. But in the eyes of many blockchain practitionersThunder’s progress in the blockchain field is thunderous and rainy. “In Thunder, when you mention the blockchain, you can feel the strange atmosphere between colleagues.”Han Wenjie said, “Everyone doesn’t say it, but everyone knows it (not reliable).”Transformation blockchain, where is the problem of Thunder? In many people’s view, the problem comes from Thunder’s “tangling” of its own business and the entire blockchain industry. 02 Tangled according to Thunder’s original plan, the release of the player cloudThe meeting time should have been in September 2017. But as we all know, in September, the Chinese currency circle ushered in a major earthquake. On September 4, the central bank and the seven ministries and commissions issued an ICO ban. This made Xunlei unprepared.The blockchain intelligent hardware, the player cloud uses the digital currency “playing coins” as the settlement method, which was interpreted by the outside world as “disguised ICO”. After the release of the “9.44 ban”, Chen Lei hosted the network heart technology headquarters.A shareholder meeting. “The discussion is very intense.”People who are close to the top of the Thunder show to a blockchain,” even some shareholders suggested that the player cloud be ‘overthrown redo’.”But the player cloud at this time is already on the string.” Discussed a variety of solutions, and finally chose the original solution.The above-mentioned person pointed out that “but in this way, the release time of the player cloud has been delayed for nearly two months.”After the “9·4” shock, Bitcoin prices began to soar, rising from $4,200 to $20,000. The price of Thunder and the price of playing coins also rose. However, for a long time, Thunder did not know that he wasPositioning of the blockchain industry. “Do you do a public chain, a platform, do a chain application, or just a gamer cloud business?After the end of 2017, Thunder did not think clearly.Hu Siyuan recalled. In 2018, the currency market began to decline. At this time, Thunder finally made a choice: based on the Thunderbolt platform, and on top of it, relying on its own partners and developers to build various applications.”The Thunder at the time had no choice.Hu Siyuan pointed out that in order to dilute the “coin” attribute of playing the coin, Thunder renamed it “chain” and even eventually sold the business. Hu Siyuan believes that Thunder has repeatedly hit the wall in the blockchain field, and the burden with it isDirect relationship. “Xunlei is a US-listed company and a well-known Internet brand.Hu Siyuan said, “There are countless people staring.Many of the ‘wild roads’ playing in the currency circle and the chain circle are not dare to touch.”This makes Thunder full of entanglement when dealing with the unique problems of many blockchain industries.” For example, the Thunderbolt has preset interfaces for supervision in the process of part of the business.However, in the publicity, Thunder does not want this information to be exposed, so that the outside world has doubts about its privacy protection mechanism.Hu Siyuan said, “On the contrary, when the Thunderbolt promotes its privacy protection mechanism, it often avoids regulatory issues.””This kind of entanglement is reflected in all aspects of the blockchain business of Thunder. Until today, Thunder’s definition of the Thunderbolt platform is still the “main chain”, not the “public chain” in the industry. The reason is that the Thunder chain has beenStill not as open source as most public chains, and open to everyone. “If developers want to develop DApp on the Thunderbolt chain, they need to apply to the Thunder official for approval.This makes the Thunder chain suffer from criticism.Hu Siyuan said. “But it is not difficult to imagine that once the Thunderbolt is completely open, the probability will be like the EOS and the wave field, becoming the ‘big casino’ of spinach.He said: not open source, not open, so that the Thunder chain has become the incompatibility of many blockchain practitioners. “Thunder often boast that the Thunder chain can achieve millions of TPS.”A blockchain practitioner pointed out that “there is no way to open the Thunderbolt anyway, just how to blow it.””03 In the future, the developer’s Thunderbolt chain will be lost, and only its own blockchain platform will be built, and on this basis, customers will be provided with blockchain-based services. This is in fact the bottom of the BaaS service of Internet giants such as BAT.The architecture is similar.But obviously, whether it is talent accumulation or technical reserve, Thunder and BAT are far apart.The official information and public information of Xunlei Chain show that Xunlei Chain has established cooperation relationship with Quantum Cloud Code, Car Network and China Copyright Protection Center, and provides various blockchain services for the latter.The Thunderchain solution covers areas such as product traceability and supply chain finance.”The problem with this type of BaaS service is that it is difficult for the service provider to form a standardized product plan and rely on standardization to reduce costs.” Some blockchain practitioners pointed out that “for Thunder, the current blockchain business must be a loss-making business.”Outside the blockchain, another move by Thunder is quite surprising.In June of this year, Thunder announced the launch of the “Lifetime Member” service, starting at 2,999 yuan, available for life.”Thunder is going to run?” Some people questioned.But today’s Thunder, it seems that there is no need to “run the road.”The financial report shows that Thunder still holds 280 million US dollars in cash assets, which even exceeds the market value of Thunder.”Overall, when a company’s stock price is lower than the cash value, it usually reflects the extreme pessimism of investors.” In 2016, the former Thunder CFO monk explained this to investors on the snowball platform.In the eyes of investors, today’s Thunder lacks imagination.However, as a veteran Internet company with more than ten years of history, Thunder’s cash flow may still be the key to its turnaround.”In 2019, the school recruited, Thunder opened a very high package, and even let many old employees who have worked for many years are upside down.” Han Wenjie revealed, “In May this year, Thunder began to lay off employees inside, many employees with performance bottoms were’Optimization’ is gone.” In the eyes of many Thunder employees, this is a deliberate exchange of blood – replacing some of the old employees with new employees with better resumes and more shaping.Inside the Thunder, “transformation” is no stranger.”It has always been the existence of the relationship between ‘Old Thunder’ and ‘Tencent’ in the Thunder employees.” Han Wenjie said.In history, the “Tencent Department” represents the “transformation” within Thunder, which means the transformation of Thunder by means of cloud computing and blockchain business.The “old Thunder”, most of them tend to use the C-end users accumulated by Thunder to realize the realization.In addition to the grassroots employees, the Thunder high-level executives once had opposing forces, and even caused public guilt.At the end of 2017, Xunlei Big Data, the Thunder subsidiary that dominated the “Thunderbolt Finance” business, publicly criticized the network blockchain business in official website, Weibo, WeChat and other channels in the form of nearly big-character posters.The financial business of Thunder Big Data is the last attempt of the “Old Thunder” to realize the realization.Thunder Big Data said that Netcom’s playing coin business violates national laws.However, their Thunder financial business – cash loans, micro-distribution and binary options – are also in the legal gray.In the end, the Thunder guilty incident ended with the failure of the “Old Thunder”.”Now the ‘Old Thunder’ are almost all out.” Han Wenjie said.“Xunlei has not tried other businesses.” Han Wenjie said, “In these years, Thunder has done live broadcasting, online novels and even AI business. The AI ​​business has been done for 3 months, and finally there is no scene, only to give up.” In ThunderInternally, the blockchain has become the only development direction of Thunder.In the future, Thunder can only run blindly on this road.Although he has left, Han Wenjie still has feelings for Thunder: “The technical level of Thunder is still very top-notch among second-tier Internet companies.” However, for a thousand-person Internet company like Thunder, “All inThe blockchain” requires more than courage.Can Thunder be fortunate enough to break into the blockchain industry?No one knows the answer to this question..