At 3 pm on April 2, in the second phase of Babit's live online program She Knows, special observer Cheng Xiaoming said that my basic point is that regardless of ICO, STO, SPT, IEO, stock bonds, ABS, derivatives, or even a country. The currency, any financial product, must have a value support and valuation model. Any market has the subject matter of the transaction. The value of the subject matter needs to be judged. According to the judgment difficulty, the world market can be divided into three categories. One is the vegetable market. The value of the subject matter here is very clear to both buyers and sellers. One is the casino. The participants are not clear. Whether it is a big gambler, a villager or a small gambler, let’s call it a gambler because everyone I don't understand, and I don't know anyone else, so I dare to gamble. And financial products, the real valuation difficulty must be involved in the vegetable market and the casino, it is too easy, that is, the vegetable market, then finance is not an industry profession. It’s too hard, everyone doesn’t understand, it’s the casino. The problem of ICO is here. I don't believe that ICO's projects are all air projects. There are many people who still want to do things, but the problem is that there is no valuation model or the valuation is too difficult, so the market is easy to become. A casino.