05-22
Lawyer Liu Honglin
Bitcoin hits a new record high! Re-understanding gold, US dollars and stablecoins On May 22, 2025, the price of Bitcoin once again broke through a record high, and its total market value has surpassed Amazon, becoming the fifth largest asset in the world by market value. We use currency every day and talk about Bitcoin, but few people really understand their structure and logic. Nick Bhatia, the author of the book The Pyramid of Money, is both a financial practitioner from Wall Street and a Bitcoin researcher. He did not use complex terms, but started from a very basic question: What is money? Who defines its value? And who maintains its credibility? The core point of the book is: Currency exists in layers. Gold, US dollars, Bitcoin, stablecoins, and even platform points all seem to be able to pay and are called money, but their structural status is completely different. Some are ultimate assets, and some are just credit certificates for a certain commitment. The value of the book The Pyramid of Money is not to teach you how to invest in currency, but to help you disassemble the system logic behind currency. It makes you realize that we do not live in a unified, single-layer monetary system, but in a bookkeeping order with a hierarchical structure and dynamic evolution. # The story of Roman silver coins A seemingly distant historical event: the Roman Empires silver denarius. Around 211 BC, the Roman Republic first issued this silver coin in order to integrate the economic system of the entire Mediterranean region. In the 1st century AD, after the establishment of the Roman Empire, the denarius became the official currency and was circulated in large areas of Europe, North Africa and West Asia. When it was first issued, the denarius contained 98% silver, and one coin weighed about 3.9 grams. The back of the denarius was often cast with the emperors head and military exploits, symbolizing the glory and credit of the empire. Because this currency was accepted by the imperial army, it also became the preferred settlement tool for international trade, somewhat similar to todays dollar standard. But this glory did not last long. With the expansion of the empire and the fiscal deficit, the denarius began to gradually slim down. When Marcus Aurelius was in power in the 2nd century AD, the silver content had dropped to 80%. Later, inflation intensified. By the mid-3rd century during the reign of Claudius I, less than 5% of the silver remained, and the rest was mostly copper or miscellaneous metals. The appearance is still the denarius, but the core is no longer silver, but a low-quality alloy. The most typical change occurred in 274 AD, when the Roman Emperor Aurelian even introduced a new currency Antoninianus, which continued to use the name of silver coin but had almost no precious metal components. In other words, it was a face currency - the name was silver coin, but in fact it was already a copper coin. During this process, there was no currency reform, no new currency was issued, and no announcement of we are going to devalue. Everything was done quietly under the premise of the name remains unchanged. People thought they still had silver coins in their hands, but slowly found that they could buy less and less things. Most currency crises are not explosive, but slow collapse of trust. You wont go bankrupt in one day, but the money in your hand cant buy the same thing in a few years. And you may not be aware of this. # Currency is layered We often say money, but in fact, the various money we come into contact with in daily life are not the same in essence. The balance in the bank account, the banknotes in your hand, the points card of the platform, and even the USDT you bought or the stablecoins in the company account, although they all seem to be usable at the payment level, in essence, they are completely different types of currencies. The book puts forward an important concept: currency exists in layers, and the credit structure determines its hierarchy. The author divides the monetary system into three layers: The first layer of currency (Layer 1) is the ultimate asset that does not require trust or counterparties, such as gold and Bitcoin. If you own it, it means that you directly own the value without relying on the commitment of any institution; The second layer of currency (Layer 2) is bank deposits, banknotes, stablecoins, etc., which are essentially commitments or debt certificates for the first layer of assets and must rely on the performance of the issuer; The third layer of currency (Layer 3) is various platform points, vouchers, and prepaid cards. They are only valid in specific systems and have the weakest liquidity and credit. The 100,000 yuan deposit in your account does not mean that you actually own 100,000 yuan in assets, but that the bank owes you 100,000 yuan on paper; the USDT in your hand is a certificate that Tether promises to return you US dollars at a 1:1 ratio in the future; the bottom layer of your Alipay balance may even be a digital representation after multiple financial institutions jointly hold funds. From the perspective of legal and financial structure, these are second- or third-layer currencies. They are fine when they work well, but once the opponent has problems, the money in your hand may become a piece of waste paper. So the author said: You think you own assets, but in fact you just trust that a certain system has not gone wrong. Many people hold stocks, funds, and bonds and think they are assets. In fact, from the perspective of the monetary pyramid, they are credit certificates on the balance sheet and not risk-free currencies. This explains why people rush to buy gold, US dollars, and even Bitcoin at the moment of financial crisis, war, or regime change - they are not investing, but returning to the first layer, returning to an asset that does not require other peoples commitment. This logic of layered currency can be seen everywhere in our modern monetary system. And the US dollar has taken advantage of this structure to sit at the top of the global financial pyramid. The dominance of the US dollar is not obtained out of thin air. It is established through a whole set of currency stratification mechanisms. In 1944, before the end of World War II, 44 countries held a meeting in Bretton Woods, New Hampshire, USA, and decided to establish a new international monetary system. The core content is: the US dollar is anchored to gold, and other countries currencies are anchored to the US dollar. From then on, gold was located in the first layer, the US dollar became the first in the second layer, and the legal currencies of other countries were in the third layer below the US dollar. This system makes the US dollar the clearing core of the world, because the central banks of other countries cannot directly use gold as reserves and can only hold US dollar assets. This is equivalent to admitting that in actual operation, the US dollar is the representative of gold and can be regarded as a pseudo-first-layer asset. The US dollar operated under the Bretton Woods system for nearly three decades until 1971, when the Nixon administration suddenly announced the closing of the gold window, that is, the end of the commitment to exchange the US dollar for gold. From that moment on, the US dollar officially broke away from the gold anchor and became a complete credit currency. But strangely, the global status of the US dollar has not been weakened, but has been further consolidated. This is because: first, although the Bretton Woods system has been terminated, the US dollar has long been embedded in the infrastructure of global trade, finance, and capital settlement; second, the United States has the worlds most powerful financial market and the deepest bond pool. Even if other countries do not believe in the US dollar, they lack alternative options; third, almost all key commodities (such as crude oil, food, and metals) are priced in US dollars, and the US dollar has become the global pricing unit. Therefore, when we say today that the US dollar is the global sovereign currency, it does not mean that it is a globally recognized banknote, but that it occupies a structural upper position in the global currency pyramid: the legal tender, cross-border assets, and central bank reserves of most countries are actually layered mirror images of the US dollar. In other words, if we draw the global monetary system as an inverted pyramid: the top layer is gold and (theoretically) unrivaled assets; in the middle is the US dollar, as the worlds reserve currency, controlling major financial settlements and cross-border balance sheets; at the bottom are the currencies of various countries in the world and the credit of commercial banks, which rely on the liquidity and interest rate environment of the US dollar market at all times. This structure is not determined by law, but has been gradually solidified through decades of financial structures, asset flows, and policy arrangements. # The Nature of Central Banks When we mention central banks today, our first reaction may be interest rates, exchange rates, and money supply. But in the book The Pyramid of Money, the author reminds us that the earliest function of central banks was not to issue money, but to keep accounts - more precisely, to clear accounts. This concept may not sound intuitive at first, but it is easy to understand in the historical context. In the early 17th century, Amsterdam, the Netherlands, had just emerged as the trade hub of Europe. As an important port connecting the Baltic Sea, the Mediterranean Sea and the East Indies, a large number of cross-border merchants traded here every day. However, the monetary system at that time was extremely chaotic: silver dollars, thaler, florins, gold coins, coins of different currencies, different years, and different contents circulated in the market. Every transaction had to be verified, weighed, and changed, which was troublesome and prone to errors. In order to reduce transaction costs and unify the clearing system, the Bank of Amsterdam (Wisselbank) was established in 1609. The institutional design of this bank is epoch-making: it does not issue loans or conduct commercial operations. It only does one thing - accepting gold and silver coins deposited by merchants and recording a bank deposit for them in the account book. All payments thereafter are completed through the banks internal account book. This is the first time in the monetary system that the transition from physical transfer to account book transfer has been achieved. You no longer need to move coins. The bank adjusts the account and the transaction is completed. Efficiency has been greatly improved, and transaction credit has become more centralized and unified. In other words: Who keeps accounts and who recognizes the validity of a transaction determines who controls the currency order. This model later spread to the UK and influenced the establishment of the Bank of England in 1694, and also became the institutional prototype of the modern central bank. Most of the currencies we use in daily life are the second layer - such as bank deposits, Alipay balances, and local payment systems - they are just debt certificates issued to you by commercial institutions. Transfers and settlements between banks cannot be directly interoperable, and also require a ledger master node to coordinate. This node is the central bank. When you transfer money from CCB to CMB, the real settlement action is not that you click Confirm on the App, but that CCB and CMB complete a clearing operation on the central banks reserve account. Without the central banks system, this transaction will not be established in the legal and financial systems. Therefore, whoever has the account book authority of the clearing system has the structural dominance of the monetary system. Understanding this, we can also understand a very realistic policy phenomenon today: Why are central banks in various countries promoting Central Bank Digital Currency (CBDC)? Many people think that this is just to improve payment efficiency, or even to fight WeChat and Alipay. But from the underlying logic of this book that currency is a book structure, the fundamental purpose of CBDC is to re-establish the central banks monopoly on the ultimate bookkeeping right in the digital age. In the original system, the central bank only keeps accounts for banks and the country, not directly for individuals. The design of CBDC is to allow the central bank to have a book for all people - everyone can open an account, deposit money, and transfer money directly in the central bank system, bypassing commercial banks and payment platforms. This seems to be an improvement in payment experience, but in fact it is a change in the clearing authority structure. CBDC is to further sink the right of bookkeeping from between banks to between users, so that the central bank can master the confirmation right of each micro-transaction. # Bitcoins positioning is here, and we can more naturally understand why Bitcoin is regarded as a challenger of the monetary system. Its essence is not just to create a new asset, but to propose a decentralized ledger structure, which is a fundamental response to the issue of who will keep the account. The original intention of the design of the Bitcoin network is not to let everyone use it as change, but to establish a value recording system that does not rely on central institutions, does not need to trust third parties, and can be verified by everyone. It tries to answer a question: If we do not give the right of bookkeeping to the central bank or the government, is there any other solution? Its answer is blockchain. In the Bitcoin system, every transaction must be broadcast to the entire network, and every full node can verify whether the transaction is legal, without relying on banks, central banks, or platforms. This is not deregulation, but decentralized bookkeeping rules. The author did not over-exaggerate the status of Bitcoin in the book, but pointed out very calmly: As the first-layer currency, the significance of Bitcoin does not lie in whether it can become a global currency, but in the fact that it has built a clearing structure that does not rely on national credit. You send a transaction on the chain, and as long as the network confirms it, it cannot be revoked, tampered with, or rejected. This final settlement is precisely the ability that the central bank clearing system has long tried to monopolize. Bitcoin breaks this monopoly and makes finality a consensus result of an open protocol. On top of this consensus ledger, second- and third-layer structures also began to appear: for example, stablecoins issued with BTC as collateral, lightning networks as payment acceleration channels, and even Bitcoin banks that provide interest rates and deposit services. Bitcoin did not break away from the pyramid, but established its own set of pyramid structures. This seems to be in the opposite direction of the CBDC we mentioned earlier, but it is actually responding to the same core question: How do we build a currency ledger that can be established in the digital world? One relies on the national system as a bottom line, and the other relies on network protocol consensus. They are not a simple competitive relationship, but a game of two bookkeeping logics. You can choose to trust the government, the bank, or mathematics and code. And this is the fundamental reason why Bitcoin is important. # The compromise of stablecoins Bitcoin emphasizes decentralization and immutability of transactions in its design, so it sacrifices transfer speed and throughput. One block is created every 10 minutes, and it usually takes several minutes or even longer to confirm a transaction. The price of on-chain gas fees also fluctuates violently due to network congestion, which limits its use in daily small payment scenarios. Real needs have driven the emergence of another structure: stablecoins. Stablecoins are digital assets issued by centralized institutions and anchored to legal currencies (mainly US dollars), such as USDT (Tether), USDC (Circle), etc. Their emergence is not to fight Bitcoin, but to make up for the problem of Bitcoins unscalability as a layer of currency, and to build a more convenient and less volatile payment layer on top of it. Its price is clearly anchored, and traders can temporarily hedge when BTC or ETH fluctuates violently; its payment confirmation speed is fast and can be completed within seconds or minutes; its transfer threshold is low, which is especially suitable for scenarios such as on-chain DeFi, games and cross-border remittances. This is why stablecoins can quickly gain huge usage in the global crypto market. At the beginning of 2024, the daily trading volume of on-chain stablecoins has exceeded tens of billions of US dollars, of which the circulation of USDT exceeds 100 billion, and it is the actual substitute for the US dollar in many emerging market countries. In countries such as Nigeria, Argentina, and Venezuela where the local currency has depreciated severely, many people trust a centralized stablecoin more than their central bank. If Bitcoin is digital gold, then stablecoins are bank deposits on the chain. They are essentially second-layer currencies: not unconditionally available assets, but your credit trust to a certain issuing institution. You believe that Tether or Circle has prepared an equivalent amount of US dollar reserves in a bank account, and the USDT or USDC in your hand is valuable. Stablecoins are the continuation of traditional financial logic on the chain, using the real-world regulatory structure, corporate governance, and legal contracts to serve the circulation of crypto assets on the chain. It is not a pure crypto innovation, but a product of institutional adaptation. In the monetary pyramid structure, stablecoins belong to the centralized debt currency in the second layer of the chain. The risk of stablecoins is that they still fall into the category of counterparty risk. You cannot directly verify whether the 1:1 US dollar reserves really exist, nor can you control whether the issuer freezes, reviews, or refuses to pay assets in extreme cases. If you look at the trust structure, the difference between several mainstream practices is actually very obvious: CBDC is a form of currency issued by the state, accounted by the central bank, and guaranteed by law. It does not seek to change the monetary system, but only moves the original accounting method to digital devices; Stablecoins are issued by enterprises and accounted by centralized clearing structures. Its advantages are speed and docking with the chain system, but it essentially relies on the credit of custodian banks and companies in the real world; Bitcoin does not rely on any issuer or intermediary at all. It relies on an open and transparent network ledger to complete accounting, which is a permissionless underlying structure. They all look like coins, but they run completely different trust logics and ledger architectures behind them. Which one you use is actually choosing who you trust and who keeps accounts. This is the real difference between stablecoins, Bitcoin, and CBDC. # Epilogue: Re-understanding money We think that currency is unified, defined by the country, the numbers on the account, the balance in the wallet, the bank card, RMB, US dollar, and USDT. But after reading this book, you will find that currency is actually layered, structural, and a mapping of trust. It is not just a banknote, but a qualification given to you by a system - which layer you are in and which one you hold represents who you trust, what you rely on, and which account your name is on. So the future world may not be a world of unified currency, but a world of coexisting ledgers. Some people still trust the country and use CBDC to pay water and electricity bills; some people trust the market more and use stablecoins to do cross-border business; some people choose consensus networks and lock their value in Bitcoin. These are not mutually exclusive options, but a new structure that is gradually unfolding: technology has reopened the possibility of who keeps accounts and redefined what is money. When money is no longer issued by a single center, nor is it printed on paper or stored in a bank account, but exists in the code, in the address, and in every verified block on the chain, what we are really facing is not the rise of a new currency, but the right to choose a new ledger.(来源: Twitter )
05-20
Tongtong Bee
Kaito, traps KOLs in the algorithm Binance Alpha, traps the money-grabbing party in the points MEME, traps P Xiaojiang in the front of the car BTC, traps miners in the computing power ETH, traps funds in L2 altcoins, and traps the sudden wealth in the K-line (来源: Twitter )
05-14
@yuyue_chris
The outbreak of Believe platform: Master the first principle and buy low at the value depression 4/29 It has been exactly half a month since I first called @believeapps platform coin. Some friends are still not optimistic about Launchcoin because of clout. Friends who dont know can take a closer look at my four tweets. The logic is fully written in the tweets. Other fragmentary thoughts are also posted on Twitter and mentioned in the live broadcast. This is the full path to discovering the value depression [4/29] First of all, the most important question, why does the clout pivot not affect my judgment on Launchcoin, that is, @believeapp platform? - I said this in my tweet on 4/29. The reason why I want to buy PASTERNAK (Launchcoin before it was completely renamed) again is: —— Todays two little golden dogs $DUPE $SUPERFRIEND are both launched on @believeapps platform, a new meme launch platform formerly known as clout me, incubated and supported by @alliancedao. Today, the combined market value of the two golden dogs is 10M, while the platform coin itself has a high point of 80M, and the current platform coin is only 5M. Yes, I told you clearly from day 1 that its predecessor was clout. The logic of buying again is because group friend @0xEdwin999 discovered that it was renamed $LAUNCHCOIN, which obviously looks like a platform coin, but it didnt make it clear that when the two new golden dogs were casually pulled to 10m, and the platform coin was only 6m, isnt this the best opportunity to buy? There is a clear value mismatch, which is a value trough. 4/29 tweet link: https://x.com/yuyue_chris/status/1917061019802997068 4/29 tweet link: https:// x.com/yuyue_chris/status/1917061019802997068 [5/4] Why did you continue to buy Launchcoin for the second time? This is largely because the meme launched on boop was cut - the core logic is that the 2️⃣ 100 1M in the middle is much easier than 1 100M - no need for Long Yi - Think about it, the tokens we buy on letsbonk and boop are basically related to this is strongly associated with bonkguy and this interacts with dingaling, and the degree of centralization is difficult to get rid of in a short period of time, but will shackle the upper limit of the platform. The initial traffic is good or bad... This is completely different from the current new platforms play... If @pasternak can pull in an AI founder who can operate and handle things, then he is equivalent to digging out the Bole of New Era DK (founder of Luna), and perhaps only this kind of non-centralized traffic can open the ceiling of the tokens on the platform. Platform coins are fed back by revenue and Golden Dog income, and non-platform coins create the upper limit of tokens on the platform. Launchpad, after all, is used to launch projects, and revenue is needed to effectively support the logic of the platform. People think that PumpFun is awesome not because PumpFun issued coins, but because he unified the measurement and made all the gold dogs come from his platform. At that time, I also knew that this idea was a slow cook and might not be fully verified by the market. It was a real first-level investment thinking. I directly bought his FDV platform coin with only 6M. 6M undoubtedly has nearly 100 times the room for growth compared to other launchpads, especially the 500M boop that just came out. There is a clear value benchmark, which is the value depression. Since then, Launchcoin has been washed to 2M 5/4 tweet link: https://x.com/yuyue_chris/status/1918821240028205271 5/4 tweet link: https:// x.com/yuyue_chris/status/1918821240028205271 [5/12] Internet capital market, the new narrative that Solana’s core circle and the European and American circles want to lead has surfaced- At this time, from the perspective of platform coins, the first thing I paid attention to was still $DUPE went to 20M+ big fly- So I emphasized his platform revenue logic again: This target is very cost-effective, because this is a current FDV of only 6M-It has a voice in the crypto circle, alliance dao @alliancedao Incubated and supported, the founder can bring in high-quality AI founder resources Launchpad While posting the article, I also found that Solana The core figure @rajgokal, one of the co-founders of Solana, COO of Solana Labs, and the version god @himgajria in the AI craze are all discussing the concept of Internet capital market. BTC has returned to 100,000, but the market is lifeless, and the altcoins are rising meaninglessly without fundamentals. This market undoubtedly needs new narratives, new concepts, and new words. At that time, I realized that this new word and new concept might be the new narrative that the Solana core circle and the European and American circles want to lead, exploring the decentralized way of fundraising and the on-chain of real equity and real assets, which is similar to the RWA I mentioned in recent months and the previous pinned article Let fair opportunities happen on the chain: AI Agent brings about on-chain narrative changes, discourse transfer, positive changes in the industry, and enlightenment of primary market investment. So I even told Li Zhuang that when I broke through 20M, I also added a Launchcoin of 22M, and the concept of Internet capital market had just surfaced, so this was still a value depression 5/12 Tweet link https://x.com/yuyue_chris/status/1921673165056708707 5/12 Tweet link https:// x.com/yuyue_chris/status/1921673165056708707 【5/13】When a new narrative comes, be the first to believe. The cryptocurrency circle needs dreamers - This new platform @believeapp is a decentralized YC incubator, this version of ai16z - The experience of clout, the predecessor of @pasternaks product, was not very good, which led to prejudice against believe. However, the founders do not have to be responsible for issuing a new platform coin for the old coins. When they continue to pivot and explore new directions, they can still insist on exchanging old coins for new coins. This shows that they are not the type who want to run away after making a wave of money. While biased against Launchcoin, dont forget that Virtual @virtuals_io also transformed from pathdao, a blockchain game union, to the current AI Agent The market should recommend those who stick with it, rather than those who keep launching new projects after the old projects run away. I also had contact with @everythingempt0 in the earliest days of Virtual, but I missed out by mistake. Before the AI craze came, no one thought that FDV 15M could reach the current 2B. When the new narrative comes, be the one who believes first. The currency circle needs dreamers. The rise at this time is more based on the optimism of the big market, the optimism of the new narrative and the sentiment. Of course, you can also say that I am blindly fomo, but I have a cost advantage of dozens of times. When I share the logic and project updates, the buy button is in your own hands. The price was less than 100M at that time. Whether it is a value depression, this judgment requires imagination. 5/13 tweet link https://x.com/yuyue_chris/status/1922197239168172544 5/13 tweet link https://x.com/yuyue_chris/status/ 1922197239168172544 What I need for the @believeapp platform and the new platform, as well as other related thoughts, have been mentioned in tweets in recent days. When the entire path of Launchcoins outbreak has clear signals and logic, the new narrative created is a kind of conspiracy. Because even if I dont know @alliancedao and the core circles in Europe and the United States, I can still capture a hundred times at a low level through clues, master the first logic of assets and revenue, and buy in the value depression. In any case, investment is to buy low and sell high.(来源: Twitter )
05-09
JackYi
Why do we need to call for more at the moment of ETH1700? 1. ETH is still the best ecosystem in the industry and the foundation realizes that L1 is the focus. 2. ETH has fallen too much in the last round of oversupply, and there is no better investment product than ETH in large projects. 3. Nearly 10 million ETHs are shorted in the entire network, which is a historic opportunity for the bulls. 4. If you believe that the bull market is coming, ETH, as the king of cottage and one of the two major ETFs, must rebound and be supported by market consensus. Only when everyone supports ETH together can a real bull market be brought about.(来源: Twitter )
05-08
Laolu
Aave is not just the No. 1 in TVL at the moment, but it may also be the No. 1 in retained TVL, and it is time to share the cake with Uniswap V4. The part of funds that can be attracted without providing additional incentives is the retained TVL. Lido occupies 16B of interest-bearing assets and cries that its protocol is not profitable, and it is better to let others do it if it does not make money. Eigen is trying to build a good chain, but the subsidy is not enough, and it has a good start but a bad end. There is nothing good about Skys interest-bearing assets. It is a US debt blood sucker and has lost the original intention of DAI. If Uni does not play the incentive card, UniChain will only have 1M of natural cross-chain traffic. The noun mapping done by AI is still interesting. What is Bn Alpha like? ETH needs to upgrade the underlying layer? Just upgrade it, and take care of the lower version with backward compatibility. Apps will not be used if they do not upgrade their versions, and protocols that do not upgrade their versions will be eliminated. It is enough for the top ten protocols to keep up with the upgrade...(来源: Twitter )
05-04
Blue Fox Notes
So far, the market has not fully realized the significance of Ethereums narrow path. It is difficult to balance decentralization, performance and security in the crypto field. Therefore, for two of them, most people will sacrifice another. Except for the BTC digital gold narrative, Ethereum is the only one that sticks to the most important decentralization direction. Walking the narrow path means it will be slower, the process will be more painful, and you will face countless ridicules and sneers, but the road will become wider and wider. Taking the broad path means sacrificing decentralization for high performance. It was really cool in the early days, the price was good, it was very lively, and it was very enjoyable.(来源: Twitter )
04-21
Diving Observer
The version is about to switch again. The version belonging to the chain head is about to end, and the version belonging to the chain vc is about to begin. The reasons are as follows: 1. The ceiling of the projects that the chain head can drive is already very obvious, and they are basically meme coins, which cannot truly drive the emergence of innovative narratives and new infrastructure; 2. The core of the chain head is trading, or more nakedly, it is to grab liquidity, so the first priority must be to think about ones own interests. At the same time, in order to maintain the winning rate, in the existing environment, the pattern is loss, and building against the trend is stupid, so early pouring is the best choice (the head with construction ability has died in the previous version); 3. The coordination ability of the head and the upstream and downstream of the industrial currency circle such as the exchange is almost zero. It is difficult for the head to maintain its image as an independent researcher while running to teach the dog dealer and the exchange to do things. Another point is that everyone is relatively i; 4. A large number of vcs no longer invest in the primary market, but they still have a lot of money in their hands. At this time, they have only one choice, come to the chain. We have recently seen that many have vc behind them. Or the high-control projects supported by Mingzhuang are doing better, and after more than two years, many VCs have gone from rejecting the chain to embracing the chain; in a sense, generations of car heads have completed their historical mission: in addition to making money, they vote with their feet together with retail investors, forcing VCs and exchanges to build on the chain. In a sense, it is like a peasant uprising, but we must also recognize the limitations of the car heads. Most of the car heads are traders rather than infrastructure builders and new customers in the industry. At least until now, no car head has the ability to talk to the government or even the bosses of listed companies. Therefore, as the chain has developed to this day, the power of the industrial currency circle has also begun to intervene: VCs and exchanges have gathered together, and the car heads have started to invest, research and trade, and have begun to enter the stage of joint efforts to break the ceiling of the chain - this version is about to be launched.(来源: Twitter )
04-14
Rui
OM is actually a local Otc market... In the two-year Otc, at least 500M was made. The model is to use new Otc tokens to take over the old Otc selling orders, repeating over and over again until the unlocked chips O can no longer move and explode. The team also cashes out some of the chips themselves every time, and opens a contract to earn some hard-earned money when the market is pulled. The amazing thing about this team is that they can deal with a group of rich second-generations in Dubai and Europe. I heard that O sold 50M in one electronic music festival. This financing ability is awesome...(来源: Twitter )
04-11
@keyahayek
Yesterdays sharp rise in the Nasdaq actually confirms the further bearish trend. Historically, the largest single-day gains usually occur during bear markets, and are often followed by further declines. This kind of up-and-down volatility is typical of bear markets. December 5, 2000: The Nasdaq rose 10.48% to close at 2,889.80. This was during the bursting of the Internet bubble. The market bottomed out in October 2002, and the index eventually fell to about 1,108 points, a decline of about 61.6% from the day of this rise, which lasted about 22 months. January 3, 2001: The index rose 14.17% to close at 2,616.69 points. However, the market continued to decline and finally bottomed out in October 2002. The index fell to about 1,108 points, a decline of about 57.6% from the day of this rise, which lasted about 21 months. October 13, 2008: During the global financial crisis, the Nasdaq rose 11.81% to close at 1,844.25. However, the market continued to fall and bottomed out in March 2009, with the index falling to about 1,268 points, a decline of about 31.2% from the day of this rise, and lasted about 5 months. October 28, 2008: The index rose again by 9.53% to close at 1,649.47 points. Despite the rebound, the market still reached its lowest point in March 2009, with the index falling to about 1,268 points, a decline of about 23.1% from the day of this rise, and lasted about 5 months. March 13, 2020: Amid the market panic caused by the COVID-19 epidemic, the Nasdaq rose 9.35% to close at 7,874.88 points. The market then continued to fall and hit bottom on March 23, 2020, with the index falling to about 6,860 points, a drop of about 12.9% from the day of this rise, which lasted about 10 days.(来源: Twitter )
04-09
WeEdward
Today, I found a phenomenon that I think is quite special, but I cant see if anyone is discussing it on my new account. After the impact of tariffs, the US stock market and Bitcoin have shown a negative correlation in recent days. I personally have a few small opinions on this wave of tariffs. First, I think tariffs are a means for Trump to kidnap the Fed by hitting the market to kidnap the Fed to ease early. From Trumps disgusting remarks today, I feel this way. Second, Bitcoin seems to have the attributes of a safe-haven asset since this wave. I think this is related to the change in the proportion of participants after the ETF is passed. Why do I think that tariffs are a means for Trump to hold the Fed hostage? Mainly because Trumps voice is too loud. Despite his loud voice, he didnt achieve anything. Bitcoin didnt rise after the election, and he didnt achieve anything. It feels a little dangerous for the Republican Party facing the upcoming mid-term elections. The CPI is neither high nor low. It is at a relatively high level that is a bit embarrassing. Even if it is reduced 3 or 4 times this year, it feels difficult to promote the stock market and economic performance. But if he increases corporate costs and market uncertainty through tariffs, the market will reprice technology stocks, hitting the stock market and the global economy. Assuming that you really make GDP negative growth, unemployment soar, and the stock market die, then does the Fed need QE? Once the Fed conducts QE, let’s say, let’s say, before the midterm elections, then according to convention, the market will stabilize and rebound, and retail investors will start to rave about it. His political achievement will be to save the market, and maybe even bring the U.S. economy to a new high, then retail investors may really deify him. Next, why do I think Bitcoin’s safe-haven asset attributes are beginning to emerge? In the past, Bitcoin was usually regarded as a target with a high correlation with technology stocks. I think this is mainly due to its speculative characteristics and the structure of market participants. Before, everyone rushed to buy and sell Bitcoin, and it was common to see 7-8 points a day. Most of the people who came to speculate in Bitcoin were speculators, including me. But after the ETF was approved, the whole feeling was different. Now the whole trend is much more stable compared to 20-22 years. Then from the fall of US stocks caused by this tariff, Bitcoin also showed a negative correlation with US stocks. I think the reason is that first, Bitcoin itself does not rely on the characteristics of fundamentals. In the fundamental blow caused by this tariff, it can survive in the narrow gap and show a relatively strong ability to resist the decline. Second, after the Bitcoin ETF was approved, institutional investors began to enter the market and configure Bitcoin to balance the overall portfolio. And this negative correlation performance makes me feel that Bitcoin seems to have really begun to show the attributes of a safe-haven asset. In the past, digital gold was used to deceive outsiders into entering the market, but now it seems to be true. Why do I think it has the attributes of a safe-haven asset this time? Because it has no fundamentals. If you want to balance the risk of holding stocks and respond to the impact that tariffs may bring, in addition to the usual safe-haven assets such as gold and government bonds, Bitcoin also seems to have a chance to suck some blood.(来源: Twitter )
04-03
Rui
After a good sleep, I woke up and found that Sun Ge was defending his rights. The black swan-like tariffs caused the market to collapse, and KOLs besieged Binance... Some interesting information: 1. Sun Ge suffered a loss in 20 years because he did not have a legal identity. The money was his money, but he was not the actual controller. Because he could not explain the previous source, he was set up by TUSD+Aria (Dubai Investment Company). FDUSD was just the custodian and had nothing to do with them. Now Sun Ge jumped out probably because the court did not support his lawsuit and put pressure on everyone through public opinion. 2. The tariffs were really unexpected. Everyone expected Trump to talk nonsense before, but I didn’t expect it to be real. My position was also attacked... 3. It’s hard to make a big deal about the FDU matter. There were similar chat records when FTX was there. The internal core staff (literally the top five people) said that it was okay and they could raise it casually. I saw the one who thought it was okay... After all, opinions are others’, and transactions are their own. If something really happened, there is no way to use this chat record to defend rights. It is recommended that the damaged KOLs post how much money they lost. I am quite curious about this... Comfort the bad mood of positions being attacked.(来源: Twitter )
03-30
Rui
The market has been boring recently, so lets make a rough summary. 1. Big coins are BTC, ETH, SOL, and BNB. BTC has a relatively independent trend; ETH follows Nasdaq completely, and is even weaker than Nasdaq; SOL has basically stopped after the unlocking started + MEME was shut down; BNB is the most stable, and BSC+Wallet will rise as long as there is an angle. Big coins have no direction now, and they need good macro + good US stocks + micro-strategy financing to have a new wave. 2. New coins are the new online games. Binance-related PVP has been continuously advanced from within the institute. Everyone knows that there will be no premium if the spot is launched. IDO has become a game of who is faster. It is better to pour it online than to pour it on the contract. It is better to pour it on the contract than to simply go off work after the opening. As the third IDO, BR actually has the best days. With the expectations of the first two, the market buying is strong and you can do whatever you want. Although it has not been listed on the spot, it is estimated that everything that can be done on the chain has been done. When I arrived at KiloEX, I closed the trading as soon as the market opened. I believe that the project team did not sell the products... because there was probably no buying. As for the Seven Sons Fighting for the Crown, I can only say that Binance has tried its best (I want to sing a song about what else you want from me). Myshell and BMT can only see if the project team has a conscience (to be honest, I still have some conscience for both of them). I think Nil and Parti are amazing. In my opinion, they are both dragged down by the market and priced low, because the community is actually okay and there are buying orders. It will not be good for the project team to collapse themselves. Lets see again in a month. I can only say that GPS... it is a great market when it goes up and down, which is really a big opening and closing. The basic price of Bybits listed coins ranges from 100M to 50M. If the project team does not work hard, there is only one result: it will be closed. OIK caused such a big drama and attracted a lot of attention, but there is still no external buying. The project team only cares about fighting and really doesnt care about the community... I am curious that according to the community, everyone is locking up the project team to protect the market, so who is crashing the market? Some other new projects are not doing well. Among the old projects, the downward god Flock has already fallen below the cost of investors. After the Little Flying Saucer was listed on Bithumb, it quickly went off work. Fortunately, it has not fallen below the lowest point. The listing of Fuel and Avail can be regarded as an explanation to investors. Several investors who invested in it later said that they dont know what to do in the future. The listings of the coins on my list before are more interesting. IP and Bera are indeed relatively independent, and they are worthy of being S-level. Kaito and Xter have not fallen below the issue price, and they have also made a wave of money for everyone. In fact, they are already very conscientious. If the market turns good later, I think there will be fun. 3. Old coins (old old chains, old DEFI, etc.). As the main battlefield of institutions, this area is more magical. It belongs to mutual stupidity. In DEFI, Pendle, Uni, and AAVE have long-term institutions entering and exiting. The most interesting one is Cake. When the BSC hotspot came, institutions and retail investors P together to draw such an ugly K-line. In the public chain, Sonic has slowly built up the ecosystem. ZKJ is also slowly rising in the AI public chain, and the contract position is very high. Although the APT ecosystem is down, it has fallen to the point where it can’t fall any further. It also has money in hand. ATOM said it wants to do something new. At least these are still working, and they all have points to bet on. 4. Pull-up coins. To be honest, I don’t know much about this aspect, but the Auction wave really opened my eyes, and it was like the rhythm of the Korean exchange in the second half of 2023. Unfortunately, KYC in Korea is becoming more and more difficult now, and it is even more difficult to make such an effect. It requires large local resources. Most of the pull-up coins in other Binance exchanges are not sustainable. You have to run away as soon as you take a bite. In fact, since last year, there have been very few traders who can make money in the market who look at fundamentals. One group looks at news and narratives. Anyway, if the logic is clear, they will do it with large positions. The other group looks at funding rates and on-chain addresses. In essence, they follow the dealer and see if the dealer is strong. There is no way to rely on fundamentals for spot trading. Contracts are based on emotions and data. I hope that the market will slow down a bit in the next few months and give some spot opportunities, similar to Pendle, STX, and RNDR at the end of 2023. Otherwise, pure contract PVP is really difficult to play. Finally, I think the brightest star in the market in the past two weeks is Cheems. Always believe that sincerity is the secret weapon.(来源: Twitter )
03-26
CryptoCat
A hot knowledge about the work and rest of the cryptocurrency circle. Last time, I counted the hourly rise and fall comparison of the 5M-50M meme K-line, and then captured hundreds of new coins to analyze the opening and peak times, and found the best entry time. Trading according to the opening time of A-shares is very scientific. - Get up early around 6 oclock to review the gold labels at night and enter the market at the right time. - It is easy to get golden dogs in the morning, starting at 7-8 oclock and watching until about 11:30. Avoid the selling pressure before the rest of the park in northern Myanmar at noon. - 13:00-16:00 is a good time to buy low-value coins. - Avoid the selling pressure when the park closes at 17:00-20:00. - After 20:00 is the passionate PVP in the night market, you can participate according to the situation. Conclusion: Go to bed early and get up early to make big money, get up early in the morning and work hard(来源: Twitter )
03-16
Blue Fox
Why do few people in the crypto space talk about technology and projects now, and more talk about pvp or direct blood-sucking outflow? Since the last cycle, the entire circle has seen inflation in projects and bloated valuations. These are debts owed by the crypto community. It is a bubble, and debts must be repaid and bubbles must burst. After debtification, it will restart. Even the external environment, even the country is evolving towards the pvp path, not to mention the small pond of the currency circle. When people are tired of the direction that is too far to the left and drift to the direction that is too far to the right in an instant, they realize the value of adhering to the middle way. Whether left or right, deviating too much will hurt the majority and benefit the minority. The jungle law of pvp will only be a waste of resources for the industry. Everything is reincarnation, just like spring, summer, autumn and winter, but unfortunately we have just reached winter in this cycle. When the plums are ripe next year, the gardenia will bloom.(来源: Twitter )
03-14
Cryptoxiao
⚠️⚠️⚠️Risk warning about browser extensions⚠️⚠️⚠️ Recently, there have been a number of browser extensions on the market that claim to provide MEME KOL data analysis or web page shortcuts. Such extensions generally require extremely high permissions. To help users understand the potential risks, the following explains the meaning of permissions and possible impacts from a technical perspective: 1. Description of potential risks of high-privilege plug-ins 1. Input behavior monitoring: The plug-in can monitor keyboard input (such as passwords, private keys) and mouse operations (click coordinates, scrolling behavior) within the page by injecting scripts. Example scenario: If the extension is injected into a cryptocurrency wallet page, the mnemonic entered by the user may be recorded. 2. Clipboard content access: Plug-ins that declare clipboardRead permissions can read clipboard text in real time and may capture sensitive information copied by users (such as transaction addresses, private key fragments). 3. Local data access: Having storage or<all_urls> Permissioned plug-ins can read the browser local storage (LocalStorage/IndexedDB). If a third-party tool (such as an unencrypted wallet plug-in) stores the private key in plain text here, there is a risk of leakage. 4. Transaction process tampering: The plug-in can modify the web page DOM or intercept API requests through scripts to tamper with the transaction content (such as replacing the transfer address, modifying the amount). Technical principle: Overwrite the original transaction confirmation logic through injected JavaScript code. 2. Analysis of risk uncontrollability 1. Developer credibility issues: The open source transparency of browser extension codes is limited, and it is difficult for users to verify whether there is hidden backdoor logic. 2. Maintenance cycle risk: Even if the initial version is safe (for example, there is no problem with the initial permissions of manifest.json), subsequent team changes, plug-in transfers, or cessation of maintenance may introduce vulnerabilities or be maliciously exploited. 3. Possibility of abuse of permissions: Once the extension is installed, its behavior within the scope of permissions is difficult to monitor in real time, and it depends on the self-discipline of the developer and the review of the app store. 3. User protection suggestions 1. Principle of permission minimization: Carefully review the permission statement before installation, and be wary of requirements<all_urls> , clipboardRead, scripting and other high-risk plugins. Compared with similar tools, give priority to alternatives with lower permission requirements. 2. Isolation of sensitive operations: Use independent browser profiles (such as Chromes Guest Mode) for cryptocurrency transactions or private key management, and avoid installing non-essential extensions. Give priority to offline storage solutions such as hardware wallets to reduce the exposure of private keys in the browser environment. 3. Lifecycle management: Regularly audit installed extensions and disable plugins that have not been updated for a long time or have low active maintenance. Download extensions through official stores to avoid manually loading unverified third-party plugins. 4. Technical enhancement measures: Enable browser security protection features (such as Google Safe Browsing) to detect malicious extensions. Use a sandbox environment (such as a virtual machine) to handle high-value account operations.(来源: Twitter )
03-12
JeromeLoo｜Lao Wang
Bitcoin may face greater uncertainty in the near future: The U.S. stock market is still falling sharply, which may drag down the price of Bitcoin, leading to the risk of further correction in the short term, and it is possible to test the support level of $75,000 or even lower. Although Bitcoin has shown relative strength to the U.S. stock market in the past two days and has bottomed out and rebounded first, especially in terms of technical indicators (such as the 200-day moving average) and improved market sentiment. However, it is still recommended to adopt a cautious strategy: in the short term, you can reduce risk exposure, wait for the market to stabilize before gradually building positions, and pay close attention to the support around $75,000 and macroeconomic changes (such as inflation, interest rate cuts and other policies). If you have enough funds or psychological tolerance, you can try to buy on dips in small amounts. I have made a bottom-fishing observation list. If you encounter extreme market conditions, choose the target from the list to bottom-fish. For reference only: Large market value: SOL, BNB, DOGE, XRP Public chain: HYPE, TAO, S, AVAX, SUI, STX Application: AAVE, MORPHO, ENA, BNX MEME sector: TRUMP, ACT, PEPE, TST(来源: Twitter )
03-10
Haotian | CryptoInsight
I think many people criticize the reason for this round of bear market: there are too many assets, and they are still being mass-produced + too dependent on traditional capital to enter the market. Yes, but this is only the superficial reason. The real internal reason is that the Crypto market has gradually lost a kind of endogenous value discovery, pricing, evaluation standards and a set of market survival of the fittest evolution mechanism. In the long run, the real value assets cannot be supported by market consensus, while the junk assets that are short-term plans rely on the market sentiment to keep active, and the industry falls into a chaotic state of development that cannot be sustained. How to break the deadlock? Technology narrative &gt; MEME asset issuance narrative; Differentiated PMF product application landing &gt; B-side technology stack commercial stack infra repeated construction; DEX value creation + CEX price discovery combination &gt; DEX hype wave + CEX liquidity exit; ICO wave + DeFi/NFT outbreak + layer2 expansion + AI Agent chain spring, these seemingly pure hype narratives can always precipitate value. Crypto has been able to go through three or four cycles thanks to the continuous and endless endogenous innovation power. We must not fall into the wrong path of excessively pursuing external positive capital takeover.(来源: Twitter )
03-09
Cryptoxiao
Thinking from chain to dapp, VCs and project owners will gradually realize that the previous thinking inertia of chain + deif replay has become more difficult because of the chain. Then the people who make money do not accept pua. Hackathon has become a defi replay factory. The income of pump has proved that the product is the first. Having a chain has increased the difficulty and acceptance of promotion. Even this part of the investment research cost must be borne by the people who do investment research. The final benefits are better than focusing on one chain. There is no need to think about what the next SOL is. You only need to focus on where people are.(来源: Twitter )
03-05
Yuyue
I don’t usually eat melons, but I saw one thing from the beginning to the end of Huheng’s melon: crypto is still the industry with the most dividends and opportunities, and the one that young people should join. After three years of deep cultivation in the blockchain industry, I would like to share some insights with my peers. This industry has three significant characteristics and sources of opportunities: 1. A completely market-oriented competition mechanism, highly Darwinian - meaning that the depth of your research directly determines the thickness of your income 2. Low degree of elitism and immature supervision - meaning that there is a wide space for growth. The top projects now may have been writing code in the garage three years ago 3. Highly young, the main battlefield for young traders - meaning that 23-year-old researchers born in the 2000s understand asset pricing better than traditional institutions in some areas, and Heaven moves, and a gentleman strives for self-improvement - don’t be superstitious about the help of nobles. In other words, youth is the biggest capital, because on-chain and finding crypto native alpha are the battlefields where young people have the greatest advantages. Young people can make it without the appreciation of any big guys. The interactive records on the chain are much more reliable than the group photos at the dinner party. The public information and in-depth analysis on Twitter are the best teachers. Chaos is a ladder. Only when you are strong and know a lot can you have real value to others and have in-depth and efficient communication. Why are the sons of each version different? Because there are always version iterations after the seasonal balance adjustment, experience in crypto may be the most influential constraint for people to become sons of the version in the next version-beware of the trap of seeing the world. In fact, many people have asked me if I have grown so fast in the circle because there is a teacher who introduced me. I don’t have a so-called whom to start with master, only many friends who have always supported me and like to communicate with me. The good things that rich big brothers do to poor young people are all investments, and there is a price to pay. This is why the gifts given by fate have already been marked with a price in secret. I always feel that exposure to some consumption behaviors that have nothing to do with my wealth level is poison. Although it is good to see the world, it is easy to lose yourself if you are not down-to-earth - stay hungry, stay awake, and get a sense of accomplishment from yourself. I have never taken where I go to eat in high-end places or buy packaging. I just think that it is awesome that I finally get to eat at the table after Kaito Global Top 50 and $TRUMP. When I had nothing, I always kept simple and stayed away from luxury goods and high-end consumption. When I already had something, I was still not interested in those high-end cocktail parties or high-consumption hobbies. Early exposure to things that do not match you will only lose yourself, and keeping your original intention and habits will help you restrain your desires. What is the source of the sense of accomplishment? For me, the most fascinating thing about this industry is not the myth of getting rich quickly (this is fascinating but not the only reason), but the precise prediction pleasure of I understand his project better than the project owner and This project is as awesome/rubbish as I said. When your knowledge becomes verifiable gains, the sense of accomplishment is more exciting than anything else. The pleasure of being a prophet cannot be bought with any amount of money... Maybe this is why @0xcryptowizard said that liking money and liking to make money are two different things: because for people who like money, money is the end point; and for people who like to make money, money is a process - the most important thing is to cherish the good friends around you. @shirleyusy said it well, or the relationship of meeting each other when we were small and making some money together is stable. The luckiest thing is that I have many good friends who are like mentors. I have been with these people from the bear market to the bull market and have made money together. I can be valuable to them, and they dont let me down. I am a socially anxious person. It is more difficult for me to socialize upward than to tweet 30 in-depth analyses. Therefore, I respect and understand the social behavior of young people, but from my own value point of view, different circles do not have to be forced to fit in. Providing value to each other and maintaining equality are the basis for the normal and healthy operation of any relationship.(来源: Twitter )
03-04
@Super4DeFi
1. Cycle traders believe in cycles, and in the long history of coin hoarding, they find two points every four years to complete a sale and a purchase; 2. The purest and truest coin hoarders endure the pain of ups and downs in the cycle, but they believe in their hearts that one day, the fluctuations of the cycle will converge upward, and the continuous fluctuations upward will no longer exist.(来源: Twitter )