真正加密值得投资的标的： Tier 0 ： BTC ETH Tier 1 : HYPE Tier 2: Sol Doge Tier 3: Uni/OP/Aave Tier 4: ENS/World coin 剩下基本都没用 除了鬼链就是盘子 有什么补充

God

1/ Huge respect for Dragonfly continuing to invest in the bear market. But I'm morally obliged to call out sketchy projects gaining momentum. As a community we must preempt large scale implosions like #FTX or #LUNA that set the industry back years Bitget may be the next FTX 🧵

Here we go again! The WSJ is working on a story blaming Coinbase and me personally for the CLARITY Act not passing. The Journal has repeatedly been hostile to CLARITY in its reporting, regurgitating bank lobby talking points, while I’ve spent years pushing for crypto legislation, but that’s not stopping them from trying to reverse the blame. The boring TLDR: in January I opposed a draft of the bill going into a committee vote, because it needed a lot of work on DeFi, tokenization, CFTC authority, and stablecoin rewards. At the time, the bill had major issues that would have harmed crypto. Support was fractured, and it wasn’t passable. We worked with a number of parties who improved the bill and made it passable. All four of the items I called out were fixed in the draft that then went through the committee about four months later. I'm proud to have done it, and would do it again, because it helped create a better bill. One step of many along the way. The final draft of CLARITY that went to the Senate was great, and I strongly supported it. I'll continue showing up for our customers and pushing for clear rules that treat crypto fairly, even if those who feel threatened by crypto try to plant false stories. It's a shame that the WSJ takes direction from bank lobbyists instead of reporting the truth, but luckily, people are smart enough to see through it these days, and it backfires on them every time.

Shout out to the Coinbase listing team. For years now I’ve been sharing horror stories about CEXs that I’ve picked up from founders, other investors and industry insiders, about how shady exchanges and their listing teams enrich themselves at the expense of both founders and their own user base through listings. Turns out it didn’t fall on deaf ears. The Coinbase listing team themselves reached out to me, because they saw my criticism, appreciate it, and are always open to feedback on how they can keep improving their listing processes. Had an extensive call with them about it, and while it wasn’t particularly surprising, the Coinbase listing team is probably one of the very few that is genuinely trustable and compliant. They don’t try to squeeze founders, they simply list the best assets that people actually want, and they genuinely care about the industry for the long term. I found it really impressive how transparent they were, walking me through everything from front to back, sharing how their listing processes work and how they try to strike the right balance between memecoin listings and fundamentally strong projects. And even more impressive was how genuinely interested they were in my takes on what could still be improved in the listing process, what I’d like to see, and how they can ultimately become an even better exchange. They genuinely care and listen. Really like how they’re approaching listings, for two reasons: 1) they are truly 100% free. And I mean 100% free, no hidden costs like airdrop budgets or range rovers that come attached. 2) while volume should be their main focus and KPI as a business, they try to optimize for what’s best for their user base and this industry overall. Much smarter and more long term oriented than many of the other shady CEXs that just try to extract as much as possible in the moment. It goes to show once again why Coinbase is the oldest and most trustable exchange out there. They’ve always played the honest, long term game, and it has paid off big time so far. I don’t expect it to be any different this time. After all, here’s what makes me happiest about all of this: Massive confirmation that it’s worth speaking up, and that we don’t always have to just accept everything and swallow it. It might not be much, but I’m proud to be contributing to a better industry, and I’ll keep doing so. You can do it too.

之前一段时间大家都会问比特币还能跌多少 几乎每次都一样 市场上涨 投资者不问理由 只想买入 市场下跌 投资者也有一万个不买的理由 量子计算威胁 打仗 爆仓 流动性退场 每个周期的故事都差不多 但最近真正让我感觉到的有一点 就是每个金融机构都有一些加密先锋 通常这个人已经跟了好几年 懂这个赛道 一直在等合适的时机把提案带到投委会 就好像我的雇主在做的事情一样 这些人不是因为K线好看才回来的 而是因为叙事到了无法被忽略的时候 每个组合都应该配置1-2%的比特币 我确实从多家投资机构下面的朋友们都听到了这些言论 银行不是加密原生公司 这些是定义「什么资产算正经资产」的机构 总会有一部分人看比特币是失效的资产 也会有另一部分人看是打折的资产 钱去哪里了？去了 AI、SpaceX、Anthropic 和 OpenAI 的 IPO 拉力赛 不是机构对加密失去兴趣了 是资本不是无限的眼下最热的交易在别处 IPO 解禁 流动性回来 聪明钱已经知道下一站去哪 过去四年活下来的加密基金 是那些不再把对冲基金当成风投组合来管的人 四年前 很多加密基金经理是用情绪持仓的 不主动管风险 只是死拿着 那些基金现在要么被收购、要么关了、要么转行了 还站着的那些 才是大配置者真正在跟的对象 我觉得大多数人还没有意识到的一点是： 市场已经投票了 什么是真的 什么不是 2021 年每周一个新Layer 1/Layer 2/元宇宙/还有那些市值不到1个SOL的鸭子NFT 每个参与者都有这些钱包 每个人都有害怕去看的钱包 就像每个人都有一个害怕去看的投资账户一样 但有一样东西扛过了整个周期 还真正跑出了产品市场契合: 稳定币 过去一年 别的都在崩 稳定币在涨 这不是叙事 这是结果 机构明白这一点 他们非常理解稳定币 他们非常理解代币化 他们正在抓住真正有效的技术部分 并弄清楚如何将它们应用到自己的业务中 加密的最终状态不是某种抽象的未来 它很无聊 Robinhood 做了一个演示：买代币化股票 vs 买普通股票 —— 看起来一样 所有 ETF 都会被代币化 所有金融 问题不是会不会而是谁来建轨道 VanEck 在 2017 年提交了第一只比特币现货 ETF 他们被嘲笑了 现在他们从早期风投到流动性产品 运营着一系列加密基金 那些在噪音中一直建设的公司 将是拥有下一个周期的玩家 市场在告诉你一个故事 分配数十亿资金的人在告诉另一个故事 他们把比特币看作打折的资产 他们在内部构建理由准备加入自己的投资组合 他们在等待流动性轮动回来 回到最初 我觉得问题不应该是 比特币还能跌多少 而是“你想在机构之前买，还是之后买？”

面对量子计算比特币的道路还会面临区块大小之争的讨论 虽然新的BIP在编写之中没有把这个放进去 我相信在之后的BIP里一定会有这个争论 17年的bitcoiners关于区块大小的争论是哲学的争论 下一次就是关于物理的争论了 因为签名变大了 区块儿必须能容下签名 以太坊可以把所有签名合成一个单一的证明 比特币是没有这个选项的 Snark 验证行不通 脚本数据体积太大了 下一次关于区块大小的争论 要么更大 要么分叉 我认为没有第三条路

KYC-F363B2A9 @jackbutcher

KYC-F363B2A9 @jackbutcher

制造业回流美国的三难困境 制造业回流有个三难选择：快、便宜、好 只能挑两个 美国需要它快（因为中国给的压力太大） 又需要它便宜（不然债券市场直接崩），还需要它真正做好（不然白搞一场） 美国已经有45年没认真搞过制造业了 谁跟你说这事能很快搞定 那他肯定在卖你东西———卖债券

沃什绝对不是鹰派 只是在表演以下“我对通胀很强硬”的态度给大家看 他已经无数次说过一旦市场“无法出清”（尤其是国债市场）他愿意非常激进地动用资产负债表 美联储的隐形第三任务就是保国债市场正常运转 一旦他们要在在“控通胀”和“保这个市场”之间二选一 美联储过去10年都选了保市场 沃什还是同一个人 只是换了新话术 他需要先等危机来好给自己找个政治借口 “In periods of crisis, when markets aren't clearing, I am willing to be quite aggressive in what the Fed does with its balance sheet."

AI不会崩盘 只会找到平衡 AI这项技术已经在美国的债务周期占据了大而不倒的位置 是真实存在的 债务周期的崩盘伴随着 股市大跌经济衰退 失业率飙升 利率上升 一起砸下来 上世纪70年代之后没有见过这个情况了 当然现在AI公司全靠借钱撑着 估值高的好像永远不会出问题一样 中国的模型已经开始在这个故事上撕开裂缝了 美联储不会让这种事发生 所以他们会直接印钱 过去7年 他们100%的时候都选择了通胀而不是稳定 这次也不会例外

Hey @baseapp @CoinbaseSupport I was using Coinbase Wallet and after updating to the Base app, I’m trying to log into the web version. It only shows email login or QR code login, but scanning the QR with the Base app doesn’t work. Is this expected after the update, or is there another way to connect the mobile Base app to the web version? Thanks!

RT @TylerDurden:

Robinhood has officially arrived in Canada. 🇨🇦 We’ve closed our acquisition of WonderFi, marking our entry into Canada through one of the most well-respected crypto platforms in the country. With 1 million international funded customers, Robinhood’s mission is going global.

Some of my perspective on where the @ethereumfndn is going. First of all, this is only my own view. The board is not just me, and I have no extra special powers on the board that the other board members do not. @aerugoettinea is the one executing much of this transition. My input has been largely on technical questions. The board is in the process of expanding, and my own power within the org will continue to decrease, which is honestly what I want. The 2025 era brought many important improvements to EF and its ability to execute. Many issues were resolved, and EF continues to benefit from its improved efficiency and greater focus on concrete goals to this day. And so with those problems resolved, early this year, the largest remaining hole that I perceived was something different nagging at me: I would regularly spot people saying things like "vitalik says these beautiful things about ethereum needing to be decentralized, and have privacy, and be a sanctuary technology, but why do the EF's actions not reflect that?" Now, you may have been hearing something different. You may not have been sensing a feeling of crisis at all, and maybe were hearing people saying that finally we were taking execution and BD seriously and the main task for us is to keep going that way and be even better and faster. Then probably there is genuine difference between you and me, in what kinds of criticism I take most seriously, and what kinds of critics through their criticism are most able to make me feel pain. As an analogy, let's briefly switch over to a different domain. One belief you can have about Google is that it is a success story, and has brought a lot of good to humanity in organizing the world's information. Another belief you can have about Google is that they had a beautiful idealistic beginning, but at some point the corruption of mainstream corporate attitudes seeped in, and they slowly bit by bit completely abandoned the "don't be evil" slogan. My belief on Google specifically is probably somewhere between the two. BUT, if you had taken me back in time to ~2008, and offered me a button to press to make Google one or two standard deviations more "dogmatic", eg. give Richard Stallman permanent veto power over some key policies, I would immediately press it. Why? Because a choice for one company is not a choice for the world, or even one country. Google existed and exists in the context of a technology industry generally drifting away from early idealistic don't-be-evil roots and toward greed for financial gain, totalizing visions of accelerated superintelligence, infiltration by sociopaths, and craven capitulation to (or worse, active participation in) government pressure for ideological control, surveillance and war. And so *one company* doing something different, positioning itself to be what George Bernard Shaw calls the Unreasonable Man, resisting the trend of the times, would have been better for freedom, balance of power and stability of society as a whole, than *all* large companies bending to dominant trends. This is a part of my version of pluralism. This line of thinking is not just mine, but I also is not too far off from what Aya and others had in mind with the Mandate. Now how does this all get to the role of the EF? EF is not a "center of Ethereum", rather EF is "one node, with a defined purpose, alongside other nodes". We've always said that the EF should be the latter, but many in the Ethereum ecosystem (and even within the EF) wanted us to be the former. Now, we are taking action to ensure that we will be the latter. This is particularly important because EF is a limited organization, with limited resources and limited organizational capacity. The EF has only ~0.16% of all ETH (less than many other individual ETH holders), whereas among other blockchains it's common for "the central foundation" to have 10-50%. Fiscally, the EF was originally designed to fulfill a limited work scope defined in the token sale docs and other pre-launch materials (building the chain software; getting through Frontier, Homestead, Metropolis, Serenity), which was fully completed in 2022; it was not designed to be an eternal steward. And so today, the EF is choosing to use its remaining resources to pursue longevity over breadth (yes, this means we sell less ETH). The EF focuses *specifically* on those activities critical to the success of ethereum as a censorship/capture-resistant, open, private and secure system, that would not happen otherwise. This means making hard choices, and in some cases even activities that we highly approve of and people that we highly respect becoming outside of the EF. People of great technical talent, public respect and even alignment with the mission and CROPS being outside of the EF is in fact necessary if we want important tasks to be able to attract outside capital. This also means the EF taking opinionated stands culturally. This is all intended in cooperation with all other parts of ethereum. We recognize that many other parts of the ethereum world highly respect CROPS and related values. But highly respecting is not the same as choosing to specialize and totally dedicate to a domain (Compare in a different domain: I think reducing animal cruelty is important, and I like vegan food, but am not full unconditional vegan myself) EF is still in a transition period, and we expect its new long-term form to stabilize over the next few months. What are the guiding principles of this new form? Again, I am only one person, but I can give my answer from a technical perspective (there are also critical non-technical aspects). At the core, *Ethereum must be impressive*. We are living in an age of highly intelligent AI and all kinds of other technological acceleration. "Status quo EVM, with a hard fork or two a year to optimize for short-term needs of users" is not interesting. To some, "impressive" means: 250ms latency and 1M TPS. I think Ethereum trying to go that route is a mistake. Being as fast and as scalable as possible, and only a small epsilon more decentralized than the others, is a route to mediocrity, and if we try it we will lose. I think Ethereum should scale. But I think Ethereum should strive the hardest to be deeply impressive in a different dimension: the CROPS dimension. This means things like: * Provably bug-free Ethereum. This is a goal that all cybersecurity researchers would have thought is absurd and impossible, up until roughly 6 months ago. Now, it's on the cusp of being possible, thanks to AI-assisted formal verification. So we should be frontrunners in doing this. * Available chain consensus. Ethereum is, and with lean consensus will cotninue to be, the ONLY chain that has both (i) traditional-BFT style properties that it's safe under asynchrony up to a high level of fault tolerance, and (ii) the bitcoin PoW-style property that under synchrony it's safe up to 49% attackers. As far as I can tell, literally no other chain has this or is planning for it; bitcoin goes for (ii) only and most other chains go for (i) only. Some will remember I fought hard for this, Unreasonably insisting that it is not OK for ethereum to rely on social consensus and hard forks to rescue ethereum from 34% of nodes going offline. It's OK for chains like hyperledger, bnb, solana, tempo, etc. It's not OK for bitcoin or ethereum or eg. zcash. * Intermediary minimization. The fact that smart contract wallets, protocols like railgun, etc have to send transactions through intermediaries to get included onchain is honestly embarrassing, and it's a constant point of fragility. Hence the work on FOCIL and EIP-8141 (and 7701 and years of work before) to make transaction sending intermediary-minimized with public mempool and strong inclusion properties, in a truly general-purpose way, that covers not just eg. secp256r1, but also privacy protocols and much more. Kohaku is pushing intermediary minimization at the user layer, pulling Ethereum away from the dystopian status quo world where our wallets don't even verify the chain, send our private data out to a dozen third-party servers, and toward a brighter CROPS future. Some of these goals are Unreasonable - maybe Ethereum would be "fine" getting only 50% of the way - what if we depend on intermediaries, but make it easy to switch? But going 50% of the way would not make Ethereum Deeply Impressive in the CROPS way. So we push for 100%. Fortunately all these goals are compatible with high TPS, this is a major focus of research (esp. on scaling the state). Well-designed L2s can also help, especially L2s optimized for specific applications (eg. high-volume trading, privacy...). These goals are even compatible with significantly lower slot times, thanks to Raul's work on erasure-coded P2P, and many other optimizations. The most high-value "product" of the ethereum blockchain, financially speaking, is ETH the asset. Ethereum secures $250 billion of ETH. The types of properties of Ethereum that I mentioned above are very good for ETH the asset. Nearly 90% of my net worth is in ETH, and most of the remainder is ~$40m of onchain fiat of which every dollar has already been allocated for some open-source biotech or software or hardware initiative. That said, there are aspects of supporting ETH the asset - *necessary* aspects even - that are outside the scope of the EF. This is where we need other heroes (some of whom hold more ETH than the EF does) to step in and help. EF has been recently thinking more about how it will relate to other such organizations, and give them needed initial support. EF will be a smaller ship than in previous years, a more opinionated one - in some cases more opinionated in ways that might be difficult to comprehend - but a longer-lasting one, and one suited to making sure that ethereum brings something meaningful to the world. We are grateful to all those inside and outside the EF who are helping to make this happen.

railgun 赶紧买吧

$125B in assets, +71% yoy growth, another record quarter for @Wealthsimple 🚀 We are the fastest-growing FI in Canada, and we're now getting more net deposits per quarter than most of the big 5 banks 🔥

A new meme is born

如果你年轻，手头不到5万美元，想赚钱的话，持有超过5个仓位（这已经是很宽松的了）会限制你赚钱的能力。 是的，这更冒险，但这正是重点，你还没到可以谨慎小心的阶段，尽可能多地承担风险吧。 你持有多少只股票？

人活着就两件事：让肉体健康，让灵魂自由。成为自己，是世界上最孤独的旅程，也是唯一值得的旅程。 ——卡夫卡