Nothing to see here. Just The Zcash ETF $ZCSH crossing $1 BILLION in AUM. AUM for the world’s first $ZEC fund has nearly tripled in just one month since launching. Onwards.

刚才上午跟大家做了个三个多小时的直播，这里总结一下直播中聊到的点： ① Bitget 安全事件12小时进展通报。以下为具体信息，不打官腔。 ② 受影响资产包括ETH、XRP（单链损失最大）、BNB、AVAX、USDT、USDC及其他代币。涉及链包括：以太坊、XRP账本、Arbitrum、Avalanche、Optimism、BSC、Base。所有链上冷钱包已确认安全，未受波及。 ③ 我们已联系所有受影响链的基金会，其中有基金会已确认冻结黑客钱包地址。我们正在全力跟进所有可行渠道，并将持续公布最新进展。 ④ 根据IP行为特征及链上分析，此次攻击手法与朝鲜黑客组织的已知模式高度一致。我们已上报相关机构，并全面配合开展全球调查。 ⑤ Bitget Wallet（去中心化钱包）与Bitget交易所基础设施完全独立运行，本次事件对其无任何影响。Bitget Wallet资产完全安全。 ⑥ 关于平台财务状况的透明说明：除逾4.64亿美元保护基金（均存放于可公开核查的钱包地址）外，Bitget自有资产超过10亿美元。用户资金以1:1比例覆盖，保护基金和用户资产数据均可链上核实。 ⑦ 关于提币恢复时间：我们的目标是尽快完成全面恢复。确认具体时间窗口后将第一时间公告。我们不会承诺无法兑现的时间节点。

Germany👀

Nillion’s Encrypted Markets roadmap moves across seven phases: 1️⃣ Dusk · August - Nov 2026 Brings Covenants to Ethereum L1 with the first app live, condition-gated events, permissionless nodes, tokenomics, node kit, and SDK. 2️⃣ Darkfall · Nov 2026 - Feb 2027 Expands Covenants across EVM chains with chain-specific tooling and stronger node accountability. 3️⃣ Skyglow · Feb - May 2027 Adds cross-chain settlement, letting conditions be observed on one chain and settled on another. 4️⃣ Nightside · May - Aug 2027 Introduces custom condition logic using observable data feeds. 5️⃣ Neon · Aug - Oct 2027 Adds a Covenants language and VM with stronger developer guardrails. 6️⃣ Aurora · Oct 2027 - Jan 2028 Hardens Covenants for a post-quantum world. 7️⃣ Moonshine · Dec 2027 - Feb 2028 Scales Covenants toward everyday use with cheaper data, ZKP-verified reveals, and coprocessors. This is the path from sealed instructions to market activity that can stay private until execution.

The latest from the Project Eleven blog by @furkanakal Almost everything a blockchain does comes down to checking signatures. Balances, transactions, consensus votes... Strip away the machinery and a node spends its day asking one question over and over. Does this signature verify under that public key? There's no encryption protecting your coins. What protects them is that only you can produce a valid signature for your key. Today, that is done by four schemes: ECDSA, Schnorr, EdDSA, and BLS. They look like four independent choices, but as we'll see, they're really four versions of the same bet. This post kicks off our post-quantum signing series, and the goal is to build the foundation: what a digital signature actually is, how each of the four works, what they cost, and why a single quantum algorithm eventually retires all of them at once. Continue reading: projecteleven.com/blog/post-…

2/3 What is a Zcash Viewing Key?

@Ledger support shipped on V .37 You can now use Ledger inside Noir Wallet (demo ⬇️) V.37 update cover: • Address history, rotation and QR codes • Auto RPC selection and new EU endpoints • Faster restores with exact birthday dates • Warning before sending to exchanges that don't support shielded deposits • Clearer Pending vs Available balances

How do companies act when they are being existentially threatened by new technology? There’s a big difference between a stock worth buying and a stock worth owning, and we’re undoubtedly going to see a lot of the former in AI disrupted companies…but it’s more difficult to determine which names fall in the latter. When we look at the recent past for example, we see something of a gradual cycle in which it “becomes obvious” a company has been disrupted, everyone sells. Then that overextends the stock to the downside relative to current fundamentals (or relative to headlines announcing the companies are taking measures to adapt), at which point dip buyers come in. In the examples of real disruption, it corrects back to a trend, but the cycle restates itself and the trend proves to be a downward one on a long enough timeframe (downward can also simply be massively underperforming the index by going sideways for a decade). The insidious nature of these names is that technological disruption manifests first as multiple compression, current earnings tend to look reassuring and near-term analyst expectations tend to overestimate the impact (and under-estimate in the long term). This results in better than expected results that can mask the competitive damage. These rebounds don’t actually prove the preceding selloff overshot fair value, and the rally tends to be overly optimistic on what future life should be assigned to today’s profits. Two classic and relatively recent examples. Macy’s had two of these moves. +58% in 2016 and +148% in 2018. But across 2015-2019 the shares still declined -67% compared to SPY’s +73% gain. In 2016, there were skeptics regarding the extent to which e-commerce’s growth sounded a death knell for brick and mortar - after all, malls had been a mainstay of the American town for decades. By 2019, it would be a difficult task to find an investor who owned Macy’s on the thesis that Amazon’s disruption to the company was overstated. And it’s not like these rallies were on pure sentiment shifts. In 2018 same store sales rose 2% YoY. Apple unveiled the iPhone in Jan 2007, BlackBerry’s stock price peaked in 2008 but its revenue didn’t peak until 2011. And even if you shorted the revenue peak you still had to sit through a rally where it tripled on its way to declining 95% by 2013. The most tricky aspect seems to be when companies present as having adapted but, for any number of reasons, can’t actually manage. Kodak, for example, had shifted mix to a majority digital (54%) by 2005. But that simply was no match for the hit to the amazing recurring revenue of the film/processing model. Adding new technology doesn’t make up for losing the disrupted profit pool, especially when it transitions your business model to a less favorable or competitive one. In 2010, Kodak jumped 30% on quarterly numbers signaling a turnaround on lower costs, printer sales and licensing income. They filed for Chapter 11 in 2012. Ive been thinking about what we can we do to avoid falling into the same traps while also not being blind to the potential for real opportunities in poorly understood disruption. Hard to answer without sounding cliche or generic but… At least for now, “having/using AI” is not a solution. That will be the default for every company on earth soon enough. The questions that matter are more nuanced: Do customers still renew? Does pricing hold? Who owns the customer relationship? After the new costs and old cannibalization, does the new strategy/product even replace the old profits? It’s going to be pretty difficult to differentiate the incumbents that deserve to rebound from the ones that don’t but at the very least I’m taking notes as things play out.

China

Private money for a parallel polis.

$1B💪🫡👍

RT @TruthGundlach: The 30 Year UST yield touched 5.50% today.

tell us what will break

This bill is genuinely horrifying. It proposes to create a global surveillance state based on arbitrary capabilities thresholds conjured from science fantasy.

New at THE OVERSHOOT: The Fed Finally Gets It theovershoot.co/p/the-fed-fi… Tariffs, Hormuz, and fiscal policy are not good reasons to hike. The underlying growth trend and the asymmetric sensitivity of private sector spending to the level of interest rates are. Plus: margin debt!

Bitget CEO: $350M Hack Very Likely Linked to North Korea On September 24, Bitget detected unauthorized transfers from several hot wallets. Bitget CEO Gracie Chen @GracyBitget said the team identified IP addresses whose VPN usage patterns matched those associated with a specific DPRK-linked group, making a North Korea connection “very likely.” She added that the attackers did not obtain private keys for Bitget’s hot, warm or cold wallets, but instead breached the exchange’s internal system and transferred funds directly. Bitget has previously said its user protection fund exceeds $464 million, which it says is sufficient to cover the loss.

Elon has warned for over a decade that AI poses an existential risk. In 2014 he likened it to “summoning the demon.” In 2018 he called it far more dangerous than nukes. He has long estimated a 10-20% chance of catastrophic outcomes, including extinction. Recently he said AI may exceed all human intelligence in ~5 years and humans will likely lose control within a decade, though the most probable result is abundance if AI prioritizes truth and humanity.

Elon Musk says when hiring, evidence of exceptional ability matters more than any other credential. "Did they face really difficult problems and overcome them? You wanna make sure that if there was some significant accomplishment, were they really responsible, or was somebody else more responsible?" "Usually the person who's had to struggle with the problem, they really understand it. And they don't forget, if it was very difficult." "There's no need even to have a college degree. At all. Or even high school." "If somebody graduated from a great university, that may be an indication that they will be capable of great things, but it's not necessarily the case." "If you look at people like Bill Gates or Larry Ellison, Steve Jobs, these guys didn't graduate from college. But if you had a chance to hire them, of course, that would be a good idea." "If there's a track record of exceptional achievement, then it's likely that that will continue into the future." @elonmusk (2014)

Zcash🤫

Treasury Secretary Scott Bessent: The US needs more open-source AI models. "We can't let these large labs have regulatory capture because that will stop innovation." He also said that stronger US open models are a strategic weapon against China, whose models are heavily built by distilling capabilities from American models. --- (full video on 'GOPFinancialServices' YT channel, link in comment)