AB Kuai Dong

I am very glad to meet CZ in Tokyo. This is his return to Japan after 7 years, and during this time, the entire industry has undergone tremendous changes.

At this event, I asked CZ a question: How do you view the on-chain of everything and the tokenization of stocks?

He replied: There have not yet been large-scale coin-stock products on the market. The possible reason is that each country and region has different policies, making it difficult for coin-stock investors to receive dividends and easily redeem stocks. There are also price differences during trading. However, projects on the chain are usually global in nature, which was a significant pain point back then.

Restrict areas or try to solve it?

But he reiterated that the trend of RWA cannot be stopped. $BNB

Musk’s mom—this time, in Shanghai I checked out a shopping list at Miniso

Blind boxes, model figures, fans, plush toys—now I’ve really shopped to my heart’s content

I’ll share this teardown article about the robotics industry a bit later—it’s too bold to write.

In a factory, a robot extends its gripper, picks up a bearing, turns around, and puts it into a plastic box. A human can complete this action in 2 seconds, but the robot took 70 seconds—and this robotics company is valued at 1 billion.

For mainstream general-purpose humanoid robots on the market, the average cost is 200,000, depreciation time is under 10 months, and it needs repair after just 10 days of operation.

Although warehouse robots that are more mature can indeed move goods, the moment the size or position of the cargo is even slightly off, they fail.

Most robotics companies still haven’t solved issues like stability and frequent human intervention. Using robots to ramp up production typically results in negative EV.

At present, the only truly workable business model is: robotics companies sell robots to data-collection facilities to book revenue. Then the data facilities hire people to remotely control the robots at work, and sell the operational data back to the robotics company.

In effect, the robotics company gets its money back in part by using the buyer of data to reimburse some of the purchase price. Local governments then pay and provide land support for the data-collection facilities, because the project can create jobs and—wrapped in the high-tech guise of robots and artificial intelligence—just piles up this capital scheme to inflate valuation and push for a public listing.

And within the industry, it’s basically no longer a case of starting from scratch. Most startups are serial entrepreneurship veterans operating behind the scenes, then bring in an industry authority—an experienced figure—to serve as CEO, standing in front to raise funds. They’re very good at manipulating investors’ psychology.

Sure enough, the Koreans are back.

That afternoon round of needle trading—KRW 11.5 trillion in trading volume. And this was still on a weekend afternoon.

Just in that brief moment, the entire cryptocurrency market saw a synchronized 1-minute surge in massive trading volume as prices dropped. Then some assets quickly regained the losses.

In this move, people’s first liquidation from chasing leverage happened.

Debt crisis is looming—act now to allocate to gold and bitcoin! Ray Dalio, the founder of Bridgewater, suddenly published a lengthy post last night, saying that due to a surge in deficits and interest costs, the U.S. bond crisis could erupt within 3 years.

At that time, in order to push down bond yields, the government will raise interest rates and conduct money-printing repurchases. It is suggested to allocate 10–15% of your funds to gold and hold a small amount of bitcoin.

Bank of America analysts Michael Hartnett believe that if the U.S. Treasury’s plan to suppress long-term U.S. Treasury yields fails, the dollar will face pressure and investors will increase their asset reallocation efforts.

This tipping point is a 30-year Treasury yield of 5%. The U.S. Treasury currently needs to push yields below this level, and the proposal to increase the size of U.S. Treasury repo operations is tantamount to quasi-quantitative easing.

DeepSeek has finally added multi-modal capabilities—go ahead and try it!

Very good, very accurate!

After more than a year of inactivity on social media, Peking University mathematician Wei Dongyi has suddenly updated his posts recently and has started selling products. The elementary and middle school math exercise books he endorses went on sale just now and sold out more than 2,000 copies in seconds..

After Binance co-founder CZ hinted that the bottom of cryptocurrencies was coming, Bitcoin rose 20% in just 2 days.

At the time, after he posted this tweet, within just 1 hour, this market cycle took off.

Oh my— even if raw material prices rise and overseas sales decline, Pop Mart’s gross margin is still as high as 69.7%. Looks like blind boxes and whatever’s inside them really don’t have much production cost.

No wonder so many vendors take the risk to make counterfeit goods.

Actually, looking back at the past few years, for Bitcoin and major coins, there are only those 10 to 20 days in the year when there are big fluctuations—if you miss them, then you completely miss them.

Treasure every minute and second when the market is moving.

The English region is about to get OpenAI's Codex blasted, because lately quite a lot of people using the ChatGPT Codex tool suddenly found that their quota was being consumed unusually fast.

For example, previously they could use up their quota within a week, but now it might be gone in just one or two days—even in the official client. So over the past few days, everyone has been complaining that OpenAI must have secretly cut their quota.

Currently, Tibo, who at OpenAI is responsible for Codex, posted a response saying: we haven’t quietly changed the quota. Many people who say their quota is acting strangely are actually using a tool called sub2api (a shared interface).

Sure enough, after this guy posted the tweet, the comment section still wasn’t buying it—because many people haven’t used sub2api at all. They’ve only been using the official app properly, and their quota has still been shrinking.

And the community widely suspects that maybe the model itself is consuming more resources, or there’s a bug in the backend statistics—anyway, users’ quotas are getting reduced.

This surge in gold and bitcoin—Nomura has provided the rationale behind it.

Nomura believes that the U.S. Treasury’s sudden announcement to increase long-term Treasury repo operations is itself relatively small and only addresses the symptoms rather than the root problem. If the bond market continues to deteriorate, policymakers are likely to resort to even more forceful liquidity measures—for example, further implementing yield curve control (YCC) or truly conducting quantitative easing (QE).

And recently, yields on 10-year Treasuries—and especially 30-year Treasuries—have risen very quickly, to levels not seen in years. The higher the interest rates, the more expensive it becomes for the government to borrow itself; mortgage rates and corporate loan rates also rise, causing the market to slip into panic. That’s why the Treasury has stepped in to steady long-end yields.

If YCC or QE is ultimately triggered, the central bank’s money would begin buying Treasuries—or other assets—thereby injecting a large amount of liquidity into the market again.

So gold and bitcoin have continued to rise, while the U.S. dollar has fallen—becoming key signals that the market is pricing in a change in U.S. policy stance.

The big company where the students work—just a few days after the campus recruitment launch. With fewer than 2,000 openings, they’ve already stuffed in 100,000 valid resumes.

I asked what “valid resumes” means. He said that on their campus recruitment application page, it takes more than 20 minutes to complete the form end to end, and then the system automatically filters out anyone who isn’t a graduating student. As for what the backend shows, the number of units it’s seeing starts with 100,000.

In other words, after only a few days, the pass rate for offers is just under 2%.

Yesterday, private entrepreneurs who cursed and questioned people were punished.

Today, negative social figures don’t deserve to be entrepreneurs...

18 years ago, Evergrande sent a representative to the Trump Tower and signed a cooperation memorandum with Trump, hoping to jointly bid for the Guangzhou Zhujiang New Town East Tower project. The bid, however, failed.

At the time, Evergrande only sent its vice chairman, Xia Haijun, to discuss this cooperation. Jia Yeting himself did not go to meet Trump, even though Trump was a businessman.

The end of the real estate era. Evergrande Group’s former chairman, Xu Jiayin, was sentenced to life imprisonment by the Intermediate People’s Court of Shenzhen, with lifelong deprivation of political rights, and his entire personal assets were confiscated; any illegal gains will continue to be pursued.

According to the investigation allegations, for years Evergrande Group—managed by Xu Jiayin—engaged in financial fraud, fundraising fraud, bribery, and other misconduct. It also used the guise of dividends to continuously extract assets from the company for Xu Jiayin personally.

Musk responded to his prediction from 2011, when he believed that the real competitor in the SpaceX rocket industry was not the United States, Europe, or Russia, but China.

Now he adds that in the field of AI, China will also be the most formidable opponent.