SeaBitcoin

In this chat between Jinming and Shenyu, learning notes 👇

Since first getting in touch with Bitcoin in 2011, my view of BTC has “not changed.” It’s still “digital gold”—an asset you can truly hold without intermediaries. Some say Bitcoin can’t keep rising because they haven’t seen new narratives. But Shenyu believes: “Good assets don’t need narratives—the longer it lasts, the more valuable it becomes.” Bitcoin’s value is realized in extreme situations.

What do I think about gold? I don’t look at it, and I don’t hold it. Bitcoin is a better kind of gold.

Public-chain ecosystems like Ethereum might not be for people to use, but for AI agents to use. That said, I’m still observing whether the scenario of “mass adoption of agents on Ethereum” will actually happen. The possibility has already been opened up, but it still takes time.

Shenyu’s three-layer position strategy:
1) When you spot an abnormal signal, buy a fraction—of a few per mille, not exceeding 2%—as a watch position. Spend time and effort to figure out the company’s fundamentals;
2) If the logic checks out, upgrade it further—increase the position to a 5–10% allocation;
3) You need to go through a “leap of faith.” Only when TAM is large and both dimensions—monopoly plus growth—look good, can you upgrade the position from within 10% to 20% or higher.

Assets currently in Shenyu’s third tier include: Bitcoin, Ethereum, and Tesla. SpaceX is still observing and timing the entry. Also considering whether to downgrade ETH.

How do you get information on a daily basis now?

Fully relying on AI—mainly three key Agents:
One Agent is more tool-/logic-oriented, telling you what happened yesterday;
One Agent is more feminine/soft, helping you search for those things deep inside, like a therapist;
And another Agent combines your behavior and outputs from yesterday to tell you what your blind spots are—suggesting references or adjustments based on historical events/people.

There’s also a separate note-taking system. Based on evolutionary-thinking, it abstracts and organizes previous points of focus / related content, “crossbreeds” some ideas/articles, and pushes them in front of Shenyu. There are also daily digests/long-form articles, and more. Overall, once you build the Agent system, trust that important information will come to you on its own.

- Didn’t you say you can never have a shortage of storage?

- Yeah, Bitcoin’s store of value is also storage.

Vietnamese pho 🍜 is really delicious. It looks light, but actually it's full of flavor.

Three bowls of pho + three cups of juice, total 483,000 Vietnamese dong. Is that about okay for Ho Chi Minh City’s cost of living? @Nuts坚果 @林克Clean

In practice, after deducting 19.49 USD1, how much does the exchange-rate loss amount to?

Now they’re starting to say it’s not that there’s a shortage of storage, but that there’s a shortage of Bitcoin.

I really want to know how many people have sold U.S. stocks and AI-related assets on Binance over the past few days, only to return to the embrace of BTC.

“Why run all over the place—Binance’s security department is right here.” This is taking shape at this moment.

I listened to a podcast interview with the director of “Niu Lai” @Xin Yuming, and took some notes.

- He is 34 this year and was born in 1992.
- Why is it called “Niu Lai”? Because the year he started making films, 2021, was the Year of the Ox; his father is also an Ox (guessing he was born in 1961).
- Why make animation? When he was a kid, he watched a lot of animations—he had a huge amount of material he’d consumed—and felt that he had “this kind of foundation and potential” (his exact words).
- The director studied “art landscape design” and switched to animation in 2021 (at age 29).
- He didn’t have money to buy professional equipment, so he bought some on Xianyu; the performance wasn’t great, and he burned out several machines.
- His author’s mother (an ordinary employee at a state-owned enterprise) handled all the lyric writing/composition/vocals by herself; she started from scratch with no background.
- The whole creative process was under a lot of pressure. He received strong support from his parents, and they had some disagreements—for example, over how the plot should go—but in the end he still followed his parents’ advice.
- When he knew the work would be shown on the big screen, he felt conflicted: he wasn’t sure about the results or the box office. He also knew he didn’t have money for publicity, so he felt there was no point in doing promotion.
- The director’s catchphrase is “To put it simply…”

Over the past few months, I watched several AI manhua-style dramas from start to finish on Redguo.

In the last two years, I haven’t used any products that were built through person-vibe coding for more than three days.

Many new technologies first cater to the mainstream public’s needs—entertainment, killing time, and providing emotional value. AI short dramas have become the most representative category in the process of AI going mainstream. Besides Redguo, demand for the “Huangguo” type will also develop explosively—sharing a portion of the Pornhub and Onlyfans pie.

In-house, vibe coding really does solve a lot of problems, and it also enables many super-individuals to quickly build product demos, lowering the cost and barrier of validating user needs and product cold start. But stepping back, overall market demand is already largely saturated, and it’s hard for vibe coding to uncover a brand-new need that hasn’t been well met before. In plain terms: making small tools is doable; making a mainstream product is much harder.

Vibe coding really does make it so everyone “can,” and makes it easier to ship products—but it doesn’t mean that the products people build are all needed by someone. This isn’t a technical problem; it’s a market problem.

Also, compared with the spread of video/short dramas, propagating a new vibe-coding product is 10x harder. I don’t know how many times higher the DAU of Douyin/Redguo is than that of Product Hunt.

Although China is said to crack down on Crypto, it hasn’t gone as far as to wipe it out completely. At least for major platforms like Binance and OKX, you can still access the app normally without using a VPN.

Otherwise, overall trading volume would shrink even more.

However, during the registration process, you can’t directly open the corresponding website. If you’re using a phone like a Huawei, the APK installation stage is also fraught with difficulties.

In the meeting with the Binance product team, I suggested that they support the transfer in / transfer out of US stock assets as soon as possible.

With this move, it can directly eliminate everyone’s concerns about whether the “real” US stocks are involved—just like on-chain asset deposits and withdrawals.

This feature is already in beta rollout, so it should be fully enabled very soon.

In the past 30 days, South Korea’s two major exchanges have been aggressively listing new coins—nothing about it feels like a bear-market rhythm.

Upbit has listed 16 new coins.
Bithumb has listed 14 new coins.
Binance has listed 1 new coin, plus 100+ tokenized U.S. stocks.
OKX has listed 3 new coins, plus dozens of tokenized U.S. stocks.

South Korea doesn’t have strict individual FX quota controls, so citizens can freely invest in U.S. stocks without going through exchanges. The different directions taken by China- and Korea-based exchanges are already very clear.

#Upbit Listed Coins: OpenGradient (OPG), DLive (DRV), O1 Exchange (O), Morpho, Euler (EUL), GEOD (GEOD), Ripple USD (RLUSD), META2 (META2), USDG, Conflux (CFX), HOME, SQUID(QUID), Gravity (GRVT), CAP, Kamino Finance (KMNO), BlockStreet (BSB)

#Bithumb Listed Coins: Impossible Cloud Network (ICNT), DLive (DRV), CHECK, Lorenzo (BANK), GEOD (GEOD), Owen Exchange (O), Ripple USD (RLUSD), AEON (AEON), Gravity (GRVT), MetaDAO (META2), USDG, SQUID(QUID), Unibase (UB), BlockStreet (BSB)

#Binance Listed Coins: Aerodrome (AERO)

#OKX Listed Coins: Solstice (SLX), AEON, Gravity (GRVT)

- I heard this year Token2049’s core theme shifted to AI?

- No complaints—AI is also “token.”

- The art of naming 🎭

WLFI × Binance USD1 airdrop campaign: the 8th round continues as usual. If you hold $USD1 USDT stablecoins on the Binance platform, you can receive WLFI token rewards

Details as follows:

◦ Time: 8/7 - 9/4 8:00 (Beijing time), for four weeks
◦ Frequency: once per week, usually Friday afternoon
◦ Total amount: 170 million tokens $WLFI (approx. USD 8.9 million)
◦ APY: approx. 5.3%
◦ Supported account types: Spot account, Margin account, Leveraged account, USD1 perpetual contract account. Note that it cannot be placed in wealth management accounts

Note 1: To get an additional 1.2x APY boost, the daily open contract position size on the USD1 contract trading pair must be maintained at at least 300 USD1.

Note 2: This activity, which has already run for eight consecutive rounds, is not limited by amount. It is not the same as the Binance wealth management campaign with a single-account limit of 1500 USD1, lasting until August 27, with an annualized rate of 8.5%

In the blink of an eye, just two months remain until #token2049 this coming October.

Monad launched its mainnet alongside the TGE in November last year—so it’s almost been a full year. Seize this opportunity: the day before token 2049, Monad will hold its first Monad Summit in Singapore, themed OPEN “Openness.”

This conference is set at a high standard. If you’re a project founder, Builder, VC, or institutional representative, you can buy tickets via Luma, with three tiers: free, standard ($50), and VIP ($250), each with different benefits. Ticket link: luma.com/open-2026

Let’s look back at what’s happened over the past year with Monad:

◦ Leading DeFi infrastructure has matured: DEXs and lending platforms such as Uniswap and Aave have been gradually deployed, and Perp trading volume continues to hit new highs

◦ On-chain data has grown rapidly: 4 million+ wallet addresses, 550 million on-chain transactions, and DeFi TVL reaching $852.68 million—recent growth has been especially strong

◦ Exclusive collaboration with MetaMask, creating a to-C showcase for on-chain balance investing

◦ Developer ecosystem continues to be built out, attracting projects through initiatives such as the Accelerator and Hackathons

This Coldcard incident is suffocating. A group of people who believe in BTC’s core value were hurt the most deeply.

You are a BTC hodler. You have long practiced self-custody. You don’t trust exchanges. You’ve kept your seed phrase well and never exposed it to the internet. You chose a secure, long-running, Bitcoin-only, well-established hardware wallet—trusted by a large number of OGs—that has supported multiple BTC cycles...

You thought you had already considered everything thoroughly and avoided all risks.

But you never imagined the problem was in the most fundamental layer: the random number generation.

This issue has existed since 2021. Due to a random-number generation problem in a certain version of Coldcard firmware, the randomness used to generate private keys was insufficient. An attacker could recover the private keys by computation.

The amount of BTC that has been stolen is now up to 1,367.05 BTC, involving 4,585 wallets.

This is the harshest lesson of Bitcoin self-custody: whether your BTC is safe depends not only on whether you’ve protected your seed phrase.

It depends on the entire chain: randomness generation, hardware wallet firmware, backup and private key management strategies, and your everyday usage habits and security awareness...

Self-custody isn’t as simple as “buy a hardware wallet and then transfer coins into it.” A hardware wallet is not absolutely secure.

Bitcoin gives us ultimate ownership of our assets, but it also requires us to take full responsibility for that ownership.

The Coldcard incident has driven an on-chain migration of about 77,400 BTC that had been dormant for years. It is the largest on-chain migration since the FTX collapse. Some people, while reconsidering moving their BTC back into CEXs or buying ETFs and abandoning self-custody, is truly a pity.

Gate This exchange is really bizarre

Watch the full process of the 1.7 million USDT incident being stolen—starting from the Gate operations team mocking users for allegedly guarding and stealing, and now even publishing users’ personal information (although redacted)

It not only shows how poor the team’s PR communication is internally, but also reflects the company’s warped values throughout the organization

If this had happened at Binance or OKX, compensation would likely have been completed already, and the situation wouldn’t have dragged on to this awkward, hard-to-resolve bottom

The industry doesn’t need that many ghost-city public chains, and it doesn’t need that many exchanges either—maybe let a few more fail instead

Double-long targets on Hynix (7709), triple-long on semiconductors (SOXL), and triple-long on the Nasdaq-100 (TQQQ) — these are all popular picks in this AI bull market.

In the next bull run, will BlackRock, Fidelity, and Grayscale launch leveraged ETFs that are double-long / double-short on BTC?

Charlie Munger’s warning about the three paths to ruin: alcohol, women, and leverage are all easy addictions.

Is someone trying to cause trouble in the BTC ecosystem?

On the 6th, an Ordinals inscription was traded on Satflow for 3.0691 BTC.

Retail investors see the exchange suffering FUD, and regardless of what’s going on, the first reaction should be to withdraw and run.

At the beginning of the rumor spreading, retail investors don’t have the ability to verify whether the news is true or false—like what happened with FTX at the time; everyone was skeptical. But based on the outcome, we’d rather assume it’s true.

Because if the problem is real, your losses will be enormous; if it’s false, withdrawing only requires a small fee.

If this CEX has no issues, made it through the test, then if necessary, you can always put the money back. But there’s no need to rely on a CEX.

In 2021, I met a trading expert who had more than 4 million U in FTX—that was all his money. In 2022, he was wiped out in a single wave. Later, I contacted him less often, so I don’t know whether his claims were recovered. But after 2022, the days he had to live through were definitely difficult for years, and he missed a lot of opportunities as well.