WutalkWu

Não acredito que qualquer empresa Web2 tenha sucesso com stablecoins, confio em:

Stablecoin USDC, que é uma combinação da Circle e Coinbase, que é regulamentada
Stablecoin USDT da Tether, que é voltada para o terceiro mundo e o mercado underground
Stablecoin BUSD, que pode retornar após uma regulamentação clara, da Binance

Porque nas empresas Web2, stablecoins não têm muitos cenários de aplicação, não têm vantagens especiais, a prioridade interna é extremamente baixa, e não têm vantagens em comparação com os três mencionados

Não confio em stablecoins descentralizadas, não fazem sentido, a pressão regulatória é muito alta, BTC e ETH podem substituir sua funcionalidade

I think that whether it's employees or bosses/companies, when leaving or changing jobs, maintaining mutual respect is good for everyone.

Some big bosses in the crypto circle, as long as employees leave, will actively ask if they want to start a business or invest, leaving a good reputation and making the ecosystem bigger and bigger.

Many employees in the crypto circle, when they leave, will also use the connections and resources from their previous jobs for the next job, so there's really no need to make things awkward.

In this process, the core is that the boss needs to have a sense, and HR shouldn't create unnecessary trouble.

I spoke with friends in the cryptocurrency circle in Thailand and found that the demand for this U card is still quite high, and of course, the fees are also a major concern.

He mentioned: The U card is currently very popular in Thailand because people want to avoid taxes; if you remit money back to Thailand from abroad, the tax can be as high as 35%; offshore C2C services located in Thailand have already been shut down; offline exchange shops are often raided by the police, and everyone is afraid of dirty money.

Everyone should not think that the stock market, especially the Hong Kong stock market, is very compliant.

As far as I know, several well-known stocks that have previously surged and plummeted were all manipulated by large accounts (big players in the cryptocurrency market, large investors on platforms like Xueqiu, etc.) pulling and dumping the prices. In the short term, it still depends on the actions of the major players and insider information.

In this sense, it’s not much different from trading cryptocurrencies; in fact, the cryptocurrency market seems to be a bit more transparent at times. Retail investors should focus on fundamentals and avoid short-term trading, otherwise they will end up being harvested...

Which publicly traded companies are actually holding Bitcoin instead of just boasting and speculating on stock prices? This page is enough.

The largest holder remains MicroStrategy, with more than double the total of others combined. Most are still mining companies, with very few emerging ones.

Of course, there are many huge holding institutions that are not publicly listed, such as Bullish with hundreds of thousands, Bitmain, Li Lin's family office, etc., which can all rank at the top of this list.

https://www.coingecko.com/en/public-companies-bitcoin

With so many cryptocurrency companies and crypto reserve companies going public on the US stock market, is it possible to think in reverse and consider that in the future, a company that could have gone public on the US stock market chooses to opt for an ICO instead? Or under what conditions might such a scenario occur?

看到那么多非要把小孩折腾到香港读书、自己陪读的父母，甚至每天深港通勤瞎折腾，真心觉得还不如自己努力赚点钱，给孩子多存几枚比特币来得靠谱。

小孩教育这事，要么是孩子有天赋，要么自己名流世家，说白了都强求不来，AI时代了，鼓励小孩主动性、培训主动利用AI解决问题的能力才是关键。

I was thinking about the good opportunities Web3 has for Hong Kong

The mainland has completely shut it down, giving Hong Kong tremendous space to become the Web3 center of Greater China; otherwise, Hong Kong would normally have no competitiveness

The essence of Web3 is the combination of finance and the internet; Hong Kong has always had finance but lacks internet, technology, and developers, perfectly addressing its shortcomings

Hong Kong and Shenzhen are a perfect match in the Web3 field, integrating into the Greater Bay Area

I have a feeling that Binance will restart the BUSD stablecoin or change it to another name.

The three most profitable businesses are exchanges, public chains, and stablecoins, and now we are just missing stablecoins.

The largest exchange, the largest stablecoin application scenario, stablecoins generate hundreds of millions of dollars in profit each year.

Especially since the US stablecoin bill is about to pass, Binance has no reason not to restart the stablecoin.

Hoje vi que a moeda estável do Jingdong disse que irá suportar o pagamento com moeda estável do Jingdong para a região de Hong Kong e Macau o mais cedo possível. Isso me fez pensar sobre os diferentes círculos do Crypto:

No círculo mais interno, o ciclo interno nativo do Crypto, como Bitcoin, blockchain, DeFi, etc. Parece que este espaço está quase cheio, não há muito espaço.

Na próxima camada, há áreas que o financeiro tradicional não atendeu, como exchanges, moedas estáveis, privacidade, ICOs, etc. Esta parte é dominada por instituições de crypto, se estendendo para áreas tradicionais.

Na camada externa, são mais instituições grandes integrando funções de crypto, como o Twitter integrando avatares NFT, Jingdong integrando pagamentos com moedas estáveis, Futu Tiger integrando OTC e transações, etc. Historicamente, houve muitas tentativas, mas muitas falharam.

Olhando para trás, tentar usar a camada mais interna para fazer coisas da camada mais externa, como desestabilizar as redes sociais, agora parece destinado ao fracasso; por outro lado, usar a camada mais externa para fazer crypto também está, em sua maioria, destinado ao fracasso.

Atualmente, a indústria está desenvolvendo em uma fase de erosão mútua entre a segunda e a terceira camada, e a verdadeira esperança ainda está na segunda camada.

The only places with global influence in the cryptocurrency world are the United States and the Greater Chinese region.

I feel that in the next four years, the hope for the cryptocurrency world still lies in the United States, especially various DeFi and permissionless products, with regulations being thoroughly relaxed, a massive explosion in AI startups driving the cryptocurrency sector, and the loosening of stablecoins and banks opening up imagination space.

The dominance of Chinese CEX forces hinders innovation; compliance conservatism is only suitable for large companies. Previously, the Hong Kong SFC said it does not welcome DeFi, and Singapore has also started to expel unlicensed institutions. Hong Kong, which has nurtured these entities, is also likely to do the same.

However, if the Democratic Party returns to power in the United States, there will definitely be a major reckoning, and the Trump family along with their cryptocurrency partners will suffer greatly. In Asia, Hong Kong is likely to have relatively stable policy continuity.

Desde o ano passado, os pontos quentes da indústria, desde insígnias, jogos pequenos TON, memes sol, agentes de IA até agora stablecoins e ações de criptomoedas, já passaram pela sétima onda.

Tenho a sensação de que essa onda de pontos quentes também pode não durar muito tempo, então qual será a próxima onda de pontos quentes? Para os participantes, como aproveitar os pontos quentes ou como manter sua competitividade mesmo na rotação dos pontos quentes?

I looked at the interview and found that the last straw that broke Infini was the refunds being stuck:

In May, we wanted to slowly stop this business, and the core reason was that our card refunds were very slow.

Generally, a normal international card refund takes about one to two weeks, but ours have taken four weeks, a month, or even a month and a half. We have repeatedly urged the upstream channels, but they just cannot process the refunds. We are bombarded with customer complaints every day, and we feel very helpless because we are downstream in the industry. Besides urging the channels above, there is nothing we can do; we have the will but lack the power.

It's not difficult to start a U card company; anyone with money, time, and patience can do it. The threshold is not high. If you want to be compliant, you need to spend money; but if you don't comply, actually anyone can do it. Essentially, you just need a trust company and then find an upstream provider for card group APIs. Once you connect to the API, you can issue cards.

Almost all cards on the market are made this way, but nobody knows how many layers there are upstream. Some may be directly working with card groups, while others might have layers of middlemen, like an onion, and can even be infinitely stacked. For example, we can also create an API to open for you, and you can create another API to open for others.

After a few months of working on U cards, I increasingly feel that Infini is reversing history in the U card business. Personally, I hope to break the traditional payment barriers, but the U card turns stablecoins into USD, goes to the bank, and users swipe their bank cards, which essentially goes back to the old path of traditional financial payments. This is also the reason I am determined not to continue.

For example, the refund issue mentioned earlier is very internally consuming. U cards have not changed any logic in this industry; they are merely a traditional payment solution and not the ultimate solution. The ultimate solution in the future is to directly accept stablecoin payments.

In the latest podcast, Arthur Hayes said:

Although he is the inventor of perpetual contracts, he does not trade contracts and primarily buys spot directly.

Most of the altcoins you hold will not rise; this cycle ETH may perform better.

His firm currently invests mostly in Bitcoin, followed by Ethereum, Pendle, etc., and profits from altcoins will be reinvested to purchase more Bitcoin.

Plans to raise funds to acquire specific cryptocurrency companies and go public in the United States through SPAC.

https://t.co/nNCcIkiT9H

KuCoin, que costumava ser chamada de 'pequena Binance', após passar por muitas dificuldades entre os EUA e a China ao longo dos anos, começou a seguir um caminho de conformidade, o que é bastante comovente.

Hoje, a KuCoin enviou um e-mail em massa informando que cobrará uma taxa de inatividade para contas sem KYC, sugerindo que os usuários retirem seus ativos imediatamente e enfatizando especialmente que usuários dos EUA e da China continental não conseguem completar o KYC.

Although Infini Card has closed, many people say that the U Card is not a good business at all, but I still have some expectations. Perhaps it can truly promote cryptocurrency payments and lead to large-scale applications in daily life, making the industry more than just a casino.

Today I watched a podcast by the founder of Polkadot, and the host initially talked about the U Card and was very excited about it, indicating that this demand is not limited to Simplified Chinese. The third world may indeed have a very large demand?

The core point made by the host is: "The card is particularly convenient for me, as it saves me the trouble of converting cryptocurrency into fiat currency. This card allows me to avoid the complex and troublesome process of cashing out cryptocurrency, so I am willing to pay a little fee for it."

(I have no understanding of the project the host mentioned regarding this card and do not endorse it)

Original text:

Meu Deus, o Infini card, que tem um fluxo enorme e uma boa experiência de produto, de repente anunciou o fechamento total de todos os serviços de card!

O U card realmente é difícil, o pescoço preso no lado das finanças tradicionais. Não importa quão boa seja sua experiência de fluxo, não serve para nada.

Empreendendo na base do setor de criptomoedas, temo que ainda teremos que voltar ao nativo de cripto. Mas as coisas que o nativo pode fazer são poucas. Emitir moeda, exchanges, acabou.

Dificuldades do setor, as pessoas que querem fazer algo não sabem o que fazer; os mal-intencionados fazem o que querem.

The latest article by the Financial Secretary of Hong Kong, Paul Chan, shows a starkly different attitude between Hong Kong and Singapore, with one strongly supporting and the other fully restricting, clearly indicating Singapore's Web3 companies' inclination to return to Hong Kong:

"Digital assets are driving traditional financial businesses; a second policy declaration will be issued; stablecoins demonstrate the functions of a firewall and experimental field under the 'one country, two systems' principle, providing experience and reference for national finance."

https://www.fso.gov.hk/chi/blog/blog20250615.htm

Recently chatted with a few friends who came from the U.S., several feedbacks:

The crypto world is concentrated in New York, AI is concentrated in California, traditional finance is leaning towards crypto, and internet entrepreneurs are going into AI.

AI entrepreneurs look down on the crypto world; it’s a bit strange that many developers doing ZK are turning to AI.

Some well-known crypto VCs in the U.S. have a shocking lack of DPL, really becoming big targets and bag holders, sincerely paying for ideals.

Christian falou sobre sua experiência de investimento no espaço, de forma muito detalhada e interessante. Aqui estão alguns pontos para compartilhar com todos:

Enquanto estava na escola, estudando e empreendendo, o fundo chamado NextGen alcançou 375,5% de NAV entre março de 2023 e março de 2025, superando o Bitcoin em 67,3%.

Atualmente, ele não está vendendo muitas moedas, pois o mercado em alta ainda não chegou ao seu auge. Ele prefere esperar um pouco mais para evitar projetos que possam ser abandonados pelos investidores principais.

Ele começará a vender Bitcoin em lotes quando atingir 120.000 dólares. Se o Ethereum subir para 4.800 ou até ultrapassar 5.000, ele pode decidir vender sua posição.

Ele teve posições grandes em GBTC e Coinbase. Naquele momento, com a falência da FTX, o sentimento do mercado estava em baixa, e a Coinbase caiu 90% no mínimo, enquanto o GBTC apresentou um grande desconto. Ele avaliou que isso foi uma venda irracional motivada pelas emoções, e não por problemas fundamentais. Assim, apostou fortemente que essas duas poderiam superar o Bitcoin.

Ele também tem dois casos negativos — a moeda nativa da Arbitrum e o GMX. Esses foram os projetos nos quais ele teve perdas significativas de investimento, podendo ser considerados os poucos ativos secundários que realmente resultaram em perdas consideráveis até agora.

Três fatores — estrutura da equipe, controle da estrutura do token e construção de consenso de concentração — serão seu principal referencial na avaliação de projetos de investimento.

Sobre a mentalidade de investimento, pode ser resumida em duas frases: nunca deixe sua posição ultrapassar o limite que você pode suportar, e mantenha sua posição de investimento entre 30% e 50% do total de ativos, o que é um estado relativamente confortável.

Acredite na lógica, e não nas emoções ou crenças. Se a lógica ainda se mantiver, você deve persistir e não ser abalado pelas flutuações de curto prazo do mercado. Assim como quando investi na Coinbase, mesmo enfrentando perdas severas, acreditei que a lógica fundamental não havia mudado, então quanto mais caía, mais eu queria aumentar minha posição.

Texto completo:
https://t.co/QvCXBFXipX

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