Sea_Bitcoin

I love watching Bitcoiner @epr510 debate with meticulous logic and sharp language on 𝕏. I just read an interview from April and extracted some interesting viewpoints.

The entire history of the internet has always been politicized. The ARPANET emerged against the backdrop of the Cold War, with state-supported research aimed at countering Soviet technology. However, the early creators of the internet were precisely liberals who, despite taking military funding, opposed control and emphasized the free flow of information. They conceptually viewed themselves as capitalists, not socialists; as technological romantics, not authoritarians or controllers. Therefore, the technological environment must be decentralized and knowledge-sharing.

If the internet had developed in the Soviet Union instead of the United States, it might have become a central nervous system, better suited for real-time regulation of a planned economy. We are fortunate that the internet was initially driven by relatively free individuals.

Human nature requires storing value, but suitable means of storing value are hard to find. What should be used at this time? One way is to financialize things of value, such as real estate, stocks, and securities, which seem transferable; another way is to regard gold and currency as items capable of storing value. Therefore, hoarding Bitcoin is not a new model but a return to form. Bitcoin has called back humanity's inherent need to store value.

It is Bitcoin that has subsumed America, not the other way around, because Bitcoin has not changed; America has. The U.S. must change its legislation to subsume Bitcoin, but the protocol and program of Bitcoin have not been specially updated for Americans or Trump. On the contrary, Bitcoin will increasingly influence the dollar, as America treats Bitcoin as a reservoir for the dollar, and we are moving towards a Bitcoin standard.

Meme coins are cyber parades.

Can Bitcoin increase its cap? Or can it be shut down? Yes. As long as everyone agrees, it can happen. When we say it is stable, we don't mean absolute stability in a pure mathematical sense. This stability arises partly from mathematics and partly from people's belief in it, and a relative expectation of future society.

Trump issuing a coin could also be a good thing for those who believe in liberalism. We all believe in Hayek's idea of the 'Denationalization of Money,' advocating that private individuals and companies should also be able to issue currency. The market economy should function this way; currency is merely a commodity and should not be monopolized by any individual or institution. Since anyone can issue currency, this person can naturally be Trump. In the short term, this will impact the market, with everyone coming to harvest profits, and when the profits are exhausted, the market indeed may not recover. But in the long run, it can be seen as a liberal advancement. Issuing currency in a very cheap way demystifies the act of issuing currency and can be considered a form of ideological liberation.

Today, finance has come down from its pedestal, and those trading coins are no different from those playing finance on Wall Street. The influencer economy is an emotional economy, but emotions are invisible and intangible, making them hard to locate. Now, through these tokens, emotions are transformed into tradable items.

Since MetaMask supports Solana, it should also support Bitcoin.

Now: Cross-Border Payment

Future: Cross-Chain Payment

Circle's market performance has not only exceeded the expectations of cryptocurrency practitioners but has also attracted the attention of the internet and traditional finance sectors to the stablecoin space. In the past, we often said that stablecoins were the killer app of the crypto world; now they also have the potential to become the killer app of global finance and trade.

From $419 million in early January 2019 to $251.748 billion today, the issuance of on-chain stablecoins has grown by 600 times over the past six and a half years. With the impending passage of the U.S. stablecoin bill, the GENIUS Act, multiple institutions predict that stablecoins will exceed $200 billion in the coming years, which is not an unreachable figure.
Stablecoins are the most important trading chips in the market; previously, the issuance of stablecoins was often linked to the performance of altcoins.

Where are these stablecoins being issued?

From the perspective of public chains, stablecoins on Ethereum ($125.982 billion) and Tron ($79.151 billion) combined account for 81.48% of the total. Solana, while performing strongly this round, still has a long way to go to catch up to Tron with its circulating stablecoin volume of $10.605 billion.

Where are these stablecoins flowing to?

According to data from CryptoQuant over the past week: on the Ethereum chain, 53,000 transactions of stablecoins flowed into Binance, leading Coinbase (42,000 transactions), Bybit (28,000 transactions), and other exchanges.
On the Tron chain, 384,000 USDT transactions flowed into Binance, surpassing Bybit (321,000 transactions), HTX (163,000 transactions), and other exchanges.
From these two data points, it is evident that Tron supports half of USDT's volume. The circulating volume of USDT on Tron ($78.369 billion) is even greater than that on Ethereum ($63.059 billion), which may surprise many.

For the entire industry, stablecoins flowing into centralized exchanges (CEX) represent purchasing power. Binance's leading position in these metrics indicates that @binance @binancezh is the preferred CEX for a large number of users, which can be attributed to Binance's industry-leading liquidity in mainstream and altcoins, robust technology, proactive operations, and trustworthy brand.

Why is there no altcoin season in the crypto space?

1/
In 2017, issuing a coin required dozens of pages of white papers.
In 2021, issuing a coin required maintaining community consensus.
In 2025, issuing a coin only needs a name and an avatar,
or a tweet.
The barriers are being lowered infinitely.
The number of tokens is exploding 📈
Just Pump Fun has launched millions of tokens,
competing for the limited liquidity in the market.

2/
In 2017, the industry talked about ICOs disrupting the financial revolution.
In 2021, the industry talked about Web3 and the metaverse.
In 2025, the industry will talk about...?
The narrative ceiling is getting lower and lower.

3/
In fact, even looking back at just 1-2 years,
more than 99% of altcoins are worthless,
including projects supported by VCs.
And even if these coins drop 90% from their issuance price,
most project teams are still making money.
There is no sustained BUIDL and PMF,
only continuous pouring in.

Only less than 1% of projects
have PMF supported by protocol revenue.
With relaxed regulations,
if they can distribute dividends or buybacks to coin holders,
it will soar.

4/
Over time,
old investors have become savvy.
They no longer believe in the scams and narratives of project teams.
They have recognized the reality that the majority of coins are not suitable for diamond hands.

At the same time,
there will be continuous local hotspots on-chain,
from BRC-20 to Pump Fun.
Once a trend forms,
it will grow multiple divine boards in a 2-3 month cycle,
giving us opportunities to fight with small amounts.

And right now,
a comprehensive rise in altcoin season
is first occurring in the US stock market.
There are less than 100 stocks related to crypto.

And the long-awaited comprehensive rise in altcoin season
can only occur with globally low interest rates and massive liquidity.
A once-in-a-decade event.
This raises the requirements for retail investors' judgment on picking targets.

When I surf the Web3 blockchain with my iPhone

OKX @Wallet =
+ Browser 🌍
+ Search Engine 🔍
+ Trading Platform 💱
+ Wallet 💰

Payment giant Stripe has acquired Bridge and Privy in succession, demonstrating a strong determination to enter the cryptocurrency payment space, and its overall landscape is becoming increasingly complete: using Privy to help developers easily manage each user's/merchant's exclusive wallet (acquiring/payment), and then using Bridge as a bridge for seamless conversion between fiat and stablecoins, while remaining compliant.

◦ Stripe is a new giant in the FinTech × SaaS field established in 2010, with a valuation exceeding $90 billion.

◦ The acquisition of @Stablecoin was announced on 2024/10/21 and completed in February this year, with an amount of $1.1 billion.

◦ Bridge's core business is providing stablecoin APIs to help global enterprises achieve seamless conversion between fiat currency and stablecoins, supporting scenarios such as cross-border payments, stablecoin issuance, and custody, making money move. It also holds relevant licenses in 48 states in the U.S. and other countries.

◦ The acquisition amount for @privy_io is likely in the range of $300 million to $500 million, with Privy’s last valuation at $230 million.

◦ Privy's core business is providing wallet APIs, helping over 1,000 developer teams to integrate Web3 wallets into apps with one click, allowing over 75 million users to quickly obtain a Web3 wallet after logging in with their email/phone number without needing to manage private keys/mnemonic phrases, accelerating onboarding for more users onto the chain.

The guess is that the source is the gmgn official Twitter account has issues
Leading to multiple top KOL accounts being implicated together

KOLs supporting or deeply collaborating on a project
Should not easily let their accounts be 'affiliated' with project gold standards
As a KOL, it's important to maintain account independence

Previously, two projects approached me
Although both are projects I like and recognize
I still didn't promote them, it feels a bit off

𝕏 This feature is suitable for executives and support departments
External associations can easily spiral out of control for both parties
It's really not worth it to save a bit on 𝕏 membership fees

The Bitcoin Asia 2025 conference, organized by Bitcoin Magazine, will be held in Hong Kong🇭🇰 from 8/28 to 8/29. There are currently some free 'General Admission' tickets available. If you're interested in attending, you can claim them first 👇

https://tickets.b.tc/event/bitcoin-asia-2025

The biggest boss of the micro-strategy in the cryptocurrency circle, Michael Saylor, recently accepted an interview with CNBC reporters, where he classified Crypto assets into four categories:

◦ Digital Commodities: For example, Bitcoin $BTC is an asset in the form of a commodity, with no issuer; the government needs to clarify that this is neither a security nor a token, nor a collectible or currency.

◦ Digital Currency: For instance, USDC, a dollar stablecoin issued by regulated banks like Circle;

◦ Digital Securities: Stocks like Apple and Tesla, tokenized stocks that can circulate globally 24/7 at lightning speed, or tokenized bonds;

◦ Digital Tokens: Such as tokenized fan clubs, tickets, memberships, etc. These types of tokens can create innovative business models and should have some digital or real-world utility, but should not offer securities or financial utility.

Currently, the industry is in a transitional period, without a market structure bill. If we want the industry to grow 100 times or 1000 times, we need clear legal definitions of the four new asset types (digital commodities, currency, securities, tokens). Before the United States defines commodities, currencies, securities, and tokens, innovations in countries around the world face obstacles.

The popularity of Plasma indicates that the market is not short of money (the supply of stablecoins continues to hit new highs), but rather lacks emotional catalysts and confidence. People are immune to garbage projects and simply do not want to rush in.

To this day, many still feel regret for the collapse of FTX and SBF's imprisonment, even imagining what might have happened if CZ hadn't intervened, which is truly astonishing.

If FTX hadn't encountered issues in 2022, given the company's chaotic management style and erratic behavior, it might have resulted in an even bigger hole later on.

Moreover, if FTX hadn't had problems, how could we have bought $BTC at 16K?

Recently, there has been a general feeling that the liquidity of the Crypto market has been absorbed by the US stock market. Talking with friends at the exchange, he complained that there is a lot of pressure on the second-tier exchanges.

Spot

◦ After the meme coin craze, user habits have formed, and many 'meme coins' that are not listed on CEX can still have good on-chain liquidity.
◦ Binance Alpha is aggressively listing coins, directly impacting the spot lists of second-tier exchanges like Gate, Bitget, and Bybit. Project teams believe that listing on Binance Alpha offers better value for money.

Contracts

◦ Similarly, Hyperliquid has good liquidity, and the fact that it doesn't require KYC has also attracted many hackers and speculative funds.

Since the Sahara AI testnet started in December last year, I have been tracking this project and have written a few articles introducing the basic situation and important progress of the project. Recently, Sahara AI is about to have its TGE, opening up 1.4167% of its share to the community. With a FDV of 600 million, it's actually not cheap (the last round of financing was valued at 400 million USD), but I still decided to participate.

Mainly, I am optimistic about @SaharaLabsAI as a public chain designed for native AI, which has the opportunity to become a leading representative in this new track. Additionally, Sahara AI's data performance during several rounds of the testnet phase has been very good, with high community enthusiasm and positive ecological feedback.

The platform for this TGE is Buidlpad, whose founder also came from Binance and was previously responsible for Binance Launchpad and CoinMarketCap.

There is a detail worth noting: the assets users need to invest are BNB or USD1, rather than stablecoins like USDT or USDC. As we all know, USD1 is a stablecoin issued by the Trump family, and previously, when the Abu Dhabi sovereign fund invested in Binance, there were 2 billion funds based on USD1. Under such a structure and background, it also indicates that the Sahara AI project will likely receive significant support from ecosystems like Binance and BNB Chain in the future.

Looking back at the key milestones and data of Sahara AI over the past six months:

◦ Sahara AI started with high financing from star institutions (https://t.co/4SbqyFDDFA), co-led by Polychain, YZi Labs, and Pantera Capital, quickly becoming a representative of AI public chains.

◦ During the testnet phases S1 and S2, over a hundred thousand users participated in data labeling, with millions of data points, making it highly competitive (https://t.co/ZMWnF36rvb).

◦ The data labeling capabilities are fed back to other AI applications (https://t.co/2uA3mtYm39), with the first collaboration being with MyShell, opening up a new business model.

◦ Before the launch of the SIWA public testnet (https://t.co/VFyuvdgse4), there were over 3.2 million wallet addresses, over 1.4 million daily active wallets, and more than 200,000 users contributed data to DSP.

The Circle shareholder list features many Chinese capital players, including IDG, Baidu Ventures, Yixin, Everbright Holdings, CICC, Bitmain, and Huaxing Capital, most of whom invested between 2016 and 2018. China had a solid foundation in the cryptocurrency space.

I first learned about Circle in 2016 and thought the name was quite nice. A former colleague of mine was a designer at Circle, and they had a small team in Beijing at that time. However, not long after, the Chinese team was disbanded.

OneKey has obtained a new round of financing today. From a user's perspective, the growth of this company is worth learning from.

At first glance, hardware wallets do not seem like a big business. In the context of the Chinese market, selling hardware has always been difficult to achieve high margins.

OneKey's first phase is to solidly develop the hardware wallet itself and win market trust through complete open-source. "Creating a Web3 wallet" is not difficult; the challenge lies in how to gain trust and encourage bold use. Although MetaMask has been stagnant for the past three years with poor product experience, its brand remains top-tier for this reason.

Secondly, regarding user experience, from my usage perspective, OneKey is one of the rare startup teams that can do both hardware and software well. @ohyishi's product aesthetics are very impressive.

In addition, hardware wallets have another significant competitive advantage that software wallets do not possess. Under the premise of security, once users choose a hardware wallet, they are unlikely to switch easily.

For example, in my commonly used EVM hot wallets, I have entered/imported a set of mnemonic phrases/private keys in wallets from at least five different brands. The funds are essentially fluid; we are constantly verifying the fundamental characteristics of Crypto public-private key pairs, making it difficult to have absolute loyalty to software wallets. However, the same cannot happen with hardware wallets; those who have used hardware wallets understand this principle.

Therefore, this is essentially the core barrier of hardware wallets. Unless the hardware fails or in other extreme situations, the user's migration cost is extremely high. The larger the amount of funds, the more cautious users become, and the more they tend to stay put.

OneKey has recognized this point and launched the OneKey Earn product aimed at high-net-worth users. Without requiring users to move their funds, it meets the financial management needs of some individuals, resulting in a 11-fold increase in stored user assets and DeFi scale over three years.

Thus, in the wallet sector, brand and security are the most crucial foundations, and it is more suitable for true long-term thinkers.

In 2022, I asked Yishi if OneKey could be purchased domestically, and he sent me ten OneKey Mini devices. Besides one for personal use, I gave the rest away. This team's operations are also very warm.

Some exchanges transfer USDT through #Tron, which has become more expensive than Ethereum.

Although BNB Chain is free, some exchanges do not support it, such as #OKX.

Overall, among the larger exchanges, the one that supports USDT transfers widely and is the cheapest is Aptos, with fees ranging from 0.00 to 0.03 USDT.

Cryptocurrency Market Status Mid-2025

◦ Launch platforms outnumber developers
◦ Developers outnumber those with money + VCs investing
◦ Trading platforms and trading bots outnumber good assets
◦ Agencies outnumber KOLs
◦ KOLs outnumber retail investors
◦ Advertisements outnumber cognitive sharing
◦ CMOs outnumber product managers
◦ Public chains outnumber quality dApps
◦ Stablecoins outnumber the 26 letters
◦ Earning from Binance Alpha surpasses on-chain project profits

LatePost: But was the purchase of cryptocurrency led by him (Cai Wensheng)?
Wu Xinhong: I don't want to comment on cryptocurrency now because it is already in the past.

LatePost: What was your attitude towards the purchase of cryptocurrency at that time?
Wu Xinhong: Based on the voting of the board of directors at that time, I also voted in favor. I just regarded it as an investment. From the results, it was indeed a good investment return. At the end of last year, we sold all the cryptocurrency we held, making a profit of 570 million yuan, and 80% of the profits were distributed as dividends to shareholders.
However, if I could travel back in time, I would probably prefer to use that money to find good teams that could synergize with our business.

LatePost: This counts as a successful investment, but it seems to have brought you more distress?
Wu Xinhong: Yes. Sometimes, despite significant improvements in performance, when Bitcoin crashes, our stock price immediately drops; but when Bitcoin rises, our stock price doesn't increase.