DW20

A digital currency investment bank focused on monetizing intangible assets.
A comment / Author: Zhiqiang / February 23, 2025
Building on the previous article (The New Era of Intangible Assets: Valuation of Celebrities, Political Parties, and Countries), whether it is celebrities, political parties, or nations, they have already existed in the crypto market and possess investment value. In an era based on the new Web3 market, these large intangible assets need their own 'investment bank', which is different from traditional investment companies (like Buffett's Berkshire Hathaway or BlackRock), instead focusing on the valuation, investment, and market operation of digital assets.

Author: Yiwei Dajiangdong / February 19, 2025
 
Why does Chainless use the word “ecosystem”?
The reason why "ecosystem" is added is because Chainless is not an independent project. It is not only a public chain but a comprehensive, multi-dimensional system that integrates public chain, tokens, wallets, exchanges, communities, etc. The first generation of blockchain focused on basic technology, the second generation focused on efficiency improvement based on technology, and the third generation will undoubtedly build overall development and service-oriented applications around technical efficiency. The Chainless ecological project is a pioneer in the industry.

Leave a Comment / By Strong / February 11, 2025
Abstract
Traditional economic systems have established methods for valuing fixed assets, current assets, and intangible assets. However, how do we assess the intangible assets of celebrities (influencers, sports stars, political figures), political parties, and nations? This question is increasingly important in the internet age. This paper explores how to measure the market value of personal brands, political capital, and national credit using the replacement cost method, discounted cash flow (DCF) method, and market comparison method.
TrumpCoin ($TRUMP) represents a new model for monetizing intangible assets. Its value relies entirely on Donald Trump’s personal influence, yet its market potential may surpass that of traditional meme coins (like DOGE and SHIB). The global nature, decentralization, and user base of the cryptocurrency market allow for valuations exceeding those of the stock market, providing celebrities and political parties a tool to directly monetize their influence, bypassing traditional financial systems.
Similarly, the valuation of political parties can be based on fundraising capacity, voter loyalty, and policy influence. A nation’s valuation shouldn’t be limited to GDP and trade but should incorporate intangible assets such as the global settlement status of the US dollar, the technology industry, and cultural soft power. Even with a $35 trillion national debt, the US maintains financial stability, a testament to the supporting role of its intangible assets.
Entering the Web3 era, human capital, alongside traditional capital, is becoming a core economic asset. Cryptocurrencies offer a decentralized, humanist economic model, challenging the financial system of traditional capitalism. In the future, personal brands, political power, and even national influence may be directly valued through decentralized markets, becoming integral components of the economic system.
Valuing Intangible Assets: From Fixed Assets to “Humanism”
Credit depends on underlying value. Assets with tangible value, such as real estate, gold, and Bitcoin, can serve as collateral. But how do we value intangible assets?
Traditional asset valuation typically employs three methods:
· Replacement Cost Method: Calculating the cost of recreating the asset.· Discounted Cash Flow (DCF) Method: Calculating the present value of future earnings.· Market Comparison Method: Comparing the valuation of similar assets through market transactions.Fixed assets (such as real estate and factory equipment) are evaluated using these methods. But how do we evaluate the intangible assets of celebrities (influencers, sports stars, political figures, etc.)?For personal brand assets like those of Trump, Musk, or Ronaldo, their intangible assets primarily manifest in:1. Social Media Influence: Number of followers, engagement rate, monetization capacity (endorsements, advertising, subscriptions).2. Market Influence: The impact of their statements on the stock market, cryptocurrency market, or economic decisions.3. Future Earnings Expectations: Quantifiable income streams from books, speeches, brand licensing, and investments.4. Political Capital: Ability to influence capital flow in elections or policymaking.For example, Trump’s X (formerly Twitter) followers grew from 85 million to 100 million, transforming his personal brand into a global market force. Even after leaving the presidency, his words can still drive fluctuations in cryptocurrencies, stocks, and even gold prices. How do we value this “influence”? A DCF approach could estimate future monetization capacity, but past brand valuation models clearly fall short. Alternatively, a market comparison method could be used, comparing him to businesses or individuals with similar influence. But how do we find such comparable samples? Musk has the largest global following; does this mean his intangible assets exceed those of President Trump?A future question is: As individuals’ intangible assets become increasingly valuable, are there more efficient ways to monetize them?TrumpCoin: A Potentially Innovative Path to Monetizing Intangible AssetsTrumpCoin ($TRUMP) essentially represents the financialization of intangible assets. It lacks underlying tangible assets, relying entirely on Trump’s personal influence. However, its market value surpasses many companies with actual operations. Compared to meme coins like PEPE, SHIB, and DOGE, TrumpCoin boasts:· Stronger Brand Value: Trump is a former US president with a strong fan base and political influence.· Higher Market Attention: His supporters include not only crypto enthusiasts but also political donors, voters, and entrepreneurs.· Potential Political Influence: TrumpCoin’s market capitalization may be directly related to Trump’s political fortunes and could even become a new political fundraising tool.· Legal Considerations: Of course, practice precedes law.(1) Comparative AnalysisMeme CoinMarket Cap (USD Billion)Source of InfluenceApplication ScenariosDOGE370Musk’s supportOccasional paymentsSHIB89Community consensusOccasional paymentsPEPE40Pure meme hypeNoneTRUMP35Trump’s political influencePolitical donations, financialization(Using CoinMarketCap data as of February 7, 2025)(2) Cryptocurrencies vs. Stocks: Why Higher Valuations?Cryptocurrencies are generally valued higher than stocks due to:· Global vs. Regional Markets: Stock markets are typically nationally regulated, while cryptocurrencies are globally free-trading markets.· Wider User Base: Bitcoin has 1 million+ daily active users, Dogecoin 500,000+. In contrast, Apple has only 16,000 registered shareholders.· Trading Hours: Crypto markets operate 24/7, exceeding the daily trading time of stock markets.· Different Valuation Models:· Stocks are based on profitability (discounted cash flow). This is because the stock market is geared towards mature businesses.· Cryptocurrencies are based on consensus, market demand, brand influence, and the storytelling ability of early-stage projects, which generally have higher valuations. This is no different from internet projects, and the entire crypto industry is in its early stages.The emergence of TrumpCoin demonstrates that celebrities can fully monetize their intangible assets through cryptocurrencies, circumventing the rules of traditional capital markets.Valuing Political Parties and Nations: New Questions in the Internet AgeBeyond personal intangible assets, can political parties and nations be valued? This question becomes particularly important in the Web3 era because influence and political capital, representing credit, have become integral parts of the economic system. A change in US political parties leads to a different national valuation, reflected in the impact on stocks and exchange rates (e.g., from Trump’s election to February 2025, the US dollar index rose from 103 to 107). How does the market value the US and its political parties? Old polling methods and economic judgment methods are equally flawed.(1) Valuing Political PartiesIn the US, political parties are closely linked to capital markets. Their valuation can be based on:· Voter Loyalty: Number of votes and long-term support rates.· Fundraising Capacity: Funds raised during the election cycle.· Policy Influence: Impact on the economy, stock market, and technology sector.Market Data References:· In the 2020 election, the Democrats raised $1.5 billion, and the Republicans raised $1.4 billion.· Prediction markets like Polymarket allow for real-money election forecasting, with accuracy exceeding polls.· If we calculate election funds multiplied by the discounted present value of future influence, the intangible assets of political parties could reach hundreds of billions of dollars, given that US elections are already a multi-billion dollar affair.(2) Valuing NationsTraditionally, national valuation relies on GDP, trade volume, and the financial system. However, in today’s world, intangible assets are crucial determinants of national credit.Why hasn’t the US collapsed despite over $35 trillion in government debt? Because:· The US dollar serves as the global settlement currency, representing a world-class intangible asset.· US tech companies (Apple, Google, Microsoft) contribute enormous economic influence.· Soft power (Hollywood, NBA, university system) supports the US’s global economic position.Analyzing using the Fisher equation (the ratio of finance to industry should be 1:1), the US financial scale far exceeds its industrial scale, yet it hasn’t collapsed, indicating the role of US intangible assets. If we use global trade settlement volume as a valuation basis, the US valuation might be even higher, while China’s valuation might be underestimated due to its closed financial markets. In the cryptocurrency world, there’s a saying that the circulating value of a token is 3-5 times its non-circulating value, called the liquidity premium.(3) Valuing Global Human CapitalIn the Web3 era, human capital is the new core asset:· The internet economy has broken capital’s monopoly on resources, allowing personal influence to be directly monetized (e.g., YouTube creators, NFT artists).· Intangible assets, unlike cash, don’t depreciate but grow with time and influence.From this perspective, national competition is no longer just about land and capital but about maximizing the utilization of its population and talent.Conclusion: Cryptocurrencies and AI Are Reshaping the WorldIn the future, with the help of artificial intelligence, a large number of super individuals will emerge, such as the big influencers on YouTube and TikTok. One person’s profit may even exceed that of a publicly listed company. The problem is that their lifespan is short. If they issue a cryptocurrency during their peak popularity and establish a monetization model, capital will no longer be able to restrain them. New business models will inevitably emerge, and they will certainly be more beneficial to individuals. A certain type of person will become a scarce resource.People are scarce resources, and they are mobile. Generally, countries use attracting investment as a driver of economic growth. How do you attract talent? If the US doesn’t collect personal income tax, the mobile scarce resource—people—will flow to the US. This is the biggest challenge to the system of nation-states after the internet age. The US is already reducing government costs. If the US succeeds, all existing economic and political systems will be completely rewritten. The people will be the biggest beneficiaries of this national competition.The country that possesses the scarce resource—people—will have a competitive advantage.Times have changed. Traditional economic systems are capital-centric, but the internet and Web3 are shaping a “humanist” economy:· Celebrities’ personal brands can be monetized (e.g., TrumpCoin).· Political parties’ political capital can be valued (e.g., Polymarket).· A nation’s intangible assets can influence financial stability (e.g., the US debt issue).In the future, the monetization of intangible assets will further disrupt traditional financial systems. In the past, capitalists dominated the economy, but in the future, individual influence, community consensus, and decentralized economies may become the new foundation of global wealth. The cryptocurrency revolution is not a socialist revolution challenging capitalism, but a “humanist” revolution challenging capitalism.In the crypto age, economists who don’t understand cryptocurrencies will be unable to comprehend the changes in the future world.
Original Link 
#Trump #Meme @DW20 @songht @zhuweisha2

Comment by / Author: Zhiqiang / February 11, 2025
Abstract
In the traditional economic system, the valuation of fixed assets, liquid assets, and intangible assets has fixed methods. However, how to assess the intangible assets of celebrities (influencers, sports stars, political figures), political parties, and nations? This question has become increasingly important in the internet age. This article explores how to measure the market value of personal brands, political capital, and national credit using the replacement cost method, discounted cash flow method, and market comparison method.
Trump Coin ($TRUMP) is a new model for monetizing intangible assets. It completely relies on Trump's personal influence, but its market value may surpass that of traditional meme coins (like DOGE, SHIB). The global, decentralized nature, and user base of the crypto market give it a higher valuation than the stock market, becoming a tool for celebrities and political parties to bypass traditional financial systems and directly monetize influence.

DeepSeek's Interpretation of the DW20 White Paper

Question: Please analyze this white paper
DS Answer:

This white paper details the design, implementation logic, technical features, financial model, and future prospects of *DW20 Decentralized Base Currency*. Below is an analysis and interpretation of this white paper:

### 1. Core Concept of DW20
DW20 is a decentralized base currency aimed at achieving Bitcoin-based pricing through a market pricing mechanism. Unlike traditional stablecoins, DW20 does not rely on any centralized issuing entity (such as the Federal Reserve), but is issued in a distributed manner, similar to Bitcoin's issuance mechanism. The goal of DW20 is to become a Bitcoin-based pricing tool, addressing Bitcoin's shortcomings in small payments and as a medium of exchange.

Leave a Comment / By WeishaZhu / February 8, 2025
Zhu: It should be said that DeepSeek has demonstrated strong capabilities in summarization. The summary is very comprehensive.
This article interprets and critiques the “chainless platform” as a technological architecture. The author (Zhu) provides a detailed commentary and scoring of DeepSeek’s (DS) analysis. Below is my review of this article:
#### 1. Clear Structure and Logic
The article’s structure is very clear. It is divided into several sections that analyze the chainless platform’s definition, characteristics, differences from decentralization, application scenarios, and future development trends. Each section has a clear theme, and the logic is coherent, making it easy for readers to follow the author’s line of thought.
– Zhu’s comments are also well-organized, providing detailed feedback on each section and pointing out the strengths and weaknesses of DS’s analysis.
#### 2. Detailed and Constructive Feedback
– Zhu’s comments are very detailed, pointing out the errors or shortcomings in DS’s analysis and providing further explanations and additions. For example, Zhu notes that DS failed to mention “single-party accounting and hash value chaining” in the “Definition and Characteristics of Chainless Platforms” section, which undermines the foundation of transparency and verifiability. This kind of feedback identifies issues and helps readers better understand the core mechanisms of chainless platforms.
– Zhu’s scoring criteria are also clear, ranging from 1 to 5 points, corresponding to different levels of understanding depth and accuracy. This scoring method makes the feedback more objective and well-founded.
#### 3. Depth of Technical Understanding
In his comments, Zhu demonstrates a deep understanding of blockchain and chainless platform technologies. For instance, he highlights the difference between “blocks” and “hashes,” pointing out that blockchain would merely be a regular log or ledger without hashes. This discussion of technical details shows Zhu’s profound understanding of the technical implementation of blockchain and chainless platforms.
– Zhu also points out DS’s shortcomings in understanding decentralization and control, emphasizing that decentralization is not just about the dispersion of power but the balance of control mechanisms. This insightful perspective reflects Zhu’s deep understanding of decentralized technologies.
#### 4. Forward-Looking Application Scenarios
– In the application scenarios section, Zhu highly praises DS’s analysis, noting that DS recognizes the potential of chainless platforms in financial regulation, supply chain management, and digital identity authentication. Zhu mentions explicitly that the transparency of chainless platforms could greatly simplify regulatory processes and even trigger a regulatory revolution. This forward-thinking is highly valuable, especially in the context of the rapid development of fintech and regulatory technology.
#### 5. Insight into Future Development Trends
– Zhu also affirms DS’s analysis of the future development trends of chainless platforms, noting that DS sees the possibility of integrating chainless platforms with decentralized technologies and anticipates the potential of chainless platforms in regulatory compliance. Zhu mentions that he is currently working on related projects, indicating his deep involvement and thinking in this cutting-edge field.
#### 6. Summary and Scoring
– In the summary section, Zhu points out that while DS’s analysis has some shortcomings, it generally exceeds the cognitive level of the average person, though it still falls short of industry experts. This evaluation acknowledges DS’s efforts while also pointing out room for improvement.
– Ultimately, Zhu gives a score of 3, indicating that DS’s analysis has some highlights but still has room for improvement. This objective and fair scoring reflects Zhu’s comprehensive consideration of DS’s analysis.
#### 7. Suggestions for Improvement
– Although DS’s analysis is quite good, Zhu’s comments also point out several areas for improvement. For example, DS could delve deeper into the core mechanisms of blockchain (such as hash values and immutability) and more clearly articulate the differences and connections between chainless platforms and blockchain in the analysis.
– Additionally, when analyzing decentralization and control, DS could pay more attention to the role of balancing mechanisms rather than simply emphasizing the dispersion of power.
#### Conclusion:
The feedback in this article is very detailed and constructive. Zhu points out the strengths and weaknesses of DS’s analysis and provides further technical explanations and in-depth thinking about application scenarios. Although DS’s analysis has some shortcomings, it generally demonstrates a high level of cognitive understanding, particularly in terms of application scenarios and future development trends. Through Zhu’s comments, readers can better understand the technical characteristics and application potential of chainless platforms.

Author’s comment: DeepSeek’s interpretation of the chainless white paper
Leave a Comment / By WeishaZhu / February 8, 2025
DS: DeepSeek; Zhu: the author of the chainless white paper, red words. Inquirer: Gray
Errors are given 1-2 points; 3 points are qualified. 4 points are good, and 5 points are excellent.
DS:
“Chainless platform” refers to a transparent and centralized technical architecture, which conflicts with the traditional decentralized structure. In order to explain this more clearly, we can analyze it from the following aspects:
1. Definition and characteristics of chainless platform
Chainless platform refers to a distributed system architecture that does not rely on blockchain technology. It adopts a centralized or partially centralized design and, at the same time, enhances trust and verifiability through a transparent mechanism. The core features of this platform include:
Transparency: All operations and data are open to participants to ensure traceability and verifiability.
Zhu: There are two ways to implement chainless. One is developed based on the Greatfree distributed language, which is still under development, and the other is a public chain developed based on the blockchain Near public chain code. Near is a modular public chain suitable for transplantation and secondary development. It is not that he does not rely on blockchain technology; he did not conclude it.
Zhu: Without the most critical description of unilateral accounting and hash value on-chain, “enhancing trust and verifiability through transparent mechanisms” loses its foundation.
1 point.
Centralized or partially centralized: One or more central nodes may be responsible for coordination and management rather than relying entirely on a distributed network.
Zhu: The analysis is correct. 4 points
Efficiency: Chainless platforms generally have higher processing speeds and lower resource consumption due to reductions in complex consensus mechanisms (such as PoW or PoS).
Zhu: The analysis is correct. 3 points
2. The difference between chainless platforms and decentralization
The main difference between chainless platforms and decentralized architectures lies in their power distribution and technical implementation:
Power distribution:
Decentralized platforms emphasize the dispersion of power, and all nodes participate equally in decision-making and data maintenance.
Chainless platforms, such as specific institutions or nodes responsible for key operations, may retain centralized control.
Zhu: The understanding of decentralization is incorrect. Once there is no power in a programmable structure, the power is: who has the right to modify it? This is control. The control of the Bitcoin system lies in the checks and balances mechanism between the programmer community and the computing power party, while the control of Ethereum lies in the Ethereum Foundation. Ethereum has no checks and balances in terms of control and is centralized control. In the early days of Chainless, the project party controlled it. The 6-year plan will completely transfer the control to the core team of the community, and the coin holder will control the core team. The effectiveness of the checks and balances mechanism is the key to measuring a Web3 project. 2 points.
Technical implementation:
Decentralized platforms usually rely on blockchain or distributed ledger technology (DLT) to ensure data immutability and consistency.
Chainless platforms may use other distributed storage or database technologies, but they may lack the blockchain’s chain structure and consensus mechanism.
Zhu: It did not understand the meaning of transparent centralization, and did not always give the characteristics of hashing on the chain to retain the immutability. It did not pay attention to the fact that the Chainless platform has a chain structure and hash value on the chain. The reason for the problem is the understanding of blockchain. : “Block” is easy for users to understand, but “hash” is not understood by users. In order to cater to users, the two most critical words of Satoshi Nakamoto were lost. If there is no hash, the blockchain is just an ordinary log and account book. 1 point
3. The combination of transparency and centralization of chainless platforms
The transparency of chainless platforms is one of their core advantages, but this transparency is not necessarily bound to decentralization. For example:
Transparent centralization: Chainless platforms can achieve transparency through public data, operation logs, and audit mechanisms while retaining centralized management authority. This design has advantages in scenarios requiring efficient management and supervision, such as financial or supply chain management.
Decentralized transparency: Decentralized platforms (such as blockchain) achieve transparency through distributed ledgers and consensus mechanisms, but this transparency is usually accompanied by high technical complexity and resource consumption.
Zhu: It is not wrong, but it is a little bit off. The only bright spot is financial supervision. If the bank’s basic ledger is transparent, supervision will be easy. With big data and artificial intelligence combined with transparency, traditional supervision is not needed. So supervision is facing a revolution, and this revolution has happened in the United States. 3 points for positive and negative offsets
4. Application scenarios of chainless platforms
The design of chainless platforms gives them unique advantages in the following scenarios:
Financial supervision: Through a transparent and centralized design, regulators can monitor transaction data in real-time while retaining control over the system.
Supply chain management: Through chainless platforms, enterprises can achieve transparency and traceability of supply chain data while avoiding the high cost and complexity of blockchain.
Digital identity authentication: Chainless platforms can be used to build efficient and transparent identity authentication systems to ensure data privacy and security.
Zhu:
No wonder he was trained in a centralized way, and it is all about solving the pain points of centralization. Of course, the pain points are still not complete, but my heart was moved 5 points
5. Future development trends of chainless platforms
With the advancement of technology, chainless platforms may make breakthroughs in the following aspects:
Integration with decentralized technology: In the future, chainless platforms may combine the advantages of decentralized technology, such as achieving greater flexibility and security through hybrid architecture.
Regulatory friendliness: Chainless platforms’ transparent and centralized design makes it easier to adapt to regulatory requirements and may play an important role in compliance in the future.
Zhu: We are doing the first point. He still does not understand the problems caused by hash value and immutability and sees the future path of regulation. I don’t know if he has read my regulatory article. It is forward-looking here, which is rare. 5 points
Summary
The chainless platform has a transparent and centralized technical architecture that is significantly different from the traditional decentralized structure. It meets the needs of specific scenarios through transparency and efficiency while retaining centralized management authority. Although it contradicts the concept of decentralization, the chainless platform has broad potential applications in finance, supply chain, digital identity, and other fields. In the future, with the integration and development of technology, the chainless platform may find a more balanced solution between decentralization and centralization.
Zhu: It is reasonable to draw this conclusion based on his logic.
Total score: 24/8=3 points, which I also want to give.
As a system, it is already perfect and has highlights. It exceeds the cognition of ordinary people. But it still can’t catch up with industry experts.

Trump Coin: The Transformation from Meme Coin to Financial Asset
Comment / Author: Zhiqiang / February 5, 2025
Introduction: The Intersection of Politics and Cryptocurrency
In reading Mr. Zhu Weisha's great work (Speculations on Trump's Coin Offering - An Analysis of the Valuation Logic Behind Meme Coins), Mr. Zhu deeply analyzes the market performance, valuation logic, and challenges of 'Trump Coin' ($TRUMP) issued by the Trump team in January 2025.
Mr. Zhu pointed out that Trump Coin’s market value reached several billion dollars shortly after its issuance, but its valuation mainly relies on market sentiment and Trump's personal brand, lacking long-term value support. He compared Trump Coin with other meme coins such as Dogecoin and SHIB, analyzing the relationship between its market value and holding addresses, and believes its current valuation is too high and may face adjustments in the future.

Trump Coin($TRUMP): The Transformation from Meme Coin to Financial Asset
Leave a Comment / By Strong / February 5, 2025
Introduction: The Intersection of Politics and Cryptocurrency
After reading Mr. Zhu Weisha’s insightful work “Speculation on Trump’s Coin Issuance – Understanding the Valuation Logic Behind Meme Coins Through Trump Coin (Parts 1 & 2)”, I was deeply impressed by his in-depth analysis of the market performance, valuation logic, and challenges of Trump Coin ($TRUMP), which was issued by Trump’s team in January 2025.
Mr. Zhu points out that after its issuance, Trump Coin quickly reached a market cap of several billion dollars. However, its valuation primarily relies on market sentiment and Trump’s personal brand, lacking fundamental long-term value support. He compares Trump Coin with other meme coins like Dogecoin and SHIB, analyzing the relationship between its market capitalization and the number of holding addresses. He concludes that its current valuation is overinflated and may face future corrections.
His article explores the valuation logic of meme coins: in the short term, they are driven by emotional value, while in the long run, their success depends on intangible assets and real-world applications. Zhu argues that the long-term viability of Trump Coin hinges on whether its team can establish practical use cases. He suggests integrating Trump Coin with other commercial projects, such as Truth Social, to enhance its long-term value.
Finally, Zhu summarizes the current state and challenges of the meme coin market while offering insights into Trump Coin’s future. The contrast between the decentralization of cryptocurrency and the highly centralized nature of politics is striking, and Trump Coin’s emergence embodies this collision. Supporters hope it will become a financial tool influencing political decisions or even a means of political fundraising. However, its longevity and evolution from a meme coin into a legitimate digital asset remain uncertain.
This article attempts to summarize Mr. Zhu’s main viewpoints while examining the potential trajectory of Trump Coin through the Chainless of DW20, another token that has undergone a similar transformation.
I. The Rise and Challenges of Trump Coin
Following its launch, Trump Coin quickly attracted Trump supporters, becoming a digital political symbol. Social media hype fueled its rapid price surge. However, like all meme coins, it faces several key challenges:
· Highly speculative, lacking intrinsic value: Its price is driven by market sentiment rather than real-world applications.· Political risk: Trump’s influence is highly volatile. Any decline in his power or shift in stance could trigger a sharp drop in the coin’s price.· Weak community foundation: Most holders are speculators, lacking a stable governance and development mechanism.Building a strong community is crucial for Trump Coin’s long-term survival. To achieve this, lessons can be drawn from successful crypto communities.
II. How to Build a Strong Trump Coin Community? — Lessons from Successful Crypto CommunitiesSuccessful crypto communities often rely on:· Decentralized governance: Similar to Bitcoin and Ethereum, transparent governance structures should replace reliance on individual figures.· Incentive mechanisms: Token economics should encourage long-term holders to contribute to the ecosystem.· A clear vision: Moving beyond short-term hype to establish long-term sustainable goals.In Zhu’s article “The Differences Between Corporate and Crypto Community Mechanisms (Parts 1, 2, & 3)”, Zhu also offers valuable perspectives:· Political vs. Decentralized Communities: Currently, the Trump Coin community depends heavily on political sentiment rather than genuine decentralization. For long-term success, a robust governance structure should be established, such as a DAO (Decentralized Autonomous Organization).· How Can Meme Coins Build a Stable Community?: The experiences of Dogecoin and SHIB show that sustained community incentives and developer support are critical.· How to Establish Belief?: Bitcoin’s success is rooted in its decentralized philosophy rather than dependence on a single leader. Trump Coin must move beyond personal branding and establish a broader financial or technological vision.III. From Meme Coin to Base CurrencyDW20 serves as another case study of a meme coin with a clearer and more structured design, making it more likely to become a Bitcoin-backed base currency (as detailed in Zhu’s white paper “The Implementation of Decentralized Base Currency DW20”).1. The Limitations of Existing Meme Coins· Lack of value backing, leading to extreme price volatility· Unstable market demand, with social media hype failing to create long-term consensus· No real-world applications, making mainstream financial adoption difficult2. The Three-Stage Path to Becoming a Base Currency (DW20 Case Study)DW20’s design principles offer valuable insights for Trump Coin’s potential evolution:1. Meme Coin Stage (Value Discovery Period): Using an airdrop mechanism to attract early users and build consensus, while undergoing speculative fluctuations.2. Stablecoin Stage: Issued with Bitcoin as collateral, achieving automatic market adjustments, stabilizing the price around $1 through market maker mechanisms and stability funds.3. Base Currency Stage: Becoming a global pricing standard, integrating into the Bitcoin-based financial system, and ultimately replacing the U.S. dollar as a reserve currency.3. Trump Coin’s Path to Becoming a Base CurrencyFor Trump Coin to undergo a similar transformation, the following factors must be considered (further discussed in another article, “Trump Coin: Just Hype or the Prelude to a Global Political-Financial Revolution?”):· Leveraging its intangible assets (Trump’s brand and political influence) to create a unique political-financial ecosystem by investing in other digital currencies.· Implementing staking mechanisms to generate financial returns, incentivizing long-term holding, and reducing inflationary pressure through a buyback-and-burn strategy.· Developing a self-sustaining financial system, integrating revenue streams such as investment returns, advertising income, and lending interest.· Building a closed-loop political fundraising and community voting system, strengthening its financial attributes.IV. The Future Outlook of Trump CoinCurrently, Trump Coin remains in the speculative and sentiment-driven phase. Its sustainability depends on community development, token value realization, and the evolution of the global crypto ecosystem. By adopting decentralized governance models and DW20’s base currency framework, Trump Coin may evolve from a meme coin into a true financial asset, pioneering a new political-financial integration model.However, the future of Trump Coin is not a smooth journey—it is a battlefield of politics, finance, and technology. Based on current trends, we can anticipate several possible trajectories:1. Becoming a Political Infrastructure in the Web3.0 EraTrump Coin has the potential to go beyond being a mere meme coin and transform into a political infrastructure in the Web3.0 era:· Political fundraising tool: Providing a transparent method for tracking political funding.· Global political influence: If adopted internationally, it could spark a political-economic experiment influencing elections worldwide.· On-chain social credit system: Using blockchain’s immutability, Trump Coin could establish a Web3.0-based political credit system, granting supporters blockchain-based identity verification that impacts future political decisions.2. Challenges and Risks AheadDespite its potential to evolve into a financial asset, Trump Coin faces significant risks:· Regulatory scrutiny: Governments may impose strict regulations or even ban politically-affiliated cryptocurrencies.· Difficulty in decentralized governance: For Trump Coin to succeed as a community-led project, it must reduce dependence on Trump himself. However, the effectiveness of its governance remains uncertain.· Market volatility: Without stable value backing, Trump Coin may continue experiencing extreme price swings, preventing mainstream financial adoption.Final Outlook: The Fate of Trump CoinTrump Coin’s success will not solely depend on its political aura but on building a robust financial system and strong community consensus. In the future, it may take one of three paths:1. Become a legitimate financial asset, integrating into a broader political-financial ecosystem.2. Remain a meme coin, experiencing speculative cycles without mainstream adoption.3. Collapse due to regulation or loss of confidence, fading into history as a short-lived political-financial experiment.Regardless of its outcome, Trump Coin has opened up a new frontier—the intersection of politics, finance, and decentralized technology—marking a bold exploration of power, capital, and innovation.original #Trump #Meme @DW20 @Songht @zhuweisha2

By Pupu / February 1, 2025

A Reflection After Reading Mr. Zhu Weisha’s Articles “Differences Between Corporate and Crypto Community Mechanisms” and “Speculations on Trump’s Coin“
The sudden rise of the “Trump Coin” has shown the world that cryptocurrency isn’t just a way to get rich—it can also serve as a political nuclear weapon. With 770,000 token holders forming a real-time interactive digital community, this group is no longer mere fans. They wield financial Power to support their idol, express opinions through token price fluctuations, and even pressure policy changes through collective action. If this model matures, future U.S. presidents might bypass traditional campaigns altogether, relying instead on coin launches to lock in voter loyalty.
I. Political Shift: From Twitter Governance to Community Governance
Trump once stirred global discourse with a single tweet. Now, he’s experimenting with Trump Coin to rewrite political rules. Blockchain data shows that 36.5% of Trump Coin holders are profitable, meaning that over 300,000 people have financially benefited from supporting Trump—a bond far more potent than slogans or rallies. If Trump’s team integrates tokens, crypto communities, and elections (e.g., granting policy input priority, airdropping election-themed NFTs, or allowing token exchanges for event access), this community could become a precision political machine.
Critically, crypto communities operate on financial voting. Traditional elections happen once every four years, but token prices act as real-time polls in Trump Coin’s ecosystem. A price crash forces immediate strategy shifts, as holders can vote with their wallets by selling tokens. This pressure surpasses traditional polling because it’s tied to tangible financial stakes.
Imagine the 2028 U.S. presidential race: candidates launch personal tokens, voters crowdfund campaigns by purchasing them, and token holdings dictate fundraising power and media influence. Politics could devolve into a crypto war, where ordinary token holders gain leverage against established parties.
Further reading:
1. Speculations on Trump’s Coin: Valuation Logic Behind Meme Coins (Part 1)
2. Speculations on Trump’s Coin: Valuation Logic Behind Meme Coins (Part 2)
II. The Twilight of Corporate Structures: When Shareholders Become Token Holders
Traditional corporations are rigid machines stuck in the industrial age—centralized, hierarchical, and reliant on CEOs to strategize and workers to execute.
Crypto communities, by contrast, resemble rainforests: decentralized, self-organizing ecosystems where developers, miners, and users collaborate through tokenized incentives.
Bitcoin has proven the efficiency of ownerless systems:
– No board, yet global developers voluntarily maintain its code.
– No KPIs, yet miners compete to secure the network.
– No marketing team, yet holders promote Bitcoin—because every token is a share.
Why bother with bureaucracy? Meta spends billions annually managing 30,000 employees, while Bitcoin’s upkeep costs near zero. When Trump Coin’s community attracted 770,000 holders in a month, traditional corporations’ decade-long customer networks seemed obsolete.
The future economy may split into two species:
1. Legacy corporations producing physical goods like phones and cars.
2. Crypto communities dominating digital realms like finance, media, and culture.
Eventually, the first category may vanish. Take Meituan (China’s food delivery giant): Its algorithm traps drivers in grueling schedules. If drivers held tokens as shareholders, they could vote on rules, profit splits, or even fire bad managers—freeing them from algorithmic slavery while sharing platform profits.
III. Ultimate Disruption: How Crypto Could Reshape Society
Crypto’s endgame is to become humanity’s new operating system, dismantling old hierarchies with three lines of code:
1. Killing Middlemen
– African farmers receive payments via USDT, cutting fees from 20% to 1%.
– Iran bypasses sanctions with Bitcoin to sell oil to India.
– Gamers trade NFTs without platform fees.
2. Restructuring Power
Power once meant violence and money. In crypto, it’s code and consensus. Myanmar rebels buy supplies with Bitcoin, Russian hackers use Monero, and DAOs manage community funds—eroding the monopoly of traditional power structures.
3. Building Parallel Societies
In Decentraland, users buy virtual land and host concerts. On Aave, anyone borrows without banks. Gitcoin pays developers for code. There are no presidents, CEOs, or borders—just math and community votes.
Example: A medical team could issue Cancer Cure Tokens to crowdfund research. Holders vote on priorities and profit shares. If the project succeeds, token holders earn royalties. If it fails, the community shuts it down.
IV. Corporate vs. Crypto Communities: A Comparative Look
Mr. Zhu Weisha’s analysis highlights key differences: 
GovernanceCentralized (boards, executives)Decentralized (token holder votes)Profit ModelProduct sales, shareholder dividendsToken appreciation, ecosystem growthStructureHierarchical pyramidFlat, collaborative networksDecision-MakingTop-down directivesCommunity-driven proposals and votesIncentivesSalaries, stock optionsTokens, governance rightsTransparencyOpaque financialsFully auditable on-chain records
Crypto communities promise:
1. Decentralized Power replacing corporate gatekeepers.
2. Shared profits for all participants, not just shareholders.
3. Transparent governance reduces corruption.
Further reading:
1. Differences Between Corporate and Crypto Community Mechanisms (Part 1)
2. Differences Between Corporate and Crypto Community Mechanisms (Part 2)
3. Differences Between Corporate and Crypto Community Mechanisms (Part 3)
V. Final Thoughts: Adapt or Get Left Behind
As Trump binds voters with tokens, Bitcoin miners hum from Africa to Texas, and millennials buy homes with crypto gains—the world splits into two camps:
1. Those embracing decentralization.
2. Those clinging to outdated systems.
You don’t need to be a tech guru, but grasp these trends:
Power shifts from institutions to communities: Holding tokens equals owning equity; participating equals wielding influence.
Value shifts from tangible assets to consensus: Bitcoin (no factories) surpasses Coca-Cola’s market cap; Trump Coin (no product) dwarfs legacy media valuations.
Crypto isn’t magic—it’s a social experiment. It may fail or face regulation, but it cannot be ignored. The stakes? The next century of human civilization.

https://chainless.hk/2025/02/01/cryptocurrency-the-invisible-power-disrupting-the-world/

Comment / Author: Pu Pu / 1 2 Dec, 2025
—Reflecting on Mr. Zhu Weisha's (Similarities and Differences Between Company and Crypto Community Mechanisms) and (Speculations on Trump's Token Issuance)
The emergence of Trump's token made the world realize for the first time: cryptocurrency can not only generate wealth through trading but also become politicians' 'nuclear weapons'. When Trump's 770,000 token holders form a real-time interactive digital community, this group is no longer just simple 'fans'—they hold tokens, can support their idol with real money, vote through price fluctuations to express their stance, and may even use community power to force policy adjustments. Once this model matures, future U.S. presidents may no longer need campaign teams but can directly bind voters through 'token issuance'.

Zhu Weisha January 25, 2025

The previous article (Valuation Logic Behind Meme Coins from the Issuance of Trump Coin (Part 1)) pointed out that if the Trump Coin team lacks follow-up actions and relies solely on President Trump's personal brand and a simple white paper, its price may struggle to break previous highs and may even face a continuous decline risk. This phenomenon aligns with the basic laws of meme coin development.
Meme coins often gain attention due to their 'unconventionality' and 'innovation', while the success of entrepreneurs lies in their ability to break conventions. For Trump Coin, to achieve further price increases, a brand new model must be introduced. So, will Trump Coin adopt some innovative means? What might the Trump team's new model be? This is worth bold speculation and in-depth discussion.

Understanding Valuation Logic Behind Meme Coins Through Issuance of Official $TRUMP (Part 2)
By Zhu Weisha | January 24, 2025
 
In the previous article, "Understanding Valuation Logic Behind Meme Coins Through Issuance of Official $TRUMP (Part 1)," it was pointed out that if the $TRUMP team does not take further action and relies solely on President Trump's personal brand and a one-page whitepaper, its price may not break through the previous high and may even face a continuous decline. This is the rule of meme coins. Entrepreneurs win by not playing by the rules, and $TRUMP will only rise if there is a new model. What is Trump's new model? Let's guess.
 
I. What did President Trump see?
 
Trump has a listed media company, Trump Media & Technology Group (DJT), holding 56% of the shares. This company, also known as Truth Social, was initially established to address the issue of media blocking President Trump's voice. Given the maturity of today's social media, Truth Social is unlikely to stand out in this field. Today, Truth Social is valued at $7.3 billion, and $TRUMP's circulating market cap is $6.6 billion, with little difference between the two. Truth Social's cash flow is negative, while $TRUMP's cash flow from selling tokens is positive.
 
Trump has tried selling Trump shoes and NFTs, earning tens of millions in the crypto field. The crypto market is clearly easier to navigate than the mature internet social media market. He has a direct sense of the difficulties of internet media and the ease of the crypto field.
 
It is said that Truth Social has 4 million users, which is an insignificant number in internet media. However, if they become $TRUMP users, nearly 5 million real customers can support a market value of $50 billion for $TRUMP. These are two different valuation systems, with a price difference.
 
Truth Social's historical mission is complete, and its market value is overestimated. Only mergers and acquisitions are the shortcut for it to grow further. Acquiring TikTok is certainly a feasible path, and even taking a stake is enough to turn Truth Social around. The inauguration ceremony invited TikTok's Shou Zi Chew, while the other invitees were all world-class tech titans from the US, with Shou Zi Chew being the only professional manager. This is unusual. What does it mean? We also saw that Trump delayed the Supreme Court's ruling on TikTok by 75 days, and on the 17th, the $TRUMP issuance statement mentioned that 80% of the tokens would be locked for three months before being released. Both are around three months, such a coincidence?
 
Trump banned TikTok during his first term, so why allow it now? Because he now has Truth Social. Looking at it together, a reasonable explanation emerges: a good acquisition opportunity has appeared, allowing Truth Social to participate in the acquisition. Such an idea is something ordinary people can think of, not a grand move. If President Trump does this, it would be a bit demeaning, not fitting for the chosen one. It must not be like this; President Trump's plan must be more brilliant, otherwise, it wouldn't be Trump!
 
On January 17, 2025, $TRUMP suddenly emerged, shaking the world. This fits President Trump's personality, with an incomprehensible idea. The issuance of $TRUMP seemed rushed. Why issue it during China's time zone when Americans are sleeping? Because of the fear that it wouldn't sell out, the price wouldn't rise high, and there would be no sensational effect. With sensational effect comes attention, and another big market move can be launched at any time. Trump believes the issuance was very successful. Indeed, well done! Patting the thigh, one can guess, who is the mastermind behind this?
 
Looking at all these things together, $TRUMP is the most important link in the entire event. Three months later, when the tokens are released, who will buy them? The value of President Trump's intangible assets cashed out at one time may be several times the family assets. He has seized the extremely overvalued crypto market.
 
So, the remaining task is to tell the story of $TRUMP well. Tell a story of the new era replacing the old era, a story with enough imagination. Of course, it must be something everyone hasn't heard before, new and reasonable. No need to think, we all know what he wants to say.
 
II. President Trump Who Takes the Road Less Traveled
 
Focus on community
 
In the series of articles "What is the Internet Era," a viewpoint is presented: Over the past thousand years, the major eras can be divided into the Agricultural Era, the Industrial Era, and the Internet Era. The characteristic of the Agricultural Era was that whoever had more land had the advantage; in the Industrial Era, whoever had more capital had the advantage; and in the Internet Era, whoever has more people has the advantage.
 
The advantage of the Internet is reflected in communities. The world's largest community is Facebook, claiming to be a community of 3 billion users. Of course, its community has not solved the question posed by Kevin Kelly in the Web1 era. Kevin Kelly's point is that in the Internet Era, the problem of customers being both user and contributors needs to be solved. Even such a "half-disabled" community is still powerful, with giants sweeping through and leaving no grass behind.
 
The Internet has reached Web3, which is different. A community called the crypto community has emerged, with cryptocurrency as the link. The crypto community is not simply an interest community, nor is it a residential community, nor a religious community. Their difference lies in the different links of the community. The crypto community is linked by cryptocurrency, centered on narratives, and believes in the rise of crypto prices. With the link of cryptocurrency, employees, contributors, and users are integrated, naturally solving Kevin Kelly's question. The most powerful thing is that customers have cryptocurrency, giving them financial attributes, and with the characteristics of encryption, the valuation goes through the roof.
 
In the long run, meme coins have the worst valuation in cryptocurrencies and cannot be compared to cryptocurrency projects with clear and profitable business models. Even so, the valuation of Dogecoin is much higher than that of the centralized exchange Binance. Dogecoin is Web3, while Binance is not. Where is the logic in this? This is reality. Such a good opportunity will naturally be utilized by those with awareness.
 
The emergence of meme coins is a product of the exploration of crypto communities. Measuring the value of communities with meme coins has just begun. We have not yet found the correct measurement method, narrative method, and direct means of monetization. Due to the early stage, pricing is inaccurate, and market pricing premiums are very normal. Of course, price corrections are also very rapid.
 
The issuance of $TRUMP is an exploration of the future by a shrewd entrepreneur and politician. Amidst public criticism, he may stand taller and be misunderstood. He is looking for the correct way to monetize intangible assets through the community.
 
The Internet Era has added the organizational form of the community, which has the genes of a company and the egalitarian characteristics of the Internet. It is transparent, equal, fast, and inclusive. Different communities have different businesses, but the organizational structure is similar. The structure, system, and laws of companies have stabilized after hundreds of years of exploration by humans. The exploration of the structure of Internet communities has just begun. Cryptocurrencies are the pioneers of this practice. It is difficult to price in the early stages, and chaos is inevitable.
 
The following two points are important principles:
1. Cryptocurrencies can only be monetized by building good communities.
2. Community systems based on community autonomy are more suitable for the egalitarian characteristics of the Internet and are used to solve the contradiction of customers being both users and contributors in the Internet Era.
 
Feasibility of establishing the Trump community using $TRUMP as a link
 
Firstly, the issuance of $TRUMP shows that the Trump team understands the cutting-edge developments in cryptocurrencies.
 
Secondly, Trump's Truth Social is a social software, not much different from community software. With slight modifications, it can become community software, but it is unknown whether their social team has Web3 genes. The difference between community software and social software is just in their use, which can be distinguished by Kevin Kelly.
 
Thirdly, even without modifying the Truth Social software, directly using our general community software, Simi, all the functions needed by the Trump community are available. The functions described below are those we have already implemented, are implementing, or to be implemented. For the theory of communities, refer to Chapter 3 "Community and Indirect Incentives" of the White Paper on the Chainless System and the series of articles on the similarities and differences between companies and crypto communities. $TRUMP and the community do not need a chain, and it is also chainless. “Chainless” means solving real-world problems with Web3 thinking without the need for blockchain. The community is a typical application that does not require a chain.
 
Fourthly, if airdrops are made to TikTok and Truth Social users, it may generate 100 million to 200 million customers within a year, and $TRUMP will disrupt the current rules of the crypto market. Airdrops can be based on a standard of $50 per person, locked and released linearly. For the algorithm of airdrops, refer to Chapter 2 "Incentives" of the White Paper on the Chainless System.
 
Fifthly, by explaining the project idea, people can be quickly gathered. The characteristic of cryptocurrencies is early token circulation, which means that for $TRUMP to rise, it must rely on the expansion of community traffic and multiple monetization applications. Applications, even if they are stories, are fine as long as they are reasonable.
 
$TRUMP is the token of the Trump community
 
$TRUMP is now a commodity, representing only the intangible assets of President Trump and having no other value. As an early-stage community, it is not profitable, and the token is equivalent to a membership, with no current legal obstacles. However, once the Trump community gathers a certain number of people, it will definitely be profitable, just like a company's profitability. In the future, the community will need clear legal definitions, which will require the Trump government team to formulate.
 
The Trump community is his direct link to the people
 
To broadly connect with the people, the community entry standard must be low, let’s say remaining at $50. This means that holders with less than $50 cannot enter the community. The issuance of tokens must have rules and be automatically issued by machines. Chapter 2 of the Chainless White Paper invented a universal POP algorithm based on headcount.
 
As a president, Trump pioneered governing through Twitter. The Trump community has President Trump, which is a huge advantage that other communities do not have. The community allows President Trump to communicate with community members. Artificial intelligence can enhance President Trump's processing capabilities. Members can have equal conversations with the president, which was unimaginable in the industrial era. This process is within the current capabilities of artificial intelligence and is only possible in the internet era. In the internet era, entrepreneurs like Musk and Lei Jun are on the front lines facing users, understanding the essence of the internet. Shouldn't officials learn from entrepreneurs?
 
The pyramid-shaped management suitable for the industrial era should be weakened or abolished because the future is dominated by the internet era. The issuance of $TRUMPs is President Trump's layout for the future. President Trump will pioneer again—governing through the community. All bureaucrats will be under pressure, and decentralization has finally reached them. As the saying goes: the community is vigorous, and the giants sweep through without leaving a blade of grass.
 
 
 
 
The Trump community is not a news community
 
News is more of a public domain, and X and Truth Social Media are products suitable for the public domain. X created a community but designed it poorly, with no obvious diversion to the private domain because Musk, despite his intuition, does not understand community principles. The Trump community does not need news; it needs to face the market directly to solve problems, with more discussions. Such a community needs management. Community management requires a core team, which can refer to the similarities and differences between companies and crypto communities.
 
The Trump community is a combination of public and private domains. It handles non-relationships, one-way relationships, one-time relationships, weak relationships (light relationships), acquaintance relationships, and friend relationships. The public domain handles non-relationships, one-way relationships, and one-time relationships. This is no different from X. Weak relationships and acquaintance relationships are the main themes handled by the Trump community. Blogs in the Trump community can be viewed freely, but entering community groups requires tokens as a link. Relationships are the underlying concept of the community. For related discussions, refer to the article "Internet Concepts: Relationships, Nodes, Kinetics, Potential Energy, Network Relationships" on the Chainless website.
 
The design of hearings in Trump's executive order on cryptocurrencies is good. Discussions should first take place in the community, and representatives for high-level meetings should be elected through the community. With the existence of the community, Musk's Department of Government Efficiency operations have a better grasp, as he made good use of X, although X is not yet a community product. The community allows people to delegate and supervise in real-time.
 
Community needs a soul
 
A community without a soul cannot function. President Trump must be the soul of the community. The Bitcoin community (Bitcoin Forum) declined after Satoshi Nakamoto left because it lost its soul. The correct approach is for Trump to be the soul in the early stages, and during the community governance stage, the core team replaces the soul figure, becoming the soul of the community, achieving the switch from centralization to decentralization. The decline of the Bitcoin community was due to the inability to complete this switch. Without a core team to replace Satoshi Nakamoto, the community lost its value. Fortunately, the Bitcoin Forum did not issue tokens, but the Trump community is different because it has issued tokens. The governance of the community can also refer to Chapters 3 and 4 of the Chainless White Paper.
 
Core team needs checks and balances
 
In companies, shareholders' meetings and boards of directors check and balance the management team. This balance has been institutionalized through hundreds of years of effort. The scientific nature of this is worth referencing. The difference is that companies do not have the transparency and fairness brought by cryptocurrencies. This idea has been deeply rooted in the American mind because the autonomy of the Bitcoin community has set an example. Its system operates automatically without supervision. Transparent ledgers and fair algorithms play a decisive role.
 
Another secret is the mutual checks and balances between the computing power side and the program side. After Ethereum destroyed this balance, the coin price never reached a new high. The Trump community holds many tokens, and besides designing transparency and fairness, it must design this balance of power.
 
Trump's governance is measured in real-time
 
Stock prices measure the value of enterprises in real-time, and $TRUMP measures President Trump's governance in real-time. On January 25, 2025, $TRUMP fell to $5.6 billion in circulating market cap, ranking down three places, lower than Pepe coin, becoming the fourth meme coin. It is also lower than Truth Social Media's $7.3 billion. The market trend aligns with my previous article's analysis of the valuation logic behind meme coins from the issuance of $TRUMP. The reason is that the market does not see my above speculation, and this speculation cannot be verified. If my speculation is correct, $TRUMP will soar. Comparatively, President Trump's intangible assets are certainly greater than Pepe's. On the other hand, from the valuation of Truth Social Media, $TRUMP is also undervalued. The current token trend is an emotional outburst of misunderstanding Trump's token issuance. Real-time measurement of governance puts pressure on personal token issuance, as one's worth is evaluated by the market rather than professional assessment. Polymarket's predictions are fast and accurate, a Web3 project that has decimated traditional survey companies. Community governance has the same effect.
 
Trump community needs profit model for long-term existence
 
If $TRUMP is profitable, those without a business model, like Dogecoin, will be the first to suffer. Different communities have different models, and communities without a profit model will not last long. Because the community is not a one-time relationship, active users need to work, and profitability can be incorporated into the existing financial valuation system, easily gaining recognition from mainstream financial institutions.
 
President Trump's intangible assets are indivisible. $TRUMP represents the value of Trump's intangible assets through the community, but intangible assets do not have the computing power base like Bitcoin, only the expected valuation like Dogecoin. The expectation is that with Musk's support, Dogecoin will have practical value. The market's expectation for Dogecoin is getting lower because Dogecoin has no ability to break through the previous high. Chapter 3 of the Chainless White Paper introduces the profit model of the Chainless community: financial e-commerce. The wool comes from the pig, and if no other model is found, $TRUMP can adopt it.
 
The power of the community
 
The community is a volunteer organization without expenses, and the crypto community is linked by tokens, centered on narratives, and believes in rising token prices. If operated well, the cost is extremely low. If the community can allow members to profit besides speculation and receive help in difficult times, with continuous token appreciation, the power of this community is enormous. Each election costs tens of billions, which can be invested in community projects to ensure token appreciation. When there are 200 million Americans in the Trump community, no matter who they vote for, they will win. The community will completely change the political ecology. At this point, opponents have no choice but to follow. The old election methods will be eliminated. We cannot view President Trump with outdated knowledge and experience. As the saying goes: the community is vigorous, and the giants sweep through without leaving a blade of grass.
 
I don't know if America will be great again. An organized community may make Trump invincible, and Trump will certainly be great again!
 
Postscript
 
The internet era has transformed the production relationships of the industrial era through communities, which cannot be explained in just a few words. The Chainless website has published over 800,000 words of various articles on this topic. These articles provide a theoretical summary of the current state of cryptocurrencies, which only have practical applications but lack systematic theory. This is just one perspective, and interested readers can visit the website to read more. This article speculates on President Trump's behavior based on community theory. If any part of it happens to be accurate, it is purely coincidental. Just like my suggestion over two years ago to solve the US debt problem with Bitcoin, it was also purely coincidental.
 
Original link
 
#Trump #Meme @DW20 @songht @zhuweisha2

By Zhu Weisha | January 23, 2025
 
I. Global Impact of Trump Coin: Analysis of Meme Coin Valuation Logic and Phenomenon
As of January 22, addresses of Trump Coin ($TRUMP) that sell only but don’t buy have sold $310,654,055 worth of tokens. This rapid monetization has caught global attention, making it one of the fastest ways to convert influence into money. The biggest benefit is drawing global attention to cryptocurrencies, making it a significant promotional event for the crypto world. President Trump's move has received mixed reactions. This article aims to reveal the valuation logic behind meme coins through the issuance of Trump Coin and provide a valuation perspective.
 
1. Issuance Status
1) Background:
  - Issuance Date: January 17, 2025
  - Issuance Platform: Solana Chain
  - Total Tokens: 1 billion
  - Locking Mechanism: 80% of tokens are locked and released over 3 years, held by companies related to Trump
  - Highest Price: $75.35
  - Current Price: $37.33
  - Market Cap: $7.2 billion (circulating market cap)
  - Cryptocurrency Ranking: 25th
  - Meme Coin Ranking: 3rd, only behind Dogecoin (DOGE) and Shiba Inu (SHIB)
 
2) Market Appeal:
  - After issuance, Trump Coin became the most talked-about new meme coin.
  - Its market cap surpassed all newly issued meme coins, becoming a market hotspot.
 
2. Running Performance (According to X user NingNing's research)
1) Trading User Data:
  - Total On-Chain Traders: 929,543
  - Daily New Traders Growth:
    < Peak growth occurred on January 18 at 11 AM (Beijing Time), with 42,208 new traders per hour.
   < The growth curve quickly declined, with only 1,383 new traders per hour as of January 22 at 4 PM.
2) Holding Address Data:
  - Peak Total Holding Addresses: 852,000
  - Current Holding Addresses: 770,000
  - The number of addresses began to slowly decline after reaching the peak.
 
3. Analysis of Profitable and Losing Accounts
1) Profitable Accounts Data:
- Total Profitable Accounts: 327,308, accounting for about 36.5%
- Profit Distribution:
<  Earned $10M+: 28 addresses
< Earned $1M–$10M: 424 addresses
< Earned $10k–$1M: 16,791 addresses
< Earned $1k–$10k: 50,636 addresses
< Earned $0–$1k: 259,429 addresses
 
2) Losing Accounts Data:
- Total Losing Accounts: 569,155, accounting for 63.5%
- Loss Distribution:
< Lost $0–$1k: 486,421 addresses
< Lost $1k–$10k: 65,763 addresses
< Lost $10k–$1M: 16,571 addresses
< Lost $1M–$10M: 367 addresses
< Lost $10M+: 33 addresses
 
3) Total Account Statistics:
- Total Accounts: 896,460 (fewer than the registered on-chain accounts of 929,543)
 
4. Comparison with Meme Coin Market
According to the pump.fun platform data released by @ arndxt _ xo on social media, before the issuance of Trump Coin, the overall profitability rate of meme coins was extremely low:
 
1) Profit Situation:
- Earned over $1M: Only 70 people, accounting for 0.0028%
- Earned over $100k: Only 924 people, accounting for 0.037%
- Earned over $10k: 11,936 people, accounting for 0.477%
- Earned over $1k: 76,567 people, accounting for 3.061%
 
2) Loss Situation:
- Overall Loss Rate: 80%
 
In comparison, the performance of Trump Coin is better than the general market, with 36.5% of profitable accounts, much higher than the general meme coin's 20%.
 
 
II. Trump Coin Valuation Analysis: Short-term Sentiment vs. Long-term Logic
The principle of valuation is "short-term is a voting machine, long-term is a weighing machine." The valuation of meme coins has never had a clear theoretical support, relying more on market sentiment, the empowerment of intangible assets, and the cyclical fluctuations of the broader environment.
 
1. Valuation Comparison: Trump Coin vs. Dogecoin and SHIB
1) Relationship between Market Value and Holding Addresses
- Dogecoin: 7 million holding addresses, market value of $52.23 billion, market value/address ratio of 0.74
- SHIB: 1.46 million holding addresses, market value of $11.78 billion, market value/address ratio of 0.8
- Trump Coin: 770k holding addresses, market value of $7.2 billion, market value/address ratio of 0.99
 
2) Data Interpretation
- A higher market value/address ratio means a higher valuation relative to the user base. Trump Coin's 0.99 is significantly higher than Dogecoin and SHIB, following the rule of "the smaller the market value, the higher the address ratio."
- Explanation 1: Trump Coin is still in its early stages, market sentiment has pushed up its short-term valuation, and it has not yet completed adjustment.
- Explanation 2: From a long-term trend, Trump Coin's market value/address ratio may gradually fall to the 0.74–0.8 range, aligning with mature meme coins.
 
2. Can Trump Coin Break Through Previous Highs?
1) Historical Cases: Dogecoin and SHIB
- Dogecoin
< Under Musk's push, Dogecoin once reached a high of $0.74 but then fell back to around $0.078, consolidating for a long time. With fewer ecosystem actions of the Dogecoin community compared to Shib, being able to stay around $0.078 is greatly influenced by Musk's intangible assets. In December 2024, stimulated by operations such as the "Department of Government Efficiency", it rose to $0.49 in a short period but failed to break through the historical high of $0.74 again, falling back to $0.35.
< Core Driver: Musk's intangible assets catalyze Dogecoin's short-term rise. While intangible assets are helpful for long-term trends, the long-term trend relies more on ecology development and consensus generated by the community.
 
- SHIB
< As the "Dogecoin killer," SHIB once reached a high of $0.00008 but then fell back to $0.000007, showing a decline in emotional value similar to Dogecoin.
< However, SHIB has formed a relatively complete ecosystem through ecology development (such as ShibaSwap, Shibarium, NFT, Metaverse etc), enhancing its long-term value support.
< In 2024, it experienced two waves of rise, but the second wave failed to break through the high point of the first wave in 2024. Dogecoin also had two waves, but the second wave reached a new high. This highlights the role of Musk's intangible assets.
 
2) Trump Coin's Potential and Challenges
- The possibility of breaking through the previous high in the short term is low
< Historically, neither Dogecoin nor SHIB broke through the previous highs as the number of holding addresses increased.
< Trump Coin's current valuation is relatively high, facing adjustment pressure in the short term.
 
- Key to Breakthrough
< The future height of Trump Coin depends on whether the team can fully utilize the community and establish practical application scenarios.
 
 
 
3. Valuation Logic of Meme Coins: Emotional Value vs. Intangible Assets
1) Emotional Value: Short-term Driver
- Meme coin prices are often driven by market sentiment, especially in the early stages. The peak of emotional value usually lasts no more than 1 month.
- Each favorable event (such as celebrity endorsements, hot narratives) can drive short-term increases, but this is usually followed by value regression.
- Current Valuation of Trump Coin: To a large extent, it is the product of market sentiment and may face adjustment in the short term.
 
2) Intangible Assets: Long-term Support
-  Intangible assets are important for both short-term and long-term meme coins:
< Short-term: By means of narratives and celebrity effects (e.g., Musk for Dogecoin), increasing market attention.
< Long-term: Through commitments or practical actions (e.g., ecology building, monetization methods), enhancing trust and value support.
- Intangible Assets of Trump Coin
< President Trump's personal brand gives Trump Coin huge short-term appeal, but if there are no more actions in the future, the effectiveness of such intangible assets will quickly diminish.
 
4. Market Structure and Limitations of Meme Coins
1). Market Position
  - Currently, there are only two meme coins in the top 20, with a total market value of approximately $62.5 billion, accounting for 2% of the total market value of the top 20 cryptocurrencies.
  - Although meme coins experienced a boom in 2024, they did not change the overall structure of the cryptocurrency market and remain on the fringes.
  - TrumpCoin ranks third and has the potential to lead meme coins to break through.
 
2). Possibility of a Super Cycle
- In 2024, a prominent figure in the meme coin community predicted that meme coins would usher in a "super cycle," but in reality, meme coins are still constrained by Bitcoin's four-year cycle.
- If the leading meme coins cannot break through previous highs, the super cycle does not exist.
 
3). Necessity of a New Model
- To change the marginal status of meme coins, a new model must emerge. This is also the expectation for Trump Coin.
 
5. Harsh Conclusion: Future Challenges for Trump Meme
If the Trump Coin team does not take further action and relies solely on President Trump's personal brand and a one-page white paper, its price may not break through previous highs and may even face a continuous decline. This could not only negatively impact Trump's brand but also trigger broader market concerns.
 
1). Next Steps for Trump Meme
- The Trump team needs to enhance market confidence through narratives, commitments, and practical actions to avoid price declines.
- The cryptocurrency executive order is a positive signal, but new driving forces are still needed to effectively drive the long-term value of Trump Meme.
 
2). Nature of Meme Coin Valuation
- Short-term: Emotional value determines price fluctuations, usually not exceeding one month.
- Long-term: Intangible assets support prices through the expansion of narratives and application scenarios.
 
 
III. A Few Issues to Understand
1. Valuations of meme coins are lower than value coins.
Taking the native token HYPE launched by Hyper Liquid as an example, it is closest to Trump Coin in terms of issuance time and market value:
- Price Performance: HYPE opened at $2 on November 29, 2024, reached a peak of $33 on December 23, and fell back to $23 on January 23, 2025.
- Market Value and Holding Addresses: Market value is $7.6 billion, ranking 23rd, two places higher than Trump Coin; holding addresses are only 360,000, which is slightly more than one-third of Trump Coin.
- Comparison of Characteristics: HYPE's rise is not a sharp increase or decrease but shows a stable upward trend, which contrasts sharply with the volatility of meme coins. The market is more willing to give higher valuations to innovative projects with practical application value, while Trump Coin mainly relies on intangible assets and market sentiment.
 
2. Meme coin price increases cannot be just a one-time push
There are over 5.7 million meme coins issued on the Pump.fun platform. Any meme coin, as long as it has a bot and a bunch of accounts, can continuously raise its price through wash trading, eventually selling your tokens to unsuspecting buyers. So, don't even look at tokens issued without a narrative.
 
3. Projects with influence only have mere emotional value
Meme coins driven by emotional value are usually short-term. The market trend may last only a day, ultimately depending on who can exit quickly.
 
4. Meme coins lack support of a price floor
Some say Bitcoin is also a meme coin. Yes, Bitcoin was a meme coin in its early days, but unlike meme coins, it has a price floor based on computing power, which meme coins lack. The price floor of meme coins is usually estimated by the number of holding addresses of similar projects, but since holding address data can be manipulated, this method is unreliable.
 
5. The destination of meme coins is not religion
Cryptocurrency researcher Murad proposed that the ultimate goal of meme coins is to become a "cult meme," forming a religion-like sense of belonging through a fanatic community. However, the essence of meme coins is still a profit-driven community, where the narrative and price increase constitute belief, not religious faith.
 
6. Meme coins have value
As a cryptocurrency innovation, meme coins aim to measure human spiritual needs, attention, and intangible assets. They hope to directly price spiritual products, attention, and intangible assets. This is the attempt of meme coins. When we didn't understand Bitcoin, we thought it was a scam. When we don't understand meme coins, we also think they are scams. But they are not. We just haven't found the right measurement methods, narrative methods, and direct means of monetization. The current level of influencers is not enough to explain this phenomenon.
 
7. How consensus is formed
Some say meme coins are consensus coins, and that's correct. This consensus is different from moral consensus; it is based on interests, hobbies, and beliefs. Meme coins can only be established if they have at least two of these three elements. For more details, refer to my article series "Differences in Mechanism Between Company and Crypto Community". The stability of belief depends on the correctness of the story logic, which is reflected in the trend of rising value without a ceiling. Bitcoin is like this. Interests can generate likes and common hobbies. If this circle of likes is continuously expanding, it can bring benefits, promote continuous price increases, and generate belief from the value brought by interests. From interest to belief, or from benefit to belief, or all three.
 
Consensus must continue to expand, marked by continuously reaching new highs in price. The overall lack of new highs in meme coins indicates that the monetization model is incorrect. Our base stablecoin DW20, like Bitcoin in its early days, is also a meme coin. It has not yet been launched on exchanges, but its off-exchange trading has managed to increase its price by 140 times in one year.
 
Trump's intuition is very good. In the next article, We will guess how President Trump should resolve this situation.
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#BTC #Trump @Songht @DW20 @zhuweisha2

Comments / Author: Zhu Weisha / January 3, 2025
The author is located in Hong Kong, and all regulatory issues are also based on Hong Kong as an example. This is a series, starting with concepts.
Conceptual issues
Definitions of cryptocurrency and virtual currency
In the consultation document of the Securities Regulatory Commission's regulatory provisions dated February 20, 2023, it states: 'Virtual assets generally do not have any actual value and are easily affected by large fluctuations and market manipulation issues.'
There are two questions here:
1. If there is no value, it should not be traded. Trading something without value is a Ponzi scheme. The Securities Regulatory Commission's statement lacks rigor.

Zhu Weisha December 11, 2024
 
After my article "The annual compound inflation rate of the US dollar against gold has exceeded 8.1% in the past 50 years, which is the main reason for the polarization of the rich and the poor" was published, some readers thought that the article was not convincing enough to explain the collapse of the US dollar in about 100 years by relying only on Chinese historical data. After all, the current means are much more sophisticated than those in ancient times.
In fact, human nature is unchanging, and the laws of nature are unchanging. This article analyzes it again from the perspective of natural laws, and the conclusion is consistent. It must be stated that the specific time is only a reference, and the trend is predictable.
                                                      
Characteristics of the natural growth curve
Modern biologists Pearl (R. Pearl) and L. Reed (L. Reed) studied the Law of population growth, as shown in Figure 1. This special curve is called the Peel growth curve, or Peel curve for short. The prediction method of the Peel curve is a method of fitting a Peel curve according to the Peel formula based on the historical data of the predicted object with the trend of the Peel curve change. Since the population grows naturally, the Peel curve is also called the natural growth curve.
                      
Figure 1: Peel Curve
Analyzing Figure 1, we can see that the curve has the following rules:
(1) It has a top,
(2) It has an inflection point,
(3) The growth at the top and bottom is relatively slow,
(4) It basically presents a symmetrical graph.
(5) The graph is divided into three stages: accumulation period, high-speed growth period and maturity period,
(6) The high-speed growth period is twice as long as the accumulation period.
 
Predicting the growth curve of Bitcoin based on the Peel Curve
Metcalfe's Law is a law that describes the value of the Internet. It states that the value of a network is equal to the square of the number of nodes in the network, and the value of the network is proportional to the square of the number of Internet users. Based on this, the growth of the value of Internet companies can be described. Different companies have different promotion efforts, and the growth rate of users is also different, so the curve looks different. It inspires us to think about what the growth of Bitcoin users should be like. Can Metcalfe's Law describe the growth of Bitcoin's value? In fact, there are three factors that affect the value of Bitcoin itself: computing power, number of people, and amount of money. Assume that the rich and the poor are distributed proportionately among users. Bitcoin is a masterless system without corporate promotion. We believe that the growth of Bitcoin's computing power and users is natural, just like population growth. Therefore, the Peel curve can be used to predict the growth of Bitcoin prices.
The article "Bitcoin's Natural Growth Curve" was published on the Bitpush website on December 6, 2022. The article predicts Bitcoin prices for 33 cycles of Bitcoin under the condition that the Bitcoin standard excludes inflation. It points out that the 1st to 3rd cycles are accumulation cycles, the 4th cycle is the turning point cycle, the 4th to 9th cycles are high-speed growth cycles, and the time length is twice that of the accumulation period. The 10th to 12th cycles are stable growth cycles, and the subsequent Bitcoin growth is synchronized with economic growth. The entry of mainstream funds such as BlackRock confirmed the turning point of the 4th cycle. In fact, trend prices can be predicted, but short-term prices cannot be predicted. The vertical axis data represents the US dollar.
                                  
Figure 2 The natural growth curve of the first 15 cycles of Bitcoin
 
The development of the mobile phone market also conforms to the Law of natural growth
Mobile phones also belong to natural growth. Figure 3 shows the growth curve of mobile phones from 1980 to the present. The accumulation period is 15 years, from 1980 to 1995. The high-speed growth period is 23 years, from 1996 to 2019. Then it enters stable growth. The high-speed growth period is less than 30 years. The predicted high-speed growth period of Bitcoin is 24 years.
        
Figure 3 Natural growth curve of mobile phones
 
Typical Ponzi scheme curve
An anonymous author published an article on Sina that uses simple mathematical calculations to see through the Ponzi scheme. The article uses mathematical formulas and hypothetical data to simulate a typical Ponzi scheme curve. See Figure 4. It can be seen that the Ponzi scheme curve is also very similar to the natural growth curve. Conditions at the top constrain it. Once the balance cannot be maintained, it will collapse. The slope of the high-speed growth period is very steep, but the rule that the high-speed growth period is twice the accumulation period still exists.
                              
Figure 4 Ponzi scheme curve
 
Predicting when the US dollar will collapse from the natural growth curve
With the above data, let's analyze the US dollar. US debt is the endorsement of the US dollar. Figure 5 is selected from Wind's article, "In the past 53 years, there is a subtle relationship between the price of gold and the total amount of US debt". The yellow one is gold, and the black one is treasury bonds. The slope of the growth curve of US debt is steeper than that of mobile phones and smaller than that of the Ponzi scheme curve. The growth curve of US debt is between the slope of mobile phones and the Ponzi scheme curve.
                       
Figure 5 Comparison of US debt and gold prices from 1970 to 2023.
Using the natural growth curve, it takes 27 years from the collapse of the Bretton Woods Agreement in 1973 to 2020, which is the accumulation period. The reason for choosing 2000 is that gold has not yet started to rise. After 2020, gold began to rise sharply, and the slope of the national debt was consistent. According to the logic calculated above, the high-speed growth period is twice the accumulation period, and the high-speed growth period starts in 2000 and ends in 2054. Adding the 27-year stable growth period, it is time for the US dollar to collapse. The credit dollar lasts for 108 years. This forecast data is consistent with the lifespan data of legal currency issuance in China's history.
The US dollar is the best currency in the legal currency system, and its collapse means the end. Since the 1980s, some people have begun to build financial lifeboats for humanity, and a generation of human elites has emerged. Satoshi Nakamoto is their outstanding representative. The emergence of Bitcoin was not accidental, but it is in line with the historical trend. The Bitcoin standard allows the monetary system to return to asset currency, a historical trend. In December 2022, I suggested that Bitcoin be used as a reserve currency to solve US debt, and today some people have implemented it. I believe that the Bitcoin standard I proposed will also shine. Please refer to the DW20 Decentralized Standard Currency White Paper for more information.
https://chainless.hk/2024/12/11/predicting-when-the-dollar-will-collapse-from-the-natural-growth-curve/
#BTC #USD @DW20 @songht @zhuweisha21

Zhu Weisha, December 11, 2024

 
After my article was published, stating that the compound annual inflation rate of the dollar against gold has exceeded 8.1% over the past fifty years and is the main cause of wealth disparity, some readers believe that relying solely on historical Chinese data to explain the collapse of the dollar after about a hundred years is not convincing enough. After all, the current means are much more advanced than ancient ones.
Human nature is actually constant, and natural laws are unchanging. This article analyzes from the perspective of natural laws once again, and the conclusion is consistent. It must be noted that specific times are just references; the trend is predictable.
 
Characteristics of Natural Growth Curves

Zhu Weisha November 21, 2024
 
Satoshi Nakamoto established the Internet Age
It is the last article in this series of five articles, based on my speech at the W2140 Cryptocurrency Conference. The article "Conservatism is a misunderstanding of Trump, MAGA is the practice of advanced production relations" points out that there have been agricultural, industrial, and Internet eras in the past thousand years. The characteristics of the farming era are whoever has more land has the advantage, whoever has more capital has the advantage in the industrial era, and whoever has more people has the advantage in the Internet era. The agricultural era formed a totalitarian society, and the industrial era formed a democratic society, so what kind of society is the Internet era?
The Internet is divided into Web1, Web2, and Web3. In this series of articles, "Discussion on the Definition of Web3," I defined Web3 as click, push, and ownership. In Web1 and Web2, data is not owned by individuals, while Web3 clearly proposes that individuals own personal data. Web1 and Web2 both continue the architecture of the industrial era and solve the productivity problem. Only Web3 is different, involving not only productivity but also production relations.
Only the change of production relations is the sign of the change of The Times. The industrial era began in the middle of the 12th century. After more than 400 years of exploration, predecessors found a system structure suitable for industrialization, which led to the Industrial Revolution in the 18th century and rapid economic growth. Due to the financial revolution brought by Bitcoin, the fundamental change of production relations since the industrial age, which is the sign that human society has truly entered the Internet age.
So,the emergence of Bitcoin is a turning point in this new era. There are only four Bitcoin system maintainers and almost no management fee consumption. Still, its market value has reached 2 trillion US dollars today. It is unimaginable, considering the thinking of the industrial age. So, Satoshi Nakamoto established the Internet era.
What are the characteristics of the Internet?
The Internet's characteristics are borderless, hierarchical, frictionless, barrier-free, and rapid point-to-point transmission. The above characteristics can be represented by one word: equal rights, which is the Internet's fundamental characteristic. Everyone uses the Internet as a boundary rather than a national boundary. Apparently, hierarchical industrial thinking is unsuitable for the Internet's underlying structure.
What kind of system structure should the Internet era have? We don't know. Fortunately, we have experimented with cryptocurrency. In the past 15 years, the unconstrained cryptocurrency thinking has started from the "tribe." It has gone through thousands of years of human development. We do not have targeted theories, but we do have practice. Summarizing the experience of cryptocurrency may be inspiring and instructive for the future social form. The election of Mile in Argentina and Trump in the United States are signs of the transition of the times. They adhere to Hayek's free market economics and rely on intuition. Their slogans and actions represent the trend of the future. To follow the historical trend instead of suppressing it, we must first figure out the characteristics of the Internet era established by cryptocurrency. In summary, there are probably five points.
 
Personal sovereignty
Personal sovereignty refers to personal data ownership. You control your own money instead of the bank; you decide how to use your own information instead of letting a third party control it. However, there is still a difference between ownership and control. Bitcoin users have control over their accounts, which is equivalent to ownership. However, in the Bitcoin ledger system, users do not have control, while programmers control the ledger. The programmer's control must be restricted; otherwise, the user's account control is incomplete.
Personal sovereignty strengthens the individual rather than the collective. At the beginning of Web1, those individuals with extraordinary wisdom, outstanding ability, and ambition could start from scratch without capital. Internet celebrities and big Vs, the ideas in their minds are the source of wealth. The White House of the United States issues interview passes to influential self-media and individuals because self-media and big Vs are no longer inferior to traditional media. Musk's followers have reached over 200 million, and his influence exceeds that of any TV station. Trump's team understands the Internet era better than its opponents. In 2016, Trump made good use of Twitter, and there was a saying that Twitter governs the country, making the government's will public. In 2024, Twitter became his campaign weapon. Polymarket, a new type of institution, reflects public opinion more accurately than a century-old store. An accurate grasp of the Internet has reduced Trump's campaign costs. More money is an advantage, which is the thinking of the industrial age.
Web3, institutions are obviously shrinking to the core team, and peripheral contributors are increasing. Musk's efficiency department conforms to this law. There is no salary for gathering like-minded revolutionaries. Individuals work for interest. It refers to the core team. The contribution assessment of peripheral contributors mainly depends on market assessment.
Another thing to say is that rewards should be provided without wages, just like YouTube broadcasters need automatic evaluation and incentives. The internal officials know the situation best and see where the problem lies. Can they be mobilized without rewards?
Both dictatorship and the tyranny of the majority will encounter foot voting because project selection is too easy. If I am not allowed here, I will be allowed to work anywhere. The law is based on the country, but a centralized Binance is a globally distributed office, and the old supervision encounters new problems.
The biggest problem for the country is the tax problem. The original tax mechanism of the industrial era is definitely outdated. The Internet era cannot support a large government, forcing the government organization to shrink. Taking the United States as an example, the global economy will be liberated from the firm control of politics and operate according to the characteristics of the Internet era. The benchmark role of the Bitcoin system is that it does not require government management, Bitcoin does not need to be kept by banks, and individuals take care of their own affairs. Social management will be simplified. How should taxes be determined at this time?
In the Internet era, individuals must be responsible for themselves, and the number of freelancers has increased significantly. It is entirely different from the habits of the industrial era. Doing a job may be far from enough.
 
Transparency
Musk is well-versed in the ways of the Internet era and has implemented the concept of transparency in his efficiency department. Transparency is the core concept of the Bitcoin system. Transparency is the source of trust. Is there still a need for management if it is transparent? Market supervision replaces power supervision. Whether decentralized or centralized, you have credibility as long as you are transparent. Musk's efficiency department is a centralized organization. It is transparent, and whether it is fair is left to market supervision. Therefore, decentralization is not the core concept of cryptocurrency.
This efficiency department conforms to the principle that the core organization is small and the peripheral organization is large. For example, the programmers who maintain and upload the code to the Bitcoin system are all volunteers. The peripheral systems involving Bitcoin are as numerous as stars.
 
It cannot be tampered with
Transparency can still be changed, but as a ledger, there is a stricter requirement that it cannot be tampered with. Only in this way can it be trusted. It is a hash value, not necessarily the blockchain, which guarantees it cannot be tampered with.
Sticking to decentralization and blockchain significantly limits our thinking. Musk starts from the first principles and adopts all three of the above points in the efficiency department. He does not use decentralization or blockchain and is not an expert in cryptocurrency. He can make a lot of money because he perceives how things develop.
 
Fairness and Justice
The system you design must be fair; otherwise, no one will play. A centralized system must also be Justice, and it is based on openness. Bitcoin's core characteristics can be summarized as openness, fairness, incentives, and immutability. Cryptocurrency can be extended to centralized projects. At this time, Justice must be added. Community autonomy must also be added as a feature of the Internet era.
 
Community autonomy
After Satoshi Nakamoto left, programmers developed community autonomy. These programmers are excellent, and they have continued a new era.
The Bitcoin system requires trust, but the object of trust is different. Trusting a third party is unnecessary, but you must trust programmers. For the system to progress, there must be a controller. Fortunately, relying on human wisdom, the Bitcoin system has evolved to community autonomy.
The form of community autonomy is critical. The community should be the highest institution for coordination and decision-making among all stakeholders. Because, as a whole, they directly and indirectly "own" this project, just as the people "own" the country and shareholders own the company. Note that "ownership" can be very real or virtual and does not mean control.
The community is not a new thing, it also exists in web2 projects. For example, the WeChat and Facebook communities but do not have community governance. The Bitcoin system is different. The Bitcoin community has control and has formed the principles of openness, transparency, and consultation. The Bitcoin community is not perfect because it does not cover all stakeholders. Chris Dixon said, "Digital assets are the link between builders and users." In other words, this is the fundamental difference between the web3 community and the web2 community, and it is also the primary advantage of web3 over Web2. Of course, the community is not reflected in the definition of Web3.
The community control and decision-making of cryptocurrency are advanced. It is the decision-making method that a masterless system should have. Generally speaking, the country is also a masterless system, and civil servants are like programmers in the Bitcoin community. It is an advanced method to adopt similar decision-making mechanisms and incentive mechanisms.
Should we use the form of community to make cryptocurrency policies open, transparent, equal participation, and consensus? We see that whether it is the SEC or the Hong Kong Financial Secretary, you can write to them to make comments, and they reply that they have received it, that's all. Users cannot participate in decision-making or see what opinions and requirements the market has raised. Their understanding of the Internet is still the Web1 model and the thinking of the industrial age. Users have no right to dialogue at all.
In the Bitcoin community, Satoshi Nakamoto participated in customer service for 2 years. He listened to opinions, solved problems directly, and left only when the system was stable. It is a requirement for the actual controller of the project or the decision maker. Satoshi Nakamoto must also listen to the community's opinions as an expert. Musk, a genius, also needs to listen to the community's views. Regulatory authorities sometimes have the ultimate control. Can some of today's big masters solve brand-new problems that they don't understand very well just by slapping their heads? Gary Gensle of the SEC manages cryptocurrencies with the thinking of the industrial age, reflecting that he is not as good as Trump and Musk in understanding the Internet era. Suppose the managers of cryptocurrencies do not understand the community and the Internet of Things era. How can they manage cryptocurrencies well?
 
Postscript
Due to the limited space, please refer to the third chapter of the chainless white paper "Community Governance and Indirect Incentives" and the discussion on community autonomy in "What is missing from the current definition of Web3 from the perspective of Bitcoin?"
Based on the above five points, we designed the general community software SimiTalk for communities with currency as the bond. It connects the public and private domains. The official group has no limit on the number of people. Private chats do not store data. Currently, the user group supports bilingual functions (Chinese and English) and automatically displays the user's native language. The software is still being iterated and can be downloaded from the Apple and Android app stores.
Are the above five points the critical points of the Internet era? I don't know. The social structure of the Internet era needs to be iterated and explored, and it cannot be summarized in one sentence. What kind of society should transcend democratic society? I prefer a fair society. But does a fair society really exist? I believe it does.
In the article "From a peer-to-peer cash system to a bubble-free financial system," I explained that a bubble-free financial system could be achieved using Bitcoin standard. At that time, there would be no inflation, morality, and kindness would return, and this would be an ideal world. Utopian socialists have pursued it, Hayek has pursued it, and cypherpunks have pursued it. Their ideas are more grounded than one another. Fortunately for humanity, the Trump team, representing the Internet era, has won, and the Internet era has arrived. We are closer to the goal of achieving a fair society.
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#BTC @DW20 @zhuweisha21

Zhu Weisha November 21, 2024
 
Satoshi Nakamoto established the Internet era
This is the last article in this series of five articles, written based on my speech at the W2140 Cryptocurrency Conference. In the article (Conservatism is a misunderstanding of Trump, MAGA is the practice of advanced production relations), it is pointed out that in the past thousand years, there are agricultural eras, industrial eras, and Internet eras. The characteristics of the agricultural era are that whoever has more land has the advantage, whoever has more capital has the advantage in the industrial era, and whoever has more people has the advantage in the Internet era. The agricultural era formed a totalitarian society, and the industrial era formed a democratic society, so what kind of society is the Internet era?

Zhu Weisha November 20, 2024
 
Why Web3 does not have a killer application like ChatGPT
Web3 was proposed earlier than ChatGPT. Web3 has many definitions, and everyone has his own Web3 in mind. Some say it is the next generation of the Internet, while others say it is the infrastructure for future applications such as NFT and the metaverse. The views are very advanced, but no project like ChatGPT can detonate the market all at once.
The reason is:
First, ChatGPT results from years of continuous human exploration of a large neural network model. Just like the years of exploration of the cypherpunk community in cryptocurrency, Satoshi Nakamoto eventually turned the results into Bitcoin. The degree of perfection of Bitcoin is not comparable to that of large artificial intelligence models such as ChatGPT.
Second, there is no benchmark product after Web3 was proposed. After Bitcoin and ChatGPT were launched, a large number of imitations were launched to compete.
Third, from Web1 to Web2, applications are leading the way, and concepts are summarized later. No matter how good an idea is, it is just a gust of wind without applications to keep up. A few concepts like Web3 have been hot for a long time, but no killer application like Bitcoin has appeared. Is Opensea one? Obviously, it has not stood firm.
The reason for the above phenomenon is that Web3 is a continuous summary and refinement of Satoshi Nakamoto's ideas and the practice of cryptocurrency. Still, Satoshi Nakamoto's ideas span too much, and no one in the industry has reached this span of ideas, resulting in everyone groping in the dark.
 
The refinement process of Web3
The first refinement was by Kavin Wood, a scientist standing on the front line and co-founder of Ethereum. After all, he is just a technician and can only superficially refine Satoshi Nakamoto's ideas. It refines Satoshi Nakamoto's ideas into zero-trust systems and decentralization. The advantage is that technicians can easily listen to it, and it sounds good. The disadvantage is that there is no imagination and foresight. The migration from Web2 to Web3, as described by Wood, did not happen, and Web 3.0, "a secure social operating system" he envisioned, was not realized. The practice has proved that the road that Wood refers to is a road that has failed in both theory and practice.
From 2018 to 2021, entrepreneur and venture capitalist Chris Dixon made a new summary of Web3. He never mentioned blockchain and even tried to avoid decentralization. Believed that over-centralized Web2 was not good, but the degree of centralization like Web1 was allowed. He proposed to judge who owns the data and whether it is right to be in the hands of users. He avoided all the technical judgments of Gavin Wood. Under this judgment, NFT exchanges such as Opensea that engage in centralized transactions can also be regarded as projects under the concept of Web3. It has broadened a chess game that has already gone to death.
Dixon's core ideas are reflected in several articles, such as "Why Web3 is Important," which describes Web3 as the Internet jointly owned by builders and users and digital assets as the link between builders and users. It should be said that Dixon made a higher-level summary of Satoshi Nakamoto from the technical and ideological level than Gavin Wood, but in the eyes of technology control, he belittled blockchain, which caused great controversy. For example, former Twitter CEO Jack Dorsey opposed it.
Based on Dixon's work, Eshita, a researcher at Messari, described the evolution from Web 1 to Web 2 and then to Web 3 as follows:
Web 1 is "readable" (read);
Web 2 is "readable + writable" (read + write);
Web3 is "readable + writable + ownable" (read + write + own).
If you look closely, Web1 can also read and write, and Web2 can also own, but to different degrees. However, this definition is intuitive and straightforward and has become mainstream. This definition, like blockchain, is just a feature of Bitcoin and is not a complete and accurate Satoshi Nakamoto's idea.
For a detailed discussion of the definition of Web3, please refer to the article "What is missing from the current definition of Web3 from the perspective of Bitcoin?" on the chainless website.
The definition of Web3 should consider the inheritance of Web1 and Web2
Chris Dixon's definition of Web3 is accurate because he believes he owns hisseif own data. The problem lies in Eshita's summary of Web1 and Web2.
What are the characteristics of Web1? It refers to the PC Internet, characterized by clicks and searches.
What are the characteristics of Web2? It refers to the mobile Internet. The push method is selected as the product feature to watch the content of the large screen on the small screen.
 Today, Web1 products will more or less integrate the push of Web2, and Tianya Forum, which stays in Web1, will die. Push is the characteristic of Web2. Web2 also includes the characteristics of click and search of Web1. That is, click + push is inherited.
Therefore, Web3 should inherit the characteristics of Web1 and Web2 and add its own characteristics.
From the perspective of inheritance, the definition of Web3 should be: click, push + ownership.
Current Web3 products have click search but generally no push. This is the fundamental reason why Web3 products cannot compete with Web2. Web3 can only be possible if it joins the artificial intelligence push. Otherwise, Web3 will fall further behind.
It is a simplified definition and easy to understand. It is a new idea. Web3 products that meet the above characteristics may appear in the next generation of Web3 products, especially platform products that need this idea. The chainless platform is a platform designed according to this definition. The chainless website has a download link and white paper for the chainless platform. Product tokens are being airdropped.
This definition only involves the issue of personal data sovereignty. It does not encompass all of Satoshi Nakamoto's Internet thinking. Satoshi Nakamoto's Internet is Internet 2.0, which I will explain in the next article on the difference between Internet 1.0 and 2.0.
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