[{"data":1,"prerenderedAt":204},["ShallowReactive",2],{"DlFXI4Eibt_Bn9lrEZz1TYbHCWFZj3IvqwHQSEW-Exc":3,"GB9XDzL_ybs7QmUAyDitSdAiaYbp9iv-rqHoio3urKo":194},{"code":4,"msg":5,"data":6},0,"",{"category":7,"tag":11,"hot":39,"new":78,"banner":118,"data":143,"cache":193},[8,9,10],"Agent","OpenAI","LLM",[12,14,17,20,23,25,27,30,33,36],{"title":8,"total":13},39,{"title":15,"total":16},"Google",44,{"title":18,"total":19},"Nvidia",13,{"title":21,"total":22},"Claude",11,{"title":9,"total":24},35,{"title":10,"total":26},85,{"title":28,"total":29},"DeepSeek",9,{"title":31,"total":32},"OCR",1,{"title":34,"total":35},"Chat",7,{"title":37,"total":38},"Generator",116,[40,48,55,64,71],{"id":41,"publish_date":42,"is_original":4,"collection":5,"cover_url":43,"cover_url_1_1":44,"title":45,"summary":46,"author":47},557,"2022-04-29","article_res/cover/7a9b1375ed9bb298154981bae42b794d.jpeg","article_res/cover/afa281dd52bc0454e6735daa8e6b0706.jpeg","Translation and summary of Messari Report [2.8 Kristin Smith, Blockchain Association and Katie Haun, a16z]","We need unity and speed right now.","Translation",{"id":49,"publish_date":50,"is_original":4,"collection":5,"cover_url":51,"cover_url_1_1":52,"title":53,"summary":54,"author":47},531,"2022-05-25","article_res/cover/e8362057f8fa189594c60afdfaaeb6e5.jpeg","article_res/cover/8ea08d0d6fa7eee6b57ed4ec61b61ad6.jpeg","Decentralized Society: Finding Web3’s Soul / Decentralized Society: Finding the Soul of Web3 -7","Decentralization through Pluralism When analyzing ecosystems, it's desirable to measure how decentralized it is.",{"id":56,"publish_date":57,"is_original":32,"collection":58,"cover_url":59,"cover_url_1_1":60,"title":61,"summary":62,"author":63},127,"2024-11-14","#Google #AI Game #World Model #AI Story","article_res/cover/0233a875b7ec2debf59779e311547569.jpeg","article_res/cover/6ffddb6ae4914b3c699493311aa9f198.jpeg","Google Launches \"Unbounded\": A Generative Infinite Character Life Simulation Game","Unbounded: A Generative Infinite Game of Character Life Simulation","Renee's Entrepreneurial Journey",{"id":13,"publish_date":65,"is_original":32,"collection":66,"cover_url":67,"cover_url_1_1":68,"title":69,"summary":70,"author":63},"2025-02-14","#Deep Dive into LLMs #Andrej Karpathy #LLM #Tool Use #Hallucination","article_res/cover/11e858ad6b74dfa80f923d549b62855c.jpeg","article_res/cover/615e1b320f1fc163edc1d2d154a6de33.jpeg","Andrej Karpathy's in-depth explanation of LLM (Part 4): Hallucinations","hallucinations, tool use, knowledge/working memory",{"id":72,"publish_date":73,"is_original":4,"collection":5,"cover_url":74,"cover_url_1_1":75,"title":76,"summary":77,"author":47},579,"2022-04-07","article_res/cover/39387376ba28447af1eb40576b9df215.jpeg","article_res/cover/02727ede8551ed49901d0abe6d6305b7.jpeg","Messari Report Translation and Summary 【1-7 Surviving the Winter】","I’d be more cautious here: 10 year and 10 hour thinking only.",[79,87,95,103,111],{"id":80,"publish_date":81,"is_original":32,"collection":82,"cover_url":83,"cover_url_1_1":84,"title":85,"summary":86,"author":63},627,"2025-03-20","#AI Avatar #AI Video Generation","article_res/cover/d95481358f73924989f8c4ee9c75d1c8.jpeg","article_res/cover/b74bc0fab01f8b6a6aa87696c0c3ed8b.jpeg","DisPose: Generating Animated Videos by Driving Video with Reference Images","DisPose is a controllable human image animation method that enhances video generation.",{"id":88,"publish_date":89,"is_original":32,"collection":90,"cover_url":91,"cover_url_1_1":92,"title":93,"summary":94,"author":63},626,"2025-03-21","#Deep Dive into LLMs #LLM #RL #Andrej Karpathy #AlphaGo","article_res/cover/446553a5c8f8f2f07d97b20eaee84e56.jpeg","article_res/cover/e6c2823409c9b34624064b9acbaca6f1.jpeg","AlphaGo and the Power of Reinforcement Learning - Andrej Karpathy's Deep Dive on LLMs (Part 9)","Simply learning from humans will never surpass human capabilities.",{"id":96,"publish_date":97,"is_original":32,"collection":98,"cover_url":99,"cover_url_1_1":100,"title":101,"summary":102,"author":63},625,"2025-03-22","#Deep Dive into LLMs #LLM #RL #RLHF #Andrej Karpathy","article_res/cover/8da81d38b1e5cf558a164710fd8a5389.jpeg","article_res/cover/96f028d76c362a99a0dd56389e8f7a9b.jpeg","Reinforcement Learning from Human Feedback (RLHF) - Andrej Karpathy's Deep Dive on LLMs (Part 10)","Fine-Tuning Language Models from Human Preferences",{"id":104,"publish_date":105,"is_original":32,"collection":106,"cover_url":107,"cover_url_1_1":108,"title":109,"summary":110,"author":63},624,"2025-03-23","#Deep Dive into LLMs #LLM #Andrej Karpathy #AI Agent #MMM","article_res/cover/a5e7c3d48bb09109684d6513287c661d.jpeg","article_res/cover/d3f22b7c0ab8d82fd2da457a299e0773.jpeg","The Future of Large Language Models - Andrej Karpathy's In-Depth Explanation of LLM (Part 11)","preview of things to come",{"id":112,"publish_date":105,"is_original":32,"collection":113,"cover_url":114,"cover_url_1_1":115,"title":116,"summary":117,"author":63},623,"#Google #Voe #AI Video Generation","article_res/cover/c44062fea0f336c2b96b3928292392c2.jpeg","article_res/cover/a041041c69092ad3db191c5bf3ff981b.jpeg","Trial of Google's video generation model VOE2","Our state-of-the-art video generation model",[119,127,135],{"id":120,"publish_date":121,"is_original":32,"collection":122,"cover_url":123,"cover_url_1_1":124,"title":125,"summary":126,"author":63},160,"2024-10-04","#Philosophy","article_res/cover/496990c49211e8b7f996b7d39c18168e.jpeg","article_res/cover/14dbaa1ade9cb4316d5829423a900362.jpeg","Time","The fungus of the morning does not know the waxing and waning of the moon, and the cicada does not know the seasons; this is a short life. To the south of the state of Chu there is a dark spirit which regards five hundred years as spring and five hundred years as autumn. In ancient times there was a great tree called the Ming which regarded eight thousand years as spring and eight thousand years as autumn; this is a long life.",{"id":128,"publish_date":129,"is_original":32,"collection":130,"cover_url":131,"cover_url_1_1":132,"title":133,"summary":134,"author":63},98,"2024-12-17","#AI Video Generator #Sora #Pika","article_res/cover/3b86e85d03fff4f356a3e4cf2bb329c9.jpeg","article_res/cover/5fa5c20ad0b40f8f544d257c0ef02938.jpeg","Pika 2.0 video generation officially released: effect comparison with Sora","今天，我们推出了Pika 2.0模型。卓越的文字对齐效果。惊人的视觉表现。还有✨场景成分✨",{"id":136,"publish_date":137,"is_original":32,"collection":138,"cover_url":139,"cover_url_1_1":140,"title":141,"summary":142,"author":63},71,"2025-01-14","#Nvidia #World Foundation Model #Cosmos #Physical AI #Embodied AI","article_res/cover/feddf8c832dfb45d28804291f6a42a9e.jpeg","article_res/cover/d6bc2f1186d96b78228c2283a17a3645.jpeg","NVIDIA's Cosmos World Model","Cosmos World Foundation Model Platform for Physical AI",[144,163,188],{"title":8,"items":145},[146,147,155],{"id":104,"publish_date":105,"is_original":32,"collection":106,"cover_url":107,"cover_url_1_1":108,"title":109,"summary":110,"author":63},{"id":148,"publish_date":149,"is_original":32,"collection":150,"cover_url":151,"cover_url_1_1":152,"title":153,"summary":154,"author":63},622,"2025-03-24","#OWL #AI Agent #MAS #MCP #CUA","article_res/cover/cb50ca7f2bf4d1ed50202d7406e1c19a.jpeg","article_res/cover/4aa7aa3badfacf3cc84121334f1050dd.jpeg","OWL: Multi-agent collaboration","OWL: Optimized Workforce Learning for General Multi-Agent Assistance in Real-World Task Automation",{"id":156,"publish_date":157,"is_original":32,"collection":158,"cover_url":159,"cover_url_1_1":160,"title":161,"summary":162,"author":63},620,"2025-03-26","#LLM #Google #Gemini #AI Agent","article_res/cover/53751a6dbbe990b1eb0b63f3b062aed4.jpeg","article_res/cover/031344981f0a212ff82d1f3a64aa5756.jpeg","Gemini 2.5 Pro, claimed to be far ahead of the competition, has been released with great fanfare: comprehensively surpassing other LLMs and topping the global rankings","Gemini 2.5: Our most intelligent AI model",{"title":9,"items":164},[165,172,180],{"id":166,"publish_date":157,"is_original":32,"collection":167,"cover_url":168,"cover_url_1_1":169,"title":170,"summary":171,"author":63},619,"#OpenAI #AI Image Generator #4o #MMM #AR Transformer","article_res/cover/2faffc97fcecf3151552cb0fd3206d89.jpeg","article_res/cover/1133cb4948af44cee2e7fbe79efb69e5.jpeg","The native image function of GPT-4o is officially launched","Introducing 4o Image Generation",{"id":173,"publish_date":174,"is_original":4,"collection":175,"cover_url":176,"cover_url_1_1":177,"title":178,"summary":179,"author":63},434,"2023-07-15","#Anthropic #OpenAI #Google #AI Code Generator #Claude","article_res/cover/e1b6f600a2b9f262a4392684e5f2ce25.jpeg","article_res/cover/6e1772e83f78f9a351ab23d3e414adee.jpeg","Latest Updates on Google Bard /Anthropic Claude2 / ChatGPT Code Interpreter","We want our models to use their programming skills to provide more natural interfaces to the basic functions of our computers.  \n - OpenAI",{"id":181,"publish_date":182,"is_original":4,"collection":183,"cover_url":184,"cover_url_1_1":185,"title":186,"summary":187,"author":63},417,"2023-08-24","#OpenAI","article_res/cover/bccf897d50a88b18364e35f7466387e0.jpeg","article_res/cover/2f871085c1073717c1703ae86e18056f.jpeg","The GPT-3.5 Turbo fine-tuning (fine-tuning function) has been released～","Developers can now bring their own data to customize GPT-3.5 Turbo for their use cases.",{"title":10,"items":189},[190,191,192],{"id":88,"publish_date":89,"is_original":32,"collection":90,"cover_url":91,"cover_url_1_1":92,"title":93,"summary":94,"author":63},{"id":96,"publish_date":97,"is_original":32,"collection":98,"cover_url":99,"cover_url_1_1":100,"title":101,"summary":102,"author":63},{"id":104,"publish_date":105,"is_original":32,"collection":106,"cover_url":107,"cover_url_1_1":108,"title":109,"summary":110,"author":63},true,{"code":4,"msg":5,"data":195},{"id":196,"publish_date":197,"is_original":4,"collection":5,"articles_id":198,"cover_url":199,"cover_url_1_1":200,"title":201,"summary":202,"author":63,"content":203},355,"2024-01-01","tgdkCZAGcL1L2ZqaFM00UQ","article_res/cover/ea35483b21a73e6ac9a6645f7c948496.jpeg","article_res/cover/5282d6ef1a096870b451aa4443c0fffb.jpeg","\"CRYPTO THESES 2024\" on Crypto Monies","Bitcoin truly is digital gold, transmuted from physical energy sources and a p2p global competition for computing power.","\u003Cdiv class=\"rich_media_content js_underline_content\n                       autoTypeSetting24psection\n            \" id=\"js_content\">\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Part shared before:\u003C/p>\u003Col data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Ca target=\"_blank\" href=\"https://mp.weixin.qq.com/s?__biz=MzkwOTMzMzk0MQ==&mid=2247486724&idx=1&sn=e3e0c6ff0c6a8cfb36795ab74a307d5e&chksm=c13d09def64a80c82b5da19e250daea8553d87731117c5b78299a586c18188bbd0cb4d7d5623&scene=21#wechat_redirect\" textvalue=\"《CRYPTO THESES 2024》之“关键趋势”\" linktype=\"text\" imgurl=\"\" imgdata=\"null\" data-itemshowtype=\"0\" tab=\"innerlink\" data-linktype=\"2\">\"Key Trends\" in 《CRYPTO THESES 2024》\u003C/a>\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Ca target=\"_blank\" href=\"https://mp.weixin.qq.com/s?__biz=MzkwOTMzMzk0MQ==&mid=2247486738&idx=1&sn=0b22d5cf87ff5f992b13567c84a1027d&chksm=c13d09c8f64a80de47250b0f18cfd6b4d9a526ec418edc054e2be0df9e412f5d935894465435&scene=21#wechat_redirect\" textvalue=\"《CRYPTO THESES 2024》名人堂\" linktype=\"text\" imgurl=\"\" imgdata=\"null\" data-itemshowtype=\"0\" tab=\"innerlink\" data-linktype=\"2\">Hall of Fame in 《CRYPTO THESES 2024》\u003C/a>\u003Cbr>\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Ca target=\"_blank\" href=\"https://mp.weixin.qq.com/s?__biz=MzkwOTMzMzk0MQ==&mid=2247486752&idx=1&sn=34121c6092c400ac390e27fef91c9e1c&chksm=c13d09faf64a80eced01a58418303c05a4ebfbd18fbac7bb57a271cd396aa159af19719f9395&scene=21#wechat_redirect\" textvalue=\"《CRYPTO THESES 2024》十大产品：引领行业的前沿技术\" linktype=\"text\" imgurl=\"\" imgdata=\"null\" data-itemshowtype=\"0\" tab=\"innerlink\" data-linktype=\"2\">Top Ten Products in 《CRYPTO THESES 2024》: Cutting-edge technologies leading the industry\u003C/a>\u003Cbr>\u003C/section>\u003C/li>\u003C/ol>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Today is the fourth part of the report, Crypto Monies.\u003C/p>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>1. Bitcoin: Godzilla of the Financial World\u003C/h3>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003147\" data-ratio=\"0.7967377666248432\" data-s=\"300,640\" data-type=\"png\" data-w=\"797\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423812343660.5903917646081112.png\">\u003C/p>\u003Cp>The main factors why the author is bullish on BTC include:\u003C/p>\u003Cul data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Finally approved the spot Bitcoin ETF.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Concerns about currency devaluation are increasing.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Accountants are on our side.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">The \"protest vote\" for Bitcoin is real.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Last year, we canceled one country (Russia).\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">The trend towards digital cash is obvious and unstoppable.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Bitcoin's upcoming halving further reinforces its scarcity and the concept of 21 million coins.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">The negative impact from \"whale sellers\" has diminished.\u003C/section>\u003C/li>\u003C/ul>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>2. Bitcoin Security Model and Assumptions\u003C/h3>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>The \"soft cap\" of Bitcoin's 21 million will eventually be adjusted to ensure a minimum seigniorage per block for Bitcoin miners; or Bitcoin mining will ultimately transition to Proof of Stake (PoS).\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003148\" data-ratio=\"0.5663082437275986\" data-s=\"300,640\" data-type=\"png\" data-w=\"837\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423812343850.14041892530481315.png\">\u003C/p>\u003Cul data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Application-generated fees: Bitcoin saw a few fleeting applications in 2023, hinting at the potential for future native Bitcoin applications.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Soft cap, continued proof of work: All Bitcoin really needs to do is maintain its low inflation rate relative to fiat currency and store-of-value competitors.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Hard cap, shift to proof of stake: The \"economic majority within the Bitcoin network\" tends to support PoS.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Irrelevant: This was one of the main reasons Ethereum took off at the same time, and we've seen relatively less innovation on Bitcoin since then.\u003C/section>\u003C/li>\u003C/ul>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>3. Bitcoin mining is more important than ever\u003C/h3>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Bitcoin mining (at least domestically) helps reduce methane emissions, balance the grid, and incentivizes the buildout of new renewable capacity before it connects to local grids.\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003157\" data-ratio=\"0.5625\" data-s=\"300,640\" data-type=\"jpeg\" data-w=\"1056\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423812343800.8951351882259471.jpeg\">\u003Cspan style='font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, \"Helvetica Neue\", \"PingFang SC\", \"Hiragino Sans GB\", \"Microsoft YaHei UI\", \"Microsoft YaHei\", Arial, sans-serif;font-size: var(--articleFontsize);letter-spacing: 0.034em;'>\u003C/span>\u003C/p>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>4. Private transactions: Protocol, coin, or pool?\u003C/h3>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>We have a long way to go in achieving private crypto payments in the future. The industry has three (potential) legitimate paths toward pursuing truly private transactions.\u003C/p>\u003Cul data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Tornado Cash without tokens\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Privacy chain\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Privacy pool\u003C/section>\u003C/li>\u003C/ul>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>5. New TINA trades: Stablecoins\u003C/h3>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Zoltan is about to realize that the ideal portfolio isn't 20-40-20-20 (cash, stocks, commodities, bonds), but rather 40-40-20 (interest-bearing stablecoins, stocks, and crypto).\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003151\" data-ratio=\"0.8266666666666667\" data-s=\"300,640\" data-type=\"png\" data-w=\"600\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423812344180.9800976379014552.png\">\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Stablecoins are the fastest-growing area in the crypto space. Our first true killer app, stablecoins, settled $11 trillion on-chain in 2022 and continue to grow this year. Their payment volume is nearly ten times that of PayPal (no wonder the company launched a stablecoin this year), and they are catching up with Visa's payment volume. Nearly five million blockchain addresses conduct stablecoin transactions every week.\u003C/p>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>6. USDT\u003C/h3>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Tether is the oldest, largest, and most critical digital euro, a key part of global liquidity and market infrastructure for cryptocurrencies. At the time of writing, Tether has reached a new all-time high market cap of $89 billion, while its main competitor USDC has only half of its previous peak market cap. (If only U.S. stablecoin issuers could be better insulated from these banks' systemic risks to the crypto market!)\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003152\" data-ratio=\"0.5678160919540229\" data-s=\"300,640\" data-type=\"png\" data-w=\"870\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423812344250.35462839711686645.png\">\u003C/p>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>7. USDC\u003C/h3>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Ironically, our most heavily regulated crypto dollar remains, by far, the primary quote currency for most DeFi markets. USDC still dominates DEX trading volumes, CDP collateral, and money market lending. The ETH-USDC pool on Uniswap is essentially the linchpin of DeFi.\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003153\" data-ratio=\"0.5767012687427913\" data-s=\"300,640\" data-type=\"png\" data-w=\"867\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423812356970.5275201471480859.png\">\u003C/p>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>8. Paxos, Binance, and PayPal Dollar\u003C/h3>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Paxos struck a potentially game-changing partnership with PayPal and its suite of apps, including Venmo, for the pyUSD stablecoin used within them—a big win for the original New York trust company in what was otherwise a mixed year for the crypto space.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>PayPal has been a driving force in the development of cryptocurrencies for years and has even had the fortune to be one of the few crypto payment companies that can fully guard against potentially destructive attacks from the CFPB. The launch of pyUSD was a surprise, but not shocking.\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003154\" data-ratio=\"0.3346055979643766\" data-s=\"300,640\" data-type=\"png\" data-w=\"786\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423812344270.9543961679962532.png\">\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>The market capitalization of Binance USD (BUSD) plummeted from $16 billion to $1.6 billion by the end of November. Following the announcement of a settlement with the U.S. Department of Justice and other financial regulators, Binance announced it would cease support for its BUSD stablecoin on December 15, 2023, effectively ending the product.\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003155\" data-ratio=\"0.3917910447761194\" data-s=\"300,640\" data-type=\"png\" data-w=\"804\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423812348000.044282530734626624.png\">\u003C/p>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>9. Crypto-backed Stablecoins\u003C/h3>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>crvUSD, Lybra, and Prisma are two of the most promising new Collateralized Debt Position (CDP) protocols. Algorithmic stablecoins aren't popular right now, but I'm still excited about their potential in 2024.\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003156\" data-ratio=\"0.5575326215895611\" data-s=\"300,640\" data-type=\"png\" data-w=\"843\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423812814570.5547650003740479.png\">\u003C/p>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>10. CBDCs vs Other Meme Coins\u003C/h3>\u003Cul data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">The Project Tourbillon project of the Bank for International Settlements (BIS) claims that its \"eCash 1.0\" and \"eCash 2.0\" prototypes can provide KYC and payer anonymity. The relevant paper was released on November 29th.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">The Bank of Korea is piloting a CBDC project with 100,000 citizens, scheduled for 2024.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Russia is piloting a basic retail CBDC payment program with 13 banks and a limited number of users in 2024.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Digital Currency (e-CNY) is a notable exception: since 2020, it has processed transactions exceeding $250 billion and created 120 million wallets, now including Standard Chartered, Hang Seng Bank, and HSBC as pilot project partners.\u003C/section>\u003C/li>\u003C/ul>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>But my view on retail-focused CBDC projects is roughly the same as my view on DOGE and PEPE. They're fun, good for playing around and discussing, and their short-term impact on the world is roughly similar. This is also a good thing because the way global bankers talk about these tools of surveillance and financial control is a bit too enthusiastic for my taste.\u003C/p>\u003Ch2 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 22px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>Conclusion:\u003C/h2>\u003Cul data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Binance and Tether are global cowboys, decisive when working with regulators, but at other times leveraging their massive balance sheets, top-tier law firms, and regulatory arbitrage to expand outside the reach of U.S. regulation.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Coinbase and Circle are steady, old-school American companies that will benefit greatly from federal legislation but still have real crypto values embedded in their DNA.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Paxos and Kraken play by all the rules but choose to emphasize state versus federal strategies (ironically, Kraken by avoiding New York, Paxos by diving headfirst into it) and, after domestic setbacks, have ultimately begun accelerating internationally.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Maker and Uniswap created the categories for decentralized stablecoin issuance and decentralized exchange, but now face the harsh reality of how to engage with global authorities as their projects have scaled.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">JPMorgan and Nasdaq are quietly ready, eagerly awaiting the opening of the compliant crypto gate — whether it's 2024 or 2034. They have the financial resources to wait patiently, and their size, reputation, and regulatory standing will help them catch up with (part of) the crypto emerging companies.\u003C/section>\u003C/li>\u003C/ul>\u003Cp style=\"display: none;\">\u003Cmp-style-type data-value=\"3\">\u003C/mp-style-type>\u003C/p>\u003C/div>",1752585480404]