When we talk about "coin stocks," we are actually referring to several different companies and assets. ◦ Public companies hoarding coins, and even making coin hoarding their main business. MicroStrategy is a representative of this category, with the core being 1) choosing the best asset, BTC; 2) strong continuous financing capability. Other imitators mainly acquire low market cap, low liquidity shells, buying coins to engage in a back-and-forth strategy. Currently, major coins like ETH, SOL, XRP, BNB, Doge, and SUI all have treasury companies. The recent rise of Ethereum is mainly due to multiple companies competing to hoard ETH. ◦ Companies engaged in the crypto business that have gone public. Coinbase and Circle are representatives, being the compliant exchange and the first compliant stablecoin stock in the U.S., respectively. Next, Kraken and #OKX will also go public. ◦ Traditional public companies entering the crypto industry to conduct business (not hoarding coins). Robinhood is a representative, not only tokenizing over 200 stocks for trading on-chain but also planning to launch Robinhood Chain. Futu, PayPal, commercial banks planning to issue stablecoins, and Stripe after going public all belong to this category. These three types of companies have different foundations, and their investment logic is also quite different. Regardless, the integration of crypto and traditional finance is accelerating.

In the past decade, one thing that is never too late to start at any time is: self-media.

When you need to borrow money, you realize how few friends you have. When you lend money to someone, you have to be prepared for the possibility that you won't get it back. It's all tears 😭 I won't elaborate further. Those who understand, understand.

The longer something exists, the greater the likelihood that it will continue to exist for a longer time. For example, Bitcoin. If something hasn't developed for several years, the probability of it suddenly exploding in growth becomes smaller and smaller. For example, the Lightning Network.

Plasma is a recently popular new public chain that has a close relationship with Tether. I listened to an interview with its CEO Paul Faecks by Liu Feng, and there was a great question: As a payment chain, what are the three most important dApps for Plasma? The CEO's answer is — ◦ Deposit and withdrawal channels Users need a simple way to enter and exit the ecosystem. I understand this to mean there should be compliant channels that allow for the free exchange of fiat currency and USDT. The Bridge, which was acquired by Stripe, mainly does this. ◦ Lending protocols This is mainly in cooperation with AAVE, and there will be some customized features. The CEO specifically mentioned BTC; Plasma supports native wrapped Bitcoin, allowing for cross-chain transfers in and out of BTC. Additionally, users can use Bitcoin as collateral to borrow USDT for consumption or investment. He mentioned that users see stablecoins primarily having three major uses: savings, consumption, and global transfers, with significant differences among the three scenarios. As a savings asset, users naturally hope to earn some returns, and holding USDT does provide returns. ◦ Cooperation with payment companies Building a connection layer between Web2 and Web3, although end users may not necessarily see it. Plasma will collaborate with Yellow Card in Africa and more institutional partners. The main focus is on having a solid user base in Web2 while also being willing to embrace Web3 payment products. #Plasma's mainnet will go live before the end of this summer.

An unexpected experience Some long-lost creativity to make something happen Everything is for the best arrangement

I cleared out my Ordinals NFT a year ago. Recently, taking advantage of the low gas fees, I organized my wallet for inscriptions / runes again, burning the 546 sats tied up in worthless assets, exchanging them for BTC scraps. While organizing, I thought, if only BTC were still around 😂 I mainly use the UTXO management tool in the OKX wallet, it's clear and easy to use. The main cost is the miner confirmation fee; the lower the gas, the smaller the loss. Recently, setting it to 1 allows it to pass the block.

We have gone through several cycles of product design software iterations: ◦ Initially, the PM used Axure for prototyping + designers used bulky Photoshop for UI ◦ Later, both product and design teams used Sketch, exchanging files with each other ◦ Then came Figma, which allows everyone in the project team to collaborate in the cloud directly in the browser Figma has defined a new paradigm for design collaboration. Now, if an internet company does not use Figma for design, I would question its product design collaboration efficiency and the personal aesthetic of its designers.

Once the Pandora's box of cryptocurrency stocks is opened, it can't be closed. The trend has already formed. Students trading U.S. stocks ask how to view or buy cryptocurrency stocks, and I tell them they can just buy U.S. stocks directly. Their concerns are, first, that converting RMB to USD is quite troublesome, and the foreign exchange control limit of 50,000 USD per year is not enough, and second, they face CRS tax compliance issues. In comparison, converting to USDT is much more convenient. First, there’s no need to worry about tax issues in the short term, and second, you can also convert stablecoins back to USD through compliant channels (process description). In the past, when someone asked how much a Bitcoin is worth, the answer was "freedom is priceless." Now it’s becoming clearer that crypto is about global financial freedom and equality; everything is just beginning.

In the past, from the perspective of the internet, we thought blockchain was slow, expensive, and inefficient. Now, from the perspective of global financial asset tokenization and cross-border payments, we find that blockchain is fast, cheap, and highly efficient.