The head of the Ethereum team asked a soul-searching question after the crypto market plummeted yesterday. The translation is as follows:
I often wonder if I chose the wrong industry.
Take SpaceX, for example. They launch a rocket to Mars? Humanity improves. They fail and blow up the rocket? Humanity learns and improves. All outcomes lead to progress.
In contrast, cryptocurrencies are a casino for fools (apologies to a select few). When it goes up, you get a beachfront villa; when it goes down, your life is ruined.
What is the contribution to mankind? “Establishing a new monetary system” takes time.

We have reviewed the encryption tragedies in history before. Today, August 5, 2024, everyone can be said to have witnessed history.

But today's August 5th incident was the first time in history that crypto assets plummeted due to global financial policies.
Let’s look at the previous crash:
The Mentougou incident in 2014 was caused by a hacker attack.
In 1994 of 2017 and 1950 of 2021, the mainland government introduced repressive policies specifically targeting the encryption industry.
The 312 in 2020 was due to the epidemic
The 22-year bear market was caused by the crypto industry’s own actions. The emergence of two scums, Luna and FTX, caused investors to lose confidence in crypto.

You know, in the current global financial system, there are two great gods that are difficult to get around:

It is through this system that the United States controls the flow of global currency:

In July, a non-mainstream crypto project received $60 million in funding, which may shake up the system:

This amount of financing ranks second in the entire crypto industry's financing amount in July.
What we are doing is what we in the crypto circle have been calling for for more than a decade, which is to solve the efficiency problem of foreign exchange settlement.

In fact, this has been done by people in the crypto circle a long time ago. It is said that Sun Ge joined the circle by joining this project.

Speaking of Li Ka-shing, there should be no one who does not admire him, right?
This tycoon has experienced decades of changes, but he has been able to seize almost every opportunity for development and continuously expand his territory, so he is also called "Superman".

Li Ka-shing also admitted that he is relatively conservative and will not be too radical. He will not touch high-risk things or play with virtual things.
Even such a conservative "Superman Li" has actually bought Bitcoin a long time ago.
He also left a famous quote:
I think Bitcoin is very risky, so I only invested over 100 million!

According to information, Li Ka-shing invested in Bitcoin in 2014, when Bitcoin was only around US$500:

I've never seen this before. ZKX, a project that just raised $7.6 million a month ago, announced its shutdown agreement!

ZKX is a well-known project and the leader of Starknet. It has very impressive investors, including HashKey, Amber and StarkWare!

Moreover, ZKX was only launched a month ago and has been listed on two exchanges, Gate.io and KuCoin.

According to a tweet from founder Eduard on X, "User participation on the platform is very poor, with only a few people mining. As a result, trading volume has dropped significantly, and daily revenue cannot cover cloud server expenses. This makes it impossible for the team to pay salaries and other business expenses. The money the team pays to market makers has exceeded the project revenue." To sum up, in one sentence, the team is unable to make ends meet and has no choice but to close down!

Today, the Washington, D.C. Court released a court document showing that the SEC notified Binance that $BNB $BUSD are no longer securities!

In fact, among all cryptocurrencies, Binance Coin $BNB is arguably the most securities-like, not only because Binance is one of the few cash cow companies in the crypto industry, but also because, like other US-listed companies, it has been buying back (destroying) Binance Coins.

For example, this month the BNB Foundation announced that it had completed the 28th BNB quarterly destruction, which destroyed approximately 1.643 million BNBs, worth approximately US$970 million.
Not only that, Binance Coin also has airdrops more frequently than stock dividends. According to statistics from a big V, in the first half of 2024 alone, BNB holders received project token airdrops worth US$1.841 billion, accounting for 2.16% of the current total market value of $BNB.

Trump attended the Bitcoin conference in Nashville a few hours ago and gave a keynote speech.

The full text of the speech can be viewed by replying "Trump" to this official account.
But I'll record the key points below:
Bitcoin is what the steel industry was a hundred years ago, and I think Bitcoin is still in its infancy. Bitcoin's market value may surpass gold, but based on the current situation, this is likely to become a reality.
Ensuring America becomes the global cryptocurrency capital and the world’s Bitcoin superpower
The left is against Bitcoin. Very much against it.

Stablecoins will allow us to expand the dollar’s ​​dominance into new areas around the world.

At the Bitcoin conference, US independent presidential candidate Robert Kennedy Jr. said that Trump may announce a strategic reserve plan of 1 million bitcoins at the Bitcoin conference.

In our encryption industry, there has been a widely circulated saying that governments of various countries have long held Bitcoin, of which the US government holds 215,000 Bitcoins and a certain government holds 190,000 Bitcoins.

The source of this statement is the "PlusToken" case, the largest case in the crypto industry that year.
In 2018, the PlustToken platform quietly spread in the cryptocurrency circle. The platform packaged itself as digital currency financial management and lured millions of people to participate with high interest rates.

The origin of the story is a video that looks like this:

This video is quite positive, reflecting the positive and energetic attitude of a college student.

I drive my Beijing-branded Porsche sports car to and from get off work early in the morning, and then go play golf after get off work.

However, things developed in an unpredictable direction...

In fact, many people are quite confused. What is there to be angry about?

It is said that three projects were leaked, and the screenshots in the video look like this:

At this time, there will definitely be people who don’t know the truth and ask, what secrets have been leaked?

The most criticized thing about the crypto industry is that it has limited large-scale application scenarios. Currently, there are only three uses for crypto that may be widely accepted by the market: value storage (Bitcoin), stablecoins, and transactions (speculation). Since there are no application scenarios, many investors can only invest in infrastructure.

Therefore, the returns of infrastructure projects are also quite good, and the long-term holding returns of top projects are quite impressive. However, the ultimate goal of infrastructure is to support user application scenarios. If there are no terminal application scenarios, these infrastructures are like building a castle in the air.

Ethereum spot ETF was publicly listed and traded in the United States yesterday. On the first day of its debut, investors were enthusiastic, and the combined trading volume of the first nine Ethereum ETFs exceeded US$1 billion.

It is not just cryptocurrencies that are traded in the U.S. stock market in the form of ETFs. There are also more and more tracks in the entire crypto market that can prove their profitability.

As more and more profitable crypto projects emerge, the crypto market may become more and more like the U.S. stock market, with long bull markets and short bear markets.

For example, Ethereum, which has just been listed on the U.S. stock market, has a revenue of 1.4 billion U.S. dollars in half a year, and its annual revenue is expected to be 3 billion. From this perspective, a market value of more than 400 billion is also reasonable.

In the early hours of this morning, the U.S. Securities and Exchange Commission (SEC) just approved the full approval of the Ethereum spot ETF, and it will be officially traded after the U.S. stock market opens tonight Beijing time.

Among the Ethereum spot ETFs approved this time, VanEck and 21Shares are both on the list. Together with the Bitcoin spot ETF approved in January this year, these institutions are already very experienced in applying for ETFs.
Also early this morning, investment company 21Shares has submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) to apply for the launch of an exchange-traded fund (ETF) based on Solana (SOL). This is the second SOL ETF application in two days after VanEck.

Biden withdrew from the election early in the morning and announced that he would not seek re-election.

The above is a statement Biden made on his Twitter account, which roughly means that Biden has decided to end the political crisis that has lasted for nearly a month. He said that his decision to withdraw from the election was in the "best interests of my party and country." He expressed his "full support and recognition" for Harris and called on Democrats to unite.
However, he has indeed behaved very old during this period, and this also confirms the diagnosis of Alzheimer's disease.
A person familiar with the matter told Reuters that Biden had originally planned to continue running for re-election on Saturday night, but suddenly changed his mind on Sunday afternoon and announced his decision to withdraw from the race on social media a few minutes later.

Just two days ago, Trump, who was once skeptical of cryptocurrencies, told Bloomberg Businessweek that he turned to the industry because "if we don't do it, a certain country will take over, or other countries, but it will probably be a certain country. A certain country takes this very seriously."

Many people may not understand, aren’t we suppressing the encryption industry?
Yes, we did suppress the encryption industry in the past few years. The most iconic one was the policy suppression in 2021, which directly led to the 519 crash.

This wave of suppression also led to the collective emigration of Chinese people in the crypto industry.

Big beautiful:
Hi everyone!
Da Piaoliang bought an Aethir machine before, and it has been nearly a month since then.
So today, with the attitude of being responsible for our own investment, we invited Jaden, the chief architect of Aethir.

Field:
Hello everyone, I am the Web3 Chief Architect of Aethir. I mainly focus on our web3 business and the foundation.
Big beautiful:
You are Singaporean and your Chinese is good, that’s great!
Field：
Fortunately, I grew up in Singapore.
My parents immigrated from China a long time ago.

It seems that DePIN will enter thousands of households this year. The computer at home can go to IO computing power mining, the mobile phone network can go to Grass data mining, and even your home router can go to shared network mining~
01Eating is not important, Wi-Fi is the real necessity

As a large track, DePin actually has many subdivided projects, such as video, computing, storage, Internet of Things and so on.
In fact, the Internet has always been a popular segment for DePin, especially when the Internet of Things was popular in the past two years. Many projects came out, but the actual scenarios were not profitable.
But think about the importance of WIFI in our lives. It’s okay to not eat for half a day, but if you don’t go online for 2 hours, you will probably feel very uncomfortable.

The recent US election has brought so many positives to the crypto industry that I will give you a detailed summary:
01The Democratic Party is a reactionary party to the crypto trend
Before the election four years ago, Biden said he did not have any Bitcoin and would not let anyone donate Bitcoin:

Trump, who just returned from injury, publicly supports the encryption industry:

Currently, more than 1% of the funds raised by Trump for his campaign are donated in cryptocurrency.
In the "2024 Republican Platform" released a few days ago, it was publicly announced:
“Republicans will end the Democrats’ illegal and un-American cryptocurrency crackdown”