Trump gave a speech at Bitcoin2024 today, which was met with applause and cheers. This article summarizes and analyzes the main points of his speech.
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📜 Policy related:
1. If elected, he said he would fire Gary Gensler on his first day in office!
2. A "Bitcoin/Crypto Presidential Advisory Committee" will be established in the future to formulate clear and friendly crypto regulatory policies.
3. The United States currently owns more than 200,000 bitcoins, 1% of the total supply, which will never be sold (mainly seized through various law enforcement operations)
PS: The scale is far beyond that of German counterparts, and we even vaguely expect that more crypto criminals will be caught by the United States?

A fact can be roughly divided into three categories:
objective fact
Subjective
The in-between "intersubjective" facts.
 
for example:
1. Objective facts, for example, 1+1=2;
2. Subjective facts, for example, some people think @0x_todd is handsome;
3. The fact “between subjects” is a bit abstract and comes from “social consensus”, for example: ChatGPT is one of the leaders in AI today.
 
The facts “between subjects” are not as set in stone as objective facts, nor as easy to come by as subjective facts.

The recent re-re-staking projects that only give holders a small percentage of tokens are likely to be a wrong decision.

For many re-re-staking projects, TVL is everything to this project. Without TVL, all assumptions: AVS, Hub, Strategy, Liquid restaking token, L2, Restaking layer do not really exist. TVL is the real benefactor.

In the previous DeFi Summer, $YFI distributed 100% of the tokens within a week. Yes, 100%. TVL, liquidity mining and governance each accounted for 1/3, which was simple, clear, and effective. Everyone knows the story behind it. In the following week, $YFI rose 1000x.

Identifying the turning point of a large cycle is much more meaningful than discussing how long the bull market will last and the exit price of $BTC and $ETH . Although there are different ways to determine the turning point, there is only one truth to verify, that is, it must be confirmed on the candlestick chart. If you judge the turning point too early or too late than the market, you will suffer. I personally think that the most effective way to verify, and even the indicators that can be used directly to determine the turning point are only: 1) RSI divergence; 2) moving average arrangement.

TLDR: For both $BTC and $ETH , although the weekly RSI has been in the overbought area for a while (this is very common in a bull market), there has never been a real weekly divergence. The daily and weekly moving averages are also in a bullish state, and there is no sign of a U-turn. Most prices and transactions are also running above the short-term moving averages. The callbacks have not touched the long-term moving averages, and even the 100-day moving average at the daily level has not been broken. Obviously, the market is still far from the end. There will certainly be shocks and callbacks in the future, but this is not important. What is important is that when the turning point really comes, can you abandon your preconceived obsessions and expectations for the target price and generously acknowledge the objective facts?

With the opening of $SAFE on-chain transfers, an invisible giant in the cryptocurrency industry, @GnosisDAO, has surfaced. To make an inappropriate analogy, it is a bit like the Berkshire Hathaway of this industry, holding a large number of project tokens, and is the No. 4 project in Treasury size after excluding the native currency, second only to @ethereum, @0xMantle and @golemproject. Unlike Berkshire Hathaway, which does not have any business itself, @GnosisDAO not only has its own core business @gnosischain, but also incubates and lists multiple projects internally, including @safe, @CoWSwap, and even invests in a large number of early projects, including Succinct, RiscZero, Flashbots and other hot projects. It is definitely a capital operation mothership with cash flow business.

1. Farside data: https://farside.co.uk/?p=997
2. The Block data: https://theblock.co/data/crypto-markets/bitcoin-etf/spot-bitcoin-etf-flows…

Q: Why should you care about knowing the inflow and outflow of Bitcoin ETF?
A: The Bitcoin spot ETF is the most important conduit for US stock funds to Crypto. As long as there is no major trend reversal in this water pipe, Bitcoin's performance will not be too bad.

Q: Really? How much money does the ETF pipeline bring?
A: At present, BlackRock and Fidelity are leading the way. 10 ETFs (excluding Grayscale) have purchased more than 500,000 Bitcoins, bringing more than 30 billion US dollars inflow to the industry. And you have to know that these are all true. Gold and silver.

Allen, a partner at Nothing Research, summarized his wonderful insights into the market based on the recent bull market and the experience accumulated in the industry during the two rounds of bull and bear markets. The full text is as follows:

Two years ago, I set a major tone for my operations in this bull market, which all old fans have known for a long time:
1. Fill up the spot position as early as possible, currency standard is the thinking that the bull market should have.
So I personally filled my position in November 2022, when Ethereum was 1180.

2. Be heavily invested in big pie and Ethereum, and strictly control the number of small coins within 10.
My current position is 20% in Bitcoin, 60% in Ethereum, and 20% in small coins.

Here are 10 little bits of knowledge to share with you:
1. If the Bitcoin Knots client, as Luke said, rejects transactions containing the $Ordi inscription after upgrade, will the inscription still work?
Answer: If it is the Bitcoin Knots client's turn to generate a block, the inscription transaction will not be available (unable to be uploaded to the chain).
2. So is the probability of Bitcoin Knots client generating blocks high?
Answer: It is currently relatively small. Currently (December 2023) there are more than 17,000 Bitcoin Core clients, and there are less than 100 Knots clients (but it can reach 500 when it is relatively high).

3. Wait, what is the client?

Let’s briefly review the ins and outs of BTC spot ETF.
[What happened in the past] - [What recent developments] - [What will happen in the future]

【past】
1. Grayscale applied N times to convert its GBTC into a real spot ETF, but was rejected by the SEC.
-Since GBTC cannot be redeemed, its price has always been different from BTC. The current price difference has reached -13%, the highest point in the past 2 years.
-The peak price difference is +40% (the peak of the bull market), and the most desperate price difference has reached -45% (the lowest point in the industry)
-On the contrary, if it becomes an ETF, its price will strictly track the market price of BTC, because it can redeem and adjust positions more smoothly.

1/7 The $SPK blind mining phase (retrospective airdrop) of SparkDAO (a sub-DAO of MakerDAO) does not seem attractive from a computational perspective 😂

2/7 According to MakerDAO economics, all its sub-DAOs (SubDAO) must issue 2.6 billion tokens each, and issue 500 million tokens for mining and another 100 million tokens for sales in the first year.
https://endgame.makerdao.com/tokenomics/subdao-tokenomics

3/7 This time, the blind mining gave $ETH 6M SPKs to the deposit pool and 24M SPKs to the $DAI loan pool, which is 5% of the issuance in the first year and 1.15% of the total.

4/7 If we assume that $SPK can reach 15%-20% of the market cap of $MKR FDV (being optimistic), then 1 SPK will be worth about $0.1, which means that the market cap of 30M SPKs will reach $3 million. PS: Considering there are 6 other SubDAOs, 15%-20% is pretty good.

In recent months, one term has caused a stir in the crypto world: Intent-Centricity. This concept is completely different from the traditional transaction-based model, introducing a more user-focused approach that is expected to revolutionize blockchain applications.

Intent-focused core:

Intent-centricity allows users to express their intentions in blockchain transactions. Instead of specifying every aspect of a transaction, users simply declare what they want to achieve. This allows users to outsource the task of transaction creation to a third party without completely giving up control of the counterparty.

There is something I would like to discuss with my family.

We especially love using the Pepe emoticon, but we have very little $Pepe.

The reason is not complicated: if you like Pepe, should you support $Pepe coin?

$Pepe is neither the first Pepe-themed coin nor has the creator of Pepe (Matt Furie) given a penny.

Even their team is not a core contributor to Pepe culture (for example: creating various classic expressions).

On the other hand, the $Pepe official website (red hat Pepe, bull head Pepe) are all online pictures.

This thing is not difficult, anyone can draw a few at will. This is a question of sincerity.

1/1 Many people ask how Layer2 can make money?

The gas fee everyone pays to L2 = income

GAS fee paid by L2 to Ethereum = expenditure

L2 is essentially a business where handling fees are “too high to pluck”.

Arb and OP rely on this wholesale and retail price difference to take away about 1 million US dollars per month; while Base and ZK, which are more popular, can take away 2 to 3 million US dollars per month.

Main L2 gas fee profit situation

https://dune.com/queries/2863300/4789188

2/2 Why is Ethereum’s Cancun upgrade so important to L2? The most important EIP-4844 upgrade of the Cancun upgrade allows L2 to not transmit data to the Ethereum execution layer itself, but to the Blob area of ​​Ethereum (to use a metaphor, it is like a new development area in land planning) L2 Expenses are significantly reduced.

Recently I have become a heavy user of GPT-4 and wanted to share some of my own experience with you. In addition, some of my commonly used commands (prompts) are attached below.

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Before we begin, here are three philosophies of use:

(1) It is a "generative type", not a "truth type";

(2) What it is best at is “assistant” work;

(3) It has no emotions, but it can resonate; it has no will, but it has values.

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1. Don’t ask questions that can be answered quickly using search engines.

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How GPT works: It always guesses what answer you want through probability.

Recently, I have been wanting to make a guide on how to obtain secret and safe "mnemonics". Just in time for Do Kwon's joke a few days ago, I feel it is necessary to share it with everyone.

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A total of 5 steps are required:

1. Find the mnemonic list

2. Find some dice

3. Roll the dice - convert base

4. Find the check digit

5.Backup

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Is the hardware wallet you carry with you really safe? In fact: whether it is a hot wallet or a hardware wallet, the mnemonic phrase you get is randomly and automatically generated by the software for you.

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Of course, I'm happy to give hardware wallet providers enough credit, but as a crypto native guy, I feel that "trust" is not enough.

Recently, I have been wanting to make a guide on how to obtain secret and safe "mnemonics". Just in time for Do Kwon's joke a few days ago, I feel it is necessary to share it with everyone.

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A total of 5 steps are required:

1. Find the mnemonic list

2. Find some dice

3. Roll the dice - convert base

4. Find the check digit

5.Backup

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Is the hardware wallet you carry with you really safe? In fact: whether it is a hot wallet or a hardware wallet, the mnemonic phrase you get is randomly and automatically generated by the software for you.

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Of course, I'm happy to give hardware wallet providers enough credit, but as a crypto native guy, I feel that "trust" is not enough.

Today, with the news that Kraken has suspended staking, I would like to do a popular science and analysis on staking:

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-Essentially, the most important thing about Staking is to see the ownership of the two private keys.

-Due to the different ownership rights of the two private keys, 4 types of Staking solutions were born

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I believe that with this super long thread, you can have a deeper understanding of Lido, Rocket, Coinbase, Kraken, SSV and Ebunker.

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If Ethereum is regarded as a company, the validators (Validators) responsible for Staking are employees. Its job is to verify the legality of transactions, and then package the blocks and put them on the chain (although the work of building blocks has now been slowly outsourced to MEV service providers).

1/30 V God recently updated the ETH roadmap, which contains some [interesting points] and [hidden passwords] for everyone to interpret:

It is divided into six stages (black box). Each stage has several milestones (blue box). The completion of each milestone requires several technologies and proposals (green box).

Latest roadmap-by Vitalike Nov.5 2022

The Merge

2/30 Milestone A of the first phase of Merge, "conversion to PoS", was successfully completed, and PoW withdrew from the stage of history. As for the withdrawal function of Staking, judging from the progress bar, it is 80% complete. It is estimated that withdrawals will be opened soon. We look forward to the "Shanghai upgrade".