雷军Bit
Bitforest(比特森林)创始股东，BTC 早期投资人，比特币十年定投社区发起人。
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《Having Coins or Not, Going Home for the New Year》
Lyrics:
All year round in the crypto circle
The K-line changes every day
Didn’t wait for the bull market, endured the bear market for half a day
Wallet suddenly shrinks and suddenly flattens
Looking at the good and bad news
Always staring at the market at night
Made money and laughed, lost money and couldn’t sleep
Home is the warmest thought in my heart
Having coins or not, going home for the New Year
Family doesn’t ask about the price rise and fall
Parents don’t ask how much money you have
Being safe and sound is better than everything
Having coins or not, going home for the New Year
Traveling through hardships, heart longing like an arrow
No matter how many risks in the crypto circle
The door at home will always be open for you
Making money is luck, losing money is experience
Family reunion is the most valuable
Let go of the K-line, let go of the obsession
Happily going home for the New Year
Having coins or not, going home for the New Year
Family doesn’t ask about the price rise and fall
Parents only wish you are by their side
Warm food and warm dishes are better than the passing years
Lyrics:
All year round in the crypto circle
The K-line changes every day
Didn’t wait for the bull market, endured the bear market for half a day
Wallet suddenly shrinks and suddenly flattens
Looking at the good and bad news
Always staring at the market at night
Made money and laughed, lost money and couldn’t sleep
Home is the warmest thought in my heart
Having coins or not, going home for the New Year
Family doesn’t ask about the price rise and fall
Parents don’t ask how much money you have
Being safe and sound is better than everything
Having coins or not, going home for the New Year
Traveling through hardships, heart longing like an arrow
No matter how many risks in the crypto circle
The door at home will always be open for you
Making money is luck, losing money is experience
Family reunion is the most valuable
Let go of the K-line, let go of the obsession
Happily going home for the New Year
Having coins or not, going home for the New Year
Family doesn’t ask about the price rise and fall
Parents only wish you are by their side
Warm food and warm dishes are better than the passing years
2025 Crypto Disaster Year · Special Spring Festival Homecoming Bragging Jokes
1. Relative asks: How's the crypto market this year?
- Casual version:
It's alright, mainly accumulating at low positions and hoarding for the long term, now is the time for others to panic while I am greedy.
- Versailles version:
I haven’t done much this year, less trading means less loss, just consider it saving up for a big market next year.
2. Relative asks: Did you make money or lose money?
- Don't mention profits and losses, just talk about the bigger picture:
Money doesn't matter, what I'm looking at is a ten-year track, this year is mainly about cultivating the right mindset.
- Pretending to be a big shot version:
This year is about eliminating the fake and keeping the real, those of us who can hold on will be the ones to reap the rewards in the end.
3. Relative advises: Don't mess around with those illusions, focus on your job!
- Calmly retorting:
I call this planning for future assets, you see, major companies are all getting into AI and blockchain, I've been in it for a while now.
- Heart-wrenching yet bragging:
Working is about earning cash flow, while I’m building up the next generation's foundation, my perspective is different.
4. Others flaunt their earnings and year-end bonuses
- You casually say:
This year's floating loss is just a number, not trading doesn't count as a loss, once the bull market comes, it will double in a leap.
- Acting mysterious:
Not convenient to say much, quietly making a fortune, those who talk a lot usually don't end up profiting.
5. Someone sarcastically says: I heard many people in the crypto market jumped off buildings this year
- You respond lightly:
That's because they leveraged and chased trends, I'm the type who holds coins calmly and invests spare cash, I sleep better than anyone.
6. Ultimate bragging line (silence in the room)
This year's market is so tough, I haven't been washed out yet, and I've already outperformed 90% of people.
1. Relative asks: How's the crypto market this year?
- Casual version:
It's alright, mainly accumulating at low positions and hoarding for the long term, now is the time for others to panic while I am greedy.
- Versailles version:
I haven’t done much this year, less trading means less loss, just consider it saving up for a big market next year.
2. Relative asks: Did you make money or lose money?
- Don't mention profits and losses, just talk about the bigger picture:
Money doesn't matter, what I'm looking at is a ten-year track, this year is mainly about cultivating the right mindset.
- Pretending to be a big shot version:
This year is about eliminating the fake and keeping the real, those of us who can hold on will be the ones to reap the rewards in the end.
3. Relative advises: Don't mess around with those illusions, focus on your job!
- Calmly retorting:
I call this planning for future assets, you see, major companies are all getting into AI and blockchain, I've been in it for a while now.
- Heart-wrenching yet bragging:
Working is about earning cash flow, while I’m building up the next generation's foundation, my perspective is different.
4. Others flaunt their earnings and year-end bonuses
- You casually say:
This year's floating loss is just a number, not trading doesn't count as a loss, once the bull market comes, it will double in a leap.
- Acting mysterious:
Not convenient to say much, quietly making a fortune, those who talk a lot usually don't end up profiting.
5. Someone sarcastically says: I heard many people in the crypto market jumped off buildings this year
- You respond lightly:
That's because they leveraged and chased trends, I'm the type who holds coins calmly and invests spare cash, I sleep better than anyone.
6. Ultimate bragging line (silence in the room)
This year's market is so tough, I haven't been washed out yet, and I've already outperformed 90% of people.
Recently, the Hong Kong Web3 conference was a huge success! All the top figures and institutions you've heard of—BlackRock, JPMorgan, Goldman Sachs, Franklin Templeton—were present, and everyone discussed just one thing: RWA. Today, I will explain in the most straightforward and relatable terms the judgments these Wall Street giants have about RWA in 2026. First, what is RWA? No need to remember complicated terms, in one sentence: it is about bringing real-world true assets—bonds, funds, gold, real estate, oil—onto the blockchain, turning them into tradable, divisible, and easily bought and sold digital assets. This is not a speculative token; this is real money on-chain. So what is the current state of RWA? It’s simple: from playing in small circles to formal institutions entering the arena. Hundreds of billions of dollars are already on-chain, and Wall Street is no longer hesitant; they are directly getting involved. Here comes the key point—what do the world's top institutions think about RWA in 2026 at the Hong Kong conference? First, BlackRock, the ceiling of global asset management, directly stated: 2026 will be the year of RWA explosion! The global scale will reach 500 billion dollars, multiplying several times. Moreover, they clearly stated: Hong Kong is the center of RWA in Asia. BlackRock will also aggressively launch products such as US Treasury bonds, funds, and bonds—all on-chain. Second, JPMorgan, the largest bank in the world: they have the same view. The scale of RWA in 2026 is close to 500 billion dollars. They are most optimistic about putting credit, funds, and alternative assets on-chain and will cooperate with Hong Kong for cross-border transactions. In one sentence: RWA is the biggest opportunity for the integration of traditional finance and Web3, and we must seize this opportunity. Third, the giants like Goldman Sachs and Franklin Templeton: their statements are completely unified. 2026 will be a big year for RWA! Previously it was pilot projects, but this year, there will be large-scale real money involvement. The focus is on bonds, funds, real estate, gold, and credit. I’ll summarize the common conclusions of all the giants in four sentences: First, RWA will definitely explode in 2026, which is the largest mainline of the entire industry. Second, it used to be retail investors, but now the world’s top institutions are personally getting involved. Third, real assets on-chain is an irreversible major trend that cannot be stopped. Fourth, Hong Kong is the center and stronghold of RWA in Asia.
Zhao Changpeng had to relinquish the Binance empire he built with his own hands.
Zhao Changpeng's other shore: From founder to prisoner, the gains and losses of corporate control.
Four months of imprisonment, hundreds of billions in fines, and the CEO position relinquished, Zhao Changpeng traded his freedom for the survival of Binance, but forever lost the empire he had nurtured with his own hands.
On September 27, 2024, former Chinese billionaire Zhao Changpeng was released two days early and appeared on the streets of Long Beach, California. The founder of Binance regained his freedom after serving four months in a federal prison in the United States.
Just before the verdict, his wealth still reached $39.7 billion, ranking 38th on the global billionaire list. However, this once-dominant figure in the cryptocurrency world has now become a bystander, watching helplessly as the company he founded is run by others.
Four months of imprisonment, hundreds of billions in fines, and the CEO position relinquished, Zhao Changpeng traded his freedom for the survival of Binance, but forever lost the empire he had nurtured with his own hands.
On September 27, 2024, former Chinese billionaire Zhao Changpeng was released two days early and appeared on the streets of Long Beach, California. The founder of Binance regained his freedom after serving four months in a federal prison in the United States.
Just before the verdict, his wealth still reached $39.7 billion, ranking 38th on the global billionaire list. However, this once-dominant figure in the cryptocurrency world has now become a bystander, watching helplessly as the company he founded is run by others.
Although CZ became the richest Chinese person, the side effects were too great.
Today, based on CZ's real-life journey—from founding Binance in 2017, becoming the wealthiest Chinese person, to facing U.S. legal charges—we can deeply explore the hidden risks behind rapid success. This 'curse of speed' is highly representative among entrepreneurs.
I. The 'Time Lag' Risk of Organizational Capability
Binance became the world's largest exchange within 180 days, a pace that created miracles but also planted systemic risks. Court documents reveal that Binance already had millions of U.S. users by 2018, yet failed to establish effective anti-money laundering detection procedures. This 'trading space for time' model—constantly relocating headquarters (Shanghai → Japan → Malta → no headquarters) to evade regulation—is a typical manifestation of organizational capability failing to keep up with business expansion.
I. The 'Time Lag' Risk of Organizational Capability
Binance became the world's largest exchange within 180 days, a pace that created miracles but also planted systemic risks. Court documents reveal that Binance already had millions of U.S. users by 2018, yet failed to establish effective anti-money laundering detection procedures. This 'trading space for time' model—constantly relocating headquarters (Shanghai → Japan → Malta → no headquarters) to evade regulation—is a typical manifestation of organizational capability failing to keep up with business expansion.
Found a hidden gem place for gray eggplant.
This thing is quite interesting. Pickleball
What flavor is most prominent in Shanghai______
Wall Street's veteran financial heavyweight could no longer sit still and has rushed in personally overnight
Wall Street's veteran giant Morgan Stanley has officially entered the crypto ETF arena, submitting applications for spot ETFs in Bitcoin, Ethereum, and Solana in one go. This is not just about adding three new products—it's a signal that could fundamentally reshape the rules of engagement between traditional finance and the crypto world. If someone had told me a year ago that Morgan Stanley would directly bet its flagship brand on emerging blockchains like Solana, I would have thought they were reading science fiction. But today, it has truly happened.
🏦 The strength and determination of a legacy giant
🏦 The strength and determination of a legacy giant
Zhang Jie: Turned Down Wu Jihan, Missed the Chance to Found Bitmain
🎙️ Hello everyone! Today, we're talking about a legendary figure in China's blockchain world—Zhang Jie, and the fascinating story of how he founded BitTian. This story also involves a key figure—Wu Jihan, the founder of Bitmain. Their collaboration is truly a legendary tale from the early days of the crypto world.
🌟 Origin: The Encounter Between a Science Fiction Writer and Bitcoin
Zhang Jie, whose real name is Liu Zhipeng, was once a talented science fiction writer who won China's top science fiction award, the Galaxy Award, for three consecutive years. However, his career took a turning point in 2010—during a chance encounter, he came into contact with Bitcoin. The concept of 'computation as power' in Bitcoin perfectly aligned with Zhang Jie's long-standing imagination of future technologies from his science fiction writings. He almost immediately invested all his savings into Bitcoin and began fervently promoting it.
🌟 Origin: The Encounter Between a Science Fiction Writer and Bitcoin
Zhang Jie, whose real name is Liu Zhipeng, was once a talented science fiction writer who won China's top science fiction award, the Galaxy Award, for three consecutive years. However, his career took a turning point in 2010—during a chance encounter, he came into contact with Bitcoin. The concept of 'computation as power' in Bitcoin perfectly aligned with Zhang Jie's long-standing imagination of future technologies from his science fiction writings. He almost immediately invested all his savings into Bitcoin and began fervently promoting it.
Ba Er Ye: The Mining Success Story of Guo Hongcai, Absolutely the Peak of "Empty Hands Grabbing the White Wolf"
Ba Er Ye (Guo Hongcai)'s story of mining Bitcoin domestically is a classic early "grassroots rise" script in the crypto world, filled with courage, opportunity, and controversy. This experience not only marked the beginning of his personal wealth but also reflected the wild, untamed early days of China's cryptocurrency market.
🚜 The "chicken farm" mining farm in Inner Mongolia
In 2014, Guo Hongcai built what was then claimed to be the largest Bitcoin mining farm in the world in Inner Mongolia. He once described the mining farm from a distance as a "chicken farm," filled densely with Bitcoin mining machines.
At the time, he keenly identified a huge business opportunity: on one hand, mining farms in Shenzhen and other places used industrial electricity, with costs as high as 9 jiao per kilowatt-hour, causing massive inventory of mining machines; on the other hand, Inner Mongolia had the advantage of low electricity prices, costing less than 3 jiao per kilowatt-hour. Guo Hongcai demonstrated his business acumen by playing the role of an intermediary. He persuaded mining farm owners in Inner Mongolia, promising them a large influx of mining machines and electricity revenue; meanwhile, he convinced companies like Huobi and Bitmain, which had idle mining machines, to consolidate their unused equipment in Inner Mongolia. Ultimately, without investing much of his own capital, he secured a stake in the mining farm by facilitating this transaction, becoming the de facto leader of the operation.
🚜 The "chicken farm" mining farm in Inner Mongolia
In 2014, Guo Hongcai built what was then claimed to be the largest Bitcoin mining farm in the world in Inner Mongolia. He once described the mining farm from a distance as a "chicken farm," filled densely with Bitcoin mining machines.
At the time, he keenly identified a huge business opportunity: on one hand, mining farms in Shenzhen and other places used industrial electricity, with costs as high as 9 jiao per kilowatt-hour, causing massive inventory of mining machines; on the other hand, Inner Mongolia had the advantage of low electricity prices, costing less than 3 jiao per kilowatt-hour. Guo Hongcai demonstrated his business acumen by playing the role of an intermediary. He persuaded mining farm owners in Inner Mongolia, promising them a large influx of mining machines and electricity revenue; meanwhile, he convinced companies like Huobi and Bitmain, which had idle mining machines, to consolidate their unused equipment in Inner Mongolia. Ultimately, without investing much of his own capital, he secured a stake in the mining farm by facilitating this transaction, becoming the de facto leader of the operation.
Why the U.S., Not China, Seized 127,000 Bitcoins from Chen Zhi
The U.S. seized the Bitcoin from the Chen Zhi case rather than China, primarily because the U.S. has established legal and technological advantages through its 'long-arm jurisdiction' and leads international law enforcement operations. The following are the core reasons:
I. The Legal Mechanism of U.S. 'Long-Arm Jurisdiction'
The U.S. Department of Justice claims jurisdiction based on:
1. Victim Connection: The fraud involved U.S. citizens as victims, and the funds passed through financial systems controlled by the U.S. (such as exchanges or banks), establishing a 'minimum contact'
2. Nature of the Crime: Classifying the case as crimes against humanity such as 'human trafficking' and 'forced labor' rather than ordinary fraud provides a moral basis for 'universal jurisdiction'
I. The Legal Mechanism of U.S. 'Long-Arm Jurisdiction'
The U.S. Department of Justice claims jurisdiction based on:
1. Victim Connection: The fraud involved U.S. citizens as victims, and the funds passed through financial systems controlled by the U.S. (such as exchanges or banks), establishing a 'minimum contact'
2. Nature of the Crime: Classifying the case as crimes against humanity such as 'human trafficking' and 'forced labor' rather than ordinary fraud provides a moral basis for 'universal jurisdiction'
Larry Fink: The Crypto Transformation from "Money Laundering Index" to "Financial Revolution"
At BlackRock's 2025 earnings conference call, 68-year-old Larry Fink uttered a statement that left the room silent: "Tokenization may be the most important factor in the evolution of the global financial system." Had this been said eight years ago by the head of BlackRock, it would have made Wall Street think he had lost his mind.
I. The man who called Bitcoin the "money laundering index"
In 2017, when Bitcoin first broke through $10,000 and sent shockwaves through the crypto world, Fink's comment was like a bucket of ice water: "Bitcoin is a money laundering index." He believed it was merely a speculative tool, inseparable from illicit activities. At the time, BlackRock, managing $5 trillion in assets, held a textbook disdain for cryptocurrencies—this wasn't an asset, it was a risk.
I. The man who called Bitcoin the "money laundering index"
In 2017, when Bitcoin first broke through $10,000 and sent shockwaves through the crypto world, Fink's comment was like a bucket of ice water: "Bitcoin is a money laundering index." He believed it was merely a speculative tool, inseparable from illicit activities. At the time, BlackRock, managing $5 trillion in assets, held a textbook disdain for cryptocurrencies—this wasn't an asset, it was a risk.
Coinbase Founder: Brian Armstrong, the one who sells shovels at the edge of the abyss
In the wild world of cryptocurrency, he chose not to be a gold digger but to build a shovel named Coinbase for the gold diggers; he could have quietly written code for a lifetime, yet he chose to stand at the forefront, fighting for legitimacy for the entire industry. Over thirteen years, Bitcoin rose from $6 to $60,000, and Armstrong transformed from a doubter living in a cramped rental to the helmsman of a hundred billion dollar empire.
Today, Lei Zi will give everyone an in-depth analysis of the legendary life of the founder of Coinbase.
1. Brian Armstrong: The one who sells shovels at the edge of the abyss.
In 1983, Brian Armstrong was born into an engineering family in San Jose, California. His parents' technical genes manifested early within him—during childhood, he loved to dismantle computers, design websites, and even resell candy on the school playground until he was called into the principal's office. This seemingly mischievous "speculator" actually revealed the most primitive sense of business: buy low and sell high, serving demand.
Today, Lei Zi will give everyone an in-depth analysis of the legendary life of the founder of Coinbase.
1. Brian Armstrong: The one who sells shovels at the edge of the abyss.
In 1983, Brian Armstrong was born into an engineering family in San Jose, California. His parents' technical genes manifested early within him—during childhood, he loved to dismantle computers, design websites, and even resell candy on the school playground until he was called into the principal's office. This seemingly mischievous "speculator" actually revealed the most primitive sense of business: buy low and sell high, serving demand.
MicroStrategy: Michael Saylor
In the year 2000, during the internet bubble, he lost 6 billion dollars in a day. What does that mean? It’s like waking up in the morning as a billionaire and by bedtime, turning into a “negative millionaire.” But he stuck it out at the bottom for 20 years and then, through sheer determination with Bitcoin, made a comeback! Now his net worth, oh my, is again in the hundreds of billions. Today, Lei Zi is going to talk to you about a real tough guy — Michael Saylor, let’s go through his story from beginning to end.
1. Early Entrepreneurship: The 'Data Dream' of an MIT Whiz
In 1965, Saylor was born in Nebraska. His father was an Air Force officer, so he moved around with the military as a child, today here, tomorrow there. This guy could fly a glider from a young age, excelled in high school, and later attended MIT on an Air Force scholarship — yes, that MIT, studying aerospace engineering, with a minor in the history of technology.
1. Early Entrepreneurship: The 'Data Dream' of an MIT Whiz
In 1965, Saylor was born in Nebraska. His father was an Air Force officer, so he moved around with the military as a child, today here, tomorrow there. This guy could fly a glider from a young age, excelled in high school, and later attended MIT on an Air Force scholarship — yes, that MIT, studying aerospace engineering, with a minor in the history of technology.
Xi'an still has the most festive atmosphere
He Yicai took action against long-time users as soon as he assumed the position of co-CEO
That is to say, some people are simply born to be 'firefighters.'
In 2017, in an old factory converted into an office in Shanghai, the computer screen in front of He was flashing with incoming messages. Users' questions surged like tides, regarding failed deposits, KYC reviews, and a strange thing called 'Bitcoin.'
At that time, she was a customer service representative, employee number 007. No one knew her real name; users called her 'Xiao He.'
She typed quickly, her fingertips dancing across the keyboard. After finishing one response, another immediately came up. No one taught her how to do it; she figured it out herself. She wrote common questions into documents, illustrated the processing workflow, and calmed agitated users into friends. The office lights often stayed on until three in the morning, outside was a sleeping city, and inside were her and a group of people who believed in the future.
In 2017, in an old factory converted into an office in Shanghai, the computer screen in front of He was flashing with incoming messages. Users' questions surged like tides, regarding failed deposits, KYC reviews, and a strange thing called 'Bitcoin.'
At that time, she was a customer service representative, employee number 007. No one knew her real name; users called her 'Xiao He.'
She typed quickly, her fingertips dancing across the keyboard. After finishing one response, another immediately came up. No one taught her how to do it; she figured it out herself. She wrote common questions into documents, illustrated the processing workflow, and calmed agitated users into friends. The office lights often stayed on until three in the morning, outside was a sleeping city, and inside were her and a group of people who believed in the future.
Zhao Changpeng speaks out late at night: the choice itself is the greatest effort, unfortunately realized too late
So, life sometimes isn't about how far you've walked, but whether you can still stand on that stage again.
December 2025, Dubai, Coca-Cola Arena. The lights shine down, and the audience is full. Zhao Changpeng steps onto the stage, his steps steady, with little expression on his face, only occasionally smiling, that kind of smile, like the remnants left after life has worn you down many times.
This is not the first time he has stood here. But this time, he has no title of Binance CEO behind him, only a path that has just been walked, one that no one wants to walk again.
1. That debate: a gold bar, and the question "Can you distinguish between truth and falsehood?"
December 2025, Dubai, Coca-Cola Arena. The lights shine down, and the audience is full. Zhao Changpeng steps onto the stage, his steps steady, with little expression on his face, only occasionally smiling, that kind of smile, like the remnants left after life has worn you down many times.
This is not the first time he has stood here. But this time, he has no title of Binance CEO behind him, only a path that has just been walked, one that no one wants to walk again.
1. That debate: a gold bar, and the question "Can you distinguish between truth and falsehood?"
Musk's Prophecy Once Again
The root of Bitcoin is embedded in 'unforgeable energy'. This is a viewpoint recently mentioned by Musk, and today, based on my more than ten years of experience, I'll analyze why he says this and what impact it has on Bitcoin on our phones.
His words sound quite mysterious, right? A string of virtual code, how is it related to power plants and electricity generation? Let's not beat around the bush today and clarify this matter in plain language.
First of all, the key lies in the 'unforgeable' aspect.
Think about it, the paper money in our wallets, why can it buy things? Because it is backed by the credit of the state as a guarantee. But this credit has a characteristic - it can be adjusted. For example, if the economy is not doing well, the state might choose to 'print more money' to stimulate it. This operation has been common in history, but the result is often that money gradually becomes less valuable than before. So we can say that the 'scarcity' of fiat currency can be artificially influenced, and it can even be said to be 'dilutable'.
His words sound quite mysterious, right? A string of virtual code, how is it related to power plants and electricity generation? Let's not beat around the bush today and clarify this matter in plain language.
First of all, the key lies in the 'unforgeable' aspect.
Think about it, the paper money in our wallets, why can it buy things? Because it is backed by the credit of the state as a guarantee. But this credit has a characteristic - it can be adjusted. For example, if the economy is not doing well, the state might choose to 'print more money' to stimulate it. This operation has been common in history, but the result is often that money gradually becomes less valuable than before. So we can say that the 'scarcity' of fiat currency can be artificially influenced, and it can even be said to be 'dilutable'.
Vitalik Buterin stands on the side of ETH
Blockchain is not absolutely "decentralized"; rather, it needs to find a dynamic balance between "code immutability" and "community consensus." As Vitalik Buterin said: "Decentralization is not a destination, but a journey."
Today, Lei Zi will deeply analyze the globally shocking ETH theft incident from back then.
1. Event Background: The rise and fall of The DAO
On April 30, 2016, a decentralized autonomous organization called The DAO launched a crowdfunding campaign on Ethereum, marking the first large-scale decentralized autonomous organization in human history. Within just 28 days, the project raised 12.7 million Ether, worth approximately $150 million, becoming the largest crowdfunding project at that time, with over 11,000 participants. The DAO was initiated by the German startup Slock.it, aiming to achieve fully code-driven organizational management through smart contracts and become a "decentralized venture capital fund."
Today, Lei Zi will deeply analyze the globally shocking ETH theft incident from back then.
1. Event Background: The rise and fall of The DAO
On April 30, 2016, a decentralized autonomous organization called The DAO launched a crowdfunding campaign on Ethereum, marking the first large-scale decentralized autonomous organization in human history. Within just 28 days, the project raised 12.7 million Ether, worth approximately $150 million, becoming the largest crowdfunding project at that time, with over 11,000 participants. The DAO was initiated by the German startup Slock.it, aiming to achieve fully code-driven organizational management through smart contracts and become a "decentralized venture capital fund."
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