#USDT稳定币风险分析 Looking back at history, the risks associated with stablecoins like USDT have always existed. Early on, Tether was questioned for insufficient reserves, but the market still favored its convenience. Now, Forbes predicts that by 2026, stablecoins will be ubiquitous, and USDT and USDC may penetrate more traditional financial scenarios. This reminds me of the collapse of Mt.Gox in 2014, when everyone thought Bitcoin was doomed. But in the end, the crisis actually spurred industry progress.
However, the risk of over-saturation in the stablecoin market cannot be ignored. Just like the

#加密货币监管政策发展 Looking back on the regulatory policy changes in cryptocurrency over the years, it has truly been a rollercoaster. Japan's recent adjustment to the cryptocurrency transaction income tax system, treating it equally with stocks and other financial products, can be considered a significant milestone. From the initial chaotic development to the strict control measures implemented by various countries, and now to the gradual standardization and institutionalization, the entire industry has followed a winding but steadily progressing path.
I remember when Bitcoin first emerged, governme

#加密项目融资趋势 Looking back at the history of cryptocurrency project financing, it is not hard to see that this is a field full of ups and downs. From the early ICO boom to later models like IEO and IDO, each stage has its characteristics. Now seeing Vitalik's comments on Zcash governance mechanisms, one cannot help but think of the past projects that failed due to poor governance.
Token voting may seem democratic but can actually lead to short-sighted decisions and conflicts of interest. There was a privacy coin project that adopted this mechanism, which ultimately led to a split between the core

#比特币现货ETF市场动态 Looking back to the scene when Bitcoin first appeared over a decade ago, who would have thought it would reach its current scale? BlackRock's Bitcoin ETF has become the company's most profitable product line, which is truly astonishing. The first-year net inflow exceeded $52 billion, far surpassing all other ETFs launched in the past decade. It is expected that by October 2025, the annual fee income will reach $245 million. This not only reflects the strong interest of institutional investors in Bitcoin but also indicates that the regulatory environment is gradually improving.
H

#美联储货币政策走向 Once this news broke out, it reminded me of the sensational resignation rumors in 2018. At that time, the market reacted strongly, with US stocks plummeting and the dollar falling sharply. However, this time the market remains calm, with the probability given by the predictive market at only 3%. It seems everyone has learned their lesson and is not easily swayed by rumors. But upon further reflection, the current economic situation is complex, with high inflation and Powell under immense pressure. It's really hard to say whether he can stick to his term until the end. Interestingly

Looking back, I have witnessed the rise and fall of numerous projects. This time, Monad's experience inevitably reminds me of those young and ambitious "Ethereum killers." Arthur Hayes's sharp words point out that the high FDV and low circulating supply tokenomics of Monad may lead to a 99% crash. Such situations are indeed common in the past.
From Terra to Berachain, and now to Monad, it seems each cycle has several high-profile projects that are destined for misfortune. Token distribution and fundraising mechanisms are always a double-edged sword. Overly centralized token allocations often h

#稳定币发展趋势 Reflecting on the development history of stablecoins, I can't help but feel emotional. From the initial USDT to later USDC, DAI, and others, stablecoins have experienced several cycles of ups and downs. Today, the central bank has for the first time defined stablecoins, explicitly categorizing them as a form of virtual currency, which is undoubtedly an important milestone.
This reminds me of the regulatory storm triggered by the Libra project in 2019. At that time, concerns from various governments about private stablecoins were echoed in the statements from central banks—issues like

#美联储货币政策 Looking back at history, this situation feels familiar. USDT was also once questioned for insufficient reserves, but it turned out to be a false alarm. However, this time the situation is indeed different. Tether increasing its holdings of Bitcoin and gold clearly indicates a bet on the Federal Reserve cutting interest rates. While this aggressive strategy has the potential for high returns, it also carries significant risks. If these highly volatile assets drop sharply, it could indeed threaten USDT's full reserve backing. However, Tether has huge profits to fill the gap and probabl

Looking back on the past, I can't help but feel a surge of emotion. This battle between ICOs and airdrops seems to take me back to the passionate era of 2017. Having experienced that wave of ICO frenzy firsthand, I witnessed how it transformed the entire landscape of the crypto world. Now, it appears history is repeating itself, but the situation is vastly different.
Behind the return of ICOs this time, lies a reflection of the industry’s thoughts on the current funding models. In recent years, the dominance of venture capital, combined with low liquidity and high valuations, has deprived ordi

#美联储降息预期 History always repeats itself in astonishing ways. Looking at Hayes's remarks, I can't help but recall the crazy bull market at the end of 2017. At that time, market sentiment was exuberant, and Bitcoin soared to a historic high of nearly $20,000. However, the good times didn't last long, followed by a long bear market.
Now, Hayes predicts that Bitcoin will reach $250,000 by the end of the year, which makes me both excited and cautious. The Federal Reserve's monetary policy is indeed a key factor. The large-scale money printing during the COVID-19 pandemic in 2020 triggered a crypto

#加密货币安全事件 Looking back at the history of cryptocurrency security incidents, the hack of Upbit reminds me of the 2016 Bitfinex incident. At that time, Bitfinex suffered a hack resulting in the loss of 120,000 bitcoins, but ultimately overcame the crisis through issuing tokens and other measures. Now seeing Upbit not only survive the security crisis but also plan to go public in the US, I can’t help but feel the resilience of the crypto industry.
From Upbit’s development trajectory, it’s clear that excellent exchanges are transforming into comprehensive fintech platforms. This reminds me of ear

#稳定币争议 Looking back in history, the risks and controversies surrounding stablecoins have never ceased. Hayes' warning about Tether reminded me of the trust crisis Tether faced for the first time in 2018. At that time, the market also panicked due to rumors of Tether's insufficient reserves. But ultimately, Tether weathered the storm and grew stronger in the subsequent bull market.
The current situation is a bit different. Tether has indeed held more high-risk assets, aiming to cope with a potential environment of interest rate cuts. But this strategy also introduces new risks. If Bitcoin and

#加密项目空投活动 Seeing these new issuance opportunities during National Day makes me recall the early days of participating in various project airdrops. Back then, project teams used all kinds of methods to quickly build their user base. From simple registration rewards to complex task challenges, and later staking and mining, each participation was filled with anticipation and excitement.
However, as the market has developed, the thresholds for airdrops have significantly increased. For example, Momentum requires providing liquidity, or Yield Basis needs to be screened through the Legion scoring s

Looking back on the past, I have witnessed the rise and fall of many blockchain projects. This time, I heard that Animoca Brands plans to IPO in the United States in 2026, which naturally brings to mind Bitcoin's investment strategy. Since the birth of Bitcoin in 2009, it has experienced countless bull and bear cycles. Wise investors always accumulate during bear markets and profit during bull markets.
The path taken by Animoca is, in many ways, a microcosm of the entire crypto industry. From its origins in gaming, it has gradually expanded into AI, DeFi, and other fields. This diversified str

#加密货币ETF发展 Time flies, and unknowingly, the cryptocurrency ETF has already gone through more than ten years of development. Reflecting on 2013, when the Winklevoss brothers first submitted their Bitcoin ETF application, although it was ultimately rejected by the SEC, it was a pioneering step. Over the years, I have witnessed countless cycles of applications being rejected, revised, and resubmitted, but market enthusiasm has never waned. Now seeing Bitwise update their Avalanche ETF application, I can't help but feel a lot. They not only reduced the fee rate to an extremely competitive level o

#加密货币犯罪与执法 I am deeply concerned about this case involving Korean police officers suspected of cryptocurrency money laundering. Looking back at the development history of cryptocurrencies, similar incidents are not uncommon. As early as 2013, U.S. law enforcement dismantled the "Silk Road" dark web marketplace and seized a large amount of Bitcoin. In recent years, as the cryptocurrency market has expanded, related criminal activities have become increasingly rampant.
This case involves an amount of up to $186 million, with methods so sophisticated and scale so large that it is shocking. Crimi

Looking back at this Bitcoin private key security incident, it truly is emotional. In 2025, the US government suddenly confiscated $1.5 billion worth of Bitcoin, which actually stemmed from a vulnerability in a random number generator years ago. At that time, no one knew about the weakness of the Mersenne Twister algorithm, and ultimately, it laid the groundwork for such a major disaster.
Thinking about the rise of Lubian mining pool back then, which took just a few months to account for 6% of the global hash rate, who would have thought that behind it was such a shocking case? Even more frigh

#稳定币风险 Reflecting on the development history of stablecoins over the years, the recent S&P downgrade of USDT has prompted me to contemplate deeply. From the earliest dollar-pegged stablecoins, to the rise and fall of algorithmic stablecoins, and now to the emergence of centralized transparent stablecoins, each transformation contains profound lessons.
As the leading stablecoin, USDT once led the industry’s development. But now, facing doubts over high-risk reserves and insufficient information disclosure, it must be considered a wake-up call. Conversely, newcomers like USDC have gained better