Core Insights - The ARK project has revealed significant vulnerabilities in its smart contract, raising questions about its decentralization and transparency claims [1] - The existence of privileged addresses within the ARK project's smart contract allows for unlimited token minting, undermining the project's fairness principles [3] - The project's white paper and audit reports fail to disclose critical mechanisms, misleading investors and contradicting the blockchain ethos of transparency [4] - The presence of privileged addresses creates a fatal flaw in the tokenomics, allowing a few individuals to control the token supply and potentially manipulate the market [6] Group 1 - The ARK project has a hidden mechanism that grants unlimited minting rights to privileged addresses, challenging the notion of decentralization [1][3] - The privileged addresses, oracle and rbs, can mint any amount of tokens without restrictions, posing a risk to the project's integrity [3] - The lack of disclosure regarding these mechanisms in the project's white paper and audit reports constitutes a serious misrepresentation to investors [4] Group 2 - The existence of privileged addresses means that token supply is controlled by a select few, which can lead to dilution of existing holders' rights and potential price collapse [6] - The project’s claims of decentralization are contradicted by the technical control retained by the project team, raising concerns about investor fraud [6] - The design of the privileged backdoor undermines the foundational trust in the blockchain's transparency, enabling potential market manipulation [6]

Report Industry Investment Ratings - Iron Ore: Oscillation [2] - Coking Coal and Coke: Oscillation [2] - Rolled Steel and Rebar: Oscillation [2] - Glass: Oscillation [2] - Shanghai Stock Exchange 50 Index Futures/Options: Oscillation [2] - CSI 300 Index Futures/Options: Oscillation [2] - CSI 500 Index Futures/Options: Rebound [4] - CSI 1000 Index Futures/Options: Rebound [4] - 2 - year Treasury Bonds: Oscillation [4] - 5 - year Treasury Bonds: Oscillation [4] - 10 - year Treasury Bonds: Upward [4] - Gold: High - level Oscillation [4] - Silver: High - level Oscillation [4] - Logs: Bottom Oscillation [5] - Pulp: Oscillation [5] - Offset Paper: Oscillation [5] - Soybean Oil: Range - bound Movement [5] - Palm Oil: Range - bound Movement [5] - Rapeseed Oil: Range - bound Movement [5] - Soybean Meal: Oscillating Weakly [5] - Rapeseed Meal: Oscillating Weakly [8] - Soybean No. 2: Oscillating Weakly [8] - Soybean No. 1: Oscillating Weakly [8] - Live Pigs: Oscillating Strongly [8] - Rubber: Oscillation [10] - PX: Oscillation [10] - PTA: Oscillation [10] - MEG: Wide - range Oscillation [10] - PR: On - hold [10] - PF: On - hold [10] Core Viewpoints - The overall market shows a complex trend with different products having various price trends due to their specific supply - demand relationships, cost factors, and external policy and geopolitical influences. For example, in the iron ore market, the supply - demand surplus pattern is difficult to reverse, and prices are mainly oscillating; in the financial market, the short - term market is consolidating, but the medium - term trend is still upward [2][4]. Summaries by Categories Ferrous Metals Industry - Iron Ore: Overseas iron ore shipments increased significantly, but domestic port arrivals continued to decline. Iron ore demand marginally recovered, but the supply - demand surplus pattern was hard to change, and steel mill profits were squeezed again. The probability of short - term negative feedback was low, and iron ore prices mainly oscillated [2]. - Coking Coal and Coke: After the heating - season supply - guarantee meeting, the upward driving force for coking coal and coke weakened. Coking plants faced high costs and low profitability, and the fourth round of coke price increases was still under negotiation. The market's divergence on the expected supply contraction of coking coal at the end of the year increased, and prices were in an adjustment state in the short term [2]. - Rolled Steel and Rebar: Downstream demand was low, and the upside was suppressed. The key factor was steel demand, and domestic demand was hard to improve. Steel prices would stop falling if production reduction of over 5% was strictly implemented in Q4 2025 and anti - "involution" policies were effectively implemented. Currently, steel prices were expected to remain at the bottom and oscillate [2]. - Glass: Spot prices were relatively weak, and some manufacturers started to cut prices. With the fermentation of the news of coal - to - gas conversion in Shahe, the market had already priced in the positive factors. Real - world demand was weak due to the decline in real - estate completion, and enterprise inventories continued to increase. Attention was paid to production line cold - repair and policies [2]. - Soda Ash: The report did not provide detailed information on soda ash other than the investment rating of "oscillation" [2]. Financial Market - Stock Index Futures/Options: The previous trading day saw declines in major stock indexes. Some sectors had capital inflows, while others had outflows. The short - term market was in consolidation, and the medium - term trend was upward. It was recommended to hold long positions in stock indexes [4]. - Treasury Bonds: The yields of ten - year Treasury bonds were flat, and the central bank conducted reverse - repurchase operations with a net injection of funds. Treasury bond spot - market interest rates were consolidating, and the market trend was slightly rebounding. It was recommended to hold long positions in Treasury bonds with a light position [4]. - Gold and Silver: In the context of high - interest rates and globalization reconstruction, the pricing mechanism of gold was changing. Central - bank gold purchases, currency credit issues, and geopolitical risks were the main driving factors. The logic of the current gold - price increase had not completely reversed, and short - term factors included the Fed's interest - rate policy and risk - aversion sentiment. The short - term market mainly traded on monetary - policy expectations [4]. Wood and Pulp - Logs: Log port shipments decreased, and downstream demand was in the off - season. The supply was under pressure, and the demand was hard to increase. The cost support weakened, and the inventory pressure was large. The spot - market prices were weak, and the ex - works prices were expected to bottom - oscillate [5]. - Pulp: The previous trading day's spot - market prices were differentiated. The cost support for pulp prices weakened, the paper - industry profitability was low, and the demand was poor. Pulp prices were expected to oscillate [5]. - Offset Paper: The previous trading day's spot - market prices were stable. The supply was stable, and the market expectation was cautious. The price was expected to oscillate [5]. Oilseeds and Oils - Oils: US soybean crushing reached a record high, and Malaysian palm - oil production was higher than expected. The supply of domestic oils was abundant, while the demand was weak. With the cost support of soybeans for soybean oil, the overall oils were expected to continue range - bound movement [5]. - Meal: The US soybean production, exports, and ending stocks were adjusted down, but the global soybean supply was still relatively loose. The domestic soybean - meal supply was abundant, and the demand was supported by high - level livestock inventories, but the high price of soybean meal suppressed restocking intentions. Soybean meal was expected to oscillate weakly in the short term [5][8]. Agricultural Products - Live Pigs: The average trading weight of live pigs fluctuated slightly. The demand for pork had recovered, and the slaughter - enterprise operating rate had increased slightly. With the temperature dropping, the terminal consumption was expected to further release, and the average price of live pigs was expected to oscillate [8]. Soft Commodities - Rubber: The raw - material supply in different regions was affected by weather conditions. The inventory was at a low level, and the demand from tire - manufacturing enterprises had recovered. The natural - rubber inventory was in the seasonal accumulation period, and the price was expected to oscillate widely [10]. - PX, PTA, MEG, PR, and PF: PX prices were driven up by factors such as the oil - price increase and market - sentiment changes, but were expected to oscillate considering the supply and demand situation. PTA prices were expected to follow the cost - side fluctuations. MEG had long - term inventory - accumulation pressure, and its price was expected to adjust widely in the short term. PR and PF markets were expected to be weak or have narrow - range adjustments due to weak demand and limited cost support [10].

Eugen Rochko 在其博客中表示，其性格并不适合去领导一个社交媒体项目，而长期的运营也影响了其 个人与项目整体的健康关系，加之项目的去中心化理念，是他作出辞任 CEO 决定的原因。 作为相关资产和 10 年"工龄"的补偿，这位创始人从平台为重组发起的募捐中得到了 100 万欧元（IT之 家注：现汇率约合 824.4 万元人民币）。此次募捐的所得金额还将用于员工招募、功能实现等方面。 IT之家 11 月 18 日消息，去中心化社交媒体 Mastodon 创始人 Eugen Rochko 今日正式宣布辞去首席执行 官职务，转任战略与产品顾问并继续留在该平台的领导团队中。 Mastodon 正推动该社媒的架构转型，Eugen Rochko 将向平台转移他对 Mastodon 商标与其它资产的所 有权。 ...

Report Industry Investment Ratings - Iron ore: Volatile [2] - Coking coal and coke: Volatile [2] - Rolled steel and rebar: Volatile [2] - Glass: Volatile [2] - Soda ash: Volatile [2] - CSI 500: Rebound [4] - CSI 1000: Rebound [4] - 2-year treasury bond: Volatile [4] - 5-year treasury bond: Volatile [4] - 10-year treasury bond: Upward [4] - Gold: High-level volatile [4] - Silver: High-level volatile [4] - Logs: Bottom volatile [6] - Pulp: Bottom rebound [6] - Offset paper: Volatile [6] - Soybean oil: Range-bound [6] - Palm oil: Range-bound [6] - Rapeseed oil: Range-bound [6] - Soybean meal: Volatile [6][7] - Soybean No.2: Volatile [7] - Soybean No.1: Volatile [7] - Live pigs: Volatile and slightly stronger [7] - Rubber: Volatile [9] - PX: On the sidelines [9] - PTA: Volatile [9] - MEG: Wide-range volatile [9] - PR: On the sidelines [9] - PF: On the sidelines [9] Core Views - The macro利好 has landed, and black prices are returning to fundamentals. The supply and demand surplus pattern of iron ore is difficult to reverse, and steel mill profits are squeezed again. Coal and coke's upward driving force has weakened, but there is still support in the short term. Steel supply and demand contradictions still exist, and prices are mainly in volatile adjustment. Glass demand is weak, and the industry chain surplus contradiction needs to be resolved by reducing production. The market is in short-term consolidation, and the medium-term trend is still upward. Gold's pricing mechanism is changing, and its price is expected to be in high-level volatile [2][4]. - Log supply pressure increases, and prices are expected to be in bottom volatile. Pulp cost support weakens, and demand performance is poor, but prices are expected to rebound from the bottom. Offset paper supply pressure still exists, and prices are expected to be volatile. Oil supply is abundant, and demand is weak, and prices are expected to continue range-bound. Soybean meal and soybean No.2 are affected by import costs and domestic fundamentals, and prices are expected to be volatile in the short term. Live pig supply is expected to increase, but demand support is limited, and prices may decline [6][7]. - Rubber supply is affected by weather, and demand is improving. Inventory is in a downward trend, and prices are expected to be in wide-range volatile. PX and PTA prices are affected by raw material prices, and MEG supply is in a high position, and demand is worrying. PR and PF prices are affected by multiple factors, and the market is expected to be in volatile adjustment [9]. Summary by Related Catalogs Black Industry - Iron ore: China's 47-port arrival volume decreased by 16.44% to 2.7693 billion tons. Iron water increased slightly, but steel demand is weak. Port inventory continued to increase, and the supply and demand surplus pattern is difficult to reverse. Short-term negative feedback probability is small, and prices are mainly volatile [2]. - Coking coal and coke: The heating season supply guarantee meeting was held, and the market is worried about subsequent production resumption. Coking plant cost pressure is high, and the fourth round of coke price increase is still in the game. Steel mill profitability has declined rapidly, and blast furnace maintenance and production reduction have increased. There is still support for coal and coke in the short term [2]. - Rolled steel and rebar: The Fed cut interest rates as expected, and Sino-US preliminary meetings were held. The macro利好 has landed, and prices are returning to fundamentals. Rebar static valuation is low, and steel demand is weak. Steel price stability depends on whether production reduction can be strictly implemented in the fourth quarter of 2025 and the intensity of anti-"involution" policies [2]. - Glass: Spot prices are relatively weak, and some manufacturers have started to cut prices. The news of coal-to-gas conversion in Shahe has fermented. Real estate completion has continued to decline during the peak season, dragging down demand prospects. Enterprise inventory has continued to increase, and the industry chain surplus contradiction needs to be resolved by reducing production [2]. Financial Sector - Stock index futures/options: The previous trading day, the CSI 300 index recorded -1.57%, the SSE 50 index recorded -1.15%, the CSI 500 index recorded -1.63%, and the CSI 1000 index recorded -1.16%. The forestry and gas sectors showed capital inflows, while the semiconductor and Internet sectors showed capital outflows. The market is in short-term consolidation, and the medium-term trend is still upward. It is recommended to hold long positions in stock indexes [2]. - Treasury bonds: The central bank conducted 212.8 billion yuan of 7-day reverse repurchase operations, with a net investment of 7.11 billion yuan. Treasury bond spot rates are in consolidation, and the market trend is slightly rebounding. It is recommended to hold long positions in treasury bonds with a light position [4]. - Gold: In the context of high interest rates and globalization reconstruction, gold's pricing mechanism is changing. Central bank gold purchases are the key, and its de-fiat currency attribute is prominent. Geopolitical risks continue, and market risk aversion demand still exists. China's physical gold demand has increased significantly. The logic driving the current round of gold price increase has not completely reversed, and the Fed's interest rate policy and risk aversion sentiment may be short-term disturbing factors. It is expected that gold will be in high-level volatile [4]. Light Industry - Logs: The average daily port shipment volume of logs last week was 663,000 cubic meters, an increase of 35,000 cubic meters from the previous week. The average daily national outbound volume was stable above 600,000 cubic meters, but demand growth is difficult to maintain. New Zealand's log shipments to China in October increased by 2% from the previous month. The port inventory pressure is high, and inventory accumulation is expected to continue. Spot market prices are running steadily, and the ex-warehouse price is expected to decline. It is recommended to continue to pay attention to the delivery situation [6]. - Pulp: The previous trading day, spot market prices rose and fell. The latest ex-warehouse price of softwood pulp decreased by another 20 US dollars to 680 US dollars per ton, and the latest ex-warehouse price of hardwood pulp increased by 20 US dollars to 540 US dollars per ton. The cost support for pulp prices has weakened. The profitability of the paper industry is at a low level, and paper mills have high inventory pressure and low acceptance of high-priced pulp. Demand performance is poor, and currently paper mills purchase raw materials on a rigid basis, which is negative for pulp prices. Spot market price increases may drive futures prices, and it is expected that pulp prices will rebound from the bottom [6]. - Offset paper: The previous trading day, spot market prices were running steadily. Offset paper supply pressure still exists, and production has recovered compared with the previous week. Publishing tenders have been launched one after another, but market expectations are cautious. At the same time, paper price profits are at a low level, and the enthusiasm for high-price inventory is low. It is expected that prices will be mainly volatile [6]. Oil and Fat - Soybean oil: Malaysian palm oil production is higher than market expectations, and exports are strong, alleviating inventory accumulation concerns. It is expected that inventory will remain at a historical high in the next two months. The focus later will turn to the production reduction rate in November and export resilience. Recently, international oil prices have fluctuated sharply, and the attractiveness of biodiesel raw materials is limited. A large amount of soybeans have continued to arrive in China, and the oil mill operating rate has declined. Although the oil inventory has declined, the supply is abundant, while the demand is weak. At the same time, oil mills are more willing to support soybean meal prices to repair pressing profits, but there is support from raw material soybean costs. It is expected that the overall oil and fat will continue to be range-bound. Pay attention to the weather in the Brazilian soybean producing area and the production and sales changes of Malaysian palm oil [6]. - Palm oil: Same as soybean oil [6]. - Rapeseed oil: Same as soybean oil [6]. Agricultural Products - Soybean meal: The USDA report shows that US soybean production, exports, and ending stocks have all been revised down compared with September, but the global ending stocks have been revised up to 18.27 million tons, higher than market expectations. The global supply is slightly loose. Although the Sino-US trade agreement is helpful to promote US exports to China, US soybean prices do not have an export advantage. After the USDA report expectations are fulfilled, US soybean futures prices lack further driving force. The Brazilian soybean planting progress has improved, and the weather in the central and southern regions will be favorable for soybean crops. Argentina's soybean sowing is expected to accelerate due to favorable weather. Domestic oil mill operating rates have declined, and a large amount of imported soybeans have arrived. Soybean meal supply is abundant, demand is weak, and purchases are mainly on a rigid basis. Overall transactions are light. Soybean meal is affected by both import cost support and domestic fundamental pressure. It is expected that soybean meal will be volatile in the short term. Pay attention to the weather in the Brazilian soybean producing area and the actual progress of Sino-US trade [6][7]. - Soybean No.2: After the USDA expectations are fulfilled, US soybean futures prices lack further driving force. China has lowered tariffs on some US agricultural products and resumed purchasing a small amount of US soybeans, but traders are still waiting for larger-scale soybean purchases. The weather in the South American soybean producing area is generally favorable. Domestic near-month shipping imports of soybeans have accelerated, and port soybean inventory has continued to rise. Supply is very abundant. It is expected that soybean No.2 will be volatile in the short term. Pay attention to the weather in the Brazilian soybean producing area, Sino-US trade progress, and other uncertainties [7]. - Live pigs: The average transaction weight of live pigs across the country has increased slightly. The average transaction weight of live pigs has reached 124.65 kilograms, an increase of 0.11% from the previous week. Most regions have shown an upward trend in live pig transaction weight, except for a slight decline in the Northeast. Some large-scale farms concentrated on slaughtering in the first half of last month, and the weight of pigs available for slaughter at the end of the month was relatively light. At the beginning of this month, they generally adopted a strategy of reducing volume and increasing weight. The demand for large-weight白条 pigs has increased in some regions, and the price difference between fat and thin pigs has gradually narrowed. Slaughtering enterprises have correspondingly increased their purchasing efforts for medium and large-sized pigs, driving a slight increase in the average transaction weight. As the slaughtering rhythm of the breeding end gradually returns to normal, the supply of live pigs is expected to increase, but the demand support in the downstream market is limited, and there may be passive backlogging. It is expected that the average transaction weight of live pigs across the country may continue to maintain a slight upward trend next week. The average settlement price of live pigs by key slaughtering enterprises across the country was 12.67 yuan per kilogram, a decrease of 0.86% from the previous period. The enthusiasm for secondary fattening has declined this week. The operating rate of key domestic slaughtering enterprises has shown a slow recovery trend at a low level. The average operating rate of slaughtering enterprises across the country this week was 37.06%, a slight decrease of 1.02 percentage points from the previous week. The slaughtering volume of the breeding end was relatively limited from the end of last month to the beginning of this month, and the downstream stocking enthusiasm was insufficient. Slaughtering enterprises reported that it was difficult to sell白条, and only the slaughtering volume in some regions increased. Currently, the cost is high, and orders are limited. The slaughtering end has no sign of actively increasing the slaughtering volume, and the support for the market is limited. The average weekly price of live pigs may decline in the next week [7]. Soft Commodities - Rubber: The weather in Yunnan's rubber-producing area has limited impact, and raw material supply has remained stable. The purchase price has been slightly adjusted downward, and the rubber tapping profit is in the negative range. Hainan has been affected by continuous rain and typhoon weather, which has had a greater impact on rubber tapping operations. The overall glue production is lower than the same period last year and lower than expected. The processing profit is in the red, leading to a reduction in raw material prices. The production cost of local processing plants has decreased, and the profit inversion has improved. In Thailand, there has been a lot of rain, and typhoons have affected the southern producing area. The cup lump price has continued to rise, with a weekly average of 54.41 Thai baht per kilogram. The weather in the Vietnamese producing area has improved, and the previous supply pressure has been alleviated. The overall inventory is still at a low level. On the demand side, the capacity utilization rate of China's semi-steel tire sample enterprises is 71.07%, and that of full-steel tire sample enterprises is 63.96%. The capacity utilization rate of sample enterprises has increased this week. Some enterprises had short-term maintenance plans before, which significantly dragged down the enterprise capacity utilization rate. As the maintenance enterprises resume operation, the device capacity will be gradually released. According to the China Association of Automobile Manufacturers, China's automobile production and sales in September were 3.276 million and 3.226 million vehicles respectively, a month-on-month increase of 16.4% and 12.9% respectively, and a year-on-year increase of 17.1% and 14.9% respectively. Natural rubber inventory has continued to show a downward trend. Currently, the total social inventory of natural rubber in China is 1.08 million tons, a month-on-month decrease of 0.7%. Bonded warehouses have accumulated inventory, and general trade warehouses have continued to reduce inventory. The inventory reduction volume is greater than the inventory increase volume. The main producing areas have been affected by rain and typhoons, which have affected rubber tapping, but the expectation of increased supply in the future suppresses raw material prices. In the short term, rubber prices will follow the macro trend, and natural rubber prices may show a wide-range volatile operation [9]. - PX: The intensity of the Russia-Ukraine conflict has increased, and the relationship between the US and Venezuela also has risks, leading to rising oil prices. North American gasoline inventory is at a low level, and gasoline profitability is good. The market is speculating on the aromatics blending oil logic, which drives up PX prices regardless of oil price fluctuations [9]. - PTA: The medium- and long-term oil price expectation is not good, and the cost-side support is not good. PTA supply has decreased marginally, but there are new device test runs. The downstream polyester factory load has remained stable at a high level. Overall, PTA supply and demand have improved. Especially, the announcement of maintenance plans for multiple devices recently and the sharp increase in raw material prices have led to short-term PTA prices mainly following the raw material price fluctuations [9]. - MEG: It is expected that port inventory will continue to rise last week, while domestic production load has slightly declined. The overall supply is still at a high level. The polyester load on the demand side has temporarily stabilized with a decline, but at the end of the peak season, there are concerns about the future. The future supply and demand are expected to be in surplus. Although the long-term inventory accumulation pressure suppresses prices, short-term factors such as device accidents affect the inventory accumulation expectation, and the futures market has warmed up [9]. - PR: Crude oil prices have risen, and the cost still has strong support. However, there has been no substantial improvement in supply and demand, and the upward momentum of polyester bottle chips is insufficient. It is expected to be in weak volatile consolidation [9]. - PF: The demand side has shown average performance, but the PTA supply has decreased. Coupled with the large increase in oil prices over the weekend, it may continue to boost the cost-side trend. It is expected that under the game of multiple factors, the polyester staple fiber market may be in a warming consolidation this week [9].

Core Insights - Stablecoins have evolved from a conceptual tool in the cryptocurrency ecosystem to a crucial infrastructure for real-world payments, trading, and asset allocation [1] - The appeal of stablecoins lies in their operational logic and the associated risks, which vary across different types [1] Group 1: Traditional vs. Decentralized Financial Systems - The global financial system is at a crossroads, with traditional banking systems showing high costs and low efficiency, while a decentralized wave driven by blockchain technology seeks to eliminate intermediaries [4] - The 2008 financial crisis led to a fundamental questioning of the need for intermediaries, giving rise to Bitcoin as a peer-to-peer transaction experiment [4] Group 2: Types of Stablecoins - Stablecoins are categorized into four main types: 1. Fiat-backed stablecoins, which are pegged to currencies like the US dollar at a 1:1 ratio [7] 2. Commodity-backed stablecoins, such as those pegged to gold, which can still experience price volatility [8] 3. Crypto-collateralized stablecoins, which use cryptocurrencies as collateral but often require over-collateralization to maintain stability [8] 4. Algorithmic stablecoins, which aim to maintain value through smart contracts and algorithms without any backing assets [8] Group 3: Market Dynamics and Challenges - The stablecoin market has seen significant growth, with a total market cap exceeding $300 billion as of mid-2025, and on-chain transaction volumes surpassing $8.9 trillion in the first half of 2025 [9] - A core challenge in the stablecoin market is the "impossible trinity," where achieving decentralization, price stability, and capital efficiency simultaneously is difficult [9] Group 4: Regulatory and Geopolitical Implications - Stablecoins, particularly fiat-backed ones, face risks related to centralization and trust in issuers, as demonstrated by the USDC crisis following the Silicon Valley Bank collapse [11] - The rise of stablecoins poses a threat to monetary sovereignty, especially in high-inflation countries where citizens prefer stablecoins over local currencies [12] - The U.S. has strategically mandated stablecoins to be pegged to the dollar, potentially positioning them as major holders of U.S. Treasury bonds by 2030 [12] Group 5: China's Strategic Response - China is exploring the issuance of offshore RMB stablecoins and has initiated the digital RMB project to maintain control over its monetary policy while leveraging blockchain efficiency [14] - A dual strategy of promoting both digital RMB and offshore stablecoins could enhance market applications and support international payment needs for SMEs [14]

前言 2025 年 11 月 09 日中国国家计算机病毒应急响应中心发布了一份技术分析报告，指责美国窃取130亿美元比特币。 这起事件被区块链情报公司追溯认定为史上最大规模加密货币盗窃案的事件。 那么这起盗窃案到底是怎么回事？130亿美元比特币从何而来？ 技术神话的脆弱基石 比特币一直标榜着自己坚不可摧的安全性，但现实给了理想主义者一记响亮的耳光。 2020年12月，鲁比安矿池这个全球第六大矿场，在黑客面前显得如此不堪一击。 超过12万枚比特币被轻而易举地窃取，而原因竟然是如此低级的错误。 矿池使用了存在严重缺陷的伪随机数生成器来创建钱包私钥，这个业余级别的失误，让黑客的破解变得轻而易举。 更有意思的是，矿池在事发后并没有放弃希望，他们向黑客的钱包发送了数百笔小额交易，每笔都嵌入了信息，试图与对方对话。 这些总额超过4万美元的消息，就像沉入大海的石头，没有激起任何涟漪。 被盗的比特币在链上静静地躺了四年，没有任何转移的迹象，这种不正常的静默本身就是一个巨大的信号。 区块链分析公司Elliptic的报告证实了这一点，这些资产从被盗到被美国查封，一直保持着诡异的静止。 当我们在赞叹区块链技术革命性的时候，不能忘记 ...

Core Viewpoint - The incident involving the theft of $13 billion in Bitcoin has escalated into a confrontation between China and the U.S. over digital asset ownership, highlighting the complexities of cybersecurity and international law [1][3]. Group 1: Incident Overview - On November 9, the Chinese National Computer Virus Emergency Response Center accused the U.S. of stealing $13 billion in Bitcoin, originally lost due to a technical vulnerability four years ago [1]. - The U.S. Department of Justice announced the seizure of 127,271 Bitcoins, valued at approximately $15 billion at the time, linked to a theft from a Chinese mining pool [3]. - The stolen Bitcoins had remained dormant for four years without any transfers until the U.S. authorities declared them "legally" confiscated [3][8]. Group 2: Accusations and Legal Framework - China accused the U.S. government of using hacking techniques to steal the assets, labeling it a "state-level hacking operation" [5]. - The U.S. maintained that the seizure was part of a legal investigation into a fraud and money laundering network involving a Cambodian businessman [5]. - There is a significant gap in the timeline regarding how the stolen Bitcoins transitioned from the original attackers to the wallet controlled by the Cambodian businessman, raising questions about the legitimacy of the U.S. actions [7][8]. Group 3: Analysis Framework - Analysts proposed a "three-role analysis" to dissect the incident: the attackers, the intermediary holder (the Cambodian businessman), and the law enforcement agency (U.S. DOJ) that executed the seizure [10]. - This framework helps clarify the complexities of the case, moving beyond the question of "who stole the coins" to understanding the implications of power dynamics in digital asset governance [12]. Group 4: Global Implications - The incident reflects a broader global struggle for digital enforcement rights, with other jurisdictions like Singapore and the EU taking steps to establish their frameworks for digital asset governance [14][16]. - The EU's recent legislation aims to create a multilateral framework for cross-border digital asset enforcement, contrasting with the U.S. approach [16][19]. - The differing responses from various countries indicate a potential reshaping of the power dynamics in the digital asset landscape [19]. Group 5: Future Considerations - The incident underscores the ongoing tension between technological ideals and the realities of power, suggesting that the notion of a decentralized digital asset landscape may be an illusion [21][25]. - Predictions indicate that over 15% of decentralized concept funds may shift towards seeking regulatory protection under compliant digital assets in the next two years [23]. - The need for a balanced digital order amidst power struggles is emphasized as a critical challenge for the future [25].

有人说比特币没有价值支撑，却忽略了所有货币的价值都源于共同认知。黄金的价值不在于其工业用 途，纸币的价值不在于其纸张成本，正如比特币的价值在于全球用户对其"去中心化交易媒介"的信任。 泰达币资金费率作为稳定币生态中的关键指标，在泰达币的应用场景中，其动态调整其实是市场自我调 节的机制。当加密货币市场过热时，正向资金费率会促使空头增加，平抑泡沫。当市场低迷时，负向费 率则吸引多头入场。这一过程中，XBIT去中心化交易所通过链上清算保障交易公平，让投资者在利用 资金费率套利时无需担忧中心化平台的信用风险。 币界网11月10日讯，当比特币这类加密货币带着"无实体、无央行背书"的特质出现时，人们的困惑本质 上是一种只存在于网络中的数字凭什么能成为"钱"。答案或许颠覆常识，所有货币本质上都是集体共识 的价值投射，比特币只是戳破了这层伪装。XBIT去中心化交易所作为投资者平衡风险与收益的重要选 择，而泰达币（USDT）作为锚定法定货币的稳定币，其资金费率的波动更直观呈现了加密市场与传统 金融的价值联动。我们总以为钱是真实可触的，是钱包里的纸币，是银行APP上的数字，是能兑换商品 的硬通货。美元、欧元等法定货币，早已不是我 ...

Core Viewpoint - Bitcoin has experienced significant price fluctuations, dropping from a historical high of $126,198 to below $100,000, reflecting a shift in market sentiment and the impact of institutional involvement [2][3]. Group 1: Market Dynamics - Bitcoin's price has fallen by 15% over the past month, while the stock price of Strategy (formerly MicroStrategy) has plummeted by 26%, and leveraged ETFs have seen declines of up to 50% [5]. - Following the launch of BlackRock's iShares Bitcoin Trust (IBIT), there has been a notable outflow of over $900 million from the ETF, indicating a loss of market confidence [2][3]. - The Bid-to-Ask Ratio has turned positive at 0.2, suggesting a resurgence of buyer liquidity [9]. Group 2: Institutional vs. Decentralized Ideals - Peter Thiel's perspective has shifted from viewing Bitcoin as a decentralized future to seeing it as co-opted by Wall Street, raising concerns about its volatility and institutional dependency [2][4]. - The ongoing tension between early Bitcoin believers, who uphold its anti-establishment ethos, and institutional investors, who treat it as a high-volatility asset, highlights a fundamental clash in the cryptocurrency landscape [8]. - Bitcoin's market dominance has increased to 59.1%, indicating a return of funds to major cryptocurrencies [9]. Group 3: Future Outlook - Analysts suggest that if Bitcoin can break above the $105,000 liquidity zone, it may trigger a new upward movement, while a drop below $98,000 could signal further adjustments [7]. - The current market environment is characterized by a struggle between institutional withdrawal and the commitment of long-term believers in Bitcoin's potential [8].

Core Viewpoint - The article discusses the transformative impact of the AI revolution, comparing it to previous major revolutions like the Industrial Revolution, and suggests that AI may fundamentally reshape society, economy, and human relationships [6][9]. Group 1: Nature of the AI Revolution - The AI revolution is seen as a continuation of technology's role in enhancing human capabilities, shifting from physical to cognitive enhancements [7]. - AI is expected to accelerate the cycle of discovery and innovation, leading to exponential growth in technology and knowledge [8]. Group 2: Impact on Work and Society - The rise of AI may lead to the emergence of a "leisure class," where many professional jobs are replaced by AI, resulting in fewer people needing to work [11][12]. - Education will need to shift from preparing individuals for traditional jobs to teaching them how to live creatively and meaningfully in a world where work is not the primary focus [14]. Group 3: Challenges to Human Creativity - AI's capabilities in creative fields challenge the unique value of human creativity, as it can produce works indistinguishable from those created by humans [15]. Group 4: Economic and Social Structures - The traditional economic model based on work for income is being challenged, leading to discussions about basic income and wealth distribution in a potential "workless society" [17]. - The AI revolution could lead to a "post-scarcity" society, but there are concerns about wealth concentration and inequality [18]. Group 5: Knowledge and Intellectual Property - The concept of intellectual property may need to be redefined in an AI-driven world, where contributions to creative works are increasingly collaborative and difficult to attribute [19]. Group 6: Social Relationships and AI - AI is expected to decentralize social activities and relationships, potentially transforming how humans interact with each other and with AI [21][23]. Group 7: Global Implications - AI has the potential to foster global cooperation and reduce nationalism, but it may also reshape global power dynamics and economic structures [25][26]. Conclusion - The future of AI development depends on responsible practices that consider ethical, social, and ecological impacts, aiming for a better world with reduced conflict and poverty [28][29].