重阳说 查理·芒格先生有一句广为流传的话："我这一生当中，未曾见过不读书就智慧满满的人。没有。一个都没 有。沃伦（巴菲特）的阅读量之大可能会让你感到吃惊。我和他一样。我的孩子们打趣我说，我就是一 本长着两条腿的书。" 熟悉重阳的朋友们一定知道，阅读，一直是我们非常推崇的成长路径。 现在，我们希望和你一起，把阅读这件事坚持下去。 每一期专栏，我们依旧聊书，可能是书评、书单或者书摘。 每一期会有一个交流主题，希望你通过留言与我们互动。 我们精选优质好书，根据留言质量不定量送出。 世界莽莽，时间荒荒，阅读生出思考的力量，愿你感受到自己的思想有厚度且有方向，四通八达，尽情 徜徉。 提示：本公众号所发布的内容仅供参考，不构成任何投资建议和销售要约。如您对重阳产品感兴趣，欢 迎 扫码 咨询。 【好书】第296期：《 加密货币与金融大变局 》 艾利艾咨询 编著 李未柠 主编 中信出版集团 推荐人 营销编辑 马萱 2025年8月 互动话题： 结合本书 ， 请谈谈你对稳定币的理解 。 留言时间：2024年8月6 日 - 2025年 8月13日 （鼓励原创，只要你的内容足够优秀，期期选中也有可能哦） 筛选及书籍（单本）寄送：20 ...

Group 1 - Musk raises concerns about the long-term security of Bitcoin in the context of rapid advancements in quantum computing, specifically regarding the SHA-256 hash algorithm's vulnerability to powerful quantum computers [2][4] - IBM announced its next-generation quantum system "Blue Jay," which is expected to achieve 2000 qubits by 2033, intensifying competition in the quantum computing space [2][6] - Current quantum systems possess around 1000 qubits, significantly lower than the millions of error-correcting qubits needed to effectively break Bitcoin's encryption [4] Group 2 - Grok's analysis indicates that the risk of quantum computers breaking Bitcoin's encryption is near zero in the next five years, with a slight increase to below 10% by 2035 [2][4] - Deloitte's recent analysis suggests that approximately 25% of Bitcoin is at risk of being stolen through quantum attacks, highlighting the urgency for the Bitcoin network to adopt post-quantum cryptography [4] - Tesla holds 11,500 Bitcoins valued at approximately $1.3 billion, while SpaceX reportedly holds around $850 million in Bitcoin, indicating Musk's vested interest in addressing potential threats [6]

Core Viewpoint - Bullish, a digital asset exchange operator backed by Peter Thiel, is preparing for an IPO on the NYSE with a valuation of $4.2 billion, aiming to raise up to $629 million by offering 20.3 million shares priced between $28 and $31 [1][29]. Financial Overview - Bullish reported over $3 billion in liquid assets, including 24,000 Bitcoins, 12,600 Ethereums, and over $418 million in cash and stablecoins [3]. - The company’s digital asset sales are projected to reach $72.89 billion in 2022, $116.49 billion in 2023, and $250.2 billion in 2024, with net losses of $4.25 billion, $1.3 billion, and $795.6 million respectively [18][20]. - For Q1 2025, Bullish recorded digital asset sales of $80.24 billion, a slight decrease from $80.4 billion in the same period last year, with a net loss of $348.62 million compared to a net income of $104.77 million in Q1 2024 [21]. Market Position and Growth - Bullish operates a global digital asset platform focused on institutional investors, aiming to enhance the adoption of stablecoins and blockchain technology [11]. - The company has seen significant growth in trading volumes, with Q1 2025 Bitcoin trading volume reaching $108.6 billion, a 36% increase year-over-year [17]. - The average daily trading volume for Bitcoin in Q1 2025 was $1.21 billion, up 37% from the previous year [17]. Strategic Partnerships and Future Plans - BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million in common stock at the IPO price [2]. - Bullish has expanded its product offerings through the acquisition of CoinDesk, enhancing its capabilities in providing insights and analytics in the digital asset space [13][16]. Regulatory Environment - The U.S. cryptocurrency industry has benefited from supportive legislation, including the passage of the Genius Act, which aims to regulate stablecoins [7]. - Bullish holds multiple Tier 1 regulatory licenses, allowing it to operate across various jurisdictions, which enhances its market reach and liquidity [48]. Management and Ownership - The company is led by CEO Thomas W. Farley, who previously served as the president of the NYSE [23]. - Major shareholders include Peter Thiel and other significant investors, with Brendan F. Blumer holding 30.1% of Class A shares post-IPO [25][26].

美东时间周二，美股三大指数全线收跌。截至收盘，道琼斯指数跌0.14%，报44111.74点；标普500指数跌0.49%，报 6299.19点；纳斯达克综合指数跌0.65%，报20916.55点。 美国供应管理协会（ISM）公布的数据显示，美国7月服务业PMI录得50.1，低于市场预期的51.5和前值50.8，这意味着服务 业在该月几乎陷入增长停滞。 因不满美国总统特朗普对巴西加征的高额关税，巴西总统卢拉表示，巴西政府发布的一项决议已授权外交部将美方行为诉 至世贸组织争端解决机制，以应对美国的关税上调。 美国三大股指集体收跌 美东时间周二，美股三大指数全线收跌。截至收盘，道琼斯指数跌0.14%，报44111.74点；标普500指数跌0.49%，报 6299.19点；纳斯达克综合指数跌0.65%，报20916.55点。 热门科技股多数下跌，微软、Meta、博通均跌超1%，英伟达跌近1%。谷歌C跌0.22%，苹果跌0.21%，特斯拉跌0.17%。 分项指标中，新订单指数降至50.3，就业指标从47.2降至46.4。此外，衡量材料和服务支付价格的指标攀升至69.9，为2022 年10月以来最高。 分析称，这份数据描绘 ...

Market Overview - On August 5, US stock indices collectively declined, with the Dow Jones down 0.14% at 44,111.74 points, the S&P 500 down 0.49% at 6,299.19 points, and the Nasdaq down 0.65% at 20,916.55 points [5][4]. Economic Data Impact - High inflation and weak employment data have raised concerns about the US economic outlook. The ISM non-manufacturing index showed zero growth in the US services sector for July, with a PMI of 50.1, below market expectations of 51.5 and the previous month's 50.8. Employment indicators dropped from 47.2 to 46.4, indicating potential stagflation worries [9]. Corporate Earnings - TSMC reported second-quarter revenue of $7.69 billion, a 32% year-over-year increase, but net profit fell 31% to $781 million, leading to a stock price drop of over 2% [27][29]. - AMD's fourth-quarter net sales were $5.76 billion, below the expected $6.01 billion, resulting in a stock price decline of 1.67% [30][31]. Technology Sector Performance - Major tech stocks experienced declines, with Nvidia down 0.97%, Microsoft down 1.47%, and Meta down 1.67%. Amazon, however, saw a slight increase of 0.99% [11][13]. Cryptocurrency Market - Coinbase announced plans to issue $2 billion in convertible bonds to raise funds, which led to a stock price drop of over 6% [21][24]. The funds are intended for stock buybacks or debt repayment [23]. Commodity Prices - Oil prices continued to decline, dropping 1.69% on August 5, marking four consecutive days of decline [17]. - Gold prices increased by 0.25%, closing at approximately $3,535 per ounce [19].

Group 1 - Trump is expected to announce a new Federal Reserve chair soon, narrowing down candidates to four, excluding Treasury Secretary Scott Bencet [2] - Trump plans to impose drug tariffs starting small and eventually reaching 250%, with an initial rate not disclosed [2] - Trump threatened to significantly increase tariffs on India within 24 hours due to its oil purchases from Russia, although he did not specify new rates [3] Group 2 - The EU has decided to suspend retaliatory tariffs against the US that were set to take effect on August 7, while still retaining the option to reinstate them [5] - The EU is currently in discussions with the US to implement a trade agreement reached last month, amid dissatisfaction from several EU member states regarding the perceived leniency of the agreement [5] - US stock markets opened higher, with notable gains in companies like Pfizer and British Petroleum, while cryptocurrency stocks like Coinbase saw declines [6] Group 3 - Palantir's stock surged by 8% to reach a new all-time high, with its market capitalization exceeding $400 billion, following an upgrade in target price by Wedbush from $160 to $200 [7]

每经编辑｜陈柯名 据央视新闻，美国总统特朗普于美国东部时间8月5日，接受了美国消费者新闻与商业频道（CNBC）采访。 图片来源：视觉中国 特朗普表示，他还将在"下周左右"宣布对半导体和芯片征收关税，但未详细说明。 在谈及对欧盟关税问题时，特朗普称，如果欧盟不履行义务，将对欧盟征收35%的关税。 在谈及对印度关税时，特朗普发出"威胁"，将在未来24小时内大幅提高印度关税。 特朗普并没有明确提到对印度的新关税税率。 此前一天，4日，特朗普在其社交媒体"真实社交"发文表示，印度不仅大量购买俄罗斯石油，还将其中大部分石油在公开市场上出售，牟取暴利。因此， 他将大幅提高印度向美国缴纳的关税。 据多家媒体8月2日报道，尽管美国总统特朗普威胁将对印度购买俄罗斯能源产品等行为实施"惩罚"，印度方面仍然表示，将继续从俄罗斯进口石油。 在采访中，特朗普表示，可能很快宣布美联储新任主席。 他表示已将潜在的未来美联储主席范围缩小到四名候选人，该名单不包括财政部长斯科特·贝森特。 特朗普称瑞士靠制药业赚得盆满钵满，将在未来一周内宣布药品关税。药品关税最初将很小，最终将达到250%。 "一年，最多一年半，税率将升至150%，之后将升至2 ...

在现任美国总统唐纳德·特朗普执政期间，数字资产行业取得了一定进展。《天才法案》和《澄清法 案》等法案的出台，为行业带来了更多监管确定性。今年1月上任后不久，特朗普便下令成立加密货币 工作组，负责提出新的监管方案，履行其竞选时全面改革美国加密政策的承诺。 上周，SEC主席保罗·阿特金斯概述了多项支持加密货币的举措，包括指示工作人员制定指南，明确加 密代币在何种情况下可被认定为证券，以及各类信息披露和豁免提案。 这两家监管机构的行动，标志着长期呼吁定制化监管的加密行业，取得了重大胜利。 智通财经APP获悉，美国商品期货交易委员会(CFTC)周一宣布，将允许在该监管机构注册的期货交易 所，开展现货加密资产合约交易。CFTC代理主席卡罗琳·范表示，作为监管美国衍生品市场的机构， CFTC将与美国证券交易委员会(SEC)的"加密项目"协调合作，即刻在联邦层面开启数字资产交易。 Enigma Securities研究主管约瑟夫·爱德华兹指出："我们期望在未来两年内，除比特币和以太坊之外，更 多种类的资产能在美国市场站稳脚跟，而类似这样的举措，最终将推动这一进程。" CFTC还邀请利益相关方，就如何在指定市场中挂牌现货加密 ...

Market Overview - The cryptocurrency market has rebounded impressively after a significant downturn, with a total market capitalization rising to $3.76 trillion, an increase of 2.01% from the previous day [1] - Among the top 100 cryptocurrencies, 95% experienced price increases within the last 24 hours, indicating a strong recovery momentum [1] Traditional Market Influence - The rebound coincides with a stabilization in traditional markets, with S&P 500 futures rising after a sell-off triggered by tariffs, alleviating investor concerns due to factors like tariff reductions and strong earnings from companies like Meta and Microsoft [3] - Analysts predict that the Nasdaq's performance will likely surpass that of the S&P 500, driven by the tech sector's growth during the AI boom [3] Key Cryptocurrency Performances - Bitcoin saw a slight increase of 1% to $114,798, providing a stable foundation for altcoins [3] - Ethereum led the recovery among major cryptocurrencies, rising 4.36% to $3,650, breaking through the $3,600 resistance level [4] - XRP increased by 2.83% to $3.04, buoyed by speculation around its spot ETF and clearer regulatory outlook following the SEC lawsuit [7] - Litecoin outperformed both Bitcoin and Ethereum with an 8.72% increase to $119.11, with analysts confident about its upcoming ETF approval [8] Technical Indicators - Ethereum's technical indicators show a bullish trend, with the 50-day moving average providing solid support around $3,200 and the 200-day moving average at $2,700 [4] - The Average Directional Index (ADX) for Ethereum reached 40, indicating a strong upward trend [4] - Litecoin's technical indicators also suggest a bullish outlook, with an ADX nearing the critical 25 mark and the RSI at 68, indicating strong buying pressure [8] Trading Platform Insights - XBIT decentralized exchange is highlighted for its low slippage, high liquidity, and compliance, becoming a core platform for trading mid-cap cryptocurrencies like Mantle and Memecore [3][10] - The platform supports major public chains such as Ethereum, Solana, and BSC, attracting traditional financial investments into the crypto market through RWA (real-world asset) channels [10]

Core Viewpoint - Trump's significant shift in attitude towards cryptocurrency during the 2024 presidential election, actively courting the crypto community and becoming the first major party candidate to accept cryptocurrency donations [2][3] Fundraising and Donations - In Q2 2024, Trump's campaign committee raised approximately $3 million through crypto assets, with around $2 million coming from 19 individual donors in the crypto sector [3] - Notable donations included $1 million in Bitcoin from Tyler and Cameron Winklevoss, $845,000 in Ethereum from Jesse Powell, and $300,000 in XRP from Stuart Alderoty [3] - Trump's fundraising efforts included a private event at the Nashville Bitcoin conference, raising up to $21 million in a single event [3] - The total contributions from the crypto industry are reported to be in the tens of millions to potentially billions, making it a significant portion of corporate donations for 2024 [3] Policy Stance - Trump emphasized ending the Biden administration's crackdown on the crypto industry and pledged to make the U.S. a global leader in cryptocurrency [4] - He supports stablecoins pegged to the dollar, opposes government-issued central bank digital currencies (CBDCs), and promises to protect self-custody wallet users from regulatory interference [4] - Trump's campaign image is shaped by a "market freedom, anti-regulation" stance, making the crypto community a crucial part of his political base [4] Regulatory Changes - After taking office, Trump began to implement his campaign promises, reassessing and adjusting some of the Biden administration's regulatory measures on crypto [4] - The SEC delayed the implementation of certain stablecoin issuance regulations, positively impacting market sentiment and leading to price increases for some digital assets [4] - The U.S. Department of Energy issued new guidelines encouraging the use of renewable energy for Bitcoin mining, resulting in U.S. publicly listed Bitcoin miners achieving a historical high of approximately 31.5% of global network hash rate by June [4] Appointments and Organizational Changes - Trump appointed Mark Uyeda as acting SEC chair and nominated Paul S. Atkins, a proponent of loose regulation, as SEC chair [5] - The establishment of the "Digital Assets and AI Affairs Office" led by David Sacks aims to coordinate crypto policy and legislation [5] - The SEC formed a "Crypto Assets Special Working Group" under the leadership of Hester Peirce, known as "Crypto Mom" [5] Personal Involvement and Market Impact - Trump's personal and familial involvement in the crypto space includes the launch of personal tokens, TRUMP and MELANIA coins, which saw significant price increases [6] - His son, Donald Trump Jr., has participated in Web3 and NFT events and invested in several blockchain projects [7] - Trump's actions to influence Federal Reserve personnel and policies, including calls for rapid interest rate cuts, may create short-term benefits for the crypto market but raise concerns about the independence of the Fed and long-term market stability [7][8] Conclusion - Trump's "crypto vision" is advancing, but the interplay between industry and political power carries complex political costs and financial risks [9]