Mark retweeted
现如今最大的风口就是00后急着创业。
很多00后认为自己是所谓「高认知」,自己「并不一般」,并且每个人都对「年少有为」「财富自由」的故事极度饥渴。
因为花了大量时间在互联网上,通过算法推送 + 兴趣圈层刷过很多「00后月入10w+、认知决定一切、普通人翻身赛道」等极个别案例或者起号视频。
这些内容让他们容易陷入高认知幻觉,便无数次幻想自己创业成功并且功成名就的那个瞬间。
大量00后在信息茧房里觉得自己看透了世界、掌握了方法论,但实际的执行经验、社会阅历、底层资源完全为0。
不仅仅是信息闭塞,还是大量时间浏览互联网导致的信息过载+信息茧房。
同时就业难是根源之一。
稳定的工作岗位增长慢,年轻人只能自己想办法(副业、创业、投机)也许这不是单纯的"懒"或"急功近利",而是大量问题下的合理反应。
也许这种着急能够驱动创新、学习和迭代,很多00后已经在AI工具、跨境电商、内容创作等领域快速上手,确实可能跑出黑马。
但事实上,绝大部分都被项目方割了韭菜(各种"0基础月入过万""躺赚项目")。
高焦虑也可能导致心态崩盘、盲目all in、忽略长期积累。
所以,这确实是个超级风口,需求端巨大,他们愿意为各种所谓的赚钱方法而买单,包括但不限于:
认知提升,以及副业项目,AI工具,甚至加密货币,个人品牌,付费课程(社群、工具、代充、咨询等)。
现在的供给端已经很热闹了,大量教人赚钱的博主、 Web3 项目、AI代充、量化交易、短剧、直播带货、知识付费平台,都在猛烈收割这波"着急赚钱"的流量。
甚至有很类似的历史现象:
看看当年的80后90初的「创业热」、95后的「网红经济」,现在又轮到00后成为「最容易被变现的焦虑群体」。
所以说现在这个时代,谁能解决00后对赚钱的焦虑,谁就必然能赚钱:
1. 卖赚钱的信息。
包括但不限于AI教程、剪辑课程、自媒体课、编程课、跨境电商课、投资课。无非就是"我来告诉你如何赚钱~"
2. 卖"赚钱的工具"。
AI软件、图片生成工具、视频剪辑软件、数据分析工具、自动化工具
3. 做个人IP。
大量人在X、B站、小红书、抖音分享自己做AI,做投资,做产品的故事,积累信任后广告、咨询、软件分佣都会主动找你。
A bandaid on a problem while you can just use other model providers
anthropic released a new prompt that eliminates claudese:
platform.claude.com/docs/en/…
Mark retweeted
We did $100k in revenue after realizing that our customers hate software.
Our first product was an AI accounting tool for CFOs. I did 35 sales calls and got $0.
So we switched to being a service.
The pitch became: "We're an outsourced accounting firm that's faster/cheaper with AI"
Then our calls started to convert.
As founders, we naturally obsess over features and tech because that’s what we do.
But REAL customers don't care. They only want their problem solved (bonus points if they don't have to use the tool) in a fast, simple way.
Just sell the outcome.
Replying to @ycombinator
AI-Native Service Companies
@gustaf
The total spend on services is many times larger than the spend on software, and a lot of those services are already outsourced, which makes them easier to replace with an AI-native product.
We're excited about companies that don't sell a tool to help you do the work: they just do the work.
Mark retweeted
Stop paying for Codex/Claude or Cursor .
Try using McDonalds ai with Unlimited credits 😭
Readers added context they thought people might want to know
McDonald's has no AI customer support chatbot that writes code. The screenshot and claims are from a viral hoax with fabricated images.
fastcompany.com/91532091/mcdon…
completeaitraining.com/news/viral-cla…
Mark retweeted
Just had my first organic agentic x402 magic experience
• Needed my agent to access a website for which I didn't have an account.
• It discovered (on its own) Apify, which accessed that service on its behalf. Apify accepts x402 payments, which is what my agent then suggested
• Agent set up its own wallet (it has never done a crypto tx before), gave me a deposit address on Base. I sent it some USDC (and no ETH)
• Agent then connected to Apify on its own, arranged payment via x402, and got the data it needed, reporting it back to me.
The whole sequence involved just 4-5 single sentence prompts from me. That was all pretty magic, but then I asked it this question.
Agentic commerce on crypto rails is the future.
agent was pi agent
model was kimi-k3-fast-api on venice.ai/api
Can you read all of these without your blood pressure rising?
“load-bearing”, “golden path”, “golden files”, “golden artifacts”, “golden smoke tests”, “provenance”, “honest take”, “belt and suspenders”, “that’s the unlock”, “smoking gun”, “that’s not a bug, it’s a feature of the design”, “X isn’t the problem, it’s the symptom”, “not because X, but because Y”, “X, Y, but not Z. Sometimes W”, “X isn’t just Y anymore”, “no longer just X”, “less about X, more about Y”, “not X so much as Y”, “X, but for Y”, “load-bearing <literally anything>”, “the wrong shape”, “the same shape as”, “shaped like a”, “a config file in a trenchcoat”, “vibes in a trenchcoat”, “three functions in a trenchcoat”, “a spreadsheet in a trenchcoat”, “literally anything in a trenchcoat”, “this test is doing a lot of work”, “that comma is doing a lot of work”, “real work”, “the word 'should' is doing a lot of heavy lifting”, “this abstraction is earning its keep”, “this function pulls its weight”, “the duplication is load-bearing, not loose”, “the coupling is intentional, not accidental”, “the seam between”, “cutting along the seam”, “a natural seam”, “the grain of the codebase”, “against the grain of the API”, “the codebase wants to (wants to WHAT?)”, “the type system is telling you”, “dead code walking”, “zombie config”, “the function outlived its purpose”, “the name no longer matches the behavior”, “the compiler is trying to tell you”, “listen to what the code is telling you”, “the tests are screaming”, “this code smells like”, “the blast radius of this”, “the gravity of the module”, “orbiting the real issue”, “dancing around the actual fix”, “the fix is hiding in plain sight”, “the bug was hiding in”, “the quiet part”, “saying the quiet part out loud”, “half right, and the half that (more clanker rambling)”, “quietly load-bearing”, “quietly doing the heavy lifting”, “silently holding everything together”, “held together with hope”, “held together by convention”, “one refactor away from collapse”, “a Jenga tower of dependencies”, “a house of cards”, “the workaround became the architecture”, “the hack calcified”, “fossilized decisions”, “archaeological layers of the codebase”, “code archaeology”, “git blame archaeology”, “the sediment of past decisions”, “scar tissue in the X”, “the codebase has memory”, “the ghosts of a previous design”, “the foundation is sand”, “built on quicksand”, “the scaffolding became the building”, “haunted by an old abstraction”, “the vestigial parameter”, “an appendix of the API”, “the map has drifted from the territory”, “the docs are fan fiction at this point”, “the README is aspirational”, “the comment is a lie waiting to happen”, “the type signature is a promise the function doesn’t keep”, “the interface writes a check the implementation can’t cash”, “actually let me”, “actually let me”, “actually let me”, “actually let me”, “actually I think”, “actually let me”, “actually let me”, “Let me write this”, “actually let me”
Me neither.
Mark retweeted
They should make every LLM read this a billion times and never try to make complex systems when simple ones can be made.
Mark retweeted
if you've been using latest frontier LLMs, it's almost certain that you would have noticed by now the newer models have become worse to talk to
they're more robotic, they speak jargons, they spits out verbose text, and do stuff you didn't ask for
how did that happen? well, i'm not the person who trained those models so i can't speak for certain, but i've known enough evidence that gives me a well-educated guess, and i thought it's interesting to share as a crash course of modern LLM training pipelines
so here we go
let's wind back to 2020. GPT-2 and GPT-3 already came out and were widely available, but they could only predict one token at a time - that's what LLMs are at their core
token prediction was offered via API, but there was nothing you could "talk to". so while it generated a lot of excitement in the academic field due to the emergent intelligence, it didn't have any wide adoption
in 2022, ChatGPT changed all that. the research work that led to ChatGPT was a model initially named "InstructGPT". it took GPT-3 as the intelligent base, and used reinforcement learning with human feedback (RLHF) to teach the models how to "chat"
the core idea of RLHF is that you ask the model to generate a few responses, and then let real humans pick which one they like. do this over and over again, and you get a model that knows how to talk
worth noting even as early as InstructGPT, research found that making the model more pleasant to talk to will reduce their pure academic capabilities. this was called "alignment tax", which is an interesting thing we'll come back to in a bit
there were various techniques done to minimize the reliance on humans, but ultimately the reward is modeled after human preference, making these AI assistants easy to talk to
so remember this: RLHF = training the model to be likable by humans
in 2024, there was an inflection point introduced by claude sonnet 3.5 which was the first model that can kind of autonomously finish coding tasks. it led to the first wave of viable "coding agents"
the way sonnet 3.5 achieved this was by training the model with a harness (now it's called an agent) that has bash and file editing tools, throw the agent into a virtual machine, give it a task, and let it try to complete it. these tasks all have a machine-verifiable outcome predefined, mostly via test cases, that can validate whether the model really finished the task or not
then you let the model do billions and billions of attempts in such virtual environments, and some of them would succeed by chance. you keep the successful agent sessions, and use reinforcement learning to teach the model to do that more, and boom - you get a coding agent
that is called reinforcement learning with verifiable rewards (RLVR). if you look closely, you'll see that in this RLVR process, the final text response from the model doesn't matter AT ALL, as long as the code written by the agent could pass the test. it could talk like a jerk and it would still be rewarded
so remember this: RLVR = training the model to be accepted by machines
late 2024 and early 2025, we saw o1 and deepseek R1 came out as the first wave of "reasoning models". this article is getting long so i'm not diving into reasoning models now, but just know that reasoning models also relied heavily on RLVR to scale the training process - let the model think before taking action, and if the thinking led to a machine verifiable outcome, reward the thinking trace and teach the model to think like that more often
the biggest difference between RLVR and RLHF is that RLVR is more scalable. human feedback is expensive to get, especially in domains where only an expert can have a valid opinion on which result is good
with RLHF, if we let the model generate 100 responses, then a human has to review all 100 responses to pick which is good
with RLVR, the human (or sometimes an AI) would define a task and verifier only once, and the model can generate a million responses - the machine verifier will pick which responses are good in an automated way
so as a result, RLVR is becoming more and more dominant in newer models' training pipeline
if you put all these things together:
- RLHF = training the model to be likable by humans
- RLVR = training the model to be accepted by machines
- RLVR is more scalable
- "alignment tax" says "likable by humans" makes the model do worse on verifiable tasks
now you see why the newer models are becoming less and less likable?
this is not just a "frontier labs screwed up their model training" problem - this is a war between machines and humanity, and humanity is losing
we chased after benchmarks, when none of the benchmarks measure whether humans actually enjoy working with the model
we use machines to decide which AI response is better because that's easier and cheaper, when we have no way of making sure those machines actually represent what we humans want
we let AI go dark in a virtual environment on its own and complete predefined tasks at all costs, when in reality we often cannot define a verifiable outcome upfront, and need AI to work with us along the way
i don't have a good solution to this, but i want to call for awareness that we're starting to witness a failure in aligning super intelligence right in front of our eyes
this war between machines vs humanity is one we really can't afford to lose
Mark retweeted
历史反复验证:韩国永远是全球金融危机的第一预警器。
1997 年亚洲金融风暴:韩元率先断崖贬值,KOSPI 暴跌,外汇储备几乎耗尽;随后风险迅速传导至全球市场。
2000 年互联网泡沫:韩国半导体板块提前见顶回落,几个月后纳斯达克崩盘 78%,科技泡沫彻底破裂。
2008 年次贷危机:韩股率先进入加速下跌,一个多月后雷曼破产,全球金融体系当场宕机。
后来韩国人发现,只靠韩国市场发送预警,效率还是太低,于是开始主动出海:
2021 年,Bill Hwang 通过 Archegos 把杠杆塞进总收益互换,一次爆仓让全球投行损失上百亿美元,其中瑞信单家亏掉55亿美元,开启了中概一路趴到现在的大熊市。
2022 年,Do Kwon 发明的 LUNA 和 UST 梯云纵 400 多亿美元市值几天内灰飞烟灭,随后三箭资本、Celsius 等机构连环爆雷,半年后 FTX 倒闭。
2025 年,韩国危机预警系统进一步完成了产业化升级。据说南方东英最初只给三星电子在香港市场推出了两倍杠杆产品 7747。SK 海力士看完很不高兴,主动找上门问:
「为什么三星有,我没有?」
南方东英从善如流,随后推出 7709,满足了韩国企业在金融创新领域不患杠杆不足,患杠杆不均的合理诉求。
结果以 7709 和 7747 为首的两支杠杆兵团迅速做大:SK海力士相关产品最高管理规模约 230 亿美元,三星相关产品约 80 亿美元,合计超过 300 亿美元。其中 7709 单只产品规模一度超过 200 亿美元,成为全球最大的单一个股 ETN 杠杆产品。
这批产品每天自动再平衡:
股票上涨,它们必须继续买入;
股票下跌,它们必须被迫卖出。
别人投资讲究低买高卖,韩国金融创新实现了高买低卖全自动化。
偏偏三星和 SK 海力士又占据 KOSPI 超过一半的权重。于是两员大将上涨时负责把韩国股市顶上天,下跌时负责按照两倍杠杆纪律集体砸盘。一次暴跌,仅 SK 海力士相关杠杆基金就能制造约 50 亿美元的机械性卖盘。
最终,KOSPI 从 9385 点一路被干到 6000 点附近,一个多月回撤约 36%,期间反复熔断,单日盘中再跌超过 11%。
Mark retweeted
Loop engineering and graph engineering, explained like you are five. Everyone throws the words around, almost nobody defines them
A loop is one worker with a to-do list. It picks a task, does it, looks at what happened, picks the next one. Everything it knows lives in one conversation. When that conversation fills up, things start falling out of it.
A graph is an assembly line. Each station does one job. Between stations the work gets saved to disk. If station four fails, you rerun station four, not the whole line.
Three questions decide which one you need:
1. Will you do this a hundred more times? If not, use the loop. Building the line costs more than doing the work by hand
2. Can a script tell you the output is correct? If only your taste can judge it, the checkpoints are decoration
3. Do you know the steps yet? If not, the loop will find a path you would never have drawn
The loop is not dead, it got demoted. Every station on the line still has a worker running a loop inside it.
Bookmark this
Winding down financial engineering is good for the industry imo
List of DATs who have abandoned Bitcoin and crypto accumulation strategies since:
🔴 Full Liquidations / Complete Exits
Satsuma Technology (SATS LN) — Shareholders voted on July 21, 2026 (>>90% approval) to liquid all 668 BTC (~$43.5M), return capital to investors, and delist from the London Stock Exchange. Pantera Capital Management was reportedly among investors pushing for the wind-down.
Bitdeer (BTDR US) — Fully emptied its corporate Bitcoin treasury as of February 20, 2026, liquidating its remaining 943 BTC to fund its pivot to AI data centers. The company had also sold 798 BTC in December 2025.
CEO Jihan Wu stated the zero balance "will not always be zero in the future."
Sequans Communications (SQNS US) — Sold 1,025 BTC in Q1 2026 to fund convertible debt redemptions and an ADS buyback, reducing holdings from 2,139 BTC to 1,114 BTC. Subsequently sold nearly 80% of remaining holdings to fully redeem all convertible debt.
Sequans has explicitly stated it will not acquire more Bitcoin and is refocusing on its core IoT semiconductor business, with plans to monetize its remaining 658 BTC in a disciplined manner over coming quarters.
Genius Group (GNS US) — Liquidated its entire Bitcoin treasury in early April 2026 to repay approximately $8.5M in debt. The company had previously reduced holdings from 200 to 138 BTC in November 2025 to cover short-term cash needs, with plans to recommence Bitcoin purchases at end of 2026.
Prenetics (PRE US) — Fully liquidated its entire ~510 BTC treasury (~$41.3M in proceeds) in May 2026 and adopted a policy prohibiting any future digital asset purchases.
Vaultz Capital (V3TC AQ) — Shareholders voted on July 21, 2026 to withdraw its Bitcoin treasury policy and dispose of all Bitcoin holdings, repositioning as a cash-backed acquisition platform. Exact BTC quantity not disclosed.
Alpha Compute (ALP US) — Completed a full wind-down of its digital asset treasury on July 10, 2026, returning the final tranche of ~$6M in TON/GRAM holdings to Animoca Brands affiliates. No longer holds any digital assets.
AEG (AEG LN) — Fully liquidated its entire digital asset holdings post year-end, realizing approximately £97,945, converting proceeds back to working capital.
MAIA Biotechnology (MAIA US) — Digital asset treasury strategy placed on hold due to cryptocurrency volatility; holds approximately $0 in digital assets as of March 23, 2026.
🟠 Partial / Ongoing / Forced Sales
MARA Holdings (MARA US) — Sold approximately 15,133 BTC (~$1.1B) in March 2026 to repurchase over $1B of face value of its Senior Convertible Notes and reduce its line of credit by $200M. MARA has formally expanded its digital asset management strategy to allow for the sale of Bitcoin held on its balance sheet — not just current production — to enhance financial flexibility and fund capital projects.
Empery Digital (EMPD US) — Has been systematically selling Bitcoin since at least March 2026, reportedly selling nearly half of its BTC holdings for approximately $87M as of July 10, 2026, to fund a $200M share repurchase program and repay a term loan. Disclosed weekly tranches include:
Strategy / MicroStrategy (MSTR US) — Sold 32 BTC (~$2.5M) between May 26–31, 2026 to fund preferred stock distributions. The board authorized a BTC Monetization Program of up to $1.25B to generate USD reserves, with a minimum USD reserve policy of at least 12 months coverage. Between June 29–July 5, 2026, sold a further 3,588 BTC (~$135.2M), bringing total sales to approximately 3,620 BTC (~$137.7M combined).
Michael Saylor stated at BTC Prague: "I never said the company wouldn't sell its Bitcoin."
Nakamoto Inc. (NAKA US) — Sold approximately 284 BTC for $20M in March 2026, with proceeds used for working capital and to fund operations following its acquisitions of BTC Inc. and UTXO Management. Additionally sold ~40 BTC received as premium income from its derivatives program. As of December 31, 2025, approximately 3,717 of its 5,342 BTC were pledged as collateral for a Kraken loan maturing December 4, 2026 — a potential binary event.
Smarter Web Company (SWC LN) — Sold 178 BTC on July 23, 2026 at an average price of $65,762 (~$11.7M) to repay its "Smarter Convert" convertible instrument to the TOBAM Group ahead of maturity.
Cango Inc. (CANG US) — Completed a Bitcoin sale in February 2026 to strengthen its financial position and advance an AI transformation strategy. Exact amount not disclosed.
DIGI (DIGI CN) — Sold its entire 118,000 XRP position and pivoted its digital asset strategy to Bitcoin accumulation, holding 10.88 BTC as of February 28, 2026.
🟢 Strategy Shifts (Reduced Accumulation / Active Management)
Exodus Movement (EXOD US) — Has been materially reducing its ETH holdings: from 2,742 ETH (July 2025) to 1,840 ETH (February 2026) to 1,433 ETH (May 2026).
MPU Capital (MPU US) — Shifted primary treasury emphasis away from BTC/ETH to stablecoin governance tokens in August 2025; may continue to buy, hold, or sell BTC and ETH.
ZeroStar (ZSTK US) — Treasury policy explicitly contemplates periodically selling cryptocurrency for general corporate purposes.
DigitalX (DCC AU) — Moved away from pure accumulation to actively managing Bitcoin holdings within a disciplined capital allocation framework.
Mark retweeted
BlackRock, Strategy and Coinbase just formed a BTC Security Consortium: $15 million to prepare Bitcoin for quantum computing.
Bitcoin's biggest challenge is getting what it needs to be solved.
The institutions aren't selling. They're building.
End of an era
Dear BitMEX Users,
Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC.
The owner and operator of BitMEX, HDR Global Trading Limited, has made the difficult decision to close operations following a strategic review of the business.
It may not look the same today, but we are proud of our 11+ year legacy and the role we played in shaping the crypto industry. We invented the 100x leverage perpetual swap, which for most of you, was the first step to your crypto trading journey. It is now the most traded financial product in the crypto industry, adopted by thousands of users and exchanges. And we remain proud of our robust security infrastructure, which has allowed us to maintain a flawless track record of 0 customer funds lost to hacks in our entire operating history.
We want to reassure you that your assets remain fully safe and under your control during this transition period. This announcement is just to give enough time to ensure a smooth withdrawal process for everyone.
From today we strongly encourage all users to close their positions and withdraw their funds as soon as convenient. For more details on the full process, please read our blog: bitmex.com/blog/bitmex-closu…
BitMEX was once home to some of the greatest traders today. Our team has dedicated tremendous effort and passion into building the platform into what it is, and we are glad to have reached some of you during your time with us. To everyone who has traded, supported, and grown alongside us - thank you for your trust over the last 11 years.
The BitMEX Team
Mark retweeted
Morpho just launched fixed-rate lending on Base
Fixed-rate lending on cbBTC: ~4% APY.
Fixed-rate Prodigy.fi vaults on cbBTC: 12%+ APY
The difference? You're not just lending — you're earning option premiums from traders who want exposure to price moves.
That's what Prodigy.fi does. Same chain. Higher yield. Different mechanism.
































