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</div><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">After the SFC named JPEX in its statement last Wednesday, investors reported being unable to withdraw funds from the platform in the early hours of the same day. It was not until Thursday that the SFC referred the case to the police.&nbsp;</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">Despite the high-profile actions taken by the police, including the arrest of several individuals, some of whom are well-known Key Opinion Leaders (KOLs), these actions did not prevent losses for investors. On-chain data showed significant transfers from JPEX's commonly used hot wallets, with the virtual assets' balance dropping from over $20 million last week to less than $2 million at the time of writing.</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">According to the police, there have been thousands of reports filed by Hong Kong citizens, involving a total amount of HKD 1.2 billion. This is a substantial sum of money. Prior to the SFC's statement, it seemed that JPEX could still process withdrawals (although some users had already reported difficulties). In comparison to the current situation where no user can successfully withdraw funds, is there more proactive action the government can take to protect its citizens?</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">For example, the reporting individuals should have provided JPEX's wallet addresses. Can the government apply for a temporary asset freezing order from the court to prevent the transfer of assets associated with those wallet addresses? Or can they freeze the USDT assets related to JPEX through Tether?</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">In fact, the SFC had already classified JPEX as a suspicious exchange back in July 2022. So why wasn't the issue with JPEX explicitly addressed at that time? Would the outcome have been different if action had been taken then? Alternatively, if the SFC had not issued a statement but instead handed the case directly to the police for investigation and arrests, could it have caught the individuals off guard?</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">What puzzles me is whether the allegations made by the SFC when they named JPEX on September 13, 2023, are sufficient for prosecution. If not, what was the purpose of that statement? Was it intended to alert retail investors, or was there a deliberate plan to trigger JPEX? I believe the SFC has the intention to protect Hong Kong citizens, but while triggering JPEX, have they considered the plight of JPEX users who might not have had a chance to react?</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">I hope that the police have secretly contacted Tether and local banks to freeze a portion of JPEX's assets, so that JPEX users can avoid losing everything.</p>

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</div><p>证监会在上周三发出声明点名 JPEX 后，同日凌晨投资者已表示无法在平台提取资金，而周四证监会才将个案转交警方。虽然警方已高调处理，拘捕多名涉案人，当中不少为知名KOL。</p><p>&nbsp;</p><p>然而，高调的行动并未阻止投资者的损失，链上数据显示JPEX 的常用热钱包发生大额转移，由上周拥有2,000 多万美元的虚拟资产，到截稿前结余已不到200 万美元。</p><p><br>据警方指出，目前有上千名香港市民报案，涉及的金额高达12 亿港元，这是一笔巨额资金，而在SFC 发表声明前，JPEX 似乎还能正常提币（虽然当时已有网民表示提币困难），对比起目前无一用户能成功提币的困境，政府是否有更多积极保护市民的措施可做？</p><p><br>举个例子，报案人应该有提供 JPEX 的钱包地址，政府是否可以向法庭申请临时资产冻结令，阻止有关钱包地址转移资产，或者可以向 Tether 冻结涉及 JPEX 的 USDT 资产。</p><p><br>事实上，证监会早在 2022 年 7 月，将 JPEX 列为可疑交易所。那么，为什么当时不明确指出 JPEX 的问题呢？如果当时采取行动，结果会否不同？又或者，如果 SFC 先不发出声明，而是交由警方调查及采取拘捕行动，是否可以杀涉案人士一个措手不及？</p><p><br>令笔者费解的是，证监在 2023 年 9 月 13 日点名 JPEX ，当中的指控是否已够料起诉？如否，这份声明的目的到底是提醒散户，还是有计划地引爆 JPEX？笔者相信 SFC 有意保障香港市民，只是引爆 JPEX 的同时，可有想过走避不及的 JPEX 用户？<br>笔者希望警方暗中已经联络 Tether 及本地银行，冻结 JPEX 部分资产，让 JPEX 的用户们，不至于一铺清袋。</p>

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</div><p><span style="background-color:white;color:black;font-size:10.5pt;">證監會在上周三發出聲明點名 JPEX&nbsp;後，同日凌晨投資者已表示無法在平台提取資金，而周四證監會才將個案轉交警方。雖然警方已高調處理，拘捕多名涉案人，當中不少為知名 KOL。</span></p><p>&nbsp;</p><p><span style="background-color:white;color:black;font-size:10.5pt;">然而，高調的行動並未阻止投資者的損失，鏈上數據顯示 JPEX&nbsp;的常用熱錢包發生大額轉移，由上周擁有 2,000&nbsp;多萬美元的虛擬資產，到截稿前結餘已不到 200&nbsp;萬美元。</span></p><p>&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">據警方指出，目前有上千名香港市民報案，涉及的金額高達 12&nbsp;億港元，這是一筆巨額資金，而在&nbsp;</span><a href="https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=23PR101"><span style="color:black;font-size:10.5pt;">SFC&nbsp;發表聲明前</span></a><span style="color:black;font-size:10.5pt;">，JPEX&nbsp;似乎還能正常提幣（雖然當時已有網民表示提幣困難），對比起目前無一用戶能成功提幣的困境，政府是否有更多積極保護市民的措施可做？</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">舉個例子，報案人應該有提供 JPEX&nbsp;的錢包地址，政府是否可以向法庭申請臨時資產凍結令，阻止有關錢包地址轉移資產，或者可以向 Tether&nbsp;凍結涉及 JPEX&nbsp;的 USDT&nbsp;資產。</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">事實上，證監會早在 2022&nbsp;年 7&nbsp;月，將 JPEX&nbsp;列為可疑交易所。那麼，為什麼當時不明確指出 JPEX&nbsp;的問題呢？如果當時採取行動，結果會否不同？又或者，如果 SFC&nbsp;先不發出聲明，而是交由警方調查及採取拘捕行動，是否可以殺涉案人士一個措手不及？</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">令筆者費解的是，證監在 2023&nbsp;年 9&nbsp;月 13&nbsp;日點名 JPEX&nbsp;，當中的指控是否已夠料起訴？如否，這份聲明的目的到底是提醒散戶，還是有計劃地引爆 JPEX？筆者相信 SFC&nbsp;有意保障香港市民，只是引爆 JPEX&nbsp;的同時，可有想過走避不及的 JPEX&nbsp;用戶？</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">筆者希望警方暗中已經聯絡 Tether&nbsp;及本地銀行，凍結 JPEX&nbsp;部分資產，讓 JPEX&nbsp;的用戶們，不至於一鋪清袋。</span></p><p>&nbsp;</p><p><br>&nbsp;</p><p>&nbsp;</p><p>&nbsp;</p>

Did the SFC trigger JPEX and leave the users to bear the losses?

证监引爆JPEX　用户埋单？

證監引爆JPEX　用戶埋單？

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</div><p>Last night, the Bitcoin market experienced a 6% surge within minutes, and investors seemed excited about Grayscale's victory in the lawsuit with the U.S. Securities and Exchange Commission (SEC). However, this win for Grayscale does not imply an immediate conversion of GBTC into an ETF, and the launch of a Bitcoin spot ETF still faces many challenges.</p><p style="margin-left:0px;">In June of last year, the U.S. Securities and Exchange Commission (SEC) rejected Grayscale's application to convert GBTC into a Bitcoin spot ETF, citing concerns related to "preventing fraud and manipulative practices." Subsequently, Grayscale filed a lawsuit against the SEC. Even though the SEC lost the lawsuit, the court did not order the SEC to approve Grayscale's ETF proposal but rather stated that the SEC's analysis of fraud and manipulation issues was flawed, thus requiring a reevaluation of Grayscale's application.</p><p style="margin-left:0px;">According to the court's decision, the SEC has three options: to delay the decision and provide new reasons for rejection, to acknowledge and approve Grayscale's ETF, or to appeal the case. The next steps involve a series of lengthy procedures, including a 45-day appeal period, and if the SEC decides to take action, they can also request a full hearing.</p><p style="margin-left:0px;">So, what actions can the SEC take? Assuming the SEC intends to hinder the process, they can arbitrarily choose another different reason to reject Grayscale's proposal, which would force Grayscale into a longer and more expensive legal battle. Another possibility is that the SEC could use the court's decision as an excuse to withdraw its opposition to the ETF. "We disagree, but we follow the law" would be the most reasonable defense in a failed battle and the most desired outcome for cryptocurrency investors worldwide.</p><p style="margin-left:0px;">While the cryptocurrency community views the SEC as an adversary, the author is concerned that the liquidity of the cryptocurrency market itself poses another challenge for a spot ETF. Currently, the liquidity in the Bitcoin market is poor, and launching a spot ETF at this stage could result in a significant price discrepancy between the ETF and the spot market. This would affect the willingness of traditional investors to enter the market, and the worst-case scenario would be a scenario where the spot ETF fails to attract new funds. In that case, the anticipated positive news would be shattered, leading to more negative impacts on the cryptocurrency market.</p><p style="margin-left:0px;">The author believes that this legal victory has indeed brought positive news to the market, but we should not be overly optimistic. Bitcoin spot ETFs face numerous variables and challenges, and there is still a long way to go.</p>

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</div><p>&nbsp;</p><p>昨晚，比特币市场在数分钟内出现了 6% 的飙升，投资者似乎对灰度（Grayscale）在美国证券交易委员会 SEC 的诉讼中取得的胜利感到兴奋。然而，这次灰度的胜诉并不意味着 GBTC 立即转换为 ETF，比特币现货 ETF 要问世，还是面临着许多困难。</p><p>去年 6 月，SEC 以「旨在防止欺诈和操纵行为和做法」的理由，拒绝了灰度将 GBTC 转换为比特币现货 ETF 的申请，随后灰度向法院提起了诉讼。即使 SEC 在这次诉讼中败诉，法院并没有命令 SEC 批准灰度的 ETF 提案，而是表示 SEC 对于「欺诈和操纵」问题的分析是错误的，因此需要重新审查灰度的申请。</p><p>根据法庭判决，SEC 有三个选择：推迟决定并提出新的拒绝理由；承认并批准灰度的 ETF；对案件进行上诉。接下来双方还需要经过一系列漫长的程序，包括 45 天的上诉期限，而且如果 SEC 决定采取行动，他们还可以要求举行全体听证会。</p><p>那么 SEC 可以采取什么行动呢？假设 SEC 有意阻挠，他们可以随意选择另一个不同的理由来拒绝灰度的提案，这将迫使灰度进行更长、更昂贵的诉讼。另一种可能是，SEC 将法院的判决作为退出反对 ETF 立场的借口。 「我们不同意，但我们遵循法律」，这可是在一场失败的战斗中最合理的辩解，亦是全球加密货币投资者最希望发生的局面。</p><p>当加密货币社群将 SEC 视为假想敌时，笔者担心，加密货币市场本身的流动性也是现货 ETF 面临的另一个挑战。目前比特币市场的流动性非常差，现阶段推出现货 ETF，可能会导致 ETF 价格与现货之间存在巨大差距。这将影响到传统投资者的进场意愿，最怕是推出来时雷声大雨点小，假如现货ETF 也没法吸引新资金进场，那么幻想出来的利好消息破灭，对加密货币市场可能会有更多负面影响。</p><p>笔者认为，这次胜诉确实对市场带来了利好消息，但我们不能因此而充满过度乐观，比特币现货 ETF 面临着许多变数和挑战，仍然有很长的路要走。</p>

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</div><p>昨晚，比特幣市場在數分鐘內出現了 6% 的飆升，投資者似乎對灰度（Grayscale）在美國證券交易委員會 SEC 的訴訟中取得的勝利感到興奮。然而，這次灰度的勝訴並不意味著 GBTC 立即轉換為 ETF，比特幣現貨 ETF 要問世，還是面臨著許多困難。</p><p>去年 6 月，SEC 以「旨在防止欺詐和操縱行為和做法」的理由，拒絕了灰度將 GBTC 轉換為比特幣現貨 ETF 的申請，隨後灰度向法院提起了訴訟。即使 SEC 在這次訴訟中敗訴，法院並沒有命令 SEC 批准灰度的 ETF 提案，而是表示 SEC 對於「欺詐和操縱」問題的分析是錯誤的，因此需要重新審查灰度的申請。</p><p>根據法庭判決，SEC 有三個選擇：推遲決定並提出新的拒絕理由；承認並批准灰度的 ETF；對案件進行上訴。接下來雙方還需要經過一系列漫長的程序，包括 45 天的上訴期限，而且如果 SEC 決定採取行動，他們還可以要求舉行全體聽證會。</p><p>那麼 SEC 可以採取什麼行動呢？假設 SEC 有意阻撓，他們可以隨意選擇另一個不同的理由來拒絕灰度的提案，這將迫使灰度進行更長、更昂貴的訴訟。另一種可能是，SEC 將法院的判決作為退出反對 ETF 立場的藉口。「我們不同意，但我們遵循法律」，這可是在一場失敗的戰鬥中最合理的辯解，亦是全球加密貨幣投資者最希望發生的局面。</p><p>當加密貨幣社群將 SEC 視為假想敵時，筆者擔心，加密貨幣市場本身的流動性也是現貨 ETF 面臨的另一個挑戰。目前比特幣市場的流動性非常差，現階段推出現貨 ETF，可能會導致 ETF 價格與現貨之間存在巨大差距。這將影響到傳統投資者的進場意願，最怕是推出來時雷聲大雨點小，假如現貨 ETF 也沒法吸引新資金進場，那麽幻想出來的利好消息破滅，對加密貨幣市場可能會有更多負面影響。</p><p>筆者認為，這次勝訴確實對市場帶來了利好消息，但我們不能因此而充滿過度樂觀，比特幣現貨 ETF 面臨著許多變數和挑戰，仍然有很長的路要走。</p>

Grayscale's victory brings benefits, but challenges remain

灰度胜诉带来利好　挑战仍不绝

灰度勝訴帶來利好　挑戰仍不絕

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</div><p style="margin-left:0px;">Sam Altman's cryptocurrency project, Worldcoin, immediately sparked conversation upon its launch. With Altman's reputation and influence as CEO of OpenAI, he was able to attract a lot of attention and investment for the project, and successfully transform the hype into actual funding.</p><p style="margin-left:0px;">Altman's role as CEO of OpenAI has given him significant influence in the AI and tech investment fields. Although he is not the founder of ChatGPT and is technically just a senior employee, ChatGPT's fame and influence undoubtedly facilitated Altman's promotion of the Worldcoin project and increased investor acceptance compared to a typical project.</p><p style="margin-left:0px;">Worldcoin's goal is to establish an identity and financial network connecting billions of people in the AI era. This vision aligns well with Altman's work philosophy at OpenAI and demonstrates his ambitious desire to create a new financial system.</p><p style="margin-left:0px;">Worldcoin's "sticker effect" from ChatGPT is one attraction, and its unique distribution method is another. Users can receive 25 $WLD airdrops simply by undergoing iris scan authentication. This innovative approach not only enables Worldcoin to quickly attract a large number of users, but also opens up a new user market.</p><p style="margin-left:0px;">According to data from the on-chain analysis platform Dune Analytics, the number of $WLD claimed has exceeded 64.9 million, with 257,205 participating addresses. In addition, the number of registrations for the WorldApp wallet has rapidly climbed to nearly one million.</p><p style="margin-left:0px;">The speed at which Worldcoin was listed on major exchanges is also remarkable, and this is due to the skilled market-making team that was able to capture the project's global launch moment and drive up the price before airdrop recipients could cash out.</p><p style="margin-left:0px;">It is worth noting that Worldcoin's market capitalization was once on par with that of OpenAI, but its fully diluted valuation has now reached $24 billion while the current price is $2.28. Whether this market capitalization can be sustained remains to be seen.</p><p style="margin-left:0px;">Overall, Sam Altman was able to successfully launch the Worldcoin cryptocurrency project with the help of his reputation at OpenAI and transform the hype into funding. However, the project's technology seems to have little connection to OpenAI, so further observation and validation are needed to determine whether it can continue to grow in the future.</p><p style="margin-left:0px;">&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>OpenAI 执行长 Sam Altman 的加密货币项目 Worldcoin 世界币，在上线之后立即引爆话题。在 Sam Altman 的名声与影响力的推动下，该项目成功吸引了大量的关注与投资，并且顺利地将这股热潮转化为实实在在的资金。</p><p>Sam Altman 在 OpenAI 担任 CEO 的身分，使他在 AI 和科技投资领域中具有重要的影响力。虽然 ChatGPT 他并不是始创人，理论上他只是高级员工一名，然而 ChatGPT 的名气和影响力，无疑为 Sam 在推广 Worldcoin 项目时带来许多便利，投资人对其接受度，亦比一般项目高很多。</p><p>Worldcoin 的目标是在 AI 时代，建立一个连接数十亿人的身分和金融网路。这个愿景非常符合 Sam 在 OpenAI 的工作理念，也显示了他对于开创新型金融系统的雄心壮志。</p><p>Worldcoin 有来自 ChatGPT 的贴金效应，另一吸引力还在于其独特的发行方式。用户只要进行虹膜扫描认证，就可以获得 25 枚的 $WLD 空投，这种创新的方式，不仅使得 Worldcoin 能够迅速吸引大量的使用者，也为其打开了一个全新的使用者市场。</p><p>根据链上分析平台 Dune Analytics 的数据，目前已申领 $WLD 数量已突破 649 万枚，参与申领地址为 257,205 个。另外，WorldApp 钱包的注册数量，也迅速攀升至接近 100 万。</p><p>Worldcoin 上架各大交易所的速度亦令人侧目，这点笔者觉得不得不赞叹其造市团队，能捕捉项目在全球触目的时间点上架，趁拿空投的人未来得及到交易所套现先炒上一波，手法纯熟。</p><p>值得注意的是，目前 Worldcoin 的市值一度与 OpenAI 相当，但其完全稀释估值已高达 240 亿美金，而目前的价格为 2.28 美元。这个市值是否能够持续，仍然有待时间证明。</p><p>总的来说，Sam Altman 借助他在 OpenAI 的名声，成功推出了 Worldcoin 这个加密货币项目，并成功地将这股热潮转化为资金。然而，这个项目技术上似乎跟 OpenAI 未有太大关联，未来是否能够持续成长，仍然需要进一步的观察与验证。</p><p>&nbsp;</p><p>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>OpenAI 執行長 Sam Altman 的加密貨幣項目 Worldcoin 世界幣，在上線之後立即引爆話題。在 Sam Altman 的名聲與影響力的推動下，該項目成功吸引了大量的關注與投資，並且順利地將這股熱潮轉化為實實在在的資金。</p><p>Sam Altman 在 OpenAI 擔任 CEO 的身分，使他在 AI 和科技投資領域中具有重要的影響力。雖然 ChatGPT 他並不是始創人，理論上他只是高級員工一名，然而 ChatGPT 的名氣和影響力，無疑為 Sam 在推廣 Worldcoin 項目時帶來許多便利，投資人對其接受度，亦比一般項目高很多。</p><p>Worldcoin 的目標是在 AI 時代，建立一個連接數十億人的身分和金融網路。這個願景非常符合 Sam 在 OpenAI 的工作理念，也顯示了他對於開創新型金融系統的雄心壯志。</p><p>Worldcoin 有來自 ChatGPT 的貼金效應，另一吸引力還在於其獨特的發行方式。用戶只要進行虹膜掃描認證，就可以獲得 25 枚的 $WLD 空投，這種創新的方式，不僅使得 Worldcoin 能夠迅速吸引大量的使用者，也為其打開了一個全新的使用者市場。</p><p>根據鏈上分析平台 Dune Analytics 的數據，目前已申領 $WLD 數量已突破 649 萬枚，參與申領地址為 257,205 個。另外，WorldApp 錢包的註冊數量，也迅速攀升至接近 100 萬。</p><p>Worldcoin 上架各大交易所的速度亦令人側目，這點筆者覺得不得不讚嘆其造市團隊，能捕捉項目在全球觸目的時間點上架，趁拿空投的人未來得及到交易所套現先炒上一波，手法純熟。</p><p>值得注意的是，目前 Worldcoin 的市值一度與 OpenAI 相當，但其完全稀釋估值已高達 240 億美金，而目前的價格為 2.28 美元。這個市值是否能夠持續，仍然有待時間證明。</p><p>總的來說，Sam Altman 借助他在 OpenAI 的名聲，成功推出了 Worldcoin 這個加密貨幣項目，並成功地將這股熱潮轉化為資金。然而，這個項目技術上似乎跟 OpenAI 未有太大關聯，未來是否能夠持續成長，仍然需要進一步的觀察與驗證。</p><p>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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OpenAI CEO uses ChatGPT fame to push his own project WorldCoin

OpenAI CEO借ChatGPT名气推自家项目WorldCoin　成功将掌声折现

OpenAI CEO借ChatGPT名氣推自家項目WorldCoin　成功將掌聲折現

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</div><p>The Captainz NFT series, promoted by Memeland and available on OpenSea, sold out within 12 minutes when it was launched earlier this year. The project earned a significant profit of 9999 ETH for the 9gag team. After a six-month wait, the project finally unveiled its offerings, which resulted in dissatisfaction among supporters and triggered a panic sell-off. The floor price dropped from 9 ETH to approximately 6.2 ETH at the time of writing. So why did the project experience such a significant drop? Surprisingly, the reason was attributed to the team's unconventional approach.</p><p>Captainz is positioned as a Profile Picture (PFP) project, intended for use as avatars. However, many supporters expressed disappointment after the unveiling, stating that the NFT image designs were too simplistic and highly repetitive, resulting in instances of "image collision." This means that multiple individuals ended up with the same NFT, lacking uniqueness for use as avatars.</p><p>The project team, on the other hand, stated that Captainz NFTs are different from traditional PFPs as they belong to an intelligent series of PFPs. They possess innovative interchangeability, allowing NFTs of the same category to exchange traits, and the base images can be modified through tasks like collateralization. Therefore, the occurrence of duplicates upon unveiling was not an error but part of a planned implementation of various functionalities. The team even compared holding Captainz NFTs to owning franchise rights, highlighting its distinctiveness from regular PFPs.</p><p>From a personal standpoint, the author is grateful for the team's bold innovation. In reality, the lifespan of simple PFP avatar NFT projects has been progressively short, with most participants solely driven by speculative trading rather than genuine use of avatars. It is rare to see a team making new breakthroughs, even though the functionalities have yet to be fully realized. Nonetheless, it can be seen as opening Pandora's box.</p><p>Regarding the strong reaction from supporters, the author believes that this incident reflects the prevalence of speculative traders rather than faithful believers in the current NFT market. The uncertainty surrounding a project can easily trigger panic emotions.</p><p>Despite multiple clarifications from the Captainz team to alleviate market sentiment, they have been unable to stabilize the hearts of their supporters. After all, in the NFT world, "what you see is what you get." It's disheartening to see one's NFT being exactly the same as a much less rare one. It appears that Captainz needs to regain the confidence of its supporters by accelerating the deployment of the intelligent aspects of their NFTs and introducing new functionalities to restore the project's prospects.</p><p>Overall, although the innovative design of Captainz NFTs has caused a rattling effect, there are still many shortcomings that need to be addressed. If the project can utilize this opportunity to upgrade and improve, there is still a chance to regain favor in the market. Otherwise, it may become a cautionary tale in the NFT industry.</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>由&nbsp;Memeland&nbsp;推的船长&nbsp;Captainz NFT&nbsp;系列，年初开售 12 分钟即售罄，项目方 9gag 大赚 9999 eth，等了足足半年，近日终于解盲，却引起支持者不满，出现大量恐慌行情，地板价由 9 颗以太币，大跌至执笔时约 6.2 颗以太币。到底项目为何大跌？原因竟然是团队太新潮！</p><p>Captainz 的定位是 PFP ，理论上用作头像，然后不少支持者表示解盲后发现 NFT 图像设计过于简单，且高重复率，直白说就是出现「撞图」，我跟你跟隔离小王都拿同一款 NFT，没有差异性，不能用作头像。</p><p>项目方则表示，Captainz NFT 跟过往 PFP 不同，是智能系列的 PFP， 具有创新的互换性质，同一品类的 NFT 可以互换特质，基础图片亦可通过做抵押等任务改变图像，因此解盲即出现重复并非错误，而是为了有计划在未来实现各项功能。团队更以特许经营权作比喻，表示持有 Captainz 等同持有特许经营权，与一般 PFP 截然不同。</p><p>站在个人立场，笔者对于团队勇于创新感恩惠。事实上，单纯的 PFP 头像系列 NFT，项目生命周期愈来愈短，大家都纯粹为炒卖心态，多于真心使用头像，难得有团队作出新突破，虽然功能尚未兑现，但总算是打开了潘朵拉的盒子。</p><p>对于支持者的强烈反应，笔者认为此事反映出，目前 NFT 市场炒卖者多于信仰支持者，因为对于项目出现不确定性，即引发恐慌情绪。</p><p>即使 Captainz 团队为缓和市场情绪作出多次澄清，还是未能稳住支持者的心，始终 NFT 世界「所见即所得」，眼见自己的 NFT 跟比我稀有度低很多的一张是一模一样，心里很不是味儿。看来 Captainz 需要在恢复支持者信心，要加速部署其 NFT 的智能部分方面，以全新功能挽回项目前景。</p><p>总体而言，Captainz NFT 创新设计虽带来 rattling effect，但仍存在诸多短板需要修复。项目如果能借此进行升级改善，仍有机会重新获得市场青睐，否则很可能成为 NFT 行业的一个警世例子。</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>由&nbsp;Memeland&nbsp;推的船長&nbsp;Captainz NFT&nbsp;系列，年初開售 12 分鐘即售罄，項目方 9gag 大賺 9999 eth，等了足足半年，近日終於解盲，卻引起支持者不滿，出現大量恐慌行情，地板價由 9 顆以太幣，大跌至執筆時約 6.2 顆以太幣。到底項目為何大跌？原因竟然是團隊太新潮！</p><p>Captainz 的定位是 PFP ，理論上用作頭像，然後不少支持者表示解盲後發現 NFT 圖像設計過於簡單，且高重複率，直白說就是出現「撞圖」，我跟你跟隔離小王都拿同一款 NFT，沒有差異性，不能用作頭像。</p><p>項目方則表示，Captainz NFT 跟過往 PFP 不同，是智能系列的 PFP， 具有創新的互換性質，同一品類的 NFT 可以互換特質，基礎圖片亦可通過做抵押等任務改變圖像，因此解盲即出現重複並非錯誤，而是為了有計劃在未來實現各項功能。團隊更以特許經營權作比喻，表示持有 Captainz 等同持有特許經營權，與一般 PFP 截然不同。</p><p>站在個人立場，筆者對於團隊勇於創新感恩惠。事實上，單純的 PFP 頭像系列 NFT，項目生命周期愈來愈短，大家都純粹為炒賣心態，多於真心使用頭像，難得有團隊作出新突破，雖然功能尚未兌現，但總算是打開了潘朵拉的盒子。</p><p>對於支持者的強烈反應，筆者認為此事反映出，目前 NFT 市場炒賣者多於信仰支持者，因為對於項目出現不確定性，即引發恐慌情緒。</p><p>即使 Captainz 團隊為緩和市場情緒作出多次澄清，還是未能穩住支持者的心，始終 NFT 世界「所見即所得」，眼見自己的 NFT 跟比我稀有度低很多的一張是一模一樣，心裡很不是味兒。看來 Captainz 需要在恢復支持者信心，要加速部署其 NFT 的智能部分方面，以全新功能挽回項目前景。</p><p>總體而言，Captainz NFT 創新設計雖帶來 rattling effect，但仍存在諸多短板需要修復。項目如果能藉此進行升級改善，仍有機會重新獲得市場青睞，否則很可能成為 NFT 行業的一個警世例子。</p><div class="raw-html-embed"><div style="text-align: center;">
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NFT blue-chip project Captainz's innovation causes panic, team urgently clarifies. | CEO Insights | UD Blockchain

NFT蓝筹项目Captainz创新惹恐慌　团队急澄清 | CEO 专栏 | UD Blockchain

NFT藍籌項目Captainz創新惹恐慌　團隊急澄清 | CEO 專欄 | UD Blockchain

NFT blue-chip project Captainz's innovation causes panic, team urgently clarifies.

NFT蓝筹项目Captainz创新惹恐慌　团队急澄清

NFT藍籌項目Captainz創新惹恐慌　團隊急澄清

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</div><p>The Hong Kong Monetary Authority (HKMA) has recently exerted pressure on three major issuing banks in Hong Kong, namely HSBC, Standard Chartered, and Bank of China (Hong Kong), to open their banking services to accommodate clients from the rapidly growing cryptocurrency industry.</p><p>The Hong Kong government has been actively promoting the development of the cryptocurrency sector. The HKMA recently sent inquiries to these three banks, questioning why they do not accept cryptocurrency-related businesses as clients. The HKMA encouraged the banks to conduct due diligence on potential customers without imposing "unnecessary burdens" on them, especially those "seeking opportunities to establish offices in Hong Kong."</p><p>Historically, these three banks have avoided conducting business with cryptocurrency exchanges due to concerns that if the exchange platforms are used for money laundering or other illegal activities, the banks themselves could face significant risks, including hefty fines, if their procedures are found to be faulty.</p><p>I have a friend who informed me that he simply transferred tens of thousands of Hong Kong dollars to a personal bank account in Hong Kong for stablecoin transactions, only to have his account canceled by the bank. He was left in despair. Recently, there have been rumors that the HKMA is encouraging these banks not to fear the cryptocurrency industry, which is considered significant support for the sector.</p><h2>Indirectly encouraging cryptocurrency firms to establish a presence in Hong Kong</h2><p>As I mentioned earlier, earlier this month, the U.S. Securities and Exchange Commission (SEC) filed lawsuits accusing two major global cryptocurrency exchanges, Binance and Coinbase, of violating U.S. securities laws. However, with a Hong Kong Legislative Council member inviting Coinbase and other exchanges to open offices in Hong Kong after the lawsuits, it shows a sign of enthusiasm for the cryptocurrency industry in Hong Kong.</p><p>Regarding the pressure from the HKMA, Standard Chartered responded to the reports by stating that they "regularly engage in dialogue with regulatory bodies on various topics." HSBC, on the other hand, stated that they are "closely monitoring the cryptocurrency market and related regulatory developments." Bank of China (Hong Kong) did not comment on the matter.</p><p>The HKMA's positive stance could have a significant impact on Hong Kong's cryptocurrency industry and indirectly encourage more cryptocurrency firms to establish their bases in the city. It can be seen as a morale boost for the cryptocurrency industry in Hong Kong!</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>香港金融管理局（金管局）近期向汇丰、渣打和中银香港这三间香港最大的发钞银行施压，要求它们开放银行服务，以迎合正处于蓬勃发展阶段的加密资产公司客户。</p><p>近日港府大力推动加密行业落地，金管局更去信质询这三间银行，为何不接受加密行业作为客户，并鼓励银行对潜在客户进行的尽职调查不应对客户造成「不必要的负担」，特别是那些「正在为在香港设立办事处寻找机会的人」。</p><p>一直以来，这三间银行避免与加密货币交易所建立业务往来，担心如果交易所平台被用于洗钱或其他非法活动，银行亦会遭到火烧连环船，更可能因程序出错，而面临高额罚款的风险。</p><p>笔者有位友人告知，他只是单纯转出港币数万元，到一个本港个人银行户口交易稳定币，却惨遭银行取消户口，欲哭无泪。而近来有传金管局出面鼓励这些银行不要害怕加密货币行业，对行业来说算是极大的支持。</p><h2>间接鼓励加密资产公司在港设基地</h2><p>笔者早前亦提及，本月早些时候，美国证券交易委员会（SEC）提起诉讼，指控全球两大加密货币交易所币安和 Coinbase 违反美国证券法。然而，有香港立法会议员邀请 Coinbase 和其他交易所在提起诉讼后，来香港开设办事处，显示出对香港加密货币行业充满热情的迹象。</p><p>对于金管局的施压，渣打银行回应报道时表示，「定期就不同的议题与监管机构进行对话」。汇丰银行则表示，「密切关注加密货币市场和相关监管发展」。中银香港未对此事置评。</p><p>金管局的正面态度可能对香港的加密货币行业产生重大影响，间接鼓励更多加密资产公司在港建设基地，算是为本港加密行业打了一支强心针！</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>香港金融管理局（金管局）近期向滙豐、渣打和中銀香港這三間香港最大的發鈔銀行施壓，要求它們開放銀行服務，以迎合正處於蓬勃發展階段的加密資產公司客戶。</p><p>近日港府大力推動加密行業落地，金管局更去信質詢這三間銀行，為何不接受加密行業作為客戶，並鼓勵銀行對潛在客戶進行的盡職調查不應對客戶造成「不必要的負擔」，特別是那些「正在為在香港設立辦事處尋找機會的人」。</p><p>一直以來，這三間銀行避免與加密貨幣交易所建立業務往來，擔心如果交易所平台被用於洗錢或其他非法活動，銀行亦會遭到火燒連環船，更可能因程序出錯，而面臨高額罰款的風險。</p><p>筆者有位友人告知，他只是單純轉出港幣數萬元，到一個本港個人銀行戶口交易穩定幣，卻慘遭銀行取消戶口，欲哭無淚。而近來有傳金管局出面鼓勵這些銀行不要害怕加密貨幣行業，對行業來說算是極大的支持。</p><h2>間接鼓勵加密資產公司在港設基地</h2><p>筆者早前亦提及，本月早些時候，美國證券交易委員會（SEC）提起訴訟，指控全球兩大加密貨幣交易所幣安和 Coinbase 違反美國證券法。然而，有香港立法會議員邀請 Coinbase 和其他交易所在提起訴訟後，來香港開設辦事處，顯示出對香港加密貨幣行業充滿熱情的跡象。</p><p>對於金管局的施壓，渣打銀行回應報道時表示，「定期就不同的議題與監管機構進行對話」。滙豐銀行則表示，「密切關注加密貨幣市場和相關監管發展」。中銀香港未對此事置評。</p><p>金管局的正面態度可能對香港的加密貨幣行業產生重大影響，間接鼓勵更多加密資產公司在港建設基地，算是為本港加密行業打了一支強心針！</p><div class="raw-html-embed"><div style="text-align: center;">
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Hong Kong banks be "ordered" to support the cryptocurrency industry | CEO Insights | UD Blockchain

香港银行「奉旨」支持加密产业 | CEO 专栏 | UD Blockchain

香港銀行「奉旨」支持加密產業 | CEO 專欄 | UD Blockchain

Hong Kong banks be "ordered" to support the cryptocurrency industry

香港银行「奉旨」支持加密产业

香港銀行「奉旨」支持加密產業

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</div><p>The U.S. Securities and Exchange Commission (SEC) has filed lawsuits against cryptocurrency exchanges Binance and Coinbase for two consecutive days, causing shockwaves in the global cryptocurrency industry. The SEC's actions indicate an increase in regulatory scrutiny on the cryptocurrency industry and may also accelerate the industry's move towards standardization and compliance.</p><p>In fact, the SEC's lawsuits have sparked significant controversy in the market, especially regarding the classification of cryptocurrencies as securities. Popular tokens such as BNB, BUSD, SOL, ADA, MATIC, which are widely recognized in the industry as utility tokens, are disputed by the SEC's classification as securities. This categorization has had a significant short-term impact on the market, as other exchanges have had to decide whether to delist these tokens classified as securities.</p><h2><strong>Hearings may bring clarity to the industry</strong></h2><p>However, it is believed that while the SEC's actions have caused short-term market volatility, they are unlikely to have a long-term impact on the prices of the mentioned tokens. Instead, project teams may seek redefinition through court hearings, which could bring clarity to the industry.</p><p>Furthermore, the SEC has criticized Binance and Coinbase for offering a mix of exchange, brokerage, and clearing functions and has demanded that they register these corresponding businesses separately according to the law. This may indicate that the U.S. government intends to require cryptocurrency exchanges to gradually separate and standardize their operations and complete individual registrations to meet regulatory requirements.</p><p>Moreover, the SEC has accused Binance and Coinbase of depriving investors of protection and aims to encourage cryptocurrency exchanges to strengthen risk controls and information disclosure.</p><p>It is believed that although the SEC's actions may seem aggressive, compared to an ambiguous stance, taking legal action against exchanges may not necessarily be a bad thing. Through the litigation process, the industry can gain clearer guidance and promote the compliance of the cryptocurrency industry. While there may be some short-term volatility, in the long run, compliance will benefit the healthy development of the cryptocurrency industry.<br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>美国证券交易委员会（SEC）连续两日对加密货币交易所币安和 Coinbase 提起诉讼，引起全球加密货币行业的震惊。SEC 的行动显示其正在加大对加密行业的监管力度，同时也可能推动行业加速迈向标准化和合规化。</p><p>事实上，<a href="https://www.sec.gov/">SEC</a>&nbsp;的诉讼在市场上引起极大争议，尤其是对于被列为证券的加密代币的定义，例如 BNB、BUSD、SOL、ADA、MATIC 等在业界普通认同其具功能性，不应算是证券的热门代币。SEC 将以上代币分类为证券，短期内对市场产生巨大影响，其他交易所或不得不决定是否下架这些被归为证券的代币。</p><h2><strong>听证或为业界带来清晰指引</strong></h2><p>然而，笔者认为 SEC 的行动虽然为市场带来短期震荡，但不会对上述代币价格产生长期影响，反而项目方或能通过法庭听证争取为代币重新定义，亦为业界带来清晰指引。</p><p>另外，SEC 也批评<a href="https://www.binance.com/zh-CN">币安</a>和 <a href="https://www.coinbase.com/">Coinbase</a> 混合提供交易所、经纪和清算等功能，要求其依法分开注册相应业务。这可能意味着，美国政府有意要求加密交易所逐步拆分和标准化其业务，逐一完成注册，以达到监管要求。</p><p>此外，SEC 也指责币安和 Coinbase 剥夺了投资者的保护，旨在推动加密交易所加强风险控制和信息披露。</p><p>笔者认为，SEC 此次行动虽然看似荒蛮，但相比起无棱两可的态度，粗暴对交易所提诉未必是坏事，业界可随着诉讼过程，为行业带来更清晰的指引，亦促使加密行业推进合规化。虽然短期内可能会面临一定的波动，但长远而言，合规化将有利于加密行业的健康发展。<br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>美國證券交易委員會（SEC）連續兩日對加密貨幣交易所幣安和 Coinbase 提起訴訟，引起全球加密貨幣行業的震驚。SEC 的行動顯示其正在加大對加密行業的監管力度，同時也可能推動行業加速邁向標準化和合規化。</p><p>事實上，<a href="https://www.sec.gov/">SEC</a>&nbsp;的訴訟在市場上引起極大爭議，尤其是對於被列為證券的加密代幣的定義，例如 BNB、BUSD、SOL、ADA、MATIC 等在業界普通認同其具功能性，不應算是證券的熱門代幣。SEC 將以上代幣分類為證券，短期內對市場產生巨大影響，其他交易所或不得不決定是否下架這些被歸為證券的代幣。</p><h2><strong>聆訊或為業界帶來清晰指引</strong></h2><p>然而，筆者認為 SEC 的行動雖然為市場帶來短期震盪，但不會對上述代幣價格產生長期影響，反而項目方或能通過法庭聆訊爭取為代幣重新定義，亦為業界帶來清晰指引。</p><p>另外，SEC 也批評<a href="https://www.binance.com/zh-TC">幣安</a>和&nbsp;<a href="https://www.coinbase.com/">Coinbase</a>&nbsp;混合提供交易所、經紀和清算等功能，要求其依法分開註冊相應業務。這可能意味著，美國政府有意要求加密交易所逐步拆分和標準化其業務，逐一完成註冊，以達到監管要求。</p><p>此外，SEC 也指責幣安和 Coinbase 剝奪了投資者的保護，旨在推動加密交易所加強風險控制和信息披露。</p><p>筆者認為，SEC 此次行動雖然看似荒蠻，但相比起無棱兩可的態度，粗暴對交易所提訴未必是壞事，業界可隨著訴訟過程，為行業帶來更清晰的指引，亦促使加密行業推進合規化。雖然短期內可能會面臨一定的波動，但長遠而言，合規化將有利於加密行業的健康發展。<br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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SEC settles the score! It has filed lawsuits against Binance and Coinbase. | CEO Insights | UD Blockchain

美国证监秋后算帐！　起诉币安与Coinbase | CEO 专栏 | UD Blockchain

美國證監秋後算帳！　起訴幣安與Coinbase | CEO 專欄 | UD Blockchain

SEC settles the score! It has filed lawsuits against Binance and Coinbase.

美国证监秋后算帐！　起诉币安与Coinbase

美國證監秋後算帳！　起訴幣安與Coinbase

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</div><p><span style="background-color:transparent;color:#000000;font-size:11pt;">The article titled "Data: BRC-20 token Ordi broke through $10 in a short-term, and its market value exceeded $200 million" has been circulating in various communities, as if everyone is celebrating the success story of this BRC-20 token. However, upon closer examination of liquidity and transaction records, it is not difficult to notice that these token holders are only wealthy on the blockchain, and creating a myth is not that easy. Let's set aside the dream of getting rich for now and take a look at what opportunities BRC-20 has brought to the Bitcoin network.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Often referred to as “digital gold”, Bitcoin has a unique and irreplaceable position in the cryptocurrency market. However, with the introduction of Ethereum’s ERC-20 protocol, which allowed anyone to create tokens, and the global phenomenon of non-fungible tokens (NFTs), the Bitcoin network started to seem somewhat outdated. In reality, Bitcoin's innovation has been progressing slowly but steadily, as seen in the introduction of layers such as the&nbsp; Lightning Network, Stacks, and the Ordinals protocol. With the two upgrades SegWit and Taproot, Bitcoin has finally achieved the ability to record arbitrary data on the blockchain.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">BRC-20 is an experimental standard for issuing fungible tokens on the Bitcoin network, created by Twitter user @domodata on March 8th of this year using the Ordinals protocol. Bitcoin can finally have its own token standard, just like Ethereum!</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">However, due to the lack of support for smart contracts on the Bitcoin network, BRC-20 can only utilize the Ordinals protocol for token contracts, minting, and transfers. Nevertheless, a method has been found to enable Bitcoin to play with fungible tokens, marking a new milestone on the Bitcoin network.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Recently, the daily transaction volume on the Bitcoin chain has reached new heights, with nearly 670,000 transactions in a single day, and over 60% of these transactions linked to the Ordinals protocol. Transaction fees and block rewards have also skyrocketed, making miners the biggest beneficiaries of this innovation.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Although many opportunities have been created by the recent BRC-20 hype, I’m still more concerned about the regulatory risks this entails. It should be noted that the reason Bitcoin has not attracted the attention of the SEC is due to its "inherent limitations," and BRC-20 attempts to remove said limitations. Technically, it has not yet surpassed Ethereum, but it could potentially become an unregistered securities market in the eyes of the SEC, just like Ethereum, which could be a blessing or a curse that cannot be avoided.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Without a doubt, BRC-20 adds some fun to the Bitcoin network, but the associated risks should not be ignored. Investors should not blindly follow the trend due to FOMO (fear of missing out) and always remember to DYOR (do your own research). After all, in the world of cryptocurrency, opportunities and risks always go hand in hand.</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p><span style="font-size:15px;">「BRC20 代币 Ordi 价格突破 10 美元，市值突破 2 亿美元」的文章，在各大社群流传，仿佛大家都在歌颂这个 BRC20 代币的成功故事。然后，细心看看流动性与交易记录，不难发现这些代币持有人，只是链上富贵，神话恐怕没有那么容易创造。我们暂且放下创富梦，先看看 BRC-20 究竟对比特币网路带来了什么机遇。</span></p><p><span style="font-size:15px;">比特币在加密货币市场的地位无可取替，有「加密黄金」之美称。然而，当以太坊在玩转智能合约时，创造出人人皆可发币的 ERC20 协议，以及风靡全球的非同质化代币 NFT，比特币网路似乎显得有些落伍。</span></p><p><span style="font-size:15px;">事实上，比特币的创新也在缓慢前进，比如闪电网路、Stacks，以及 Ordinals 协议，经过 Segwit 和 Taproot 两次升级，比特币终于实现了在区块链上记录任意数据的功能。</span></p><p><span style="font-size:15px;">而 BRC20 是比特币网路上发行同质化代币的实验性格式标准，由 Twitter 用户 @domodata 于本年 3 月 8 日以 Ordinal 协议创建。终于，比特币也能像以太坊一样，拥有自己的铸币标准！</span></p><p><span style="font-size:15px;">不过，因为比特币网路不支持智能合约，所以 BRC-20 只能利用 Ordinal 协议来实现代币合约、铸造和转移。不管怎样，总算是找到了一个让比特币玩起同质化代币的办法，为比特币网路上创造出一个新的里程碑。</span></p><p><span style="font-size:15px;">近日比特币链上日交易量屡创新高，单日交易量达到近 67万笔，而当中超过 60% 的交易量，均与 Ordinals 协议相关，手续费和区块奖励也大幅飙升，矿工可谓此次创新的最大得益者。</span></p><p><span style="font-size:15px;">对于近日 BRC-20 的热潮，除了机遇外，笔者更关注是当中引伸的监管风险。要知道，比特币之所以没被 SEC 盯上，是因为它的「先天不足」，而 BRC-20 去补救了其「先天不足」，技术上目前未看到超越以太坊之处，却可能如以太坊一样，变成 SEC 眼中的一个未注册证券市场，那就真的是福不是祸，是祸挡不过了。</span></p><p><span style="font-size:15px;">BRC-20 无疑令比特币网路多了几分趣味，然而其引伸的风险也不容忽视。投资者别因为一时的 FOMO 而盲目跟风，时刻紧记 DYOR，毕竟在加密产业的世界中，机遇与风险总是相伴而行。</span><br><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p style="margin-left:0px;"><span style="font-size:15px;">「BRC20 代幣 Ordi 價格突破 10 美元，市值突破 2 億美元」的</span><a href="https://news.cnyes.com/news/id/5167338"><span style="font-size:15px;">文章</span></a><span style="font-size:15px;">，在各大社群流傳，仿佛大家都在歌頌這個 BRC20 代幣的成功故事。然後，細心看看流動性與交易記錄，不難發現這些代幣持有人，只是鏈上富貴，神話恐怕沒有那麼容易創造。我們暫且放下創富夢，先看看 BRC-20 究竟對比特幣網絡帶來了什麼機遇。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">比特幣在加密貨幣市場的地位無可取替，有「加密黃金」之美稱。然而，當以太坊在玩轉智能合約時，創造出人人皆可發幣的 ERC20 協議，以及風靡全球的非同質化代幣 NFT，比特幣網絡似乎顯得有些落伍。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">事實上，比特幣的創新也在緩慢前進，比如閃電網絡、Stacks，以及 Ordinals 協議，經過 Segwit 和 Taproot 兩次升級，比特幣終於實現了在區塊鏈上記錄任意數據的功能。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">而 BRC20 是比特幣網絡上發行同質化代幣的實驗性格式標準，由 Twitter 用戶 </span><a href="https://twitter.com/domodata"><span style="font-size:15px;">@domodata</span></a><span style="font-size:15px;"> 於本年 3 月 8 日以 Ordinal 協議創建。終於，比特幣也能像以太坊一樣，擁有自己的鑄幣標準！</span></p><p style="margin-left:0px;"><span style="font-size:15px;">不過，因為比特幣網絡不支持智能合約，所以 BRC-20 只能利用 Ordinal 協議來實現代幣合約、鑄造和轉移。不管怎樣，總算是找到了一個讓比特幣玩起同質化代幣的辦法，為比特幣網絡上創造出一個新的里程碑。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">近日比特幣鏈上日交易量屢創新高，單日交易量達到近 67萬筆，而當中超過 60% 的交易量，均與 Ordinals 協議相關，手續費和區塊獎勵也大幅飆升，礦工可謂此次創新的最大得益者。</span><br><br><span style="font-size:15px;">對於近日 BRC-20 的熱潮，除了機遇外，筆者更關注是當中引伸的監管風險。要知道，比特幣之所以沒被 </span><a href="https://www.sec.gov/"><span style="font-size:15px;">SEC </span></a><span style="font-size:15px;">盯上，是因為它的「先天不足」，而 BRC-20 去補救了其「先天不足」，技術上目前未看到超越以太坊之處，卻可能如以太坊一樣，變成 SEC 眼中的一個未註冊證券市場，那就真的是福不是禍，是禍擋不過了。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">BRC-20 無疑令比特幣網絡多了幾分趣味，然而其引伸的風險也不容忽視。投資者別因為一時的 FOMO 而盲目跟風，時刻緊記 DYOR，畢竟在加密產業的世界中，機遇與風險總是相伴而行。</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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Opportunities of BRC-20: Making Bitcoin Play the Game of Smart Contracts | CEO Insight | UD Blockchain

BRC-20 的机遇 — 让比特币也玩得起智能合约 | CEO 专栏 | UD Blockchain

BRC-20 的機遇 — 讓比特幣也玩得起智能合約 | CEO 專欄 | UD Blockchain

Opportunities of BRC-20: Making Bitcoin Play the Game of Smart Contracts

BRC-20 的机遇 — 让比特币也玩得起智能合约

BRC-20 的機遇 — 讓比特幣也玩得起智能合約

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</div><p style="margin-left:0px;"><span style="font-size:15px;">萬眾期待的香港全新虛擬資產服務提供商發牌制度（VASP）咨詢期限已經截止，目前大家都靜待證監會發布最新消息，然而，政府早已為條例訂下死線為 2023 年 6 月 1 日，距離死線只有兩個月左右的時間，估計政策上不會有重大變化。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">可預視 2023 年 6 月 1 日後，所有在香港經營業務的虛擬資產交易所，都將需要獲取</span><a href="https://www.sfc.hk/TC/"><span style="font-size:15px;">證監會</span></a><span style="font-size:15px;">發牌並受其監管。從另一個角度說，代表香港正式給予虛擬資產交易所一個名份。港府對虛擬資產交易所的態度由忽視、冷處理，到今天突然給予名份，目的何在？目前又有什麼政策配合？</span></p><h2 style="margin-left:0px;"><span style="font-size:15px;"><strong>吸引加密行業資金　更吸引傳統證券交易所轉營</strong></span></h2><p style="margin-left:0px;"><span style="font-size:15px;">港府為虛擬資產交易所給予名份，最顯然易見的目的，就是吸引整個產業資金。有了正式的牌照，代表虛擬資產交易所可以在港正式經營，配合香港的低稅制，從成本角度吸引原本在海外經營的交易所；更重要的是，目前牌照申請的門檻也不難，只是在一般證券及股票交易所的基礎上微調。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">近月筆者已聽到不少傳統證券交易所投資人蠢蠢欲動，紛紛希望在虛擬資產交易所行業上分一杯羹。</span></p><h2 style="margin-left:0px;"><span style="font-size:15px;"><strong>敵人的敵人是朋友？</strong></span></h2><p style="margin-left:0px;"><a href="https://www.cftc.gov/"><span style="font-size:15px;">美國商品期貨交易委員會（CFTC）</span></a><span style="font-size:15px;">主席 Rostin Behnam 近日再強調「以太幣是商品」的觀點，以及</span><a href="https://www.sec.gov/"><span style="font-size:15px;">美國證券交易委員會（SEC）</span></a><span style="font-size:15px;">主席 Gary Gensler 在被問及對此事有何看法時，他更表示權益證明（PoS）代幣應被視為證券，再加上證交會預告起訴美國上市的虛擬資產交易所 </span><a href="https://www.coinbase.com/"><span style="font-size:15px;">Coinbase</span></a><span style="font-size:15px;">，美國證券交易委員會一直在加大打擊加密行業的力度，其態度曖昧，界線不清晰。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">而港府此時對行業釋出善意，兩者呈強烈對比。近日本港不少銀行如交通銀行、ZABank 均相繼宣布允許虛擬資產公司在港開立銀行戶口，對比起美國銀行業近月連環爆雷，本港銀行的配合，更能令資金結存回流本港。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">筆者認為，虛擬資產行業正面臨東升西降，香港的虛擬資產行業迎來了新的時代，未來將會支援更多的海外 Web3.0 企業落戶香港，推動香港成為全球領先的虛擬資產中心。如果作為商家想要部署投身虛擬資產行業，目前是一個絕佳的時機。</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p><span style="font-size:15px;">万众期待的香港全新虚拟资产服务提供商发牌制度（VASP）咨询期限已经截止，目前大家都静待证监会发布最新消息，然而，政府早已为条例订下死线为 2023 年 6 月 1 日，距离死线只有两个月左右的时间，估计政策上不会有重大变化。</span></p><p><span style="font-size:15px;">可预视 2023 年 6 月 1 日后，所有在香港经营业务的虚拟资产交易所，都将需要获取证监会发牌并受其监管。从另一个角度说，代表香港正式给予虚拟资产交易所一个名份。港府对虚拟资产交易所的态度由忽视、冷处理，到今天突然给予名份，目的何在？目前又有什么政策配合？</span></p><p><span style="font-size:15px;"><strong>吸引加密行业资金　更吸引传统证券交易所转营</strong></span></p><p><span style="font-size:15px;">港府为虚拟资产交易所给予名份，最显然易见的目的，就是吸引整个产业资金。有了正式的牌照，代表虚拟资产交易所可以在港正式经营，配合香港的低税制，从成本角度吸引原本在海外经营的交易所；更重要的是，目前牌照申请的门槛也不难，只是在一般证券及股票交易所的基础上微调。</span></p><p><span style="font-size:15px;">近月笔者已听到不少传统证券交易所投资人蠢蠢欲动，纷纷希望在虚拟资产交易所行业上分一杯羹。</span></p><p><span style="font-size:15px;"><strong>敌人的敌人是朋友？</strong></span></p><p><span style="font-size:15px;">美国商品期货交易委员会（CFTC）主席 Rostin Behnam 近日再强调「以太币是商品」的观点，以及美国证券交易委员会（SEC）主席 Gary Gensler 在被问及对此事有何看法时，他更表示权益证明（PoS）代币应被视为证券，再加上证交会预告起诉美国上市的虚拟资产交易所 Coinbase，美国证券交易委员会一直在加大打击加密行业的力度，其态度暧昧，界线不清晰。</span></p><p><span style="font-size:15px;">而港府此时对行业释出善意，两者呈强烈对比。近日本港不少银行如交通银行、ZABank 均相继宣布允许虚拟资产公司在港开立银行户口，对比起美国银行业近月连环爆雷，本港银行的配合，更能令资金结存回流本港。</span></p><p><span style="font-size:15px;">笔者认为，虚拟资产行业正面临东升西降，香港的虚拟资产行业迎来了新的时代，未来将会支援更多的海外 Web3.0 企业落户香港，推动香港成为全球领先的虚拟资产中心。如果作为商家想要部署投身虚拟资产行业，目前是一个绝佳的时机。</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p style="margin-left:0px;"><span style="font-size:15px;">萬眾期待的香港全新虛擬資產服務提供商發牌制度（VASP）咨詢期限已經截止，目前大家都靜待證監會發布最新消息，然而，政府早已為條例訂下死線為 2023 年 6 月 1 日，距離死線只有兩個月左右的時間，估計政策上不會有重大變化。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">可預視 2023 年 6 月 1 日後，所有在香港經營業務的虛擬資產交易所，都將需要獲取</span><a href="https://www.sfc.hk/TC/"><span style="font-size:15px;">證監會</span></a><span style="font-size:15px;">發牌並受其監管。從另一個角度說，代表香港正式給予虛擬資產交易所一個名份。港府對虛擬資產交易所的態度由忽視、冷處理，到今天突然給予名份，目的何在？目前又有什麼政策配合？</span></p><h2 style="margin-left:0px;"><span style="font-size:15px;"><strong>吸引加密行業資金　更吸引傳統證券交易所轉營</strong></span></h2><p style="margin-left:0px;"><span style="font-size:15px;">港府為虛擬資產交易所給予名份，最顯然易見的目的，就是吸引整個產業資金。有了正式的牌照，代表虛擬資產交易所可以在港正式經營，配合香港的低稅制，從成本角度吸引原本在海外經營的交易所；更重要的是，目前牌照申請的門檻也不難，只是在一般證券及股票交易所的基礎上微調。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">近月筆者已聽到不少傳統證券交易所投資人蠢蠢欲動，紛紛希望在虛擬資產交易所行業上分一杯羹。</span></p><h2 style="margin-left:0px;"><span style="font-size:15px;"><strong>敵人的敵人是朋友？</strong></span></h2><p style="margin-left:0px;"><a href="https://www.cftc.gov/"><span style="font-size:15px;">美國商品期貨交易委員會（CFTC）</span></a><span style="font-size:15px;">主席 Rostin Behnam 近日再強調「以太幣是商品」的觀點，以及</span><a href="https://www.sec.gov/"><span style="font-size:15px;">美國證券交易委員會（SEC）</span></a><span style="font-size:15px;">主席 Gary Gensler 在被問及對此事有何看法時，他更表示權益證明（PoS）代幣應被視為證券，再加上證交會預告起訴美國上市的虛擬資產交易所 </span><a href="https://www.coinbase.com/"><span style="font-size:15px;">Coinbase</span></a><span style="font-size:15px;">，美國證券交易委員會一直在加大打擊加密行業的力度，其態度曖昧，界線不清晰。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">而港府此時對行業釋出善意，兩者呈強烈對比。近日本港不少銀行如交通銀行、ZABank 均相繼宣布允許虛擬資產公司在港開立銀行戶口，對比起美國銀行業近月連環爆雷，本港銀行的配合，更能令資金結存回流本港。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">筆者認為，虛擬資產行業正面臨東升西降，香港的虛擬資產行業迎來了新的時代，未來將會支援更多的海外 Web3.0 企業落戶香港，推動香港成為全球領先的虛擬資產中心。如果作為商家想要部署投身虛擬資產行業，目前是一個絕佳的時機。</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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VASP牌照引領虛擬資產行業東升西降？ | CEO 專欄 | UD Blockchain

VASP牌照引领虚拟资产行业东升西降？ | CEO 专栏 | UD Blockchain

VASP牌照引領虛擬資產行業東升西降？

VASP牌照引领虚拟资产行业东升西降？

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</div><p style="margin-left:0px;"><br><span style="background-color:transparent;color:#000000;font-size:15px;">The Hong Kong government has been actively promoting the development of the Web3 ecosystem, and the recent establishment of The Hong Kong Web3.0 Association by several fintech companies, industry leaders, and legislators in the innovation and technology field is a promising development. The Chief Executive of Hong Kong, John Lee, and representatives from the Hong Kong Liaison Office also attended the inauguration ceremony, showing the government's confidence and central government's support for the development of Web3 and the virtual industry.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">At the inauguration ceremony, John Lee stated that Web3 plays a crucial role in the development of fintech, and he hopes that the association can work hand in hand with the government to seize the enormous opportunities brought by the development of Web3 and the virtual industry. He expressed his desire for Hong Kong to be more daring and to become a leader in this wave of innovation and hopes that the association can accelerate Hong Kong's innovation and financial development, attract more global talents and businesses, and jointly seize the huge opportunities brought by Web3.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">Web3 may prove to be a valuable opportunity that the younger generation in Hong Kong will have in their life, and we should actively participate in this revolution and seize this opportunity. The current state of the Web3 field resembles a pre-1970s stock market, where prices fluctuated wildly and were in a high-risk position with very low regulation, but was also rife with opportunity. In the 1970s, the government took active measures to support the compliance of the stock market, which increased the stability and predictability of the market, attracting more investors to participate in the stock market, which in turn, promoted market activity and development.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">Compliance also led to the rise of many financial institutions and new markets and in the early 1970s, many industries related to stocks such as stock exchanges, registration companies, and clearing organizations, experienced massive growth. These industries provided various professional services related to stock trading and investment and drove the growth of related industries, bringing opportunities to many businesses and individuals. Similarly, many financial institutions and investment companies have flourished in the Web3 field, providing various stock-related services such as securities brokerage, investment advisory, and market research.&nbsp;</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">As we can see, the current state of the Web3 network has lots of potential. Web3 is a decentralized network ecosystem based on blockchain technology. The Hong Kong Web3.0 Association is also expected to collaborate with the government to promote regulatory measures that will ensure a healthy and compliant environment for businesses and investors in the Web3 industry.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">Looking back at history, there was a time when the stock market was unregulated and risky. However, after the government implemented measures to promote compliance and transparency in the stock market, it led to increased investor confidence and market stability. This, in turn, attracted more investors and fueled the growth and development of the stock market in the early 1970s. Similarly, the Web3 industry is expected to see growth and development as regulatory measures are put in place to promote compliance and transparency.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">Currently, the Web3 domain is full of business opportunities. Web3 is a decentralized network ecosystem based on blockchain technology, covering multiple fields such as virtual assets, decentralized finance (DeFi), cryptocurrency, digital identity, and more. With the development and popularization of Web3 technology, many enterprises and projects have emerged, bringing unlimited business opportunities to investors and entrepreneurs.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">I strongly recommend that everyone seize this opportunity. Whether you are a lawyer, accountant, or even just a blue-collar worker, everyone has the same starting line in the Web3 ecosystem. As long as you want to participate, there are massive free online resources about Web3 knowledge, and with AI tools like ChatGPT, you can learn about blockchain, virtual currency, and other related knowledge anytime, anywhere, and understand their operating principles and application scenarios. The Web3 ecosystem is about to reach a historic milestone. Are you ready?</span></p><p>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p><span style="font-size:15px;">早前笔者已多次表示，对于香港政府近来积极推动 Web3 生态圈的发展感到振奋和期待。特别是在昨天（11 日），由多间中港金融科技公司、产业领袖、创科界立法议员组成的「香港 Web3.0 协会」正式成立，特首李家超、中联办代表亦有出席成立典礼。</span></p><p><span style="font-size:15px;">除了显示香港政府对于 Web3 和虚拟产业发展的信心，也意味着中央政府的支持和重视。</span></p><p><span style="font-size:15px;">李家超在协会成立典礼上表示，Web3 对金融科技发展起关键作用，期待协会与特区政府携手合作，一起迎接 Web3 和虚拟产业的发展所带来的庞大机遇。他更强调，香港要敢于成为这波创新浪潮的引领者，期待协会能为香港的创科及金融发展提速，吸引更多全球人才和企业来港，共同把握 Web3 带来的巨大机遇。</span></p><p><span style="font-size:15px;">生于每个年代，生命中都会遇上一次难能可贵的机遇，而 Web3 可能是香港年轻一辈该遇上的机会，我们应该积极参与这场变革，好好把握。</span></p><p><span style="font-size:15px;">翻翻近代史，曾几何时股票市场都大上大落，无监管制度下处于风险高点，直到 70 年代政府在支持股票合规化方面采取的积极举措，不禁让笔者联想到目前 Web3 领域的商机无处不在。当年，政府为促进股票市场的健康发展，推出了一系列监管措施，提高了市场的透明度和合规性，这为许多企业和投资者带来商机。</span></p><p><span style="font-size:15px;">当年股票合规化措施，增加了市场的稳定性和可预测性，吸引了更多投资者参与股票市场。投资者对于合规市场更具信心，愿意将资金投入投资，从而推动了股票市场的活跃和发展。同样地，相信 Web3 领域，很多金融机构和投资公司也因此蓬勃发展，提供了各种股票投资相关的服务，例如证券经纪、投资顾问、市场研究等。</span></p><p><span style="font-size:17px;"><strong>合规化带动了相关产业的兴起</strong></span></p><p><span style="font-size:15px;">其次，合规化带动了相关产业的兴起，70 年代许多与股票相关的产业也得到了推动，包括证券交易所、登记公司、清算机构等。这些产业提供了各种与股票交易和投资相关的专业服务，亦带动了相应产业的增长，为许多企业和个人带来商机。</span></p><p><span style="font-size:15px;">而目前 Web3 领域也充满了商机。Web3 是一个基于区块链技术的分布式网路生态系统，涵盖了虚拟资产、去中心化金融（DeFi）、加密货币、数位身分等多个领域。随着 Web3 技术的发展和普及，许多新兴企业和项目纷纷湧现，为投资者和企业家带来了无限商机。</span></p><p><span style="font-size:15px;">笔者再三建议各位把握今次机会，不管你本业是律师，会计师，甚至只是蓝领一名，在 Web3 生态圈上，大家起跑线都一样。只要你想参与，Web3 知识在网上有海量免费资源，配合 ChatGPT 等 AI 工具，你随时都可以学习区块链、虚拟货币等相关知识，了解其运作原理与应用场景。Web3 生态即将踏入历史性的里程碑，你准备好了吗？</span></p><p>&nbsp;</p><p>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p style="margin-left:0px;"><span style="font-size:15px;">早前筆者</span><a href="https://fintalk180.com/%e7%8e%8b%e6%95%8f%e5%84%80%e5%b0%88%e6%ac%84%ef%b8%b1%e9%87%8d%e5%a4%a7%e5%88%a9%e5%a5%bd%ef%bc%9a%e9%a6%99%e6%b8%af%e5%b0%87%e6%88%90%e7%82%ba%e4%ba%9e%e6%b4%b2%e5%8a%a0%e5%af%86%e5%b8%82%e5%a0%b4/"><span style="font-size:15px;">已多次表示</span></a><span style="font-size:15px;">，對於香港政府近來積極推動 Web3 生態圈的發展感到振奮和期待。特別是在昨天（11 日），由多間中港金融科技公司、產業領袖、創科界立法議員組成的「</span><a href="http://web3-hk.org/index.html?lang=hk#/"><span style="font-size:15px;">香港 Web3.0 協會</span></a><span style="font-size:15px;">」正式成立，特首李家超、中聯辦代表亦有出席成立典禮。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">除了顯示香港政府對於 Web3 和虛擬產業發展的信心，也意味著中央政府的支持和重視。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">李家超在協會成立典禮上表示，Web3 對金融科技發展起關鍵作用，期待協會與特區政府攜手合作，一起迎接 Web3 和虛擬產業的發展所帶來的龐大機遇。他更強調，香港要敢於成為這波創新浪潮的引領者，期待協會能為香港的創科及金融發展提速，吸引更多全球人才和企業來港，共同把握 Web3 帶來的巨大機遇。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">生於每個年代，生命中都會遇上一次難能可貴的機遇，而 Web3 可能是香港年輕一輩該遇上的機會，我們應該積極參與這場變革，好好把握。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">翻翻近代史，曾幾何時股票市場都大上大落，無監管制度下處於風險高點，直到 70 年代政府在支持股票合規化方面採取的積極舉措，不禁讓筆者聯想到目前 Web3 領域的商機無處不在。當年，政府為促進股票市場的健康發展，推出了一系列監管措施，提高了市場的透明度和合規性，這為許多企業和投資者帶來商機。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">當年股票合規化措施，增加了市場的穩定性和可預測性，吸引了更多投資者參與股票市場。投資者對於合規市場更具信心，願意將資金投入投資，從而推動了股票市場的活躍和發展。同樣地，相信 Web3 領域，很多金融機構和投資公司也因此蓬勃發展，提供了各種股票投資相關的服務，例如證券經紀、投資顧問、市場研究等。</span></p><h2 style="margin-left:0px;"><span style="font-size:17px;"><strong>合規化帶動了相關產業的興起</strong></span></h2><p style="margin-left:0px;"><span style="font-size:15px;">其次，合規化帶動了相關產業的興起，70 年代許多與股票相關的產業也得到了推動，包括證券交易所、登記公司、清算機構等。這些產業提供了各種與股票交易和投資相關的專業服務，亦帶動了相應產業的增長，為許多企業和個人帶來商機。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">而目前 Web3 領域也充滿了商機。Web3 是一個基於區塊鏈技術的分散式網絡生態系統，涵蓋了虛擬資產、去中心化金融（DeFi）、加密貨幣、數碼身分等多個領域。隨著 Web3 技術的發展和普及，許多新興企業和項目紛紛湧現，為投資者和企業家帶來了無限商機。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">筆者再三建議各位把握今次機會，不管你本業是律師，會計師，甚至只是藍領一名，在 Web3 生態圈上，大家起跑線都一樣。只要你想參與，Web3 知識在網上有海量免費資源，配合 ChatGPT 等 AI 工具，你隨時都可以學習區塊鏈、虛擬貨幣等相關知識，了解其運作原理與應用場景。Web3 生態即將踏入歷史性的里程碑，你準備好了嗎？</span><br><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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Opportunities for this era - The establishment of The Hong Kong Web3.0 Association | CEO Insight | UD Blockchain

见证属于这个时代的机遇 —「香港 Web3.0 协会」成立 | CEO 专栏 | UD Blockchain

見證屬於這個時代的機遇 —「香港 Web3.0 協會」成立 | CEO 專欄 | UD Blockchain

Opportunities for this era - The establishment of The Hong Kong Web3.0 Association

见证属于这个时代的机遇 —「香港 Web3.0 协会」成立

見證屬於這個時代的機遇 —「香港 Web3.0 協會」成立

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</div><p><br><span style="background-color:transparent;color:#000000;font-size:11pt;">Only two weeks after the USDC decoupling incident, there has been a revolutionary change in the traditional financial world with chain bank failures and bank bond values plummeting overnight. On March 12, the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) released an emergency statement assuring depositors that they will guarantee banks such as Silicon Valley Bank, and that 100% of deposits are retrievable. This statement helped calm depositors, and the USDC, which was affected by the incident was re-pegged to the US dollar.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">However, the incident has caused public confidence in banks to plummet, and runs on banks have spread to countries worldwide. This culminated on March 19 when the Credit Suisse Group declared a state of emergency, requiring either a central bank bailout or declaring bankruptcy and liquidation.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Credit Suisse’s long-term competitor UBS Group AG responded swiftly, acquiring its long-term competitor Credit Suisse Group for over $3 billion in just two days, saving it from bankruptcy. To complete the transaction, the Suisse National Bank provided UBS Group AG with over $9 billion to cover the potential losses from acquiring Credit Suisse, in addition to lending over $100 billion in working capital. UBS has taken advantage of the situation, becoming the hero that saved the depositors and shareholders of Credit Suisse, while its long-term competitor fell overnight.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Unfortunately, while Credit Suisse was saved, a group of their bondholders became scapegoats and had to bear all the losses. UBS Group AG was willing to acquire Credit Suisse with the condition that the regulatory agency writes off Credit Suisse's $17.3 billion Additional Tier 1 (AT1) capital bond. As Credit Suisse’s AT1 debt fell to zero, this caused mass panic-selling in the AT1 market, as other holders feared the same would be done to their own bonds, resulting in the AT1 capital bond value plummeting overnight.</span></p><p><br><span style="background-color:transparent;color:#000000;font-size:11pt;"><i>Bitcoin Whitepaper</i></span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;"><i>"Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”</i></span></p><p><br><span style="background-color:transparent;color:#000000;font-size:11pt;">During the Credit Suisse takeover and the AT1 “bond death” the price of Bitcoin was not negatively affected and rose from under $20,000 to $27,000. The market explanation for this rise is that it was due to funds seeking refuge. However, I believe that this is a wake-up call for decentralized finance... Is your property truly yours?</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Additionally, the article discusses the potential benefits of decentralized finance (DeFi) and the use of blockchain technology in financial transactions. It suggests that the recent events in the traditional financial world may lead more people to consider DeFi as a viable alternative, as it allows for peer-to-peer transactions without the need for a trusted third party like a bank.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Overall, the article presents a grim picture of the current state of traditional banking and finance, highlighting the risks and pitfalls that investors and customers may face. At the same time, it also suggests that there may be alternatives to the current system and that the rise of DeFi and blockchain technology may offer new solutions to these challenges.</span></p><p style="margin-left:0px;">&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p><br><span style="font-size:15px;">自上次 USDC 脱勾事件才两周，传统金融世界已有着翻天复地的变化，银行连环暴雷，银行债劵一夜归零。先是 3 月 12 日，美联储和联邦存款保险公司紧急发声明，表示会为硅谷银行等银行保底，储户保证 100% 存款可取回，该声明的确保住了储户的业务，受事件波及的 USDC 一度重新与美元挂勾。</span></p><p><span style="font-size:15px;">然后事件令到公众对银行信心急跌，波及各国银行，提款潮不断，终于在 3 月 19 日传出瑞士信贷集团告急，要么央行救助，要么就破产清盘。</span></p><p><span style="font-size:15px;">瑞士政府反应也极为敏捷，在两日时间就拉拢瑞银集团，以逾 30 亿美元的价格，收购长期竞争对手瑞士信贷集团，政府为了达成这笔交易，先会向瑞银集团提供逾 90 亿美元，以弥补瑞银收购瑞信可能蒙受的部分损失；额外再借给瑞银逾 1,000 亿美元的流动资金，瑞银可谓佔了便宜又卖乖，长期竞争对手一夜倒地，还成了救活瑞信一众储户及股东的英雄。</span></p><p><span style="font-size:15px;">遗憾的是，瑞信被救活了，一群瑞信的债主却成为了替死鬼，承担了所有损失 — 瑞银愿意收购，必要条件是要监管机构将瑞信 173 亿美元额外一级资本债券（AT1）撇帐，可怜是一众投资者，明明手持优质债券，却一夜变成废纸，延伸至债劵市场大乱，一大堆银行额外一级资本债券遭恐慌性抛售，整个银行业市场都被情绪主导，价格大上大落。</span></p><p>&nbsp;</p><p style="margin-left:40px;"><span style="font-size:15px;"><i>比特币白皮书</i></span></p><p style="margin-left:40px;"><span style="font-size:15px;"><i>「网际网路贸易已经变得几乎完全依赖金融机构作为可信任的第三方来处理电子支付。尽管对于大部分交易这种系统运行得足够好，但仍需忍受基于信任模型这个固有缺点。比特币是一种完全的点对点电子货币，应当允许在线支付从一方直接发送到另一方，而不需要通过一个金融机构。」</i></span><br><br>&nbsp;</p><p><span style="font-size:15px;"><strong>去中化金融的觉醒　你的财产真的属于你吗?</strong></span></p><p><span style="font-size:15px;">同一时期，比特币却没有受到以上种种事件影响，而是从低于 2 万美元的价位，回升至 2.7 万美元。是次升幅，市场解说是资金避险。笔者却更觉得，这是去中化金融的觉醒。</span></p><p><span style="font-size:15px;">试代入一个虚构角色，想像一下，如果你将自己所有的流动资金，分成三部分，第一部分是现金储放在硅谷银行，第二部分购买了瑞士信贷的额外一级资本债券，馀下一部分放在美国其他银行好了。</span></p><p><span style="font-size:15px;">于是你刚经历了硅谷银行破产事件，正苦恼地找联邦存款保险公司，申请取回那被困于硅谷银行的资金，瑞士信贷的额外一级资本债券却一夜归零，结果你手上馀下的流动性，你还愿意放在美国银行吗？</span></p><p><span style="font-size:15px;">美国一天仍处于加息周期，任何一间银行可能会因为在低息周期买入低回报的美债，而出现帐面亏损，只要银行挤兑，帐面亏损就要变成实现亏损了，这已经不是独立某间银行的单一问题，而是银行业的系统性风险，你还愿意陪银行去冒这个险吗？</span></p><p><br><span style="font-size:15px;"><strong>银行饮鸩止渴　美元持有人将「温水煮蛙」式失去购买力</strong></span></p><p><span style="font-size:15px;">也许你会反驳，美联储和和联邦存款保险公司，不是救了硅谷银行吗？再有其他银行出事，他也一定会救助吧？</span></p><p><span style="font-size:15px;">首先，联邦存款保险公司的资产，不到美国所有银行总存款的 1%，多几间银行暴雷，联邦存款保险公司是否都有资金去救，这是一大问题。美联储也有很自知之明，为免再有更多银行投降，率先推出了新的预防银行挤兑融资工具—银行定期融资计划 BTFP，以及更新现有借贷机制。两个计划最大亮点，是允许银行以债券的面值作为抵押。</span></p><p><span style="font-size:15px;">用白话去演绎：「买国债变负资产不用怕，美联储按买入价借钱给你，给你度过难关，不过你还得缴我利息，日后慢慢还。」结果大家可以想像到，银行和美联储借款额激增十倍，两周就把美联储半年努力缩表的钱派出去，市场也解读此为另类量化宽松，笔者却认为，此举比量化宽松更差。</span></p><p><span style="font-size:15px;">这次银行暴雷，就是因为加息导致债劵利率不吸引，再加上缩表，原本由美联储承接的债劵没有了支持，银行才变负资产，现在美联储借款给银行，就如饮鸩止渴，流动性不足是解决，亏损却更大了，千疮百孔的银行要如何才能翻身？ 要么就是更大规模量化宽松，要么就是把问题延后一两年，找一两间「金融机构」埋单，你说哪一种选择更好？</span></p><p><span style="font-size:15px;">早在比特币白皮书，已经指出依赖金融机构的信任模型为固有缺点。要抗衡这个缺点，人类需要一个点对点电子货币系统，并且不需要通过一个金融机构储存电子货币价值。到底白皮书中所指的「金融机构」，是近日连环暴雷的银行业，抑或可合法印制美钞的美联储？这个问题值得持有美元的读者们好好思考了。</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p><br><span style="background-color:rgb(255,255,255);color:rgb(0,0,0);font-size:15px;">自上次</span><a href="https://fintalk180.com/%e7%9f%bd%e8%b0%b7%e9%8a%80%e8%a1%8c%e5%80%92%e9%96%89%e5%bc%95%e8%87%b4usdc%e8%84%ab%e9%8c%a8%e3%80%80%e6%98%af%e6%81%90%e6%85%8c%e6%8a%91%e6%88%96%e9%80%a0%e5%b8%82%ef%bc%9f/"><span style="font-size:15px;"> USDC 脫勾事件</span></a><span style="background-color:rgb(255,255,255);color:rgb(0,0,0);font-size:15px;">才兩周，傳統金融世界已有著翻天覆地的變化，銀行連環暴雷，銀行債劵一夜歸零。先是 3 月 12 日，美聯儲和聯邦存款保險公司緊急發聲明，表示會為矽谷銀行等銀行保底，儲戶保證 100% 存款可取回，該聲明的確保住了儲戶的業務，受事件波及的 USDC 一度重新與美元掛勾。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">然後事件令到公眾對銀行信心急跌，波及各國銀行，提款潮不斷，終於在 3 月 19 日傳出瑞士信貸集團告急，要麼央行救助，要麼就破產清盤。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">瑞士政府反應也極為敏捷，在兩日時間就拉攏瑞銀集團，以逾 30 億美元的價格，收購長期競爭對手瑞士信貸集團，政府為了達成這筆交易，先會向瑞銀集團提供逾 90 億美元，以彌補瑞銀收購瑞信可能蒙受的部分損失；額外再借給瑞銀逾 1,000 億美元的流動資金，瑞銀可謂佔了便宜又賣乖，長期競爭對手一夜倒地，還成了救活瑞信一眾儲戶及股東的英雄。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">遺憾的是，瑞信被救活了，一群瑞信的債主卻成為了替死鬼，承擔了所有損失 — 瑞銀願意收購，必要條件是要監管機構將瑞信 173 億美元額外</span><a href="https://www.wsj.com/articles/at1-bank-bonds-credit-suisse-risky-6785b012"><span style="font-size:15px;">一級資本債券（AT1）</span></a><span style="font-size:15px;">撇帳，可憐是一眾投資者，明明手持優質債券，卻一夜變成廢紙，延伸至債劵市場大亂，一大堆銀行額外一級資本債券遭恐慌性拋售，整個銀行業市場都被情緒主導，價格大上大落。</span></p><p style="margin-left:40px;"><br><br><span style="font-size:15px;"><i>比特幣白皮書</i></span></p><p style="margin-left:40px;"><span style="font-size:15px;"><i>「互聯網貿易已經變得幾乎完全依賴金融機構作為可信任的第三方來處理電子支付。儘管對於大部分交易這種系統運行得足夠好，但仍需忍受基於信任模型這個固有缺點。比特幣是一種完全的點對點電子貨幣，應當允許在線支付從一方直接發送到另一方，而不需要通過一個金融機構。」</i></span></p><p style="margin-left:0px;"><br><span style="font-size:15px;"><strong>去中化金融的覺醒　你的財產真的屬於你嗎?</strong></span><br><br><span style="font-size:15px;">同一時期，比特幣卻沒有受到以上種種事件影響，而是從低於 2 萬美元的價位，回升至 2.7 萬美元。是次升幅，市場解說是資金避險。筆者卻更覺得，這是去中化金融的覺醒。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">試代入一個虛構角色，想像一下，如果你將自己所有的流動資金，分成三部分，第一部分是現金儲放在矽谷銀行，第二部分購買了瑞士信貸的額外一級資本債券，餘下一部分放在美國其他銀行好了。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">於是你剛經歷了矽谷銀行破產事件，正苦惱地找聯邦存款保險公司，申請取回那被困於矽谷銀行的資金，瑞士信貸的額外一級資本債券卻一夜歸零，結果你手上餘下的流動性，你還願意放在美國銀行嗎？</span></p><p style="margin-left:0px;"><span style="font-size:15px;">美國一天仍處於加息周期，任何一間銀行可能會因為在低息週期買入低回報的美債，而出現帳面虧損，只要銀行擠兌，帳面虧損就要變成實現虧損了，這已經不是獨立某間銀行的單一問題，而是銀行業的系統性風險，你還願意陪銀行去冒這個險嗎？</span></p><p style="margin-left:0px;"><br><span style="font-size:15px;"><strong>銀行飲鴆止渴　美元持有人將「溫水煮蛙」式失去購買力</strong></span><br><br><span style="font-size:15px;">也許你會反駁，美聯儲和和聯邦存款保險公司，不是救了矽谷銀行嗎？再有其他銀行出事，他也一定會救助吧？</span></p><p style="margin-left:0px;"><span style="font-size:15px;">首先，聯邦存款保險公司的資產，不到美國所有銀行總存款的 1%，多幾間銀行暴雷，聯邦存款保險公司是否都有資金去救，這是一大問題。美聯儲也有很自知之明，為免再有更多銀行投降，率先推出了新的預防銀行擠兌融資工具—銀行定期融資計劃 BTFP，以及更新現有借貸機制。兩個計劃最大亮點，是允許銀行以債券的面值作為抵押。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">用白話去演繹：「買國債變負資產不用怕，美聯儲按買入價借錢給你，給你度過難關，不過你還得繳我利息，日後慢慢還。」結果大家可以想像到，銀行和美聯儲借款額激增十倍，兩周就把美聯儲半年努力縮表的錢派出去，市場也解讀此為另類量化寬鬆，筆者卻認為，此舉比量化寬鬆更差。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">這次銀行暴雷，就是因為加息導致債劵利率不吸引，再加上縮表，原本由美聯儲承接的債劵沒有了支持，銀行才變負資產，現在美聯儲借款給銀行，就如飲鴆止渴，流動性不足是解決，虧損卻更大了，千瘡百孔的銀行要如何才能翻身？ 要麼就是更大規模量化寬鬆，要麼就是把問題延後一兩年，找一兩間「金融機構」埋單，你說哪一種選擇更好？</span></p><p style="margin-left:0px;"><span style="font-size:15px;">早在比特幣白皮書，已經指出依賴金融機構的信任模型為固有缺點。要抗衡這個缺點，人類需要一個點對點電子貨幣系統，並且不需要通過一個金融機構儲存電子貨幣價值。到底白皮書中所指的「金融機構」，是近日連環暴雷的銀行業，抑或可合法印制美鈔的美聯儲？這個問題值得持有美元的讀者們好好思考了。</span></p><p style="margin-left:0px;">&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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