At first glance, MSTR's STRC seems similar to Luna's model, issuing bonds by pledging BTC and stocks, providing stable monthly interest payments. Luna also bought a large amount of BTC at the last minute, hoping to work with Luna to provide collateral for UST and ensure its stability. Applying UST's formula, if BTC and stocks fall together, a cascading liquidation would occur. However, times have changed, and this time is different. 1. MSTR has a certain degree of protection in the US stock market, due to the rebalancing of various indices and the consensus of a group of institutional investors over the years. Similarly, BTC's token structure is very clear, making an attack on liquidation too costly. 2. This approach uses credit lending, which is fundamentally different from UST's use of DeFi on Anchors. Credit market transactions are very private, and repayments are periodic, making it difficult for short-term liquidity shortages to lead to liquidity liquidations.

I watched two arguments today, and then saw this one, which made me reflect on Teacher Tao's methods and vision back then. I don't know what to say.

For a tall person, the first obstacle when staying in a hotel in Japan (especially a local hotel) is that it's very easy to bump your head...

Kyoto is perfect for long-distance training; it's all uphill and traffic jams, so you'll have to rely on your legs the whole time. If you're diligent, walking 20,000 steps a day shouldn't be a problem...

Liquidity is so poor that no one is willing to take the bait in the contract market. Even with a 20% increase, the trading volume of OI is only 20M, and the trading volume is only a fewM. Those who went long have already gone home, and those who went short have also gone home.

I've always considered Putien to be the most consistently good restaurant in Singapore. Although it uses a central kitchen for pre-prepared dishes, the ingredients are clean, the cooking methods are simple, and the taste is acceptable. The cold dishes (four small plates) and the hot dishes (taro and duck, sometimes a bit fishy, depending on luck), braised beef ribs, and crispy chicken are all quite presentable. The homemade tofu and silken tofu are good; I've rarely encountered any unpleasant bean product taste. Among the vegetarian dishes, the fried eggplant, stir-fried taro, and seaweed sprouts are also excellent. It's also worth mentioning the staple foods: the fried rice noodles, the rice vermicelli, and the soup rice noodles are all delicious. Of course, there are also some disappointments. Every time I eat razor clams during clam season, there's sand; the conger eels aren't very fatty during clam season; and the fish dishes are generally mediocre. Overall, finding a reasonably priced Chinese restaurant in Singapore that isn't too heavily seasoned and is unlikely to cause diarrhea is quite difficult. Putien is probably my first choice.

Chase's article offers a very interesting buy-side perspective for the market. As an investor, I've been a sell-side investor many times, and my conclusions aren't entirely accurate. The final trend is determined by several key decisions made by the team, the timeframe, and a significant amount of luck. In the listing process, no one can have a god-like perspective; there will always be biases, and the more information you have, the more biases you'll encounter… From the exchange's perspective, an overly stable team isn't necessarily a good thing.

Consensys Dining Log: 1. Feng Shan: A restaurant I didn't like before, but I found this one quite good. I recommend ordering à la carte for dinner; the dinner set menu and lunch set meals are just average. The best dish was the shark fin soup, braised and then pan-fried on one side crispy and the other soft and tender, served with high-quality crab roe sauce. The appetizers were all delicious. The jazz soup was just a sweet stew, nothing special. We ordered a fish ball stir-fry, which was rather bland, but the vegetables were of good quality. The day I went, the Crypto group wasn't too crowded, so I could talk loudly. I heard there were quite a few industry professionals there in the following days. 2. Sheng Kee Congee Shop in Sheung Wan: It's famous, but the main thing to do is the pork offal. The congee base is actually just average. It's one of the few decent congee shops in the Central and Sheung Wan area. It opens early, so it's a good place for breakfast. It's very touristy, but not so much for those in the crypto community. 3. Hong Mian: A popular spot in Central, with tables spaced too close together. The service was lacking. Several of their signature dishes were a bit salty, noticeably different from what I had before. The pork chop rice was good, but I felt it wasn't as rich as before, not as good as Jiao Jie/He Shi. Be careful with the scallion oil chicken; the spicy lamb pieces have also shrunk. Tourist and crypto enthusiast concentrations are high, so be cautious. 4. Gan Tang: I don't know why it's become so popular lately, there's even a queue! It used to be deserted at lunchtime. The roast goose, char siu, and golden coin chicken are still delicious. The stewed soup is expensive but the taste is just average. My friend said the goose blood and offal hot pot tasted like braised pork offal, but I thought it was delicious. Unsure about the crypto enthusiast concentration. 5. Cui Yuan Chicken Hot Pot: Located in the North Point market, it's much better than Yi Pin Chicken Hot Pot. The signature spicy chicken hot pot comes with extra duck blood, and both the pork and chicken offal are delicious. If you can handle the cost, give it a try; the chicken might be a pleasant surprise. The prices are reasonable, but the environment is a bit run-down. Being far from the venue and run-down, it's practically impossible to find crypto enthusiasts. 11:30 LO is perfect for late-night snacks and chatting. 6. Hao Cai Restaurant, located in Prince Edward, Kowloon, offers excellent ingredients. It's a great place to eat vegetables after a heavy meal of meat and fish. Dishes like bitter melon with beef, cabbage with fish tofu, and chive blossoms with fresh squid are all delicious. Seafood is reasonably priced unless you order shark fin. It's usually empty at lunchtime, and not many people in the crypto world would travel that far. In summary: Purely in terms of food quality, Hong Kong is still hard to surpass. With the market downturn, I've heard the food at major conferences is terrible, so it's better to eat out more. After all, a margin call could buy a week's worth of shark fin soup. By the way, anyone want to treat me to shark fin soup in April?

Aztec is the most amazing Layer 2 developer in this cycle. Nothing they've done over the years has been on par with the best, and they're incredibly expensive… Purely from a fundamental perspective, they're not even as good as Zama…

Zama is declining; the amount of money it raised exceeds its market capitalization. Who was the last company like this? Babylon seems to be one.