CryptoPepper

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See you at BN Square in half an hour! You can make a reservation first.
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Data update:
Morgan Stanley MSBT: 0.14%
Grayscale Mini Trust: 0.15%
Franklin Templeton EZBC: 0.19%
Bitwise / VanEck: 0.20%
BlackRock IBIT: 0.25%
IBIT is currently the absolute leader in the $84 billion BTC spot ETF market. Morgan Stanley is using 0.14% to compete against 0.25%.
Why at this moment?
Three reasons.
First, institutional clients are demanding it. Morgan Stanley manages over $4 trillion in client assets. When your clients are high-net-worth individuals and family offices, they’re not just looking for the best ETF, but for an ETF that’s "approved by compliance." Their own brand + the
BTC1,16%
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Bond traders have completely given up on the expectation of interest rate cuts in 2026.
Oil prices are pushing inflation higher, with Core PCE at 3.1% (target 2%). At the same time, the economy is slowing down.
This is called stagflation. High prices + low growth, the most uncomfortable combination.
The stock market is still struggling with whether to go up or down. The bond market has already priced in a recession.
Historically, each story told by the stock and bond markets has been different, but in the end, the bond market has been right.
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Previously, the government shut down, DHS ran out of funds, TSA didn't get paid, hundreds of people resigned, thousands refused to come to work. Airport security lines stretched for hours.
The Senate passed a plan, the House said "it's a joke." The House passed a plan, the Senate won't approve it.
This is the governance level of the United States in 2026.
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Wedbush's Basham issued a warning: high interest rates + high oil prices mean the stock selection logic is changing.
Translate: No chance of interest rate cuts anymore, oil prices are still rising, and the previous logic of making money through a "Fed pivot" has completely failed.
The S&P 500 has fallen 7% since the beginning of the year. The Nasdaq has dropped over 10%. VIX is at 29.5.
The current market is not about choosing the "best stocks." It's about selecting the "most resilient stocks."
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In 1984, a Nobel laureate in Economics said a sentence. 42 years later, that sentence has become a reality.
Friedrich Hayek: "I don't believe we can get good money back from the government. The only thing we can do is introduce something they cannot stop, in some clever, roundabout way."
"A sly, roundabout way."
Eight years after making that statement, Hayek passed away. He never saw the internet. He never saw the cypherpunk movement. He never saw the 2008 financial crisis. He never saw Satoshi Nakamoto's white paper.
But the logic he described almost perfectly matches the path of Bitc
BTC1,16%
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Has Claude recently become lazy?
Friends who use it for coding should have noticed.
I built my own AI content pipeline, and the core code was all written by Claude. Recently, the quality of outputs for the same prompts has noticeably declined—code truncation, logical bugs, more boilerplate.
A bunch of people on Reddit are complaining about the same issues. The official response is "no widespread problems found." But data doesn't lie.
Anthropic's market share has dropped from 29% to 13%. It went down five times in March. User experience is definitely declining. It’s not necessarily that
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Bank of America just announced five tech stocks to buy: Microsoft, Meta, Apple, PicPay, Payoneer
The first three are no surprise. The last two are interesting.
PicPay — Brazilian fintech, just IPO'd in January this year, with 43 million active users
Payoneer — an established player in cross-border payments, Bank of America's logic: 2026 will be a pivotal year for the global computing infrastructure upgrade.
These two are new to me today; I plan to use AI to analyze and prepare a report.
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Masayoshi Son borrowed $40 billion unsecured, due in 2 months
Just to cover his $30 billion bet on OpenAI. Including previous investments, his total bet on OpenAI exceeds $60 billion.
The lenders are JPMorgan Chase, Goldman Sachs, and four Japanese banks.
They are all betting on OpenAI's IPO this year. Once IPO occurs, SoftBank will use the exit proceeds to repay the loan.
If the IPO doesn't happen… This is the biggest AI leverage gamble I have ever seen.
Masayoshi Son is betting on the future of AI with bank money. The banks are betting on SoftBank's IPO of OpenAI.
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Can American companies really deliver impressive financial reports?
Q1 earnings season is about to begin.
Wall Street consensus is "Strong AI demand, big tech profits hitting new highs."
But QIMA's supply chain data shows: global procurement from China in Q1 decreased by 18% year-over-year, while Southeast Asian procurement surged by 42%. The supply chain is moving. Costs are rising during the transition.
Oil prices are even more extreme. Brent is above $95, up over 40% since the beginning of the year.
Goldman just raised their full-year oil price forecast from $60 to $85. EIA's fore
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Huajiao: Do you still have remaining quota?
Codex: limit exceeded, quota used up
Carpooling costs 38 RMB per month, but after just a few hours, I can only use 150K tokens before it crashes
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OpenAI has cut another product
This time it's "Adult Mode"—it was shelved before it even launched
But what's worth discussing isn't the "Adult Mode" itself, but what went wrong with OpenAI's product strategy.
Regarding Adult Mode: announced in October last year, originally scheduled to launch in December. As a result, all eight mental health advisors hired by OpenAI voted against it.
Reason: age verification system has a 12% failure rate—millions of minors could be exposed to adult content. Technically, it's also unfeasible: models were trained to avoid pornographic content, but now they n
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Europeans are building solar power stations on their balconies, plug-in solar panels: small ones cost €200, energy storage ones are under €1000, with a payback period of 2-6 years.
Germany installed over 1 million balcony solar systems from 2022 to 2025. Prices have been halved. The UK just legalized it—considering the UK’s electricity prices are the third most expensive in Europe, there’s motivation.
The concept of energy independence used to be a national-level issue. Now, ordinary households can start with just €200.
Decentralization is not just a crypto narrative. Energy is also head
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10 to the 25th power years, and the universe is only 1.38 billion years old.
Specifically: the most powerful quantum computers currently have fewer than 100 logical qubits.
Breaking BTC's SHA-256 requires about 2,330 qubits, more than 20 times the current capability.
If a breakthrough occurs in the future, approximately 35% of the $BTC supply (including Satoshi's 1 million coins) could be at risk.
Of course, the key point isn't "whether quantum computing will arrive," but "whether BTC will upgrade its quantum-resistant encryption before it does."
For now, it looks like time is on BTC
BTC1,16%
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Anthropic has confirmed: they are testing a new model at a "step change" level.
Code name Mythos, internally called Capybara. The leak was accidental, but the model is real.
What did they say about previous AI releases? "Improved by X% on the XX benchmark," "faster and cheaper," "supports longer context."
And what about Mythos? "Far surpasses any other AI model in cybersecurity capabilities," "signaling a wave of models that can exploit vulnerabilities in ways far beyond defenders."
Can you see the difference?
Before, it was "we are better." This time, it's "we are so powerful that i
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Dr. Lee Chang-yu has passed away!
The most famous case I remember is where a husband murdered his wife and then dismembered her with a wood chipper, but ultimately, the doctor caught him through blood spatter analysis.
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When you can't convince your mom about the "rigid mindset regarding stable employment,"
the only option is to chat with Claude and have him generate a PDF.
Since I can't persuade my mom, I can only rely on AI to convince her.
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Google released a paper called TurboQuant, and within 24 hours, the community had ported it to llama.cpp.
What did TurboQuant do? It compressed the KV cache of large models to 3 bits, reducing memory usage by a factor of 6, and sped up inference by 8 times on H100.
The key point is—no retraining needed, no fine-tuning required, and no loss of accuracy. This is one of the reasons chip stocks plummeted.
Samsung and SK Hynix dropped over 6% in Seoul, and Micron fell 6.9% in the US stock market.
The market's concern is—if each model can use 6 times less memory, doesn’t that reduce the demand for H
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Meta has laid off another 700 people.
This is the second round in 2026. In January, they cut 10% of Reality Labs, and this time it's sales, recruitment, and global operations.
Zuckerberg's words: "Projects that used to require a large team can now be handled by a talented individual."
At the same time, Meta's capex budget this year is between $115 billion and $135 billion, all invested in data centers.
Layoffs plus heavy investment in AI infrastructure.
This is the standard operation for big tech companies in 2026.
It's not that they don't need people anymore; the type of people th
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