继续看罗伯茨一派的判词，提到了一个重要的宪法原则：重大问题原则，Major Questions Doctrine,简称 MQD，意思是当政府行政分支做出重大影响的决策时，不能依靠模糊的法律文本的空间，而应该明确获得国会授权，最高法院停止拜登政府取消学生贷款计划也是基于这一原则。 多数派法官对于司法主张的“特权例外论”：由于涉及关税的政策属于外交事务与国家安全的范畴，认为国家处于“紧急状态”之下，川普应当享有最高程度的司法特权的说法表示彻底反对，认为「重大问题原则」不应在此适用 。  罗伯茨对此进行了无情的驳斥：重大问题原则不存在任何所谓的“紧急状态法案特例”，尽管关税无疑会深度牵涉外交事务，但这绝对不能改变一个宪法事实：制宪先驱们刻意强调了将和平时期施加关税的权力“完全且排他性地”赋予了🇺🇸国会 ，多数意见总结道，外交事务的背景绝不能成为颠覆宪法分权架构的借口，当川普试图在未获国会明确授权的情况下篡夺国会核心职能时，「重大问题原则」不仅适用，而且必须予以最为严格的司法审查

美国政客和精英阶层对中共的了解与认识，仍然远远不够，也始终拿不出真正有效的应对策略。与此同时，美国两党政治对于中共在全球范围内的渗透与扩张野心，长期缺乏足够的前瞻性，其对外政策也缺少持续性与连贯性。正是在这种背景下，中共近年来不动声色地培植了一大批反美、仇美势力，正在对美国的国家安全以及全球地缘政治格局构成越来越严峻的威胁。 American politicians and elites still have a very limited understanding of the Chinese Communist Party (CCP) and have yet to develop truly effective strategies to counter it. At the same time, both major U.S. political parties have long lacked sufficient foresight regarding the CCP’s global infiltration efforts and expansionist ambitions, while America’s foreign policy has also suffered from inconsistency and a lack of continuity. Against this backdrop, the CCP has quietly cultivated a large number of anti-American forces in recent years, posing an increasingly serious threat to U.S. national security and the global geopolitical order.

Coinbase买下了Hyperliquid上稳定币USDH这个deal绝了 接下来 hyperliquid:native 生态都用USDC了 利好 Hype： $coin成为Hype 上USDC官方资金部署方，coin 和 $CRCL 都要质押 50 万 hype；Coinbase作为美国最大的合规加密交易所之一直接嵌入 Hyperliquid 生态 利好Coin：在 AQAv2 框架下，Coinbase 会将大部分储备收益分给 Hyperliquid 协议，但 Coinbase 获得的是约 50 亿美元 USDC 生态系统的独家控制权和在 DeFi 最火交易平台上的深度嵌入 利好Circle：长期来说USDC拿下了Hype生态，流通量能增长，虽然USDC的利息应该是会少分一些了 PS：AQAv2 口径是 vast majority reserve yield revenue 给协议；但 Coinbase 官方博客没有给出具体比例

加拿大真是一片红 如果今天举行选举，自由党将会是压倒性的多数政府。加拿大的“红”和“蓝”，与美国正好相反。 这是一张加拿大联邦大选的“席位预测图”，更新时间是 2026年5月10日。 图中用颜色预测各党在加拿大国会338个议席中的分布情况。 颜色代表，红色：自由党（LPC) 蓝色：保守党（CPC），…… 右上角预测, 图中箭头指向的显示： 自由党 LPC：221席 保守党 CPC：94席 魁人政团 BQ：20席 新民主党 NDP：16席 绿党 GPC：2席 加拿大联邦众议院总共338席。多数政府(majority)门槛是：170席。 这一切都要感谢美国的川普！

和Quant Alex @StochAlex07 讨论： SABR Theta与Spot Theta+Vol Theta+Cross Theta的异同与应用，以及SABR模型自洽性分析。 **English Summary of the Chat** **SABR Theta vs Spot Theta + Vol Theta + Cross Theta** The conversation between **Alex Wu** (white bubbles) and **Jeff Liang** (green bubbles) is a technical discussion focused on **SABR Theta versus Total Theta** (i.e., Spot Theta + Cross Theta + Vol Theta), model self-consistency, PDE residual, and the correct definition of SABR Greeks. ### Key Points Discussed: 1. **SABR Gamma = Spot Gamma** (first major question, raised by Jeff) Jeff asked whether SABR Gamma (\(\partial^2 P / \partial F^2\)) is identical to Spot Gamma and whether it includes the dependence of \(\sigma_B\) on \(F\). He also provided the full chain-rule expansion of SABR Gamma in terms of Black-76 Greeks. Alex confirmed the understanding and **later affirmed in code** that this is exactly how SABR Gamma is implemented in their system. 2. **SABR Theta vs Total Theta and Model Self-Consistency** (main topic, led by Jeff) Jeff shared a clear 3-point understanding: - SABR Theta is computed directly via the SABR approximation formula to obtain \(\sigma_B\), then applying the Black-76 chain rule: \(\partial P/\partial t =\) BS_Theta(\(\sigma_B\)) + BS_Vega \(\cdot \partial\sigma_B/\partial t\). - Total Theta is the exact decomposition from the SABR PDE (Spot Theta + Cross Theta + Vol Theta). - When the model is **fully self-consistent** (Residual = \(\partial P/\partial t + \mathcal{L}P = 0\)), SABR Theta = Total Theta; otherwise the difference is the unexplained PnL caused by the approximation error in the Hagan formula (especially pronounced in long-dated, high vol-of-vol, or high-skew options). 3. **Practical Implication – Theta Decomposition Decision** (comment by Alex) Alex noted that whether to perform Theta decomposition depends on the risk-management approach: - Without decomposition → use SABR Gamma vs. dP/dt. - With decomposition → SABR Gamma maps to Spot Theta, Vanna to Cross Theta, and Volga to Vol Theta. **Overall Tone**: The discussion is highly technical and collaborative. Jeff drives the conversation by asking clarifying questions and presenting a well-structured 3-point summary of his recent study. Alex provides confirmations, practical insights, and code-level validation. Both participants demonstrate a strong command of SABR model nuances, particularly the relationship between approximation error, PDE residual, and real-world risk management.

早上起来以为我看错了，Kraken 这么大个所谓的合规 CEX 竟然堂而皇之的上了诈骗项目 @intodotspace ，瞬间对 Kraken 一点好感都没了，只觉得恶心🤮。 这上币组是被屎还是给的一点上币费蒙蔽了眼睛？连最基本的调研都不做的吗？这垃圾玩意儿诈骗了那么多打新的人，到现在一分钱没退一个币没发，怎么通过“合规”的？ 妈的如果给点钱💰就什么狗屎都能上，就别把自己标榜成白莲花好吗？本来大家踩了 Space 这坨狗屎算倒霉了，现在Kraken 还要把狗屎捡起来塞大家嘴里。 大清早的真把我恶心坏了。 强烈建议 Kraken 团队调查一下自己的listing 团队是否拿了脏钱，如果没拿那他们真的可以被 fire 掉了! Woke up this morning thinking I was seeing things — Kraken, this supposedly "compliant" major CEX, actually listed a straight-up scam project @intodotspace. Lost every bit of respect I had for them instantly. Just disgusting 🤮 Did their listing team get paid in shit, or did someone slip them a little listing fee to blind them completely? Can't even do the most basic due diligence? This garbage project scammed so many people in their public sale, hasn't refunded a single cent or delivered a single token — and somehow it passes their "compliance" review? If all it takes is a little money 💰 to get any piece of crap listed, then stop pretending you're some virtuous, white-glove exchange. People already stepped in the Space turd and got burned — now Kraken goes and picks that turd back up and shoves it in everyone's mouth. Ruined my whole morning. Absolutely disgusting.🤢🤢🤢🤢 Strongly urge the @krakenfx team to investigate whether their listing team took dirty money. And if they somehow didn't — they should be fired anyway. This listing is seriously damaging your CEX's reputation and brand, and driving users away.

无法合成等bug现已紧急修复，感谢您的耐心等待。 Bug出现原因归结为bnbchain无原生像素nft及rpc节点网络卡顿导致。 NFT的mint资金届时将全部添加为代币 $渣 的池子。 为防止狙击手抽取流动性，用作池子的添加资金已做混淆处理，此举在于保护所有blonks持有者的权益。否则将会被狙击手抽走持有者的大部分利益。 代币部署时间在24h之内，我们希望吸取足够的经验，从而充足的完成此次部署，确保每一位Blonks的持有者都获得利益，请您耐心等待。 有任何确凿的疑问，请在下方提出。 Blonks！ —— The bugs preventing synthesis and similar issues have now been urgently fixed. Thank you for your patience. The cause of the bug was due to BNB Chain lacking native support for pixel NFTs, combined with RPC node network congestion. All funds from the NFT mint will be fully added to the liquidity pool for the $渣 token. To prevent snipers from extracting liquidity, the funds being added to the pool have been obfuscated. This measure is intended to protect the interests of all Blonks holders. Otherwise, snipers would drain away the majority of the holders’ benefits. The token will be deployed within the next 24 hours. We hope to draw on sufficient experience to ensure this deployment is completed thoroughly, guaranteeing that every Blonks holder benefits. Please be patient. If you have any specific questions, please ask them below. Blonks!