争议之外，我认为最好的进化方式 下半场。 · 意外的是，上期播出不到1周的时间全网播放1亿次，投资与AI圈刷屏。很多人留言：“孙哥见人说人话，见鬼说鬼话。”但孙宇晨也的确是首次公开认真回应个人投资仓位、市场判断等被大家关注的问题。 · 之前我们团队坐下来与金明沟通，为何要做《黄金时代》？他是中国企业家投资人里唯一现役国家队世界冠军运动员——两次打破世界纪录，打破了33年开赛以来欧美对自由潜世界纪录的垄断；27岁完成包括阿里巴巴在内的10亿融资，特斯拉IPO华人长期持仓股东回报5900% —— 他每天工作时间14个小时，兼顾国家队比赛，我们甚至抓不到他的时间。 · 后来我们知道，因为这些年遇到一些朋友很困惑：不知道如何赚钱，如何把身体变好，是选择继续读书、还是出国、回国、抑或是该做什么。 · 于是有了想做一个帮助这些人去探寻答案的内容，带着他们的问题去找合适的人回答—— 哪怕要找的人是全球top1%的领袖、首富、运动员、科学家。 · 所以这一次哪怕是风口浪尖的人，金明继续把问题往深里推： ▪️孙宇晨如何把“三巨头”巴菲特的风控、马斯克的科技叙事、特朗普的传播能力，融合成自己的人生打法。 ▪️首次正面回应情感纠纷公开化背后的真实逻辑。 ▪️最新启动的数据驱动的饮食、训练与体脂管理，对赌2027年10月9日前把体脂打到18%-，并公开承诺验收。 · 《黄金时代》金明对谈孙宇晨下半程，在上集投资仓位与市场判断的基础上，看活人如何进化。 对未来，我们不预设立场，只点亮启发。 · 这一次，我们也想把问题交给你。 · 工作、成长、财富、关系，或者其他你一直想不明白的事，我们会根据问题，去邀请这1%里最可能启发你的人。 #黄金时代 ##金明对话 ##孙宇晨 ##投资逻辑 ##AI决策 ##传奇永不止步#

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A note on transferability. Papertrade is a complicated primitive, and managing it from a risk standpoint is a complicated problem. The PAPER token is far more integrated into the economics of the primitive than most tokens are in their respective protocols today, and, broadly, was designed to act as a counter insolvency incentive coupled with a rebate mechanism to losing traders. Market makers and exchanges are by far the two most profitable businesses in crypto, and our goal was to try and externalise as much of their margins back to users as possible. We are now just over a week into the life of papertrade and we are becoming increasingly confident that this is both possible, but also a likely outcome as agentic led software becomes the norm. As it stands, the paper token traded as a perp becomes a leveraged bet on bankroll solvency - and being able to short bankroll solvency materially changes the payoff curve of a manipulation attack. The target number goes from the bankroll, to the bankroll + short side exposure on paper. We can, and do limit bankroll size specifically to control this payoff curve and ensure it never becomes existentially problematic, but external perp markets are not something we would have any control over if left to float of their own accord. For example, if our bankroll is $10m, an attack costing $15m manipulating the price of bitcoin or ether is not viable. You simply lose money. If however you were also able to put on $10m of PAPER short side exposure, suddenly an attack costing $15m is very viable indeed. If we were to make the token transferable at this point, we are confident we would quickly enter a state too dangerous to allow any material exposure to be taken on papertrade, an end result that benefits no party beyond the wolves who have done the math on the short and are waiting in the wings with sharpened knives. We would also like to thank the various perps teams who have reached out about pre-market listings for their understanding and patience regarding this issue, and especially to the paragon team who, despite jumping the gun on us, have behaved with the utmost integrity and transparency once a dialogue was opened. Perps on PAPER will always act as a self-limiting exposure ceiling for a token with this type of utility, and we think it would be a shame to limit the growth of papertrade to the extent that allowing perps would necessitate. As such, at this juncture we do not have plans to allow off-contract token transferability. Structurally, papertrade is limited by the quality of the data it receives from hyperliquid, but we strongly believe that hyperliquid has a very large part to play in the future of global exchanges, and expect their books to continue to thicken and strengthen over time. A note on fees. Papertrade launched with a deadband fee from entry of 0.2bps. This means you don't earn anything until the price has moved by 0.002% in your favour. Over the months before launch, we played around with many different curves and fee structures affecting exclusively positions closed very close to entry price in order to try and devise a structure that removed the edge against the bankroll low time frame scalp bots have, whilst also minimally impacting the traders around which and for whom the product was devised. We were never able to find anything we were absolutely happy with and so decided to stay with the 0.2bp deadband fee through launch. This has however meant we have had to be very restrictive when it came to certain parameters, such as OI caps. Now, however, we have enough live data to fully understand exactly which strategies work, and to make the necessary changes to stop them. The changes we are making will have an on hours and off hours fee mode to account for the relative differences in liquidity the hyperliquid books see between these two time periods, and the ease with which low time frame moves are signalled. The changes we are making will only affect positions closed within 6bps of entry (0.06%) in on hours, and 10bps (0.1%) in off hours. Any trades closed above these threshold price shifts will see no change to their fees at all. On a look back to launch basis, these changes affect the profitability of bot strategies roughly 15x more than they do normal traders, for whom a very small proportion of overall winnings come from within this band. These changes should serve to flatten much of the edge our microfee structure necessarily creates on low time frames, and will help with long term exchange sustainability. This should hopefully allow us to open up parameters such as OI caps a little more so those of you who wish to can put on the size you want to, when you want to. It is possible these changes are still too lax, and that further revisions to this structure may be necessary going forwards. If so, we will notify users ahead of time. A note on paper tokenomics. In conjunction with the fee changes, we will also be implementing a change to the token issuance curve. Going forward, every $1 lost mints a fixed share of PAPER's supply at that moment, roughly 0.1% of supply per $1M lost (the exact number depends on the mint rate at the time the contracts are upgraded). PAPER minting in and near insolvency will also change, switching from a flat 100 per $1 of loss, to a time weighted multiplier on the curve growing over time, effectively acting as the house running a discounted auction on its own future cash flows. This change also removes the risk of the paper-mint-straddle-attack, temporarily pushing the protocol insolvent by closing only the winning side of a large straddle position and then attempting to mint as much paper as possible. In the immediate term these changes will only have a very subtle effect on PAPER minting, but in the long run will structurally change the outlook of the system beyond the first few weeks, serving to slowly dilute out older holders and leaving more recent users with an advantage. Reconstituting the PAPER system into something much closer to the exchange rakeback it was intended to be. We have been very reticent to touch this particular aspect of the system for obvious reasons, but ultimately we believe that these changes provide all users with the optionality to take a smaller piece of a potentially much larger pie than the current dynamic might necessarily allow. Other, miscellaneous notes. These contract upgrades will include a few other contract changes, including the addition of builder codes so that builders can utilise papertrade in whatever capacity they choose to. This will be a whitelist only to begin with and we will have more for you later in the week on where/how this will be rolled out. A small change to contract permissions on the reward distributor and a change on how below bust closes are processed by the exchange are also included, largely to block gas griefing attacks. These changes will be pushed to docs in full over the coming day, and we will further announce once the changes are queued into the timelock pending final security passes, scheduled to go live 24 hours after that point. Final note. We'd like to thank everyone that has tried out papertrade over the last 10 days. It has been a labour of love building this product and both of us have been taken aback at all of the positive feedback we have received. We'd also like to thank all those of you who have spent considerable time musing on the system we have built, and much of your advice has been taken onboard and will likely affect the colour of what papertrade becomes going forward. We know some of these changes will be unpopular with some, but we would not be making them if we did not feel them to be absolutely necessary. - blurr, jez

【快讯】Solana 上海活动临时推迟，今晚晚宴暂未受影响 原定今天（10 月 16 日）在上海香格里拉酒店举办的 Solana Accelerate China，在开场前被临时叫停，官方随后回应活动推迟，新的时间还没有公布。据现场参会者发帖，当时会场外有八九名执法人员，参会者在门外被拦了一个多小时都没能进场。 这场活动原本是 Solana 为中国本地开发者准备的，Solana 团队成员此前也在 X 上公开宣传过。 至于原定今晚举行的 Solana 晚宴，目前还没有收到推迟或取消的通知。

We have an important update to share. StandX will airdrop $DUSD with no lockup and will not proceed with a token launch. Airdrop claims open November 1 and close December 31. Perps moves to Reduce-Only on October 20. Positions close January 15. Withdrawals and redemptions close January 31. Full announcement article in the next tweet.

Update from Ledger Donjon on the CryptoBilis investigation 🔽 @DonjonLedger is investigating Ledger signers sold by CryptoBilis, a reseller in Southeast Asia, that contained an unauthorized hardware implant. Ledger confirmed this on October 10th for one affected user's signer. All confirmed fund losses tied to the incident disclosed on October 9th involve signers sold through CryptoBilis. We have not verified a drain linked to a signer bought elsewhere. CryptoBilis has confirmed it stopped selling Ledger signers while the investigation continues. Based on the Donjon's analysis of the attack, the implant sits inside the enclosure and reads the data shown on the screen. During setup, the signer displays the 24-word recovery phrase. When the implant detects these screens, its microcontroller decodes the words and transmits them over LTE using a provisioned eSIM. The implant is a separate component. It does not modify the Secure Element or the Ledger operating system, and it does not alter transactions or signatures. The Donjon will analyze the signers it receives and will share more as the investigation continues. We have not confirmed the total number of affected users or the total value lost. Figures circulating online come from third parties and Ledger has not fully verified them. If your funds were drained and you have not contacted us, please do so through Ledger Support so we can include your case. We are also reviewing reports of implants in other signers and locations. We will continue to share information as the investigation progresses. Rest assured the Ledger team is going above and beyond to leave no stone unturned to investigate this situation to the strongest possible outcome. If you bought a Ledger signer from CryptoBilis and have not set it up, do not set it up and contact Ledger Support. If you have set it up, transfer your assets promptly to a new signer with a new recovery phrase. Do not enter or restore any recovery phrase on a signer bought from CryptoBilis. Never enter your recovery phrase into a website, app or form. If you lost funds or hold a tampered signer, contact Ledger Support at and file a report with local law enforcement. Do not send the signer to anyone before speaking with Ledger Support or local law enforcement. If you lost funds, coordinate with law enforcement before opening the signer. Researchers and others with relevant information can write to security@ledger.com. If you did not buy from CryptoBilis and want to inspect the inside of your signer, the guide is at Use caution and make sure your recovery phrase is backed up first, because opening a signer can damage it. Ledger will never call you, message you directly, or ask for your 24-word recovery phrase. We will update this post when we verify new information.

TOKEN2049 Media Roundtable | Gate Founder Dr. Han: How Does He View This Wave of Crypto Exchange Shutdowns? From the FTX collapse to multiple exchange shutdowns in the current cycle, many retail investors have been left facing long and difficult battles to recover their funds. On October 8, Gate Founder Dr. Han joined a media roundtable at TOKEN2049, where Biteye editor @Web3SisterA asked him about his views on the recent wave of exchange shutdowns. Dr. Han shared that Gate had not experienced a similar situation in the past, and that he was not familiar with the specific circumstances behind these cases. However, he acknowledged that exchanges that chose to shut down may have been facing significant operational challenges. He also discussed Proof of Reserves, on-chain transparency, and the key factors users should consider when assessing exchange risks. As the industry undergoes another round of consolidation, exchange transparency and the security of user assets remain issues that every market participant should take seriously. 🎬 Watch @Han_Gate share his perspective.