eth long
1.3K posts
加密行业这几年最大的问题创新衰退了，这个问题根源来自两方面，一是美国上一届政府加密政策收紧，随着这次加密结构法案通过应该能解决。二是币安要求项目对加密VC的1➕3年锁仓机制，相信币安初心是好意，培养长期投资思维。现在这个机制后果是让项目方，做市商，交易所Liquidity先跑，而VC在漫长的解锁中归零。VC本来承担了一级市场最大的风险，却还要承担最晚退出风险，明显和传统投资市场向背，这样的后果是加密VC集体消亡，优质创业者很难融资，行业创新减少，@cz_binance 给CZ一个建议，给加密VC一个更好的退出机制，激活VC资本活跃起来，才能有利于行业创新，也更加有利于交易所上线优质资产。
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99.9%的人都在风口附近不停的吹…
只有0.1%的人是那只被吹起来的猪…
你看到的张嘴狂吹，贡献了这股力量…
@grok 请根据这个描述生成一张漫画……
小马@benny31194674
@CryptoPainter 一直在风口，怎么他还没有财富自由吗
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Hyperliquid 上仓位最大的两个 ETH 多头都已经爆仓、Trend Research 也开始止损减仓，短期...是不是差不多了？😂
◎[在 CZ 晒 $ASTER 持仓后进行做空的鲸鱼] 昨天价值 $1.81 亿 ETH 多仓全部爆仓，总亏损 $5400 万。
◎[$2.3 亿资金开多巨鲸] 今天凌晨价值 $6.6 亿的 ETH 多仓全部爆仓，总亏损 $2.3 亿。
◎Trend Research 今天下午开始减仓，浮亏已达 $4.98 亿。
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余烬@EmberCN
在浮亏 $4.98 亿、距离清算线只有 $535 刀后，Trend Research 终于决定开始止损减仓： 20 分钟前转了 1 万枚 ETH ($2435 万) 去到 Binance。 就看他们是计划要全部止损掉结束本次做多，还是就只是减仓一部分把清算价格降下来一些提高剩余仓位的安全阈值。 intel.arkm.com/explorer/entit… --------------------------------------------------------- 本文由 @Bitget 赞助｜Bitget VIP，费率更低，福利更狠
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@BNBCHAIN @BinanceWallet @gmgnai @GeniusTerminal BNB has to be the shittiest blockchain ever created
Binance copy pasted Ethereum then set CZ's army market makers and paid KOL scammers loose on it
I would be genuinely shocked if a single real person uses that chain
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Already in the BNB trenches? Don’t miss these live competitions:
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The amount of conspiratorial thinking about 10/10 is honestly surprising.
I don't remember this being the response immediately after 10/10. It feels like this idea that 10/10 was intentionally engineered by Binance has metastasized into people's imaginations.
I don't think they understand how incredibly bad for business 10/10 was for everyone, especially Binance.
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Interesting how CZ's favorables completely flipped in just a few months.
When he got out of jail, CZ got a hero's welcome, like he was Nelson Mandela or something.
Now people seem to think he's an SBF level villain.
Both views are silly TBH. But either way, interesting.
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With all respect to Star, this story is candidly ridiculous.
Star is trying to claim that the root cause of 10/10 was Binance creating an Ethena yield campaign, causing USDe to get overleveraged from traders looping it on Binance, which eventually unwound because of a small price move.
The problems with this story:
1) The timing of this story doesn't line up. BTC bottomed a full 30 minutes before USDe price was affected on Binance. So USDe clearly can't have *caused* the liquidation cascade. This is clearly misplacing cause and effect.
2) USDe price diverged ONLY on Binance, it did not diverge on other venues. But the liquidation spiral was happening everywhere. So if the USDe "depeg" did not propagate across the market, it can't explain how *every single exchange* saw huge wipeouts. This is very much unlike Terra, which depegged everywhere and caused the same damage across every venue.
So maybe you could hedge Star's argument by saying "OK, maybe Ethena didn't *cause* 10/10, but it amplified it." But even as an amplifier, USDe fails the test because it didn't propagate cross-exchange. We know what a good explanation of a crash looks like—Terra, 3AC, FTX, all had global balance sheet effects that were felt everywhere. USDe did not do that, it was a Binance order book isolated event.
3) This begs the question: why is Star "revealing" this now, months later? Star does not produce any new evidence for this theory that people didn't already know and analyze to death. All of the order book data has been public for 4+ months and suddenly he claims this? This feels more like Star is picking a fight with CZ and using this simple story as a pretext to make it sound like CZ was in on it, or caused 10/10 through his own irresponsibility.
Look, the reality is, there's no simple story explaining 10/10 that survives scrutiny. I don't have one either. If there was a simple story that could explain 10/10, there would already be widespread agreement about what caused it, like the agreement around the 3AC or FTX crashes.
The best story to explain 10/10 is, to my mind:
* Trump spooked markets with tariff threats on a Friday evening
* This caused markets to sell off dramatically because crypto was the only thing to trade
* Flurry of activity caused Binance APIs to go down, causing huge price dislocations and preventing market makers from balancing inventory across exchanges. This caused huge liquidations that could not get filled, but liquidation engines keep firing regardless, and all this got amplified by ADLs initiating everywhere and breaking hedges and risk management
* This caused MMs to get wiped out, and they were unable to pick up the pieces—MMs need APIs to rebalance inventory, and without MMs, there were no buyers of last resort for many alts. Retail was not going to step in on a chaotic Friday evening to buy stuff
* Crypto liquidation mechanisms are not designed to be self-stabilizing the way that TradFi mechanisms are (circuit breakers, etc.), crypto liquidations are designed purely to minimize insolvency risk
* Altcoin prices are extremely path dependent, and we ended up in a bad path
That's my story. It's not a very satisfying one, but neither is this "Binance + Ethena did it" story. A better root cause explanation is "APIs went down at the worst possible time," but that doesn't really sound so dastardly.
Where simple stories do not suffice, unfortunately you have to choose a complicated one. And I think this complicated story is the best one for what actually happened on 10/10. Thankfully, the history of crypto is a long series of these "bad things happened, and later the market recovered."
In the long run, I'm not worried that 10/10 permanently broke the market. Just that prices are path-dependent, retail + MMs got hurt bad on 10/10, and will need time to recover.
Star_OKX@star_okx
No complexity. No accident. 10/10 was caused by irresponsible marketing campaigns by certain companies. On October 10, tens of billions of dollars were liquidated. As CEO of OKX, we observed clearly that the crypto market’s microstructure fundamentally changed after that day. Many industry participants believe the damage was more severe than the FTX collapse. Since then, there has been extensive discussion about why it happened and how to prevent a recurrence. The root causes are not difficult to identify. ⸻ What actually happened 1.Binance launched a temporary user-acquisition campaign offering 12% APY on USDe, while allowing USDe to be used as collateral with the same treatment as USDT and USDC, and without effective limits. 2.USDe is a tokenized hedge fund product. Ethena raises capital via a so-called “stablecoin,” deploys it into index arbitrage and algorithmic trading strategies, and tokenizes the resulting fund. The token can then be deposited on exchanges to earn yield. 3.USDe is fundamentally different from products such as BlackRock BUIDL and Franklin Templeton BENJI, which are tokenized money market funds with low-risk profiles. USDe, by contrast, embeds hedge-fund-level risk. This difference is structural, not cosmetic. 4.Binance users were encouraged to convert USDT and USDC into USDe to earn attractive yields, without sufficient emphasis on the underlying risks. From a user’s perspective, trading with USDe appeared no different from trading with traditional stablecoins—while the actual risk profile was materially higher. 5.Risk escalated further as users: •converted USDT/USDC into USDe, •used USDe as collateral to borrow USDT, •converted the borrowed USDT back into USDe, •and repeated the cycle. This leverage loop produced artificial APYs of 24%, 36%, and even 70%+, widely perceived as “low risk” simply because they were offered by a major platform. Systemic risk accumulated rapidly across the global crypto market. 6.At that point, even a small market shock was sufficient to trigger a collapse. When volatility hit, USDe depegged quickly. Cascading liquidations followed, and weaknesses in risk management around assets such as WETH and BNSOL further amplified the crash. Some tokens briefly traded near zero. The damage to global users and companies—including OKX customers—was severe, and recovery will take time. ⸻ Why this matters I am discussing the root cause, not assigning blame or launching an attack on Binance. Speaking openly about systemic risks is sometimes uncomfortable, but it is necessary if the industry is to mature responsibly. I expect there may be significant misinformation and coordinated FUD directed at OKX in the near future. Even so, speaking honestly about systemic risk is the right thing to do—and we will continue to do so. As the largest global platform, Binance has outsized influence—and corresponding responsibility—as an industry leader. Long-term trust in crypto cannot be built on short-term yield games, excessive leverage, or marketing practices that obscure risk. The industry needs leaders who prioritize market stability, transparency, and responsible innovation—not a winner-take-all mentality where criticism is treated as hostility. Crypto is still early. What we choose to normalize today will determine whether this industry earns lasting trust—or repeats the same mistakes again.
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我们研究了相对头部的每一个交易平台，每一条公链，每一个钱包，大家都做得特别好。👏
我们会好好学习，币安还在继续招聘中。
币安Binance华语@binancezh
😨什么！用户正在召唤？！ 无论我们身在何处，关键时刻都会为用户挺身而出🦸 这是我们的做事之道，欢迎您加入币安 👉 binance.com/zh-CN/careers
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想要Exchange the world，推动世界变化时，往往会伴随着大量讨论、质疑和不同声音。这并非某一个行业独有，而是所有结构性变革在历史中反复出现的过程。围绕加密行业与币安的讨论来源复杂，既有市场周期带来的情绪波动，也有不同商业竞争与模式、立场的分歧。
与已经经历了数百年甚至上千年发展与用户教育的传统资产相比，加密行业仍然处在相对早期阶段，波动和争议在所难免。站在这个历史的转折点，黄金和白银的FOMO并不意外，由于时间滞后效应，属于我们的比特币（数字黄金）时代终将到来。
没想到推特几年后变成了和几年前微博一模一样，希望所有社区的朋友们在吃瓜之余，自己做好独立判断与风险管理，保管好自己的资产，DYOR。
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@cz_binance @UnicornBitcoin @heyibinance 兄弟，你们币安是在割韭菜，你拿什么和纳斯达克比较，有本事你把桌子掀了，把所有交易所的暗箱操作都爆出来，把所有交易所拉下水来陪你死，让所有的吃瓜群众一起鞭尸
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@UnicornBitcoin @heyibinance 如果这个逻辑， 纳斯达克从1990年开始，就上10个（现在）头部的互联网公司就好了？曾经有成千上万个互联网创业公司，30年前怎么知道哪十个是最后的巨头呢？
没人能预测项目未来的发展。你能保证哪个币只涨不跌？
交易所应该尽量给努力的项目机会。不是交易所上的每个项目你都要买哦。DYOR。
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4. Have seen some twisted FUD on this "buy and hold" tweet. It obviously does not apply to every coin.
If you "buy and hold" all crypto ever created, you know how your portfolio will perform. Same as if you bought every internet or AI projects/companies... 🤷♂️
In any industry, majority of companies/projects will fail. The few successes will perform exponentially.
Lastly, if you find any of my tweets useless, feel free to unfollow. Out of sight, out of mind.
Attacking someone is the worst use of your time. Spend time on yourself, and be happy.😄
CZ 🔶 BNB@cz_binance
I've seen many different trading strategies over the years, very few can beat the simple "buy and hold", which is what I do. Not financial advice.
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