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Believing in the Capital Market: The Essence and Core Value of Cryptocurrency

The article "Believing in the Capital Market: The Essence and Core Value of Cryptocurrency" argues that the true foundation of the crypto industry is not technological utility or capital manipulation, but faith and consensus, forming what the author terms a "faith capital market." The author posits Bitcoin as a modern religion, drawing parallels to traditional faiths: it has a creator (Satoshi Nakamoto), a foundational text (the whitepaper), core tenets (e.g., the collapse of the modern financial system). However, its key differentiators are its decentralized consensus formation, internet-native propagation through memes, and a unique system where acts of "faith" like running a node or holding BTC are rewarded with both spiritual and material gains (price appreciation). The piece explores the double-edged sword of secularization. While it expands influence (like Christmas for Christianity), in crypto, it attracts speculators who dilute the core faith, leading to industry-wide "narrative failure" and a loss of purpose. The author critiques the industry's "technology myth," arguing that the relentless pursuit of faster blockchains with more utility is a self-destructive distraction from crypto's core value: decentralized consensus on value. The proposed savior is not more technology, but meme coins—or more accurately, "faith assets." True faith assets, like $SPX or $NEET, are not mere jokes; they are new religions with clear doctrines that galvanize communities around shared beliefs, mirroring Bitcoin's original role. The author concludes that the market's essence is this faith capital, and its future resurgence depends on recognizing and nurturing these belief-based assets, not on technological specs. The piece is a call to return to the foundational belief that value is derived from collective, decentralized consensus.

marsbit12/23 07:22

Believing in the Capital Market: The Essence and Core Value of Cryptocurrency

marsbit12/23 07:22

The Golden Age of AI, or a Three Trillion Dollar Collective Adventure?

Based on analysis of 2026 outlook reports from top institutions including a16z, Goldman Sachs, J.P. Morgan, Morgan Stanley, and BlackRock, two key insights emerge regarding the AI boom. First, the AI infrastructure capital expenditure is projected to reach $3 trillion, with less than 20% currently deployed. Major cloud providers like Amazon, Google, Meta, Microsoft, and Oracle are heavily investing in data centers, GPUs, and power infrastructure. However, J.P. Morgan notes that the immediate economic benefits are limited, primarily boosting profits for some large corporations. True transformative productivity gains are still years away, indicating that 2026 will remain a phase of significant investment rather than harvest. Second, a divergence exists regarding the distribution of AI benefits. BlackRock introduces the concept of "Micro is Macro," highlighting how a few companies' AI investments already impact the macroeconomy. Data shows the equal-weight S&P 500 rose only 3% year-to-date, while the market-cap-weighted version (driven by tech giants) gained 11%, suggesting an AI concentration红利. Morgan Stanley is bullish, setting a 7800 target for the S&P 500—a 14% increase—based on strengthened profitability of tech giants. In contrast, J.P. Morgan and Goldman Sachs anticipate AI红利 spreading globally. They predict that a weaker dollar will drive AI benefits to emerging markets and global supply chains, with expected annualized returns of 10.9% for emerging markets, outperforming U.S. large caps at 6.7%. Europe and Japan are also seen as potential beneficiaries. In summary, the debate centers on whether AI红利 will remain concentrated among U.S. tech giants or diffuse globally, representing a $3 trillion collective venture still in its early, high-spending phase.

比推12/23 06:58

The Golden Age of AI, or a Three Trillion Dollar Collective Adventure?

比推12/23 06:58

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