Entrepreneur founding AREO | Building AI-native Company | VP of Marketing &CEO of oversea markets @OKX(2016-2022) | Crypto一级投资Loser,不投只孵化
Joined August 2017
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看了一下，CoreWeave 的GPU 项目融资特别是早期不是没有严格核算偿债现金流。恰恰相反，早期的 DDTL 融资已经有相当明确的项目、客户合同和资产抵押关系和回款核算。
真正的问题是：CoreWeave 在项目融资之外，又叠加了大量集团信用融资、设备融资和长期机房租赁义务，导致集团整体不再是简单的“各项目独立现金流自偿”结构。
CoreWeave 从相对严格的合同支持型资产融资，逐渐扩展到集团信用融资与承担更多再出租风险的融资结构。
集团级公司债没有一一对应的合同现金流。
设备融资、机房建设、客户回款可能不同步。合同收入仍然可能因为电力交付、建设进度和合同条件而无法按原计划兑现。
谁来解释一下 coreweave 问题在哪儿？别给我说拿着合同借钱的事，做过数据中心的都知道，现在数据中心签约都是长期租金稳定的，回本周期比你想象的还要短，合同到期早他妈回本了，GPU还有残值，实际都算的很保守，GPU 都按三五年归零算的，残值实际还很高。另外如果实际账算不过来，银行是不会给你借钱的。除非 coreweave 傻逼借钱的利率巨高～
Gamma 的真正价值，是把 Subnet 的产品需求和 Alpha 的经济价值从“软绑定”升级成“协议绑定”。 bittensor:native 长期看这个是必须的，这样就不需要相信subnet的owner，而是相信协议数据了～ 只是细节还要优化，生态的健壮性也才是基础～
bittensor:native 昨天 @const_reborn 发布Gamma，我的理解，Gamma 不是强制子网把收入拿去回购 Alpha，而是在协议层尝试强制建立“真实服务需求 → Alpha 价值捕获”的经济连接，这个确实是当前 #bittensor 子网经济价值捕获的核心问题，不使用这套经济价值捕获的子网应该得到降级～ 理论上AI的基础设施子网应该价值捕获非常高才对，但是完全没把子网经济价值带起来，这个确实是核心问题了～
bittensor:native 昨天 @const_reborn 发布Gamma，我的理解，Gamma 不是强制子网把收入拿去回购 Alpha，而是在协议层尝试强制建立“真实服务需求 → Alpha 价值捕获”的经济连接，这个确实是当前 #bittensor 子网经济价值捕获的核心问题，不使用这套经济价值捕获的子网应该得到降级～ 理论上AI的基础设施子网应该价值捕获非常高才对，但是完全没把子网经济价值带起来，这个确实是核心问题了～
CryptoJames retweeted
🧠 Bittensor $TAO upgrade: Root Reborn is live
Bittensor’s root validator layer has changed.
Instead of root dividends remaining in the previous claim system, each validator now directs them into a validator-curated beta basket — a compounding fund containing subnet alpha and, optionally, root TAO.
Here’s how it works:
1️⃣ Validators set the allocation
Each root validator chooses how its basket is distributed across the subnet economy through its Root weight vector.
2️⃣ Dividends are reinvested
Root dividends are converted into TAO and redeployed according to the validator’s allocation. The resulting positions are held in escrow, staked, and able to compound over time.
3️⃣ Stakers accrue basket shares
Root stakers earn shares in their validator’s basket based on their root stake. New shares are minted at the basket’s current NAV, preventing later stakers from diluting previously accumulated value.
4️⃣ Claims redeem the full basket
When a staker claims, their proportional share of every basket holding is redeemed into TAO and returned to Root.
5️⃣ Validator strategy becomes transparent
New on-chain views expose basket NAV, holdings, validator allocation weights, and the TAO owed to individual stakers.
The main change is that root validators are no longer differentiated only by fees, stake, and headline yield.
Their subnet allocation strategy — and the performance of the basket built around it — now matters too.
Root Reborn connects root staking more directly to the subnet economy and turns validators into active on-chain capital allocators.
Explore Bittensor validators → tao.bot/validators
This young team is coming back stronger ～
How Quasar Trained a 120B SOTA Model on Bittensor | SN24 (5M Context) youtu.be/kUydj1SOmWw?si=6xA0… 来自 @YouTube
agentic memory and context is one of the most important directions in AI, and should be open-sourced, keep an eye on this one~
that is why this man is respected compared to those two closed-source model founder~
For my first post, I’m sharing a letter @NVIDIA signed on why open models matter.
AI will transform every industry, power every company, and be built by every country.
Open models strengthen safety and cybersecurity, accelerate innovation and diffusion, and enable sovereignty.
The world needs both frontier closed models and frontier open models.
images.nvidia.com/pdf/Open-W…
CryptoJames retweeted
为什么美国科技公司要为开源模型（中国开源模型占了绝大多数）争取发展空间？昨晚最大的新闻无疑就是老黄@JensenHuang 首开X账号，第一条推文就是一份由a16z发起、英伟达、微软联合PLTR、PerplexityAI、Ollama等多家科技公司共同签署的公开信，明确主张"前沿开源模型与前沿闭源模型应并存发展"。看到都在聊公开信本身，但是对背后的动机和意图聊的不多。个人角度，核心原因就是之前下面这张图和引用的之前长文里聊到的内容：
1、美国企业使用的中国开源模型每周token占比正逼近60%，开源模型在美国企业token消耗里占比这么大，一旦被禁或者限制、那么企业的成本剧增。
2、7月中的这篇长文里（引用的长文就是）聊到：企业AI采用进入工程化时代，AI在企业级市场的采用越来越变成分场景应用模型阶段：
1）高价值场景使用继续使用闭源前沿大模型的高价值Token；
2）高频、低复杂度、高体积的任务场景下，企业越来越偏向高性比价比Token（基本上来自开源模型）。
3、这个趋势不可避免：
对于芯片厂商来说、用谁的模型都要训练和推理；
对于云厂商来说，给企业客户模型选择越多，毛利越高；
对于部署层（如pltr）或者应用型公司来说，更是天然有选择高性价比token的动力。
这份公开信的联名企业基本上就是这三大类，所以公开信背后其实有着极强的商业诉求和巨大的商业价值。
4、Authropic在国会呼吁限制或者禁止中国开源模型的发展，实质上是明显感受到了这股势头的威胁和影响。kimi k3只是一个催化剂，在k3之前中国开源在Token消耗量的份额占比已经在快速飙升了，即使没有k3，Authropic也有动力这么做。
本条由@bitget_zh赞助，「Bitget 买美股：秒级入场，丝滑交易 」
熊市快要结束的指标之一吗？大所倒闭一家， @BitMEX 当年一度排名合约第一的大所啊。
Dear BitMEX Users,
Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC.
The owner and operator of BitMEX, HDR Global Trading Limited, has made the difficult decision to close operations following a strategic review of the business.
It may not look the same today, but we are proud of our 11+ year legacy and the role we played in shaping the crypto industry. We invented the 100x leverage perpetual swap, which for most of you, was the first step to your crypto trading journey. It is now the most traded financial product in the crypto industry, adopted by thousands of users and exchanges. And we remain proud of our robust security infrastructure, which has allowed us to maintain a flawless track record of 0 customer funds lost to hacks in our entire operating history.
We want to reassure you that your assets remain fully safe and under your control during this transition period. This announcement is just to give enough time to ensure a smooth withdrawal process for everyone.
From today we strongly encourage all users to close their positions and withdraw their funds as soon as convenient. For more details on the full process, please read our blog: bitmex.com/blog/bitmex-closu…
BitMEX was once home to some of the greatest traders today. Our team has dedicated tremendous effort and passion into building the platform into what it is, and we are glad to have reached some of you during your time with us. To everyone who has traded, supported, and grown alongside us - thank you for your trust over the last 11 years.
The BitMEX Team
