We’ve never publicly disclosed this before, and I’d prefer not to disclose the exact amount yet.
The reason we held ORDI in the first place was primarily product-related rather than as an active investment position.
Back in 2023, we were trying to build a fully BRC-20-native swap directly on Bitcoin mainnet, with ORDI serving as the base asset for trading pairs and sats used for fees.
Conceptually, we thought the design was extremely elegant, and technically we believed it was achievable. We put an enormous amount of effort into it and, after a lot of sleepless work, managed to validate the idea with an MVP.
The product itself attracted significant attention. Development was largely completed around September 2023, testing began in October, and we started a limited rollout in November.
The difficult part was that the new operations required broader synchronization and recognition across the BRC-20 ecosystem.
To make that transition possible, we came up with what we called the “black-and-white module” approach, allowing the ecosystem to move toward the new rules gradually rather than forcing an immediate protocol-wide change.
Unfortunately, for a number of reasons, it didn’t work out.
The most fundamental problem was that we greatly underestimated how difficult it would be to introduce a meaningful protocol-level change on Bitcoin mainnet to brc-20 by that time.
In particular, it was extremely difficult to convince others that what we were proposing was not simply something designed for UniSat’s own benefit (these were exactly the kinds of problems that the more you explained the more people don't believe).
I personally put essentially everything I could into trying to move it forward, but we were never able to turn the innovation into sufficiently broad ecosystem consensus.
Looking back, I consider this one of the most serious and costly mistakes we’ve made.
The damage was not only to the project itself, but also financial, emotional, and reputational.
We had promised the community a product on Bitcoin mainnet and then struggled for a very long time to deliver it. That significantly damaged the trust the community had placed in us.
It was one of those rare “everyone loses” outcomes.
For UniSat, the backlash was enormous. The team and I went through a level of criticism and pressure that was difficult to describe from the outside, and our credibility around BRC-20 was badly damaged.
It also changed our own mindset inevitably and historically.
After that experience, we became much more conservative and cautious around BRC-20 protocol innovation. Something that had once felt natural to experiment with started to feel extremely difficult to touch.
I wrote a more detailed—and deliberately calmer—account of what happened here:
2024.09 PizzaSwap — A Real-World Proof of BRC-20’s Decentralization
https://t.co/dMD1f1wOXI
I wrote it exactly one year later, in September 2024.
By then, the Swap had finally launched on Fractal, where it has continued to operate successfully ever since. It was later renamed InSwap.
At the time, I wanted to leave behind a record of what had actually happened, and deliberately tried to write it in a measured way—not to reopen old arguments, but to give people who genuinely wanted to understand the history a place to start, and also to give some meaning to the fearless experimentation we had attempted a year earlier.
Thank you for taking me back to the memory of the good old days 🌈
一个现象,中文 kol 对这件事调侃的是没有豆包,很多说豆包不蒸馏,这其实是认识错误,造成这种错误是因为关注 AI 行业比较晚,如果是从 gpt 刚出来那会就关注应该知道,国内最早蒸馏的就是豆包,只不过蒸馏的不是 A 畜,而是 openai,不过之后豆包确实隐蔽很多。不过调侃归调侃,你们为什么不调侃腾讯混元?
We're publishing our most detailed threat intelligence report to date.
It covers how people tried to misuse Claude—for cyberattacks, influence operations, surveillance, biology, and building weapons—and how we found and stopped them.
We disrupted every operation in the report, and used the lessons from them to strengthen our safeguards. Where appropriate, we also shared what we found with authorities and other AI companies.
These cases are not typical: we’re highlighting some of the most sophisticated misuse we’ve seen. But they’re especially important to discuss, because they show us where AI misuse is headed, where our safeguards work, and where they need to improve.
We’re publishing this report so others can spot the same activity on their own platforms, and so we can give the public a clearer view of how emerging threats develop.
Read the report: https://t.co/0EJUnYEgfz
Fractal’s first halving has been successfully completed!
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