00x00

[Dovey "Rug the fiat" Wan (hiring) @DoveyWan]

Millennials lost handwriting
Gen Z is losing deep reading
Gen Alpha may never fully learn what it feels like to think without a machine

Every generation gives up one more layer of cognition, and we finally become what we build

[加蜜师弟 @oyoovi]

大家都在说第三世界是Web3最好的实验场，但你们真的了解第三世界吗？

今天也来聊聊我的Web3故事，作为一个区块链老登，年少的我曾经在伊拉克挖石油差点挂掉，也在委内瑞拉感受过丰乳肥臀，我想加密圈没有人比我更懂“恶性通胀”。

这只是一个开篇，记得点点关注和小铃铛，不错过后面的故事。

在进入Web3之前，我在石油公司做海外项目资金经理，后来回国在某商业银行国际业务中心做EPC turnkey和银团贷款，经办的项目货值折算应该也在50亿人民币以上，对后来在加密机构做分析勤杂工有一点小小帮助（想核实转我50U给你看脱敏资料）。

我最早认识“价值”这两个字，不是在金融课堂里，也不是在K线图上，而是在油田里。在那里，价值是具体的：一口井一天能产多少桶、井具折旧几何、管线压差多少、装置启停和产能排期。在那里，价值也很残酷：你做得再好，市场不讲情面；地缘一紧张，价格和供应链会在几周内把你所有资金计划重写一遍，如果产油国银行系统完全崩坏，意味着资金只能在小钱庄流转。石油行业教会我的第一件事是：“系统性风险”不是书本概念，它会直接落在每个人的生活里。

所以今天先聊聊石油小工的故事，如果大家感兴趣，后续再更新一些银行的趣事（打官司趣闻和某个已覆灭的福布斯伪豪客户）。在石油公司做资金经理的时候常驻过两个国家：中东地区主要在伊拉克，南美地区主要在委内瑞拉，加起来大约5年。

在伊拉克，我们主要的客户是美国的钻井大厂贝克休斯和伊拉克南方石油公司(SOC)，当我第一次踏上什叶派大本营巴士拉的土地，看着战争后满是弹孔的废墟和干热到几乎没有一根绿植的环境，我一度以为自己到了火星。
在巴士拉我很少出门，一是真的可能会死，后来有次和同事去边境点库存，在伊拉克科威特边境目睹了部落分子持枪battle，差点躺着也中枪；二是司机有段时间主动请缨，说自己表亲被ISIS恐怖组织打死了，要去报仇，结果一去两三个月，没找到合适的人开车，索性不怎么出门了（后来回来了，说自己杀了一个，赚回本了......从那以后我对他客气很多），最后弟进化到对着别墅墙上的壁虎和蜘蛛也能聊上俩小时，但还是凭借没有女朋友的鲁国人品质，在那里呆了两年整。在伊拉克，基本没有人收当地货币第纳尔，大家都只要美元，本国货币几乎是废纸一张，擦屁股都嫌硬，生活和当地人一样，清苦异常，吃烤鱼吃到想吐，如果你想喝威士忌，当地采购会骂你：我们信教的人怎么可能碰酒呢，不过等你拿100刀美钞出来，他半小时就能给你提溜一筐过来随你挑，这就是硬通货的力量。

紧接着，我去了南美的委内瑞拉，负责委内国家石油公司(PDVSA)马拉开波湖钻机项目的融资和旧债追索。到南美的第一天，我就去公园和当地美女们一起跳健美操了，12小时的时差也拦不住我，对一个青春少年来说，南美的天气、美食（木薯浓汤和桑格利亚果酒绝配）、丰乳肥臀的奔放，都是完美中的完美，我们发美金，而这里的恶性通胀导致的汇率崩坏速度甚至让菜单都来不及修改，所以中人在这里活得犹如清代洋买办，有广东恩平人开汇兑黑市，可以让你吃到每顿折合10美金的米其林，穿上15刀一双的添柏岚，买到和大宝SOD蜜等价的雅诗兰黛回去送人，弟感觉自己在这能待一辈子（我刚登陆的时候，初见公司厨师，老小子每天花20刀，30郎当岁P得已经两眼发黑，去买菜双腿都是颤巍巍的），但很快，我就知道自己太天真了。首先，我的第一任务是收钱，恶性通胀环境下，破逼甲方没有一分钱给你，甚至还要找你要茅台喝；其次，咱的任务是融资，但委国银行已经完全无法信任，当时合作的是委内前五的银行，只要有美金进去，直接扣起来，找各种理由不给你，工作完全无法开展，后来跟中行巴拿马分行搭上线，解救老弟于水火，这是后话。就这样跟甲方扯皮两年多以后，还奇迹般收回了部分款项，也算是对得起公家。第三是因为公司在市区CBD，经常有游行示威和催泪弹乒乓乱弹，非常酸爽，有一次在前面走着，后面突然来了一队游行的人，把我怼在最前面，对面一群警察冲过来，迎面就是几个催泪瓦斯骑脸输出，直接让弟为这个伟大国家流眼抹泪，从此以后再也不会爱了。
不过我还是要特别感谢委内，因为要债，我接触到了2017年正在筹备的“石油币”项目，才开始对加密世界有了了解。

整整5年，在伊拉克，让我见识了“秩序”是什么样子，它不是宏大叙事，而是你能不能准时拿到工资、是不是还完好地活着。你会发现，很多我们以为理所当然的事情，其实来自稳定的制度、稳定的结算体系、稳定的市场预期。只要这些稳定性被打破，生活就会像断了电一样，所有东西都变得不可靠。而委内瑞拉让我看到“货币”被摧毁时，会发生什么。

恶性通胀不是一个数字，是一种日常生活的侵蚀，不是“物价涨一点”，而是你今天拿到的收入，明天就变薄一层。你辛苦攒下的储蓄，像被开闸放水一样每个小时都在不断缩水。通胀让人失去耐心，也让社会失去信任：你不敢持有本币，不敢存钱，不敢做长期合同，甚至不敢相信“明天会更好”这句普通的话。
这段经历彻彻底底地改变了我对金融的理解。

我们常说“通胀是隐形税”，但在恶性通胀国家，它不是税，而更像一次持续不断的罚没，一把剔骨快刀。你不需要被宣布破产，你只需要握着错误的货币。你再努力工作、再节俭生活，最终可能还是被系统性的货币贬值吞掉成果。我们一个委人老会计，80了还需要工作，他告诉我，以前他从不会为了生活发愁，但现在必须考虑怎么让家里人至少每天吃上一袋新鲜面包，因为我今天发给他的工资，如果排不到队买东西，原样放着，可能明天购买力就只剩三分之二了。路上的芒果树果子被打完了，垃圾桶也会经常见到穿着体面但捡东西吃的苦命人，这就是社会现实。

于是我开始反复问自己一个问题：如果一个人生活在恶性通胀国家，他到底靠什么保护自己的劳动成果？如果银行体系不可信、资本管制随时出现、美元又不是人人都能拿到，那么普通人还有选择吗？

我就是在这样的疑问里，真正开始认真看区块链。很多人第一次接触区块链，是从暴涨暴跌、从投机叙事开始的。但我走近它，是从“结算”和“信用”开始的，更准确说，是从“当传统信用体系失灵时，人们还能靠什么协作”开始的。我逐渐意识到：区块链提供的并不是某种神奇财富密码，而是一套在低信任环境下仍可运行的协调机制。它的意义在于：
1. 你不需要依赖某一个国家的货币信誉，也能转移价值；
2. 你不需要依赖某一个银行的许可，也能完成结算；
3. 你不需要把所有信任押在某个机构上，也能验证规则是否被遵守。

对很多生活在稳定国家的人来说，这些听起来像“锦上添花”。但对经历过恶性通胀的人来说，这更像“雪中送炭”。尤其是稳定币与比特币带给我的冲击很大。在恶性通胀国家，普通人最现实的需求并不是高风险高收益，而是“今天赚到的钱，明天还能买到一样的东西”。稳定币在某种意义上提供了一个更易触达的“价值计量单位”。而比特币则提供了另一种更强硬的可能：在长期尺度上，用一个更难被人为增发的资产作为储蓄锚点。

我不是在说区块链可以解决一切问题。它也有现实困境：监管、合规、教育、诈骗、基础设施，以及比较高的使用门槛。但从那以后，我越来越确定：对于大多数完整金融体系覆盖不完全的国家，区块链不是“概念”，是“工具”；不是“潮流”，更像是“生存方式的一种补丁”。

如果在那里土生土长，你就会知道“辛苦工作却注定变穷”是多么让人绝望的恒等式。如果普世装逼一点，我希望未来的更多人，即使身处货币失序的国家，也能拥有最低限度的金融安全感：能存下钱、能跨境交易、能接触更公平的市场规则，因为那里有我真真实实的朋友，而不是冰冷的谈资，我希望他们活得更好。

这就是我的区块链故事第一卷：从油田出发，走过通胀地狱，最后面向加密的心路历程。如果有人感兴趣，留言告诉我，咱们下回接着聊第二卷：银行往事。

[Coco💋(Binance“1011事件”受害者) @xiaojiucai_818]

1011噩梦的开始，从30万美金归零到起身抗争：我的资产，不能就这样被吞噬

两个月了。
时间没有冲淡记忆，反而让那个夜晚在脑海中越刻越深——2025年10月11日，短短几分钟，我在币安的仓位全线爆仓，30万美金化为乌有。

那一刻，我听见自己心脏碎裂的声音。
之后的日子里，世界变成灰白色。我郁郁寡欢，每天度日如年，连续半个月以泪洗面。我呐喊过，为什么是我？我自责过，是不是太轻信币安这么大交易所会发生这样事？我期待过，因为币安自己承认宕机，客服也承认确实有问题，我以为会对我们亏损进行赔付，结果一张无情被拒的工单，再次使我推向深渊，愤怒、无助、悲伤像潮水一样反复淹没我，仿佛再也走不出来。

但我告诉自己：够了。
币安可以拿走我的资产，但不能拿走我的人生。身体不能再被拖垮，意志不能再被摧毁。

于是，我把所有悲愤，化作了动力。

接下来日子，我不再沉默。
我联系了国内外所有能联系的金融监管机构，提交证据，发出投诉；我组织起同样遭遇的受害者，一起整理材料、推动仲裁；我在每一个可能的平台发声，揭露我们的遭遇。

我知道，我不是一个人。
还有很多人，同样在深夜惊醒，同样在挣扎中寻找出路。

如果你也在币安1011瘦受害者——请站出来，加入我们。

我们正在收集案例，组织仲裁，我们相信资产可以归零，但正义不该沉默。

也许这条路很长，也许声音一开始很微弱，但只要我们在一起，就能让该听见的人听见，该看见的人看见。

不再流泪，只为行动。
不再后悔，只为追责。
如果你愿意一起发声，请联系我。
我们可以彼此支撑，直到拿回属于我们的公正🤜🤜🤜

[Eco Nomad ( beware scammers ) @KEmmra]

HEY @Uniswap Why aren't we allowed to trade $TORN Tornardo cash? I thought the Case was dropped in 2025

[00x00 @three_bl]

Claimed my @StandX_official ID.

Most of you didn’t make it.

I’m not most of you.

Stand.

https://t.co/6vTYSCDezp

[Ray Dalio @RayDalio]

https://t.co/x8Ce9mYcf9

[Chris Burniske @cburniske]

Increasingly convinced last Friday's massacre broke crypto for a while - hard to quickly develop a sustained bid, after such a meltdown. This cycle has been disappointing for most, which can paralyze action as people hope for bluer skies, or former ATHs. It's easy to get caught up in chart minutiae, but when looking at $BTC and $ETH in linear monthly (see below), it reveals *we're still in the elevated range* (although showing cracks), if you're thinking of taking profits. $MSTR is slipping, gold is sending a warning, as are credit markets, and stocks will be the last to get the message. We can always get another weak bounce, but I've taken action accordingly (remember, it's never all or nothing when raising cash). I want to see how $BTC responds to $100K, but will likely get interested in the market again when I see $BTC $75K or lower. This bull was different, and the next bear will be different too.

[Benson Sun @BensonTWN]

https://t.co/WZPivwJEdw

[Shirley | AI & Crypto @shirleyusy]

终于有人说了 我真的不想被误解说总爱针对哪个交易所或者项目 所以慢慢都不敢说什么
但是这次从价格大家也都看得出来
如果不是币圈自己的问题 是不可能遇到类似312这样的流动性危机
因为无论是亚盘或者美股都没有这样的冲击
不是币安自身的缘故我觉得eth最多就是扎去3800，爆仓的人确实是币安的原因造成，我也知道这个部分不可能赔偿，但是我觉得不应该没有人去讲公道话而选择性屏蔽
也不应该因为拉盘币安人生就骂 @star_okx 去绕开关键话题
不应该因为赔了usde bnsol wbeth的钱就夸奖，去忽视还有受伤的一大群人 @DekuKing1
鞭子没有打在自己身上时不疼
这次不疼不代表下次不疼

[0x易经(朱重八版) @DekuKing1]

得了回复 不符合赔付。
也不想多解释，愿赌服输。
收拾收拾心情，休息一段时间重新出发。
再说一次记得套现
虽然场内爆干净了，但是我深知自己是赌狗，所以一直在套现。
也够生活了吧。
也感谢帮我发声的朋友们。
谢谢你们。
也让那些躲在背后幸灾乐祸的傻逼，失望了，你爹没亏完，你爹也不入金。
等我休息一段时间，再回来。

[Vega Hao @Vegahao]

整理 10.11 大清洗后11篇优质内容，学到的三个关键，建议收藏慢慢学习

历史上最血腥的清洗告一段落，分类整理了高质量的分享方便大家查看 👇

1️⃣ 盈利帖子以及相关思路

Vida @Vida_BWE $8M 盈利 关税战的预料，以及预警体系和抄底操作。 https://t.co/CQHAV3Mgct

0xAA @0xAA_Science 群组提醒 + 抄底脱锚资产
https://t.co/jZV6HBM2ZM

风寻 @0xfengxun A8盈利 提前清仓 + 抄底各类资产
https://t.co/1xX81kGBJQ

0xPhilo @0xphilo 抄底wbeth 盈利12倍
https://t.co/Hg4cUayZSY

Your Quant Guy @yourQuantGuy 套利脚本 + 抄底USDE
https://t.co/HSIibaxwsx

Mr. Lin @btclin 買入 YT-hwHLP hwHLP金庫在11點則派發了一百多萬美金的利潤
https://t.co/8rqkmfsaUw

2️⃣ 相对中性的帖子以及操作

凉粉小刀 @liangfenxiaodao 风暴过后的平静
https://t.co/QgYWIArELG

0x4848 @0x4848 时间节点复盘
https://t.co/ETtgB6kgzw

憨巴龙王 @dotyyds1234 小号被爆 提醒大家不要循环贷
https://t.co/4GnP2w31sw

0xSun @0xSunNFT 对冲仓位盈利，后续调整
https://t.co/ba9mQHsGVX

Doug Colkitt @0xdoug 详细解读ADL 机制
https://t.co/JTANGzOcqi

比特傻 @bitfool1 暴跌后行情和应对方式
https://t.co/PVcCpmSM3b

[Doug Colkitt @0xdoug]

1/ Since a lot of people are waking up to see their perps positions closed and wondering what the hell “Auto-Deleveraging” means, here’s a quick and dirty primer.

What is ADL? How does it work? And why does it exist?

[jeff.hl @chameleon_jeff]

TLDR: During recent volatility, Hyperliquid had 100% uptime with zero bad debt. This was Hyperliquid’s first cross-margin ADL in more than 2 years of operation. ADL does not change the outcome for any liquidated users. While some specific ADL providing trades were unfavorable, the aggregate effect of ADL was that traders realized significant pnl by closing positions at favorable prices that were only briefly available.

--

It’s sad to see some people attack Hyperliquid to deflect from their own platforms’ issues. Solvency and uptime are the two most important properties of a financial system. These are table stakes for any trading system, and gaslighting to convince users otherwise is unethical and irresponsible.

Below is more analysis on how Hyperliquid’s margining system handled the extreme volatility.

Background on liquidations

For a perps system to be solvent, every position must be backed by a minimum amount of collateral. This is called the “maintenance margin.” When positions do not meet the maintenance margin requirement, they are taken over by the system to be liquidated. Earlier today, many altcoins dropped by more than 50% in a short period of time. When this happens, long positions at 2x or higher leverage must be liquidated, or else the system accrues bad debt.

There were billions of dollars worth of positions liquidated on Hyperliquid in a matter of minutes. In a permissionless system, each user chooses their own position sizing and collateralization. Any system that does not liquidate the necessary users is irresponsibly gambling with other users’ funds. On Hyperliquid, every order, trade, and liquidation is transparently verifiable onchain. Many other venues significantly under-report liquidation data. This cannot be compared apples-to-apples against the fully onchain picture of Hyperliquid.

Background on HLP

HLP is a protocol vault with permissionless deposits that 1) provides order book liquidity and 2) performs backstop liquidations. The first role is negligible, with HLP trading less than 1% market share. The focus of this post is liquidations.

Liquidations are first attempted against the order book, and any user can provide liquidity to these market liquidations. Backstop liquidations occur when the order book does not have enough liquidity to absorb an undercollateralized position. In this case, HLP takes over the position along with its collateral. For improved risk management, HLP is split into several child vaults, and each liquidation is only sent to one child vault.

Background on ADL

Auto-deleveraging (ADL) is the liquidation mechanism of last resort, when market and backstop liquidations do not work. See Doug’s thread (link in reply) for a thorough explanation on the details of ADL.

Every ADL event has two sides: the “triggered” side is undercollateralized, while the “providing” side is decided as a function of profitability and leverage used.

Similar to backstop liquidations, even though providers to ADL are profitable on average, there are no guarantees for any specific event. Some ADL providing trades were unfavorable, such as when only some components of long/short portfolio were closed. The system is designed to minimize ADLs because they are unpredictable even if ADL providing trades are profitable on average. Because HLP is a non-toxic backstop liquidator, ADL is a rare settlement of last resort. As far as I know, this was the first cross-margin ADL event on Hyperliquid mainnet (ADL is more common for isolated-only assets such as hyperps, which are not backstop liquidated by HLP).

Summary of events

Over the course of 20 minutes, HLP backstop liquidated billions of dollars worth of positions.

HLP's philosophy has always been to provide liquidity of last resort. Contrary to misconceptions, HLP is a non-toxic liquidator that does not pick profitable liquidations. Instead HLP is a public good for maintaining system solvency. In particular, Hyperliquid has no liquidation fees. HLP’s design, including its multi-component child vault system, is the product of countless simulations, and allows HLP to maximally serve the benefit of the protocol while managing its own risk.

In fact, the liquidator child vaults of HLP themselves became undercollateralized in the course of backstop liquidating as many user positions as possible. This is by design, where child vaults are isolated from the other components of the overall strategy. HLP is treated no differently from other users when participating in ADL. In aggregate, HLP's child vaults were the largest addresses on the triggered side of ADL by more than an order of magnitude. The addresses on the providing side of ADL against HLP’s child vaults realized hundreds of millions of dollars in additional profit relative to the prices shortly before and after the dislocation.

On other venues, the liquidation engine is not transparent and therefore may not be subject to the same strict margin requirements as for normal users. On these venues, the exchange could have backstop liquidated more positions, bearing increased solvency risk to extract hundreds of millions in business revenue. This is not an acceptable tradeoff for Hyperliquid.

Finally, I know that this is a difficult time for many traders, and I hope the community can continue to support each other and grow together. As a contributor to Hyperliquid, I’ll continue to work my hardest to build the best possible platform that can house all of finance. Times like this highlight the importance of transparency and fairness in the financial system.

[TornadoCashBot @TornadoCashBot]

1. TornadoCash is a completely decentralized privacy protocol.
2. The U.S. Department of the Treasury removed TornadoCash from OFAC sanctions list on March 21, 2025.
3. Americans can now legally use TornadoCash.
4. TornadoCash has compliance tools to prove the source of funds.
🌪️

[TornadoCashBot @TornadoCashBot]

🌪️After the sanctions were lifted, TVL continued to grow.
Americans can now legally use TornadoCash.
#TornadoCash $TORN

[TornadoCashBot @TornadoCashBot]

🌪️ $TORN Token:

1. Fixed total supply of 10M

2. Full circulation, except for the governance vault

3. The governance vault holds 47% (not circulated, requires proposal application and have to pass it)

4. Staking $TORN can earn you high APR reward.

#TornadoCash #privacy

[00x00 @three_bl]

@pharos_network 😀

[Pharos | Mainnet Arc @pharos_network]

Pharos Testnet is LIVE!

Explore here: https://t.co/N0mQPY2al7

[Chillonic 🦔✈️ KBW @chillonicNFT]

GM Chillonic🦔

We're teaming up with @wallet to drop Free Mint WLs on OKX Wallet!
👉 https://t.co/vqFk761gSA

After Chillonic splits into $CHILL, you'll find it chilling on the new OKX DEX too.

No stress. #LetsCHILL 🧢