神鱼:本轮牛市或无「山寨季」

币圈资讯 阅读:35 2024-04-22 03:33:16 评论:0
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原文作者:blocktempo,原文来源:动区动趋 BlockTempo

香港 Web3 嘉年华期间,神鱼分享了减半格局将是如何影响市场,有趣的是,他也分享了现阶段自身投资的心灵状态。

山寨季可能不会到来

目前,比特币的日排放量约为 6,000 万至 7,000 万美元,当减半过后,区块奖励将直接减少一半。对此,动区询问了神鱼对于这次比特币减半后对山寨币行情的看法,会有多大的涨幅和预期?

这一次大概率不会有「山寨季」,因为目前市场的 Player 和之前的 Player不一样,就从矿工侧来看 ,在比特币现货 ETF 于 1 月 10 日通过后,已提前数月进行风险对沖,以应对比特币减半的风险。另外我们看到,许多上市公司利用 ETF 通过的好消息来融资了大量法币资金。

部分矿企已将矿场迁移到成本较低的南美和非洲,这减少了他们对成本的敏感度,允许他们即使使用上代矿机也能维持大约 10%到 20%的毛利率。因此,即便是在比特币减半的情况下,这些矿工的经济冲击相对较小,尤其是考虑到比特币价格已在减半前上涨。

对于投资者来说,特别是投资山寨币的人,这一周期的特点是资金主要通过 ETF 等渠道流入比特币。至于这些资金何时会流向其他加密货币,我们还在观察。

在去年五月,神鱼曾评估称那时处于「牛市初期」,熊市绝对底部已经过去,加密货币行业正处于寻找新叙事逻辑、发展的状态,那现在的阶段对于本轮周期来说,加密货币市场是处于什么位置呢?

我觉得大概率是在牛市的中期,市场已经开始回暖,并且找到了新的叙事逻辑,但是还不是处在一个非常高杠杆和 FOMO 的状态。

神鱼也提醒读者,由于市场是一个动态的、多方博弈的复杂系统,仅依靠单一指标或历史数据来预测市场顶部往往不适合当前情况。

他建议,最佳的做法是持续观察市场发展,并在达到某个阶段时进行资产再平衡和重新分配。这种方法可以在市场迅速下跌或进入熊市时,帮助自己保持稳定的心态,并可能提升他们的绝对收益率。

比特币生态扩容的必要性

在 2023 年年底回顾中,神鱼曾说过对比特币生态的发展是稍微感到意外的,对于很多以比特币「价值主义」者来说可能是种「没必要」。以现况来看,不仅仅是 Layer2也好、Side chain、Rollups、NFT……等等,BTC 生态现在可说是百花齐放,用户投入参与的资金也是相当惊人,神鱼分享了他对现阶段比特币生态的看法。

目前比特币系统可分为两个部分。首先,比特币主链主要作为价值存储,难以进行重大更新或迭代,其核心功能是确保去中心化和相对稳定性。

在此基础上,许多从底层逐步出现的创新尝试也在进行。过去一年多,我们也看到了很多自下而上涌现出来的有趣尝试。最终大家发现,在比特币的一层上做创新还是比较困难的,最终不得不去选择一个二层、或者一个侧链的形式去发展。

此外,闪电网路等技术虽然缺乏自下而上的应用场景,但近期出现的经济激励已经在一定程度上解决了这一问题,吸引了大量真实用户在 BTC 生态中进行尝试,这是一个令人欣慰的进展。同时,我们也在密切观察这些第二层和侧链技术的发展趋势,目前尚处于初期阶段。

现在是这样的一个状态:随著大量资产在比特币上的沉澱,但是这些资产是有迫切的向以太坊上面去获取收益、生息的需求,过去很长一段时间没法满足这些需求,突然涌现的这些场景,大家都会去测试、都会去尝鲜。

比特币生态最终是什么状态?现在还不是那么的明显,但是这些尝试是好的,我们需要去试,最终走出一条路径。

谈到了比特币生态,神鱼也分享了目前面对什么样的挑战,他认为虽然处于早期阶段,但生态都正朝著乐观的方向前进。

一些大公司和 Bitcoin Core 对比特币生态系的早期看法,我认为显示了一个正面的态势。即使 Core 团队的某些成员可能不太喜欢新兴的变化,他们也无法阻止这些发展,这正是去中心化网路的魅力所在。这种网路自然促生了许多市场需求和创新玩法,即使这些创新在早期可能看起来笨拙。

就像早期以太坊上涌现的很多东西,也是乱七八糟,充满了各种各样的问题,但最终确实有成功的案例出现。对于比特币也是同样,我们要多观察并给予足够的时间和耐心让它发展,应该会出现一些革命性的新发展。目前,我们仍处于这一过程的早期阶段。

去年 12 月,比特币核心开发者 Luke Dashjr 在 X 上发文炮轰,认为铭文实际上就是对比特币网路发送垃圾讯息攻击,并希望能够在 2024 年的最新版本前修复它,因此成为了 $ORDI 当时主要暴跌的因素之一,动区也借此询问神鱼的见解。

比特币的生态系是一个由三方博弈组成的过程:核心开发者开发代码并提交提案;矿工利用算力进行投票,决定是否支持及生效这些提案;最后由用户进行投票。

这种结构确保了系统的去中心化特性,意味著即使是 Core Team也不能单方面拒绝一个特性或新观点。这种去中心化是比特币相较于其他代币或链的一大优势。在当前的状态下,链上自发的任何新发展都很难由单一实体决定其未来方向。

托管业务竞争、导入DeFi的现况

随著加密货币市场的成熟,包括华尔街 ETF 的推出和交易所的逐步合规化,传统的银行与托管商进入加密货币领域,这对于从 2017 年开始致力于钱包托管的 Cobo 意味著什么?

首先这是个好事情。在历史上很长一段时间对于加密行业的新增用户,尤其是小白用户都有一个困扰即「我知道加密货币可能有价值、有未来,但是购买之后,我该如何储存,如何安全地储存?」

随着模块区块链叙事的发展,区块链的性能在未来两到三年里面会逐步得到解决。最终可能的状态是我们用到的很多应用底层用了区块链的技术,但用户是没有感知的,像 MPC 无私钥钱包、智能钱包(Smart Contract Wallet/Account, SCW),基于 Passkey 的 AA 钱包这样的发展。

用户无感的时候就拥有了 Key,并且是以相对去中心化的方式。链上大量的体验好,无私钥钱包技术的发展,最终会让大量用户,在各种各样的场景应用真正的使用到区块链技术。

回顾行业发展,到了现在这个时间点,神鱼认为与本位主义的「去中心化」思想是矛盾的吗?

加密货币产业一路以来的发展,在区块链里面试了很多技术路线,从最早的不可能三角,到发现链的性能问题,再来是区块空间太贵的问题。

经过了将近五、六年的尝试和发展,最终大家选择模块化区块链的方式,在不同的层的 Level 上做一些妥协和平衡,最后让整个区块链的成本足够低,让终端用户是能够采用的。

在某些程度层面上,它牺牲了一定的去中心化程度,但在顶层高价值的应用,对去中心化有极大需求的,还是可以选择去 Layer1,在这个层面成本更高,愿意为这个自由、去中心化付出这个代价是 OK 的。

然而,我们传输的价值网路最终形成的的讯息绝大部分不会都是高价值的,肯定有大量低价值的偏应用侧讯息,能够通过弱去中心化的程度去保障安全性和公开透明,可以说现在有各种各样的选择和组合,让区块链的场景变得更加丰富。

巨鲸的投资心法、保持心灵平衡

在今年农历新年期间,神鱼在 X 平台上为加密圈的投资人提供了鼓励并回顾了他之前的「从 1000 美元累积到 1 亿美元的加密资产累积计画」。他建议,当个人资产达到 1,000 万美元至 1 亿美元时,可以将 10-15% 的资产投资于自己看好的赛道,这不仅可以让投资者保持忙碌,还能防止无计画的投资行为,也可以看到他在 X 平台上热衷于追踪热点。

因此动区也询问了神鱼,最近有什么特别关注的赛道?今年有哪些趋势是必须重视的?

我的风格是这样的,会去尝试一些新鲜有趣的东西,去试错,同时观察这些技术路线的发展。在 2024 年的今天,我特别关注「模块化区块链」的发展。

从 2017 、2018 年比特币生态上的扩容问题,到以太坊生态上的扩容问题,花了七、八年的时间,市场最后交出了答卷,即模块化区块链,并且已经展示出实际应用案例。最终它的状态和它的上层应用会到什么程度,我们现在还不知道,但是这个趋势已经非常的确定,这个市场可能是下一个千亿美金以上的市场,所以我个人比较多的精力和重点,是放在模块化区块链这一大板块上。

有趣的是,动区也询问了目前神鱼在投资加密货币上的心灵状态是什么,莫非现在还会 Fomo 吗?

FOMO 肯定大家都会有,因为群体是有情绪的,底层生物学的原理就是会 Fomo。我在 2023 年做的最好的一件事情是在市场转熊之后,花了比较多的时间去阅读,然后反思踩过的坑、做得不好的地方,2023 年最大的收穫是让 FOMO 的心态变得更少一些。

很多时候只需要做一个思维实验,比如说你看到了一个新东西,你很兴奋,你要想上一天两天,这个事情就过去了,你可能就不会真的去执行、去尝试。

你只需要想明白它的核心价值是什么,它能捕获到的价值是什么?然后你可能就不会去做了,因为你想明白了,它可能只是一个短期的事情。

让自己从一个局部视角扩大,站到一个更高的 Level 去看待整个市场,会发现很多动作其实是没有意义的。就不会去做那些短期看来可能还不错的体验,甚至有时候短期给你很多激励,让你感受很好的东西,但从长期来看其实是有害的,当你习惯从更大更远的角度去想事情,你就能跳脱当时的那种 FOMO 的心态。

访谈中,神鱼也分享了各个年代的投资者对于市场的感知和反应方式也有所不同,特别是新一代投资者的崛起,神鱼注意到,尤其是 00 后的投资者,他们从小生活在数字化、网路环境中,对于市场的变化显得更为敏感和适应。

新一代的 00 后更适应整个网路发展的过程,因为他们从出生就是网路原住民。

他们对于市场的情绪更为敏感一些,作为我们这种老韭菜、老币圈来讲,在这一侧的敏感度肯定不如大家想的好,我们也意识到了这个特质,所以我们就更少去看,更少的去关注市场短期的情绪变化。

要想清楚你赚的是什么样的钱,赚的是市场情绪的钱,还是周期的钱。

不同的钱,回报目标是不一样的。

对于新来的、更年轻一代的小朋友,他们可能原始资本积累可能更少一些;但他们有大量的时间,同时有比较好的网路感受,在这些优势结构之下,看市场情绪的路径更适合他们一些,这是老币圈和新币圈差别很大的地方,很多00后已经不带我们玩了。

我觉得新一代的 00 后也很好,他们更适应整个网路发展的过程,因为他们从出生就是网际网路的原住民。


The original source of the original author The original source of the dynamic zone moves towards Hong Kong Carnival. During the period, Shenyu shared how the pattern of halving will affect the market. Interestingly, he also shared the state of mind of his own investment at this stage. The current daily emission of bitcoin is about 10,000 to 10,000 dollars. When halving, the block reward will be directly reduced by half. I asked Shenyu about how much increase his views on the market of counterfeit coins will be after halving this bitcoin and expected that there will be no cottage season this time because there is a high probability. At present, the market is different from the previous one. From the miners' point of view, the risk hedging has been carried out several months in advance after the bitcoin spot was passed on January to deal with the risk of halving bitcoin. In addition, we have seen that many listed companies have used the good news passed to raise a large amount of legal tender funds, and some mining companies have moved their mines to South America and Africa with lower costs, which has reduced their sensitivity to costs and allowed them to maintain a gross profit margin of about 50% even in Bitcoin. Under the circumstances, the economic impact of these miners is relatively small, especially considering that the price of bitcoin has risen before halving. For investors, especially those who invest in counterfeit coins, the characteristic of this cycle is that funds mainly flow into bitcoin through equal channels. As for when these funds will flow to other cryptocurrencies, we are still observing. In May last year, Shenyu once evaluated that the absolute bottom of the bear market was over at that time, and the cryptocurrency industry is in the state of seeking new narrative logic development. Stage What is the position of cryptocurrency market for this cycle? I think the high probability is that in the middle of bull market, the market has started to pick up and found a new narrative logic, but it is not in a state of very high leverage. Shenfish also reminds readers that because the market is a complex system of dynamic multi-party games, it is often not suitable for the current situation to predict the top of the market only by relying on a single indicator or historical data. He suggests that the best way is to continuously observe the development of the market and reach a certain level. This method of asset rebalancing and redistribution at the stage can help them maintain a stable mentality when the market falls rapidly or enters a bear market, and may improve their absolute rate of return. In the review at the end of the year, Shenyu once said that the development of Bitcoin ecology was a little unexpected. For many bitcoin valuers, it may be unnecessary to look at the current situation, not only good but also good. Now, the ecology can be said to be full of flowers and users are involved. The capital is also quite amazing. Shenfish shared his views on the current bitcoin ecology. At present, the bitcoin system can be divided into two parts. First, the main chain of bitcoin is mainly used as a value store, and it is difficult to make major updates or iterations. Its core function is to ensure decentralization and relative stability. On this basis, many innovative attempts that have gradually emerged from the bottom are also going on. Over the past year or so, we have also seen many interesting attempts that have emerged from the bottom up. Finally, we found that it is still necessary to innovate on the first layer of bitcoin. It is more difficult to choose a second-tier or side-chain form to develop. In addition, although lightning network and other technologies lack bottom-up application scenarios, the recent economic incentives have solved this problem to some extent, attracting a large number of real users to try in the ecology. This is a gratifying progress, and we are also closely observing the development trend of these second-tier and side-chain technologies. At present, it is still in its infancy, and now it is such a state. A large number of assets are deposited on Bitcoin, but these assets have an urgent need to earn income from Ethereum. These needs have not been met for a long time in the past. These scenes suddenly emerged, and everyone will test and try to taste the final state of Bitcoin ecology. Now it is not so obvious, but these attempts are good. We need to try and finally get out of a path. We also talked about what challenges Bitcoin ecological god fish is facing at present. He thinks that although it is difficult, In the early stage, however, the ecology is moving in an optimistic direction. I think some big companies and their early views on the Bitcoin ecosystem show a positive trend. Even though some members of the team may not like the new changes, they can't stop these developments. This is the charm of decentralized networks. This network naturally promotes a lot of market demand and innovative gameplay. Even though these innovations may seem clumsy in the early days, many things that emerged in the early Ethereum are chaotic. Unfortunately, it is full of all kinds of problems, but there are indeed successful cases in the end. The same is true for Bitcoin. We should observe it more and give it enough time and patience to develop. There should be some revolutionary new developments. At present, we are still in the early stage of this process. Last month, the core developers of Bitcoin published a paper bombarding that the inscription was actually an attack on Bitcoin network and hoped to repair it before the latest version in 2008, which became the main plunge at that time. One of the factors, the mobile zone also takes this opportunity to ask Shen Yu's opinion that the ecosystem of Bitcoin is a process composed of three-way games. The core developers develop code and submit proposals. Miners use computing power to vote whether to support and take effect. Finally, users vote. This structure ensures the decentralized nature of the system, which means that even a feature or a new idea cannot be rejected unilaterally. This decentralization is a big advantage of Bitcoin compared with other tokens or chains in the current state. It is difficult for a single entity to decide the future direction of any spontaneous new development on the downlink. With the maturity of the cryptocurrency market, including the launch of Wall Street and the gradual compliance of exchanges, traditional banks and custodians have entered the cryptocurrency field. What does this mean for their commitment to wallet custody since 2000? First of all, this is a good thing. For a long time in history, there has been a problem for new users in the cryptocurrency industry, especially small white users, that is, I know encryption. Money may be valuable and have a future, but how should I store it safely after purchase? With the development of modular blockchain narrative, the performance of blockchain will be gradually solved in the next two to three years. The final possible state is that many applications we use use blockchain technology at the bottom, but users don't feel it, such as wallets based on smart wallets without private keys. Users have it when they don't feel it, and they have a lot of experience on the chain in a relatively decentralized way. The development of wallet technology without private keys will eventually enable a large number of users to really use blockchain in various scenarios. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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