也不是Labs不想投资顶级AI项目，只是圈层完全不一样。那些年SBF算是硅谷的天选之子，所有创业者梦寐以求成为的人物，他想投啥都有额度…而且据我所知，SBF投资不看回报，看得顺眼就投，下面的兄弟也没什么KPI，这就比绝大多数以盈利为目的的基金好更容易投出顶级项目。

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It's not that Labs didn't want to invest in top AI projects, it's just that the circles are completely different. Back then, SBF was considered the chosen one of Silicon Valley, the kind of person every entrepreneur dreamed of becoming. He had the quota to invest in whatever he wanted... And as far as I know, SBF didn't look at returns when investing, he would invest if he liked it, and his team didn't have any KPIs, which made it easier for them to invest in top projects than most profit-oriented funds.

Bitcoin's price briefly touched $60,000 last week. Under a diminishing returns model, this is no mere noise. The market is touching the weakest link in the entire four-year cycle and logarithmic growth framework.

With the gains at the top of the Bitcoin cycle already significantly compressed, a further historically deep correction would completely negate the allure of its classic cycles.

This is not a prediction; it's a mathematical law.

Cycle Top Gains are Compressing

Historical Bitcoin Cycle Tops:

· 2013: ~$1,242

· 2017: ~$19,700

· 2021: ~...

$55,000 will be the lifeline for Bitcoin.

The crypto market experienced a sharp drop this afternoon, with Ethereum falling below the $2,000 mark at 3 PM Taiwan time, according to Hyperliquid [...]
The article, titled "Machi Big Brother Suffers Huge Losses and Didn't Sleep All Night? Ethereum Falls Below 2000 Magnesium, Panic Arrives, Opens Long BlockTempo and Loses 120,000 Magnesium," was originally published on BlockTempo, the most influential blockchain ABMedia media.

Machi Big Brother lost so much money he couldn't sleep all night? Ethereum fell below 2000, causing panic. He long positions in ETH and HYPE, then sold at a loss, losing all 120,000 in magnesium.

Citadel, Ark Invest, and Tether back LayerZero as it launches the Zero blockchain - ZRO price goes on a rollercoaster. Photo: Decrypt.
Early this morning (February 11th), LayerZero officially announced the launch of its new layer-1 blockchain called ...

Citadel, Ark Invest, and Tether back LayerZero as it launches the Zero blockchain - Price Z...

labs考核的是回报率
合约考核的是交易量
那么项目重要吗？

Labs assess returns, while contracts assess trading volume. So, are projects important?

挺重要，都是嫖，好看的还是丑的还是有点区别的。

It's quite important. Even though they're all prostitutes, there's still a difference between the attractive and the ugly ones.

好看的还有接盘的
丑的什么都是错

Good-looking girls will find buyers, but ugly girls are always wrong.

SBF那时候确实不太看回报，只要投后估值大（市梦率够高就行）

SBF didn't really care about returns back then; as long as the post-investment valuation was high (the price-to-dream ratio was high enough), that was fine.