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解构师Beyond | 𝟎𝐱𝐔
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解构师Beyond | 𝟎𝐱𝐔
The final window for the HSBC One Hong Kong credit card with zero entry requirements is closing in just half a month! - New policy effective January 1, 2026: Non-Hong Kong residents with less than HK$10,000 in savings will be charged a monthly management fee of HK$100. - Existing user privileges: Accounts opened before this date are exempt from this fee, enjoying permanent 0 threshold and 0 monthly fee benefits. Those who haven't applied are advised to go to Hong Kong immediately and follow the step-by-step instructions below to secure their benefits. ❚ Preparation The first thing to do after clearing customs is to connect to Hong Kong WiFi (airport/shopping mall/McDonald's), turn on location services on your phone, and download "Immigration Records" from the "Immigration Department" mini-program. ❚ Detailed Account Opening Steps 1/ Launch the "HSBC Hong Kong" App 2/ Select "I don't have an account" 3/ Select "I am in Hong Kong" and do not have a Hong Kong ID card 4/ Select "Open an HSBC One" account 5/ Key point: The reason for opening an account must be "Investment" 6/ Select "Apply online" 7/ Enter the linked email address 8/ Select +86 for mobile number and enter the verification code 9/ Select China as the nationality 10/ Select "Exit-Entry Permit for Hong Kong and Macau" as the document type 11/ Prepare your entry/exit records (white slip or customs SMS is acceptable) 12/ Confirm your phone's location services are enabled to ensure you are in Hong Kong 13/ Click "Identify Identity Now" 14/ Upload a photo of your travel permit 15/ Perform facial recognition scanning 16/ Carefully verify your information 17/ Use your phone's NFC function to tap your travel permit to read information 18/ Upload a PDF file or screenshot of your entry/exit records 19/ Fill in your accurate place of birth 20/ Accurately fill in your occupation and company name 21/ Select "My Account" for account type, and "Select All" for source of funds options 22/ Key point: Your residential address is very important (for receiving the physical card). Fill in the address in pinyin on two lines, and it is recommended to include your mobile phone number at the end. 23/ Key point: It is recommended to write a monthly income of less than 50,000 (to avoid income verification and save trouble) 24/ Select "No" for whether the first deposit was made with salary 25/ Fill in your employment status 26/ Select "No" for whether your employer has a primary source of funds 27/ Fill in your mainland ID card number for tax identification number 28/ Choose your account purpose based on your personal circumstances 29/ Freely choose your advertising receiving method 30/ Accept the terms of the agreement 31/ Patiently wait for approval 32/ Account opening successful 33/ The most important finishing touch (not doing this is a waste of time): Immediately set up mobile banking: After approval, you must immediately set up your username, online banking password, and security questions to truly have the account. / Since you're already here, it's recommended to open accounts with "ZhongAn Bank" and "Bank of China (Hong Kong)" at the same time. Overseas card application opportunities are constantly shrinking; you might not be able to apply for these two accounts anytime soon!
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解构师Beyond | 𝟎𝐱𝐔
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On December 18th, just three days later, Hainan Island, China, will officially begin customs clearance operations. As someone who has lived in Hainan for over three years, I firmly believe that the closure of Hainan's customs will have a far-reaching impact on China's economic landscape for the next few decades. Therefore, I plan to discuss my perspective on the Hainan customs closure in several articles. ❚ What is customs clearance? Simply put, it's "opening up the first line and controlling the second line." - First line (Hainan and overseas): The door is open, and most imported goods entering Hainan are exempt from tariffs, allowing for free flow through simplified procedures. - Second line (Hainan and the mainland): Checkpoints are established, and goods from Hainan entering the mainland need to be declared and taxed according to import regulations; however, personnel exchanges remain convenient. ❚ Direct impact on ordinary people - Do I need extra permits to go to Hainan? No. Mainland residents traveling to Hainan for tourism or business only need their ID cards; they don't need travel permits like those for Hong Kong and Macau. Flights and ferries to and from the island continue as usual. - Shopping is cheaper. Residents and tourists on the island can purchase imported goods with "zero tariffs," such as daily necessities, medical devices, and automobiles. Prices may be about 30% cheaper than on the mainland because tariffs and some value-added tax are waived. - Offshore duty-free shopping continues. The existing offshore duty-free policy, with a quota of 100,000 yuan per person per year, is expected to be retained and may be optimized. ❚ Key Benefits for Businesses - Corporate Income Tax: Enterprises in encouraged industries will be taxed at a reduced rate of 15%, compared to the usual 25% in mainland China. - Individual Income Tax: High-end and scarce talent will be taxed at a maximum of only 15%. - Value-Added Processing Exemption (Important): Imported raw materials processed in Hainan, as long as the value added exceeds 30%, will be exempt from import duties when sold back to the mainland. This represents a significant cost advantage for manufacturing and processing enterprises. ❚ Common Misconceptions - Closing the border is not closing the island: It does not mean closing Hainan off, but rather making it more open, transforming it into a special economic zone similar to Hong Kong or Singapore. - Second-tier status is not a severance: Hainan remains within the customs territory; only a special firewall has been established for trade and economic rules. "In short, after the border closure, Hainan will be more like Hong Kong in terms of trade and economics, but in terms of personnel exchanges, it will remain a mainland city, a giant duty-free special zone of the country."
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解构师Beyond | 𝟎𝐱𝐔
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While reviewing data from the oracle sector recently, I discovered a very perplexing phenomenon: a stark misalignment between asset prices and product performance. I'm unsure if the market hasn't caught up yet, or if it's still clinging to outdated valuation logic. The current market capitalization hierarchy looks like this: - Chainlink $LINK Market Cap 9.5 billion / FDV 13.7 billion - Pyth $PYTH Market Cap 370 million / FDV 650 million - Switchboard $SWTCH Market Cap 6.4 million / FDV 37.5 million Switchboard's market cap is less than 2% of Pyth's. This valuation gap usually indicates a significant technological or ecosystem lag, but after analyzing the actual business data, the situation is quite the opposite. 1/ Actual Testing of Latency and Block Rate In DeFi, especially on high-frequency chains like Solana, speed is not just about the user experience, but also the foundation of risk control. - Pyth's on-chain latency is approximately 1.8 seconds. Without paying priority fees, there's about a 30% probability of failing to be added to the chain on time. - Switchboard boasts a latency of only 3-4 milliseconds. Thanks to its TEE architecture and Surge model, it has a 95% probability of completing block writing in the next slot, even without paying priority fees. 2/ Differences in Architectural Patterns: Most oracles on the market, including Chainlink and Pyth, still rely on consensus propagation or are primarily permissioned, which limits scalability to some extent. Switchboard follows the TEE (Trusted Execution Environment) approach, making it the only oracle currently capable of achieving millisecond-level latency with "permissionlessness." Its newly launched on-chain subscription model allows anyone to directly subscribe to data streams with token payments, without sales intervention or API approval. This is the form that Web3 infrastructure should possess. 3/ Business Capacity: Although its market capitalization is only over 6 million, it already covers leading protocols such as Jito, Drift, and Kamino, protecting over $5 billion in on-chain value. / On one hand, there's a mainstream target with a market capitalization of 370 million but a latency of 1.8 seconds; on the other hand, there's a target with a market capitalization of 6.4 million but a latency of only 3... Millisecond-level technology targets This inversion between fundamentals and market capitalization is extremely rare This may mean that pricing power in the oracle sector is currently still in the hands of brand inertia rather than technology and efficiency. However, if the market eventually returns to rationality, this asymmetry itself is worth noting. @switchboardxyz @hermidao1
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