On Wednesday morning, Bitcoin was still hovering around the $83,000 mark. According to reports, analytics firm CryptoQuant warned that short-term traders’ on-chain unrealized profit has hit a 21-month high, suggesting the market may be due for a pullback [1]. The logic is straightforward: the thicker the paper profit, the stronger the temptation to take it. With book profits piled up to a near two-year peak, CryptoQuant’s warning at this moment is essentially a bet on that urge to take profit. ...

Overnight, Bitcoin suddenly rallied. A single candle of more than 7% shot straight from the 81k zone to 87k, marking a new high for this rebound that began in late August. The market erupted in celebration. Some pounded their chests over missed opportunities, some scrambled to reposition, some smugly patted themselves on the back. This move was a pure cascade of short liquidations — what is commonly called a short squeeze. ...

A while back, CZ posted a view online that “IPOs will move on chain,” which sparked a lot of discussion at the time. I saw that view too, but it didn’t strike me as particularly profound. Looking back now, my initial reaction was simply that such a view amounted to this: In the future, a stock’s IPO, besides happening on traditional centralized exchanges, might also place a portion on the blockchain. That is essentially no different from today’s tokenized stock trading — it still maps some off-chain business onto the chain, letting the business run both off-chain and on-chain. ...

You have probably had that moment: scrolling through old photos, you suddenly realize that being 18 was more than a decade ago. The cicadas of your college-entrance-exam summer still seem to buzz in your ears, yet the calendar tells you plainly that you have traveled very, very far. As children, summers stretched on without end — a single piece of candy, a breeze, could spend an entire afternoon. Now the four seasons feel fast-forwarded: the resolutions you made at New Year’s barely get started before the year is already over. ...

A while back I was sorting through photos and videos from my camera, and my C: drive immediately turned red. Digging out an external hard drive felt like a chore, and every cloud-storage option either throttles your speed or bills you by the year. Finding a home for tens or hundreds of gigabytes always stings. Then I remembered a fact most people overlook: Telegram itself gives you practically unlimited cloud space, for free. The catch is that it’s hidden inside a chat app — you can’t just drag files into it the way you would a hard drive. ...

Bitcoin continues to pull back toward $76k, with the market waiting for tonight’s US CPI print. The threat quantum computing poses to Bitcoin — a sword that has hung overhead for a long time — has seen some fresh movement. ...

Bitcoin has been pulling back lately, with macro headwinds pushing it down to around $77k. A few days ago, something quietly unsettling happened on Liquid — Bitcoin’s federated sidechain. ...

A fascinating and wildly imaginative project has appeared recently: tapeout.net. Put simply, it lets users create their own integrated circuit on-chain. From Transistors to CPUs Before getting into the project, some background on logic circuits is in order. Strip the casing off any chip product we use today and keep decomposing it, layer by layer, and you will find that it is ultimately built from one most basic component. That component is the transistor. ...

Here is what happened. On the evening of August 14, I was scrolling on my phone when I saw DeepSeek had shipped something new called Harness. Normally I am immune to “framework” releases — everybody ships a framework these days, each name more intimidating than the last. But I clicked in, and one slogan jumped out at me: Everything is a Plugin. I thought about it for a second. There is something to that phrase. I installed it that same night. ...

Last week, right after the official release of DeepSeek V4 Pro, they threw out something else called DeepSeek Harness. Its GitHub stars shot to 37,000 in three days. My first reaction was: DeepSeek is finally shipping its own Agent? I installed the developer preview immediately. Once it was installed, I was lost — this was nothing like what I imagined an Agent to be. There is no chat box where you say “write me a crawler.” Instead there is an empty workspace and a long list of plugins I could not make sense of. For a moment I suspected I had installed the wrong thing. ...