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如果你看那些大家喜欢展示的全球M2货币供应量与比特币对比的图表，它们都在说比特币应该在25万到30万美元左右这个区间。
If you look at the the the charts that everybody likes to show with global m two m two versus Bitcoin, they're all saying Bitcoin should be around fit $2.50 to 300 k ish in that range.
根据市场走势来看，我觉得这个判断挺合理的。
That feels right to me based upon where the markets are going.
我昨天参加了财政会议，听到有人说，嘿。
I I was at the treasury conference yesterday, and I heard somebody say, hey.
如果比特币在24个月内达不到30万美元，那我对比特币的判断就完全错了。
If if Bitcoin's not at 300 k in twenty four months, then my thesis on Bitcoin was completely wrong.
大家好，最近怎么样？
What's going on, guys?
今天，我们和Bill Barhydt进行了一场很棒的对话。
Today, got a great conversation with Bill Barhydt.
他是Abra的创始人和CEO。
He's the founder and CEO of Abra.
在这次对话中，我们讨论了比特币的现状、宏观背景，为什么比特币未来很可能价值会高得多，但为什么现在还没达到那个水平。
In this conversation, we talk about what's going on with Bitcoin, the macro backdrop, why Bitcoin is likely to be worth much, much more in the future, but why is it not there yet?
然后我们还聊了代币化、人工智能、智能代理，以及RIA领域的最新动态。
Then we also talk about tokenization, artificial intelligence, agents, and what's going on in the RIA space.
接着我们深入探讨了Abra，以及他在流动性、借贷和其他大家感兴趣的事情上所做的努力。
And then we dig into Abra and what he's doing there with liquidity, lending, and many other things that most people are interested in.
希望你们喜欢这次与Bill Barhydt的对话。
Hope you enjoy this conversation with Bill Barhydt.
好的，Bill。
Alright, Bill.
看起来比特币现在正处于一个非常有趣的节点。
Seems like Bitcoin's at a very interesting point right now.
每一个微观经济指标都表明比特币应该下跌。
Every single micro economic point says that Bitcoin should be lower.
油价在上涨。
You've got oil at higher prices.
十年期国债收益率突破了5%。
You've got the ten year blowing out, you know, over 5%.
还有加息。
You've got an interest rate hike.
就像……
It's just like...
这些都应该是阻力。
All that should be headwinds.
但比特币却涨了。
Bitcoin is higher, though.
克拉里蒂失败了。
Clarity failed.
比特币涨了。
Bitcoin is higher.
这告诉你比特币的价格和它可能走向何方？
What does that tell you about the price of Bitcoin and where it could be going?
好吧。
Well, okay.
所以我确实相信比特币跟流动性是挂钩的，对。
So I do believe that Bitcoin tracks liquidity Mhmm.
在很大程度上是这样，但我也觉得这里面有一个确定性和不确定性的因素，跟特朗普交易以及围绕明确性的其他所有事情都有关系。
To a large degree, but I also think there's a certainty slash uncertainty factor that has played into all of this with the Trump trade and, you know, everything else going on around clarity.
我觉得明确我们不会得到明确性这件事本身是件好事，因为我认为市场就是不喜欢模棱两可。
I think having clarity that we're not gonna get clarity was in and of itself a good thing because I think markets just don't like ambiguity.
而且我觉得下一个不确定性的层面就是中期选举，虽然结果可能对现政府不太有利，但至少我们会少一些不确定性。
And I think the next level of ambiguity is the midterms, which are probably not gonna end well for this administration, but at least we'll have less ambiguity.
我觉得市场……
I think the markets...
债券市场一直都知道利率会走高。
The bond markets have known all along that rates are going higher
至少短期内是这样。
At least in the short term.
而且，所以我觉得这届政府非常希望降低利率。
And and so I think that this administration desperately wanted lower rates.
那艘船早就开走了，现在也不可能了。
That ship sailed a while ago, and it's not gonna happen now.
我本来以为他们可能会通过收益率曲线控制来解决，但就是不可能。
I thought maybe they would figure it out with yield curve control, but it just wasn't gonna happen.
所以我觉得，在一定程度上，比特币在利率比现在高的时候也涨过，对吧，但最终比特币需要跟上的是流动性，而且我觉得之间的差距……
And and so I think to a degree, you know, Bitcoin has has done runs with higher rates than where we're at now, right, but it's the liquidity that ultimately Bitcoin needs to catch up to, and I think that the gap between...
如果你看看大家喜欢展示的那些全球M2图表。
If you look at the the charts that everybody likes to show with global M two.
和比特币对比，他们都说比特币应该在25万到30万美元左右这个区间。
Versus Bitcoin, they're all saying Bitcoin should be around $2.50 to 300 k ish in that range.
根据市场走向，我觉得这个说法挺有道理的。
That feels right to me based upon where the markets are going.
我昨天在国债会议上听到有人说，嘿，如果比特币在24个月内达不到30万，那我对比特币的判断就完全错了。
I I was at the treasury conference yesterday and I heard somebody say, hey, if if Bitcoin's not at 300 k in twenty four months, then my thesis on Bitcoin was completely wrong.
我可能应该在7万的时候就把它全抛了。
And I probably should have should have just dumped it at 70 k.
所以如果比特币在24个月内达不到30万，这个人说
So if Bitcoin is not at 300 k in twenty four months, this person said that
我的比特币理论就是错的，因为，这不对，对吧，我超级兴奋我们实施了紧缩政策，政府表现得很负责任，我对我们货币体系和银行体系的未来超级看好，显然重点是，在这些人看来，这些都不会发生，因此，比特币应该继续沿着之前波动性缩小、期间有上涨的轨迹发展，我们原本以为这不会发生，但看起来确实如此，我们基本上会继续这些上涨，至少再经历一个周期，波动性缩小，至少我是这么看的，然后我们再看。
My thesis on Bitcoin was just wrong because, you know, like, it's not it's right, or or, right, I'm I'm super excited that, you know, we've instituted austerity, the government is acting responsibly, and, you know, I'm super bullish on the future of our monetary system, and, you know, the banking system, and obviously, you know, the the point being that none of that is gonna happen in this person's opinion, and therefore, Bitcoin should continue along its, you know, previous trajectory of shrinking volatility with run ups in between, which we thought maybe that wasn't gonna happen, but it looks like that is the case where we are gonna basically continue these run ups at least for one more cycle with shrinking volatility, at least that's how I see it playing out, and then we'll see.
随着比特币被越来越多地采用，利率周期的波动性应该会缩小，这是有道理的，而且那是……
I mean, it does make sense that as it gets more and more adopted, the interest cycle volatility should shrink, and that's...
你看，如果低点是在五万多，那么波动性比上一个周期显著缩小了，而那个周期又是相对于前一个周期发生的。
Look, if if if the lows were in in the fifties, then the volatility shrunk significantly from the last cycle, which happened versus the previous cycle.
所以如果这种情况继续下去，我们会看到比特币达到几百万，但速度会慢一些。
And so if that continues, you know, we'll get Bitcoin at at a couple of million, but, you know, at a slower
时间。
time.
有很多人对于波动性降低感到非常兴奋，当它对他们不利、下跌的时候，他们理所当然地兴奋。
There's a lot of people who are very excited about lower volatility when it's going against them and going down, rightfully so.
现在如果我们回到……
Now if we go back to...
我们拿2018到2021那轮周期来说吧，比特币大概在3200美元左右见底，然后一路涨到了69000美元。
Let's use the, I guess, 2018 to, like, 2021 cycle, Bitcoin bottomed somewhere around 3,200, and then went all way to $69,000.
所以差不多是20倍左右，上下浮动。
So call it x, give or take.
上一轮周期，我们从15160美元涨到了大约125000美元。
Last cycle, we went from $15.16 k to a 125 ish.
所以大概是8倍左右。
So call it, you know, eight x or so.
波动性压缩得挺明显的。
That's a pretty big compression of volatility
对。
That's right.
在上涨方面。
On the upside.
现在有一种说法是，那是因为当时没多少人真正了解比特币。
Now there is one argument that says, oh, that's because no one really knew about Bitcoin.
所有这些资金都会流入。
All this capital is gonna flow in.
AI代理会扩大潜在市场，实际上，回报可能会回到10倍、20倍、30倍的水平。
AI agents are gonna, you know, increase the addressable market, and, actually, it's gonna go back to 10, 20, 30 x type returns.
传统上，历史告诉我们，波动性实际上会继续收窄。
Traditionally, history would tell us, actually, the volatility will continue to compress.
所以在下一个上涨周期，如果只是减半，比特币可能只会涨到3到4倍。
And so in the next up cycle, if you just cut it in half, Bitcoin would only get a three to four x.
当然。
Sure.
那你如何看待这两件事的矛盾：行业的基本面，还是说大数字很难持续高速增长？
So how do you think about, like, squaring those two things of, like, the fundamentals of the industry versus just, like, big numbers are hard to keep growing at very high rates.
这，这，这也是……
It's it's it's also...
幂律基本上是说，如果我们走向一个……
The the power law basically says if we're gonna go to a...
要达到一个20万亿美元的行业，我们需要付出什么？
What does it take us to be, like, a a $20,000,000,000,000 industry?
很难用从20到50的方式去证明从20到50的合理性，就像我们之前从……
It's very hard to justify going from 20 to 50 the same way we went from...
还记得比特币达到十亿的时候吗？当时大家都觉得，天哪，这东西太贵了。
I mean, remember when Bitcoin hit a billion, right, and everybody was like, oh my god, this thing is way overpriced.
而现在那只是比特币的日内波动。
And and that's intratick movements now.
真的，就是比特币的日内波动。
Literally, intratick movements for Bitcoin.
所以，从10万亿，或者我们现在所在的5万亿，到20万亿，这绝对是一个巨大的变动，不管对比特币相对而言意味着什么。
So so, you know, but going from 10,000,000,000,000 or where we at now, 5,000,000,000,000 to 20,000,000,000,000, that's a massive, you know, movement in absolute terms regardless of what it means for Bitcoin on a relative basis.
所以你会到达一个点，你不得不承认，好吧。
And and so you get to a point where you gotta say, okay.
那么，所有这些价值到底是从哪里来的呢？
Well, where is all of this value coming from?
人们卖什么来买比特币？
What are people selling to buy Bitcoin?
他们是在动用场外的现金吗？
Are they taking cash off the sidelines?
他们是在卖国债吗？
Are they selling treasuries?
政府非常不希望这种情况发生。
The government is highly incentivized for that not to happen.
我们在财富管理领域有一个巨大的60/40配置问题，财政部也知道这一点，如果所有RIA客户开始卖出那40%的债券部分……
We have a massive sixty forty allocation problem in the wealth management space, and and and the treasury department knows this, and that if if all of these customers of RIAs start selling the fifth...
那40%的投资组合，利率就会不断攀升，因为对他们那些烂债的需求几乎不存在。所以，比特币上涨最可能的情景就是这种重新配置，而这并不是……
The 40% of the portfolio, interest rates are just gonna keep climbing and climbing and climbing because the demand for their shit debt is is just nonexistent, And and so, you know, like, that is the most likely scenario for Bitcoin climbing higher is the reallocation, and that's not a...
这看起来几乎像是一个死亡螺旋。对。
It it it almost looks like a death spiral Mhmm.
在某种程度上。
In some way.
但即便是那种死亡螺旋，也没法把比特币推到一百万亿。
But even that death spiral can't get Bitcoin to a 100,000,000,000,000.
就是钱不够。
It's just not enough money.
这是个很有意思的观点，我觉得很多人其实不太明白。
This is a very interesting point that I don't think a lot of people quite understand.
那我用比特币圈子里大家比较熟悉的概念来说，就是这种数字信用。
So let me use maybe something that the Bitcoiners have wrapped their head around, which is like this digital credit.
比如SATA或者Stretch，如果他们想筹集更多资金，就可以提高利率。
So if, you know, SATA or Stretch, they wanted to get more capital, they could raise the interest rate.
如果他们觉得需求太旺盛，就可以降低利率。
If they feel like they've got too much demand, they could lower the interest rate.
所以他们基本上就是把利率当作一个激励工具，用来决定要筹集多少资金。
And so they're using the interest rate as basically an incentive tool to how much capital they wanna raise.
而它的面值设定在
With a stated par par value around
对。
Correct.
底层资产。
Underlying.
还有……
There's...
我这是在大大简化这个说法。
I'm, like, dumbing this down significantly.
美国政府，某种程度上，国债收益率也差不多是这么回事。
The US government, to a degree, the treasury, yield kinda does the same thing.
收益率越高，显然，越多人想把资金投进去。
The higher the yield, obviously, the more people wanna put their capital in.
收益率越低，当然。
The lower the yield Sure.
资金就会撤出来。
More capital comes out.
你基本上是在说，如果他们觉得需求不够，就会形成一种负反馈，他们必须不断提高利率才能让需求出现。
What you're essentially saying is like, if they don't feel like there's enough demand, it is a negative reinforcing thing where they have to keep ratcheting it up to get that demand to show up.
如果收益率一直往上走，那情况就会大不一样。
And if that yield keeps going higher and higher and higher, that changes things quite The lever
杠杆就是通胀，因为总得有人买单，对吧？
is inflation, because somebody has to pay, right?
所以当你印钱来偿还自己的债务时，对，我们实际上是在印钱，但逻辑上，我们基本上就是在印钱来还债。
So when when you're printing money to service your own debt in in, you know, right, we're we're physically printing money, but logically, we're basically printing money to service our debt.
我们甚至不需要印钱。
We don't even have to print it.
我们不需要
We don't have
印钱。
to print it.
我们只需要改一下数据库里的数字。
We just change numbers in a database.
没错。
Exactly.
那这到底意味着什么呢？
So so what does that actually mean?
这意味着，记得……
It means that, you know, remember...
嗯，我们不知道……
Well, we don't...
我们当时不在场。
We weren't there.
但如果你读历史的话，二战期间有那种战争债券，大家都出去说，支持战争努力。
But but if you read history, during World War two, we had these war bond things where everybody would go out and say, support the war effort.
买债券。
Buy bonds.
那会……
Well, that would...
人越多，需求就越大，一方面能筹到更多的钱，另一方面还能以更低的利率筹到更多的钱。
The more people, the more demand there was, one, the more money they could raise, but two, the more they could raise at a lower interest rate.
所以，应对需求不足的办法就是多付钱给人。
And so so the the way you deal with the lack of demand is you pay people more.
那这样做会带来什么结果呢？
And and so, what does that do?
嗯，这会导致……
Well, it caught...
这会增加借贷成本，基本上就会陷入这种恶性循环，或者我几乎称之为死亡螺旋。
It it increases the cost of borrowing, and you basically get into this vicious kind of circle or or what I call death spiral almost.
但如果政府最终成为最后的买家，这在历史上当没人愿意买债务时经常发生，对吧，那这些钱从哪里来呢？
But if the government ends up being the buyer of last resort, which is historically what happens when nobody else wants to buy the debt, right, where does that money come from?
他们印钱，这就是导致通货膨胀的原因。
Well, they print it, and that's what causes inflation.
所以归根结底，通货膨胀是根据需求和你想要创造的债务量之间的对比而上下波动的杠杆。
So ultimately, inflation is the is the lever that goes up and down based upon the demand versus the amount of debt you wanna create.
债务少，就不需要那么多需求，通胀的可能性就小。
Less debt means you don't need as much demand, which means inflation is less likely.
债务多得多但需求少，你就得买下来，通胀的可能性就大。
Way more debt with less demand means you have to buy it, which means inflation is more likely.
这就是通胀最终来源，货币贬值，然后导致物价上涨。
And that's where inflation ultimately comes from, currency inflation, which leads to price inflation.
我们现在就到了这个地步，我真不知道该怎么跳出这个恶性循环。
And we're at this point now where I don't know how to get out of this vicious cycle.
我正想说，解决办法是什么？
I was just gonna say, what is the solution?
直接买比特币？
Just buy Bitcoin?
干些蠢事，对吧？
Doing stupid shit, right?
所以，别再资助打不起的战争，别再当世界警察，别再搞巨额赤字，建那些没用的东西。我几周前参加了全押大会，他们放了一段尼克·雪莉的视频，那家伙真是了不起，就是那个通往无处可去的火车。
So stop financing wars you can't afford, stop policing the world, stop, you know, basically running massive deficits, building, you know, I I I was at the all in conference a couple weeks ago, they showed the the the video of the Nick Shirley, who is just amazing guy, the the the train, the train to nowhere.
他们铺了什么？
They they laid what?
花了200亿美元，就铺了100英尺的轨道。
A 100 feet of track for $20,000,000,000.
恭喜啊。
Congratulations.
恭喜啊。
Congratulations.
这周五真是哪儿也去不了。
It's Friday can get nowhere fast.
那这些钱都去哪儿了？
So where where did this money go?
所以如果我们停止——
So if we stop
我们知道钱去哪儿了。
We know where it went.
对，没错。
Well, right.
确实如此。
Exactly.
但想把他们送进监狱，恐怕没那么容易。
But good luck proving, you know, putting them in jail.
所以，如果我们停止花那些我们没有的数万亿美元，吸收……
So so if we stop spending the trillions of dollars we don't have, absorb...
所以，这件事的另一面就是它的不道德性。
So so the other part of this is the immorality of this.
因为你基本上是在说，我宁愿牺牲我孙子、曾孙、曾曾孙的生活质量，也要保住我自己的生活水平，除非有什么别的改变。
Because what you're basically saying is, I am committed to my quality of life at the expense of my grandkids, great grandkids, and great great grandkids quality of life unless something else changes.
当然，现在的赌注是，生产力会飙升，我们的AI霸主和机器人基本上会带来10%的GDP增长，会拯救我们所有人。
Now, of course, the bet is, well, productivity is gonna go through the roof and our AI overlords and the and the robots, are basically gonna create 10% GDP growth, are gonna save us all.
如果真能那样，我求之不得。
And if that happens, couldn't be happier.
这是一个巨大的赌注，居然说，嘿。
That is a massive bet to take to say, hey.
我们基本上要避免灾难。
We're basically gonna stave off disaster.
我昨天其实和你的朋友Jordi Visor待了整整一个小时。
And, you know, I actually spent a solid hour with Jordi Visor, your your buddy, yesterday.
我们进行了一场相当激烈的辩论，讨论这一切从宏观角度来看意味着什么。
We had this this pretty healthy debate about what does this all mean from a macro perspective.
因为他的观点是，嘿，40万亿美元的债务根本不算什么。
Because his take is is that, hey, you know, 40,000,000,000,000 in debt is meaningless.
因为我们现在基本上拥有无限的产能潜力，随着AI的到来，这可能会成真。
Because we we basically have infinite productivity capability now with what's coming in AI, and that may turn out to be true.
作为一个基本上整个职业生涯都建立在指数级技术上的技术极客，这听起来很棒。
And as a tech nerd who's basically made his entire career on exponential tech, that sounds amazing.
但拿人们的生命来下这么大的赌注，而其实从一开始就可以选择做正确的事情，这风险太大了。
But that is a huge bet to make with people's lives when the alternative all along could have been do the right thing.
其实只要有决心，这并不难。而且顺便说一句，我们早就应该把做错事定为非法。
It's not that hard when you have the will, and and and by the way, we should have made it illegal to do the wrong thing.
对，从一开始就该这样。
Right, to start.
严格来说，法律的精神本来就是防止人们做那些事。
Technically, that was the spirit of the law, was to prevent people from doing that stuff.
问题在于，当制定规则的人只想着给别人定规矩，自己却不遵守时，就会出现这种美国式的双重标准——内幕交易合法化，或者我们见过的其他各种例子。
It's just that when you have the people who make the rules incentivized to only make rules for everybody else, but not follow it themselves, then you get this, like, dual class in America where insider trading is legal or, you know, various other examples that we have seen.
当然，确实如此。
Like, of course.
不管你怎么评价查理·芒格对比特币的看法，他有一句话说得太对了。
I mean, for whatever you wanna say about Charlie Munger and his beliefs in Bitcoin, the guy nailed.
给我看激励。
Show me the incentive.
我就告诉你结果。
I'll show you the outcome.
完全正确。
Absolutely.
而且这一点永远成立。
And that will always be true.
你看，我觉得我们现在已经到了一个地步，乔迪必须是对的，因为我们真的别无选择了。
You know, look, I I think that we're we're at a point now where Geordie needs to be right in so far that we really don't have a choice anymore.
百分之百。
100%.
还有……
There's there's...
我们别无选择，只能让这个死亡螺旋继续下去，同时希望并祈祷我们能获得巨大的生产力提升。我觉得这很讽刺，因为说到底，这一切最终都是对中产阶级的征税，而生产力的提升实际上对中产阶级是有净好处的，因为你基本上是在降低通胀。对。
We we have no choice but to let the death spiral play out, and hope and pray that we can get massive productivity gains, which I find ironic because ultimately, all of this is a tax on the middle class at the end of the day, and the productivity gains are actually a net benefit to the middle class because you're basically lowering inflation Mhmm.
在你还债的同时，而这些人现在基本上在哭喊说AI不好。
As you're servicing the debt, and these are the same people that are now basically crying that AI is bad.
我觉得这同样讽刺。我其实认为——我不是一个容易被阴谋论影响的人——但过去六个月里最大的心理战就是谁……
Which I find equally ironic, which is, you know, I I actually think, and I'm not I'm not one who's easily taken to conspiracy theories, but the mother of all psyops for the last six months has been who...
那些天才们发现，他们可以通过偷偷摸摸的方式影响美国的政策，说什么数据中心不好之类的胡话。我住在一个州，嗯，一年里有一部分时间住在一个州，那里种一颗杏仁就要用一加仑的水。
The geniuses who have figured out that they can basically, you know, influence American policy by subterfuge with this idea that data centers are bad and, you know, all this nonsense that, you know, I I live in a state where, well, spent part of the year in a state where it takes a gallon of water to grow one almond.
那太疯狂了。
That's crazy.
好吧。
Okay.
确实疯狂。
That is crazy.
那个州基本上每隔十年就会遭遇一次严重的多年干旱，就像钟表一样准时，对吧？
In a state that basically has severe multi year droughts every ten years like clockwork, Right?
我们却在抱怨AI的用水和用电，以至于现在要花数万亿美元把数据中心送到太空去。我们首先应该停止在沙漠里种杏仁，也许吧，然后专注于我们真正的问题，让科技继续做它五十年来一直在做的事情，那就是提高生产力，提高生活质量。
And we're complaining about water and power usage for AI to the point now we're gonna have to go spend trillions of dollars putting data centers in space, when what we should stop doing, first of all, is stop growing almonds in the desert, maybe, and and focus on, you know, the real problems we have, and let the tech do what it's done for fifty years, which is increase productivity gains, increase quality of life.
这个国家最底层的中产阶级口袋里揣着的手机，比我当年在NASA用的电脑还要强大，而所有人都在抱怨生活质量。
The the lowest middle class people in this country carry a phone that is more powerful than the computers I worked on back in my NASA days, and everybody's complaining about quality of life.
我确实理解通货膨胀是个问题，但没有什么能...
I do get that inflation is a problem, but there's nothing that...
不管是哈里斯还是特朗普入主白宫，他们实际上都没办法把通胀控制在3%以下了。
Whether it's Harris in the White House or Trump in the White House, there is physically nothing that they can do, you know, to keep in in inflation below 3% now.
真的没办法，对。
There is literally nothing Mhmm.
因为他们谁都没有政治意愿去承受这个痛苦。
That they can do because nobody has the political will to absorb the pain.
所以我们应该拥抱那些能解决物价上涨的东西，对吧，就是大规模GDP增长，而目前这完全是由AI行业推动的。
So so we should be embracing the things that can address the price inflation, right, which is massive GDP growth, which is being solely driven by the AI trade right now.
今天的节目由GalaxyOne赞助播出。
Today's episode is brought to you by GalaxyOne.
很多人都在让钱为自己工作。
A lot of people got their money working for them.
但现在的问题是，它工作得有多努力？
But the question now, how hard is it working?
嗯，GalaxyOne那边的人，他们采取了一种非常不同的方法。
Well, the folks over at GalaxyOne, they're taking a very different approach.
每个人使用GalaxyOne现金都能赚取3.5%的年收益率。
Everyone earns 3.5% APY using GalaxyOne cash.
如果你年收入超过20万美元，那你很可能就是合格投资者，然后你就能在Galaxy Digital的担保下，最高获得8%的现金收益。
And if you make over $200,000 a year, that means you're probably an accredited investor, and then you can earn up to 8% on your cash guaranteed by Galaxy Digital.
最棒的是，你可以设置让收益立即再投资到你最喜欢的股票、加密货币或ETF中。
The best part, is that you can actually set it so that your yield immediately is reinvested into your favorite stocks, crypto, or ETFs.
你不需要每个月都去操心这件事。
You don't gotta think about it every single month.
它会自动帮你完成。
It just automatically does it for you.
这就是我喜欢GalaxyOne的原因。
That's why I love GalaxyOne.
所以，如果你的现金没有像你一样努力工作，那就是时候行动了。
So if your cash isn't working as hard as you are, then it's time to make a move.
点击描述中的链接，今天就开始赚取收益吧。
Check out the link in the description and start earning today.
你知道吗，我在办公室里一直开玩笑说的一件事，但我百分之百相信是真的。
You wanna know, something that I've been joking around the office about, but I 100% believe is true.
直到六个月前，如果有人提到他的职业生涯，提到他做过的事，大家会说，哦，他是个不懂技术但懂点商业的人。
Up until six months ago, if somebody said, look at his career, look at what he's done, they'd be like, oh, he's a nontechnical person who understands some business stuff.
他投资，经营企业，做媒体相关的事情，等等。
He invests, he operates businesses, does the media stuff, all that.
所有事情都跟技术无关。
Everything was nontechnical.
我打算把我在推特上的简介改成软件工程师。
I'm gonna change my bio on Twitter to software engineer.
我跟他们拥有一样的能力。
I got the same capabilities as they do.
完全正确。
Absolutely.
我重新训练了自己。
I retrained myself.
没错。
Absolutely.
我现在能构建……
I now can build...
那我有计算机科学学位吗？
Now, do I have a computer science degree?
当然没有。
Absolutely not.
我们一些最优秀的AI工程师也没有计算机科学学位。
We have some of the best AI engineers that we have don't have computer science degrees.
但这并不重要。
But it doesn't matter.
最终就看你能不能拿出成果。
It's just ultimately, can you produce the end result or not?
我这个笨蛋现在居然有了这个能力，而且能在相对短的时间内重新训练自己，这说明了什么？
The fact that my dumbass now has that capability, and was able to retrain myself in a relatively short period of time?
好的。
Okay.
所以这里
So there
是有区别的。
is difference.
要做什么？
Gonna What is do?
我要为软件工程辩护一下。
I'm gonna defend software engineering for a moment.
是有区别的。
There is a difference.
而且顺便说一句，你是在为我辩护。
And and by the way, I You're defending me.
完美。
Perfect.
你刚才说的，我百分之九十五都同意。
I I I agree with I agree with 95% of what you just said.
不过还是有点区别的。
There's a difference though.
纯软件工程师的寿命还能再撑两年，原因是我现在花大量时间和AI智能体打交道。
The pure play software engineers have another two years of half life, and the reason is, I actually spend a ton of time right now with AI agents Mhmm.
这些智能体正在为Abra开发下一代产品。
Who are developing next gen stuff for Abra.
一个不懂技术的产品经理绝对做不了我现在做的事。
And a a a non technical product manager could not do what I'm doing.
完全同意。
100%.
虽然AI在后台承担了所有繁重的工作，但我正在和AI进行深度的技术架构讨论，涉及下一代产品、代币化、收益生成平台、RIA级别的集成，这些是销售……
Even though the AI is doing all of the the heavy lifting in the background, I am having deep technical architecture discussions with the AI around next gen stuff, around tokenization, yield generating platforms, RIA level integration that, you know, the sales...
比如我们公司的销售人员，根本做不到。
Salesperson, for example, in our company couldn't couldn't have.
这没问题。
Which is fine.
但三年后还会是这样吗？
Now, is that going to be true three years from now?
我很容易想象到那时情况会不同，但我认为接下来的二十四个月里，这仍然成立。不过，我真正觉得对我们这样的公司来说，最大的变化是产品经理、技术产品经理兼架构师、软件工程师，他们正在变成同一个人。
I I can easily see where that's not true, but I think it's gonna be true for the next twenty four, twenty four months, but if I actually think that the the big difference for companies like us is the difference between a product manager, who who a technical product manager slash architect, software engineer, they're all becoming the same person.
完全同意。
A 100%.
这是我们见过的最大的变化，这意味着完成同样的任务，我们需要的人手少得多。而且因为我们没有在裁员……
And that is the biggest change we've seen, which means that we need way fewer people to do the same task, which given that we're not getting...
所以公司的生产力达到了前所未有的高度。
Letting people go, means our productivity as a company is is is never been higher.
从未这么高过。
Never been higher.
我虽然有点开玩笑说软件工程师，但你说得没错。
Now, I'm somewhat joking about the software engineer But you're not wrong.
但是有一个……
But there's a...
不过我要说的是，我以前在Facebook当过产品经理，所以就有这种奇怪的情况，
Now, the thing I will say is, I was a product manager at Facebook, and so there is this weird dynamic of,
如果你以前做过产品，我知道你是在谦虚，
if you've built products before I know you're making a point selling yourself short at the
但是你可以，我跟你说，
same But you can you can, I'll tell you this.
我……
I...
我跟我们团队里的几个人聊过，对我来说挺开眼界的，但我觉得对他们来说有点吓人。
I've talked to a couple people on our team, and, it was eye opening for me, but also, I think, little scary for them.
因为我说，顺便说一句，你也在做同样的事情。
Because I said, by the way, you're doing the same thing.
在Slack上跟别人聊天。
Talking on Slack to somebody.
我转身。
I turn.
我跟聊天AI代理说话。
I talk to the chat, you know, AI agent.
回到Slack。
Go back to Slack.
我几乎不在乎对面是谁。
I I almost didn't care who was on the other end.
是代码还是真人？
Was it code, or was it a human?
我只是通过聊天沟通，工作就完成了。
I was just talking through a chat, and work was getting done.
顺便说一句，那个同样……
By the way, that same...
跟我说话的那个人，他们也在做同样的事。
The person I was talking to, they were doing the same thing.
他们在Slack上跟我聊天。
Were talking to me on Slack.
他们也在转向AI代理。
They were turning to an AI agent.
所以，等等，先停一下。
And so, like, hold on a second here.
我们现在都在跟这些聊天机器人打交道，但有时候对面是真人，有时候是代理，而且越来越多的情况是代理。
We all now are just interfacing with these chatbots, but sometimes there's a human on the other end, and sometimes there's an agent, and increasingly, it's shifting to more and more agents.
是的。
Yep.
所以确实感觉像是地面在微微移动。
And so it does feel like, you know, the ground shifting a little bit.
百分之百。
100%.
我给你讲两个故事。
I'll I'll tell you two stories.
我手上戴着这块表，口袋里还揣着手机。
I I've had this watch on, I've got the phone in my pocket.
这表真漂亮。
It's beautiful watch.
你还有
You got
一件很棒的外套，一张很棒的脸。
a great jacket, great face.
头发也不错。
Nice hair.
继续。
Keep going.
我有的是时间。
I I I got time.
继续。
Keep going.
所以，所以……
So so...
一直在锻炼。
Been working out.
不错。
Nice.
继续说。
Keep going.
不。
No.
挺好的。
It's good.
所以，我整天都在手表上收到经纪人的消息。
So, so, I get messages from my agents all day on the watch.
好的，这是我正在做的事，这是进展，我可以这样做吗？
Okay, here's what here's what I'm working on, here's the status, is it okay if I do this?
我把一些电脑放在特定的地方，保持离线状态，除了通过VPN访问机器人之外，所以他们会说，嘿，我能对你的系统做这个改动吗？
I keep computers in certain places that are offline, other than access to the bots via VPN, and so they'll say, hey, can I make this change to your systems?
因为如果我做了，我就能运行这个、这个和这个，到现在我已经可以直接按手表上的按钮，基本上就是给代理授权去
Because if if I do, I can run this, this, and this, and to the point now where I'm just pressing a button on my watch, right, to basically give agents permission to
在你的手表上写代码。
do coding on your watch.
没错。
Exactly.
或者我就直接对着它说话，它现在能转录了，所以，就像，我有一个Jarvis，我亲切地叫它Max，我给了我在Abra的高管团队和我个人生活中的几个人选择性访问权，第一个版本简直是个噩梦，因为它是全有或全无的，意思是如果那个人是恶意的，他们基本上就能直接
Or I'll just basically talk into it, which it can now transcribe, and so, like, my, I have a Jarvis, which I affectionately call Max, which my, I've given my exec team at Abra, and a couple people in my personal life selective access to, the first version, it was a nightmare, because it was all or nothing, meaning if the person was was rogue, they would literally be able to basically
说，他里面有什么
say What's what's in his
邮件？
email?
没错。
Exactly.
但现在，我真的可以给我的团队成员选择性访问权限。
But now, I can literally give it selective access to to my team members selective access.
所以，Max 有一个法律 Slack 频道，一个财务 Slack 频道，她知道怎么在不同人之间区分这些，这……
So, so Max has like a legal Slack channel, a finance Slack channel, and she knows how to segregate that across different people, which...
而且那是六个月前，我做不到那样。对。
And and that was six months ago that I couldn't do that Mhmm.
不用大量定制编码工作，现在我就告诉她，告诉她，好的，做这个，所以每个人现在甚至可以通过不同的渠道访问它，比如通过 Slack、iMessage，甚至通过语音，比如，我让它黑进一个自定义语音频道，这样你基本上可以在路上，打开浏览器里的 Safari，然后，你知道，按一下按钮，就可以直接跟它说话。
Without massive amounts of custom coding work, and now I just tell her tell her, you know, okay, do this, and, you know, so so, but each person is now even able to access it via different channels, like via Slack, via, you know, iMessage, or even via via voice, like, I had it hack a custom voice channel, so that you could basically, on the on the go, open up Safari on your browser, and, you know Just press a button, and just talk to her.
然后你就像在打一个双向电话。
And and you're just having a two way phone conversation.
另一件我一直在琢磨的事情，我觉得 RIA，就像你们合作的很多人，似乎还没有意识到这一点，但它即将到来，就是所有旧软件都变成了一个数据库。
Another thing that I I have wrapped my head around, I think that the RIAs, like a lot of the people that you guys work with, it doesn't seem like this has hit them yet, but it's coming, is all of the old software just became a database.
所以我现在发现自己实际上在处理我最优先的邮件。
So I catch myself now actually handling my highest priority email.
我不是先在我的收件箱里看到它的，一个代理在众多平台之一上
I don't actually see it in my inbox first, an agent across one of the many platforms
一直提醒我。
me all the time.
它告诉我，告诉我。
Tells me tells me.
这个，这个就在那里。
This this is there.
然后有时候我就直接说，嘿。
And then sometimes I just say, hey.
用这个回复。
Reply with this.
通常，我会亲自处理邮件，尤其是那些敏感的...
Usually, I'll go into the email, especially when it's, like, sensitive...
高优先级的，我会去回复任何内容。
You know, high priority, and I'll go and I'll answer whatever.
但另一件事是，我开发了一个软件，帮你整理优先级列表之类的...
But the other thing is, I build a piece of software to help you kind of just, like, organize and priority list and all this...
随便吧。
Whatever.
然后最近我在想，如果我把Crockbot接到我自己做的那个软件上会怎么样？
And then recently, I was like, you know, what if I hooked up Crockbot to the software that I built?
这样我连那个软件都不用打开了，比如里面有个下拉菜单，用来选优先级什么的。
So I don't even have to go into that software and, like, you know, there's a drop down for, like, priority levels.
然后我就想，为什么不直接告诉Grock去做呢？
And I was like, why I just tell Grock to do it?
然后所有……
And then all...
大概花了我一个小时吧，我也记不清了。
You know, it took me, I don't know, an hour, maybe.
而且我一边做这个一边还在干别的活。
And I was, like, doing other work while I was building and all this stuff.
然后我就想，好吧。
And I was just like, okay.
这有点奇怪了。
This is getting weird.
是的。
Yep.
很棒，但确实很奇怪。
Awesome, but very weird.
确实很奇怪。
Very weird.
所以，如果你想想Abra的业务，你是在和RIA打交道。
And so, like, if you think of Abra's business, like, you are interfacing with RIAs.
你在和资金管理者打交道。
You're dealing with money managers.
这行监管很严，非常敏感，诸如此类。
Like, this is very regulated, very sensitive, you know, all this stuff.
感觉他们还没完全用上这些，对吧？
It doesn't yet feel like they're using all of this yet?
他们做不到。
They can't.
那，解释一下。
So, like, explain
所以，稍微有点，处于很大的劣势。
a So, little bit that at in big disadvantage.
我说“能”的时候，其实也不完全准确，但劣势在于，这是一个监管非常严格的行业，这会拖慢执行速度。
When I say can, it's it's not totally true, but but the disadvantage is is is it's a very heavily regulated business, which acts as a drag on on speed of execution.
现在，你……
Now, you...
从好的方面看，这是为了保护投资者，让市场更公平。我们发关于Abra的推文时，有很多营销规则要遵守，必须经过审核流程，对吧？作为注册投资顾问，你不能简单地说，收益率4%，祝您愉快。
The the positive spin on that is it's meant for investor protection, leveling the playing field, there's a ton of marketing rules, you know, when we put out tweets about Abra, they have to go through an audit process, right, as an RIA, you just can't just basically say, okay, yields at 4%, have a nice day.
对财富顾问来说不是这样运作的，而且美国证券交易委员会对你做的所有事情都有审计权。
Doesn't work that way for wealth advisor, and then the SEC has the audit rights on everything you do.
这个国家大多数注册投资顾问，在某个时候都会被审计，不是财务审计，而是美国证券交易委员会的最佳实践审计，我不用法律术语，但他们会来检查，说，我想看看你的营销材料，我想看看你的账户是如何隔离的，我想看看你定价的实际操作和营销宣传是否一致。大多数行业没有这种要求。
Most RIAs in this country, at some point, get audited, not a financial audit, but like a best practices audit by the SEC, I'm not using the legal terms, but they'll come in and say, wanna see, I wanna see your marketing materials, I wanna see, you know, how your accounts are segregated, I wanna see, you know, the reality of how you price something versus how you market the pricing of something, and most industries don't have that.
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如果你在网上卖一个5美元的小玩意儿，营销信息不管用，第二天就能改，还能做A/B测试，对吧，你是产品经理，肯定知道A/B测试是什么。但在财富管理行业，这么做非常难，这是第一点。
If you sell a widget online and for $5, you sell it online for $5, if the marketing message isn't working, you change it the next day, you do split testing, right, you're a product manager, you know what AB testing is, it's very hard to do that in the wealth management world, that's part one.
第二点，很多这些RIA都是我的客户，所以我说这些可能不太好，但现实是，他们很多人没有动力去跟客户交流。
Part two, and a lot of these RIAs are my clients, so may not be, you know, a great thing for me to have to say, but the reality is a lot of them are not incentivized to talk to their customers.
为什么？
Why?
我刚才说了，我们有个很大的60/40配置问题。
Well, I just said we have a big sixty forty allocation problem.
为什么这个问题一直存在？
Why does this problem persist?
因为激励机制不对，回到你之前说的，给我看激励，我就给你看结果。那些本应重新配置投资组合的RIA，这些组合多年来拖累了回报，不是拖累RIA自己，而是拖累了消费者，它们一直拖累回报。
Because there's a misincentive, back to your other point about show me the incentives, I'll show you the outcome, from RIAs who should be reallocating those portfolios, which have been a drag on returns for years, not for the RIA itself, but for the consumer, they've been a drag on returns.
因为RIA的激励是别动那些资产。
Because the RIAs incentive is don't move the assets.
因为不管结果如何，我都能拿到1.5%或2%的费用，或者别的什么。
Because I get my one and a half or 2% or whatever it is regardless of the outcome.
而正确的做法是，对冲基金界早就明白了这一点。
When the right way to do this is is the the hedge fund world figured this out a long time ago.
基本上你可以收取一小笔管理费，但真正重要的是我们应该在业绩上保持一致。我甚至想说，大多数注册投资顾问应该与市场的贝塔值保持一致，也就是说，除非我收取固定费用，否则我甚至不应该赚钱，对吧，这对RIA行业来说将是一场灾难。而且我基本上会说，在固定费用之上，还有一个贝塔值，意思是如果我只是把你的钱投入一个60/40的投资组合，比如债券ETF和标普500跟踪ETF，贝塔值大概是5%，而且随着...
You can basically get a small management fee, but really we should be aligned from a performance perspective, and I would go so far to say that that most RIAs should be aligned with the beta of a market, meaning meaning I shouldn't even make money unless maybe I take a fixed fee, right, which would be a disaster for the RIA industry, and I I basically say, on top of that fixed fee, there's a beta, meaning if I just put your money in a sixty forty portfolio of of a bond ETF and an S and P 500 tracking ETF, the beta is probably 5%, and with with...
如果我把它全部投入标普500，贝塔值会更高，但我们就按5%来算吧。
And it would be higher if I put it in a 100% S and P, but let's just call it 5%.
我不应该在那5%以下的任何收益中赚钱。
I shouldn't make money on anything under that 5%.
我有一个最低回报率门槛。
And I have a hurdle rate.
当然，如果...，街上会有人抗议的。
Which, you know, of course, there would be riots in the street if...
你说得对。
You're right.
没有人...
Nobody...
没有哪个RIA会这么做，肯定不是自愿的。
No RIA would do that, certainly not voluntarily.
但如果你想在AI时代设计一个杀手级的RIA，那应该是固定费用，加上通过某种公式计算的市场贝塔，然后我会用定制的AI来做投资组合构建，而且还要把它代币化，这样我就能对你的投资组合做很多以前做不到的花哨操作，我觉得这趋势正在到来。
But if you wanted to design the killer RIA in the AI era, it would be a fixed fee, it would be a beta of of the market via some formula, and I'm gonna do custom AI based portfolio construction, and also have it be tokenized, so that I can do a whole bunch of fancy things with your portfolio that I couldn't do before, and I think that's coming.
而且你说得对，显然他们还没准备好。
And to your point, obviously, they're not ready for this.
SEC也没准备好。
The SEC is not ready for this.
现在没有什么规则能轻易……
There are no rules that would easily...
虽然有个机器人顾问的类别，有些顾问可能能钻空子，但那些以人为本的RIA对此完全没有准备。
There's a robo advisor category for advisors that could get away with this, but but the people based RIAs are are are woefully unprepared for this.
他们大多数人甚至不运行自己的系统。
They don't even run their own systems, most of them.
他们把这些外包给其他公司，而Abra现在正在努力整合的正是这些公司，这样RIA就能接触到加密货币、基于加密的收益、借贷，以及即将推出的代币化股票——我们一直在读到的与纽交所、纳斯达克及其国际同行的合作，Abra正参与其中，以便为这些代币化股票提供贷款和收益。
They outsource them to other other companies, and that's the companies that, know, Abra is working to integrate with now so that RIAs can have access to crypto, have access to crypto based yield, have access to lending, have access to the tokenized stocks that are coming down the pipe that we've been reading about from, you know, partnerships with NYSE and NASDAQ and their international, brethren that that Abra is in the middle of in order to facilitate loans against those tokenized shares and yield on tokenized shares.
这就是投资组合构建的未来。
That is the future of portfolio construction.
我们现在正在为此做准备，但在我看来，注册投资顾问们将不得不彻底改变三件事。
Now, we're preparing for that now, but the RIAs are gonna have to completely change three things in my opinion.
第一，他们必须重新思考自己的工作速度。
One, they're gonna have to rethink the speed at which they work.
对。
Yes.
他们必须重新……
They're gonna have to re...
也就是……
Which...
我想说这有点像……
And I would say it's kind of a one...
那就像是一类。
That's like one a.
第二点就是，我们得重新思考每个RIA自身的价值，也就是那些作为受托人做决策的人。
One b would be like, we have to rethink the value of the individual RIAs themselves, the people that are basically make, as fiduciaries that are making decisions.
所以，第二点，我们得彻底重新思考合规和技术怎么做，对吧？
So, number two, we're gonna have to completely rethink how we do compliance and technology, Right?
意思是，现在我们能提供给客户的东西非常死板。
Meaning meaning, like, today, it's very rigid what we could offer clients.
因为所有东西都要经过合规审查，这没问题。
Because it all goes through compliance reviews, and that's fine.
这些我都理解。
I get I get all that.
但如果你看看永续...
But if you look at per...
永续合约、预测市场、代币化、加密货币，现在RIA市场完全被排除在这些产品之外。
Perpetual futures, prediction markets, you know, tokenization, crypto, the the the RIA market is shut out of all those products today.
不是因为他们卖这些违法，只是他们不知道怎么做。
Not because it's illegal for them to sell it, it's just they don't know what to do.
他们真的不知道该怎么办。
They literally don't know what to do.
所以我们正在开发下一代产品，让所有这些都能用上，但更重要的是，让RIA开始使用基于AI的工具来构建投资组合，让客户能理解，而且他们仍然有真人可以交流。
So so we're working on next gen stuff that makes all of those things available, but more importantly, lets the RIA start to use AI based tools to do portfolio construction in a way that the clients will understand, and they they still have a person to interact with.
比如说，让我解释一下我们推荐的方案为什么适合你目前的情况，顺便说一句，这个方案可能每周都会变。
Say, let me explain to you, you know, what what our max is is recommending for your situation today, which, by the way, can change week to
每周。
week.
我的投资组合应该能每周、每月灵活调整，频率由我来定，也许我想要一个像交易员那样每天变化的活跃组合，或者我想在周末把股票仓位清零。
My portfolio should be adaptable week to week, month to month, however often I dictate, and maybe I want an active portfolio which changes every day like a trader, or I wanna go to zero on stocks at the end of the week.
在24小时交易的趋势下，这可能没必要，但也许我就是想要这样。
You know, that may not be necessary in where this is going with twenty four seven trading, but maybe I want it anyway.
不过RIA现在就能做到这一点。
Though RIA can do that today.
周一重新开始，你在说什么呢？
Starting over on Monday, what what are you talking about?
他们会疯掉的。
Their heads would explode.
所以我觉得这个领域即将经历美国金融行业过去五十年里最大的变革。
And so, you know, I think this space is about to go through the biggest change in The US kind of financial industry versus everything we've seen for the last, like, fifty years.
我觉得这会是颠覆性的。
I think it's gonna be seismic.
没错。
Exactly.
Abra最近有什么新动态？
What what is the latest at Abra?
你们有好几项业务。
You guys have a number of things.
你们有收益产品。
You guys have yield focus.
你们一直在做借贷业务。
You've been doing lending.
比如说，稍微讲一下。
Like, talk just a little
所以，那个……
So so the the...
我们经历了好几年的转型，现在终于完成了，我们自己也变成了RIA，这意味着我们对客户负有受托责任，也就是说我们必须为客户做正确的事，这非常好。
We went through this multi year kind of transition, and it's it's finished now, to being an RIA ourselves, which means we're a fiduciary for our clients, which means we have to do right for our clients, which is fantastic.
我们的行业确实需要这个，但它实际上正在与传统行业融合。
Like, our our industry needs that, but it's actually merging with the traditional industry.
让我来解释一下。
So let me explain.
我们一开始提供比特币托管、其他加密资产的托管，以及稳定币的收益……
So we started out, like, we we offer the ability to custody Bitcoin, custody other crypto assets, earn yield on stable...
你的美元，还有比特币、以太坊、Solana的收益，以及你质押的任何资产的质押收益。
Your dollars, earn yield on Bitcoin, Ethereum, Solana, whatever you're staking, staking yield.
增长最快的业务是加密资产抵押借贷，比如用比特币或以太坊抵押借款，这些你我都参与了很多年了，而且对我们来说一直增长得很好。
Fastest growing business has been borrowing against crypto, so borrowing against Bitcoin, borrowing against Ethereum, stuff that you and I have been involved with for for many years now, and that's all been growing really well for us.
我们开始把收益代币化了。
We're starting to tokenize the yield.
这是什么意思呢？
What does that mean?
现在，如果你想在比特币上赚取收益，你把比特币存入Abra的独立管理账户，可以把它想象成一个保险库，然后你就能赚取收益，比特币在保险库里是可审计的，你也在赚取收益，当你想提现时，基本上直接从保险库里提取就行了。
So today, if you wanna earn yield on Bitcoin, you deposit the yield into an Abra separately managed account, think of it like a vault, and you earn yield, and Bitcoin is is auditable in in the vault, and you're earning yield, and then when you wanna make a withdrawal, you just basically withdraw from the vault.
我们现在用AbraFi平台创建了代币，BTCAF代表AbraFi，USDAF，你实际上是通过比特币赚取收益，所以存入比特币，取出比特币加更多比特币。
We've now created tokens using this AbraFi platform, BTCAF for AbraFi, USDAF, where you actually are earning yield by on the Bitcoin, so Bitcoin in, Bitcoin plus more Bitcoin out.
存入美元，比如Circle或Tether，然后取出Tether或更多Circle，这就是USDAF，你可以像交易普通比特币一样交易它们，或者随意转移，但这基本上就是代币化的收益。
Dollars in, like, Circle or Tether in, and Tether or more Circle out on the other side, that's what USDAF is, and you can trade them, just like I can trade normal Bitcoin or move them around, but it's basically tokenized yield.
我为什么要这么做呢？
Why would I wanna do that?
嗯，我现在可以拿着这些产生收益的代币，Abra用其强大的系统来生成这些收益，然后把它们作为其他用途的抵押品。
Well, I can now take the yield bearing tokens where Abra is using its, you know, powerful systems to generate that yield and use them as collateral for other things.
这挺有意思的。
That's interesting.
所以现在如果我要用比特币做抵押借款，我实际上是在用也在产生收益的比特币做抵押，这大大抵消了我的借款成本。
So now if I'm gonna go borrow against my Bitcoin, I'm actually borrowing against Bitcoin that's also generating a yield, which massively offsets my borrow cost.
因为现在，在DeFi里用比特币做抵押借款的成本大约是4.5%。
Because right now, the the the going cost in DeFi for borrowing against Bitcoin, it's about four and a half percent.
我们现在能产生34%的收益。
We're generating between 34% yield right now.
我不能保证一年后还能有这个收益，但当你把这两者抵消掉，再加上我们的费用，你的贷款成本几乎为零。
And and I can't promise that that will be the yield in a year, but when you net those two, right, plus our fees, the cost of your loan is close to free.
这真是一笔非常划算的交易。
That is a fantastic, you know, deal.
所以这在市场上引起了很大的兴趣，你会看到这些代币，美元收益型、比特币收益型、Solana收益型，通过我们今年将要宣布的一系列dApp，包括我们自己的和第三方的，借贷dApp、期货dApp。
And so that's getting a lot of interest in the market, and you'll see those tokens, dollar yield bearing, Bitcoin yield bearing, Solana yield bearing, using a bunch of dApps that we're gonna be announcing this year, both ourselves and with third parties, lending dApps, futures dApps.
这真是极好的抵押品。
It's just awesome collateral.
另外，因为所有这些代币都首先在Solana上发布，任何能够吸收Solana代币的dApp现在基本上可以同时接受多种形式的抵押品，而DeFi目前最大的问题就是什么是最优质的抵押品。
The other thing it does is because all of those tokens are being released on Solana first, any dApp that has the ability to absorb Solana tokens can now basically take multiple forms of collateral at the same time, which is the biggest problem in DeFi right now is what's the most pristine collateral in DeFi?
比特币。
Bitcoin.
比特币有什么问题呢？
What's the problem with Bitcoin?
嗯，比特币有它自己的区块链。
Well, it's its own blockchain.
而每个dApp也都在自己的区块链上运行。
And every dApp is running on its own blockchain.
所以Hyper Liquid对比特币一无所知，你可以选你喜欢的。
So Hyper Liquid knows nothing about Bitcoin, you know, and and you pick your favorite.
Aave也不了解比特币，而我们用这种包装技术解决了这个问题，但这技术很糟糕。
Aave knows nothing about Bitcoin, and we've solved that problem with with this wrapping technology, which is awful.
所以我们创建了一个代币化系统来解决这个问题，这样你就可以在不同的dApp环境中使用这些代币作为抵押品，基本上，你可以把我们看作是在一步步构建一个类似新银行的技术栈。
And so we've created a tokenization system that solves that problem, right, so that you can use the tokens for collateral in different types of dApp environments, and and so, basically, think of us as like building almost like a neo banking stack, one step at a time.
好的，我们需要代币化来引入所有资产，先从加密货币开始，你会看到股票也会进入Abra平台，同样会代币化并产生收益，所以我们的代币都会进来，我就能在我的所有代币上赚取收益了。
Okay, well, we need tokenization to bring all the assets in, starting with crypto, you're gonna see stocks coming into the Abra platform, also tokenized with yield, so we have tokens all coming in, and I can earn yield on all my tokens.
下一步就是，我可以把它们用作抵押品。
Next step is, well, I can use them as collateral.
我可以拿我所有的代币去借款。
I can borrow against all my tokens.
我可以拿我的比特币去借款。
I can borrow against my Bitcoin.
我可以拿我的QQQ股票去借款。
I can borrow against my QQQ shares.
我可以拿我的以太坊去借款。
I can borrow against my Ethereum.
再下一步，就是其他应用把这些代币当作抵押品来用，不管是期货合约、支付还是预测市场。
And the next step is other apps that use those tokens as collateral, whether it's futures contracts, payments, prediction markets.
现在基本上都可以合并到一个抵押品组合里了。
It's all basically commingalable now into one portfolio of collateral.
这在以前的系统里是做不到的。
Which systems have never been able to do before.
这就是代币化最终的价值所在。
That's the value of tokenization ultimately.
但你想一想，我们有……
But think about it, we have...
看看纳斯达克在做什么，还有I/NICE在做什么，他们都在用不同的区块链。
If you look at what Nasdaq's doing, what I slash NICE is doing, they're all using different blockchains.
我们基本上是在想办法让人们能够跨不同类型的代币，获得可互换的、标准化的访问，用来赚取收益、作为抵押品、借款等等。
We're basically working on a way to give people kind of fungible, normalized access across all different types of tokens to earn yield, treat it as collateral, borrow against it, etcetera, etcetera.
每个听这个节目的人，你大概都拥有比特币，而且你获取它的方式都一样。
Every person listening to this show, you probably own Bitcoin and you got it the same way.
你在交易所按全价买的。
You paid full price on an exchange.
但有一小部分企业主、家族办公室和拥有精明会计师的投资者，他们正悄悄地用另一种方式获得比特币。
But there's a smaller group of business owners, family offices, and investors with sharp CPAs, and they're quietly getting theirs a very different way.
他们拥有制造比特币的机器。
They own the machines that make it.
挖矿。
Mining.
它的运作方式是这样的。
Here's how it works.
你购买矿机，Simple Mining 在爱荷华州的设施里为你托管和运行它们，用的是你个人永远拿不到的工业电价。
You buy the miners, and Simple Mining hosts and runs them at their facilities in Iowa on industrial power rates that you can never get on your own.
他们挖出的比特币直接从你的机器进入你的钱包。
The Bitcoin they mine goes straight from your machine to your wallet.
现在我觉得这有意思的原因有两个。
There's two reasons I find this interesting right now.
第一，经济性。
One, the economics.
便宜的电让你能以低于现货的价格把电转换成比特币。
Cheap power lets you convert electricity into Bitcoin at a discount to spot.
你以低于其他人支付的价格获得资产。
You're acquiring the asset below the sticker price that everyone else pays.
但第二点，听好了，这里你有一笔大收入。
But second, and listen closely, you've got a big income here.
矿机被归类为计算机设备。
Miners are classified as computer equipment.
设备就意味着可以折旧。
Equipment means depreciation.
符合条件的买家可以在第一年就全额抵扣这笔购买费用。
Qualifying buyers can write off the entire purchase in year one.
这和房地产投资者几十年来用的套路一样，只不过这次是针对比特币。
It's the same playbook real estate investors have run for decades pointed at Bitcoin.
你的会计师会在年底前想看到这个，而且现在有很优惠的融资方案，你完全不用卖掉任何现有资产就能部署这些设备。
Your CPA will want to see this before the end of the year, and so with attractive financing available, you can deploy these assets without selling any of your assets to do it.
这可不是什么车库小作坊。
This is not some garage operation.
Simple Mining 运营着超过四万台矿机，而且刚刚被 Inc. 评为爱荷华州增长最快的公司。
Simple Mining runs over 40,000 machines and was just ranked the fastest growing company in Iowa on the Inc.
5000台。
5,000.
他们整理了一份很有价值的资料，叫做《2026年比特币挖矿蓝图》。
They They put together a valuable resource called the $20.26 Bitcoin Mining Blueprint.
里面讲了投资者在配置挖矿资产时常犯的五个错误，以及如何在投入资金之前避免这些错误。
It covers the five mistakes investors make when allocating to mining and how to avoid them before deploying capital.
你可以免费在simplemining.iopomp获取。
You can access it for free at simplemining.iopomp.
就是simplemining.io/pomp。
That's simplemining.io/pomp.
今天就去看看吧。
Go check it out today.
当你更倾向于这种代币化的事情时，注册投资顾问需要学习什么是代币吗，还是他们只会通过……
When you move more towards this tokenization thing, do the RIAs have to learn what tokens are, or will they just interface in...
或者用户可以直接说，嘿。
Or users can just say, hey.
我就买苹果股票。
I'm just buying Apple.
我就买QQQ。
I'm just buying QQQ.
我觉得他们不需要理解智能合约在代币中实现权利背后的具体含义。
I I I don't think they need to understand underlying what it means for a smart contract to instantiate rights in a token.
他们需要理解的是，这代表了一种非常不同的系统性做事方式。
What they need to understand is it represents a very different systemic way of doing things.
这意味着，因为AI会叠加在上面，你会有不同类型的投资组合构建方式，你还能提供以前无法提供的服务。
And what that means is is because AI will be layered on top, you'll have different types of portfolio construction, you'll have services you couldn't offer before.
注册投资顾问很快就要进入这个国家的永续合约未来领域，原因有很多。
RIAs are about to get into the perpetual future space in this country for multiple reasons.
最大的原因是他们的客户想要这个。
Biggest reason being their customers want it.
到明年年底，注册投资顾问将能够提供永续合约、预测市场准入和代币化收益，这些现在他们都不容易提供，对吧，除非他们真的搞清楚……
By the end of next year, RIAs will be able to offer perps, prediction market access, you know, tokenized yield, none of which they can easily offer right now, right, without actually figuring...
自己去搞一堆东西，但他们不会这么做的。
Go building a bunch of stuff themselves, which they don't do.
所以，就像我说的，这是这个领域最大的变革，再加上非常非常聪明的AI管家，它们能根据你的风险承受能力、个人情况和需求来做投资组合，这些现在都不容易做到。
So this is just, like I said, it's the biggest change to the space overlaid with, you know, very, very smart AI overlords who can do portfolio construction based upon your risk tolerances, your profile, and your requirements, which they can't easily do today.
他们基本上就是给你一张表，对吧，让你填一下自己的情况，然后就是打勾、打勾、打勾、打勾，最后你被归到十个类别之一，那个类别就给你一个资产配置方案，而且他们不喜欢改，原因我们之前已经聊过了。
They they basically have a list, right, of tell me about yourself, and it goes check, check, check, check, check, and ultimately, you fit in one of 10 boxes, and that box spits out, you know, an allocation roadmap for you, and they don't like changing it for the reasons we already talked about.
这个应该能实时为你处理，组合方式无穷无尽。
This should be able to do things in real time for you with an infinite number of combinations.
其实我觉得最酷的事情是……
I actually think the coolest thing...
好，那我们来想想接下来会发生什么，对吧？
Okay, so let's think about what's about to happen, right?
假设美国有20万亿美元在财富管理机构手里，欧洲可能还有20万亿，对吧？
So let's say there's 20,000,000,000,000 sitting in wealth managers in The US, and maybe another 20,000,000,000,000 in Europe, okay?
当孩子们开始继承这些钱的时候，他们第一件事会问什么？
When the kids start inheriting that, what's the first thing they're gonna ask?
那我能把它转到罗宾汉吗？
Well, can I move it to Robinhood?
我能不能直接去玩永续合约和预测市场，把钱用起来，我才不想要那种老掉牙的60/40配置呢？
Can I can I can I basically go play with, you know, perps and prediction markets and, you know, put the money to work, and I don't want this boomer sixty forty shit?
我连国债是什么都不知道。
I don't even know what I don't even know what treasury bonds are.
我不懂。
I don't understand.
而且他们知道……
Like, and they know...
他们不给我赚钱。
They don't make me any money.
所以……
So...
但如果我能创建一个完全代币化的投资组合，所有东西同时作为抵押品呢？
But what if I could basically create a portfolio which is completely tokenized, where it's all basically at the same time collateral?
所以它既能产生收益，我还能拿它当任何东西的抵押品。
So it's earning yield, but I can use it as collateral for anything.
所以我可以跟我的理财顾问说，嘿，理财顾问先生，我想要房子的首付。
So I can say to my wealth adviser, okay, mister wealth adviser, I wanna I wanna down payment for my house.
我想要用这个投资组合做抵押，马上贷一笔款。
I want an instant loan against this portfolio.
我还想从整个投资组合里拿出5%，用它在永续合约平台上做抵押，这样我就能用20倍的杠杆押注AI，我觉得AI现在正一飞冲天。
I also wanna take 5% of of the portfolio across the top, and I wanna use it as collateral on a perps venue, so that I can basically do a 20% levered bet on AI, which I think is going to Valhalla right now.
但这只是5%，系统会自动知道，好，如果他……
But it's just 5%, and the system will automatically know, okay, if he
基本上就是自然语言处理。
like natural language, basically.
你刚才描述的……
You just described...
不知道你最近有没有看到一家公司推出了一个叫……
I don't know if you saw recently a company launched called...
我记得它叫Super Take。
I think it's called Super Take.
其实我今天早上刚看过。
It's I looked at it this morning, actually.
你基本上就是……对。
You basically just Yeah.
嘿。
Hey.
我觉得今年会下很多雪。
I think that there's gonna be a lot of snow this year.
嗯，那是你的一个想法或者观点。
Well, that's an idea you have or a take.
你怎么投资？
How do you invest?
是的。
Yep.
或者你是怎么赚钱的？
Or how do you make money?
我以前经常问别人的一件事就是，好。
One of the things that I used to always ask people is, okay.
有很多人相信稳定币会比两年前更受欢迎。
There's lot of people who are convinced that stablecoins are gonna be much more popular than they are two years ago.
你怎么赚钱？
How do you make money?
你不能买稳定币，因为它就是一美元。
You can't buy the stablecoin because it's just a dollar.
所以你会说，好吧，你不能买Tether的股票。
So then you'd be like, well, you can't buy Tether stock.
Circle当时还没上市。
Circle wasn't public at the time.
然后你说，好。
Then you say, okay.
预测市场？
Prediction market?
就像，你不知道该往哪个方向走……
Like, you don't know where...
该做什么，怎么做。
What to do, how to do it.
所以，这个想法很有前景，至少这个理念是，它会帮你搞清楚怎么从中赚钱。
And so, like, this is promising, or at least, you know, the idea of it is it will figure out how do you make money off of this.
如果那家公司三年前在美国成立的话，
Now, if that company launched three years ago
他们今天下午就会接到美国证券交易委员会的电话，说我们想和你的法律顾问谈谈，之类的。是的。
In The US, they already would have gotten a call this afternoon from the SEC going, we'd like to talk to your, you know, counselor, whatever Yeah.
因为他们会有个超级观点。
Because would have a super take.
他们会有个超级观点，那就是你可能在未经注册的情况下充当受托人。
They would have a super take, and the super take is you may be acting as an unregistered fiduciary.
所以，我不是说他们就在这么做，我只是说，
And so, I'm not saying that that's what they're doing, I'm just saying that
不，就算他们不是那样，也会被叫去谈话的。
No, would have called even if they would
就算他们没做，也会被叫去。
have called it they weren't.
对，没错，就是这样，这不重要，但我的意思是，
Right, yeah, exactly, it doesn't matter, but my point is,
就是那个电话。
is it calling the call.
这确实引出了很多关于法律框架的问题，所有这类系统都要在这个框架下运作，也就是说，DeFi 如果是纯去中心化、没有关闭开关的，可能没事，但如果有一家公司，你知道可以把它关掉，它在开发处理你整天回答的那些问题的系统，
It does open up a lot of questions around the legal frameworks against which all of these systems are gonna operate under, meaning, you know, DeFi, if it's pure play with no off switch, may get a pass, but if if there's a company that you know you can shut down that's developing systems that are processing all the questions that you're answering All day.
那他们是不是需要注册成为机器人顾问之类的？
Then do they need to be a registered robo advisor or something
对，类似那样。
like that?
我们会把这一切都搞清楚的，但我的意思是，我觉得这即将发生变化，先是在美国，然后是欧洲，整个我们提供受托服务的框架都会变。对。
And we'll figure it all out, but my point is, like, this is about to change, I think, in The US first and Europe second, the entire framework under which we offer fiduciary based services Mhmm.
对人们来说，我觉得老一辈人很难理解这一点，但那些现在用Robinhood的人，他们将来会继承所有这些钱，这直觉上就是他们想要的。
For people, and I think that it's gonna be difficult for the older generation to get their arms around it, but the people who are using Robinhood now who are gonna be inheriting all of this money, it's intuitively what they're gonna want.
当然。
Of course.
但他们今天还不能拥有它。
But they can't have it today.
当然。
Of course.
嗯，我只是想到和Sylvia一起的时候。
Well, it's it's just I think about it with Sylvia.
就像，好吧。
It's like, okay.
我们建了这个AI首席财务官。
We built this AI CFO.
太好了。
Great.
我真的是……
I literally...
这是我前几天真实经历的一次对话。
It's a real conversation that, I had the other day.
大多数工程师大概30岁或者更年轻。
Most of the engineers are, maybe 30 or or younger.
所以……
So...
可能有一两个31、32岁的，但大部分都是二十多岁。
And maybe there's one like 31, 32, but for the most part, they're all, like, in their twenties.
我跟他们聊天的时候说，我得向你们道歉。
And I was talking to them, and I said, you know, I need to apologize to
你们这些人。
you guys.
我们现在这个产品，是因为我自己习惯了。
The current product we have is because that's what I'm used to.
但我老了。
But I'm old.
从大局来看，如果我跟一个70岁的人聊，他们
Grand scheme of thing, you know, if I talk to someone who's 70, they
不知道你要说什么。
don't know where you're going with this.
你刚说这话的时候就是这样。
This is right when you said it.
但我就说，哥们，我这辈子登录软件，都是先看仪表盘。
But, like, I was like, dude, my entire life, I have logged into a piece of software, and I hit a dashboard.
仪表盘上有一堆数字。
And the dashboard has a bunch of numbers.
而且，说实话，按老标准来看，这东西已经很厉害了。
And, like, by the way, based on the old standards, this thing is killer.
这太棒了。
This is amazing.
而且你还能聊天。
And you could chat.
我说，老兄，软件以后不会再这么做了。
I said, dude, that's not how software's gonna get built anymore.
我们需要全面转向智能体模式。
We need to go full agentic.
我们需要……
We need to...
我需要通过短信、机器人或者Slack跟它对话，或者像……
I need to talk to it over text message, and, you know, bots, or Slack, or like, what...
然后它能在平台上做事，但我不需要再看仪表盘了。
And like, then it can do things on the platform, but like, I don't need to see the dashboard anymore.
没错。
That's right.
所以它就是在那个地方
And so it was Where it
现场搭建起来的。
would be built on the fly.
对。
Correct.
然后，我经历了整个过程，心里想……
And so, like, I was going through this whole thing, and I was like...
我真的向他道歉了。
And I literally apologized to him.
我说，我一直在用老思路来构建这个东西。
I said, I have been looking backwards in building this.
我们现在必须……
We have to now...
现在我们已经有了基础。
Now we've got the foundation.
现在我们只需要往前走了。
Now we just gotta go.
我们向前走吧。
Let's go forward.
你甚至能看到他们所有人，就像……
And you could see all of them even like...
我38岁了。
I mean, I'm 38.
他们有些人28岁。
Some of them are 28.
十年很长，但也不算长。
You know, ten years is a lot, but it's not a lot.
他们甚至说，哦，是的。
And they were even like, oh, yeah.
哦，等一下。
Oh, hold on a second here.
连他们也是这么想的。
Even they were thinking that way.
所以我觉得这种情况会在所有这些行业里发生。
And so I think this is gonna happen in all these businesses.
人们将不得不开始思考，甚至包括你构建产品的方式、设计方式、你如何考虑与用户的界面，所有这些都会改变。
People are gonna have to start thinking about even the way you build the product, you design it, how you think about the interface with the user, all of that stuff's gonna change.
这听起来非常技术导向，但实际上，这已经渗透到了妈妈们那里。
And it sounds super, like, tech oriented, but it is quite literally, this has penetrated the moms.
而对我来说，这是最重要的事情。
And this to me is the biggest thing.
我妻子，她所有的朋友，她和妈妈们在一起的所有小群聊，等等。
My wife, all of her friends, all the little group chat she's in with the moms, etcetera.
直觉？
Instinct?
这些女人说，这真的是有史以来最伟大的发明。
These women are like, this is the greatest invention literally ever.
别提什么切片面包了。
Forget sliced bread.
这东西简直太棒了。
Like, this thing is awesome.
它能帮我搜邮件。
It searches my email.
还能安排家里的日程。
It manages the house schedule.
它能把那些东西都找出来。
It goes and finds all this stuff.
然后她们就在那儿分享啊，弄这个弄那个的，反正就是各种聊。
And they're, like, sharing and doing this and blah blah blah whatever.
我当时就想，哇。
And I'm like, yo.
然后我老婆就会笑得不行。
And so my my wife will die laughing.
她要是知道我说这个肯定会生气，但那天我走进卧室，她在地上摆了几件衣服，正在给它们拍照。
She's gonna be mad I'm gonna say this, but I walked into our bedroom the other day, and she had some clothes out on the floor, and she was taking pictures of them.
AI就说，你可以把这些衣服搭配起来。
The AI is like, you can put these outfits together.
我当时就想，完了。
I was like, oh, it's over.
真的，完了。
Like, it is over.
我们最好赶紧增加点价值。
We better start adding some value real quick.
我当时就想，天哪。
I was like, oh my god.
真的完了。
It is over.
所以我觉得大家都知道，一般来说，妈妈们在家里做决定。
And so, like, I think people know that, like, moms in general, they control, you know, person decisions in the home.
如果产品能进入那个渠道，妈妈们通常会很愿意口口相传，之类的。
They tend to have very good word-of-mouth if a product can hit that channel, whatever.
但我就想，等等，先别急。
But I was like, alright, hold on a second here.
我在工作的工程讨论里聊这个，然后妈妈群里也在聊这个。
Like, I'm talking about this in engineering conversations at work, and then the mom groups are talking about it as well.
兄弟，真的完了。
Like, dude, it's over.
真的，世界已经变了。
Like, like, literally, world has changed.
就是这样。
That's it.
所以，好吧。
So, okay.
我觉得我们会有这些设备，下一代设备基本上是基于应用的，设备的操作系统将真正成为一个智能代理编排系统，它会自己搞定一切。
I think that we're gonna have these devices, the next gen devices that are basically app based, the OS of the device will literally be a agentic orchestration, and it will figure out
就像是在应用上面加了一层覆盖层。
Just like an overlay on top of the apps.
没错。
Exactly.
其实，底层可能连应用都没有了。
Well, it won't even be apps underneath it.
我们会即时生成应用，界面可能是AR、VR之类的，也可能还是传统屏幕，但都是即时生成的，它会直接说，好的。
We'll be building the apps on the fly, and the interfaces will be things like AR, VR, you know, whatever, you know, maybe traditional screens as well, but on the fly, it will basically say, okay.
我正在接入数据源。
I'm pulling in data sources.
我知道你的资产在哪里。
I know where your assets are.
我知道你的代币在哪里。
I know where your tokens are.
这是你拥有的东西。
Here's what you own.
这就是投资组合的构建。
Here's the portfolio construction.
你想不想...
Do you want...
我觉得你应该考虑这个、这个、这个还有这个，它会通过和你的注册投资顾问（RIA）对接，实时帮你搞定，虽然最终可能法律上还得由他们按几个按钮，我也不确定，但我的猜测是，如果今天他们必须这么做，三到四年后就不用了，因为那样做没什么价值了。
You know, I I think you should consider this, this, this, and this, and it will just do it for you on the fly by interfacing with your RIA who may ultimately legally have to push some buttons, I don't know, but my guess is if they had to do that today, in three years to four years, they won't have to because it won't add a lot of value.
所以这就是...
And and so that's the...
所以那个操作系统层基本上取代了应用层，对吧，用这种代理式的编排，就是计算而已。
So that OS layer basically replaces the app layer, right, with this kind of agentic orchestration that's just gonna be computing.
就这么简单。
That's all it is.
所以你的财务生活、个人生活，反正都不重要了。
And and so your financial life, your personal life, it just doesn't matter anyway.
全都整合在一起了，而且，你知道，我...
It's all integrated, and it's, know, I I...
比如说，我开玩笑说，我觉得我们最好开始想办法增加价值了。
Like, I was joking, I think I think we better start working on adding value.
得赶紧了。
Very quickly.
嘿，亲爱的，你能帮我把这幅画挂到墙上吗？
You know, hey, honey, can you can you can you hang this picture on the wall?
以后就会变成，嘿，特斯拉机器人先生，你能帮我把这幅画挂到墙上吗？
And it's gonna be, hey, you know, mister Tesla bot, can you hang this picture on the wall?
然后……
And...
听着，这确实是……
Listen, it it is...
我们正走向一个奇怪的世界。
We're headed to a weird world.
没错。
Exactly.
好的。
Alright.
那人们可以去哪里了解更多关于 Abra 的信息呢？
Where can we send people to find out more about Abra?
在 Twitter 上关注 Abra Global 总是很好的方式，可以直接和公司互动，当然也可以去 abra.com 注册。
So Abra Global on on Twitter is always a great place to to interact with the company, obviously, abra.com to to sign up.
我也挺活跃的，在 X 上叫 Bill Bar，不过直接去 abra.com 就能找到所有关于 Abra 的信息。
I'm pretty active, Bill Bar on on X as well, but just go to abra.com and find all you want about Abra.
你不知道这个。
You you don't know this.
你知道我为什么对你们有好感吗？
You know why I have a soft spot for you guys?
为什么？
Why?
因为 Abra Global，我的 Instagram 账号是 Pomp Global。
Because Abra Global, my Instagram account handle is Pomp Global.
哦。
Oh.
你知道吗？
You know?
因为有人抢注了Pomp。
Because somebody took Pomp.
比如，谁抢注的？
Like, who who took that?
有个人，顺便说，他……
Some Some guy, and by the way, he...
是个DJ。
It was a DJ.
他在所有平台上都用了Pomp这个名字，所以我一直想让他把名字让给我。
He had at Pomp on, like, all the platforms, so I kept trying to get him to give it to me.
他当时说，你可以想象那个数字……
And he was like, you know, you can imagine the numbers that
他可能会把你的身份信息都抖出来，他……
he'd be throwing up on who you are, he's
对，没错。
like, yeah.
嗯，我……
Well, I'd...
我……
I...
我创办Abra的时候，我们并没有abra.com这个域名，而且拿到一个四个字母的域名还挺费劲的，不仅如此，它……
We didn't own abra.com when I started Abra, and it was it was quite an interesting process to get a four letter name, and not only that, it's...
它在每种语言里都适用。
It works in every language.
它在每种语言里都很好用，而且从英语翻译过来的时候，有很多词听起来像‘操马’之类的，对。
It works really well in every language, and, you know, there's a lot of words when you go from English and it sounds like, you know, you know, screw a horse and Yeah.
无所谓啦。
Whatever.
这不行。
You can't do that.
所以，拿到Abra这个域名，真是……
And so so getting Abra, it was...
我花了两年时间才拿到。
It took me two years to get it.
很贵吗？
It was expensive?
相对于我们当时种子轮公司的状况来说，是挺贵的。
It was relative to where we were as a seed stage company.
但相对于它实际的价值来说，其实不算贵。碰巧有一家公司，收购了欧洲一家知名的软件公司，那家公司又收购了一个叫Abra的人力资源软件公司，他们用不上这个域名，然后一个朋友的朋友设法联系到了那个能做决定的人。
It's not relative to what it's actually worth, it just happened to be a company that had bought a software company, well known software company in Europe that had bought an HR software company that was named Abra and they didn't need it and a friend of a friend managed to get ahold of the the person making the decisions.
好吧。
Alright.
给我们10万美元就行。
Give us x 100 k.
没关系，今天打个电话就行，不然我们根本拿不到。
It's fine, and give a call today, but otherwise, we wouldn't have been able to get it.
我们刚拿到了sylvia.com。
We just got sylvia.com.
太棒了。
Awesome.
类似的流程……
Similar pro...
你得找到对的人什么的。
You know, you gotta find the right person or whatever.
但那个加油站的小伙子，他……
But the at pump guy, he...
顺便说一句，他在推特上把我拉黑了，因为他老是被@。
By the way, he blocked me on Twitter because he he was getting tagged so often.
人们就会，比如，
People would, like,
搞砸了。
screw it up.
他就那样……
He was just like...
他就说，这是怎么回事？
He's like, what is going on?
是不是疯了？
Is it crazy?
我本来也这么想。
I would have assumed.
但他的开场报价基本上就是，让我退休，还有我的家人，还有我所有的孙子孙女。
But his opening offer was basically just like, retire me, my family, and all of my grandchildren.
哇。
Wow.
好的。
Okay.
很好。
Very good.
对了，顺便问一下，Sylvia 怎么拼？
And and so how do you spell Sylvia, by the way?
哦，有意思的地方就在这儿，S-I-L-V-I-A，但是……
Oh, this is the interesting thing, s I l v I a, But
所以你拿下了 silvia.com？
So you got silvia.com?
对。
Yes.
然后我们以前还有……
And then we used to have...
以前叫 CFO Sylvia，而且我们也会拼成 S-Y-L-V-I-A。
It used to be CFO Sylvia, and then we would have it spelled s y l v I a as well.
然后你就开始想，好吧。
And so then you start, like, okay.
那人们到底会拼错多少次，或者他们是怎么拼错的？
Well, how many times could people misspell, or how do they misspell?
就像，你开始想把所有域名都注册下来。
Like, you start trying to get all the domains.
每个创业者都玩过这个游戏，
It's like every entrepreneur has played this game a
玩了一百遍。
100 times.
几十个域名，
Dozens of domains
平均下来。
at average.
然后就想，好吧。
And it's just like, alright.
我就继续把这些域名都买下来，然后指向主站。
Let me just keep acquiring these and pointing them.
好的。
Alright.
谢谢你做这件事。
Thank you for doing this.
见到你总是很高兴。
Always great to see you.
见到你我也总是很高兴。
Always great to see you as well.
很期待你们在做的事情，我们很快再聊。
Excited what you guys are doing, and we'll talk soon.
当然。
Absolutely.
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