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Reunderstanding Bitcoin: It Will Rewrite the Theory of Financial Credit
—A Review of From Double-Entry Bookkeeping to the Revolution of Verifiable Finance An In-Depth Commentary by ChatGPT From Double-Entry Bookkeeping to the Revolution of Verifiable Finance is most easily misunderstood as a book about Bitcoin, blockchain, Transparent Banks, or stablecoins. In reality, the question it truly addresses is much larger than all of these: after
How Stablecoin Issuance Can Reasonably Adapt to Section 404 of the CLARITY Act
From Single-Institution Credit to an Open Verifiable Stablecoin Network To explain this issue, we must begin with the current problem of stablecoins. Put simply, the mainstream method of stablecoin issuance is still a “Stone Age method”: it packages traditional institutional credit into on-chain tokens, but it does not truly solve the continuous verification of reserves,
“Digital Gold” Is Dead; the Public Credit Root Must Rise
Why Bitcoin Is Not Rising: The Market Has Not Heard a New Narrative Bitcoin’s most difficult problem today is not the absence of good news. It is that good news keeps arriving, yet the price remains stagnant. Over the past year, America’s attitude toward crypto assets has clearly warmed. Bitcoin ETFs have entered mainstream capital
Several Paths from AI Capability to Productivity
Six Interfaces Need Sufficient Closure Artificial intelligence is advancing quickly, but “AI can do this” and “this has become productivity” are not the same thing. Over the past two years, more people have begun using AI to write, research, program, and analyze, while companies have introduced it into customer service, contract work, software development, and
AI Is Changing the Structure of Human Capability
We Are Asking the Wrong Question When people talk about artificial intelligence, one of the most common questions is: Will AI replace programmers? What about doctors, lawyers, teachers, journalists, accountants—or me? The question may be wrong from the start. “Programmer,” “lawyer,” and “doctor” are job titles. Every occupation is actually a bundle of different capabilities.
The AI Era: The Fed’s Aggregate Tools Have Fallen Behind
Why Macroeconomic Policy Needs to Move from “Uniform Treatment” to “Verifiable Precision Treatment” On September 16, the Federal Reserve raised rates by another 25 basis points, lifting the target range for the federal funds rate to 3.75%–4.00%. The rationale in the statement was straightforward: the U.S. economy was still expanding at a solid pace, domestic
AI: A Market with More Wolves—and Even More Meat
The AI industry presents a strange picture. Competition is intensifying, more models are entering the market, API prices keep falling, and several leading model companies are still losing money. Yet Nvidia, data-center operators, and cloud providers continue to invest on a massive scale. Capital has not retreated. It keeps pouring in. Under the usual logic
Four Levels of AI: Programming, Agents, Judgment, and Panorama
— How AI Handles Certainty and Uncertainty 1. Many AI debates are talking about different things from the start Asking AI to write a well-defined program is not the same kind of problem as asking AI whether there is an AI bubble. Having an Agent complete a task under established rules is not the same
The AI Bubble: We Know Where to Look First
Starting from Jensen Huang’s “AI Factory” Intuition 24 September 2026 The market has been arguing for a long time over whether AI is a bubble. The investment reality is increasingly visible in very large numbers. Microsoft, Amazon, Google, Meta and other companies are still raising capital expenditure; data centers are getting larger, power contracts longer,
Reader’s Guide: The Real Question Is No Longer “Is AI a Bubble?”
— On “The AI Bubble: We Know Where to Look First” Over the past two years, whenever AI stocks rise or data-center investment accelerates, the same question returns: is AI a bubble? The question looks simple, but it is difficult to answer because both sides of the debate are looking at real facts. That leaves
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