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• 如何評估比特幣礦業公司
  by William M
  June 21, 2022

  比特幣是在 2009 年由一位匿名開發者或一組開發者使用中本聰這個名字創建和推出的。作為一種投資，比特幣近年來得到越來越多的採用，作為 13,000 多種加密貨幣之一，它是最突出的，目前市值為 5810 億美元，佔比特幣總市值的 46%。根據 Trading View 的說法，加密貨幣。

  然而，直接投資比特幣礦業公司並沒有像直接投資比特幣那樣受到重視。直到 2017 年，Hive Blockchain 才成為北美第一家在多倫多風險交易所上市的比特幣礦業公司，股票代碼為 HIVE。從那時起，這一數字大幅增長，僅在北美交易所就有 29 只比特幣礦業股票上市。

  作為一種新的資產類別，對礦業股進行估值對投資者來說可能是一項艱鉅的考驗。然而，公開披露和了解一家強大的礦業公司應該如何組織和執行可能會有所幫助。以下因素並非詳盡無遺，但在對任何比特幣礦業公司進行盡職調查時都很重要。

  管理團隊
  確保公司在董事會和高級管理團隊中擁有適當水平的專業知識非常重要。 鑑於比特幣挖礦的跨學科性質，擁有金融、基礎設施和可再生能源方面的經驗至關重要。 在管理大型基礎設施和能源資源以及能夠提供最高標準的安全和 ESG 合規方面的運營領導經驗也將在考慮名單上名列前茅。

  管理團隊成員可以在公司網站上進行研究，並在LinkedIn等平台上進行交叉審查。

  經營業績
  比較每家比特幣礦業公司時要考慮的一個關鍵指標是運營績效。 並非所有礦工都是平等的，與同行礦工相比，公司採礦產出的差異非常重要。

  在下表中，包括了 11 家大型公開交易的北美礦工，他們提供每月採礦更新。

  

  DMG 區塊鏈 (DMGI) 的性能（在 4 月份有效地為每個 EH/s 挖出 147 個比特幣）與 Marathon Digital (MARA) 的每個 EH/s 的 77 個比特幣的性能之間存在很大差異。 如果業績不佳成為常態，那麼這就是公司戰略的潛在危險信號。

  增長和未來採購
  未來的哈希率增長被過分強調，而真正的重點應該放在當前的哈希率上。 問題應該始終是：礦工目前披露的哈希率是否達到了預期的比特幣數量？

  如果我們查看下表中的示例，則三個較大的北美上市礦商現在已經修改了過去三週的增長和時間表。

  

  如果你只關注比特幣挖礦公司未來的算力，你實際上忽略了這些公司現在產生的現金流。 即使比特幣價格為 30,000 美元，S19s ASIC 礦工目前每天也能賺取 17 至 18 美元。

  沒有人能準確預測比特幣的未來價格，但可以計算的是，在了解當前表現的情況下，加上合理的因素，你可以確定或預測一天、一個月甚至一年的預期產出， 基於網絡增長和參與的假設。

  生產成本
  現金流的成本也是一個非常重要的指標。 通過了解運營成本和資本成本，您還可以確定開採一個比特幣的總現金成本。 對於北美礦工來說，目前每個比特幣的成本在 12,000 美元到 20,000 美元之間。 即使是後者，從現金會計的角度來看，比特幣挖礦也顯示出 50% 的利潤。

  生產的邊際成本（即多生產一個比特幣的成本）是成本生產估值的另一個組成部分。 通過比較生產整個比特幣的成本與邊際成本，可以更好地了解礦工的運營完整性。

  結論性想法

  許多新公司正在比特幣挖礦中湧現，它們依靠簡單的插件盈利模式。然而，它遠比乍一看要復雜得多。部署一名礦工與在大型設施中管理 10,000 名礦工不同。此外，在熊市期間讓礦工保持經濟也是一項非常重要的業務。

  如果一家公司不清楚比特幣價格和哈希率之間的相關性，這也可能引發危險信號。許多人可能在籌集資金方面具有專業知識，但在採礦公司的運營管理或基礎設施建設方面沒有經驗。如果沒有這三個組成部分，公司通常會失敗。

  如果您打算將比特幣採礦公司視為另一種投資，請考慮公司的管理，並確保他們具備交付和管理大型數據中心所需的技能。查看比特幣礦工的當前表現，其中大多數提供每月定期更新，您可以從中確定誰是更好的運營商。考慮這些礦業公司正在合作的毛利率和營業利潤率。避免任何危險信號，特別是當某些事情聽起來好得令人難以置信時，因為它通常是。

  ANTHONY JOHN POWER

  27 MAY 2022 

  https://compassmining.io/education/how-to-value-bitcoin-mining-companies/

• ETH Merge and Fed Pivot
  by William M
  June 21, 2022

  Jun 17, 2022

  Consensus Hot Topics: ETH Merge and Fed Pivot

  By: Adam Sharp
  Editor, The HIVE Newsletter
  Nasdaq: HIVE  |  TSX.V: HIVE

  Last week a few of us from the HIVE team attended Consensus 2022, one of the largest Ethereum conferences in the world. This year 20,000 crypto enthusiasts and industry members attended in steamy Austin, Texas.

  It was hot, with temperatures reaching around 105 degrees. But with markets crashing, the atmosphere in the convention center felt a bit chilly.

  The timing of the conference was interesting, to say the least. On top of approaching Federal Reserve interest rate hikes, crypto markets had just digested the $50B collapse of the LUNA “stablecoin staking” network. Coins were crashing, and we were about to get another surprise with the failure of Celsius, a “CeFi” (centralized finance) digital asset lending and trading platform. 

  The mood was somber, which likely led to a more productive conference. Frank discussions were had about the future of CeFi and DeFi, the merge to proof-of-stake, lending, and other aspects of the ETH ecosystem. 

  There was good news too, especially regarding ETH’s layer-2 scaling solutions. A number of layer 2s are providing cheap and reliable ETH transactions at a small fraction of the price of a transaction on the main blockchain (via l2fees.info). Reaching greater throughput is a primary goal for the network, and layer 2s are the most promising means we have to get there.

  

  We spoke with many HIVE shareholders during the conference. It was truly a pleasure to meet some of you in person. We had productive and fun discussions, despite rocky market conditions (more on that below). Here is your humble editor (center front) with HIVE SVP of strategic partnerships Iggy Lai (center back).

  

  Overall, it was a great conference. Two of my primary takeaways from Consensus were:

  • ETH merge is likely farther away than most expect
  • Everyone is waiting for the Fed pivot

  Let’s briefly go through each.

  ETH Merge (Hot Topic)

  HIVE had a booth this year, which provided a great way to connect with investors, analysts, and potential partners. 

  The most common questions we fielded were “What will HIVE do after the ETH merge?”, and “What do you think about the timing of the merge?”

  The latter question about merge timing was often asked in hushed tones, as if we were discussing something crass. By the end of day one, I had my response down pat.

  “HIVE has been mining ETH for about 5 years now. For most of that time the merge has been 6 months away. We expect further delays, but have been preparing for the possibility over the past few years. 

  Mining Ethereum with limited competition gave us the cash flow to dramatically ramp-up Bitcoin mining, which now makes up a substantial majority of our revenue.

  If Ethereum PoS is successfully deployed, we expect it to be at a substantially later date. It’s an incredibly complex operation with a billion moving parts.

  We wish the team working on ETH PoS the best of luck. Ethereum is an important project and a successful merge could save a lot of energy.”

  True merge believers would dismiss this view and argue that since the Ropsten PoS testnet was successful, activating the merge is essentially “just flipping switches from here”. According to multiple technical members of the HIVE team I spoke with, the operation is not so simple, and there are still many roadblocks. 

  Time will tell.

  Waiting on the Fed

  Almost everyone I spoke with at Consensus are concerned about the impact of Fed rate hikes in the short-term. But a high percentage believe (as I do) that eventually the Fed will “pivot” (reverse course) and start easing. 

  The big question, of course, is when such a pivot might occur. For now, the Fed seems determined to knock asset prices lower to tame inflation. Nobody has clear answers to these questions, but it was widely discussed regardless. Broader macro concerns are clearly weighing heavily on the market. 

  There was some talk over whether Bitcoin, and possibly Ethereum, could decouple from altcoins after a hypothetical Fed pivot. The theory being that BTC, and possibly ETH, are viewed as inflation hedges and could see increased demand. Personally, I think this theory has merit, especially with Bitcoin. But again, only time will tell. 

  Next week, we’ll tackle regulatory issues, and how they are likely to increase in the near future due to the failure of projects such as Celsius and Luna, and the resulting fallout to retail and institutional investors. This was also a very hot topic at Consensus, and likely will continue to be one over the next few years.

  Hodling strong,

  Adam Sharp
  Editor, The HIVE Newsletter

• 任摩逊
  by William M
  June 9, 2022

  任正非的父亲：任摩逊

  

  1910年11月16日，在浙江省浦江县黄宅镇的任家村里，随着一声响亮的啼哭，任摩逊呱呱坠地，父母给他取名任木生，字摩逊。

  任摩逊的父亲叫任三和，是县里有名的大师傅，拿手的就是做金华火腿这门技术，所以尽管家里孩子众多，但都养得活，日子过得还算不错，不少邻居都眼馋得很。

  转眼间，已经到了任摩逊该上学的年纪，可是家里都是手艺人，父母都觉得读书没什么用，不如的学点手艺将来好安家立业，家里的哥哥姐姐们都是这样。

  可年幼的任摩逊却不这样认为，他在那个年纪就懂得学习的重要性。所以在他一再坚持上学，最后父母也就同意了。

  年少的任摩逊靠着勤奋好学的本质让他的父母看到了他的成功。因为他被北平民大的经济系录取了，成为全村第一个大学生。

  他以为自己可以安安稳稳地读完大学，然后为祖国献出力量或者能闯出一片属于自己的天地，结果天不遂人愿，在任摩逊大三的时候，他的父母相继去世，家里一下子没了经济来源，不得已之下，任摩逊只好离开北平回到了老家浙江。

  回家之后的任摩逊很快从双亲离世的悲苦中清醒过来，在朋友推荐之下，他到了浙江的一所学习里教书，初为人师的种种感觉只有他自己明白，而这段教师经历也改变了他的生活轨迹。

  但是平静还未驻扎许久，就又被另一种危机打破了。抗战爆发了，在同乡的介绍下，任摩逊到了广州的军工厂担任会计一职。

  跟随工厂不断地迁移，这种居无定所的日子让任摩逊觉得有些许疲惫，当他来到贵州后，他决定在这里开始自己的教育事业，他选择这份事业的原因之一就是他明白，“知识就是力量，想要改变命运，就必须学习知识”。

  在任摩逊34岁的时候，他在贵州遇到了农家女孩程远昭，并很快与她结为夫妻，那一年她17岁，同年10月，他们两个人有了自己的第一个孩子，母亲常唤他的小名“非非”，这个孩子就是将来创立华为的任正非。

  在贵州，任摩逊先后在黔江、镇远、关岭、豫章等中学任教，桃李无数，后又升任为校长。然而校长的工资着实有限，家里的孩子越来越多，最后全家两张大嘴、七张小嘴都要靠他们二人的工资来养活，日子窘迫。

  尽管环境如此贫苦，孩子们仍旧在乐观好学，任正非不负众望考上了重庆建筑工程学院，面对着身边同学一个个为了让家里条件改善而放弃上大学的行为，任正非也动摇了。

  可他的父亲却对他说：“记住知识就是力量，别人不学，你要学，不要随大流。”这句话被任正非记在了心里，所以大学期间勤奋刻苦，收获颇丰。

  “成功的家教造就成功的孩子,失败的家教造就失败的孩子。”这句话被完完整整地体现在了任摩逊一家里。

  虽然家里的其他孩子因为某些原因不能继续上学，但他们都长成了正直的人，他们团结互爱，成为了真正的兄弟姐妹。在任正非结婚时，兄弟姐妹们将凑的钱连同对哥哥的那份祝愿，一同送了过去。

  在任正非最困难的时候，也是父亲给了他最大的帮助。那时候的任正非因为公司问题负债累累、婚姻破裂，只好跟自己的亲人们蜗居在一起。任摩逊为了帮他渡过难关，只能去买菜市场里最后没人买的便宜菜，吃的鱼虾也都是死鱼死虾。

  而他这样子只是为了帮儿子攒点钱，让他能有翻身的机会。万般无奈下，任正非创立了华为公司，也正是这家公司，让任正非东山再起，名声大噪。而这背后离不开父亲的支持和家庭的帮扶。

  伤痕总会愈合，历史的伤痛也被治愈。任摩逊也终于再次被分配了工作，虽然他从校长变成了一名教师，可他仍旧兢兢业业，努力教学，无数孩子因为这样的好老师而改变命运。

  直到1984年，75岁的任摩逊才从岗位上退休。1995年，任摩逊与世长辞，享年85岁。

  任摩逊经常说一句话 “面子是给狗吃的！” 这句话深深地影响着任正非的处世准则，使得他一直专注于技术与实力，而不是面子上的虚荣。

  任摩逊的后半生都很清贫，但他最大的财富就是养育的七个团结的儿女和受他影响就此改写命运的学生。他们每一个都在努力的、或多或少地为社会做着贡献，尽着自己的绵薄之力。这也是他们对任摩逊先生最好的交代。

  @taomics20 #PepsiApplePieChallenge ♬ FEEL THE GROOVE – Queens Road, Fabian Graetz

• 张一鸣讲7年创业故事
  by William M
  June 4, 2022

  拥抱不确定性 大力出奇迹

  头条号现在已经有很大的影响力了，从图文视频问答，到直播支持扶贫，成为移动互联网上非常重要的内容生态。2014年，我们决定做头条号平台的时候，进展是非常缓慢的。产品非常简陋，邀请作者非常困难。当时头条号产品和运营在本职工作以外，每周都需要邀请作者入驻，在微博私信和微信公众号后台给创作者留言，从“智能推荐是什么”、“今日头条是什么”开始解释，经常找几百个人才有几个愿意入驻。内部也产生很多质疑，疑问我们能不能做起来。但我们还是觉得这对构建平台的内容生态非常重要，我印象中陈林特别坚持。在这种情况下，公司发动全体员工邀请创作者入驻，很多同事就从邀请自己身边的自媒体朋友开始，所有同事都兼任头条号作者的客服，答疑解惑，在内部沟通解决各类问题。

  回头看，开始的时候我们的很多方法并不好，但是很努力、很专注，大力出奇迹。

  短视频业务也经历过一些曲折。2015年年初冲绳年会的时候，我叫大家到一个居酒屋，第二次讨论做不做短视频。第一次是2014年，但当时整条知春路地铁上都是腾讯微视的广告，微博的秒拍也在全力推广，我们心里有犹豫。加上经历了很多风波，精力上顾不上来。到年底美拍、快手已经起来了，我们感觉已经错过了。

  16年底，我们又重新讨论，觉得还是不能放弃，这会是一件给世界带来很多改变的事情，我们还是要大力尝试，不仅要做，还要做两款，不仅在国内做，还要在海外做，不仅要在海外做，还要做好并购。

  后来我们真的收购了Flipagram，17年春节，我突然告诉团队我们要去洛杉矶做整合工作，团队个个面露难色，因为以前出国都很少，一致表示心虚。现在，公司已经有多个产品在许多国家取得进展了。

  照片里这个会议室，就是我们第一次去Flipagram的时候的办公室。去年，我还硬着头皮在LA做了一次CEO面对面。后来，看到有当地媒体说，我用halting English——“蹩脚”的英语——做了一次演讲。

  讲这两个故事，是想跟大家说，做很多事情，初始都是很困难的，要调动资源全力以赴尝试很多次，才可能取得进展。现在，我们也有一些产品还不够好，我们欢迎积极吐槽提建议，但不要那么容易放弃希望。我觉得动不动就说“凉凉”是很势利的。什么是势利，势利就是只对表面现状的附和，不能超越现在，去想象还未发生的事情。我们要吸收真正有价值的吐槽，在重要的事情，正确的方向上要有旺盛的热情、大胆的想象力、坚韧不拔的意志，踏实去尝试，大力出奇迹。

  有很多朋友问我，为什么要做社交，公司内部也有反馈，别跟某公司竞争，压力很大的。我给大家看这张图，是用户用微信发送消息时抖音链接被屏蔽的截图，去年我们仅在App内就收到20万的用户反馈，大家在问，为什么不能通过微信分享链接？是你们的软件出故障了吗？为什么不能给我妈妈发抖音视频，为什么不能给我同学发西瓜链接？我们可以放弃商业利益，避免竞争，不做某件事情，但是我们如何面对这20万用户的吐槽，这个问题要不要解决？

  昨天有同学问我，对多闪有没有预期？我说对多闪的预期就是没有预期。如果保障这些用户分享通讯的权利，是重要的需要解决的问题，我们的预期就是不断想，不断试，想办法突破。

  链接

  @taomics20

  抖音老闆張一鳴的攻略 抖音老板张一鸣的攻略

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• 霍華德·馬克斯
  by William M
  May 27, 2022

  

  橡樹資本董事長

  自 1995 年 Oaktree 成立以來，Marks 先生一直負責確保公司堅持其核心投資理念；與客戶就產品和策略進行密切溝通；並將他的經驗貢獻給與投資和公司方向有關的大局決策。從 1985 年到 1995 年，Marks 先生領導 TCW Group, Inc. 的團隊，負責對不良債務、高收益債券和可轉換證券的投資。他還是 TCW 國內固定收益部門的首席投資官。此前，Marks 先生在 Citicorp Investment Management 工作了 16 年，從 1978 年到 1985 年，他擔任副總裁兼高級投資組合經理，負責可轉換和高收益證券。 1969 年至 1978 年間，他擔任股票研究分析師，隨後擔任花旗銀行研究總監。 Marks 先生擁有理學學士學位。他以優異的成績獲得賓夕法尼亞大學沃頓商學院的金融專業學位和芝加哥大學布斯商學院的會計和市場營銷工商管理碩士學位，並在那裡獲得了喬治海布朗獎。他是 CFA® 特許持有人。 Marks 先生是大都會藝術博物館的名譽受託人和投資委員會成員。他是皇家繪畫學院投資委員會的成員，也是國王商學院（均在倫敦）的實踐教授。他是上海國際金融顧問委員會和崑山杜克大學顧問委員會的成員。他是賓夕法尼亞大學的名譽受託人，從 2000 年到 2010 年，他擔任投資委員會主席。

  霍華德·馬克斯寫的書

  

• 抖音好視頻 什麼是格局 抖音好视频 什么是格局
  by William M
  April 26, 2022

  @z.w.qiang

  什么是格局

  ♬ original sound – 周文强老师-财商

  抖音 邀請一位朋友，兩人均可獲得 25 美元的禮物

  TikTok invite a friend, both get a $25 gift https://vm.tiktok.com/ZMLGRsrov

  

  @zzjd16 #让你格局越来越大的五点建议#格局小的人应该看到最后 ♬ original sound – Lim 1616 Lim

  @160boy #勵志 #語錄 #激勵 #正能量 #情感 #文案 #演講 #學習 #小隻男 #小紅書搬運 ♬ 原聲 – 子翔(小隻男)

  @jacky.wang12008 什麼是格局 #正能量 #語錄 #人生 #創業 ♬ 原聲 – 魔法創業王

  @cheryl18708 什么是格局 励志＃创业＃正能量＃tiktok#格局＃上推＃思维 ♬ 原聲 – Cheryl Low

  @nidefubaba 最高级的风水是什么？#格局 #人品#做人的道理 #风水 ♬ 原声 – 你的富爸爸

  @taomics20

• 婚姻是金融，合作共贏
  by William M
  April 13, 2022

  婚姻是金融，合作共贏。婚姻是金融，合作共赢 https://t.co/ad9u4AVc6b via @YouTube

  — 元金融 (@signalcross) April 14, 2022

  婚姻是必需的嗎？婚姻是必需的吗？ https://t.co/IUd6utqV0M via @YouTube pic.twitter.com/91HdsjF5SD

  — Liam (@signalcross) April 13, 2022

• 正負能量
  by William M
  April 13, 2022

  正負能量是媒體的特徵，看你怎麼用。 正负能量是媒体的特征，看你怎么用 https://t.co/eL9CB6znkz via @YouTube pic.twitter.com/yC151r1Maj

  — Liam (@signalcross) April 13, 2022

  貝萊德和富達投資加密公司 Circle 的 4 億美元融資

  Blackrock, Fidelity to Invest in Crypto Firm Circle’s $400 Million Funding Round

  https://news.bitcoin.com/blackrock-fidelity-to-invest-in-crypto-firm-circles-400-million-funding-round/
• 自闭症谱系障碍 图解
  by William M
  April 9, 2022

  为自闭症儿童的父母平反：教养方式不会直接导致自闭症

  https://www.thepaper.cn/newsDetail_forward_1317004

  图解ADHD·阿斯伯格·自闭症教养

  https://book.douban.com/subject/35638981/

  自闭症患者家长资源工具

  https://children.gov.on.ca/htdocs/English/documents/specialneeds/autism/aprk/Autism_Parenting_Kit_Chinese.pdf

  谱系障碍. (ASD)?. 自闭症患者通常出现：. 社交与情感障碍。 无法正常交谈或无法发起或回应社会互动。 无法使用或理解手势，有时没有面部表情，. 如不会眼神交流。

  https://d1g9qk9nij1q1u.cloudfront.net/s3fs-public/GME007_Autism_Chinese_Printable.pdf

  自闭症谱系障碍
  事实、干预, 和资源

  帕特里夏·芬德利，
  苏珊·默克尔 及 珊塔·莫士德

  https://socialwork.rutgers.edu/sites/default/files/brochure_9_chinese.pdf

  《社交技能培训手册：70节沟通和情绪管理训练课》：破解孤独症儿童的社交困境

  

  http://www.cbbr.com.cn/contents/533/78939.html

• 巴菲特的持股
  by William M
  April 7, 2022

  沃倫巴菲特的伯克希爾哈撒韋公司已經開始持有科技硬件股票惠普公司的主要股份，成為這家個人電腦和打印機製造商的最大股東。 證券備案文件顯示，伯克希爾哈撒韋購買了近 1.21 億股惠普股票。 根據該股週三的收盤價，該股份價值約 42 億美元，約佔股份的 11%。 消息傳出後，惠普股價週四在盤前交易中上漲了 15% 以上。

  Warren Buffett’s Berkshire Hathaway reveals major stake in HP Inc., tech stock soars 15% (cnbc.com)

  

  Stock	Company Name	% of Portfolio
  AAPL	Apple Inc	47.60%
  BAC	Bank Amer Corp	13.58%
  AXP	American Express Co	7.50%
  KO	Coca Cola Co	7.16%

  Berkshire Hathaway Portfolio | Largest Holdings & Trades (hedgefollow.com)

• 卢布V型反转 高盛警告：美元可能失去主导地位，变成像英镑一样的“小众货币”
  by William M
  April 5, 2022

  全球货币支付占比：欧元涨至37.79%，美元降到38.85%，人民币呢 ? 目前排在世界前5名的货币分别是美元、欧元、日元、英镑、人民币。

  在高盛本周四发布的报告中，分析师指出，美国及其盟国冻结俄罗斯央行外汇储备的行为引发了人们的担忧，由于担心货币赋予美国的权力， 各国可能会开始放弃使用美元。

  包括高盛经济学家Cristina Tessari在内的分析师们表示， 美元正面临着与英镑贬值前类似的一系列挑战。这些挑战包括：美国在全球贸易中的份额相对美元在全球支付中的主导地位较小，美国“净外国资产状况”正在不断恶化，外债不断增加，以及像俄乌冲突这样的地缘政治问题。

  分析师指出， 美国的巨额债务，源于它是一个大型商品进口国，这可能是一个特别的问题：

  “如果允许储备货币发行人的债务相对于 GDP 增长，最终外国人可能会变得不愿意持有更多。”

  “如果允许储备货币发行人的债务相对于 GDP 增长，最终外国人可能会变得不愿意持有更多。”

  高盛提到在美元之前的世界储备货币——英镑，正是因英国在二战中积累了大量债务之后，国际投资者们才越来越不愿意持有。到了20世纪中叶，英镑的地位被美元所取代。

• News for New International Money
  by William M
  March 14, 2022

  The U.S. has unleashed weapons of financial destruction, and economists are watching for long-term fallout

  https://www.cbc.ca/news/world/us-reserve-currency-1.6382567

  他們問：金融武器化是否會通過削弱美元作為世界貨幣的作用再次困擾美國？

  一組經濟學家被要求考慮一個關於對俄羅斯的製裁及其對美國產生深遠長期影響的可能性的問題。

  爭論的焦點是無處不在的美國力量源泉，幾代人都認為它是不可動搖的：萬能的美元及其作為全球儲備貨幣的作用。

  想像一下每年都能出現巨額赤字；在您的軍事和政府計劃上花費更多；享受更便宜的債務利率；並且永遠不用擔心你的貨幣崩潰，因為它無處不在。

  現在想像一下，還可以通過切斷對這種貨幣的訪問來懲罰你的敵人，使通過美國銀行轉移任何資金都是非法的。

  借用一位前法國領導人的一句話，美國不必想像這種過高的特權：自第二次世界大戰以來，美元成為主要的國際貨幣，這就是現實。

  在世界各地，從跨境銷售到其他國家用來穩定經濟的中央銀行資產，它都受到人們、公司和政府的歡迎。

  “這是一筆相當大的交易，”西方大學名譽教授、芝加哥大學貨幣經濟學家大衛萊德勒說。

  來自耶魯大學、麻省理工學院、哈佛大學、普林斯頓大學、伯克利分校和斯坦福大學的經濟學家特別被問及這種美元金融的武器化是否會導致國家從美元作為主要的國際貨幣轉移。

  大多數人承認不知道事情的發展方向：42% 的人說他們不知道，16% 的人預測會發生轉變，28% 的人預測不會發生轉變。 14% 的人沒有意見或沒有回答。

  那些預測沒有變化的人認為，美元沒有合乎邏輯的繼任者。 其他人反駁說，美元的優勢地位將逐漸被加密貨幣和其他貨幣侵蝕。

  這場辯論正在學術界之外展開。

  一些銀行家稱對俄羅斯的懲罰是金融史上的一個轉折點，他們預測美國的競爭對手有新的動機開始使用其他貨幣，特別是在去年美國在塔利班接管後沒收了阿富汗的資產之後。

  美元的作用：它是如何開始的

  美國貨幣霸權的曙光恰逢上一次世界大戰，而太陽不僅在大英帝國上空，而且在英鎊的主導地位上。

  1944 年，美國總統富蘭克林·羅斯福發表聲明歡迎來自世界各地的客人來到新罕布什爾州布雷頓森林，他後來描述了那次會議的目標：避免重演 1930 年代導致最血腥衝突的國際經濟戰 在人類歷史上。

  這一努力的核心是創建上述兩個機構，一個是穩定貨幣的新國際貨幣基金組織，一個是領導發展和重建的世界銀行。

  它們將位於美國首都，國際貨幣基金組織將以美元為基礎匯率，美元本身與黃金價格掛鉤（直到 1971 年）。

  英國痛恨自己地位的喪失，並希望繼續保持金融世界的中心地位——但其巨額戰爭債務和破壞使美國成為資本主義世界無可爭議的超級大國。

  迄今為止，近 90% 的國際貨幣兌換涉及美元，用於跨境商品購買的一半，佔中央銀行現金和債券儲備的約 60%。

  這種中心地位使美國的製裁成為一個特別強大的工具。

  還記得孟晚舟嗎？ 毫無疑問，加拿大人確實記得那位華為高管被捕後所產生的非凡的經濟和人類連鎖反應。

  不太為人所知的是孟被捕的原因：這名中國公民被指控違反了美國對伊朗的製裁。

• Soul of Finance and Investment
  by William M
  March 10, 2022

  投資銀行是怎麼打敗散戶的?

  投行是怎麼獲得短期回報的?

  股票的風險短期在於資訊的不平衡,長期在於個人性格。

  金融的本質是使用槓桿擴大資本的增殖幅度。

  “How To Make Millions In A Market Crash” — Howard Marks

  “How To Make Millions In A Market Crash” — Peter Lynch

  Warren Buffett’s Most Iconic Interview Ever

  Charlie Munger: 13 Secrets To Getting Rich

  Warren Buffett: 10 Mistakes Every Investor Makes

  What should you do after a stock market crash?

  • Nothing. For long-term investors, the best thing to do when the stock market crashes is nothing. …
  • Resist any urge to sell stocks. …
  • Buy stocks (if you were going to anyway) …
  • Rebalance your portfolio after things have calmed down. …

  投資銀行是怎麼打敗散戶的?

  投行是怎麼獲得短期回報的?

  股票的風險短期在於資訊的不平衡,長期在於個人性格。

  金融的本質是使用槓桿擴大資本的增殖幅度。

• 查理-芒格
  by William M
  March 10, 2022

  

  對於不同的公司，你需要一個不同的檢查表和不同的心理模型。

  

  查理-芒格

  一個被允許以X的價格借錢並以X加Y的價格貸款的銀行家，會瘋狂地做太多的事情，如果文明沒有規則的阻止。

  查理-芒格

  如果你是1939年維也納的一個猶太家庭，黃金是縫在衣服裡的好東西，但我認為文明人不買黃金，他們投資於生產性企業。

  查理-芒格

  經濟學家, 他們一直對各種公式充滿信心，但經濟學不是物理學。同樣的公式在一個十年內有效，但在下一個十年就不適用了。經濟學是一個困難的學科。

  查理-芒格

  Robinhood 交易不是免費的。 當您為訂單流付費時，您可能會向客戶收取更多費用並假裝免費。 這是一種非常不光彩、低級的談話方式。 而且沒有人應該相信 Robinhood 的交易是免費的。

  比特幣是毫無價值的人造黃金。

• JJN Rockets 60% today 07 Mar 2022
  by William M
  March 7, 2022

  JJN 火箭今天 60% 2022 年 3 月 7 日

  “镍疯”狂飙涨至60%！

  03月08日 01:59LME期铜收跌392美元，报10282美元/吨。LME期铝收跌109美元，报3740美元/吨。LME期锌收涨62美元，报4112美元/吨。LME期铅收跌10美元，报2448美元/吨。LME期镍收涨19159美元，涨幅超过66.25%，报48078美元/吨，延续上周累涨逾18.70%的表现。LME期锡收跌805美元，报46735美元/吨。LME期钴收涨3495美元，报79295美元/吨。

  https://finance.sina.com.cn/7×24/2022-03-08/doc-imcwipih7188601.shtml

  

  JJN Rockets 60% today 07 Mar 2022

  

• 元宇宙意味著什麼?
  by William M
  March 7, 2022

  

  虛擬顯示器 的流行。

  就像iPhone的觸摸屏實現了虛擬鍵盤一樣, 使得黑莓手機退出市場。

  VR和AR會把人從手機小屏幕的苦惱中徹底解放出來, 實現3D世界的立體現實感。

  數字貨幣和NFT的流行。 就像微信支付取代現金一樣,手機取代了錢包。數字貨幣,包括加密幣, 成為元宇宙中流通支付。

  數字資產所有權成為可能。

  #虛擬顯示器 的流行。就像iPhone的觸摸屏實現了虛擬鍵盤一樣, 使得黑莓手機退出市場。 VR和AR會把人從手機小屏幕的苦惱中徹底解放出來, 實現3D世界的立體現實感。 數字貨幣和NFT的流行。 就像微信支付取代現金一樣,手機取代了錢包。#數字貨幣 ,包括加密幣, 成為元宇宙中流通支付。 #數字資產所有權 成為可能。

• Principles for Dealing with THE CHANGING WORLD ORDER
  by William M
  March 3, 2022

  Principles for Dealing with the Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those we’ve experienced in our lifetimes—but similar to those that have happened many times before.

  《應對不斷變化的世界秩序的原則》考察了歷史上最動蕩的經濟和政治時期，以揭示為什麼未來的時代可能與我們有生之年經歷的完全不同——但與以前發生過很多次的相似。

• Warren Buffett: Why Berkshire Hathaway Doesn’t Invest in Real Estate
  by William M
  March 3, 2022

  Real estate is more accurately priced than other assets

  Interestingly, Munger made a lot of his early money in real estate. Despite this, neither he nor Buffett have had a lot of interest in putting Berkshire’s money into property. Buffett explained this decision by saying that most developed real estate is accurately priced most of the time, which makes it difficult for a value investor like him to find underpriced bargainss. Of course, as we all know, after 2002, the U.S. housing market became historically overpriced, leading to the 2008 financial crash, which definitely validates his logic to a certain degree.

  Buffett said that the reason for the dearth of underpriced real estate can be attributed to the high competitiveness of that industry. Although real estate is not a commodity, the methods available for valuing commercial real estate in big cities are shared across all the major real estate investment trusts, so it’s difficult to find good value property.

  He added that real bargains only start to emerge in the property market when there is some chaotic breakdown in real estate financing. Big mispricings start to crop up when there is a lack of investors willing to commit capital to real estate, and these kinds of situations are relatively rare. Moreover, as Munger added, Berkshire doesn’t have any significant advantage in this sector:

  “We don’t have any competitive advantage over experienced real estate investors in the field, and we wouldn’t have if we were operating with our own money as a partnership. And if you operate as a corporation such as ours, which is taxable under chapter C of the Internal Revenue Code, you’ve got a whole layer of corporate taxes between the real estate income and the use of the income by the people who own the real estate. So, by its nature, real estate tends to be a lousy investment for us”.

  In other words, there are two reasons why Berkshire stays away from this sector. First, they have no real informational edge in what is already a crowded market. Second, it is inefficient from a tax perspective for them to invest in real estate. By contrast, REITs are exempt from a lot of taxes as long as they distribute 90% of the earnings to shareholders. So the combination of these two significant factors makes it easy to see why Buffett and Munger prefer to stick to their own circle of competence.

• How HIVE Stacks Up vs The Competition
  by William M
  February 22, 2022

  By: Adam Sharp
  Editor, The HIVE Newsletter
  Nasdaq: HIVE | TSX: HIVE

  When HIVE went public in September of 2017 on the Toronto Venture Exchange, it was an outlier. A publicly traded crypto miner?!

  To me, the concept of a crypto mining stock seemed unlikely, mostly for regulatory reasons.

  We have to remember that Bitcoin and Ethereum were still dirty words on Wall Street in 2017. Regulatorily, it was a giant gray area. And there were no big publicly-traded miners. I recall being impressed that HIVE pulled it off.

  Nobody was sure how accounting should be handled. And analysts had no idea how to value such a stock (many still don’t even try).

  So HIVE led the way, and today the company is a leading miner of Ethereum and Bitcoin.

  In this article we’re going to take a look at how HIVE stacks up against our competition, both in terms of valuation, and strategy.

  The Landscape Today

  Since 2017 the industry has grown and evolved quickly. There are now dozens of public crypto miners. They trade on the NYSE, Nasdaq, and many other global markets. The market cap in the US of the top 10 companies now exceeds $10 billion. 

  And in the US, the SEC recently approved the first crypto miner ETF. It’s called the Valkyrie Bitcoin Miner ETF, and the ticker is WGMI (which in crypto slang is short for “we’re all gonna make it”). 

  HIVE makes up approximately 9% of the new miner ETF, according to a fact sheet dated January 2022. What we find interesting is that the fund seems to place high importance on environmental sustainability. On the ETF’s official page, Valkyrie proudly displays that the fund’s portfolio utilizes 77% renewable energy. 

  

  Why is the first US Bitcoin miner ETF focused on sustainability? My guess is because it is an increasingly important consideration for institutional investors. We’ll dig into power a bit more below, and in the next newsletter, but for now let’s get back to the topic at hand – how HIVE stacks up against the competition in terms of valuation.

  HIVE’s Compelling Valuation

  In the traditional investment analysis world, there are established models that are used to value certain sectors. There’s nothing like that for crypto companies, at least not yet. Everyone, from individual investors to professionals, is figuring it out along the way.

  Even institutional analysts don’t really know how to value us. However, there are a small but growing number of firms covering crypto stocks.

  One example is H.C. Wainwright’s Kevin Dede, Managing Director and Senior Technology Analyst, who is doing notable research in the mining space. Kevin covers HIVE and a number of our competitors. On January 22, 2022 he reaffirmed his firm’s buy rating on HIVE and maintained his $5 price target. Kevin is a seasoned analyst and has a 4-star rating on TipRanks, with an average 10.7% annual return.

  But what’s really interesting is that some of the best work on miners is being done by individual investors.

  Here are two of our favorite independent mining sleuths.

  Blonity’s Research

  Independent analyst Blonity does some of the most in-depth research in the mining industry. His Youtube channel is one of the most valuable resources in the crypto mining space.

  In a February 4th video, Blonity posted the following charts of his own valuation methodology. The chart on the left shows hashrate growth during the month of January 2022. And the right-hand chart shows Bitcoin mined per installed Exahash of hashrate.

  

  According to this research, HIVE stacks up well against the competition in terms of productivity and hashrate growth. We rank #1 for productivity as measured by Bitcoin mined per installed Exahash per day.

  You can find more of Blonity’s work on Twitter, Patreon, and Youtube.

  Anthony Power’s research

  Anthony Power is an independent crypto mining analyst from the UK. Anthony is a retired accountant who spent 24 years in the army, followed by some time in the private sector.

  He recently posted his miner analysis on Twitter, and HIVE received the top ranking among eight leading miners.

  

  One of the more important stats in this chart is Bitcoin mined per 1 EH (exahash). This metric measures operational efficiency, and HIVE received top ranking.

  I asked HIVE President Aydin Kilic what explains our advantage here, and he replied, “This is attributable to our high uptime, and dedicated team of technicians, network and systems operators and analysts. They work around the clock ensuring optimal hashrate.”

  In a recent YouTube interview with Blonity, Anthony was asked which miner produces the lowest cost Bitcoin between HIVE, HUT 8, and Bitfarms. He responded that HIVE produces the cheapest Bitcoin as of the last quarterly report.

  If you’re interested in mining economics, I do recommend checking out the interview. Blonity and Anthony go deep into the topic, discussing underappreciated metrics such as total cost per coin produced, depreciation, and much more. They’re two of the most knowledgeable crypto analysts around.

  Back to Basics

  During volatile times, some investors look to the basics of a business. Profitability, cash flow, and growth.

  Return on equity (ROE) is a classic metric where HIVE compares well with the competition. According to Investopedia, ROE is “considered a gauge of a corporation’s profitability and how efficient it is in generating profits.“

  Return on Equity (trailing twelve months, as of 2/17/2022)

  • HIVE: 62%
  • RIOT: 3.2%
  • MARA: -15%
  • HUT: 19%

  Another classic way to analyze a stock is using its price/earnings (P/E) ratio. This is a simple metric that looks at how expensive, or cheap a company is.

  HIVE’s P/E stacks up well here against our competitors.

  Price/Earnings ratio (as of 2/17/22, based on Yahoo finance data)

  • HIVE: 5.4x
  • HUT 8: 15.9x
  • RIOT: 94x
  • MARA: N/A

  Another classic valuation factor is price/sales. The lower the ratio, the higher the revenue in comparison to market cap.

  Price/Sales Ratio (as of 2/17/22, based on Yahoo finance data)

  • HIVE: 4.16x
  • MARA: 38.79x
  • HUT 8: 8.7x
  • RIOT: 11.57x

  
  397% YoY Growth

  HIVE just reported a record $68 million in revenue for the quarter ended December 31st 2021. That’s up 397% from the previous year.

  Net income for the quarter was $64.2 million due to higher crypto prices, increased capacity, and gains on sales of digital currencies.

  Our combined liquid ETH and BTC holdings reached $168 million, up 11x from the same quarter last year.

  In our view, HIVE is attractively valued today. We are focused on creating long-term value with strategic investments in data centers, mining equipment, and building out our team with world-class talent.

  For much more information on HIVE’s recent performance, check out our latest webcast. In it, we cover results for the quarter ended 12/31/2021, and provide corporate updates on construction, deliveries, capacity, and much more.

  Here are a few highlights.

  

  

  
  Not Settling on Power

  Besides financial fundamentals, one of the things that we feel sets HIVE apart is how we have managed to achieve both a low environmental footprint, and a very low cost of power.

  There seems to be a false perception out there that miners have to choose between cheap power, and clean power. HIVE found both. We acquired and built facilities that have access to cheap renewable hydroelectric and geothermal power.

  As a result, the rate we pay for electricity is among the lowest in the world. And our footprint is pretty darn green. Institutional investors are increasingly concerned about the environmental impact of their portfolios, and we don’t think this trend is going away anytime soon. HIVE is well-positioned in this regard. We think it’s the responsible thing to do from both a moral standpoint, and an economic one.

  Take a look at the Grand Falls generating station, which is near our Bitcoin mining campus in New Brunswick, Canada.

  

  There’s an incredible amount of clean, cheap hydro out there. So why wouldn’t we base our operations nearby? This is just one of the key ways HIVE’s strategy differs from other miners. But we think it’s an important one.

  In the next newsletter, we’re going to do a deep dive on “The Great Crypto Energy Debate”. The issue is far more complex than it seems at first glance, and we hope to shed some light on common misconceptions. Look for that in about a week.

  More reading:

  • HIVE Quarterly Results Webcast 2/15/22
  • HIVE Investor Update | January 2022
  • Updated 2021 Production Results
  • Our Data Center Strategy
  • Why HIVE is Going Big on BTC
  • Profiting from ETH2 Delays
  • Blonity Interviews Frank Holmes and Aydin Kilic

  Cheers,

  Adam Sharp
  Editor, The HIVE Newsletter
  View this post on our blog

• Lady Sax
  by William M
  February 19, 2022

  Tones and I – Dance monkey Lady Sax (Marcela Onofrei SAX cover)

  The Game of Thrones (Ladynsax remix)

  Modern Talking-You’re My Heart, You’re My Soul (cover Ladynsax)

• Cafe De Anatolia
  by William M
  February 17, 2022

  Ghenwa Nemnom live at Baalbeck, Lebanon for Cafe De Anatolia [2 HOURS]

  Andre X Jad live at Jabal Al Arbaeen, Lebanon for Cafe De Anatolia

  Cafe De Anatolia – Oriental Touch [ vol. 2 ]

• Banjo Players
  by William M
  February 16, 2022

  Dueling Banjos (Bluegrass style)

  young amazing banjo player. best (foggy mountain breakdown)

• Guitar Cello Players
  by William M
  February 16, 2022

  Nothing Else Matters by Metallica – Danish Guitar Performance – Soren Madsen

  Spanish Romance classical guitar (Romanza) performed by Marija Agic

  Ennio Morricone – For A Few Dollars More | Luca Stricagnoli | Fingerstyle Guitar Cover

  Estas Tonne – The Song of the Golden Dragon

  I Play 14 String Guitar

  EMINEM ON GUITAR (Lose Yourself) – Luca Stricagnoli – Fingerstyle Guitar Cover

  Jesse Cook | Azul (Rumba Flamenco Guitar Music)

  guitar man on the ship, Leyenda Asturias on the Ship

  Nothing Else Matters (Metallica) : MOZART HEROES (Official Video)

  Boyce Avenue Acoustic Cover Rewind 2021 (Bad Habits, Zombie, Stand By Me, Save Your Tears, Slide)

• 驢的故事 啟發: 改變命運就是一念之差
  by William M
  February 13, 2022

  

  一頭驢掉進了乾井裡。驢主想救驢，幾個小時後，驢還在痛苦地嚎啕大哭。經過深思熟慮，驢主決定放棄老驢。驢子太老了，井不能用。人們開始將泥土鏟入井中。

  驢子意識到自己的處境後，非常不安。但沒想到，過了一會兒，驢子就安靜了。他開始抖掉身上的泥土，驢子一次又一次地把泥土抖到井底，然後又站了起來。結果，大家都知道驢子平安出來了。

  許多人在困難的情況下總是會失去理智。要么放逐自我，要么走不該走的路。被身體或靈魂上的艱辛壓垮。

  生活中申所遭遇的種種困難挫折，既能成為掩埋我們的：“泥沙”，又能成為我們的墊腳石。只要我們善於運用它，就能克服困難，邁向成功。

  https://youtu.be/dwpBzQvJTXw

  Donkey story

  A donkey fell into a dry well. The donkey owner tried to save the donkey, and a few hours later, the donkey was still crying in pain. After careful consideration, the donkey owner decided to give up the old donkey. It wasn’t worth the effort to get it out because it was so old, but the well was full. Not out of pain, people started shoveling dirt into wells.

  When the donkey realized his situation, he was very disturbed. But unexpectedly, after a while, the donkey was quiet. He began to shake the dirt off his body, and the donkey shook the dirt to the bottom of the well again and again, and then stood up again. As a result, everyone knew that the donkey came out safely.

  Many people always lose their minds in difficult situations. Either exile yourself or go the way you shouldn’t. Overwhelmed by physical or spiritual hardship.

  The various difficulties and setbacks encountered in life can not only become the “silt” to bury us, but also become our stepping stone. As long as we are good at using it, we can overcome difficulties and move towards success.

• 李光耀—一个时代的英雄
  by William M
  February 13, 2022

  李光耀（英语：Lee Kuan Yew；1923年9月16日－2015年3月23日）是新加坡华裔政治家，曾担任首任新加坡总理和首任人民行动党秘书长，也是新加坡建国之父之首。

  

  

  李光耀说：

  日治时期的三年零六个月，是我一生中最重要的阶段，它让我有机会把人的行为、人类社会以及人的动机和冲动看得一清二楚。没有这段经历，我就不可能了解政府的作用，也无法了解权力是进行彻底改革的工具。——《李光耀回忆录》

  谈宗教，李光耀说：“我不会说我是无神论者，我不否认也不认为有上帝存在，所以我不会嘲笑崇拜上帝的人，但我不需要相信上帝，也不需要否认可能有位上帝。”

  李光耀说：“镇压，是一种日益成长的习惯。我听说干这事就像做爱，第二次肯定容易些！第一次有些良心上的创痛呀，负罪感什么的。但是一旦搞上了，重复搞几次，你就会越来越厚颜无耻，放手大搞了。你要作的全部工作，就是解散各类组织协会，驱逐拘押这些协会中的骨干人士。于是，社会表面上就奇迹般地平静了。然后，被胁迫的报章，政府掌控的电台开始天天给你唱颂歌，慢慢地人民就将你干的这些邪恶的勾当忘光了，如果居然还有人提起这些事，你尽管歪曲事实地辩解吧，没有不良后果，因为，根本就没有反对党出来跟你辩白。”

  毋庸置疑的是，管理新加坡的人必须有钢铁般的意志，不然就干脆不要做领导人。这不是纸牌游戏，这是关乎我们所有人的生活。我花了一辈子的时间建立这一切，只要我还掌管这个国家，没有人可以摧毁这一切。——1980年

  https://youtu.be/arMyJ3n5To8

• 孫中山—民族英雄 | 孙中山—民族英雄
  by William M
  February 12, 2022

  
  孫中山1866年11月12日生於廣東省廣州府香山縣（今中山市）翠亨村。孫中山原在香港學醫，並成為西醫醫師。鴉片戰爭後，孫中山目睹中華民族有被西方列強瓜分的危險，決定拋棄“醫人生涯”，進行“醫國事業”。孫中山早期受鄭觀應的改良思想影響，後看清了清政府的腐敗，決心推翻清王朝，建立民主共和國。

  孫中山（1866年11月12日-1925年3月12日），名文，字載之，號日新，又號逸仙，又名帝象，化名中山樵，偉大的民族英雄、偉大的愛國主義者、中國民主革命的偉大先驅，中華民國和中國國民黨的締造者，三民主義的倡導者，創立了《五權憲法》。他首舉徹底反帝反封建的旗幟，“起共和而終兩千年封建帝制”。

  辛亥革命後被推舉為中華民國臨時大總統（任期1912年1月1日——1912年4月1日）。 1925年3月12日，孫中山因癌症在北京逝世。 1929年6月1日，根據其生前遺願，葬於南京紫金山中山陵。 1940年，國民政府通令全國，尊稱其為“中華民國國父”。

  

  孙中山1866年11月12日生于广东省广州府香山县（今中山市）翠亨村。孙中山原在香港学医，并成为西医医师。鸦片战争后，孙中山目睹中华民族有被西方列强瓜分的危险，决定抛弃“医人生涯”，进行“医国事业”。孙中山早期受郑观应的改良思想影响，后看清了清政府的腐败，决心推翻清王朝，建立民主共和国。

  孙中山（1866年11月12日-1925年3月12日），名文，字载之，号日新，又号逸仙，又名帝象，化名中山樵，伟大的民族英雄、伟大的爱国主义者、中国民主革命的伟大先驱，中华民国和中国国民党的缔造者，三民主义的倡导者，创立了《五权宪法》。他首举彻底反帝反封建的旗帜，“起共和而终两千年封建帝制”。

  辛亥革命后被推举为中华民国临时大总统（任期1912年1月1日——1912年4月1日）。1925年3月12日，孙中山因癌症在北京逝世。1929年6月1日，根据其生前遗愿，葬于南京紫金山中山陵。1940年，国民政府通令全国，尊称其为“中华民国国父”。

• 特斯拉—交流電英雄
  by William M
  February 12, 2022

  

  離開愛迪生的公司後，特斯拉於 1886 年創立了自己的公司 Tesla Electric Light & Manufacturing。但沒過多久，投資者就反對特斯拉的交流發電機計劃並解雇了他。從 1886 年到 1887 年，特斯拉在紐約打零工以維持生計。幸運的是，他後來找到了兩個贊助商，Alfred S. Brown 和 Charles Peck，讓他重返工程界。 1887年，他組裝了第一台無刷交流感應電動機，並於1888年為美國電氣和電子工程師協會演示。同年，他開發了特斯拉線圈，並開始為喬治·威斯汀豪斯工作。 1888年7月，西屋公司將特斯拉的多相交流感應電機和變壓器專利授權給了特斯拉，並聘請特斯拉作為顧問在西屋公司的匹茲堡實驗室工作了一年。西屋公司還購買了 Lucien Gaulard 和 John Dixon Gibbs 的交流變壓器專利。與此同時，特斯拉獲得了感應電機的美國專利，（雖然它是由意大利物理學家和電氣工程師伽利略·費拉里斯發明的，但費拉里斯認為他的旋轉磁場理論和他開發的新產品在科學上的有效價值遠非超過了物質價值，所以他特意沒有為自己的發明申請專利，而是在實驗室向公眾展示了這些最新成果。）解決了機器不能使用交流電的問題。這時，愛迪生驚慌失措。為了對抗對手發明的交流電系統，愛迪生用交流電電死了狗，讓公眾對交流電產生了危險的印象。最後，愛迪生甚至參與了使用交流電的電椅的研發。一時間，公眾對西屋公司推廣的交流電產生了不好的印象。愛迪生真是個狠角色！

  雖然愛迪生極力壓制，但事實證明，交流電才是適合社會的供電系統。由於長距離傳輸直流電會不斷流失，因此必須每隔一段距離增加一個電站。它可以通過變壓器升壓到非常高的電壓，用細線發送，然後降低到目的地的電力用戶。 1889年，匈牙利工程師奧托·布拉西發明了交流電的電錶，解決了用電量的確定問題。 1889年愛迪生離開公司後，愛迪生的公司也開始發展交流電。 1893年的世界博覽會（即芝加哥哥倫布紀念博覽會），世界上第一個為電子展品開闢了展區的博覽會。特斯拉和喬治。西屋公司用交流電照亮展會，並用它向參觀者介紹交流電。電力之戰最終以交流電的勝利告終。

  https://pb.ps-taiwan.org/catalog/ins.php?index_m1_id=2&index_id=91

  Nikola Tesla Quotes

  “The mind is sharper and keener in seclusion and uninterrupted solitude. No big laboratory is needed in which to think. Originality thrives in seclusion free of outside influences beating upon us to cripple the creative mind. Be alone, that is the secret of invention; be alone, that is when ideas are born.”

  “孤獨使頭腦更加敏銳。 思考不需要大實驗室。 獨創性在沒有外界影響削弱我們的創造力的情況下茁壯成長。 獨處，那是發明的秘訣； 獨處，是想法誕生的時候。”

  “Everyone should consider his body as a priceless gift from one whom he loves above all, a marvelous work of art, of indescribable beauty, and mystery beyond human conception, and so delicate that a word, a breath, a look, nay, a thought may injure it.”

  “Of all the frictional resistances, the one that most retards human movement is ignorance, what Buddha called ‘the greatest evil in the world.’ The friction which results from ignorance can be reduced only by the spread of knowledge and the unification of the heterogeneous elements of humanity. No effort could be better spent.” 

  “…instinct is something which transcends knowledge. We have, undoubtedly, certain finer fibers that enable us to perceive truths when logical deduction, or any other willful effort of the brain, is futile.”

  “The gift of mental power comes from God, Divine Being, and if we concentrate our minds on that truth, we become in tune with this great power.”

  “Our virtues and our failings are inseparable, like force and matter. When they separate, man is no more.”

  “Our senses enable us to perceive only a minute portion of the outside world. Our hearing extends to a small distance. Our sight is impeded by intervening bodies and shadows. To know each other we must reach beyond the sphere of our sense perceptions.”

  “What we now want most is closer contact and better understanding between individuals and communities all over the earth and the elimination of that fanatic devotion to exalted ideals of national egoism and pride, which is always prone to plunge the world into primeval barbarism and strife.”

  “…a new world must be born, a world that would justify the sacrifices offered by humanity. This new world must be a world in which there shall be no exploitation of the weak by the strong, of the good by the evil; where there will be no humiliation of the poor by the violence of the rich; where the products of intellect, science and art will serve society for the betterment and beautification of life, and not the individuals for achieving wealth. This new world shall not be a world of the downtrodden and humiliated, but of free men and free nations, equal in dignity and respect for man.”

  “Knowledge comes from the universe, our vision is its most perfect set. We have two eyes: the earthly and spiritual. It is recommended that it become one eye.”

  “Ere many generations pass, our machinery will be driven by a power obtainable at any point in the universe. This idea is not novel… We find it in the delightful myth of Antheus, who derives power from the earth; we find it among the subtle speculations of one of your splendid mathematicians… Throughout space there is energy. Is this energy static or kinetic.? If static our hopes are in vain; if kinetic — and this we know it is, for certain — then it is a mere question of time when men will succeed in attaching their machinery to the very wheelwork of nature.”

  “在許多世代過去之前，我們的機器將由宇宙中任何一點都可以獲得的力量驅動。 這個想法並不新奇……我們在令人愉快的 安修斯 神話中找到了它，他從大地中獲得力量； 我們在你們一位傑出的數學家的微妙推測中找到了它……在整個空間中都有能量。 這種能量是靜態的還是動態的。？ 如果一成不變，我們的希望就會落空； 如果是動力學的——我們肯定知道這一點——那麼人類何時能夠成功地將他們的機器連接到自然的車輪上只是時間問題。”

  “My belief is firm in a law of compensation. The true rewards are ever in proportion to the labour and sacrifices made.”

  “我堅信賠償法。 真正的回報永遠與付出的勞動和犧牲成正比。”

  “The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite insane.”

  “For ages this idea has been proclaimed in the consummately wise teachings of religion, probably not alone as a means of insuring peace and harmony among men, but as a deeply founded truth. The Buddhist expresses it in one way, the Christian in another, but both say the same: We are all one.”

  “Let the future tell the truth, and evaluate each one according to his work and accomplishments. The present is theirs; the future, for which I have really worked, is mine.”

• 邓世昌
  by William M
  February 12, 2022

  　　邓世昌，是清朝北洋海军中军中营副将、致远舰管带，是中国近代史上一位可歌可泣的民族英雄。他在抵御外来侵略、捍卫祖国万里海疆的历次战斗中，表现突出，令人敬佩，特别是在中日甲午黄海大战中，管带“致远”舰，英勇杀敌，壮烈殉国，他的民族气节和英雄事迹永垂青史。今天，我们纪念这位伟大的爱国者，对于弘扬爱国主义，振奋民族精神，都是大有裨益的。
  

  　　邓世昌

  爱国英雄邓世昌壮烈殉国的故事 – 英雄故事 – 个性儿童网 (9gexing.com)

  民族英雄邓世昌：不朽的海魂（上）

• 约翰·皮尔庞特·摩根(摩根)建立联邦储备系统
  by William M
  February 12, 2022

  约翰·皮尔庞特·摩根(摩根)
  建立联邦储备系统

  摩根在其职业生涯中曾两次救助美国政府；在 1907 年恐慌之后的几年里，美国公众崇敬摩根。然而，几十年来，对垄断行业领袖的蔑视一直在增长。在 1912 年大选之后，民主党人伍德罗·威尔逊（Woodrow Wilson）赢了。银行和货币特别小组委员会成立了“金钱信托”, 后来称为普约委员会, 向摩根询问他的垄断行为以及他1907 年在 保释政府中的作用。

  普约委员会在 1912-13 年的成果是在 1913 年 12 月 23 日创建了联邦储备系统，以应对金融恐慌。此后，《联邦储备法》一直是美国经济政策的重要组成部分，直到今天仍然是一个机构。这是摩根遗产中最重要的元素之一，尽管这是为了防止像他这样的其他人控制美国经济的结果，但他的救助拯救了经济并促使政府将事情掌握在自己手中。

  John Pierpont Morgan
  Creation of the Federal Reserve System

  JP Morgan bailed out the U.S. government on two occasions in his career; in few years following the 1907 panic, the American public revered Morgan However, the contempt of the monopolizing captains of industry had been growing for decades, and after the 1912 election, which was won by Democrat Woodrow Wilson, the Special subcmommitte of Banking and Currency to Invistigate ‘Money Trusts’ was created. Later called the Pujo Committee, they questioned Morgan about his monopolizing actions as well as his role in the bail out of the government in 1907.

  The outcome of the Pujo committee in 1912-13 was the creation of the Federal Reserve System in December 23rd 1913, to address the financial panics. The Federal Reserve Act has since been a key part of U.S. economic policy and is still an institution to this day. This, is one of the most important elements of Morgan’s legacy, although it was an act to prevent others such as himself from controlling the outcome of the U.S. economy, his bailouts saved the economy and spurred the government to take matters into their own hands.

  

  

  J.P. Morgan Documentary: How One Man Financed America