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This is Larry Fink
Larry is CEO of Blackrock, the largest asset manager in the world (>$10T AUM). Larry has many friends. He’s personally advised several US presidents.
Larry and his friends decided they want to sell Bitcoin ETFs to investors. After all, Blackrock is a major shareholder in 4 out of the 5 largest $BTC mining companies in the world.
Larry goes on CNBC/Bloomberg and talks about Bitcoin. He also talks to his friends in DC, and $BTC ETFs get green-lighted. The crypto community hails Larry as their champion.
Larry & friends get their ETFs, and they start selling like hotcakes - at a rate of $200M or 3k BTC net inflows per day.
Larry only charges 0.25%, because he’s a good guy. He also announces his own funds will start buying the ETFs too.
So Larry is essentially telling the world I’m buying $BTC at all time highs. Others say if he’s doing it, I gotta get in (like Morgan Stanley). Large retirement funds start buying in. Hong Kong and South Korea fast track approvals for $BTC ETFs too.
Remember that $200M net inflow number? Now it creeps up to $500M or 7.5k coins per day. $BTC climbs above $100k, and boomer whales start to cash out. Everyone’s happy.
Except now Larry and friends 1.9M bitcoin, or ~10% of the total supply after just 1 year. In 5 years, they own ~50%.
Boomer whales are now out of their mom’s basement, and the headband comes off.
US inflation continues to stay elevated, which helps with the debt problem. The orange coin skyrockets in price. Everyone’s in. It’s in Grandma Ruth’s Roth IRA. More governments explore Bitcoin as a reserve asset. Banks and treasury departments use $BTC as collateral settlement.
Larry increases the management fees to 1%+. Everyone now has to pay Wall Street if they want Bitcoin.
And Larry will deserve it … for bringing Bitcoin to the world.
There’s no doubt $BTC wants to puke.
Boomer whales know we are supposed to dip 10-20% from local high prior to halving to liquidate longs before leg up to 2x prior ATHs. History says ~$60k.
Problem is we now have Larry Fink and his friends buying up $BTC to sell ETFs.
And they’re selling like hotcakes. Banks are asking miners to buy OTC off the books knowing a supply crunch is coming.
Newer whale chads know this, and are bid walling hard (2-3 layers) before a 10-20% dip happens. Even better, they’re placing high leverage long bets below those walls, which you see them cash out on the next day slightly below $72k. They want to be the ones to sell to Larry and charge a premium to keep it quiet … so when they see a large net inflow day, they push the coin up even higher before the next market open so Larry can buy at a higher price. Then they dunk on Larry by offloading their coins at a higher price at end of business day (or on the weekend), but before the next inflow print.
All of a sudden, that puke to $60k that $BTC boomer whales know is supposed to happen is no longer a sure thing.
Future whales know to place bets on new/winning alts (like $SOL) that have been winning mindshare this cycle. They know these coins will 3-5x on next leg up. They also buy up winning memecoins on those alts (like $WIF) and look for $WIF like smaller caps to invest in too (like $SC and $HOBBE).
So what did I think? I'm holdin' out for somethin' better. I figure, fuck it, while I'm at it, why not just shoot my buddy, take his job and give it to his sworn enemy, hike up gas prices, bomb a village, club a baby seal, hit the hash pipe and join the National Guard? I could be elected president.
Interesting.
NOW: The US State Department just raised the Travel Advisory level to 4, “Do Not Travel”, in 23 countries:
- Afghanistan 🇦🇫
- Iran 🇮🇷
- Burma 🇲🇲
- DRC 🇨🇩
- Iraq 🇮🇶
- Mali 🇲🇱
- Russia 🇷🇺
- Sudan 🇸🇩
- Ukraine 🇺🇦
- Belarus 🇧🇾
- CAR 🇨🇫
- Haiti 🇭🇹
- Lebanon 🇱🇧
- Niger 🇳🇪
- Somalia
- Syria 🇸🇾
- Yemen 🇾🇪
- Burkina Faso 🇧🇫
- Chad 🇹🇩
- Libya 🇱🇾
- DPRK 🇰🇵
- South Sudan 🇸🇸
- Uganda 🇺🇬
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Goddamn…
On a June night in 2024, Nvidia CEO Jensen Huang held court with several of his company’s major Asian customers at a bar in Taipei. Next to him was Huang Xiaole (黄小乐) aka Alice Huang, an executive of Megaspeed, a shady Singapore-based data center company.
Nvidia’s compliance team has looked into Megaspeed and determined it’s “wholly owned and operated by a company based and headquartered outside China, with no China shareholder.”
Megaspeed was created in 2023 when 🇨🇳 7Road, a gaming company with ties to 🇨🇳 state-backed investors, split off its overseas operation in Singapore and renamed it Megaspeed, which in early 2024 set up Speedmatrix, a subsidiary in Malaysia that quickly snapped up ~$2B worth of Nvidia’s most advanced chips. Most of those chips came from Aivres, the US subsidiary of 🇨🇳 Inspur, a major tech company added to the 🇺🇸 Entity List in 2023 for supporting 🇨🇳 military 👉🏻 Nvidia is barred from selling its technology to Inspur without a special license. But since Aivres is based in California and records sales as a US company, it can buy Nvidia chips freely.
Megaspeed has funneled those chips to data centers in Malaysia and Indonesia that appear to remotely serve customers in China. That is not necessarily illegal, but it can be found unlawful if it is done on behalf of a 🇨🇳 company. US officials have also been scrutinizing whether Megaspeed diverted some of those chips on to China, in violation of US law.
Megaspeed is also facing scrutiny from Singaporean police.
Megaspeed listed Alice Huang as its managing director for its first 8 months, and its current director James Tan is from Singapore but is based in Shanghai.
It’s not clear when Jensen Huang and Alice Huang, who are not related, first met. She was mingling with a crowd of tech executives just after midnight at the Taipei bar in early June 2024 when she offered to ask Jensen Huang to join them.
“I bet you guys I can get Jensen here,” she said, and shortly afterwards Jensen Huang arrived in his trademark black leather jacket and drank a whiskey shot with the group.
Jensen Huang and Alice Huang were photographed together again in May, exiting a restaurant in Taipei with an Nvidia aide after a business dinner with other AI suppliers.
Alice Huang spent much of her career in China, including working as a TV reporter for 🇨🇳 state media and as a private banker. Huang left Megaspeed in recent months. It’s unclear when and why she left and what she’s doing now.
Both she and 🇨🇳 7Road, the Chinese company that Megaspeed split off from, have close ties to a web of wealthy investors and tech companies with data center projects in China.
The owners of 7Road include 🇨🇳 central government and several local governments. Before joining Megaspeed, Ms. Huang was executive director for a Shanghai-based fund that had invested in 7Road and had ties to state-backed firms.
Reporters looking into Megaspeed’s opaque operation have tracked business listings that led to a Malaysian data center and shopping mall, a near-empty office in Singapore and a dilapidated storefront outside Kuala Lumpur.
It’s not clear where Megaspeed’s billions of dollars came from. But a few weeks after the gathering in Taipei last year, Megaspeed began receiving a steady supply of multimillion dollar shipments of some of Nvidia’s most advanced chips.
Over the next 3 months, Megaspeed bought a billion $ of Nvidia technology. Within the next 9 months, it secured roughly a billion $ more. The bulk of those advanced Nvidia chips were purchased from 🇨🇳 Inspur’s US subsidiary Aivres. The shipments went to Megaspeed’s Malaysian subsidiary Speedmatrix.
The registered address for Speedmatrix on the shipping records led to a dilapidated storefront outside Kuala Lumpur, where the sign out front advertised a construction company. No one was inside when a reporter visited the address in late Sep. Employees at the law firm next door said they rarely saw people in the office.
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nytimes.com/2025/10/09/techn…
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Hits (the ancestral) home(land).
Tu t'appelles Giovanni. 41 ans. Tu vis dans les Pouilles, dans le sud de l'Italie. Tu pratiques "l'Italianmaxxxing" depuis ta naissance. Tu ne sais pas ce que c'est.
À 7h42, tu te réveilles parce que Monica, ta femme, a ouvert les volets.
Tu sais que t'as bien dormi parce que t'as bien dormi. Malgré la bouteille de Primitivo Manduria que tu as bue hier.
Tu bois un espresso au comptoir du café du village avec ton frère Marco. Vous avez une entreprise de carrelage depuis 2009. Votre business plan repose sur le fait de poser du carrelage et d'avoir WhatsApp.
À midi, tu manges des braciole al sugo avec Marco et deux ouvriers. Tu reprends du pain pour finir la sauce et repars au chantier.
Tu rentres chez toi vers 17h30, tu retrouves Monica et les enfants. Tu fais une sieste sur le canapé sous un poster d'Antonio Cassano que ta femme te demande d'enlever depuis 14 ans.
Le vendredi, tu retrouves tes six amis d'enfance en terrasse. Vous commandez des doubles negroni, des olives et du pecorino. Vous jouez aux cartes.
Vous parlez trop fort sur le foot, Meloni, et le nouveau carrelage dégueulasse de la mairie
Cet été, ton cousin français, Baptiste, 34 ans, vient te rendre visite depuis Paris.
Il porte une bague Oura connectée, un bracelet en nylon, et un débardeur Under Armour à 90 € qui évacue la transpiration.
Il t'explique qu'il a consacré sept ans à optimiser sa longévité. Il est blanc comme un cul.
Tu lui demandes s'il est malade.
Il t'explique le cortisol, la HRV, les pics glycémiques et les effets de l'alcool sur le sommeil profond.
Baptiste refuse ton pecorino parce qu'il a déjà atteint son quota de graisses saturées. Il refuse ensuite ton double negroni parce que ça perturbe sa récupération.
Il sort une poudre verte multivitaminée à 79 € de son sac que tu recraches dans les plantes de ta grand-mère.
Le soir, tu prépares des spaghetti alle vongole. Les enfants courent partout. Ton frère Marco arrive avec l'équipe de carrelage du village et une pizza Margherita faite avec les tomates de son cousin Francesco.
Baptiste, cerné jusqu'au cul, t'explique qu'il ne mange pas après 19h30 pour sa prépa ultra-trail.
Il poste une photo avec toi sur Instagram avec la légende "italianmaxxxing"
Tu lui dis qu'il revient quand il veut.
Il arrive à Orly et se demande pourquoi son bracelet Whoop lui indique un pic de stress après ses vacances.
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Can’t believe I’m saying this but the Democrats have an opportunity to become a party of fiscal conservatism after a crazy post-COVID spending bonanza. Tariffs + broken relationships with traditional allies + war with Iran + uncontrolled gov’t spending has put the US in a precarious spot. The AI trade is the “only” thing keeping the US economy growing in the right direction right now. Good news is it’s a big “only”, so the US will need to manage its continued growth, while ensuring the lower/middle class do not collapse or turn violent.
Over the next two years, markets should enjoy relative calm (not hard after the past two years), and more certainty. Only a few potential themes that could derail:
1. Escalating tensions in US/Iran —> WWIII. This is a “far tail” scenario but is worth watching. Only way I see this happening is if US is attacked meaningfully that sways public opinion.
2. Recession. A credit event or pullback from the concentrated bets on frontier AI models could have a cascading impact on private credit/pace of AI buildout.
3. Political discourse in the US. France, Brazil, and other countries should provide cautionary clues on what to expect when too much gov’t debt is taken on, coupled with too much gov’t dependency on social safety net to survive. Think we’re far off from that in the US, but socialism being on the rise is something to watch.
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The one thing democrats should take away from this election is the same thing Trump should have after he was elected — the lower/middle class simply want competitive jobs, affordable housing/medical/food, and freedom.
Pls don’t weaponize that to be about bathroom rights, socialism, or political witch hunts. Focus on what the people are telling you, don’t get it twisted.
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Next up - trade.xyz with Ice registering with CFTC enabling hyperliquid trading in the US.
[ ZOOMER ]
NEW CFTC EQUITY PERPETUALS APPROVAL APPLICABLE ONLY TO CURRENTLY CFTC REGISTERED EXCHANGES: PRESS RELEASE
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Here we go. $HYPE
ICE and Trade[XYZ] plan to bring Hyperliquid-based perps to the U.S.
Subject to regulatory approvals, ICE will operate U.S. regulated versions of Trade[XYZ]’s markets, leveraging their expertise as the leading deployer of real-world-asset perps on Hyperliquid.
The new venue will operate separately to ICE’s institutional futures franchise and offer a trading experience designed for retail participation.
Once live, U.S. traders will be able to trade 24/7 across a range of assets spanning the macro complex including:
*Crypto
*Equities
*Indices
*Commodities
*Forex
Read more: spr.ly/6010BHq9X8
Users will access the platform through U.S.-regulated FCMs performing KYC/AML screening, including ICE's joint venture with OKX.
ICE and Trade[XYZ] will seek approvals to launch a new market built on Hyperliquid to operate KYC-compliant perp markets, including regulatory approvals to support leveraged trading.
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Jfc
So basically, today PHP got two critical bugs that let anyone run code on your server without even logging in, which is bad, and then the details leaked before the patch was even out, which is worse, and it works on WordPress and MediaWiki and Magento and Joomla and Laravel, and Censys says like 1.5 million servers are running a version with no fix, so the NSA was like "take your system offline," and the FBI was like "take your system offline," and CISA and the UK and CERT-EU were all like "take your system offline," and then the Prime Minister of Japan, the actual Prime Minister, posted at 5:55 in the morning telling 48.8 million people to take their system offline, so everyone took their system offline, like the Dutch cybersecurity agency took its own website offline, and the Dutch parliament went offline, and the Port of Rotterdam went offline, and Finland and France and Denmark started pulling government sites, and Wikipedia went down, and Archive.org went down, and Asana and GOG and Something Awful went down, and the University of Vienna's webmail went down for some reason, and that's just PHP. Because GitLab also dropped a CVSS 10.0, which is the highest score they give out, for a bug that's been there since 2014, so that's every self-hosted GitLab for twelve years, and then LiteLLM 1.107.0 got hijacked and shipped a credential stealer and a remote access trojan in every single wheel and the Docker images, including latest, and you didn't even have to import it, just installing it was enough, and it's the second time this year, and then Railway paused every deployment on the entire platform because someone got into the environment variables, so now everyone has to rotate every secret they've ever stored there, and TiDB Cloud said someone was walking around inside with stolen credentials for basically a month and an extortion group says they took 10.6 terabytes, and Zeabur got breached for the second time in two months and is just shutting down, like the whole company, and Node.js patched remote code execution and a TLS bypass, and CISA says Plex is being actively exploited, and someone took over 300 Tor exit relays to steal SSH passwords, and SafePay ransomware has hit over 600 critical infrastructure orgs, and India's biggest bank filed a data loss incident, and Japan has been in an official state of emergency in cyberspace since October 9, which honestly explains the 5:55 AM post. Oh, and eMudhra, a certificate authority that's issued over 60 million certificates, whose entire job is proving websites are who they say they are, was supposed to be using private keys that are random numbers over a hundred digits long, and one of them was 4. Just 4. And the others were like 66 and 237. Anyway, it's Wednesday.
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Uh.
Effective Immediately, all organizations using PHP for their systems are advised to be prepared for an update addressing two critical vulnerabilities. PHP is widely used for web applications. These vulnerabilities often provide a direct path to the server's file system or database. If an immediate update is not feasible, it is recommend that organizations take the system offline until it can be fully mitigated. NSA will follow up shortly with more specific guidance.
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Imagine you, your parents, and your grandparents spent your whole life building a business. You produced something people want, and get paid for all of the hours planning, building, and working.
Then your windows shatter and everything is looted within 20 minutes, with people shouting “racist” in your face, leaving your business ruined.
My thoughts go out to the producers in France - you don’t deserve this.
A man who had his store looted confronts the Mayor of Lyon when shows up on the streets this morning for a PR photo op meant to portray him as concerned and proactive:
“Look at all the damage you’ve caused. You must resign! You’re a disgrace to France”
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Fuck
BREAKING:
5 hospitals have been closed for quarantines in Siberia due to a possible plague outbreak.
The 28-year-old lab technician Darya Shipilova, died yesterday after breaking a test tube with live Yersinia pestis the Irkutsk Anti-Plague Institute on September 25th while handling samples.
A mask mandate has now been introduced at the huge aluminum plant in Irkutsk.
Some U.S. politicians are now calling for commercial air travel to and from Russia to be stopped until the situation is clarified.
This first symptoms of pneumonic plague typically start about 4 to 7 days after exposure. 200 people are under observation.
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