全部低於比特幣價格，就會發生相反的套利輸出：標題：編譯：吳說區塊鏈

在「好遊戲播客」的這一集中，伊姆蘭和喬討論了人工智慧和加密貨幣的交叉點，包括市場週期

price drops sharply, it could lead to a vicious cycle.

價格大幅下跌，可能會導致惡性循環。

Imran: I think MicroStrategy’s stock price is still very high. It’s trading at a P/E ratio of 150 times, which is quite expensive for a company with no earnings.

Imran：我認為MicroStrategy 的股價仍然很高。它的本益比為150倍，對於一家沒有獲利的公司來說相當昂貴。

Qiao: It’s like those internet companies in 1999.

喬：就像1999年的那些網路公司一樣。

Imran: Yes, it’s similar to companies like Cisco and Intel at the time. But unlike those companies, MicroStrategy is not a hardware or infrastructure provider for the internet. They are in the application layer, and their product is Bitcoin.

伊姆蘭：是的，這與當時的思科和英特爾等公司類似。但與這些公司不同的是，MicroStrategy 不是網路硬體或基礎設施供應商。他們處於應用層，他們的產品是比特幣。

Qiqo: I think MicroStrategy is more like those internet companies in 1999 that provided services directly to consumers, such as Amazon, eBay, and Yahoo. Those companies were valued based on revenue multiples rather than earnings. For instance, Amazon was valued at 100 times annual revenue in 1999, despite not yet turning a profit.

Qiqo：我覺得MicroStrategy更像是1999年那些直接向消費者提供服務的網路公司，像是亞馬遜、eBay、雅虎。這些公司的估值是基於收入倍數而不是收益。例如，1999 年，儘管亞馬遜尚未獲利，但其估值已達到年收入的 100 倍。

Imran: That makes sense. But I still feel that MicroStrategy’s stock price is very high. It’s not surprising that people are considering arbitraging by selling MicroStrategy stock and buying Bitcoin.

伊姆蘭：這是有道理的。但我還是覺得MicroStrategy的股價很高。人們考慮透過出售 MicroStrategy 股票併購買比特幣進行套利，這並不奇怪。

Qiao: I think this strategy is very effective, especially in the current market.

喬：我認為這個策略非常有效，特別是在目前的市場。

Imran: Yes, it’s a good strategy, but if MicroStrategy’s stock price drops sharply, it could trigger a vicious cycle.

Imran：是的，這是一個很好的策略，但如果 MicroStrategy 的股價大幅下跌，可能會引發惡性循環。

Qiao: Another risk factor is the end of the market cycle. Everyone is talking about AI, but I’m not sure if it’s really driving the crypto market. Maybe it’s just a narrative that people are using to explain the price movements.

喬：另一個風險因素是市場週期的結束。每個人都在談論人工智慧，但我不確定它是否真的推動了加密貨幣市場。也許這只是人們用來解釋價格變動的敘述。

Imran: I think AI is definitely having an impact on the crypto market. For example, the recent announcements from OpenAI and Nvidia are driving up crypto prices. But it’s hard to say exactly how much of an impact AI is having.

Imran：我認為人工智慧肯定會對加密貨幣市場產生影響。例如，OpenAI 和 Nvidia 最近的公告正在推高加密貨幣價格。但很難確切地說人工智慧的影響有多大。

Qiao: I agree that AI is having some impact on the crypto market, but I’m not sure if it’s as strong as people think. Maybe it’s just a narrative that people are using to explain the price movements.

喬：我同意人工智慧正在對加密貨幣市場產生一些影響，但我不確定它是否像人們想像的那麼強大。也許這只是人們用來解釋價格變動的敘述。

Imran: It’s possible that people are using the AI narrative to explain the rising prices, but I think AI is definitely having an impact on the crypto market. For example, the recent announcements from OpenAI and Nvidia are driving up crypto prices.

Imran：人們可能會用人工智慧的敘述來解釋價格上漲，但我認為人工智慧肯定會對加密貨幣市場產生影響。例如，OpenAI 和 Nvidia 最近的公告正在推高加密貨幣價格。

Qiao: Maybe it’s just a narrative that people are using to explain the price movements.

喬：也許這只是人們用來解釋價格變動的敘述。

Imran: It’s hard to say for sure, but I think AI is definitely having an impact on the crypto market. For example, the recent announcements from OpenAI and Nvidia are driving up crypto prices. But it’s hard to say exactly how much of an impact AI is having.output: Good Game Podcast: Wu Says Blockchain - Compilation: Good Game Podcast: Wu Says Blockchain In this episode of the "Good Game Podcast," Imran and Qiao discuss the intersection of artificial intelligence and cryptocurrency, including market cycles, the use of AI agents to replace KOLs with governance tokens, and the impact of stablecoins in developing countries. They also mention the role of DePIN in coordinating industries such as energy and computing, and highlight the potential for seamless integration of AI and cryptocurrency. While optimistic about innovation, they also caution against excessive hype.

Imran：很難肯定地說，但我認為人工智慧肯定會對加密市場產生影響。例如，OpenAI 和 Nvidia 最近的公告正在推高加密貨幣價格。但很難說人工智慧究竟會產生多大的影響。討論了人工智慧和加密貨幣的交叉點，包括市場週期、使用人工智慧代理以治理代幣取代 KOL，以及穩定幣對發展中國家的影響。他們也提到了DePIN在協調能源和運算等行業中的作用，並強調了人工智慧和加密貨幣無縫整合的潛力。在對創新持樂觀態度的同時，他們也警告不要過度炒作。

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Imran: Last time I was in Dubai, the whole area was flooded. I had to switch from one hotel to another. But during that time, I had a lot of thoughts because I feel we are entering a new era of cryptocurrency. Many things seem to be about to change, right? Like today’s announcement from Mark Zuckerberg. Did you see it?

伊姆蘭：上次我在杜拜時，整個地區都被洪水淹沒了。我不得不從一家酒店換到另一家酒店。但在那段時間，我有很多想法，因為我覺得我們正在進入一個加密貨幣的新時代。很多事情似乎即將改變，對吧？就像馬克·祖克柏今天宣布的那樣。你看到了嗎？

Qiao: You mean he fired the entire content moderation team?

喬：你是說他解雇了整個內容審核團隊？

Imran: Yes, and moved some of them to Texas. There is a clear bias in California. So, I think the next four years will be a completely different era from the past few years. This will bring new business models and technological updates, such as the development of AI or innovations in cryptocurrency, like stablecoins. We are really entering a new phase. It’s interesting. Did you see that update… something called DeepMind or DeepDive? A team of Chinese engineers successfully defeated OpenAI.

伊姆蘭：是的，並將其中一些搬到了德克薩斯州。加州存在明顯的偏見。所以，我認為未來四年將是一個與過去幾年完全不同的時代。這將帶來新的商業模式和技術更新，例如人工智慧的發展或穩定幣等加密貨幣的創新。我們確實正在進入一個新階段。這很有趣。您看到那個更新了嗎…名為 DeepMind 或 DeepDive 的東西？中國工程師團隊成功擊敗OpenAI。

Qiao: That was last week.

喬：那是上週的事。

Imran: Right, it was last week. You know what I’m talking about, right?

伊姆蘭：是的，這是上週的事。你知道我在說什麼，對吧？

Qiao: Yeah, I know.

喬：嗯，我知道。

Imran: I think it’s a big event. Now, you don’t need to spend hundreds of millions on hardware. You can launch competitive products at just a tenth of the cost. Do you know the details behind it? I haven’t looked into it deeply myself.

伊姆蘭：我認為這是一件大事。現在，您不需要在硬體上花費數億美元。您只需十分之一的成本即可推出具競爭力的產品。你知道背後的細節嗎？我自己也沒有深入研究過。

Qiao: No, I just know they surpassed OpenAI in various benchmarks. But I’m not sure if

喬：沒有，我只知道他們在各種基準測試中超越了 OpenAI。但我不確定是否