全部低于比特币价格，就会发生相反的套利输出：标题：编译：吴说区块链

在“好游戏播客”的这一集中，伊姆兰和乔讨论了人工智能和加密货币的交叉点，包括市场周期

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

价格大幅下跌，可能会导致恶性循环。

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：我认为MicroStrategy 的股价仍然很高。它的市盈率为150倍，对于一家没有盈利的公司来说相当昂贵。

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

乔：就像1999年的那些互联网公司一样。

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.

伊姆兰：是的，这与当时的思科和英特尔等公司类似。但与这些公司不同的是，MicroStrategy 不是互联网硬件或基础设施提供商。他们处于应用层，他们的产品是比特币。

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：我觉得MicroStrategy更像是1999年那些直接向消费​​者提供服务的互联网公司，比如亚马逊、eBay、雅虎。这些公司的估值是基于收入倍数而不是收益。例如，1999 年，尽管亚马逊尚未盈利，但其估值已达到年收入的 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.

伊姆兰：这是有道理的。但我还是觉得MicroStrategy的股价很高。人们考虑通过出售 MicroStrategy 股票并购买比特币进行套利，这并不奇怪。

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

乔：我认为这个策略非常有效，特别是在当前的市场上。

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

Imran：是的，这是一个很好的策略，但如果 MicroStrategy 的股价大幅下跌，可能会引发恶性循环。

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.

乔：另一个风险因素是市场周期的结束。每个人都在谈论人工智能，但我不确定它是否真的推动了加密货币市场。也许这只是人们用来解释价格变动的一种叙述。

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：我认为人工智能肯定会对加密货币市场产生影响。例如，OpenAI 和 Nvidia 最近的公告正在推高加密货币价格。但很难确切地说人工智能的影响有多大。

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.

乔：我同意人工智能正在对加密货币市场产生一些影响，但我不确定它是否像人们想象的那么强大。也许这只是人们用来解释价格变动的一种叙述。

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：人们可能会用人工智能的叙述来解释价格上涨，但我认为人工智能肯定会对加密货币市场产生影响。例如，OpenAI 和 Nvidia 最近的公告正在推高加密货币价格。

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

乔：也许这只是人们用来解释价格变动的一种叙述。

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：很难肯定地说，但我认为人工智能肯定会对加密市场产生影响。例如，OpenAI 和 Nvidia 最近的公告正在推高加密货币价格。但很难说人工智能究竟会产生多大的影响。 输出：好游戏播客：吴说区块链 - 编译：好游戏播客：吴说区块链 在这一集的“好游戏播客”中，Imran 和 Qiao 讨论了人工智能和加密货币的交叉点，包括市场周期、使用人工智能代理用治理代币取代 KOL，以及稳定币对发展中国家的影响。他们还提到了DePIN在协调能源和计算等行业中的作用，并强调了人工智能和加密货币无缝集成的潜力。在对创新持乐观态度的同时，他们也警告不要过度炒作。

Challenges of DeepSeek's Self-Funding Model to Traditional AI Startups

DeepSeek的自筹资金模式对传统AI初创公司的挑战

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?

伊姆兰：上次我在迪拜时，整个地区都被洪水淹没了。我不得不从一家酒店换到另一家酒店。但在那段时间，我有很多想法，因为我觉得我们正在进入一个加密货币的新时代。很多事情似乎即将改变，对吧？就像马克·扎克伯格今天宣布的那样。你看到了吗？

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

乔：你是说他解雇了整个内容审核团队？

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.

伊姆兰：是的，并将其中一些搬到了德克萨斯州。加州存在明显的偏见。所以，我认为未来四年将是一个与过去几年完全不同的时代。这将带来新的商业模式和技术更新，例如人工智能的发展或稳定币等加密货币的创新。我们确实正在进入一个新阶段。这很有趣。您看到那个更新了吗……名为 DeepMind 或 DeepDive 的东西？中国工程师团队成功击败OpenAI。

Qiao: That was last week.

乔：那是上周的事。

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

伊姆兰：是的，这是上周的事。你知道我在说什么，对吧？

Qiao: Yeah, I know.

乔：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.

伊姆兰：我认为这是一件大事。现在，您不需要在硬件上花费数亿美元。您只需十分之一的成本即可推出有竞争力的产品。你知道其背后的细节吗？我自己也没有深入研究过。

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

乔：没有，我只知道他们在各种基准测试中超越了 OpenAI。但我不确定是否