2026-05-11T13:43:16Z https://yabu.me https://yabu.me/npub1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqzqujme https://yabu.me/r/relay-dev.gulugulu.moe/nostur:relay-dev.gulugulu.moe/bravo-nexus https://relay-dev.gulugulu.moe/nostur:relay-dev.gulugulu.moe/bravo-nexus/assets/images/gulugulu-logo-fill.webp https://relay-dev.gulugulu.moe/nostur:relay-dev.gulugulu.moe/bravo-nexus/assets/images/gulugulu-logo-fill.webp https://yabu.me/nevent1qqsyyt2hfy2rj8aujxugqk96km3qskyhawfu3rqyr0ks8xzc6vwlqmgpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzq303jh8lewxfwf80cfy0q5r697m9k4ual2l8e56nnpvczc72ka38645swu In reply to <a href='/nevent1qqsr6x6tnjmcjkfn0mgzd3kvgqgl0a37v0j83jx9ee7743ngwcp80dglp5n5p'>nevent1q…5n5p</a><br/>_________________________<br/><br/>&gt; And what, in your view, sufficiently grounds reason’s reliability and reality’s intelligibility if not God?<br/><br/>Why do you assume it’s God that grounds these things?<br/><br/>I’m not taking on the burden of proof for you lmao you don’t have to “prove” gods existence through a microscope but you can provide some kind of rational argument as to why I should believe in your religion and your version of what you think God is over someone else’s. The problem is that there’s no good reason to believe your story over someone else’s. 2026-05-11T13:43:16Z https://yabu.me/nevent1qqstnvsqq2rwwmrn30897ynfljw9nkd6j0lp8mtm860nxs80ra9ltacpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpca9nyjfx0ylnuklsdzfq40t8pv0zjq0m5x9aku4muytahxjue3y9zgp3q <br/><br/><br/><br/> <img src="https://blossom.primal.net/1e7730ab141336b9730989b26b47904dbfcf6edc09d5489ca0e6189ef8101547.jpg"> <br/> <img src="https://blossom.primal.net/1f843a0749b9a4d9685fc15c714b54ffd67b85a0146513f87b8d953bb0539e5c.jpg"> <br/> <img src="https://blossom.primal.net/c15e411c6c5c6892273442ffbfef5a168e5e76b68d3b685434bc0ec5a175b903.jpg"> <br/> <img src="https://blossom.primal.net/ee04973db004ec7362c98b0132801652e8f35a205c759233280baa78b52055b2.jpg"> <br/> <img src="https://blossom.primal.net/b0ce145400d79fdb8d6128ae0190911fdd65a78d3c0c620e58960e59ce766202.jpg"> 2026-05-11T13:42:56Z https://yabu.me/nevent1qqs9he8309tj7n82qkvznuwjl6kfv2ueftqxa3quu3edyeym2a2ce8cpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzp7v96vy3jlyqtct3n3e3sk6hflp7usra0sdkz477axwx4n39nxamyvpk7e you can just remain silent when you only have dumb shit to say<br/><blockquote class="border-l-05rem border-l-strongpink border-solid"><div class="-ml-4 bg-gradient-to-r from-gray-100 dark:from-zinc-800 to-transparent mr-0 mt-0 mb-4 pl-4 pr-2 py-2">quoting <br/><span itemprop="mentions" itemscope itemtype="https://schema.org/Article"><a itemprop="url" href="/nevent1qvzqqqqqqypzpl8hpfzul2qha25p8wd63gm46ufax95lfgnl8h9v84y3zt0k05m7qy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7qgnwaehxw309ahkvenrdpskjm3wwp6kytcqyrzhec6pwhwfu5mnkhpfe2spz364ehaqlzmgq3ek8ep6s72h44euc23058v" class="bg-lavender dark:prose:text-neutral-50 dark:text-neutral-50 dark:bg-garnet px-1">nevent1q…058v</a></span> </div> What nobody tells you about Samourai<br/><br/>Samourai were some guys who wanted to make money, but in a fraudulent way, and by fraudulent I mean selling a product that was completely defective and offered no privacy from the coordinator’s point of view — in other words, it wasn’t zerolink.<br/><br/>They weren’t even careful with their own privacy.<br/><br/>They exposed themselves to the state on their own, and now they don’t want to accept the consequences.<br/><br/>It’s fine that this whole story gets sugarcoated with sentimentalism, but that’s the truth.<br/><br/>None of this would have happened if they had understood firsthand what the state is and that the state is just waiting for you to make the slightest mistake to screw you over.<br/><br/>It’s ironic, to say the least, that you offer a privacy service when you yourself are incapable of being private, all while knowing that what you’re doing is “illegal” in the eyes of the state — but of course, as long as you were making money, everything was fine. </blockquote> 2026-05-11T13:41:00Z https://yabu.me/nevent1qqsz5y0fakjwzwjacc5sl9e4cugtuf0gx28v2jm86lcs3sxddzvxm9gpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpupa702pxs3sggxd77ktkd0edgj5ysjzg64s22azf3h7c6jdfankhr3ddp Block 948945<br/><br/>1 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:40:01Z https://yabu.me/nevent1qqs0yelmaft6kfclts0zmcqey4t45yea8arhmkh08867n09xxdntkyqpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpeal3kknvzpg7q5fk76tagdph55wkm2dv53059le2lsdlwpeau7mlqdk2l Block 948945<br/><br/>1 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:40:01Z https://yabu.me/nevent1qqsqqldtet4f3pmqgudk4thd5yqcvmcql5dc3mky7axggwt2mx37x4gpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzp55yzdcjzuwr8cgh6j7sjv9vqkev2xesavczrmudfufr8upvjz3tc9yq8e In reply to <a href='/nevent1qqsddrc532xw5kxz7ulzd6z7rhry5rjwwdnuagkply2ru8th2myamrqprfmhxue69uhhg6r9vehhyetnwshxummnw3erztnrdaksrj08ea'>nevent1q…08ea</a><br/>_________________________<br/><br/>Yep, one of those types today 2026-05-11T13:38:32Z https://yabu.me/nevent1qqspdyn62mtv2edc38mlkxadftr3xlh4sm0gxl0d9gu9zl7ec6jdckgpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzqtef4geu9ga5tsh0xgsjs7fy3vh55jdqq27smc86zmy5uyu2cmcnmvmc6c In reply to <a href='/nevent1qqs9fwvsekglvkgw6adyq9x3d2f5g9lqlyymkaqhu3335spy56vfs0g4kvs5g'>nevent1q…vs5g</a><br/>_________________________<br/><br/><br/> <img src="https://blossom.primal.net/707cec9c4cad02d8983f84659f995d422497d4cc8be74b6ea9e851eaf45ba93c.gif"> 2026-05-11T13:35:47Z https://yabu.me/nevent1qqsgd84hna2d7c2tglc5llqcf4ea2y2sfccyfky78twchtv9ae28qhqpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpupa702pxs3sggxd77ktkd0edgj5ysjzg64s22azf3h7c6jdfankkd326x Block 948943<br/><br/>2 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:35:01Z https://yabu.me/nevent1qqs9fwvsekglvkgw6adyq9x3d2f5g9lqlyymkaqhu3335spy56vfs0gpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzp78xcep59u0q2fyqvv8z0cgpdh8rtlp6v98xqs60aa92y5pn9r9flvns8x I bought this exact 2TB SSD about 3 weeks ago for $195 from Best Buy. Now they have it listed for $369 🤯<br/><br/> <img src="https://blossom.primal.net/828e4e3363ad4f48e070a92dd3e2e9c8d0d97875adcb25b0910fe36e1954f71c.jpg"> 2026-05-11T13:34:49Z https://yabu.me/nevent1qqsgh2rg99p6nqvgv9t48ghqt3yssl68d2ltl4xy3ksnhfm3z00k4ucpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzqdqakkn782f37jgftkp2ftxf888c5eef8v0yz70afdwq23xylsh0g2f3rd In reply to <a href='/nevent1qqs2rtf0zg3wgquaj5hmhcen87udjxsp9fhfmg2lndg2sxyn6mh208spzpmhxue69uhkummnw3ezumt0d5hsafy3c8'>nevent1q…y3c8</a><br/>_________________________<br/><br/>they&#39;re starting to fade as the novilty wears off and anthropic tokens become more expensive 2026-05-11T13:33:03Z https://yabu.me/nevent1qqs8rrdg340n8je5fmu80jen2c47fnpjcpgjv066lx08mgwv9e7pd7qpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpeal3kknvzpg7q5fk76tagdph55wkm2dv53059le2lsdlwpeau7mkjc2qs Block 948942<br/><br/>4 - high priority<br/>3 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:30:01Z https://yabu.me/nevent1qqsfxannjeeqzrfgm8jmqkjflm8vl6neevmvtqn26eq3crnn5gf7d0qpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpupa702pxs3sggxd77ktkd0edgj5ysjzg64s22azf3h7c6jdfankkkrv8j Block 948942<br/><br/>3 - high priority<br/>3 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:30:01Z https://yabu.me/nevent1qqsfj6gjwldrk44mkptp0askk6kmryj6f7t07qndwaf069rd8qtjaqgpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpjatwp62qwlcn37azc37gtn9gz0rjxrx9tmvvhlzuwxf9lulp0tpedays3 Block 948942<br/><br/>3 - high priority<br/>3 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:30:01Z https://yabu.me/nevent1qqsqqq87gklj6ejlq9dvprmrlfsrn8vvatcu4a66ag3q3052tjelqrcpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpmnw5yatnljuff5w47d35d87q99xddqpzlzsac4xzn6vm22ekmn5qfxw7c In reply to <a href='/nevent1qqsrrcr9zy799pdsjhtymfmsv7zd07exeqj0jfh5txezc35fk8n7wvclu78my'>nevent1q…78my</a><br/>_________________________<br/><br/>As if alien civilizations traveling light years across the void between stars would only reveal themselves to the United States government. 2026-05-11T13:26:09Z https://yabu.me/nevent1qqs2rglm946fkvuh55zjc4afdammxz703eghxhj5ns9sdef50apxjtgpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpupa702pxs3sggxd77ktkd0edgj5ysjzg64s22azf3h7c6jdfankue4hxg Block 948942<br/><br/>3 - high priority<br/>3 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:25:00Z https://yabu.me/nevent1qqs08d46u86dvz2twwenvvk0l5rg46s27fezlfwwm0u5zuejp90twhgpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzqxyst5996c36hqdf3w5cckpt6h6h7fgxc6uq3yzlckvatg9j9xcgcg6vw4 In reply to <a href='/nevent1qqsw7ddlkga9e3rq53rdxqgx9rg42ddaa3syjdagydr3zysk0jkuglc4u7amd'>nevent1q…7amd</a><br/>_________________________<br/><br/>GM 2026-05-11T13:24:50Z https://yabu.me/nevent1qqsq4rn5du4mp2v8dg6m2ax4zxn840dd67q4lmwz6s0vhp4urpfw2wcpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzqxyst5996c36hqdf3w5cckpt6h6h7fgxc6uq3yzlckvatg9j9xcge4exgw In reply to <a href='/nevent1qqsdqry554ttyusv6j393xp360zxg7d42quk7p9s2j357me9qjq0nssf7wm2s'>nevent1q…wm2s</a><br/>_________________________<br/><br/>PV Moss 2026-05-11T13:24:42Z https://yabu.me/nevent1qqsvugsct9ptqzequ4h5gn7xy69qfsghuy5ja0knu7hemudqgqse23spgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpvfnhlzhhmtpcwgaf68e2wusd3l3wzwy8rv3ca0mdkhhj3ya27yah4vu89 In reply to <a href='/nevent1qqsq4xr3unw2cu7w8pxesewjezleg8n7llesf50sa7yrjs8wfaflmrcpzemhxue69uhhyetvv9ujuvrcvd5xzapwvdhk66w2frx'>nevent1q…2frx</a><br/>_________________________<br/><br/>Idk what the issue was there but it finally stopped auto defaulting to nbs after closing the browser &amp; tab multiple times (it should only take once)… it seems I was able to get clave to work to sign in… 2026-05-11T13:21:23Z https://yabu.me/nevent1qqswhfqh6r8fnjfxp857wxessk8lydg50vwmnqvhwwarkn7006y84rspgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpupa702pxs3sggxd77ktkd0edgj5ysjzg64s22azf3h7c6jdfank75d78k Block 948942<br/><br/>3 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:20:01Z https://yabu.me/nevent1qqs0nr8yfm5263eh0xfkuptppy57cs4gnd50um8gjv7eflz53f2mw8gpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpeal3kknvzpg7q5fk76tagdph55wkm2dv53059le2lsdlwpeau7mnqsmpq Block 948942<br/><br/>3 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:20:01Z https://yabu.me/nevent1qqsqqqx0unqply78m7ycm4kdxsfymr25pudkfcf2ltwsm0y8xu7gq9spgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpv30auvvha0wkhteg500n3xd528063l6099zh37sgj2uevdm5mslpkqrkt PV and GM Plebs! #plebchain #coffeechain 2026-05-11T13:19:29Z https://yabu.me/nevent1qqsyvznvje94snxnh53epasevjutsqhk69mcqfpg5y7cd05tlvucxagpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpvfnhlzhhmtpcwgaf68e2wusd3l3wzwy8rv3ca0mdkhhj3ya27yam9a8qa In reply to <a href='/nevent1qqsqfd5pclups2c32eq9qhypynlx34y0nsf85lpt753rml02zgnv02spp4mhxue69uhkummn9ekx7mquhx8nx'>nevent1q…x8nx</a><br/>_________________________<br/><br/>No idea who that is but…<br/>If it’s the state is involved yeah 2026-05-11T13:15:51Z https://yabu.me/nevent1qqszvz7lr8pm87qr675utc3q6aq3f85erugsshvlgn00a9mn9h0cyegpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpupa702pxs3sggxd77ktkd0edgj5ysjzg64s22azf3h7c6jdfank7sxynl Block 948942<br/><br/>2 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:15:01Z https://yabu.me/nevent1qqs9grlvgm5xx9jfrrylyf2l5m955wc7354eer37yhtjjp8495e27wcpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpra3gz6w3h00jl8yhqsay3e83gdyx5ekyc3lvsppfp9nwtu5sqqv20llhm In reply to <a href='/nevent1qqsfwe8h95kel2u60z9hxmhpz706m0pyg5ex8srvsscfzj7q0ysj7fqpr4mhxue69uhhjctzw5hx6ef00pexz7fdd9hxg6tp94kkj6m9fm5fgx'>nevent1q…5fgx</a><br/>_________________________<br/><br/>Ok, refresh the browser and try again 🫡 2026-05-11T13:14:45Z https://yabu.me/nevent1qqs2zjd5gm2kmqnjue4lncprhv4dkwss782539gyft2073hyj34dx4cpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzqj28a6g5dnmky5h7c2gwmj94tjcvytn5pcgtjppaeklqap85v4s5x8080m In reply to <a href='/nevent1qqs2w4ttfswzddaqzqlfpfvwv5f0q0hc6354tkrhsma56x3zg7e9wacppemhxue69uhkummn9ekx7mp0pf925e'>nevent1q…925e</a><br/>_________________________<br/><br/>It&#39;s not so good for men either. 2026-05-11T13:14:33Z https://yabu.me/nevent1qqs2mxfd0mdk2383nuetlqygss7vkcjm0z96n6fwssxd0yw2paqa9ygpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpra3gz6w3h00jl8yhqsay3e83gdyx5ekyc3lvsppfp9nwtu5sqqv2xqrat In reply to <a href='/nevent1qqst9eprxvx4l5qggtgqpnk2vrwyukgvv3a3cnqf2ddvwh6agkaeekcp99mhxue69uhkummnw3ezummcw3ezuer9wchhyetddamx2tm0wd3kzu3dwa5xjumtv4usa54vdu'>nevent1q…4vdu</a><br/>_________________________<br/><br/>Private browsing doesn’t really help here, it’s not a porn site 😂 2026-05-11T13:13:51Z https://yabu.me/nevent1qqs259ka7h0y9nmnq3339ssqgls3zt97ugqp0rr259aq662a06zylcqpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzqtj3pn2cnjxnmqv2uttyx6wx6xxj7l5x9wzjlazhp5t93achzj3072tlnw In reply to <a href='/nevent1qqsx0gar8dz99gla06rap5vkytscf3prhmmh0mlvdjpnt66kpanr7sccgp86c'>nevent1q…p86c</a><br/>_________________________<br/><br/>a true musician &lt;3 2026-05-11T13:13:41Z https://yabu.me/nevent1qqsd658lvjvn7dzx2473la4pyq4wfmsr24g9d9t372nlue54rw04srspgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzqj28a6g5dnmky5h7c2gwmj94tjcvytn5pcgtjppaeklqap85v4s52geaxy The only widely tolerated form of madness.<br/><blockquote class="border-l-05rem border-l-strongpink border-solid"><div class="-ml-4 bg-gradient-to-r from-gray-100 dark:from-zinc-800 to-transparent mr-0 mt-0 mb-4 pl-4 pr-2 py-2">quoting <br/><span itemprop="mentions" itemscope itemtype="https://schema.org/Article"><a itemprop="url" href="/nevent1qqsz6yk9exn7a95r35a5y4yafquxy6jq2t55lx4svveeqsch4e273sspzemhxue69uhhyetvv9ujuamfwdczuarpd34j7q3qs5kgfmzkjdyrts5cv9rzwk2a7k0gmdepmwy252ekhup3ecwyy4psxpqqqqqqzg0h2q0" class="bg-lavender dark:prose:text-neutral-50 dark:text-neutral-50 dark:bg-garnet px-1">nevent1q…h2q0</a></span> </div> #religion<br/><br/><br/>😂<br/><br/> <img src="https://image.nostr.build/ff4c0263834f2780e9330b43707840798cdd776b34af11543b73f4fec721c949.jpg"> </blockquote> 2026-05-11T13:12:44Z https://yabu.me/nevent1qqsy8g5ft234hpgrqh3depr2s8h000xz0pug8mq8z78dmv05eu3k38cpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzp55yzdcjzuwr8cgh6j7sjv9vqkev2xesavczrmudfufr8upvjz3t77e42v In reply to <a href='/nevent1qqsg2w2ue2053pazlrf2uslwekfm3w94ml9g33p89v0hjgm8llzqx5cprfmhxue69uhhg6r9vehhyetnwshxummnw3erztnrdaksrwkwds'>nevent1q…kwds</a><br/>_________________________<br/><br/>Rings a bell! 2026-05-11T13:12:20Z https://yabu.me/nevent1qqsqfd5pclups2c32eq9qhypynlx34y0nsf85lpt753rml02zgnv02spgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzps0f4va9dg4tdjjta06yafjt9ldyptrrz85gdw5xk3jjz6wt266rp0huz7 In reply to <a href='/nevent1qqsyrx9a6njjv4km0tdueu3kluehufsfmuth6x7rq0jta2g6zfzg92gpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsdnx6q3'>nevent1q…x6q3</a><br/>_________________________<br/><br/><span itemprop="mentions" itemscope itemtype="https://schema.org/Person"><a itemprop="url" href="/nprofile1qqs22afg9k7epyay82slkpap2mquwn9k0cmh3fxk2y8r4nr7wq6xapspzdmhxue69uhhqatjwpkx2urpvuhx2ue0qy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7qgewaehxw309ahx7um5wghxgmmwddujuum0vd5kzmp0htwgq3" class="bg-lavender dark:prose:text-neutral-50 dark:text-neutral-50 dark:bg-garnet px-1"><span>SimonDixon</span> (<span class="italic">nprofile…wgq3</span>)</a></span> recommends moving your self custodial Bitcoin into a trust. Forgive me if I don&#39;t understand trusts, but doesn&#39;t that put your Bitcoin into a government regulated entity? 2026-05-11T13:11:31Z https://yabu.me/nevent1qqs0ntnmlwtx78m360m6wc46gt90z962egpgqsn2q0ch4a2ldwydarcpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpeal3kknvzpg7q5fk76tagdph55wkm2dv53059le2lsdlwpeau7maa0rpn Block 948942<br/><br/>2 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:10:01Z https://yabu.me/nevent1qqsvzxcclpjvd6p0ajrgh8p3zdmx3yjy5ems5z6k9ygtn73845lm4espgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpupa702pxs3sggxd77ktkd0edgj5ysjzg64s22azf3h7c6jdfankdvstv6 Block 948942<br/><br/>2 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:10:01Z https://yabu.me/nevent1qqs25gr59j0v5esngeqe3ps0gpr0rd4rve7fvq89ptca7x6mv79n0jspgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzps0f4va9dg4tdjjta06yafjt9ldyptrrz85gdw5xk3jjz6wt266rl8klr4 In reply to <a href='/nevent1qqsgrxq3ffzpwyy0vlyu4mc2wrle0r57ul2ure0mmj4nuyyweknfe3qprdmhxue69uhhyetvv9ujumn0wd68yurvv438xtnrdakj7xxzd5t'>nevent1q…zd5t</a><br/>_________________________<br/><br/>Could be, but it resembles things I&#39;ve seen 2026-05-11T13:08:01Z https://yabu.me/nevent1qqsqfcj90c8k6yfm4cd50hyhdmfxnq0e00mjxnxzk7cq6ajths0nulspgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpca9nyjfx0ylnuklsdzfq40t8pv0zjq0m5x9aku4muytahxjue3y2syvkk <br/><br/><br/><br/> <img src="https://blossom.primal.net/ee713f40bdf7ac03cf9335609d86e5b05cf9c7b64cafafe48d2002263f002d8c.jpg"> 2026-05-11T13:09:03Z https://yabu.me/nevent1qqsvchhw3n79k8yz07kk5kqtkfgcf9tykpsa07n7zuggytmqagrdg4spgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpupa702pxs3sggxd77ktkd0edgj5ysjzg64s22azf3h7c6jdfankp8gaxu Block 948942<br/><br/>1 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:05:01Z https://yabu.me/nevent1qqspkljytvtdleyqxhuhth3wc9yqjv9g2vrrnd5yqtvaz9ery2nlsmspgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpajgmy3c532pcyq5tugas5ev22ggn0az8sqhcxu4n3wzdkpq67aelvy0z0 美国夫妻第一次来广州，被广州人多吓傻了。哈哈哈😝。到处都是人人人人。除除了人还是人。美国人都见过这么多人。第一次看到广州到处都是人很震惊。<br/><br/>那些人不只是多，而且都在动。推着行李车的，抱着孩子的，举着接机牌小跑的，蹲在地上吃泡面的，拿着手机大声讲电话的，拎着三个蛇皮袋在人群里灵巧穿梭的，每一道身影都带着明确的方向和速度，像一大锅煮沸的水，气泡从锅底咕嘟咕嘟往上翻。哈哈哈😝 2026-05-11T13:07:45Z https://yabu.me/nevent1qqsd8mms4cqrfpnmktkyw2p6ly0skc3m94vzljs22acep4rnesec7ggpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpajgmy3c532pcyq5tugas5ev22ggn0az8sqhcxu4n3wzdkpq67aehlqawu 一对美国夫妻来中国广州。在广州白云机场手机变砖头。哈哈哈😝。<br/><br/>来中国之前，这对美国夫妻男的叫Mike 和女的叫Linda,做了整整三个月的准备。<br/><br/>他们在休斯顿的公寓里看完了YouTube 上所有关于广州的旅行视频，买了一本《孤独星球：中国》，还专门花了600$美元报了一个线上中文速成班。那个速成班的老师姓王，是个从北京移民到德克萨斯的中年女人，教了他们“你好”，“谢谢”，“多少钱”，以及一句她信誓旦旦说“在中国能解决百分之八十问题”的万能句子——“太贵了，便宜点”。Mike把这句中文话记在手机备忘录里，标注了星号。哈哈哈😝 2026-05-11T13:02:33Z https://yabu.me/nevent1qqsdzgfv9d4c2u0hr3mefs048plxr2uw7hnfhessmjem3x6cpx3u0kqpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzqdxjvx0xsusrvzz5s2pjd52fg90fvw2tw65n6lqsw4td2ljapkdg5l5hjy 📰 **In this week&#39;s issue:**<br/><br/> <img src="https://image.nostr.build/122457713303171e6c05b9c219407120dfce31270d7d12d86841f8574e001ce5.jpg"> <br/><br/>📰 **What happened this week in the Bitcoin World**<br/>✍️ by NM team<br/><br/>Michael Saylor just detonated the &#34;never sell&#34; doctrine he spent four years building — and the rubble hasn&#39;t even settled yet. Meanwhile, Bitcoin developers are debating whether to freeze coins own by Satoshi, Switzerland told Bitcoin proponents to go home, and a cruise ship virus has traders flashing back to the COVID crash of 2020. This was not a quiet week.<br/><br/>🔗 <a href="https://nostrmag.com/article/w19bitcoin04">https://nostrmag.com/article/w19bitcoin04</a><br/><br/>📊 id#299567532 2026-05-11T13:03:49Z https://yabu.me/nevent1qqsf4499wg9l9a37wcy37r3pfmf26ru623hjcg7ssq7g99n5uarmr8spgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpmh3qjryf437natdye2sgf8ep5yx0dl7wsyp7f6648mctvutwppdt394h6 In reply to <a href='/nevent1qqsw4hvgkdynv5f2lrhq3p602qpjsqmc6nnaskjmdn27yrwvyqm9qaspz4mhxue69uhhyetvv9ujuerpd46hxtnfduhs35rdrs'>nevent1q…rdrs</a><br/>_________________________<br/><br/>Hello! 2026-05-11T13:00:05Z https://yabu.me/nevent1qqs2396rujstxvk9fm2j40vsetsx306k9cxfddm0s6uh5dstz4ldelcpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpra3gz6w3h00jl8yhqsay3e83gdyx5ekyc3lvsppfp9nwtu5sqqvuumnhl In reply to <a href='/nevent1qqsplr7esqq7a0440sn9nqvsz5zwn3xsqekfzhcs5x38urzre8uucyqp99mhxue69uhkummnw3ezummcw3ezuer9wchhyetddamx2tm0wd3kzu3dwa5xjumtv4us83h7j5'>nevent1q…h7j5</a><br/>_________________________<br/><br/>Did you try reloading? 2026-05-11T13:01:38Z https://yabu.me/nevent1qqsvfyxvsr2mvskqzmfnq540z0ekghmr3sphy0krk47znxr7qmf6xxgpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpupa702pxs3sggxd77ktkd0edgj5ysjzg64s22azf3h7c6jdfankvpygql Block 948941<br/><br/>2 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:00:02Z https://yabu.me/nevent1qqsga03t4p9fnhhg2frs3g0ttwmn87mx0t0qcy97jzwj258d2xpv83gpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpjatwp62qwlcn37azc37gtn9gz0rjxrx9tmvvhlzuwxf9lulp0tp8re80j Block 948941<br/><br/>2 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:00:02Z https://yabu.me/nevent1qqs0e0l4hj4ux8p0w0shts94vzk3xmyf6qy8lwsl4teh4680fe2275cpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzqxhqz89nfxv679tq9g42jfln9wuj6e0kzc0dwx4a4f84psf90f2ks8l7dw Block 948941<br/><br/>2 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:00:02Z https://yabu.me/nevent1qqs0hlgr62j3767v0sn4r8456xfm2fjpzhrld3z64p6af0n3kzjkczspgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpeal3kknvzpg7q5fk76tagdph55wkm2dv53059le2lsdlwpeau7myl9mdw Block 948941<br/><br/>2 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T13:00:02Z https://yabu.me/nevent1qqsxspjyrg67pj8vfazltfqkx7nawyntvq6hwtj7sfwdjwxekxalwkspgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzqgfn2pe5qx33pny308lr5alfven3pn7lvvxlmpq0jukpsw3yfvddlvsfad Good morning nostr! Have a wonderful week! 🫶🏻<br/><br/> <img src="https://image.nostr.build/6bedcaf781732d152b3c393a4235420151b92d02cd103585b96e27d8b2c68508.jpg"> <br/> <img src="https://image.nostr.build/ea16a2a4205688814b9c4cafae9895b5fee4442df4a8d61c87ad540ba1bcc931.jpg"> <br/> <img src="https://image.nostr.build/483c404e11eb9ebd8cc64bf50b1b6051f0656f6b660a9ad7a0d16079c6b998c3.jpg"> 2026-05-11T12:59:31Z https://yabu.me/nevent1qqsv2z734ph6fz0hmtf650np42w4krz6dx2kuu7r36g4rwwdyey26kspgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpqv3xzqjgmge9jd9t9ghqsnsw44jygy5gu9nzu093w6783pward48uc4v2 btc此前拉涨到接近130k，里面也有华尔街这套玩法，直到现在还在消化中。文中可以开阔眼界，但我不完全赞同作者观点，买标普纳指etf的普通投资者，并非纯被收割者，如果他们不自量力想要去做“收割者”才是危险得多的。真正靠投资btc获得高收益的普通人也绝不会是高抛低吸聪明人。<blockquote class="border-l-05rem border-l-strongpink border-solid"><div class="-ml-4 bg-gradient-to-r from-gray-100 dark:from-zinc-800 to-transparent mr-0 mt-0 mb-4 pl-4 pr-2 py-2">quoting <br/><span itemprop="mentions" itemscope itemtype="https://schema.org/Article"><a itemprop="url" href="/nevent1qqstr4us2wc6xfp2fvrk673ltpgmgfr0cf7430j784az5m2979f9zxcpr9mhxue69uhhyetvv9ujuem4d36kwatvw5hx6mm99upzpqv3xzqjgmge9jd9t9ghqsnsw44jygy5gu9nzu093w6783pward4qvzqqqqqqye7ma8d" class="bg-lavender dark:prose:text-neutral-50 dark:text-neutral-50 dark:bg-garnet px-1">nevent1q…ma8d</a></span> </div> ### SpaceX披露招股书，上市估值约1.75万亿美元，将成史上规模最大的 IPO，哪些信息值得关注？<br/>作者：许哲<br/>链接：zhihu.com/answer/2036985429174509782<br/>来源：知乎<br/>著作权归作者所有。商业转载请联系作者获得授权，非商业转载请注明出处。<br/><br/><br/>这里面蕴含一次史无前例的、破坏游戏规则的制度性套利。规模空前，不知道未来是否会推进相关立法的进程。<br/><br/>今年不是一个太平年，有三个巨头计划要 IPO 融巨量的资金，SpaceX（预计在 2026 年 6 月下旬进行史上最大规模 IPO，估值约 1.75 万亿美元）以及 OpenAI、Anthropic 等超级独角兽。平常，每一个都能成为年度 IPO 事件，但它们三家就愣要挤在一起上市。<br/><br/>当不久前大家还在惊叹怎么有单家公司的市值能涨破万亿美元，现在这些尚未上市的私人公司在一级市场的估值都已经破万亿了。<br/><br/>这就造成了一个很大的问题：指数们要不要快速把它们纳入指数呢？<br/><br/>因为指数编制的目的是要快速反映出股市的整体表现，成为一个有效的指标。比如纳斯达克 100 指数，你得反映出在纳斯达克上市的非金融企业特别是科技股的综合表现，标普 500 你得反映出美股的主要公司们的估值情况。如果 SpaceX 这样在自己赛道上几乎一骑绝尘、代表了人类先进科技的公司，和 OpenAI、Anthropic 这样备受瞩目的 AGI 赛道领跑者都不在指数里，受损的恐怕不是这几家要 IPO 的公司的信誉，而是指数是否有效的争议了。<br/><br/>于是乎，标普道琼斯指数 (S&P DJI)提前出了招。按照现行规则，新股必须上市满 12 个月且符合盈利要求才能被纳入 S&P 500。但标普近期提议针对市值超过 2000 亿美元的“超级大盘股”（Mega-Cap）开辟绿色通道，将观察期缩短至 6 个月甚至更短。<br/><br/>纳斯达克 100 指数 (Nasdaq-100)：动作更加激进。目前的提案计划将超大盘 IPO 的纳入等待期从 3 个月缩短至仅 15 天！<br/><br/>这摆明了就是为了让这几家能够火速加入指数而临时修改的规则。<br/><br/>这似乎也没什么问题，指数要对市场有代表性，火速纳入这些股票是很正常的操作，这些巨头本身已经成为经济里的重要一环了，上市了也几乎一定是美股重要的一个组成部分，开个绿灯似乎也合情合理，有什么争议呢？<br/><br/>关键的地方是指数编制虽然只是一个规则，但背后有一个极为庞大的资金效应被动跟着运行，也就是现在这个时代被人捧得很高的一种策略：指数被动投资。该策略的主要意思是，散户们高抛低吸无非就是稳定地亏手续费和被收割。主动管理的基金经理们呢？其实也不过是穿着西装的猴子在扔飞镖而已，长期来看能跑赢指数大盘的基金经理寥寥无几，并且很有可能也只不过是一些统计学上的幸存者偏差，俗称“走狗屎运”。近些年来，以美股为代表的指数被动投资实际给投资人的回报很丰厚，于是乎，不必交很多管理费也没有利润分成的指数被动投资大行其道，规模极为庞大。甚至在一些统计口径下，指数被动投资的规模已经是最大的了，是主流投资方式。有很多人在教如何被动定投指数了，相信不少朋友对此已经很熟悉了。<br/><br/>运作的方式是指数 ETF 的管理公司们向指数编制公司订阅编制费用，然后被动投资的 ETF 管理公司的基金经理们严格按照指数编制的比例去市场上买入相关的股票，一旦指数纳入一只新股票，那么就按照比例买入，把剔除的股票卖掉。指数 ETF 公司的盈利逻辑是按照资管的规模向买入 ETF 的投资人收取一定比例的管理费，因为这些基金经理毫无自己的判断在里面，核心的竞争力是谁能更准确地反映指数，于是乎这个赛道的核心 KPI 被称为跟踪误差（Tracking Error），这个误差越少越好。为什么一定会有这个误差呢？因为市场不是理论上预设的光滑无阻力能瞬间成交的，而是有很多手续费和冲击成本的，衡量一个 ETF 被动投资基金的优劣就看它花了多少代价去咬住指数。并且这个代价实际上羊毛出在羊身上，最后还是由投资人支付的管理费来埋单的。这个管理费的比例现在已经卷到很低的水平了，这条赛道目前异常拥挤。单就美股市场而言，这些 ETF 已经有十几万亿美元的 AUM 了，并且还在不断扩大，VOO 单个 ETF 就有万亿美元级的规模，堪称奇观。<br/><br/>指数公司只负责编制指数，它们不关心实操的，纳入和剔除都是瞬间完成的，但真正的指数 ETF 是要在市场上买入卖出的，不是一只真空球形鸡。并且这只“活鸡”已经巨大到对资本市场有举足轻重的影响的地步，且已经出过不少事了。<br/><br/><br/><br/>2020 年的 Tesla 股票纳入指数就是一个典型的案例，2020 年夏天，主动型基金和对冲基金开始大量囤积特斯拉股票。因为根据规则，Tesla 纳入指数几乎成为一件高概率的事情，当然也不排除有大量的人提前收到了消息。于是乎，基金们都开始囤 TSLA 的股票，11 月宣布纳入，股价在几周内飙升超过 50%。纳入日（The Big Bang）：12 月 21 日，标普 500 的被动基金必须买入占其总资产约 1.5% 的特斯拉股票，这相当于当时特斯拉流通盘的 15% 到 20%。当天成交额突破 1500 亿美元。虽然没有买光流通股，但这种极短时间内的“强制配置”导致被动基金是以历史最高溢价成交的。<br/><br/>整个博弈过程，相当于提前知道消息的基金经理们合谋人为抬高了股价，因为最有钱的指数被动基金在纳入日当天一定要不计代价地买入很大量的股票，多高的溢价都要买。因为指数里 TSLA 这样的大市值公司的占比已经不低了，这意味着当天所有的指数 ETF 都要去买一个非常大的量。<br/><br/>指数被动投资基金的经理们其实只是管钥匙的丫鬟，这些基金的实际主人是无数相信了被动投资理念的普通打工人们和大量的退休养老基金。这是一次基金经理们利用规则合法打劫普通人的制度性套利。纳入后的 2021 年，特斯拉股价经历了剧烈回调。被动投资者平均每股比主动投资者贵了 30% 以上。羊毛出在羊身上，被动投资者们结结实实地被宰了一把狠的。<br/><br/>这次事件本来应该引起对该制度漏洞的严肃讨论和监管升级的，然而并没有。TSLA 当时已经是流通量比较大的股票了，这些被动投资基金互相倾轧抢股票没有造成流动性真空。随后的 2024 年日本的小盘股指数调整则没有那么幸运了。<br/><br/>在某些极其冷门的基准指数中，曾出现过因为指数规则调整，要求被动基金买入的量超过了该股连续 30 天日均成交量（ADV）的 1000 倍！这导致相关股票连续数天无量涨停，最后指数公司不得不撤回指令。<br/><br/>也就是说，如果被动投资 ETF 根据指数要买的量超过流通的总量，那么理论上股价会涨到无穷大，当然资金是有限的，但这已经足够证明这个被动投资的游戏规则是有漏洞的，而且很大！<br/><br/>这个漏洞也不是没被利用过，ARM 的故事就是一次规模不小的制度套利。<br/><br/>ARM 作为芯片架构这个领域的稀缺资产，上市后软银持有 90% 以上，只有不到 10% 在外流通。这是舍不得这个宝贝香饽饽不想和人分享的惜售吗？不是的，当时的软银已经处于一个四处漏风的尴尬境地里了，孙正义到处踩坑已经让现金流很紧张、投资人很不满意了。ARM 几乎是孙正义手上为数不多的王牌了，这个时候肯定是需要这一波上市好好补充一下现金流的。那为什么只放出了 10% 的流通股呢？因为只有流通股很稀缺的情况下才能操纵股价啊。<br/><br/>2024 年 2 月，ARM 仅凭一份财报在几天内股价翻倍。因为流通股太少，甚至几亿美元的买盘就能让几百亿市值的公司跳空。并且当时还利用了期权市场的一种叫做 Gamma Squeeze 的效应。<br/><br/>当你买入一张某股票的看涨期权 CALL 的时候，卖给你这张期权的做市商就需要去买入该股票作为对冲，这样股票上涨带来的收益做市商是能给你兑付的。而这里面就有一个很强的杠杆效应，你只需要支付不多的期权费就能获取很大的股票上涨的收益权，这意味着做市商要买很多的股票，也是被动买的。你买的 CALL 的 Delta 有多大，做市商就要买入多少股票，这和指数 ETF 被动投资是一样的，做市商买入不是因为看好，而是不得不买。<br/><br/>于是流通盘极少的 ARM 在利好的财报前，用数量不多的 CALL 就可以引发做市商去抢那些稀缺的流通盘，从而大幅度推高股价。并且，ARM 纳入指数的时候，上面的故事又发生了一遍，指数被动投资基金被迫蒙着眼睛不看价格，对 ARM 的股票按照指数编制的要求买买买，而此时流通盘极少。<br/><br/>这样做对软银有什么好处呢？因为流通盘少，所以他们其实也卖不了很多股票获利。你如果这样想，思路就太窄了。转手，软银就拿自己手上 90% 的股票去做了银行质押贷款，因为少量流通股造成的二级市场估值的上升导致总体市值极大暴涨，就算扣除质押比例依然能让软银在现金流上从窘境突然变成宽裕。<br/><br/>学好不容易，学坏一出溜，这个制度套利能在场外造成次级效应，被所有人看到了。这个能狠宰被动投资基金持有人，也就是用普通打工人和退休基金当冤大头来猛烈推高公司整体市值而获取天量信贷的办法，正被一双双极度渴望现金流的眼睛紧紧盯着。<br/><br/><br/><br/>SpaceX 此次 IPO 可能仅释放约 750 亿美元的股票，仅占其总市值的 4% 左右。这比 ARM 只释放 10% 的流通股要狠得多。这意味着，即便只有极少量的股票在市面上交易，指数基金也将被迫在上市初期就大量买入。而纳斯达克让 SpaceX 仅仅 15 天后就纳入指数，这等于是催着那些在正式纳入之前的套利者们没得选，必须 15 天内就先完成布局，抢这不到 4% 的流通股，好在纳入当天，被动投资基金们被迫用天价去买。<br/><br/>在传统的指数规则中，股票的权重是按 “流通市值” (Free-float Market Cap) 计算的。也就是说，如果一家公司价值 1.7 万亿美元，但只拿 5% 的股票出来上市，那它在指数里的分量就只按这 5%（即 850 亿美元）来算。<br/><br/>然而，纳斯达克 100 指数的新规则（针对市值排名前 40 的“超大型 IPO”）规定：<br/><br/>取消门槛： 以前流通量低于 10% 的公司根本进不去，现在取消了这个硬性限制。<br/><br/>三倍加权： 对于公众持股比例（Free Float）低于 20% 的超级大盘股，纳斯达克在计算其指数权重时，会将其流通比例乘以 3。<br/><br/>如果 SpaceX 的总市值是 1.75 万亿美元，但 IPO 仅释放 4.3% 的流通股：按照旧规则：它的指数权重市值只有$750 亿（跟一些中型科技股差不多）。<br/><br/>按照新规则 (3x)： 纳斯达克会按 ‭‬‭‬ ‭‬‭‬‭‬ 的比例来计算，使其“权重市值”飙升至约 $2250 亿。<br/><br/>结果： 它在纳斯达克 100 指数中的排名会从“一般成员”直接跃升至前十名左右，权重甚至可能超过 Netflix 或 Palantir。<br/><br/>这意味着什么？这意味着按照这个权重市值也就是 $2250 亿去配置的话，流通股在 15 天内还没被炒高的时候就买不到了啊，一共才释放 750 亿的股票。根本买不到，除非价格翻三倍以上，而这 15 天那些贪婪的套利者们会乖乖等被动基金只付出三倍的溢价就完成配置吗？那简直是痴人说梦，那被动投资基金，也就是普通打工人和退休基金们，要支付多高昂的代价去为了这场市值火箭升天来埋单？恐怕是一个天文数字了。<br/><br/>而市值，仅仅是一个估算值而已，它并不真的代表一家公司的价值。参考：一个上市公司的市值高低能说明什么？<br/><br/>那为什么指数公司要人为制造一个三倍的规则呢？这样岂不是人为造成一个流通股不够被动基金买入的局面吗？指数公司和基金公司有仇吗？当然不是，基金公司是他们最大的客户。<br/><br/>指数公司面临一个极大的尴尬：如果只按 4.3% 的真实流通量计入，SpaceX 在指数里的存在感太低，无法反映它对实体经济和市场的情绪影响力。但如果按 100% 全额计入，市场上的股票又根本不够 ETF 基金买的。<br/><br/>“三倍规则”的逻辑是： 既然你流通股少，我就人工“放大”你的影响力，让被动基金多买一点，从而让指数更早、更深地绑定这家明星公司。<br/><br/>所以这是马斯克在利用 SpaceX 的规模和代表性，在绑架指数公司，并且人为控制了一个极小的流通股比例，来结构性地操纵整个市场，以期望让 SpaceX 一旦 IPO 之后就能获得一个火箭上天般的估值增长。这个时候他能有两个后手招：<br/><br/>二级增发股票，既然股价已经推上天了，那么我再发点股票融资合法合理吧，你们抢着要的，我给你们，我是大善人。<br/><br/>利用极高的公司总体估值，去找银行或者目前已经有点离谱的私募信贷公司去融资。不怕抵押比例低，因为市值已经上天，能融到天量的资金。<br/><br/>我猜测后续两招都会用，因为被动 ETF 完全不够买下所有的流通股，即便都买下来也不够的情况，SEC 再装聋作哑也不可能了，必须下场干预，与其让这一场精心策划的方案发展到被国会传唤作证的地步，还不如这个时候就放出更多的流动股好让大家收场，已经美美地收割了巨量的资金了。<br/><br/>并且只要放出的流通股的比例依然克制，那么极高的公司总市值依然可以在信贷融资市场里横着走，你且看放贷人在最后抵押的股票没办法覆盖风险的时候真的对自己的投资人负责吗？私募信贷对投资人两手一摊，我们也没料到啊。大型商业银行对着美联储来一句“你不救我就死给你看”，触发系统性金融危机，大家一拍两散。纯纯的非对称风险套利。参考：不对称责任下的疯狂套利<br/><br/><br/><br/>这场将要到来的天量机构性操纵谁埋单？谁获益？<br/><br/>相信指数别动投资一劳永逸的散户普通投资人们和指望着退休金养老的人们，已经变成了砧板上的肉。15天窗口期里的套利者和最后马斯克自己以及私募轮SpaceX的早期投资人们，将会获得一个万亿级别的资本盛筵。<br/><br/>而监管部门呢？以后还要玻璃旋转门去投行上班的啊，非得阻碍未来老板和客户们发财吗？<br/><br/><br/><br/>你要问我，SpaceX 在 IPO 后的15天窗口里散户怎么套利？怎么利用 Gamma Squeeze也去薅一把离谱的流通股小于ETF配置需求导致的价格火箭？<br/><br/>这种术法肯定是不能公开教的。但存在吗？当然存在。<br/><br/>也许我现在的推演完全都是错的，未来是严格不可预测的，且来看这场好戏吧。 </blockquote> 2026-05-11T12:58:29Z https://yabu.me/nevent1qqs0w8rj3n3vkwpeeyvx7k74jlmml2fsjemxleta545wdm3gce0f8nqpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpupa702pxs3sggxd77ktkd0edgj5ysjzg64s22azf3h7c6jdfankngv0h2 Block 948941<br/><br/>2 - high priority<br/>1 - medium priority<br/>1 - low priority<br/>1 - no priority<br/>1 - purging<br/><br/>#bitcoinfees #mempool 2026-05-11T12:55:01Z https://yabu.me/nevent1qqsxu2yt84rslwhfj084hkq84s0zj723dgf6802p8z4cw4spwp5d4mgpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpajgmy3c532pcyq5tugas5ev22ggn0az8sqhcxu4n3wzdkpq67ae6eg4hl 北卡罗来纳州立大学的毕业生在毕业典礼上迎来一份意外惊喜：担任致辞嘉宾的人承诺替他们免除部分学生债务，让这一届毕业生“能更自由地追求自己的目标”。<br/>富豪的钱就应该这样花比较理想。帮助大学毕业生还教育贷款。 2026-05-11T12:53:34Z https://yabu.me/nevent1qqsp48ptpfesvgm5efvmkga8yxq2rvnyd5h2qs4l0hxtmesu7kneccgpgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpmwxzh6e42qwy58uqr0kg6z6xtxq3p2v9rfyd7tux2k9e8emknyq6c9hr8 My little cutie patotie 🥰✨️ Enzo shark head <img src="https://image.nostr.build/4fb14ec8a8011e4bc62ac96beef4b76b91d8fd57e3a80a0a7ba1a481dd9085bf.jpg"> 2026-05-11T12:53:33Z https://yabu.me/nevent1qqsylslax65ymwr2jn3fwc3j45thpnxp50ylsazsp5n9sdrpkgetv6spgemhxue69uhhyetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0dehhxar4wga8yetvv9uj6er9wchxwatvw4nh2mr49ekk7ef0vfexzan094hx27r4wvpzpca9nyjfx0ylnuklsdzfq40t8pv0zjq0m5x9aku4muytahxjue3yjumfst <br/><br/><br/><br/> <img src="https://blossom.primal.net/3812a94a2f2c3a9d2b85c87666f7ac1900016bdde751e3a9743faea68238726f.jpg"> 2026-05-11T12:51:07Z