alls below the price of Bitcoin, the opposite arbitrage will occuroutput: title: Compilation: Wu Says Blockchain

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

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.

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

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.

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.

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.

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

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

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.

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.

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.

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.

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

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.

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

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?

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

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.

Qiao: That was last week.

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

Qiao: Yeah, I know.

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.

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