DeepSeek造成了深层损失

昨天，每个人和母亲都在谈论DeepSeek AI，老实说，出于充分的理由 - 这个故事是疯狂的。

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In This Issue:

在这个问题中：

DeepSeek Delivers Deep Losses

DeepSeek造成了深层损失

Bitcoin Thoughts And Analysis

比特币思想和分析

Legacy Markets

传统市场

How Big Was NVDIA’s Drop?

NVDIA的下降有多大？

MicroStrategy Has Found Another Way To Buy More Bitcoin

MicroStrategy找到了另一种购买更多比特币的方法

One Million Tokens Are Created Every Week

每周创建一百万个令牌

Erik Voorhees Launches VVV

Erik Voorhees启动VVV

DeepSeek Delivers Deep Losses

DeepSeek造成了深层损失

Everyone and their mother was talking about DeepSeek AI yesterday, and honestly, for good reason—this story is wild. I’m not about to act like an AI guru who can dissect every technical detail or explain why life as we know it has changed forever. What I can do, however, is connect this development to a bigger picture that I actually understand—and, of course, tie it back to Bitcoin.

昨天，每个人和母亲都在谈论DeepSeek AI，老实说，出于充分的理由 - 这个故事是疯狂的。我不是要像AI Guru那样行事，他可以剖析每个技术细节，也可以解释为什么我们所知道的生活已经永远改变了。但是，我能做的就是将这一开发与我真正理解的更大图景联系起来，当然，它将其与比特币联系起来。

Here’s the quick rundown of why everyone is buzzing about DeepSeek AI and why markets are losing their collective minds. DeepSeek is a China-based company now emerging as a serious rival to OpenAI and Google in the AI race. Yesterday, it officially dethroned ChatGPT in the Apple App Store, becoming the most downloaded free app. I haven’t tested the app myself, but the word on the street is that it’s just as good—if not better—than ChatGPT.

这就是为什么每个人都对DeepSeek AI嗡嗡作响的快速失败，以及为什么市场失去集体思维。 DeepSeek是一家总部位于中国的公司，目前正在成为AI竞赛中的Openai和Google的认真对手。昨天，它在Apple App Store中正式破坏了Chatgpt，成为下载最多的免费应用程序。我本人还没有测试过该应用程序，但是街上的词是比chatgpt一样好（如果不是更好）。

And here’s the part that has everyone’s jaws on the floor: DeepSeek was reportedly built for just $5.6 million. Let that sink in. In the U.S., it’s been widely assumed that cutting-edge AI development requires tens, if not hundreds, of billions of dollars. DeepSeek’s success is not only disruptive but it is also completely reshaping assumptions about the cost of success in the AI space.

这是每个人的下巴都在地板上的部分：据报道，DeepSeek的建造仅为560万美元。让它沉入。在美国，人们普遍认为，尖端的AI开发需要数十亿美元（即使不是数百美元）。 DeepSeek的成功不仅是破坏性的，而且还完全重塑了对AI领域成功成本的假设。

I want to steer this conversation to a book that many Bitcoiners hold in high regard: The Price of Tomorrow, by my friend Jeff Booth. Released in January 2020, it was a bold and forward-thinking commentary on the deflationary impact of technology. What makes its timing extraordinary is how it predates so many seismic events: the COVID-19 pandemic, the Federal Reserve’s money printing frenzy, the 2020 Bitcoin halving, and the ongoing AI revolution. Booth’s insights feel even more prescient today.

我想将这次对话引导到许多比特币高度重视的书中：我的朋友杰夫·布斯（Jeff Booth）的明天价格。这是2020年1月发行的，对技术的通缩影响是一篇大胆而具有前瞻性的评论。它使得它非同寻常的原因是它如何早于如此众多的地震事件：Covid-19-大流行，美联储的货币印刷狂热，2020年的比特币减半以及正在进行的AI革命。布斯的见解今天感觉更为有先见之明。

“Technology is a deflationary force so great that, in the end, nothing we do will stop it.” — Jeff Booth

“技术是一种非常出色的通缩力，以至于最终我们所做的任何事情都不会阻止它。” - 杰夫·布斯（Jeff Booth）

Booth argues that our inflation-reliant economic system is fundamentally unsustainable. While governments and central banks depend on inflation to drive growth, technological advancements are an unstoppable deflationary force working in direct opposition to this model. While the idea of a debt-fueled economy is widely accepted, the deflationary pressure from tech isn’t as intuitive—until you really think about it. Once understood, it’s impossible to ignore.

布斯认为，我们的依靠通货膨胀的经济体系从根本上是不可持续的。尽管政府和中央银行依靠通货膨胀来推动增长，但技术的进步是直接反对该模型的不可阻挡的通缩力。尽管债务驱动的经济的想法被广泛接受，但技术的通缩压力并不那么直观 - 直到您真正考虑它。一旦理解，就不可能忽略。

Deflationary technologies are everywhere. Smartphones grow more powerful and affordable over time. They consolidate multiple devices into one, with largely free apps. Streaming services like Netflix and Amazon Prime deliver more value than traditional cable at a fraction of the cost. Booth extends this logic to automation, artificial intelligence, and renewable energy—all of which reduce costs, boost productivity, and make goods and services more abundant, driving prices down. He warns that our relentless money printing will only exacerbate inequality and lead to social instability. His proposed solution? Embrace deflation by shifting to a sound, decentralized monetary system like Bitcoin.

通缩技术无处不在。随着时间的流逝，智能手机的强大和负担得起。他们将多个设备合并为一个免费的应用程序。 Netflix和Amazon Prime之类的流媒体服务比传统电缆的成本比传统电缆具有更多的价值。 Booth将这种逻辑扩展到自动化，人工智能和可再生能源 - 所有这些逻辑都降低了成本，提高生产率并使商品和服务更加丰富，从而降低了价格。他警告说，我们无情的金钱印刷只会加剧不平等现象并导致社会不稳定。他提出的解决方案？通过转移到像比特币这样的声音，分散的货币体系来拥抱放气。

Here are two standout quotes from Booth’s book:

这是布斯书中的两个杰出语录：

“The majority of the deflation is still in front of us—driven by technology advancing at an exponential rate. If it ‘only’ took $185 trillion of debt over the last twenty years to fight the deflation and drive growth, then it might take that number again, but this time over the next thirty-six or so months. And eighteen months after that, a further $370 trillion.”

“大多数通缩仍在我们面前，这是由技术以指数级的速度驱动的。如果在过去的二十年中“只”耗费了185万亿美元来与通缩和推动增长作斗争，那么这可能会再次花费这个数字，但是这次是在接下来的三十六个左右的几个月中。在那之后的十八个月，另外370万亿美元。”

“Our economic systems were not built for a world driven by technology where prices keep falling. They were built for a pre-technology era when labour and capital were inextricably linked, an era that counted on growth and inflation, an era where we made money from scarcity and inefficiency. That era is over. But we keep on pretending that those economic systems still work.”

“我们的经济体系不是为由价格下跌的技术驱动的世界而建造的。它们是为劳动力和资本密不可分的技术时代建造的，这个时代依靠增长和通货膨胀，在这个时代，我们从稀缺性和效率低下赚钱。那个时代结束了。但是我们一直假装那些经济体系仍然有效。”

DeepSeek’s breakthrough yesterday epitomizes Booth’s thesis. A Chinese company competing with OpenAI and Google for a fraction of the cost is a

DeepSeek昨天的突破体现了Booth的论文。一家与Openai和Google竞争的中国公司的成本很少，这是