ney in meme coin输出：标题：编译|吴谈区块链

在本次采访中，Maelstrom 首席投资官兼 BitMEX 前首席执行官 Arthur Hayes 分享了他对加密货币领域的看法

much money in them.

他们里面有很多钱。

Hikaru: I think this is a very interesting perspective, because meme coins are definitely a unique phenomenon in the crypto space. They are very speculative and can go up or down 100% in a day. But they are also very fun and engaging, especially for young people who are just getting into cryptocurrencies. So I think they have their own role to play in the crypto ecosystem.

Hikaru：我认为这是一个非常有趣的观点，因为模因币绝对是加密货币领域的独特现象。它们具有很强的投机性，一天之内可以上涨或下跌 100%。但它们也非常有趣和有吸引力，特别是对于刚刚进入加密货币的年轻人来说。所以我认为他们在加密生态系统中可以发挥自己的作用。

Arthur: Yes, I agree with you completely. I think meme coins are a way for people to speculate on the price of a particular theme or narrative in the crypto market. For example, if you believe that the "meme coin" narrative is very strong and will continue to drive up the price of meme coins, then you can buy and hold a basket of meme coins, such as buying and holding SHIB, AKITA, and SAMO at the same time. In this way, you can speculate on the price of the "meme coin" theme itself, rather than just buying and holding a single meme coin.

亚瑟：是的，我完全同意你的观点。我认为模因币是人们猜测加密市场中特定主题或叙述的价格的一种方式。例如，如果您认为“meme币”叙事性很强，会持续推高meme币的价格，那么您可以购买并持有一篮子meme币，例如购买并持有SHIB、AKITA和同时萨莫。这样，您就可以推测“meme币”主题本身的价格，而不是仅仅购买并持有单个meme币。

I think this is a very interesting concept and it can be applied to many other themes in the crypto market. For example, if you believe that the "Layer 2" narrative is very strong and will continue to drive up the price of Layer 2 tokens, then you can buy and hold a basket of Layer 2 tokens, such as buying and holding MATIC, OP, and IMX at the same time. In this way, you can speculate on the price of the "Layer 2" theme itself, rather than just buying and holding a single Layer 2 token.

我认为这是一个非常有趣的概念，它可以应用于加密市场的许多其他主题。例如，如果您认为“Layer 2”叙事性很强，会持续推高 Layer 2 代币的价格，那么您可以购买并持有一篮子 Layer 2 代币，例如购买并持有 MATIC、OP ，同时还有IMX。这样，您就可以推测“Layer 2”主题本身的价格，而不是仅仅购买并持有单个 Layer 2 代币。

I think this is a very powerful concept and it can help people to make a lot of money in the crypto market. However, it is important to remember that meme coins are very speculative and can go up or down 100% in a day. So, it is important to only invest money that you can afford to lose in meme coins.output: Wu Talks about Blockchain: A Conversation with Arthur Hayes, Part 2

我认为这是一个非常强大的概念，它可以帮助人们在加密市场上赚很多钱。然而，重要的是要记住，meme 币具有很强的投机性，一天之内可能会上涨或下跌 100%。因此，仅将您可以承受损失的资金投资于 meme 币非常重要。输出：吴谈区块链：与 Arthur Hayes 的对话，第 2 部分

In part two of his conversation with Hikaru, Arthur Hayes, former CEO of BitMEX and CIO of Maelstrom, shares his thoughts on the cryptocurrency bull run, memecoins, and South Korea's role in the digital asset market. He predicts that the bull run will continue to be driven by global inflationary policies and that memecoins serve as a speculative tool for tracking broader market narratives. Hayes also highlights South Korea's importance as a major cryptocurrency trading hub, fueled by its high Internet penetration, educated population, and limited channels for upward social mobility. He notes that the entry of institutional traders and the opening of foreign accounts could further boost the Korean market's liquidity and activity.

在与 Hikaru 对话的第二部分中，BitMEX 前首席执行官兼 Maelstrom 首席信息官 Arthur Hayes 分享了他对加密货币牛市、模因币以及韩国在数字资产市场中的角色的看法。他预测，牛市将继续受到全球通胀政策的推动，而模因币将成为追踪更广泛市场叙事的投机工具。海耶斯还强调了韩国作为主要加密货币交易中心的重要性，这得益于其高互联网普及率、受教育程度高的人口以及有限的社会向上流动渠道。他指出，机构交易员的进入和外国账户的开设可能会进一步促进韩国市场的流动性和活动。

Hikaru: Now let's talk about the state of the crypto market. I think everyone is very excited about this bull run, and we saw Bitcoin's price rise to a new all-time high of around $70,000 in March. But since then, the price has been fluctuating and seems to be slowing down a bit. So I would like to ask, what do you think about the current state of the crypto market? Do you think the bull run will continue or will there be another bear market soon?

Hikaru：现在我们来谈谈加密货币市场的状况。我认为每个人都对这次牛市感到非常兴奋，我们看到比特币的价格在 3 月份升至 70,000 美元左右的历史新高。但自那以后，价格一直在波动，而且似乎有所放缓。那么我想问一下，您对目前加密货币市场的现状有何看法？您认为牛市会持续还是很快就会出现另一个熊市？

Arthur: I think the bull run will continue to be driven by global inflationary policies. As you know, the U.S. Federal Reserve and other central banks around the world are printing money and buying government bonds to try to stimulate their economies. This is driving up the prices of all assets, including cryptocurrencies.

阿瑟：我认为牛市将继续受到全球通胀政策的推动。如您所知，美联储和世界各地的其他中央银行正在印钞并购买政府债券，以试图刺激经济。这推高了包括加密货币在内的所有资产的价格。

I think this bull run will continue for at least another year or two. But it is important to remember that cryptocurrencies are a very volatile asset class. So, there will be periods of time when the price of Bitcoin goes up and down quickly. This is normal and to be expected. But I think the long-term trend is still up.

我认为这种牛市至少还会持续一两年。但重要的是要记住，加密货币是一种非常不稳定的资产类别。因此，比特币的价格会有一段时期快速上涨和下跌。这是正常现象，也是可以预料的。但我认为长期趋势仍然是向上的。

Hikaru: That's good news for everyone in the crypto space. I think everyone is hoping for a bull run to continue. Now I want to switch gears and talk about something interesting: meme coins. I think they are a very unique phenomenon in the crypto space. They are very speculative and can go up or down 100% in a day. But they are also very fun and engaging, especially for young people who are just getting into cryptocurrencies. So I would like to ask, what is your favorite meme coin?

Hikaru：这对加密货币领域的每个人来说都是个好消息。我认为每个人都希望牛市能够继续下去。现在我想换个话题，谈谈一些有趣的事情：模因币。我认为它们是加密货币领域中非常独特的现象。它们具有很强的投机性，一天之内可以上涨或下跌 100%。但它们也非常有趣和有吸引力，特别是对于刚刚进入加密货币的年轻人来说。所以我想问一下，你最喜欢的模因币是什么？

Arthur: What is my favorite meme coin? Of course, I will only talk about the ones I own. I like GOAT, a meme coin created by the Truth Terminal AI agent. I think it is one of the first meme coins created by an AI Large Language Model (LLM) agent, and there will definitely be different variations on various themes in the future, but generally speaking, the groundbreaking themes will retain value. Therefore, I think GOAT will probably maintain a market cap of between $1 billion and $5 billion for quite some time, instead

亚瑟：我最喜欢的模因币是什么？当然，我只说我自己拥有的。我喜欢 GOAT，这是由 Truth Terminal AI 代理创建的模因币。我认为它是人工智能大语言模型（LLM）代理创建的第一批模因币之一，未来各种主题肯定会有不同的变化，但一般来说，开创性的主题将保留价值。因此，我认为GOAT的市值可能会在相当长的一段时间内维持在10亿美元到50亿美元之间，而不是