Regarding $153 million of “Non-Recurring Income” in CRCL's $214 million Net Profit
CRCL (Circle) 2025 Q3 Financial Report:
GAAP Net Profit: $214 million
Of which Non-Recurring Gain: $153 million
➤ Net profit is about $61 million = $61 million
✅ What is this $153 million “non-recurring income”?
Fair value changes in investments (mainly proprietary USDC reserve fund shares)
Circle holds shares in the **Circle Reserve Fund (managed by BlackRock)**, part of which is the company’s own invested capital, recorded on the company's books as “investment assets.”
Due to interest rate fluctuations in the

In addition to the well-known robots and such, AGENT will also become a massive industry in the implementation of AI. Robots, drones, computers, and smartphones will all have built-in AGENTs.
I can think of two areas of advantage that have not yet been widely considered:
First is Pinduoduo—the business model ensures that AGENT will only choose it.
Second is stablecoins—this is the only payment option for AGENT.

@nanbeiblock High-level player CJ

As long as your understanding of the world surpasses 99% of people, you will become part of that 1%.

On one side is Wei Shen's impressive trading skills in the real market, while on the other side is a trading novice like me chasing the price and selling with bearish market in a volatile market. The difference in talent is truly remarkable.
Besides keeping Bitcoin in a cold wallet, I also planned to engage in trading with other funds, but the results were a mess, sweating profusely, and still ended up with a negative return:
First, I cleared my position at 95000 and sold all the altcoins, not bad.
Then I went all in at 81000 and 84000, not bad.
As a result, I sold after a sharp fall of 84

Xiaoli joined the new company.
HR mocked her for not having an English name.
Xiao Li had no choice but to fill in one: MOM

In a quiet group, I suddenly saw someone ask: Is there still an alt season? I laughed out loud...
But after laughing, he felt a bit sad. He glanced at the group and saw that no one answered his question...

The business model of tobacco has high gross margins, low expenses, and the right to raise prices, but Bamang decided not to invest. They said that investing in tobacco would be bothersome and uncomfortable because they would draw a moral and ethical line based on their worldview.
Perhaps this is the difference between great investors and ordinary retail investors like me.
Because I feel that there is a demand for casinos, and if there is an opportunity for early investment $hype to earn 10 times, I do not feel any moral pressure.

AGI is the dream that supports the surge of US stocks.
Is it possible for this dream to be realized in 50 or even 100 years?
The benefit is that no one can disprove it. Suddenly, I feel that the story told by the funds bullish on AI in the US stock market is too great in terms of creativity.

In a Bear Market, I feel allergic to the following words; I want to vomit just hearing them:
Flywheel, Spiral, Double Click, Critical Hit, Surge, 10x

Getting a Hong Kong card is simple, but the most important point to remember is:
Absolutely do not use HSBC, Standard Chartered and other banks to receive funds from the crypto world, you will eventually get your account banned!
These banks are great and should be cherished; they are essential in certain scenarios.
You can use payment methods like ZhongAn and MOX, and then even enter the stock market and come out later to go to HSBC.

As an old sucker, this bear market is obviously different:
1. In the past, altcoins were essential for bottom fishing, but this time everyone is completely uninterested.
2. In the past, there were people investing in the top 100 altcoins by market cap, but now no one dares to.
3. In the last bull market, no matter how badly BTC dropped, those who bought the dip were very optimistic about the future. This time, many old OGs have sold the BTC and ETH they held for many years.
4. In the past, the cryptocurrency space was a huge innovation; now, AI is the innovation of a civilizational level.

After driving a TSL, what I once thought was cool, like a Bentley, now feels like a carriage that is just decorated very luxuriously.

I found something particularly interesting: having chatgpt and gemeni debate some questions I care about, letting them each provide their proposals, and then repeatedly critique each other's proposals. I noticed that at the beginning, they were very polite and absorbed from each other.
However, after discussing several times, both sides will get heated, start to launch personal attacks against each other, and begin to mock some of each other's decisions.

Someone in the country should create an app called True Knowledge.
Just create a Zhihu that doesn't allow storytelling.
Let Zhihu return to zero.
Every answer below is a pile of fabricated stories, mocking those who already have little knowledge.