好几个hedge fund朋友问我要不要买，我的回复都是“一般”。在一个有海盗的行业里做海军，太辛苦了。第一，p/e，贵；第二，distribution cost高，50%的钱都给了coinbase赚了(就和一个游戏工作室交税给腾讯一样），不像usdt（他们不给流量场景端-交易所们补贴，照样是行业第一）；第三，和“离岸欠合规玩家”比，做“合规”最大的代价就是“贵”，最后影响净利润，usdt作为“欠合规玩家/行业第一”，也在逐渐上岸（cantor投了他们/ceo去了白宫参加会议投诚）；第四，哪怕在“合规”的赛道，好像circle也并没有靠10多年的积累换来真正的护城河。未来拥有场景和流量的玩家也会自己发，paypal已经发了，甚至现在每天用swift经手>5万亿美元转账量的几大Correspondent Banks（jp morgan等）都可能下场，“合规赛道”也一样是个无限游戏。
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