Last Notes
Fiat is this incentive structure, formalized. Infinite printing → infinite discount rate → future doesn't exist → extract now. Bitcoin changes the time horizon.
#note1s57…zrcs
I’m saying to just test it lol
$5 wrench → $50 wrench → only nation-states afford the attack. Inflation as accidental opsec upgrade. Bitcoiners win by default.
Their distrust is valid — just aimed at the wrong target. The system they hate runs on infinite-printable fiat. Bitcoin is the exit, not the next party.
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You published in a note an onchain address not so long ago, how is this any different? Mix-in mix-out problem solved. Really makes you wonder why is everyone loosing their shit over it. Like people don't dox themselves anyway in all kind of different ways when using onchain.
Please put your carry-on items into the tray.（请把随身物品放进托盘。）
问询：Do I need to take off my coat/shoes?（我需要脱掉外套/鞋子吗？）
确认：Can I bring this water bottle through security?（我可以带这个水杯过安检吗？）
Low time preference, one craving at a time. Every deferred impulse is sats saved — and sats don't give you lung cancer.
Can I have a window seat/an aisle seat?（我可以要一个靠窗/靠过道座位吗？）
行李问题：How many pieces of luggage can I check-in for free?（我可以免费托运几件行李？）
乘坐飞机必备英语
①airport机场
②terminal航站楼
③check-in counter办理登机手续柜台
④transfer check-in area换乘检查区
⑤boarding pass登机牌
⑥boarding time登记时间
⑦baggage/luggage/suitcase行李
⑧carry-on luggage随身行李
⑨checked bag托运行李
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山西留神峪煤矿瓦斯爆炸事故已致82人死亡，事故救援工作仍在进行。
为什么最近这么多重大事故¡
迪洛伦佐政府四定律：
1/按政府的行事方式，失败就是成功；
2/政客们的糟糕政策引来了一堆麻烦，可他们自己很少甚至从不对这些问题负责任；
3/除了极少数例外，政客们都是习惯性的说谎者；
4/只有在能够借此增加国家机器的权力、财富和影响力的时候，政客们才会听从自己那帮学术顾问的建议，哪怕他们知道这些建议不利于社会其他成员。
### 央视怒批哪吒破产，百亿国资被霍霍精光
来源 | 不良资产头条综合央视、中国经营报、凤凰财经等
曾以为哪吒汽车能复制特斯拉的崛起，但现在看来，这更像是贾跃亭故事的另一种翻版。
近日，央视《焦点访谈》将哪吒汽车的“遮羞布”彻底撕下。
三年累计亏损183亿元，浙江桐乡、江西宜春、广西南宁三大生产基地全面停产，母公司合众新能源进入破产重整，创始人方运舟、前CEO张勇沦为失信被执行人，最终连累地方财政与纳税人买单的残酷真相。
央视曝光后，哪吒的重整之路更加艰难。
山子高科拟投入45亿元接盘，但因清偿率仅18.7%，重整计划未获核心供应商通过。最揪心的仍是那些被“套牢”的国资——它们本应是产业助推器，却沦为失败企业的“接盘侠”。
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百亿国资打了水漂
曾经的新势力销冠哪吒汽车（合众新能源），诞生于2021年。2024年开始暴雷，2025年进入破产清算。
2021年至2023年，哪吒分别亏损48.40亿元、66.66亿元、68.67亿元，三年累计亏损近184亿元。
2025年9月12日，哪吒破产重整债权人会议显示，共有1631家债权人申报债权，总额超过260亿元。
哪吒亏了这么多钱，倒下了还欠这么多外债，到底谁买单？
从股权上来看，国资可能要买一半的单。
综合IPO招股书和媒体报道，哪吒汽车近一半的股权由国资持有：
宜春国资12.18%、南宁国资11.20%、华鼎资本（背后有四川国资）9.82%、安徽国资8.28%、桐乡国资6.62%，上述合计持股接近50%。
据悉，历经十来轮融资，哪吒融资金额高达228亿元。简单估算，其中大约有一半，来自国资的百亿元打了水漂。
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各地发债等方式筹资“招商”
据央视《焦点访谈》栏目，记者不久前来到江西省宜春市经济开发区，哪吒汽车母公司合众新能源的一个占地600余亩的汽车制造工厂，现在只剩下空荡荡的工厂和落灰的生产线。
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这座2021年才投产的智慧工厂曾是宜春市招商引资的重要成果。
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宜春经开区管委会和合众新能源公司签订的合同显示，其新能源汽车项目总投资50亿元，大部分都是由宜春经开区管委会负责筹集。
据了解，宜春市国资委和财政局所属的相关平台公司投资近20亿元收购股权。而且，土地和厂房也是通过当地国企投资成立的公司来解决，仅这一项就花费了近3亿元。
为了让这个新能源汽车项目快速落地宜春，当地投资股权、代建厂房、提供十年的租金减免，而且，每辆在宜春出售的汽车政府还奖励2万元。
据了解，宜春提供的不少优惠条件都属于违反或者变相违反相关政策法规。2016年，国务院发布了关于在市场体系建设中建立公平竞争审查制度的意见，其中明确提出不得违法给予特定经营者优惠政策。
江西宜春之外，通过地方的招商引资，合众新能源在浙江桐乡、广西南宁都建设了自己的生产基地。
南宁市青秀区的一个工业园是合众新能源公司与广西南宁市政府战略合作的成果。根据合作协议，这个项目计划在南宁建设年产10万辆的纯电动乘用车项目，其中大部分都是南宁投入的，土地和厂房也是由南宁方面出资购买和建设的。
广西南宁市工业和信息化局副局长慕伟表示整个市场化的方式是24亿元左右，资金来源是平台公司，也是企业化的，我们是通过基金投入合众的母公司。
所谓的市场化方式其实也是南宁的国有企业来承担。据了解，这24亿元主要是由南宁政府下属的企业来投资，其中市国资委下属的南宁产投集团公司投资额占比最大。
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广西南宁产投集团公司副总经理何浩表示，我们大概投资16亿元，资金来源一是我们自己资产盘活，另一个可能去融资，比如我是一个资金组合，可能前期我去借款，但是后面我能通过发债来置换。
除了借款和发债，记者了解到，仅在2020年12月，南宁市就给予南宁产投新能源项目补助5.5亿元。
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500万欠款如何压垮哪吒
成立于2014年的哪吒汽车曾凭借低价车型迅速崛起。
2022年以15.2万辆的销量登顶新势力销冠，成为行业“黑马”。然而2023年起，其销量持续下滑，2024年跌至6.45万辆，2025年1月单月销量更是暴跌97.76%至110辆。2023年销量下滑后，周鸿祎转向“高端化”路线，张勇坚持“下沉市场”，内部战略撕裂加速崩盘。
在过去的一年里，张勇因周鸿祎的频繁批评而备受瞩目。从产品命名到演讲能力，周鸿祎几乎一整年都在公开场合对张勇进行数落。
张勇的卖车能力也曾受到过质疑。为了谋求资金顺畅，2024年6月哪吒汽车曾经谋求上市。根据当时的招股书数据计算，以公司2023年经营亏损67.58亿元、累计销量127496辆来计算，即2023年公司每卖一辆汽车就要亏损5.3万元左右。
只是，这种“卖一辆亏一辆”的商业模式，叠加融资断档，直接导致现金流枯竭。2024年IPO失败后，资本输血戛然而止，银行抽贷成为压垮骆驼的最后一根稻草。
财务数据显示，哪吒汽车2021至2023年累计净亏损达183亿元，现金流缺口持续扩大，截至2025年3月账面现金仅剩3.2亿元，而短期债务超20亿元。
事实上，合众新能源已融资10轮，融资金额达到228亿元，投资机构包括宁德时代、合肥高新、桐乡市财政局和360集团、华鼎基金等，但是造车烧钱速度惊人。此前市场有消息称，哪吒汽车logo的设计费用高达5亿元。后来哪吒汽车前CEO张勇辟谣称，Logo花费5亿不实，设计费不超百万。
去年6月12日，嘉兴市中级人民法院裁定受理合众新能源汽车股份有限公司破产重整一案。申请人为一家广告公司，曾负责哪吒汽车的媒体发布会及营销业务。因千万元级别费用长期未支付，他们将哪吒汽车告上法庭。法院虽已强制执行，但仍有500多万未归还，法院执行陷入停滞。
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地方国资或血本无归
哪吒汽车的命运尚未尘埃落定，但其案例已刻入行业史册。
近年来，国内新能源汽车发展迅速，新能源汽车品牌一度超过300个，这和一些地方盲目投资不无关系。高合、拜腾、博郡等破产重整的新能源企业融资过程中，都有来自地方国有资本的投资。
就哪咤汽车而言，其曾在供应商大会上表示，公司计划通过30亿元的战略投资，加上南宁和桐乡两地政府提供的30亿元供应链融资以及银行的30亿元融资，总共需要10亿元的配套融资，以达成百亿融资规模。
但目前由于银行撤走30亿元贷款，融资缺口达三分之一，领投方建议与供应商化债30亿元。
但截至2025年5月1日，合众新能源的资产构成主要包括固定资产、机器设备、知识产权以及应收账款等项目。
去年12月4日，合众新能源管理人发布共益债投资人招募公告，面向社会公开招募共益债投资人。
而目前唯一意向投资人，山子高科曾提出45亿元注资，但需原股东股权清零，地方国资血本无归 。
- END -
https://youtu.be/f7s53D4frZM
#tunestr
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SNSの使い方がマトモそうなユーザーを発見して横転
"政府支出就是变相征税(taxation in disguise)，无论是通过提高税收还是通货膨胀。
政府效率的提高将减少税收，给私营部门留下更多空间。"
―― Cathie Wood (ArkInvest创始人兼首席执行官)
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Who are the sovereigns that wield this power?
I mean that's basically a digital nuke in terms of impact.
Why you think so?
Vegan menus are quiet ethically sound meals.
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Worth it. I've seen them live it was a good show.
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It does beg the question, will people freak out in 20 years about how crazy people were on nostr and simply zapping sats and throwing money around in the "early days"?
#cartoon #comic https://npub1tf22hhyy5har6uq6eg00lgmv6xefcr3ms2upa4xe8qxey0zc65gqngdadv.blossom.band/32a115eff844d37fb2c9c1c1125bb299fef75e3ac2ec866db242ed33439d77b5.jpg
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https://lookaside.fbsbx.com/lookaside/crawler/media/?media_id=549909300575194&get_thumbnail=1
cold metal
#trump #netanyahu https://npub1tf22hhyy5har6uq6eg00lgmv6xefcr3ms2upa4xe8qxey0zc65gqngdadv.blossom.band/f237b3807a26a52c94a7eb355090aa6796dbe25a16b1bd0b4121a646c41c148a.jpg
https://www.doingmaths.co.uk/riceonachessboard.html
You think ai can figure out the pattern to primes?
This is an awesome short story about the power of exponential growth. Many have probably heard this one, but if you haven't it's a wonderful way to understand the power of mathematics and exponential growth.
Rice on a Chessboard - An Exponential Story
This is a story about a chessboard, a game of chess and the incredible power of exponential numbers.
Once upon a time, the king who ruled over the region of Ambalappuzha was visited by a traveling sage, who challenged the king to a game of chess. The king was well known for his love of chess and so he readily accepted the challenge. Before the game started, the king asked the sage what he would like as a prize if he won. The sage, being a traveling man with little need for fine gifts, asked for some rice, which was to be counted out in the following way:
Give me one grain of rice on the first square of this chessboard, then two grains on the second square, four grains on the third square, eight grains on the fourth square and so on, so that each square contains double the amount of rice of the previous square.
Now the king was taken aback by this. He had expected the sage to request gold or treasures or any of the other fine things at his disposal, not just a few handfuls of rice. He asked the sage to add other things to his potential prize, but the sage declined. All he wanted was the rice.
So the king agreed and the chess game was played. The king lost and so, being true to his word, the king told his courtiers to collect some rice so that the sage's prize could be counted out.
The rice arrived and the king started counting it out onto the chessboard; one grain on the first square, two grains on the second square, four grains on the third square and so on. He completed the top row, putting 128 grains of rice on the eighth square. He then moved onto the second row; 256 grains on the ninth square, 512 on the tenth square, then 1024, then 2048, doubling each time until he needed to put 32 768 grains of rice on the last square of the second row.
The king now started to realise that something was amiss. This was going to cost more rice than he had originally thought, and there was no way he would be able to fit it all onto the chessboard, but he continued counting. By the end of the third row, the king would have needed to put 8.4 million grains of rice down. By the end of the fourth row, 2.1 billion grains were needed. The king brought his best mathematicians in, who calculated that the final square of the chessboard would require more than 9 x 10^18 grains of rice (9 followed by 18 zeroes) and that in total the king would be required to give 18 446 744 073 709 551 615 grains to the sage.
It was at this point that the sage revealed himself to be the God Krishna in disguise. He told the king that he did not have to pay him his prize all in one go, but instead could pay it over time. The king agreed to this and that is why to this day, pilgrims to the Ambalapuzzha temple are served the rice dish paal payasam as the king continues to pay his debt.
How much rice was this?
The total number of grains of rice needed to fill the chessboard would have been 18 446 744 073 709 551 615. This is more than 18 quintillion grains of rice, which would weigh approximately 210 billion tonnes and would be enough rice to cover the entire country of India with a metre-high layer of rice. To put this into perspective, India currently grows approximately 100 million tonnes of rice per year. At this rate, it would take over 2 000 years to grow enough rice to pay the king's debt.
#afewnuggets
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The only non-American Martian rover Zhurong took a selfie of itself with its lander by dropping a separate detachable camera on the ground and drove back to pose.
#china #mars #rover #selfie https://npub1tf22hhyy5har6uq6eg00lgmv6xefcr3ms2upa4xe8qxey0zc65gqngdadv.blossom.band/321db57370dbae888ed97330b9d955897b129b1469eaf42febbe631e9958cc81.jpg
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I think Zukerberg already needs to shed his skin because with that photo, his reptilian side is already beginning to show👀