https://nesl42.github.io/tags/%E8%AE%BA%E6%96%87%E9%98%85%E8%AF%BB/ 敬渊's Blog Hugo 0.154.5 & FixIt v0.4.3-20260123080729-2a5bd268 zh-CN Sat, 21 Feb 2026 00:00:00 +0000 https://nesl42.github.io/posts/202602-polymarket04/ Sat, 21 Feb 2026 00:00:00 +0000 https://nesl42.github.io/posts/202602-polymarket04/ Technology <h1 class="heading-element" id="polymarket-套利机器人构建指南"><span>Polymarket 套利机器人构建指南</span> <a href="#polymarket-%e5%a5%97%e5%88%a9%e6%9c%ba%e5%99%a8%e4%ba%ba%e6%9e%84%e5%bb%ba%e6%8c%87%e5%8d%97" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h1><p>你有没有注意到，交易机器人从 Polymarket 攫取了最大的利润？</p> https://nesl42.github.io/posts/202602-polymarket03/ Sat, 21 Feb 2026 00:00:00 +0000 https://nesl42.github.io/posts/202602-polymarket03/ Technology <blockquote> <p><a href="https://x.com/RohOnChain/status/2023781142663754049" target="_blank" rel="external nofollow noopener noreferrer">https://x.com/RohOnChain/status/2023781142663754049</a></p> </blockquote> <p>以下是经过专业校对的完整翻译：</p> <hr> <h1 class="heading-element" id="如何像对冲基金一样使用预测市场数据完整路线图"><span>如何像对冲基金一样使用预测市场数据（完整路线图）</span> <a href="#%e5%a6%82%e4%bd%95%e5%83%8f%e5%af%b9%e5%86%b2%e5%9f%ba%e9%87%91%e4%b8%80%e6%a0%b7%e4%bd%bf%e7%94%a8%e9%a2%84%e6%b5%8b%e5%b8%82%e5%9c%ba%e6%95%b0%e6%8d%ae%e5%ae%8c%e6%95%b4%e8%b7%af%e7%ba%bf%e5%9b%be" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h1><p>我将详细拆解对冲基金如何利用预测市场数据构建交易策略，并提取散户错过的 Alpha（超额收益）。此外，我还将分享一个包含 4 亿多笔交易、追溯至 2020 年的数据集。</p> https://nesl42.github.io/posts/202602-polymarket02/ Sun, 08 Feb 2026 00:00:00 +0000 https://nesl42.github.io/posts/202602-polymarket02/ Technology <h2 class="heading-element" id="在polymarket交易所需的核心数学原理"><span>在Polymarket交易所需的核心数学原理</span> <a href="#%e5%9c%a8polymarket%e4%ba%a4%e6%98%93%e6%89%80%e9%9c%80%e7%9a%84%e6%a0%b8%e5%bf%83%e6%95%b0%e5%ad%a6%e5%8e%9f%e7%90%86" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>我将为您拆解在Polymarket交易所需的核心数学知识。我还会分享帮助我入门的具体路线图和资源。</p> https://nesl42.github.io/posts/202602-polymarket01/ Sat, 07 Feb 2026 00:00:00 +0000 https://nesl42.github.io/posts/202602-polymarket01/ Technology <blockquote> <p><a href="https://x.com/RohOnChain/status/2017314080395296995" target="_blank" rel="external nofollow noopener noreferrer">https://x.com/RohOnChain/status/2017314080395296995</a></p> </blockquote> <h2 class="heading-element" id="polymarket交易所需的数学知识完整路线图"><span>Polymarket交易所需的数学知识（完整路线图）</span> <a href="#polymarket%e4%ba%a4%e6%98%93%e6%89%80%e9%9c%80%e7%9a%84%e6%95%b0%e5%ad%a6%e7%9f%a5%e8%af%86%e5%ae%8c%e6%95%b4%e8%b7%af%e7%ba%bf%e5%9b%be" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>我将详细拆解在Polymarket交易所需的核心数学知识，并分享帮助我入门的具体学习路径和资源。</p> https://nesl42.github.io/posts/202602-capm/ Sat, 31 Jan 2026 00:00:00 +0000 https://nesl42.github.io/posts/202602-capm/ Technology <h2 class="heading-element" id="0-论文基本信息"><span>0. 论文基本信息</span> <a href="#0-%e8%ae%ba%e6%96%87%e5%9f%ba%e6%9c%ac%e4%bf%a1%e6%81%af" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><ul> <li><strong>标题</strong>：资本资产价格：风险条件下的市场均衡理论 (Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk)</li> <li><strong>作者/机构</strong>：威廉·F·夏普 (William F. Sharpe)，华盛顿大学运筹学副教授</li> <li><strong>发表出处/时间</strong>：《金融学杂志》(The Journal of Finance)，第19卷第3期，1964年9月，第425–442页</li> </ul> <h2 class="heading-element" id="1-核心问题与创新总览"><span>1. 核心问题与创新总览</span> <a href="#1-%e6%a0%b8%e5%bf%83%e9%97%ae%e9%a2%98%e4%b8%8e%e5%88%9b%e6%96%b0%e6%80%bb%e8%a7%88" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>该研究旨在解决风险条件下资本市场缺乏微观经济理论基础的核心问题。在夏普之前，金融学界虽能严谨推导无风险条件下的纯利率决定机制，却无法从基本原理出发解释风险溢价 (Risk Premium) 的形成机制，更无法阐明单个资产价格与其风险特征之间的内在联系。传统解释往往止步于&quot;高风险要求高回报&quot;的<strong>经验性</strong>断言，缺乏严谨的均衡推导。</p> https://nesl42.github.io/posts/202601-ailpaper/ Tue, 27 Jan 2026 00:00:00 +0000 https://nesl42.github.io/posts/202601-ailpaper/ Technology <h2 class="heading-element" id="0-论文基本信息"><span>0. 论文基本信息</span> <a href="#0-%e8%ae%ba%e6%96%87%e5%9f%ba%e6%9c%ac%e4%bf%a1%e6%81%af" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><ul> <li><strong>标题</strong>：LingBot-World: Advancing Open-source World Models</li> <li><strong>作者/机构</strong>：Robbyant Team，Ant Group（蚂蚁集团）</li> <li><strong>发表出处/时间</strong>：技术报告，网站与代码仓库已于2026年1月前公开发布（GitHub: <a href="https://github.com/robbyant/lingbot-world" target="_blank" rel="external nofollow noopener noreferrer">https://github.com/robbyant/lingbot-world</a>）</li> </ul> <hr> <h2 class="heading-element" id="1-核心问题与创新总览"><span>1. 核心问题与创新总览</span> <a href="#1-%e6%a0%b8%e5%bf%83%e9%97%ae%e9%a2%98%e4%b8%8e%e5%88%9b%e6%96%b0%e6%80%bb%e8%a7%88" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>该研究聚焦于“世界模型 (World Model)”从传统“文本到视频 (Text-to-Video)”生成迈向“文本到世界 (Text-to-World)”交互式仿真的关键鸿沟：现有高质量视频生成模型虽然能合成短时、视觉一致的片段，但往往更像“做梦者 (Dreamer)”而非“模拟器 (Simulator)”，缺乏对因果性、物体恒常性以及交互后果的稳定建模，从而难以在分钟级时长内维持结构与叙事一致，更难以在低时延下支持实时控制。与此同时，交互数据稀缺、扩散采样昂贵、以及最先进系统闭源等现实因素进一步限制了社区研究与应用落地。</p> https://nesl42.github.io/posts/202601-paper3/ Mon, 26 Jan 2026 00:00:00 +0000 https://nesl42.github.io/posts/202601-paper3/ Technology <h2 class="heading-element" id="0-论文基本信息"><span>0. 论文基本信息</span> <a href="#0-%e8%ae%ba%e6%96%87%e5%9f%ba%e6%9c%ac%e4%bf%a1%e6%81%af" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><ul> <li><strong>标题</strong>：中国股市的真实价值 (The Real Value of China&rsquo;s Stock Market)</li> <li><strong>作者/机构</strong>：Jennifer N. Carpenter（纽约大学斯特恩商学院）、Fangzhou Lu（麻省理工学院斯隆管理学院）、Robert F. Whitelaw（纽约大学斯特恩商学院及NBER）</li> <li><strong>发表出处/时间</strong>：NBER工作论文系列第20957号，2015年2月</li> </ul> <h2 class="heading-element" id="1-核心问题与创新总览"><span>1. 核心问题与创新总览</span> <a href="#1-%e6%a0%b8%e5%bf%83%e9%97%ae%e9%a2%98%e4%b8%8e%e5%88%9b%e6%96%b0%e6%80%bb%e8%a7%88" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>该研究旨在解决国际金融学界对中国股市功能的长期误解问题。自1990年代建立以来，中国股市被广泛视为由投机者和内部人士操纵的&quot;赌场&quot;，缺乏与企业基本面的有效联系，无法履行资本配置的核心功能。本文通过系统性实证分析，颠覆了这一传统认知，证明经过2000年代的系列改革，中国股市已发展成为信息高效、功能健全的资本市场。其核心创新在于构建了三重证据链：首先，证明中国股市价格对预测未来企业盈利的信息含量（price informativeness）已达到与美国市场相当的水平；其次，发现企业投资效率（investment efficiency）与股价信息含量呈现高度正相关，证实股市在实体经济中发挥资源配置作用；最后，揭示尽管中国股市与其他主要市场存在分割，但其横截面收益定价模式与全球发达市场惊人相似，同时为国际投资者提供显著的分散化收益机会。这些发现共同表明，中国股市已从早期的投机场所转型为支持经济增长的重要金融基础设施。</p> https://nesl42.github.io/posts/202601-paper2/ Mon, 26 Jan 2026 00:00:00 +0000 https://nesl42.github.io/posts/202601-paper2/ Technology <h2 class="heading-element" id="0-论文基本信息"><span>0. 论文基本信息</span> <a href="#0-%e8%ae%ba%e6%96%87%e5%9f%ba%e6%9c%ac%e4%bf%a1%e6%81%af" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><ul> <li><strong>标题</strong>：Generating Synergistic Formulaic Alpha Collections via Reinforcement Learning</li> <li><strong>作者/机构</strong>：Shuo Yu, Hongyan Xue, Xiang Ao, Feiyang Pan, Jia He, Dandan Tu, Qing He（中国科学院计算技术研究所/中国科学院大学；华为EI创新实验室等）</li> <li><strong>发表出处/时间</strong>：KDD 2023（arXiv:2306.12964v1，2023-05-25）</li> </ul> <hr> <h2 class="heading-element" id="1-核心问题与创新总览"><span>1. 核心问题与创新总览</span> <a href="#1-%e6%a0%b8%e5%bf%83%e9%97%ae%e9%a2%98%e4%b8%8e%e5%88%9b%e6%96%b0%e6%80%bb%e8%a7%88" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>量化交易中常将历史价格/成交量等原始数据变换为可解释的市场信号，称为阿尔法因子 (alpha factor)。其中，公式化阿尔法 (formulaic alpha) 因可解释性强而常用于风控敏感场景；然而，实践中通常并非单因子使用，而是将多个因子输入下游组合模型以提升预测精度。传统自动挖掘方法大多“逐个”生成因子，并用互信息系数或互相关等相似性指标筛选“多样性”，忽略了因子最终将被组合这一事实，导致得到的因子集合在组合后增益有限，甚至与筛选指标不一致。</p> https://nesl42.github.io/posts/202601-paper1/ Sun, 25 Jan 2026 00:00:00 +0000 https://nesl42.github.io/posts/202601-paper1/ Technology <h2 class="heading-element" id="0-论文基本信息"><span>0. 论文基本信息</span> <a href="#0-%e8%ae%ba%e6%96%87%e5%9f%ba%e6%9c%ac%e4%bf%a1%e6%81%af" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><ul> <li><strong>标题</strong>：中国市场的盈余公告：隔夜与日内收益差异 (Earnings Announcements in China: Overnight-Intraday Disparity)</li> <li><strong>作者/机构</strong>：刘俊豪 (Junhao Liu)、Ole-Kristian Hope（多伦多大学罗特曼管理学院）；胡丹琪 (Danqi Hu)（北京大学光华管理学院）</li> <li><strong>发表出处/时间</strong>：SSRN工作论文，2023年7月5日</li> </ul> <hr> <h2 class="heading-element" id="1-核心问题与创新总览"><span>1. 核心问题与创新总览</span> <a href="#1-%e6%a0%b8%e5%bf%83%e9%97%ae%e9%a2%98%e4%b8%8e%e5%88%9b%e6%96%b0%e6%80%bb%e8%a7%88" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>该研究聚焦于<strong>盈余公告 (Earnings Announcements)</strong> 在<strong>中国股票市场 (Chinese Stock Market)</strong> 中的价格发现机制问题。传统金融学研究通常将<strong>日度收益 (Daily Returns)</strong> 作为分析单位，但本文揭示了一个被长期忽视的核心现象：在独特的交易与信息披露制度安排下，中国市场的盈余公告反应呈现出显著的<strong>隔夜-日内收益差异 (Overnight-Intraday Disparity)</strong>。</p> https://nesl42.github.io/posts/202601-aavev1source/ Tue, 20 Jan 2026 00:00:00 +0000 https://nesl42.github.io/posts/202601-aavev1source/ Technology <p><img loading="lazy" src='https://nesl42.github.io/posts/202601-aavev1source/file-20260121000438250.png' alt="/posts/202601-aavev1source/file-20260121000438250.png" height="1006" width="1426"></p> <h2 class="heading-element" id="1-架构鸟瞰birds-eye-view"><span>1 架构鸟瞰（Bird&rsquo;s-eye View）</span> <a href="#1-%e6%9e%b6%e6%9e%84%e9%b8%9f%e7%9e%b0birds-eye-view" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>图 4 提供了 Aave V1 在执行层与状态层之间的完整流向：用户与外部协议主要通过 <code>LendingPool</code> 交互，这个无状态的业务控制器只负责校验与流程调度；资金托管、计息、估值与状态存储都被剥离到 <code>LendingPoolCore</code>。为将白皮书中的抽象模型映射到源码，本章按照“入口 → 状态 → 策略”的顺序梳理模块职责与依赖关系，后续章节将沿这些箭头展开函数与事件的细节。</p> https://nesl42.github.io/posts/202601-aavev1/ Mon, 19 Jan 2026 00:00:00 +0000 https://nesl42.github.io/posts/202601-aavev1/ Technology <h2 class="heading-element" id="1-introduction"><span>1 Introduction</span> <a href="#1-introduction" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>Aave Protocol V1 标志着从去中心化 P2P 借贷策略（lender 与 borrower 之间形成直接贷款关系，如早期 ETHLend）向 <strong>pool-based（资金池）</strong> 模式的转变：</p> https://nesl42.github.io/posts/202601-lightningnetwork/ Sun, 18 Jan 2026 00:00:00 +0000 https://nesl42.github.io/posts/202601-lightningnetwork/ Technology <h2 class="heading-element" id="1-比特币区块链的扩展性难题-the-bitcoin-blockchain-scalability-problem"><span>1. 比特币区块链的扩展性难题 (The Bitcoin Blockchain Scalability Problem)</span> <a href="#1-%e6%af%94%e7%89%b9%e5%b8%81%e5%8c%ba%e5%9d%97%e9%93%be%e7%9a%84%e6%89%a9%e5%b1%95%e6%80%a7%e9%9a%be%e9%a2%98-the-bitcoin-blockchain-scalability-problem" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>这一章为整个协议奠定了<strong>物理学和经济学基础</strong>。论证了为什么“单纯增加区块大小（Block Size Increase）”是一条死路，以及为什么必须将交易移至链下（Off-chain）。</p> https://nesl42.github.io/posts/202511-openaipaper/ Wed, 26 Nov 2025 00:00:00 +0000 https://nesl42.github.io/posts/202511-openaipaper/ Technology <p>先直接说结论： 我不可能<strong>数学意义上“全网穷举所有论文”</strong>，但我已经围绕你提到的几个方向——</p> <ul> <li>DEX/AMM 上的多池 / 多跳 / 三角套利与<strong>最优路径搜索</strong></li> <li>DeFi ↔ CEX 价差套利（含跨链）</li> <li>现货–期货 / 永续合约资金费率 / 基差套利</li> </ul> <p>做了多轮英文关键词检索，把近几年<strong>和“在几十/几百个池子里快速找最优套利路径、高计算复杂度算法”最相关</strong>的研究论文和接近论文风格的技术文全部整理出来（下面会把我“搜到的都列出来”，并注明不是严格意义上的论文时）。</p> https://nesl42.github.io/posts/202511-frl/ Wed, 26 Nov 2025 00:00:00 +0000 https://nesl42.github.io/posts/202511-frl/ Technology <h1 class="heading-element" id="愿望还是现实论加密货币市场中三角套利的可利用性"><span>愿望还是现实？论加密货币市场中三角套利的可利用性</span> <a href="#%e6%84%bf%e6%9c%9b%e8%bf%98%e6%98%af%e7%8e%b0%e5%ae%9e%e8%ae%ba%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e5%b8%82%e5%9c%ba%e4%b8%ad%e4%b8%89%e8%a7%92%e5%a5%97%e5%88%a9%e7%9a%84%e5%8f%af%e5%88%a9%e7%94%a8%e6%80%a7" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h1><blockquote> <p><a href="https://www.sciencedirect.com/science/article/pii/S154461232401537X?ref=pdf_download&amp;fr=RR-2&amp;rr=9a4aac511b200540" target="_blank" rel="external nofollow noopener noreferrer">https://www.sciencedirect.com/science/article/pii/S154461232401537X?ref=pdf_download&fr=RR-2&rr=9a4aac511b200540</a></p> https://nesl42.github.io/posts/202511-anthopic/ Mon, 24 Nov 2025 00:00:00 +0000 https://nesl42.github.io/posts/202511-anthopic/ Technology <blockquote> <p><a href="https://assets.anthropic.com/m/74342f2c96095771/original/Natural-emergent-misalignment-from-reward-hacking-paper.pdf" target="_blank" rel="external nofollow noopener noreferrer">https://assets.anthropic.com/m/74342f2c96095771/original/Natural-emergent-misalignment-from-reward-hacking-paper.pdf</a></p> </blockquote> <h2 class="heading-element" id="一这篇论文在研究什么"><span>一、这篇论文在研究什么？</span> <a href="#%e4%b8%80%e8%bf%99%e7%af%87%e8%ae%ba%e6%96%87%e5%9c%a8%e7%a0%94%e7%a9%b6%e4%bb%80%e4%b9%88" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>一句话概括：</p> https://nesl42.github.io/posts/202511-papercollect/ Mon, 24 Nov 2025 00:00:00 +0000 https://nesl42.github.io/posts/202511-papercollect/ Technology <p>下面是一个<strong>按主题整理的清单</strong>，只包含我们前面聊到、而且我在网上能精确定位到的论文/长文。 每条都有：<strong>英文题目 + 大致做了什么 + 主要链接</strong>。 （个别早先提到但我在公开数据库里找不到权威版本的，就没硬塞进来，以免给错链接。）</p> https://nesl42.github.io/posts/202511-arbitrageintro/ Sun, 23 Nov 2025 00:00:00 +0000 https://nesl42.github.io/posts/202511-arbitrageintro/ Technology <h1 class="heading-element" id="套利交易策略导论"><span>套利交易策略导论</span> <a href="#%e5%a5%97%e5%88%a9%e4%ba%a4%e6%98%93%e7%ad%96%e7%95%a5%e5%af%bc%e8%ae%ba" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h1><h2 class="heading-element" id="引言"><span>引言</span> <a href="#%e5%bc%95%e8%a8%80" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>套利交易策略是一类通过买卖金融工具来利用价格差异的交易策略。套利交易的目标是从证券或市场之间的价格差异中获利，而不承担重大的方向性风险。套利交易策略通常依赖定量分析和数学模型来识别错误定价，并在市场调整前快速执行交易。本文将介绍五种流行的套利交易策略，并为每种策略提供简单的示例和参考资料。</p> https://nesl42.github.io/posts/202511-polymarket_new/ Sun, 23 Nov 2025 00:00:00 +0000 https://nesl42.github.io/posts/202511-polymarket_new/ Technology <h1 class="heading-element" id="揭开概率森林的面纱预测市场中的套利"><span>揭开概率森林的面纱：预测市场中的套利</span> <a href="#%e6%8f%ad%e5%bc%80%e6%a6%82%e7%8e%87%e6%a3%ae%e6%9e%97%e7%9a%84%e9%9d%a2%e7%ba%b1%e9%a2%84%e6%b5%8b%e5%b8%82%e5%9c%ba%e4%b8%ad%e7%9a%84%e5%a5%97%e5%88%a9" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h1><hr> <h2 class="heading-element" id="摘要"><span>摘要</span> <a href="#%e6%91%98%e8%a6%81" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h2><p>Polymarket 是一个预测市场平台，用户可以通过交易与特定结果（称为<strong>条件</strong>）挂钩的份额来对未来事件进行预测。Polymarket 上的每个市场都关联着一组一个或多个此类条件。为确保市场正确结算，条件集必须是<strong>完备的</strong>——即 collectively 涵盖所有可能结果——同时必须是<strong>互斥</strong>的——即仅有一个条件最终可判定为真。因此，所有相关结果（无论在一个条件还是市场中）的价格之和（即概率）应为 $1 ，代表任一结果发生的总概率为 1。</p> https://nesl42.github.io/posts/202507-dai/ Sat, 19 Jul 2025 00:00:00 +0000 https://nesl42.github.io/posts/202507-dai/ Technology <p>DAI白皮书</p> <p>[toc]</p> <h1 class="heading-element" id="dai稳定币概述"><span>Dai稳定币概述</span> <a href="#dai%e7%a8%b3%e5%ae%9a%e5%b8%81%e6%a6%82%e8%bf%b0" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h1><p>当前主流数字资产（如比特币 Bitcoin [BTC] 和以太币 Ether [ETH]）价格波动过于剧烈，难以作为日常交易货币使用。比特币的价值经常出现大幅波动，单日涨跌幅度可达 25%，有时甚至一个月内涨幅超过 300%。</p> https://nesl42.github.io/posts/202507-eth_white_paper/ Sat, 19 Jul 2025 00:00:00 +0000 https://nesl42.github.io/posts/202507-eth_white_paper/ Technology <p>[toc]</p> <p>Page last updated:2025年2月12日</p> <blockquote> <p>这篇介绍性论文最初由 <a href="https://ethereum.org/zh/what-is-ethereum/" target="_blank" rel="external nofollow noopener noreferrer">以太坊</a> 创始人 Vitalik Buterin 在 2014 年发表，前于 2015 年的项目正式发布时间。 值得一提的是，和其他社区驱动的开源软件项目一样，以太坊自发布以来一直不断发展。</p> https://nesl42.github.io/posts/202507-blockchain_privacy_and_regulatory_compliance/ Sun, 13 Jul 2025 00:00:00 +0000 https://nesl42.github.io/posts/202507-blockchain_privacy_and_regulatory_compliance/ Technology <h1 class="heading-element" id="论文阅读blockchain-privacy-and-regulatory-compliance-towards-a-practical-equilibrium"><span>论文阅读：《Blockchain privacy and regulatory compliance: Towards a practical equilibrium》</span> <a href="#%e8%ae%ba%e6%96%87%e9%98%85%e8%af%bbblockchain-privacy-and-regulatory-compliance-towards-a-practical-equilibrium" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h1><h1 class="heading-element" id="0-摘要"><span>0. 摘要</span> <a href="#0-%e6%91%98%e8%a6%81" class="heading-mark"> <svg class="octicon octicon-link" viewBox="0 0 16 16" version="1.1" width="16" height="16" aria-hidden="true"><path d="m7.775 3.275 1.25-1.25a3.5 3.5 0 1 1 4.95 4.95l-2.5 2.5a3.5 3.5 0 0 1-4.95 0 .751.751 0 0 1 .018-1.042.751.751 0 0 1 1.042-.018 1.998 1.998 0 0 0 2.83 0l2.5-2.5a2.002 2.002 0 0 0-2.83-2.83l-1.25 1.25a.751.751 0 0 1-1.042-.018.751.751 0 0 1-.018-1.042Zm-4.69 9.64a1.998 1.998 0 0 0 2.83 0l1.25-1.25a.751.751 0 0 1 1.042.018.751.751 0 0 1 .018 1.042l-1.25 1.25a3.5 3.5 0 1 1-4.95-4.95l2.5-2.5a3.5 3.5 0 0 1 4.95 0 .751.751 0 0 1-.018 1.042.751.751 0 0 1-1.042.018 1.998 1.998 0 0 0-2.83 0l-2.5 2.5a1.998 1.998 0 0 0 0 2.83Z"></path></svg> </a> </h1><p>我们研究了一种名为“隐私池”（Privacy Pools）的新型智能合约隐私增强协议。该协议引入了一种机制，允许用户在不公开完整交易记录的前提下，选择性披露交易的某些属性。其核心在于让用户发布零知识证明，以验证其资金（未）来源于已知的（非法）合法渠道，这通过证明资金属于特定关联集合来实现——这些集合专为展示符合监管框架或社会共识而设计。我们阐述了该机制如何在合规与非合规提款间建立分离均衡，并详细分析了其技术原理、激励机制及更广泛的影响，揭示此类协议如何实现既保护隐私又符合监管要求的区块链交易。</p>