關於 obvious meaning ，我們在網路上蒐集到這些相關的討論、資訊與評價

📜 [專欄新文章] Uniswap v3 Features Explained in Depth

✍️ 田少谷 Shao

📥 歡迎投稿： https://medium.com/taipei-ethereum-meetup #徵技術分享文 #使用心得 #教學文 #medium

Once again the game-changing DEX 🦄 👑

Image source: https://uniswap.org/blog/uniswap-v3/

Outline

0. Intro1. Uniswap & AMM recap2. Ticks 3. Concentrated liquidity4. Range orders: reversible limit orders5. Impacts of v36. Conclusion

0. Intro

The announcement of Uniswap v3 is no doubt one of the most exciting news in the DeFi place recently 🔥🔥🔥

While most have talked about the impact v3 can potentially bring on the market, seldom explain the delicate implementation techniques to realize all those amazing features, such as concentrated liquidity, limit-order-like range orders, etc.

Since I’ve covered Uniswap v1 & v2 (if you happen to know Mandarin, here are v1 & v2), there’s no reason for me to not cover v3 as well ✅

Thus, this article aims to guide readers through Uniswap v3, based on their official whitepaper and examples made on the announcement page. However, one needs not to be an engineer, as not many codes are involved, nor a math major, as the math involved is definitely taught in your high school, to fully understand the following content 😊😊😊

If you really make it through but still don’t get shxt, feedbacks are welcomed! 🙏

There should be another article focusing on the codebase, so stay tuned and let’s get started with some background noise!

1. Uniswap & AMM recap

Before diving in, we have to first recap the uniqueness of Uniswap and compare it to traditional order book exchanges.

Uniswap v1 & v2 are a kind of AMMs (automated market marker) that follow the constant product equation x * y = k, with x & y stand for the amount of two tokens X and Y in a pool and k as a constant.

Comparing to order book exchanges, AMMs, such as the previous versions of Uniswap, offer quite a distinct user experience:

AMMs have pricing functions that offer the price for the two tokens, which make their users always price takers, while users of order book exchanges can be both makers or takers.

Uniswap as well as most AMMs have infinite liquidity¹, while order book exchanges don’t. The liquidity of Uniswap v1 & v2 is provided throughout the price range [0,∞]².

Uniswap as well as most AMMs have price slippage³ and it’s due to the pricing function, while there isn’t always price slippage on order book exchanges as long as an order is fulfilled within one tick.

In an order book, each price (whether in green or red) is a tick. Image source: https://ftx.com/trade/BTC-PERP

¹ though the price gets worse over time; AMM of constant sum such as mStable does not have infinite liquidity

² the range is in fact [-∞,∞], while a price in most cases won’t be negative

³ AMM of constant sum does not have price slippage

2. Tick

The whole innovation of Uniswap v3 starts from ticks.

For those unfamiliar with what is a tick:

Source: https://www.investopedia.com/terms/t/tick.asp

By slicing the price range [0,∞] into numerous granular ticks, trading on v3 is highly similar to trading on order book exchanges, with only three differences:

The price range of each tick is predefined by the system instead of being proposed by users.

Trades that happen within a tick still follows the pricing function of the AMM, while the equation has to be updated once the price crosses the tick.

Orders can be executed with any price within the price range, instead of being fulfilled at the same one price on order book exchanges.

With the tick design, Uniswap v3 possesses most of the merits of both AMM and an order book exchange! 💯💯💯

So, how is the price range of a tick decided?

This question is actually somewhat related to the tick explanation above: the minimum tick size for stocks trading above 1$ is one cent.

The underlying meaning of a tick size traditionally being one cent is that one cent (1% of 1$) is the basis point of price changes between ticks, ex: 1.02 — 1.01 = 0.1.

Uniswap v3 employs a similar idea: compared to the previous/next price, the price change should always be 0.01% = 1 basis point.

However, notice the difference is that in the traditional basis point, the price change is defined with subtraction, while here in Uniswap it’s division.

This is how price ranges of ticks are decided⁴:

Image source: https://uniswap.org/whitepaper-v3.pdf

With the above equation, the tick/price range can be recorded in the index form [i, i+1], instead of some crazy numbers such as 1.0001¹⁰⁰ = 1.0100496621.

As each price is the multiplication of 1.0001 of the previous price, the price change is always 1.0001 — 1 = 0.0001 = 0.01%.

For example, when i=1, p(1) = 1.0001; when i=2, p(2) = 1.00020001.

p(2) / p(1) = 1.00020001 / 1.0001 = 1.0001

See the connection between the traditional basis point 1 cent (=1% of 1$) and Uniswap v3’s basis point 0.01%?

Image source: https://tenor.com/view/coin-master-cool-gif-19748052

But sir, are prices really granular enough? There are many shitcoins with prices less than 0.000001$. Will such prices be covered as well?

Price range: max & min

To know if an extremely small price is covered or not, we have to figure out the max & min price range of v3 by looking into the spec: there is a int24 tick state variable in UniswapV3Pool.sol.

Image source: https://uniswap.org/whitepaper-v3.pdf

The reason for a signed integer int instead of an uint is that negative power represents prices less than 1 but greater than 0.

24 bits can cover the range between 1.0001 ^ (2²³ — 1) and 1.0001 ^ -(2)²³. Even Google cannot calculate such numbers, so allow me to offer smaller values to have a rough idea of the whole price range:

1.0001 ^ (2¹⁸) = 242,214,459,604.341

1.0001 ^ -(2¹⁷) = 0.000002031888943

I think it’s safe to say that with a int24 the range can cover > 99.99% of the prices of all assets in the universe 👌

⁴ For implementation concern, however, a square root is added to both sides of the equation.

How about finding out which tick does a price belong to?

Tick index from price

The answer to this question is rather easy, as we know that p(i) = 1.0001^i, simply takes a log with base 1.0001 on both sides of the equation⁴:

Image source: https://www.codecogs.com/latex/eqneditor.php

Let’s try this out, say we wanna find out the tick index of 1000000.

Image source: https://ncalculators.com/number-conversion/log-logarithm-calculator.htm

Now, 1.0001¹³⁸¹⁶² = 999,998.678087146. Voila!

⁵ This formula is also slightly modified to fit the real implementation usage.

3. Concentrated liquidity

Now that we know how ticks and price ranges are decided, let’s talk about how orders are executed in a tick, what is concentrated liquidity and how it enables v3 to compete with stablecoin-specialized DEXs (decentralized exchange), such as Curve, by improving the capital efficiency.

Concentrated liquidity means LPs (liquidity providers) can provide liquidity to any price range/tick at their wish, which causes the liquidity to be imbalanced in ticks.

As each tick has a different liquidity depth, the corresponding pricing function x * y = k also won’t be the same!

Each tick has its own liquidity depth. Image source: https://uniswap.org/blog/uniswap-v3/

Mmm… examples are always helpful for abstract descriptions 😂

Say the original pricing function is 100(x) * 1000(y) = 100000(k), with the price of X token 1000 / 100 = 10 and we’re now in the price range [9.08, 11.08].

If the liquidity of the price range [11.08, 13.08] is the same as [9.08, 11.08], we don’t have to modify the pricing function if the price goes from 10 to 11.08, which is the boundary between two ticks.

The price of X is 1052.63 / 95 = 11.08 when the equation is 1052.63 * 95 = 100000.

However, if the liquidity of the price range [11.08, 13.08] is two times that of the current range [9.08, 11.08], balances of x and y should be doubled, which makes the equation become 2105.26 * 220 = 400000, which is (1052.63 * 2) * (110 * 2) = (100000 * 2 * 2).

We can observe the following two points from the above example:

Trades always follow the pricing function x * y = k, while once the price crosses the current price range/tick, the liquidity/equation has to be updated.

√(x * y) = √k = L is how we represent the liquidity, as I say the liquidity of x * y = 400000 is two times the liquidity of x * y = 100000, as √(400000 / 100000) = 2.

What’s more, compared to liquidity on v1 & v2 is always spread across [0,∞], liquidity on v3 can be concentrated within certain price ranges and thus results in higher capital efficiency from traders’ swapping fees!

Let’s say if I provide liquidity in the range [1200, 2800], the capital efficiency will then be 4.24x higher than v2 with the range [0,∞] 😮😮😮 There’s a capital efficiency comparison calculator, make sure to try it out!

Image source: https://uniswap.org/blog/uniswap-v3/

It’s worth noticing that the concept of concentrated liquidity was proposed and already implemented by Kyper, prior to Uniswap, which is called Automated Price Reserve in their case.⁵

⁶ Thanks to Yenwen Feng for the information.

4. Range orders: reversible limit orders

As explained in the above section, LPs of v3 can provide liquidity to any price range/tick at their wish. Depending on the current price and the targeted price range, there are three scenarios:

current price < the targeted price range

current price > the targeted price range

current price belongs to the targeted price range

The first two scenarios are called range orders. They have unique characteristics and are essentially fee-earning reversible limit orders, which will be explained later.

The last case is the exact same liquidity providing mechanism as the previous versions: LPs provide liquidity in both tokens of the same value (= amount * price).

There’s also an identical product to the case: grid trading, a very powerful investment tool for a time of consolidation. Dunno what’s grid trading? Check out Binance’s explanation on this, as this topic won’t be covered!

In fact, LPs of Uniswap v1 & v2 are grid trading with a range of [0,∞] and the entry price as the baseline.

Range orders

To understand range orders, we’d have to first revisit how price is discovered on Uniswap with the equation x * y = k, for x & y stand for the amount of two tokens X and Y and k as a constant.

The price of X compared to Y is y / x, which means how many Y one can get for 1 unit of X, and vice versa the price of Y compared to X is x / y.

For the price of X to go up, y has to increase and x decrease.

With this pricing mechanism in mind, it’s example time!

Say an LP plans to place liquidity in the price range [15.625, 17.313], higher than the current price of X 10, when 100(x) * 1000(y) = 100000(k).

The price of X is 1250 / 80 = 15.625 when the equation is 80 * 1250 = 100000.

The price of X is 1315.789 / 76 = 17.313 when the equation is 76 * 1315.789 = 100000.

If now the price of X reaches 15.625, the only way for the price of X to go even higher is to further increase y and decrease x, which means exchanging a certain amount of X for Y.

Thus, to provide liquidity in the range [15.625, 17.313], an LP needs only to prepare 80 — 76 = 4 of X. If the price exceeds 17.313, all 4 X of the LP is swapped into 1315.789 — 1250 = 65.798 Y, and then the LP has nothing more to do with the pool, as his/her liquidity is drained.

What if the price stays in the range? It’s exactly what LPs would love to see, as they can earn swapping fees for all transactions in the range! Also, the balance of X will swing between [76, 80] and the balance of Y between [1250, 1315.789].

This might not be obvious, but the example above shows an interesting insight: if the liquidity of one token is provided, only when the token becomes more valuable will it be exchanged for the less valuable one.

…wut? 🤔

Remember that if 4 X is provided within [15.625, 17.313], only when the price of X goes up from 15.625 to 17.313 is 4 X gradually swapped into Y, the less valuable one!

What if the price of X drops back immediately after reaching 17.313? As X becomes less valuable, others are going to exchange Y for X.

The below image illustrates the scenario of DAI/USDC pair with a price range of [1.001, 1.002] well: the pool is always composed entirely of one token on both sides of the tick, while in the middle 1.001499⁶ is of both tokens.

Image source: https://uniswap.org/blog/uniswap-v3/

Similarly, to provide liquidity in a price range < current price, an LP has to prepare a certain amount of Y for others to exchange Y for X within the range.

To wrap up such an interesting feature, we know that:

Only one token is required for range orders.

Only when the current price is within the range of the range order can LP earn trading fees. This is the main reason why most people believe LPs of v3 have to monitor the price more actively to maximize their income, which also means that LPs of v3 have become arbitrageurs 🤯

I will be discussing more the impacts of v3 in 5. Impacts of v3.

⁷ 1.001499988 = √(1.0001 * 1.0002) is the geometric mean of 1.0001 and 1.0002. The implication is that the geometric mean of two prices is the average execution price within the range of the two prices.

Reversible limit orders

As the example in the last section demonstrates, if there is 4 X in range [15.625, 17.313], the 4 X will be completely converted into 65.798 Y when the price goes over 17.313.

We all know that a price can stay in a wide range such as [10, 11] for quite some time, while it’s unlikely so in a narrow range such as [15.625, 15.626].

Thus, if an LP provides liquidity in [15.625, 15.626], we can expect that once the price of X goes over 15.625 and immediately also 15.626, and does not drop back, all X are then forever converted into Y.

The concept of having a targeted price and the order will be executed after the price is crossed is exactly the concept of limit orders! The only difference is that if the range of a range order is not narrow enough, it’s highly possible that the conversion of tokens will be reverted once the price falls back to the range.

As price ranges follow the equation p(i) = 1.0001 ^ i, the range can be quite narrow and a range order can thus effectively serve as a limit order:

When i = 27490, 1.0001²⁷⁴⁹⁰ = 15.6248.⁸

When i = 27491, 1.0001²⁷⁴⁹¹ = 15.6264.⁸

A range of 0.0016 is not THAT narrow but can certainly satisfy most limit order use cases!

⁸ As mentioned previously in note #4, there is a square root in the equation of the price and index, thus the numbers here are for explantion only.

5. Impacts of v3

Higher capital efficiency, LPs become arbitrageurs… as v3 has made tons of radical changes, I’d like to summarize my personal takes of the impacts of v3:

Higher capital efficiency makes one of the most frequently considered indices in DeFi: TVL, total value locked, becomes less meaningful, as 1$ on Uniswap v3 might have the same effect as 100$ or even 2000$ on v2.

The ease of spot exchanging between spot exchanges used to be a huge advantage of spot markets over derivative markets. As LPs will take up the role of arbitrageurs and arbitraging is more likely to happen on v3 itself other than between DEXs, this gap is narrowed … to what extent? No idea though.

LP strategies and the aggregation of NFT of Uniswap v3 liquidity token are becoming the blue ocean for new DeFi startups: see Visor and Lixir. In fact, this might be the turning point for both DeFi and NFT: the two main reasons of blockchain going mainstream now come to the alignment of interest: solving the $$ problem 😏😏😏

In the right venue, which means a place where transaction fees are low enough, such as Optimism, we might see Algo trading firms coming in to share the market of designing LP strategies on Uniswap v3, as I believe Algo trading is way stronger than on-chain strategies or DAO voting to add liquidity that sort of thing.

After reading this article by Parsec.finance: The Dex to Rule Them All, I cannot help but wonder: maybe there is going to be centralized crypto exchanges adopting v3’s approach. The reason is that since orders of LPs in the same tick are executed pro-rata, the endless front-running speeding-competition issue in the Algo trading world, to some degree, is… solved? 🤔

Anyway, personal opinions can be biased and seriously wrong 🙈 I’m merely throwing out a sprat to catch a whale. Having a different voice? Leave your comment down below!

6. Conclusion

That was kinda tough, isn’t it? Glad you make it through here 🥂🥂🥂

There are actually many more details and also a huge section of Oracle yet to be covered. However, since this article is more about features and targeting normal DeFi users, I’ll leave those to the next one; hope there is one 😅

If you have any doubt or find any mistake, please feel free to reach out to me and I’d try to reply AFAP!

Stay tuned and in the meantime let’s wait and see how Uniswap v3 is again pioneering the innovation of DeFi 🌟

Uniswap v3 Features Explained in Depth was originally published in Taipei Ethereum Meetup on Medium, where people are continuing the conversation by highlighting and responding to this story.

👏 歡迎轉載分享鼓掌

【キンコン西野が全国の図書館3300館に絵本『えんとつ町のプペル』を寄贈】

まずは近況報告からさせていただきます。
２つあります。
まずは一つ目。

昨日、「スナック西野」の収録がありました。

「スナック西野」というのは、月に２度（ときどき３度）、僕の自宅に僕の友人をお招きして、呑みながらバッキバキに仕事の話をする僕がやっている月額５９０円のYouTubeチャンネルです。

　
【参加はコチラから↓】
https://m.youtube.com/sponsor_cha…/UCOy5sLcFLqYNqZ1iurp4dCg…

　
昨日は、メガネブランドのOWNDAYS代表の田中さんに来ていただいて、あれやこれやとお話しさせていただきました。

その中でも「どうしてOWNDAYSは実店舗がメインなのに、コロナ禍において、ダメージを受けるどころか、経営を加速させることができたのか？」という話がもうメチャクチャ面白くて、経済評論家のそれじゃなくて、現場の手触り感のある話なんですね。

コロナをどう捉え、どう立ち回るか、今回は世界中の経営者の手腕が試されたと思うのですが、昨日、聞いたOWNDAYS田中さんの捉え方、立ち回り方が僕個人的には圧倒的に正しいと思っていて、その部分は是非、観ていただきたいです。

「スナック西野」が隔週土曜日に放送されます。夕方に１０分の無料版が流れて、その夜に１時間の有料版が流れます。

次回のゲストはメガネブランドOWNDAYSの田中さん。その次は、おそらくSHOWROOMの前田さんです。

お楽しみに。

https://youtu.be/J_E_Vixvvj8

　

近況報告の二つ目です。



先日、公開された映画『えんとつ町のプペル』のメインビジュアル。こちらは映画館に貼り出されるポスターや、映画館にデーン！と出る看板に使われる、いわば「広告素材」なのですが、この出来がメチャクチャいいんです。

僕はスマホの待ち受けにもしています。

これ、普通に、額装して部屋に飾りたいよなぁと思ってですね、映画の公開日や声優さんの名前といった文字情報を全部抜いて、「アートポスター」として販売することになりました。

(コチラ)→https://silkhat.yoshimoto.co.jp/projects/2134

　
クラウドファンディングのリターンとして出しているのですが、一つ、条件があります。

ポスターって「配送」にしてしまうと、配送費が結構かかっちゃうんですね。

なので、１２月に六本木ヒルズで開催する『えんとつ町のプペル光る絵本展in六本木ヒルズ（入場無料）』での直接受け渡しを条件とさせていただきました。

会場まで受け取りに来られる方、限定です。

友達の分を代表で取りに来るのもオッケーですし、ポスターの転売も全然オッケーですので、勝手に商売を始めていただいても構いません。



あと、サラッと言っちゃいましたが、六本木ヒルズで個展を開催しようと思ったら、３０００万円ぐらいかかっちゃうのですが、それを「入場無料」というのは、そこそこ狂気の沙汰なんです。

これは、オンラインサロンの売り上げから個展の開催費用を捻出しているからできたわけで、オンラインサロンの売り上げというのは、こういうことに使わせていただいております。

エッフェル塔で開催した個展が入場無料だったのも、同じ理由です。



光る絵本展は入場無料ですので、是非、ご家族で遊びにいらしてください。
クリスマスに開催します。





というわけで、今日の本題です。



タイトルにありますとおり、この度、図書館協会の方とお話しさせていただいて、全国の図書館３３００館に絵本『えんとつ町のプペル』を寄贈させていただくことが決定しました。

よく、「支援とか寄贈とかばっかりしていますが、大丈夫なんですか？」と聞かれるので、ご説明させていただきと、まず大前提として僕は「いい人」だと思われたいというのがあります。なので偽善中の偽善です。

くわえて、利益や貯金を増やすことには僕は一切の興味がなくて、なので、働いていただいたお金はエンタメ投資か支援活動に回すことを決めています。そういうコンセプトで会社をやっているんです。

最悪、食いっぱぐれて食う物に困ったら、サロンメンバーさんの家を一軒一軒回って、晩飯をご馳走になることを勝手に決めているので、そのへんセーフティーネットはバッチリなんですね。



次に、「図書館で読めちゃったら絵本が売れなくなるのでは？」というご意見・ご心配に対してお答えすると、たしかに「もう読んだから要らない」と考える方もいらっしゃるとは思うのですが、その一方で、「図書館で読んだ絵本を自分用に持っておきたい」という新しい需要も生まれると思っていて、これは「どっちとも言えない」というところだと思います。

くわえて僕は、絵本が「売れる売れない」よりも、「知ってる知らない」の方を重要視した方がいいという考えで、もちろん活動を続けていく以上、「売れること」というのはとっても大事なのですが、それよりも遥かに「知ってもらうこと」の方が大事だと思っています。



当たり前の話ですが、知られなかったら売れないので。

順番としては「知られる」方が先なんですね。

全てのサービスのお客さんは「知らないから買わないお客さん」と「知ってて買うお客さん」と「知ってて買わないお客さん」の３つに分けられて、まずは、知ってもらう割合を増やすことが大事だと思います。

図書館で「えんとつ町のプペル」を読んだご家族が、「えんとつ町のプペル」を買わなかったとしても、「えんとつ町のプペル」の話を、まだ「えんとつ町のプペル」を知らない友達とかに話してくれたら、その友達が「買ってくれる候補」には入る。

あとは、絵本は買わないけど、「図書館で読んだ絵本の映画は観に行く」という選択肢もある。



ときどき、「販売している本をどんどん貸し出されてしまうと、売り上げに悪影響が出る」と図書館を敵視する出版社さんがいらっしゃいますが、さっきみたいな考えでいくと、図書館の意味ってメチャクチャあると思っていて、敵どころか、互いに好影響をもたらしながら共存できる関係です。

なので僕は本屋さんも応援しますし、図書館も応援します。



西野亮廣(キングコング)

　
　

▼西野亮廣の最新のエンタメビジネスに関する記事(1記事=2000~3000文字)が毎朝読めるのはオンラインサロン(ほぼメルマガ)はコチラ↓
https://salon.jp/nishino

▼Instagram版はコチラ↓
https://nishino73.thebase.in/items/25497065

━━━
２０２０年１２月２５日公開！
映画『えんとつ町のプペル』

▼オンラインムビチケ（特典付き）の購入はこちら↓
https://mvtk.jp/Film/070395

▼上映館はこちら
https://theater.toho.co.jp/toho_theaterlist/poupelle.html…
[Xin Nishino gives a picture book ′′ a no-in-town ′′ to the 3300th library across the country]

First of all, I'm going to have a status report.
There are 2
First one.

Yesterday, there was a recording of ′′ snack nishino,"

′′ snack nishino ′′ is 2 degrees a month (sometimes 3 degrees), I invite my friend to my home, and I'm going to talk about work to basher while drinking. I'm doing it It's a youtube channel for 590 yen per month.

　
[join here ↓]
https://m.youtube.com/sponsor_channel/UCOy5sLcFLqYNqZ1iurp4dCg?noapp=1

　
Yesterday, I came to Mr. Tanaka, representative of the glasses brand, and I was able to talk to this and this.

Even in the middle of the day, ′′ why is owndays the main store, but in the corona misfortune, it was able to accelerate the management?" it's already so interesting, and it's not the economic critic, It's a touch of the site, isn't it?

How to capture corona and how to fight, this time I think that the skills of the management of the world have been tested, but yesterday, I heard how to capture owndays tanaka, and how to fight, I personally think that it is overwhelmingly right. I'd like you to watch that part.

′′ snack nishino ′′ will be broadcast on Saturday. A 10-minute free version will be flowing in the evening and a 1-hour paid version will be flowing that night.

The next guest is Mr. Tanaka from glasses brand owndays. Next is probably maeda from showroom.

Look forward to it.

https://youtu.be/J_E_Vixvvj8

　

It's the second one of the status report.



The main visual of the movie ′′ a in town ′′ which was published the other day. This is a poster that will be pasted in the cinema and Dane in the cinema! It's a ′′ advertising material ′′ that is used for the sign that comes out, but this is so messed up.

I'm also waiting for my smartphone.

I think this is normally framed and decorated in my room, I'm going to pull out all the character information such as the public day of the movie and the name of the voice actor, and I'm going to sell it as an ′′ Art Poster,"

(here) -> https://silkhat.yoshimoto.co.jp/projects/2134

　
I'm putting it out as a return to crowdfunding, but there's one condition.

When the poster is ′′ shipping it takes a lot of shipping costs.

So, in December, we were able to take a direct delivery at the ′′ a picture book book in roppongi hills (FREE ENTRY)′′ held in roppongi hills.

It's limited to those who can come to the venue to pick it up.

It's okay to come to pick up a friend's minute, and the resale of the poster is totally okay, so you can start your business.



I said it was easy, but I thought I was going to hold a solo exhibition in roppongi hills, and it takes about 3000 Yen, but it's a pretty madness that ′′ free entry ′′ is a lot of madness.

This is what I was able to do because I was able to make the cost of the exhibition from the sales of the online salon, and the sales of the online salon are used to use this.

It's the same reason why the exhibition held at the Eiffel Tower was free admission.



The Glow painting book is free to enter, so please come and visit us in your family.
It will be held at Christmas.





So today's chase.



As in the title, I was able to talk to the Library Association, and I was able to give you a picture book ′′ a no-′′ to the 3300th library across the country.

I often ask," I'm all about support and donations, but is it okay?" so let me explain it, and first of all, I want to think that I'm a ′′ good person ′′ Yes. So it's hypocrisy in hypocrisy.

In my mouth, I don't have any interest in increasing profit and savings, so the money that I've been working on is deciding to turn into an entertainment investment or support activity. I'm doing a company with that kind of concept.

The worst, if you're in trouble with the things you eat, you'll be able to go around the salon member's house and have a treat for dinner, so the safety net is perfect.



Next," if you read it in the library, you won't be able to sell a picture book?" if you answer your opinion, you'll think that there are some people who think that ′′ I don't need it because I read it already," Meanwhile," I think I'm going to have a new demand that I want to have a picture book that I read at the library, and I think this is ′′ I can't say both of them

In my mouth, I think that the picture book is better to take a look at the ′′ I don't know ′′ than ′′ I can't sell it," and of course I continue to work," I'm going to sell it," It's very important, but I think it's more important to ′′ know ′′ than that.



It's an obvious story, but if you don't know, you won't

In order, ′′ known ′′ is first.

Every service customer is divided into one of the ′′ customers who don't buy because they don't know ′′ and ′′ customers who know and buy ′′ and ′′ customers who know and don't buy ′′ and first of all, I'll get it I think it's important to increase the percentage.

Even if the family who read ′′ a in the library ′′ didn't buy ′′ a in the town," the story of ′′ a in the town ′′ is still ′′ a ′′ If you talk to a friend who doesn't know the-in one town, that friend will enter the ′′ candidate to buy ′′

Later, I don't buy a picture book, but there is also an option that ′′ I'm going to see the movie of the picture book I read at the library,"



Sometimes there is a publisher who is enemy to the library, ′′ if you are getting more and more of the books that are selling, it will affect the sales," but when you think about it earlier, the meaning of the library is messed up. It's a relationship that can coexist with each other, not an enemy.

So I'm rooting for the bookstore, and I'm rooting for the library too.



Ryo Nishino (King Kong)

　
　

▼ an article about the latest entertainment business of ryo nishino (1 articles = 2000 to 3000 characters) can be read every morning online salon (almost mail magazine) is here ↓
https://salon.jp/nishino

▼ Instagram version is here ↓
https://nishino73.thebase.in/items/25497065

━━━
Released on December 25, 2020!
The movie in a town ′′

▼ Buy Online Bangabandhu (with perks) here ↓
https://mvtk.jp/Film/070395

▼ here is the screening hall
https://theater.toho.co.jp/toho_theaterlist/poupelle.html#region7Translated

Primaries and Disqualifications (Lee Yee)

Elsie Leung said, not disclosing all of the provisions of the National Security Law (NSL) is to prevent invoking clashes in society, and that the Standing Committee of the National People’s Congress (NPCSC) has already conducted sufficient consultations with different sectors.

Without disclosing the provisions of the NSL, what was used to consult these different sectors? This point alone discloses how absolutely absurd the so-called “sufficient consultations”, “different sectors”, and frankly, her entire statement are.

There have been commotions in the online community around the suggestion of achieving international sanctions through large-scale disqualifications, focusing mainly on the contradictions between the pro-democracy camp’s primaries and a large number of candidates. Primaries mean an aggregation of votes, to avoid an overextended list of candidates who would be dividing up the votes and possibly leading to the reduction of the number of elected seats. Most of the pro-democracy camp, including young candidates, are supportive of having primaries. The primary selection mechanism stipulates that only the winners are able stand for election. Some suggested that even the losers from the primaries should go ahead and stand for election, and were criticized for violating the principles of primaries.

These principles, however, were drafted before the NSL. It was when the legal profession and some Democrats still believed there was room for negotiation, when the retired former Chief Justice Honorable Andrew Li Kwok-nang proposed to protect the implementation details within Hong Kong under the premise of accepting the NSL. Some Democrats also suggested to bring back Article 23 in place of the implementation of the NSL by NPC, or to adopt the sunset clause. If the Chinese Communist Party (CCP) is willing to bargain, the red line for disqualifications of candidates could be drawn at the absolute “anti-NSL”, while turning a blind eye towards the Democrats who are willing to negotiate, such that LegCo would continue to have “decorative” Democrats.

The CCP categorically rejected all bargaining, and Andrew Li accused the Hong Kong NSL as completely undermining the independent judicial power guaranteed by the Basic Law. Martin Lee stated that “the Hong Kong NSL must be resisted fully”, and “people whose attention is being diverted to the devil in the details have already fallen into the trap devised by the CCP”. Moderates who wish to main the current system, to avoid “scorching-earth”, are already at a dead end.

The complete societal rift induced by the NSL is simple: on one side, you have people who blindly support an NSL without any disclosed provisions, including the pro-Beijing camp and the voluntarily “visually-impaired”; on the other side, you have citizens who support democracy. According to a poll conducted by the Hong Kong Institute of Public Opinion at the end of last month, 96% of the “supporters of the pro-democracy camp” opposed the NSL, and only 1% supported the law; Among those who are “non supporters of the pro-democracy camp”, 62% expressed support towards having the NSL implemented by the NPC, but those who opposed still amounted to 29%.

This was a poll done a month ago. With those who were willing to negotiate being rejected at this point, the societal rift should be more apparent. The situation is clear: any participant of the pro-democracy camp’s primaries, given that they have not been too vocal about opposing the NSL, even if they do win the primaries, have are able to join the election without being disqualified, they could still end up not winning the election. If citizens are to woefully cast their votes for candidates who do not oppose the NSL, looking at the poll, there’s only a 1% chance among the “supporters of the pro-democracy camp”.

Another situation that is clear: those who have openly and clearly opposed the NSL and somehow escape the fate of disqualification of candidacy is almost impossible. Even if there were, the voters would be doubtful of the candidates’ true stance, leading to a slim chance of getting elected.

As such, for the pro-democracy candidates, it is almost impossible to either oppose the NSL or to be disqualified for opposing. This, is precisely why the original intent of an aggregation of votes through the mechanism of primaries is likely to fail.

Disregard the results of the primaries. Flood the election with a loud and clear message of anti-NSL from a whale of candidates. This is the only way out. Having all or the majority being disqualified would be an obvious deprivation of Hongkongers’ right to vote, a guaranteed way to get international attention.

How much of a shockwave will international sanctions send to the CCP? An opinion piece published in Taiwan suggested that a senior Chinese official who may be sanctioned by the US because of the Hong Kong NSL has hidden assets in the US that are worth as much as US$3.1 billion. In 2013, Snowden, a former CIA employee who is now in Russia, announced that Chinese officials’ foreign deposits amounted to US$4.8 trillion. In normal circumstances, cash holdings account for only one-third of total assets, meaning that the total assets should amount to tens of trillions of US dollars (Hong Kong’s foreign exchange reserves are only about US$440 billion). And these were figures from 7 years ago.

International sanctions are, inevitably, internationally “earth-scorching”, where the side carrying out the sanctions will also suffer immensely. Freezing the assets of sanctioned officials in foreign countries will not help the sanctioning parties at all. Senior Chinese officials could care less about the Basic Law and Hong Kong’s human rights, but to laugh off one’s own properties? This is Hong Kong’s “earth-scorching” bargaining chip.

What is really being Malaysian all about to you?

Inspired by Tunku Abdul Rahman and his speech during Malaysia's independence.

Culture does not define your identity, it just strengthens it.
You aren't Malaysian because of your culture, you are Malaysian because of your respect, loyalty and commitment the nation and its people.

Selamat Hari Merdeka dan Selamat Hari Malaysia.

======================================

What is being Malaysian all about?
It's not just the clothing we wear
or the food we eat.
It's not just the festivals we share,
nor the different races we meet.
It's not the just the friendliness for each other,
or the traffic we go through.
It's not the lingo we mutter,
or asking the obvious like
"Eh shooting video ah?"
No la, I'm doing kung fu.

You see being Malaysian is not just the way
we communicate or the culture we cultivate.
Being Malaysian is :

Kepercayaan Kepada Tuhan
Kesetiaan Kepada Raja dan Negara
Keluhuran Perlembagaan
Kedaulatan Undang-undang
Kesopnan dan kesusilaan

It is upholding the promises and oaths we give to
God, our country and to each other.
It is the pride and respect we give,
casting aside religion, way of life and colour.

To be united under the jalur Gemilang.
Through the ups and downs and to say
I am proud of my country.
I am proud of Malaysia.
And that,
is Being Malaysian.

==================================

Directors Notes :

Every aspect of this film has a symbolic meaning.

1. The speech/poem itself is a tribute to Tunku Abdul Rahman and his fight for Malaysia's independence.
2. The film itself is meant to look old as to signify the ideas have been there long ago.
3. The clothing is modern as to bring a contrast and also that these ideas are still very much applicable now.
4. If you listen carefully you can hear a crowd in the background which is meant to signify the masses.

==================================

This is the winning video for Segi's Malaysia Day contest :
http://www.veedo.my/competition.aspx?id=11

==================================
Social media :
http://instagram.com/samguw

==================================

For business inquiries :

email : thesammojo@gmail.com

★Cat Merch! https://crowdmade.com/collections/junskitchen

- 多くの方から「外国人から見た日本人がしてしまう失礼な事」についての動画を作ってほしいと要望がありました。幸い、日本の方はとても礼儀正しく、あまり失礼な事はしません。ただ、いくつかマナーの違いがありますので、今回はそれについてお話しします。

ただ、特にアメリカにおいては、あまりマナーに厳しくない人も多いです（特に若い世代）。
前回の「食事中の座り方」の動画でも、コメントしたほぼ全てアメリカ人は気にしないと答えています。この動画で触れている事は必ずしも大変失礼だというわけではなく、気にしない人もいます。しかし、良い印象を持たれることは無いでしょう。

「日本人がアメリカで気を付ける事」:
http://www.youtube.com/watch?v=Sx6gYS...

Facebook/フェイスブック: https://www.facebook.com/RachelAndJun

I'm always making videos for foreigners about the mistakes we make in Japan, and our Japanese viewers have been requesting that we make a video for them about America, too! Since Japanese people are generally so polite there's not really much they do that's rude, and most people in America aren't very strict about manners anyway, but there are still a few things that are a little different in Japan so that's what this video is about! Since it's for Japanese viewers it's spoken from their cultural perspective, so if something sounds weird or obvious to you remember that it might be different in Japan! :)

As a side note for those who use our videos to study both languages—Japanese isn't a language where you can just translate a sentence and have the meaning be perceived the same way in both countries. Often with translation you can't translate the words literally and instead have to change things—sometimes whole sentences—to achieve the same objective in both languages. With this video in particular we had to change a lot so please be careful if you are trying to use it to study things like vocabulary! Sorry!!

Want to help subtitle our videos?
http://www.youtube.com/timedtext_vide...

★ Patreon! http://patreon.com/rachelandjun


【You can also find us:】
×Gaming channel: http://www.youtube.com/user/Racheland...
×Extra videos: http://www.youtube.com/user/Racheland...
×Jun's Kitchen: http://www.youtube.com/user/JunsKitchen
×Twitch: http://www.twitch.tv/rachelandjun/pro...
×Facebook: https://www.facebook.com/RachelAndJun
×Twitter: https://twitter.com/RachelAndJun
×Instagram: http://instagram.com/rachelandjun
×Our blog: http://rachelandjun.blogspot.com/

Song is by Josh Woodward and can be found on his website: www.joshwoodward.com

Hey cuppiecakes!

I've been meaning to film last week but was recovering from the cold. So don't mind the tired face. Damn my low immune system.

I know I've done a lot of hair curling hair tutorials in the past. I was kind of reluctant to do another one since they are so repetitive lol but I hope you guys still enjoy this quick one.

It's a technique I now use when curling my hair so the curls are evenly distributed. I've been wearing my hair curly for my recent tutorials you guys have been asking for a tutorial so here it is XD

Pps. Did you spot Chubbisaur? XD Chubbi just got spayed recently. She was shivering so she was advised to wear something to keep her warm and from licking her stitches. She's doing a lot better today. Thanking everybody for the get well wishes.

Ps. I haven't dyed my hair yet. Waiting for the roots to look more obvious before darkening m hair XD

Much love, Bubz


Music: 2PM- I can't Instrumental


_____________________

Check out the Bubzbeauty Official Website. I update tons of beauty, fashion and hair related articles almost daily.
http://www.bubzbeauty.com

_____________________________

Follow me on Twitter:
http://www.twitter.com/bubzbeauty

Subscribe to my Vlog channel:
http://www.youtube.com/bubzvlogz

Shop the Bubbi Makeup Brushes & Clothing Line:
http://www.shopbubbi.com


Connect with me at the Bubzbeauty Fanpage where I chill n catch up with you guys ^^
http://www.facebook.com/ItsBubz