隨著全球經濟滑坡，比特幣（BTC）泡沫正在破裂

多年來，經濟預測者警告說，大流行後的繁榮是不可持續的。現在，裂縫正在顯示，數據清楚

The post-pandemic boom was set to be unsustainable, and economic forecasters have been warning about it for years. Now, the cracks are showing, and the data makes it clear: the global economy is slipping into a downturn.

大流行的繁榮將是不可持續的，經濟預報員多年來一直警告它。現在，裂縫正在顯示，數據明確了：全球經濟正在衰退。

Equity indexes are in retreat. BTC is tumbling alongside traditional markets. Layoffs are piling up. Inflation isn’t tamed. And most worryingly, the number of underwater mortgages—people owing more than their homes are worth—is reaching generational highs.

權益指數正在撤退。 BTC正在與傳統市場一起翻滾。裁員正​​在堆積。通貨膨脹並沒有馴服。而且最令人擔憂的是，水下抵押貸款的數量（人口欠款的價值還多）達到了世代相傳的高點。

Yet despite all this, some people still think that holding “useless” cryptocurrencies—coins that do nothing are a hedge against recession.

儘管如此，儘管如此，有些人仍然認為擁有“無用的”加密貨幣 - 沒有做任何事情的共同體是對衰退的對沖。

That’s where the narrative needs to change for normal people.

這就是敘事需要改變普通人的地方。

The mirage of “Hodling” as a recession hedge

作為衰退對沖的“霍德林”的幻影

The traditional idea behind Bitcoin as a hedge was that it would serve as an alternative to failing fiat currencies. The thinking was simple: governments would print too much money, inflation would spiral, and people would flock to BTC as a safe haven, citing things like Cyprus bank bail-in from 2013.

比特幣作為對沖的傳統思想是，它將作為菲亞特貨幣失敗的替代方法。想法很簡單：政府將打印太多的錢，通貨膨脹會螺旋式，人們會湧向BTC作為避風港，理由是諸如2013年塞浦路斯銀行的救助之類的事情。

Bitcoin bubble-heads are using the Cyprus crisis as an excuse to bid tulip bulbs, I mean Bitcoins, to the moon.

比特幣泡泡頭正在以塞浦路斯的危機為藉口，我的意思是比特幣。

Except that’s still not happening.

除了沒有發生。

When markets crashed in 2020, BTC crashed right along with them. When inflation spiked in 2022, BTC didn’t decouple—it just became another speculative asset trading on macro sentiment, and it underperformed things like Nvidia (NASDAQ:NVDA) stock over the ensuing years.

當市場在2020年墜毀時，BTC隨著他們的身份墜毀。當通貨膨脹率在2022年飆升時，BTC並沒有將通貨膨脹率解散，它只是在宏觀情緒上成為另一個投機性資產交易，並且在隨後的幾年中，諸如NVIDIA（NASDAQ：NVDA）股票之類的表現不佳。

And today, as the economy slows, BTC is slipping again, proving once more that it is not the hedge its proponents promised. Why? Because a coin that does nothing cannot store value.

如今，隨著經濟的放緩，BTC再次下滑，再次證明，這並不是其支持者承諾的對沖。為什麼？因為無需做任何事情的硬幣無法存儲價值。

For an asset to be a hedge, it has to be useful. Gold has real-world utility. Real estate produces income. Stocks represent ownership in functioning businesses. Even oil and commodities can be traded for actual economic value.

為了使資產成為樹籬，必須有用。黃金具有現實世界實用程序。房地產產生收入。股票代表運行業務的所有權。即使是石油和商品也可以以實際的經濟價值進行交易。

On the other hand, BTC is just sitting there—held in wallets, hoping that someday, someone will buy it for more. That’s not an investment strategy. That’s a collective delusion.

另一方面，BTC只是坐在那裡 - 戴在錢包裡，希望有一天有人會購買更多。那不是投資策略。那是集體的妄想。

The economy is slowing; markets are cracking. Now what?

經濟正在放緩；市場正在破裂。現在是什麼？

This isn’t just about BTC’s failure as a recession hedge—it’s about how broken the economy has become.

這不僅僅是BTC作為經濟衰退對沖的失敗，而是關於經濟的破損。

This is the bust phase of the cycle. But the way forward isn’t to retreat into “hodling” useless assets. It’s to build a more efficient, productive economy—one that removes middlemen, lowers friction and makes economic activity cheaper and faster while also giving people real equity that they can keep in their own possession without needing to trust a custodian.

這是周期的胸圍階段。但是，前進的道路不是撤退到“無用的”資產中。這是為了建立一個更高效，更有生產力的經濟 - 一種消除中間人，降低摩擦並使經​​濟活動更加便宜，更快，同時還為人們提供了真正的公平，他們可以自行擁有自己的財產而無需信任保管人。

Bitcoin’s real hedge: Utility, not speculation

比特幣的真實樹籬：實用程序，不是猜測

The only form of Bitcoin that makes sense in this climate is Bitcoin which reduces inefficiencies in global commerce—Bitcoin which lowers transaction costs, removes intermediaries, and enables a borderless, low-cost economy to flourish.

比特幣在這種氣候中有意義的唯一形式是比特幣，它降低了全球商業效率低下的比特幣 - Bitcoin降低了交易成本，消除了中介機構，並使無邊界，低成本的經濟蓬勃發展。

That’s what Satoshi Nakamoto designed Bitcoin to do. Not sit idle in wallets or be monitored on the charts of bucket shop exchanges. Bitcoin is supposed to move, transact, and reduce friction in trade, identity and payments.

這就是薩氏中心設計的比特幣要做的。不要在錢包裡閒置，也不會在水桶商店交換的圖表上進行監控。比特幣應該移動，交易並減少貿易，身份和支付的摩擦。

None of this happens on BTC because BTC has become a speculative gambling token backed by fake fiat and marketed like a Ponzi scheme…

這一切都沒有在BTC上發生，因為BTC已成為一個以假法定為支持的投機賭博代幣，並像龐氏騙局一樣銷售……

They should add USDT to the New York Stock Exchange so Paolo can stop the recession from happening.

他們應該將USDT增加到紐約證券交易所，以便Paolo可以阻止經濟衰退的發生。

Change can only happen on scalable Bitcoin: Satoshi’s Vision, if you will…

更改只能在可伸縮的比特幣上發生：Satoshi的願景，如果您願意的話……

The real fix: Efficiency in markets, governments, and trade

真正的解決方案：市場，政府和貿易的效率

The boom-bust cycle is a feature of the global economy. It will always happen. But what determines who survives and thrives in these cycles is who embraces efficiency and innovation—and who gets caught holding the bag.

繁榮週期是全球經濟的特徵。它將永遠發生。但是，決定誰在這些週期中生存和壯成長的是誰擁護效率和創新，誰被抓住了袋子。

We need to:

我們需要：

Bitcoin was invented to eliminate the need for reserves, custodians, and centralized payment processors. Instead of hoarding a broken version of it, we should be using it to make the global economy stronger, faster, and more resilient.

發明了比特幣，以消除對儲備，託管人和集中式支付處理器的需求。我們應該使用它來使全球經濟更強大，更快，更具彈性，而不是ho積破碎的版本。

The recession is coming. What matters is who is prepared for it.

經濟衰退來了。重要的是誰為此做好了準備。

Watch: Teranode is the digital backbone of Bitcoin

觀看：Teranode是比特幣的數字骨幹