比特幣是將取代破碎黃金市場的數字黃金

幾個世紀以來，黃金一直被認為是價值的終極存儲。它已經超越了帝國，持續的經濟體並屏蔽了投資者免於通貨膨脹。

For centuries, gold has been revered as the ultimate store of value. It has outlived empires, sustained economies and shielded investors from inflation. But what happens when the system designed to trade and store gold turns into a house of cards?

幾個世紀以來，黃金一直被認為是價值的終極存儲。它已經超越了帝國，持續的經濟體並屏蔽了投資者免於通貨膨脹。但是，當旨在交易和存儲黃金的系統變成紙牌屋時會發生什麼？

What happens when the gold market becomes so entangled in derivatives, paper contracts and centralised manipulation that it starts looking more like a rigged casino than a fortress of stability?

當黃金市場變得如此糾纏，紙張合同和集中操作時，會發生什麼，以至於它開始看起來更像是一個固定的賭場，而不是穩定的堡壘？

That’s where bitcoin — the digital gold of the 21st century — enters the scene. If you still think gold is a safer bet than bitcoin, it’s time to rethink the equation.

那就是比特幣（21世紀的數字黃金）進入現場的地方。如果您仍然認為黃金比比特幣更安全，那麼是時候重新考慮方程式了。

The biggest problem with gold isn’t the metal itself — it’s the way it is traded. More than 96% of the daily gold transactions occur in the paper gold market, where institutions trade IOUs instead of actual physical metal; for every ounce of gold held in a vault, there are upwards of 100 claims on it.

黃金的最大問題不是金屬本身，而是交易的方式。每日超過96％的黃金交易發生在紙質黃金市場中，機構交易而不是實際的物理金屬；在金庫中持有的每一盎司黃金，上面有100多個索賠。

The London Bullion Market Association and the Comex futures market operate on this system, creating a dangerous illusion of gold abundance. And now, that illusion is breaking.

倫敦金條市場協會和COMEX期貨市場在該系統上運作，從而產生了危險的黃金豐富幻想。現在，這種幻想正在破裂。

Major refineries have reported that London vaults are running dry. Delivery wait times at the Bank of England have exploded to four to eight weeks — an unthinkable delay for a supposedly liquid market.

主要的煉油廠報告說，倫敦的拱頂正在乾燥。英格蘭銀行的交付等待時間已經爆炸到四到八週，這對於據稱流動市場來說是無法想像的。

Gold is being drained from London to New York as investors scramble to secure physical supply before the next financial shock. And worst of all, institutions such as JPMorgan and HSBC — key players in the gold game — are in effect caught short; they’ve promised more gold than they can actually deliver.

當投資者爭先恐後地在下一次財務衝擊之前爭先恐後地確保物理供應，黃金正在從倫敦排出。最糟糕的是，摩根大通（JPMorgan）和匯豐銀行（HSBC）等機構實際上被捕獲了。他們承諾的黃金超出了實際交付的能力。

That’s not a store of value; that’s a ticking time bomb.

那不是價值存儲；那是一個滴答tick的定時炸彈。

While gold markets are collapsing under the weight of their own deception, bitcoin is doing exactly what it was designed to do — provide a scarce, transparent and permission-less form of money.

儘管黃金市場在自己欺騙的重量下崩潰了，但比特幣正好在做它旨在做的事情 - 提供稀缺，透明和無許可的金錢形式。

Unlike gold, bitcoin can’t be rehypothecated or counterfeited through fractional reserve banking. When you own bitcoin, you own it outright — no middlemen, no counterparty risk, no need to wait for some central bank to approve your withdrawal.

與黃金不同，比特幣不能通過分數儲備銀行重新裝扮或偽造。當您擁有比特幣時，您會直接擁有它 - 沒有中間商，沒有對手風險，無需等待一些中央銀行批准您的撤離。

Let’s break it down further. Gold’s supply grows at about 1%-2% per year, but no-one knows the true extent of undiscovered reserves. Bitcoin, on the other hand, has a hard-capped supply of 21-million coins, enforced by cryptographic rules that no government or central bank can override.

讓我們進一步分解。黃金的供應每年增長約1％-2％，但沒有人知道未發現的儲量的真實程度。另一方面，比特幣的硬幣供應2100萬硬幣，這是由加密規則強制執行的，即任何政府或中央銀行都無法覆蓋。

When you hold gold you often rely on vaults, banks or exchange traded funds to store it for you; you trust a third party not to gamble with your assets. But as we’ve seen, that trust is repeatedly broken. Bitcoin, in contrast, allows for direct self-custody with no need for intermediaries. Your wealth, your keys, your control.

當您持有黃金時，您通常會依靠金庫，銀行或交易所交易的資金為您存儲；您相信第三方不要賭博您的資產。但是，正如我們所看到的，這種信任反复打破。相比之下，比特幣允許無需中介的直接自我顧客。您的財富，鑰匙，您的控制。

Try moving $1m worth of gold across borders. It’s a logistical nightmare, with shipping, insurance and customs fees. Bitcoin? It can be moved instantly, anywhere in the world, at a fraction of the cost.

嘗試將價值100萬美元的黃金跨越。這是一場後勤噩夢，運費，保險和海關費。比特幣？它可以立即以一小部分成本移動到世界任何地方。

While the gold market operates in secrecy — in which vault holdings, reserves and paper contracts are deliberately opaque — bitcoin operates on an open ledger. Every transaction, holding, and supply detail is visible on the blockchain and auditable by anyone, at any time.

雖然黃金市場以保密性運作（其中保險櫃，儲量和紙質合同故意不透明），比特幣在開放的分類帳上運行。每次交易，保留和供應細節都可以在任何時間在區塊鏈上可見，並且任何人都可以審核。

The smartest minds in finance and commodities trading have long seen through the illusion of paper gold. Legendary investor Ray Dalio acknowledges that bitcoin is now competing with gold as a store of value. Paul Tudor Jones, one of the world’s most respected macro investors, has stated that bitcoin is his preferred hedge against inflation. Even Michael Saylor, CEO of MicroStrategy, has put billions into bitcoin, declaring it superior to gold in every fundamental way.

長期以來，通過紙黃金的幻想，財務和商品交易中最聰明的頭腦已經看到。傳奇投資者雷·達利奧（Ray Dalio）承認，比特幣現在正在與黃金競爭，作為價值存儲。保羅·鐸·瓊斯（Paul Tudor Jones）是世界上最受尊敬的宏觀投資者之一，他表示比特幣是他對通貨膨脹的首選對沖。即使是Microstrategy首席執行官邁克爾·塞勒（Michael Saylor）也將數十億美元投入了比特幣，以每種基本方式都宣布其優於黃金。

Meanwhile, the most prescient traders in commodities — from Jim Rogers to Peter Schiff — have warned for years about the dangers of paper gold and the manipulation of bullion markets. The liquidity crisis in gold is proving them right.

同時，從吉姆·羅傑斯（Jim Rogers）到彼得·希夫（Peter Schiff），最有先見之明的商品交易者多年來一直警告過紙黃金的危險和對金條市場的操縱。黃金中的流動性危機證明了它們是正確的。

For the first time yet we have a store of value that offers the best qualities of gold while eliminating its weaknesses. Bitcoin is scarcer, more secure, more portable and more verifiable than gold will ever be. And as trust in the gold market erodes, bitcoin stands ready to absorb the capital fleeing the broken system.

然而，我們第一次有一個價值存儲，可以提供黃金的最佳品質，同時消除其弱點。比特幣比黃金稀缺，更安全，更便攜，更可靠。隨著對黃金市場的信任侵蝕，比特幣準備吸收逃離破碎系統的資本。

Gold will always have a place in history, but its future is looking increasingly digital. The next great monetary reset won’t be backed by vaults filled with leveraged paper claims. It will be built on a foundation of cryptographic truth, immutability and scarcity.

黃金將永遠在歷史上佔有一席之地，但是它的未來看起來越來越數字化。下一個偉大的貨幣重置不會得到充滿槓桿紙張索賠的金庫的支持。它將建立在加密真理，不變性和稀缺的基礎上。

Bitcoin isn’t just digital gold — it’s better than gold. And in an era in which financial institutions are playing fast and loose with the rules, owning bitcoin might just be the smartest move you can make.

比特幣不僅是數字黃金 - 它比黃金更好。在金融機構在規則上快速播放的時代，擁有比特幣可能只是您可以做出的最明智的舉動。

• Muchena is founder of Proudly Associated and author of ‘

•Muchena是自豪地關聯的創始人，也是'