比特幣和美元不在同一個聯盟中

人們經常問我：“比特幣的總供應2100萬枚硬幣，不是比美元更可靠嗎？最終會取代美元嗎？”

People often ask me, "Bitcoin has a total supply of 21 million coins, isn't that much more reliable than the dollar? Will it eventually replace the dollar?" Every time I hear such questions, I want to pull out my phone and show them two pictures: one is the Bitcoin price chart over the past six months, jumping from 60,000 to 110,000 and then dropping back to 80,000, and the other is a price tag showing an 8% increase in supermarket egg prices.

人們經常問我：“比特幣的總供應2100萬枚硬幣，不是比美元更可靠嗎？最終會取代美元嗎？”每次我聽到這樣的問題時，我都想拿出手機並向他們展示兩張照片：一個是過去六個月中的比特幣價格表，從60,000躍升至110,000，然後減少到80,000，另一個是一個價格標籤，顯示超市雞蛋價格上漲8％。

What does this mean? Bitcoin and the dollar are not even in the same league; it's like you can't use a sports car to haul goods, nor can you use a truck to race. Today, let's set aside those "disrupting hegemony" slogans and explain this matter from the fundamental logic of economics.

這是什麼意思？比特幣和美元甚至不在同一個聯盟中；就像您不能使用跑車拖運商品，也不能使用卡車進行比賽。今天，讓我們擱置那些“破壞霸權”的口號，並從經濟學的基本邏輯中解釋這一問題。

The Essence of Currency: A Continuous Division of Roles for Thousands of Years

貨幣的本質：數千年的角色連續劃分

When humans first used shells as money, they probably didn't foresee the later evolution into gold, copper coins, paper money, and digital currency. However, after thousands of years of evolution, the currency system has always followed an iron law: No currency can simultaneously serve as a "safe" and a "wallet."

當人類首次將殼作為金錢時，他們可能沒有預見後來的演變成黃金，銅幣，紙幣和數字貨幣。但是，經過數千年的發展，貨幣體系始終遵循鐵法：沒有貨幣可以同時用作“安全”和“錢包”。

Why did gold exit daily circulation? Because carrying gold bars to buy groceries is simply absurd. Why doesn't the dollar dare to mimic Bitcoin's fixed supply? Because the economy needs central banks to adjust the faucet to prevent droughts and floods.

黃金為什麼每天退出循環？因為攜帶金條購買雜貨簡直是荒謬的。為什麼美元不敢模仿比特幣的固定供應？因為經濟需要中央銀行來調整水龍頭以防止乾旱和洪水。

Behind this is a fundamental split in the functions of money. Economists have long divided money into three roles: piggy bank (store of value), payment code (medium of exchange), and measuring unit (unit of account). Gold excels in the "piggy bank" domain, but using it as a "payment code" can be fatal—during the 2013 Cyprus financial crisis, someone actually tried to pay for surgery with gold bars, and the doctor wasted half an hour checking the purity with calipers, delaying the rescue. However, to be fair, the dollar has perfected the "payment code," but its purchasing power has shrunk by 40% over the past twenty years; storing dollars is like leaving ice cubes in the sun.

這背後是金錢功能的基本分歧。經濟學家長期以來將金錢分為三個角色：存錢罐（價值存儲），付款代碼（交換媒體）和衡量單位（帳戶單位）。在2013年塞浦路斯的金融危機中，Gold在“小豬銀行”領域中表現出色，但將其用作“付款代碼”可能是致命的，實際上有人試圖用金條與黃金棒那支付手術，醫生浪費了半個小時的時間，檢查了與卡尺的純度檢查，從而延遲了救援。但是，公平地說，美元已經完善了“付款代碼”，但是在過去的二十年中，其購買力縮小了40％。存儲美元就像將冰塊留在陽光下。

A fixed total supply and ease of storage make such items suitable as a piggy bank, referred to as a "store of value" in economics, because it can store your value without the constant concern of inflation and depreciation risks associated with fiat currency. However, due to the fixed total supply and scarcity effect, the price cannot remain unchanged; if the consensus is strong enough, it will continuously appreciate, making it unsuitable as a “payment code.”

固定的總供應和易於儲存性使此類物品適合像小豬銀行一樣，被稱為經濟學中的“價值存儲”，因為它可以存儲您的價值，而不會持續關注通貨膨脹和與法定貨幣相關的折舊風險。但是，由於固定的總供應和稀缺效應，價格無法保持不變。如果共識足夠強大，它將不斷欣賞，這使其不適合作為“付款代碼”。

Items suitable as payment codes must have a controllable and constantly changing total supply. When the price needs to rise, the issuance must be reduced; when the

適用於付款代碼的項目必須具有可控且不斷變化的總供應。當價格需要上漲時，必須降低發行；什麼時候