比特幣適合華爾街，門羅幣適合暗網市場？

比特幣從顛覆性工具轉變為主流金融資產的是金融史上最引人注目的製度轉折之一。

Bitcoin, once the poster child of the cypherpunk movement, now finds itself embraced by the institutions it was designed to circumvent. But another cryptocurrency, Monero, is operating in the shadows, viewed by its advocates as the true heir to the original cypherpunk movement.

比特幣曾經是密碼朋克運動的典型代表，現在發現自己受到了它旨在規避的機構的歡迎。但另一種加密貨幣門羅幣正在暗中運作，其支持者將其視為原始密碼朋克運動的真正繼承者。

Bitcoin's transformation from a subversive instrument to a mainstream financial asset is one of the most remarkable institutional pivots in financial history. Today, Bitcoin ETFs trade on Wall Street, and even U.S. Presidents discuss its cause. The same cryptocurrency that once powered the infamous Silk Road marketplace now serves as a respectable investment vehicle, complete with institutional custodians and regulatory oversight.

比特幣從顛覆性工具轉變為主流金融資產的是金融史上最引人注目的製度支點之一。如今，比特幣 ETF 在華爾街進行交易，甚至連美國總統都在討論原因。曾經為臭名昭著的絲綢之路市場提供動力的加密貨幣現在成為一種受人尊敬的投資工具，並配有機構託管人和監管機構。

This institutionalization of Bitcoin, while validating its economic importance, has sparked debate within the cryptocurrency community: Has Bitcoin's mainstream success come at the cost of its original cypherpunk ideals?

比特幣的這種制度化在驗證其經濟重要性的同時，也在加密貨幣社群內引發了爭論：比特幣的主流成功是否是以犧牲其最初的密碼朋克理想為代價的？

For privacy advocates, Monero represents an answer to this question, positioning itself as the spiritual successor to Bitcoin's early anti-establishment roots.

對於隱私倡議者來說，門羅幣代表了這個問題的答案，將自己定位為比特幣早期反建制根源的精神繼承者。

To its proponents, Monero's story demonstrates that the original cypherpunk spirit of cryptocurrency isn't just surviving – it's evolving. While Bitcoin has become increasingly transparent and traceable, Monero has doubled down on privacy features that make it practically impossible to trace fund movements across its blockchain.

對於其支持者來說，門羅幣的故事表明，加密貨幣最初的密碼朋克精神不僅得以倖存，而且還在不斷發展。雖然比特幣變得越來越透明和可追踪，但門羅幣在隱私功能上加倍努力，這使得追蹤其區塊鏈上的資金動向幾乎不可能。

But this commitment to privacy hasn't come without consequences.

但這種對隱私的承諾並非沒有後果。

Throughout 2023 and early 2024, Monero faced a wave of delistings from major cryptocurrency exchanges. Kraken led the charge in 2021 by removing Monero for European users. OKX followed in December 2023, and in February 2024, Binance (the world's largest cryptocurrency exchange) delivered what many thought would be a killing blow by delisting Monero alongside other privacy-focused tokens. The immediate impact was severe: Monero's price crashed by a third within 24 hours of Binance's announcement.

在整個 2023 年和 2024 年初，門羅幣面臨著從主要加密貨幣交易所下市的浪潮。 Kraken 在 2021 年率先發起了這項行動，為歐洲用戶移除了門羅幣。 OKX 於2023 年12 月緊隨其後，並於2024 年2 月，幣安（全球最大的加密貨幣交易所）透過將門羅幣與其他注重隱私的代幣一起下架，帶來了許多人認為的致命一擊。直接影響是嚴重的：幣安宣布這一消息後 24 小時內，門羅幣的價格暴跌了三分之一。

Yet, something remarkable has happened since. Instead of fading into obscurity, Monero demonstrated remarkable resilience. Its current market capitalization of over $4 billion, while not at all-time highs, represents significant organic growth since the delistings. As of writing, Monero’s price is currently over $200 dollars, almost double what it was after the Binance delisting. This resilience suggests that Monero's value proposition extends beyond speculative trading – it serves a genuine market need for financial privacy.

然而，此後發生了一些值得注意的事情。門羅幣並沒有變得默默無聞，而是展現了非凡的韌性。目前其市值超過 40 億美元，雖然未達到歷史最高水平，但代表了自退市以來的顯著有機成長。截至撰寫本文時，門羅幣的價格目前超過 200 美元，幾乎是幣安下架後的兩倍。這種彈性顯示門羅幣的價值主張超越了投機交易——它滿足了市場對金融隱私的真正需求。

The parallel trajectories of Bitcoin and Monero illuminate a crucial truth: cryptocurrencies are executing a multi-pronged disruption on the traditional financial system. While Bitcoin charts a course through institutional adoption and mainstream acceptance, Monero maintains its focus on the fundamental cypherpunk principle of privacy. Both approaches appear viable, serving different but equally important purposes in the broader cryptocurrency landscape.

比特幣和門羅幣的平行發展軌跡揭示了一個至關重要的事實：加密貨幣正在對傳統金融體系進行多管齊下的顛覆。雖然比特幣透過機構採用和主流接受制定了路線，但門羅幣仍然關注隱私的基本密碼朋克原則。這兩種方法似乎都是可行的，在更廣泛的加密貨幣領域中服務於不同但同樣重要的目的。

Monero's persistence despite institutional rejection demonstrates that the original cypherpunk dream of cryptocurrency, as a tool for financial privacy and freedom from institutional control, remains very much alive. Its continued use in privacy-critical scenarios, from darknet markets to dissident funding, suggests that there remains a substantial demand for truly private digital transactions, even in the face of increasing regulatory pressure.

儘管遭到機構拒絕，門羅幣仍然堅持不懈，這表明加密貨幣作為金融隱私和免受機構控制的工具的最初密碼朋克夢想仍然非常活躍。它在從暗網市場到異見資助等隱私關鍵場景中的持續使用表明，即使面臨日益增加的監管壓力，對真正私密的數位交易的需求仍然很大。

This dichotomy between Bitcoin and Monero might actually represent the natural evolution of the cryptocurrency ecosystem rather than a contradiction. Bitcoin's mainstream adoption helps legitimize cryptocurrency as a concept, while Monero preserves the privacy-focused principles that sparked the cryptocurrency revolution in the first place. In this light, both cryptocurrencies are successful: they're just playing different games with different rules.

比特幣和門羅幣之間的這種二分法實際上可能代表了加密貨幣生態系統的自然演變，而不是矛盾。比特幣的主流採用有助於使加密貨幣作為一個概念合法化，而門羅幣則保留了最初引發加密貨幣革命的以隱私為中心的原則。從這個角度來看，這兩種加密貨幣都是成功的：它們只是用不同的規則來玩不同的遊戲。

The cypherpunk dream, it seems, hasn't died: it's bifurcated. Bitcoin has evolved to become a bridge between the cryptocurrency world and traditional finance, while Monero has emerged as the standard-bearer for the original cypherpunk vision of private, censorship-resistant digital money. This diversification might ultimately prove healthier for the ecosystem than if either vision had completely dominated the other.

密碼朋克的夢想似乎並沒有消亡：它已經出現了分歧。比特幣已經發展成為加密貨幣世界和傳統金融之間的橋樑，而門羅幣已經成為原始密碼朋克願景的私人、抗審查數位貨幣的旗手。與任一願景完全主導另一個願景相比，這種多樣化最終可能對生態系統來說更健康。

As we look to the future, this dual evolution suggests that the cryptocurrency space is mature enough to support multiple, seemingly contradictory visions simultaneously. The success of both Bitcoin's institutional path and Monero's privacy-focused approach demonstrates that different cryptocurrencies can coexist while serving fundamentally different purposes. This is a reality that both regulators and market participants will need to grapple with in the years to come.

當我們展望未來時，這種雙重演變顯示加密貨幣領域已經足夠成熟，可以同時支持多種看似矛盾的願景。比特幣制度路徑和門羅幣注重隱私的方法的成功表明，不同的加密貨幣可以共存，同時服務於根本不同的目的。這是監管機構和市場參與者在未來幾年都需要應對的現實。

Perhaps most remarkably, this diversification represents the profound success of Satoshi Nakamoto's original vision, though not in the way many might have expected. What began as a single challenge to state monetary control has evolved into a multi-faceted movement, with different cryptocurrencies confronting the monopoly of state money from various angles. Bitcoin challenges fiat currency's role as a store of value and investment vehicle, while Monero contests the state's ability to monitor and control financial transactions. Other cryptocurrencies have emerged to challenge different aspects of traditional finance, from smart contract platforms competing with traditional contract law to stablecoins competing with Eurodollars.

也許最引人注目的是，這種多元化代表了中本聰最初願景的巨大成功，儘管方式並非許多人預期的那樣。最初對國家貨幣控制的單一挑戰已演變為多方面的運動，不同的加密貨幣從不同角度對抗國家貨幣的壟斷。比特幣挑戰法定貨幣作為價值儲存和投資工具的作用，而門羅幣則挑戰國家監控和控制金融交易的能力。其他加密貨幣的出現挑戰了傳統金融的不同方面，從與傳統合約法競爭的智慧合約平台到與歐洲美元競爭的穩定幣。

This proliferation of approaches wasn't just inevitable – it

這種方法的激增不僅是不可避免的，而且