加密貨幣兌美元

加密貨幣有多種形式。比特幣是最著名的，還有許多其他的名字，例如以太坊、Ripple、Stellar Loomis、EOS 和 Lightcoin 等。目前估計有 10,000 種加密貨幣。

Cryptocurrency, in its many forms, has taken the world by storm. While Bitcoin may be the most well-known cryptocurrency, there are countless others, including Ethereum, Ripple, Stellar Loomis, EOS and Lightcoin, to name a few. In total, there are an estimated 10,000 cryptocurrencies in existence today.

多種形式的加密貨幣席捲了全世界。雖然比特幣可能是最著名的加密貨幣，但還有無數其他加密貨幣，包括以太坊、Ripple、Stellar Loomis、EOS 和 Lightcoin 等。目前估計總共有 10,000 種加密貨幣。

Cryptocurrency is designed to be accessible anywhere and everywhere there is internet. It’s not controlled by any one government and is instead “mined” using mathematical formulas, a process known as block chain technology. According to Wikipedia, “A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.”

加密貨幣被設計為可以在任何有網路的地方使用。它不受任何一個政府控制，而是使用數學公式“開採”，這個過程稱為區塊鏈技術。根據維基百科的說法，“加密貨幣是一種數位資產，旨在作為交換媒介，使用強大的加密技術來保護金融交易、控制額外單位的創建並驗證資產的轉移。”

As a currency, cryptocurrency does meet some of the characteristics required of a medium of exchange. A currency must be hard to replicate, be divisible, recognizable, have uniformity, be portable, have acceptability and maintain a store of value. When it comes to the first six characteristics, crypto coins could be said to fit the bill nicely. However, I have issues with the last characteristic: maintaining a store of value.

作為一種貨幣，加密貨幣確實滿足了交換媒介所需的一些特徵。貨幣必須難以複製、可分割、可識別、具有統一性、可攜帶、具有可接受性並具有價值儲存功能。當談到前六個特徵時，加密貨幣可以說非常符合要求。然而，我對最後一個特徵有疑問：維持價值儲存。

It goes without saying that at times, the price of cryptocurrency can vary tremendously. Lately, that has been an understatement.

不言而喻，有時加密貨幣的價格可能會大不相同。最近，這已經是輕描淡寫了。

Stories of skyrocketing prices and subsequent roller coaster-like plunges are common. Bitcoin itself briefly breached $100,000.00 a coin just a few weeks ago.

價格飆升和隨後的過山車式暴跌的故事很常見。就在幾週前，比特幣本身一度突破了 10 萬美元。

Although a rising price may convince some investors to believe crypto might make an acceptable currency replacement, the very fact it often moves so violently violates the store of value characteristic a usable currency must possess.

儘管價格上漲可能會讓一些投資者相信加密貨幣可能成為可接受的貨幣替代品，但它經常劇烈波動的事實違反了可用貨幣必須具備的價值儲存特徵。

Store of value means both the buyer and seller of the currency must have faith in its stability. Stability means it doesn’t go up or down much. Certainly the buyer of crypto relishes the meteoric rise when it occurs, but like all things money, there is always someone else on the other side of the trade.

價值儲存意味著貨幣的買家和賣家都必須對其穩定性有信心。穩定性意味著它不會大幅上漲或下跌。當然，加密貨幣的買家在價格飛速上漲時會感到高興，但就像所有金錢一樣，交易的另一邊總是有其他人。

If a buyer of crypto makes an overnight fortune on a price spike, the seller of that very same crypto loses an equal amount in value.

如果加密貨幣的買家因價格飆升而一夜致富，那麼該加密貨幣的賣家就會損失等量的價值。

To buy crypto, one must have exchanged something else for it.

要購買加密貨幣，必須用其他東西來交換。

For example, if it is another currency that is exchanged, the person who sold the crypto now holds a currency that has fallen in value by an equal amount.

例如，如果交換的是另一種貨幣，那麼出售加密貨幣的人現在持有的貨幣已經貶值了等量。

Given the recent price instability of Bitcoin, the very definition of maintaining a store of value is almost nonexistent and therefore, at this place in time, Bitcoin cannot be considered a usable currency replacement.

鑑於比特幣最近的價格不穩定，維持價值儲存的定義幾乎不存在，因此，在此時此刻，比特幣不能被視為可用的貨幣替代品。

Another attraction of crypto is the fact no one or no one government can shut it down. Again from Wikipedia: “It is a decentralized digital currency without a central bank or single administrator………….”

加密貨幣的另一個吸引力在於，沒有人或政府可以關閉。再次來自維基百科：“它是一種去中心化的數位貨幣，沒有中央銀行或單一管理員…………。”

Since the internet is worldwide and unstoppable, the thinking goes that crypto coins can’t be confiscated by meddling governments.

由於網路是全球性的且不可阻擋，人們認為加密貨幣不能被幹預的政府沒收。

However, governments of the world don’t have to confiscate cryptocurrencies to stop their usage. All they have to do is shut down the exchange websites that trade them. Sounds unlikely but many countries have already done so.

然而，世界各國政府不必沒收加密貨幣來停止其使用。他們所要做的就是關閉交易它們的交易所網站。聽起來不太可能，但許多國家已經這樣做了。

Quite simply, if your country of residence decides it doesn’t want you trading crypto, it can shut down all the ways you can access it.

很簡單，如果您的居住國決定不希望您交易加密貨幣，它可以關閉您存取加密貨幣的所有方式。

Internet workarounds are certainly possible, but to the average Joe, cyberspace backdoors may be difficult to access.

網路解決方法當然是可能的，但對於普通人來說，網路空間後門可能很難存取。

Central governments will always strive to maintain strict controls over their respective currencies to ensure their viability.

中央政府將始終努力保持對各自貨幣的嚴格控制，以確保其生存能力。

A country’s currency is the lifeblood of their economy, so controlling it ensures the ability to use the government check book, which means the ability to deficit spend without restriction.

一個國家的貨幣是其經濟的命脈，因此控制它可以確保使用政府支票簿的能力，這意味著不受限制的赤字支出的能力。

History has proven time and time again a government will ensure its currency remains valid and is not usurped by another. This would obviously include curtailing the use of Bitcoin or any other currency whose ownership becomes too widespread.

歷史一次又一次證明，政府將確保其貨幣保持有效且不被其他國家篡奪。這顯然包括限制比特幣或任何其他所有權過於廣泛的貨幣的使用。

That said, to say central governments aren’t fully aware of the threat crypto coins may present to their specific currencies would be more than naive.

也就是說，如果說中央政府沒有完全意識到加密貨幣可能對其特定貨幣構成的威脅，那就太天真了。

The U.S. government is already looking into issuing its own version of a cyber coin called the Central Bank Digital Currency (CBDC). President-elect Trump has also indicated the U.S. government is looking to expand its control of the Bitcoin market by establishing a Bitcoin reserve of its own.

美國政府已經在考慮發行自己版本的網路貨幣，稱為中央銀行數位貨幣（CBDC）。當選總統川普也表示，美國政府正在尋求透過建立自己的比特幣儲備來擴大對比特幣市場的控制。

The U.S. is not alone. The issue is being discussed among central banks worldwide.

美國並不孤單。世界各國央行正在討論這個問題。

That said, in this analyst’s opinion, it’s only a matter of time before governments bring down a harder hammer on the entire cyber coin phenomenon in order to ensure continued control of all things money.

也就是說，在這位分析師看來，政府對整個網路貨幣現象進行更嚴厲的打擊以確保對所有貨幣的持續控制只是時間問題。

“Watching the markets so you don’t have to”

“觀察市場，這樣你就不必了”

This article expresses the opinion of Marc Cuniberti and is not meant as investment advice, or a recommendation to buy or sell any securities, nor represents the opinion of any bank, investment firm or RIA, nor this media outlet, its staff, members or underwriters. Mr. Cuniberti holds a B.A. in Economics with honors,

本文表達 Marc Cuniberti 的觀點，並不構成投資建議或購買或出售任何證券的建議，也不代表任何銀行、投資公司或 RIA、本媒體、其工作人員、成員或承銷商的意見。 Cuniberti 先生以優異的成績獲得經濟學學士學位，