從加密貨幣有遠見的人到被定罪的重罪犯，山姆·班克曼（Sam Bankman）炸獄式的採訪暴露了他曾經有過的諾言的荒謬性

曾經聲稱自己將領導能夠取代中央銀行的數字貨幣革命的人現在進行了黑市監獄行業，而不是在比特幣中，而是在預包裝的鬆餅中進行。

In a bizarre twist of fate, former cryptocurrency exchange FTX founder Sam Bankman-Fried was recently the subject of a jailhouse interview that inadvertently exposed the absurdity of his once-lofty promises.

在命運的奇怪轉折中，前加密貨幣交易所FTX創始人山姆·班克曼（Sam Bankman Fried）最近是監獄訪談的主題，該採訪無意中揭露了他曾經有過的諾言的荒謬性。

The man who claimed he would lead a digital monetary revolution capable of replacing central banks now conducts his black-market prison trades not in bitcoin, but in prepackaged muffins. Yes, you read that right: The currency of choice behind bars is not some sophisticated decentralized blockchain asset – it’s Little Debbie Cakes.

聲稱他將領導能夠取代中央銀行的數字貨幣革命的人現在進行了黑市監獄行業，而不是在比特幣中，而是在預包裝的鬆餅中進行。是的，您讀到了正確的說法：牢房後的首選貨幣不是一些精緻的分散區塊鏈資產，而是小黛比蛋糕。

This may be the perfect metaphor for the shaky foundation of cryptocurrency’s grand ambitions. In times of true crisis, it turns out that assets with practical value are worth more than theoretical ones.

這可能是加密貨幣雄心勃勃的搖搖欲墜基金會的完美隱喻。在真正的危機時期，事實證明，具有實際價值的資產比理論上的價值高。

This segues nicely into an idea that has been discussed at length in recent times, and which is sure to spark heated debate: a strategic cryptocurrency reserve.

這很好地融入了一個近期討論的想法，這一定會引發激烈的辯論：戰略性的加密貨幣儲備。

Investment firm Van Eck, for instance, recently penned a piece suggesting that a strategic bitcoin reserve could help offset the national debt. The logic here is, to put it charitably, questionable: Buy a volatile asset, cross your fingers that it skyrockets in value, and then use the gains to pay down a multitrillion-dollar debt tab. This is less a strategy and more a high-risk bet – one that conveniently ignores the downside. What if bitcoin crashes? Well, suddenly your “strategic reserve” is just a giant taxpayer-funded sinkhole. Tossing casino chips on the crypto roulette wheel is not the solution to the national debt.

例如，投資公司範·埃克（Van Eck）最近寫了一篇文章，表明戰略比特幣儲備可以幫助抵消國債。值得一提的是，這裡的邏輯是：購買一個波動的資產，交叉您的手指，以其價值飛揚，然後使用收益來償還數十美元的債務選項卡。這不是一種策略，而是一個高風險的賭注，它可以方便地忽略不利之處。如果比特幣崩潰怎麼辦？好吧，突然之間，您的“戰略儲備”只是一個巨大的納稅人資助的污水坑。在加密賭場輪上扔賭場芯片並不是解決國家債務的解決方案。

Now, to be fair, crypto enthusiasts are right about one thing: the world’s central banking system is a mess. Decades of reckless money printing, ballooning debt, and opaque policymaking have eroded trust in fiat currencies.

現在，公平地說，加密愛好者對一件事是正確的：世界中央銀行系統是一團糟。數十年來的魯ck貨幣印刷，熱烈的債務和不透明的政策制定侵蝕了對法定貨幣的信任。

But here’s the problem – cryptocurrencies don’t fix any of this. They’re vulnerable to manipulation, dependent on fragile technological infrastructure, and so volatile that they’re a terrible store of value for any government that cares about economic stability. Replacing one flawed system with another does not equate to progress.

但這是問題 - 加密貨幣沒有解決任何問題。它們容易受到操縱的影響，依賴於脆弱的技術基礎設施，並且如此波動，以至於對於任何關心經濟穩定的政府來說，它們都是可怕的價值存儲。用另一個有缺陷的系統替換一個有缺陷的系統並不等於進步。

The idea of a strategic cryptocurrency reserve might sound edgy and forward-thinking, but it’s really just built on the same naive optimism that powered Bankman-Fried’s empire before it collapsed in spectacular fashion.

戰略性加密貨幣儲備的想法聽起來可能是前衛和前瞻性的，但實際上它只是基於與Bankman Fried帝國動力崩潰之前的同一天真的樂觀情緒。

In the end, the crypto reserve proposal is more of a distraction than a solution – a shiny object designed to keep the crypto donor class happy and framed as a game-changer, while conveniently ignoring the real, pressing problem: our ever-growing national debt.

最後，加密儲備儲備提案比解決方案更令人分心 - 一種閃亮的物體，旨在使加密捐贈者班級快樂，並以改變遊戲規則的方式進行構圖，同時又方便地忽略了真實的，緊迫的問題：我們不斷增長的國家債務。

David Moon, president of Moon Capital Management, may be reached at david@mooncap.com.

可以通過david@mooncap.com與月球資本管理總裁David Moon。