有時，從另一個角度看，投資的優勢也可能是其劣勢或風險。 XRP肯定是正確的（XRP 1.94％）。

作為最大的加密貨幣之一，與同行相比，它具有明顯的重點和任務。這使它變得特別值得

Sometimes an investment's strengths can also be its weaknesses or risks when looked at from another perspective. That's certainly true for XRP (XRP 1.94%).

有時，從另一個角度看，投資的優勢也可能是其劣勢或風險。 XRP肯定是正確的（XRP 1.94％）。

As one of the largest cryptocurrencies, it has a distinct focus and mandate compared to its peers. That makes it a particularly worthwhile investment, but also exposes it sharply to potential problems that many other coins simply don't have.

作為最大的加密貨幣之一，與同行相比，它具有明顯的重點和任務。這使得它是一項特別有價值的投資，但也將其急劇暴露於許多其他硬幣根本沒有的潛在問題上。

There's one specific issue that some investors have singled out as being of great importance, as it's perhaps the biggest red flag that it's possible for a cryptocurrency to have. At the same time, it's clear that the coin probably couldn't deliver value to investors at all if the feature in question didn't exist. Let's unpack what investors are concerned about, and determine whether it's actually a big problem or not.

有一個具體的問題是，一些投資者將其列為非常重要的問題，因為這也許是加密貨幣的最大危險信號。同時，很明顯，如果不存在該功能，硬幣可能根本無法為投資者帶來價值。讓我們解開投資者所關心的內容，並確定它是否實際上是一個大問題。

Supply consolidation is a sharp double-edged sword

供應合併是一把鋒利的雙刃劍

One of the dreams of the early cryptocurrency community, specifically Bitcoin, was to create forms of money that were not beholden to the same rules as fiat currencies. By ensuring that the supply of cryptocurrencies wasn't concentrated too much in any individual's hands, and by implementing protocols that required mining by a diverse set of different users, the idea was that much-feared tomfoolery like excessive money printing and extreme monetary inflation could be largely avoided. No one player would control enough of a blockchain's mining power to unilaterally make changes to the protocol or create more coins.

早期的加密貨幣社區，特別是比特幣的夢想之一是創造不符合與法定貨幣相同規則的貨幣形式。通過確保加密貨幣的供應並不集中在任何人的手中，並且通過實施需要由不同用戶進行採礦的協議，這個想法就是在很大程度上可以避免使用恐怖的tomfoolery，例如過多的貨幣印刷和極端的貨幣通貨膨脹。沒有一個玩家能夠控制區塊鏈的採礦能力，可以單方面對協議進行更改或創建更多的硬幣。

Many investors appreciated those ideals and invested accordingly. However, the cryptocurrency sector has grown a lot since then, and the countercultural milieu of the early days has fallen by the wayside as more practical concerns like creating utility for holders have taken over.

許多投資者讚賞這些理想並進行了相應的投資。但是，自那時以來，加密貨幣行業已經發展了很多，而早期的反文化環境被方面落下了，因為諸如為持有人建立效用的更實際的擔憂已經接管了。

Enter XRP, a coin that's issued by Ripple, the private company that created and operates the network. According to the company's leaders, in 2017 roughly 55 billion XRP were locked in an escrow account, and they're being unlocked at a rate of 1 billion XRP monthly. If it doesn't sell or use all of the XRP, it gets locked back into escrow.

輸入XRP，這是由創建和運營網絡的私人公司Ripple發行的硬幣。根據該公司的領導人的數據，2017年，大約有550億XRP被鎖定在託管帳戶中，他們以每月10億xrp的速度解鎖。如果它不出售或使用所有XRP，則將其鎖定回託管。

At one point, Ripple held approximately 60% of the coin's total supply, equivalent to around 60 billion XRP. As of the end of the fourth quarter of 2024, it held more than 4.4 billion XRP outright, with 38.9 billion XRP still in escrow. There are approximately 57.9 billion XRP in circulating supply right now.

有一次，Ripple佔該硬幣總供應量的約60％，相當於約600億XRP。截至2024年第四季度末，它直接持有超過44億XRP，XRP仍在託管中，持有389億XRP。目前，循環供應量大約有579億XRP。

The severe concentration of XRP's supply has led many investors to claim that it is in no way a decentralized form of money. Ripple holds the majority of the supply, and directs the development of new features for the chain that XRP is hosted on. Investors do not have the opportunity to buy out Ripple's share unless the business decides to liquidate some of its holdings, nor is it probable that the network's validators will ever be out of its purview.

XRP供應的嚴重濃度使許多投資者聲稱這絕不是分散的金錢形式。 Ripple擁有大部分供應量，並指導XRP託管的鏈條的新功能的開發。除非企業決定清算其一些持股，否則投資者沒有機會購買Ripple的份額，也不可能沒有網絡驗證者不在其範圍內。

For the original set of cryptocurrency investors from the halcyon days, all those elements are major red flags that are dealbreakers. But for most investors today, there's not much of a problem at all. Here's why.

對於原始的加密貨幣投資者，從太平日開始，所有這些要素都是造成破壞者的主要危險信號。但是對於當今大多數投資者來說，根本沒有什麼問題。這就是原因。

Don't overthink this one

不要過度思考這個

For XRP to gain in value, financial institutions like banks need to use it. They have an incentive to use it because it cuts their costs to transact with other financial institutions internationally, which would usually incur steep transfer fees and currency exchange fees. When they use XRP instead, they pay far less, and the small amount they do pay ends up reinvested in maintaining and upgrading the network. The more they use it, the more fees they deliver.

為了使XRP獲得價值，像銀行這樣的金融機構需要使用它。他們有動力使用它，因為它削減了與國際其他金融機構進行交易的成本，這通常會產生巨額的轉讓費和貨幣兌換費。當他們使用XRP時，他們的付款要少得多，而付費的少量最終會重新投資於維護和升級網絡。他們使用的越多，他們提供的費用就越多。

That essential value-generating mechanism is not in any way compromised by Ripple holding a large portion of XRP's supply outright and even more in escrow. If anything, it ensures that they will retain stewardship of the chain, which so far they have developed admirably, onboarding many new users, and delivering good returns to investors along the way.

這種基本的價值生成機制並沒有以任何方式損害。如果有的話，它可以確保他們將保留鏈的管理，到目前為止，他們已經令人欽佩，登上許多新用戶，並在此過程中向投資者提供良好的回報。

If XRP were fully decentralized, those technology development and chain management strategies would need to be the product of consensus among many different actors, some of whom might be in competition. The pace of its deployment would almost certainly be far slower. Plus, conservative institutions like banks tend to be run by conservative management teams, which prefer to interact with other management teams that are broadly legible to them. For example, imagine a scrappy coalition of cryptocurrency developers trying to pitch their coin to a senior banker, and then remember that they probably wouldn't even be able to get into the right room in the first place.

如果XRP完全分散，那麼這些技術開發和連鎖管理策略將需要成為許多不同參與者共識的產物，其中一些參與者可能正在競爭。部署的步伐幾乎肯定會慢得多。另外，像銀行這樣的保守機構傾向於由保守管理團隊運營，這些管理團隊更喜歡與其他對他們普及的管理團隊進行互動。例如，想像一下一個笨拙的加密貨幣開發人員，試圖將硬幣推向高級銀行家，然後記住，他們甚至可能首先無法進入正確的房間。

Therefore, XRP being under Ripple's stewardship is a key part of its appeal, as it's a prerequisite for the coin getting into the hands of the users who are apt to generate the most trading volume -- and, thus, the most fees. So, I don't see it as a red flag at all that

因此，XRP在波紋領導下是其吸引力的關鍵部分，因為它是硬幣掌握在易於產生交易量最多的用戶手中的先決條件 - 因此，費用最多。所以，我根本不認為它是危險信號