為什麼媒體喜歡加密貨幣最糟糕的一面

Mahesh Ramakrishnan 表示，對該行業聲譽最差的方面的關注掩蓋了 DePIN、穩定幣和 DeFi 等領域的真正進展。

The crypto industry has seen its fair share of ups and downs over the past year. From the collapse of major exchanges like FTX to the rise of new and innovative use cases like decentralized physical infrastructure networks (DePIN), there’s been no shortage of talking points. However, the mainstream media’s coverage of these developments has left much to be desired.

在過去的一年裡，加密貨幣產業經歷了相當多的起伏。從 FTX 等主要交易所的崩潰，到去中心化實體基礎設施網路 (DePIN) 等新的創新用例的興起，話題不絕於耳。然而，主流媒體對這些事態發展的報道卻不盡人意。

While some media outlets have highlighted the promising applications of crypto in facilitating digital transactions and supporting an internet-native financial system, others have remained fixated on the least reputable aspects of the industry, like memecoins and the antics of crypto influencers. This narrow focus on the extremes obscures the substantial progress being made in other areas.

儘管一些媒體強調了加密貨幣在促進數位交易和支援網路原生金融系統方面的前景廣闊的應用，但其他媒體仍然關注該行業最不知名的方面，例如模因幣和加密貨幣影響者的滑稽動作。這種對極端情況的狹隘關注掩蓋了其他領域正在取得的實質進展。

For instance, stablecoins, which link digital assets to fiat currencies, are reaching new adoption milestones, especially in emerging markets with unstable local currencies. These stables are being used to preserve purchasing power and facilitate remittances at a scale that’s hard to ignore.

例如，將數位資產與法定貨幣連結起來的穩定幣正在達到新的採用里程碑，特別是在當地貨幣不穩定的新興市場。這些馬厩被用來保持購買力並促進難以忽視的規模的匯款。

Another promising development is decentralized finance (DeFi), which allows users to lend, borrow and trade assets directly, bypassing traditional financial intermediaries. In countries with limited access to banking, DeFi presents a significant opportunity for financial inclusion. Even in a world that's radically reconsidering trade and dollarization, these primitives offer a neutral ground to transact, furthering use and proliferation of the dollar.

另一個有前景的發展是去中心化金融（DeFi），它允許用戶繞過傳統金融中介直接借貸和交易資產。在銀行業務有限的國家，DeFi 為金融普惠提供了重要機會。即使在一個正在從根本上重新考慮貿易和美元化的世界中，這些原語也提供了一個中立的交易基礎，進一步促進了美元的使用和擴散。

However, not all crypto projects have clear value. Memecoins, which derive their worth from internet attention rather than tangible use, are a contentious topic even within crypto circles. For example, dogecoin, a favorite of Elon Musk, has a market value that surpasses 94% of companies in the S&P 500, despite lacking a product or business model. Recently, Chris Dixon, of Andreessen Horowitz, even criticized memecoins for hindering understanding of the broader industry’s utility. If one were looking for a reason to argue that crypto is a scam, you could find it in some corners of the memecoin world.

然而，並非所有加密項目都具有明確的價值。 Memecoin 的價值來自網路的關注而不是有形的使用，即使在加密貨幣圈子裡也是一個有爭議的話題。例如，馬斯克最喜歡的狗狗幣，儘管缺乏產品或商業模式，但其市值卻超過了標準普爾 500 指數中 94% 的公司。最近，Andreessen Horowitz 的 Chris Dixon 甚至批評 memecoin 阻礙了對更廣泛行業效用的理解。如果有人想找一個理由來證明加密貨幣是一種騙局，你可以在迷因幣世界的某些角落找到它。

But following Sam Bankman-Fried's ignominious fall, another new primitive is using crypto rails to rebuild the tangible world: decentralized physical infrastructure networks (DePIN). These networks allow individuals to contribute resources – like data or connectivity – in exchange for rewards. By crowdsourcing infrastructure, DePIN projects can compete with large incumbents, offering cheaper and more accessible services.

但在 Sam Bankman-Fried 不光彩的倒台之後，另一個新的原語是使用加密軌道來重建有形世界：去中心化實體基礎設施網路（DePIN）。這些網路允許個人貢獻資源（例如數據或連接）以換取獎勵。透過眾包基礎設施，DePIN 專案可以與大型現有企業競爭，提供更便宜、更容易獲得的服務。

The Atlantic has already called the term DePIN (which was coined by an analyst at Messari) “boring.” However, these networks are already changing the market structure of legacy industries. Today, there are over 1,400 DePIN projects building, having raised more than $1 billion in venture funding. But if you relied solely on the Atlantic and Elizabeth Warren’s Twitter feed, you’d still think the industry is fraudulent.

《大西洋月刊》已經稱 DePIN 這個術語（由 Messari 的分析師創造）為「無聊」。然而，這些網絡已經在改變傳統產業的市場結構。如今，DePIN 計畫已超過 1,400 個，已籌集超過 10 億美元的風險資金。但如果你只依賴《大西洋月刊》和伊莉莎白華倫的推特，你仍然會認為這個行業有詐欺行為。

One prominent example is Helium, a network that crowdsources mini-tower and hotspot deployment to create a decentralized mobile coverage network. With over 120,000 active mobile plans in service, Helium provides affordable connectivity by pushing operating costs to the edges of the network. But you could also find reporting calling Helium a scam and declaring it a failure after its token price fell by 90% in 2022.

一個突出的例子是 Helium，這是一種眾包迷你塔和熱點部署以創建去中心化移動覆蓋網路的網路。 Helium 擁有超過 120,000 個有效的行動套餐，透過將營運成本降低到網路邊緣來提供經濟實惠的連接。但你也可能會發現有報導稱 Helium 是騙局，並在 2022 年其代幣價格下跌 90% 後宣布失敗。

This completely misses how Helium's business has transformed into a cellular provider from an IoT network. The misunderstanding highlights how volatile token prices often overshadow real business developments. Crypto networks like Helium are frequently described as “antifragile,” adapting through volatility as extreme price swings fuel misleading narratives.

這完全忽略了 Helium 的業務是如何從物聯網網路轉型為蜂窩供應商的。這種誤解凸顯了代幣價格的波動常常掩蓋了實際業務的發展。像 Helium 這樣的加密網絡經常被描述為“反脆弱”，能夠適應波動性，因為極端的價格波動助長了誤導性的敘述。

Perhaps this explains Trump’s affinity for crypto: both he and the crypto industry are often misrepresented or taken out of context. Like with MAGA, certain crypto actors become conflated with the whole industry, and those looking for something to blame find an easy scapegoat. It also explains why crypto-natives feel so misunderstood.

也許這解釋了川普對加密貨幣的喜愛：他和加密貨幣產業都經常被扭曲或斷章取義。就像 MAGA 一樣，某些加密貨幣參與者與整個行業混為一談，而那些尋找罪魁禍首的人很容易找到替罪羔羊。這也解釋了為什麼加密貨幣原住民會感到如此被誤解。

Yes, there is a cohort of crypto-owners that support anarchy, and others still that have abused this unregulated market for personal gain. As the failures of the end of last cycle pushed the mainstream media to pessimism, it makes sense that many believe that The Worst of Crypto is yet to come. But as real use-cases in stables, DeFi and DePIN continue to abound, it’s clear that the best of crypto is yet to come, too.

是的，有一群加密貨幣所有者支持無政府狀態，而其他人仍然濫用這個不受監管的市場來謀取個人利益。由於上一個週期結束時的失敗使主流媒體陷入悲觀，許多人相信加密貨幣最糟糕的時刻尚未到來，這是有道理的。但隨著穩定、DeFi 和 DePIN 中的實際用例不斷增多，很明顯，最好的加密貨幣尚未到來。