Samson Mow對以太坊被高估了一倍，以預先供應為關鍵問題

以太坊可能在四月反彈了，但這並沒有阻止比特幣支持者Samson Mow再次拍攝。

In April, Ethereum may have bounced back a little, but that hasn’t stopped Bitcoin supporter Samson Mow from taking another shot at it. Mow, who’s no stranger to criticizing Ethereum and highlighting what he sees as Bitcoin’s superior attributes, says the world's second-largest cryptocurrency is still way overvalued.

4月，以太坊可能已經反彈了一點，但這並沒有阻止比特幣支持者Samson Mow再次拍攝。莫夫（Mow）對批評以太坊並強調他認為比特幣的優越屬性並不陌生，他說世界第二大加密貨幣仍然被高估了。

While Bitcoin has surged about 270% since 2022, largely fueled by macroeconomic tailwinds and an increasing number of institutional investors entering the space, Ethereum hasn’t quite kept up.

自2022年以來，比特幣飆升了約270％，這在很大程度上是由宏觀經濟的尾風和越來越多的機構投資者進入該空間的推動力，但以太坊還沒有完全保持。

According to data from CoinGecko, at the time of writing, BTC is changing hands at $71,446, showing a 267.8% price increase from August 2022, when it was trading at $21,500. Meanwhile, ETH is currently at $1,558, almost unchanged from its August 2022 price of $1,600.

根據Coingecko的數據，在撰寫本文時，BTC以71,446美元的價格易手，顯示出比2022年8月的價格上漲了267.8％，當時交易價格為21,500美元。同時，ETH目前的價格為1,558美元，其2022年8月的價格幾乎沒有改變。

Still waiting for "@hashr_scan to figure out how to report true locked value for PoS chains. In the meantime, here's a good estimate:

仍在等待“ @hashr_scan弄清楚如何報告POS鏈的真實鎖定值。與此同時，這是一個很好的估計：

At today's prices:

以今天的價格：

• 21M $BTC = $1.5T

•21m $ btc = $ 1.5T

• 122M $ETH = $1.9T

•1.22m $ eth = $ 1.9T

But wait, there's more!

但是等等，還有更多！

60% of ETH was mined out of thin air during early launch. So if ETH had a supply of 21M like BTC, its price today would be ~$9,300. It's way overvalued.

在早期發射期間，將60％的ETH從稀薄的空氣中開采出來。因此，如果ETH像BTC這樣的ETH供應2100萬，那麼今天的價格將為9,300美元。這被高估了。

— Samson Mow (@SamsonMow) April 27, 2024

- Samson Mow（@samsonmow）2024年4月27日

Last year, the JAN3 CEO claimed that Ethereum has too much supply and doesn’t have the strong fundamentals to back up its current price. He also went on to question its long-term value, saying it lacks the simplicity and solid foundation that make Bitcoin stand out.

去年，JAN3首席執行官聲稱以太坊的供應太多，並且沒有強大的基本原理來支持其當前價格。他還繼續質疑其長期價值，稱其缺乏使比特幣脫穎而出的簡單性和堅實的基礎。

In Mow’s opinion, the market is giving ETH more credit than it deserves. Many Bitcoin fans agree with Mow and often call Ethereum overhyped and complicated. However, on the other side, Ethereum supporters argue that it plays a huge role in powering things like NFTs, DeFi apps, and smart contracts—tools that could shape the future of the internet.

MOW認為，市場給ETH提供的信譽超出了應有的信譽。許多比特幣迷同意MOW，經常稱以太坊誇張和復雜。但是，另一方面，以太坊的支持者認為，它在為NFT，Defi Apps和Smart Contracts之類的東西提供動力中起著巨大的作用，這些工​​具可能會影響互聯網的未來。

Bitcoin maximalist Samson Mow has once again targeted noted cryptocurrency critic Ethereum in a recent analysis. Pointing to Bitcoin’s bullish 2024 rally, which has seen impressive gains, especially in the past month, Mow highlighted that the market is placing more value on BTC despite Ethereum having an edge in total locked value (TLV), according to blockchain analytics firm HashRate.

比特幣最大主義者Samson Mow在最近的分析中再次針對著名的加密貨幣以太坊。根據區塊鏈分析公司Hashrate的數據顯示，儘管以太坊在總鎖定價值（TLV）上具有優勢，但在過去的一個月中，比特幣的看漲2024年拉力賽，尤其是在過去的一個月中取得了令人印象深刻的收益。

Sharing a screenshot of HashRate's data, which shows Bitcoin's TLV at $1.5 trillion compared to Ethereum's $1.9 trillion, Mow stated that the figures are still a good estimation. He added that at today’s prices, 21 million Bitcoin comes to $1.5 trillion, and 122 million Ethereum comes to $1.9 trillion.

MOW表示，共享哈希拉特數據的屏幕截圖，該數據顯示比特幣的TLV為1.5萬億美元，而Ethereum的1.9萬億美元表示，這些數字仍然是一個很好的估計。他補充說，以今天的價格，2100萬比特幣達到1.5萬億美元，1.22億個以太坊提高到1.9萬億美元。

However, Mow claimed that a major part of his argument on Ethereum’s overvaluation lies in its supply dynamics. While Bitcoin’s supply is capped at 21 million, Ethereum has a circulating supply of over 122 million tokens. Notably, Mow claims 60% of ETH was minted out of thin air during its early launch phase—72 million coins were premined before people could mine the token.

但是，MOW聲稱他對以太坊高估的論點的主要部分在於其供應動態。儘管比特幣的供應量為2100萬，但以太坊的供應量超過1.22億個令牌。值得注意的是，MOW聲稱，在其早期發射階段，將60％的ETH從稀薄的空氣中鑄造出來，在人們可以挖掘令牌之前，已經開始了72萬枚硬幣。

Using Bitcoin’s scarcity model to place a value on Ethereum, the crypto investor stated that if ETH had a supply of just 21 million, like BTC, its price could have been around $9,300. Instead, he insists Ethereum is overvalued due to this high token count and early distribution practices.

加密投資者使用比特幣的稀缺模型對以太坊的價值構成價值，他說，如果ETH像BTC這樣的價格只有2100萬，其價格可能約為9,300美元。取而代之的是，他堅持認為以太坊由於這種高令牌數量和早期分銷做法而被高估了。

Earlier this month, Ethereum price dropped to a multi-year low of $1,380 as global trade tensions escalated, causing a broader sell-off in crypto markets. However, the world's second-largest cryptocurrency quickly rebounded to $1,680 after President Trump announced a pause on new tariff hikes—except for China.

本月早些時候，隨著全球貿易緊張局勢升級，以太坊價格下跌至1,380美元的多年低點，導致加密貨幣市場的拋售更廣泛。但是，在特朗普總統宣布對中國的新關稅遠足暫停之後，全球第二大加密貨幣迅速​​反彈至1,680美元。

This volatility highlights how both major cryptocurrencies react strongly to geopolitical events, despite their differing use cases. While BTC is viewed as “digital gold” and is often touted for holding value during macroeconomic uncertainty, Ethereum is a platform that powers a burgeoning decentralized ecosystem.

這種波動率強調了兩種主要的加密貨幣如何對地緣政治事件做出強烈反應，儘管它們的用例不同。儘管BTC被視為“數字黃金”，並且經常被吹捧為在宏觀經濟不確定性期間保持價值，但以太坊是一個為新興的分散生態系統提供動力的平台。