象徵學：它是什麼，為什麼它是硬幣價格的關鍵驅動力

象徵學是一個在加密貨幣世界中圍繞著很多詞的詞。但是到底是什麼？這是塑造最強大的力量之一

Tokenomics is a critical factor in determining the future value of a cryptocurrency. It outlines how the cryptocurrency will be managed, including aspects like the total number of coins to be issued, the rate of coin issuance, the possibility of burning coins, and the impact of other factors on the coin's supply.

令牌學是確定加密貨幣的未來價值的關鍵因素。它概述瞭如何管理加密貨幣，包括要發行的硬幣總數，硬幣發行率，燃燒硬幣的可能性以及其他因素對硬幣供應的影響。

These elements influence the rate at which new coins enter circulation and whether any coins are removed, ultimately affecting the cryptocurrency's price. For instance, cryptocurrencies often highlight their deflationary tokenomics to support the coin's price.

這些要素會影響新硬幣進入循環的速度以及是否刪除任何硬幣，最終影響加密貨幣的價格。例如，加密貨幣通常會突出其通縮令牌，以支持硬幣的價格。

In 2022, Ethereum shifted from a proof-of-work to a proof-of-stake system, significantly reducing its net issuance in an effort to become deflationary. It also implemented a mechanism to burn coins during transactions, leading many to conclude that its supply is now net deflationary.

在2022年，以太坊從工作證明轉變為驗證驗證系統，大大降低了其淨發行，以使其成為放氣。它還實施了一種在交易期間燃燒硬幣的機制，這使許多人得出結論，其供應現在是淨通縮。

Essentially, Ethereum's issuers "rigged" the coin's tokenomics to support its price, enabling it to rise over time but not guaranteeing it. While everyone discusses how a coin's deflationary nature drives up its price, supply is only half the equation; demand ultimately determines a coin's price movements.

從本質上講，以太坊的發行人“操縱”了硬幣的標記學以支持其價格，使其能夠隨著時間的推移而上升，但不能保證它。儘管每個人都討論了硬幣的通縮性如何提高其價格，但供應只是等式的一半。需求最終決定了硬幣的價格變動。

There are numerous items in short supply that are nevertheless worthless, like the glasses in your kitchen cabinet. Limited supply is meaningless without demand for an object or a cryptocurrency.

儘管如此，供應量很少的物品卻毫無價值，例如廚房櫥櫃中的眼鏡。有限的供應是毫無意義的，而沒有對物體或加密貨幣的需求。

Any cryptocurrency is worthless without demand because its value is solely determined by what people are prepared to pay for it. As a result, out of the 20,000 or more cryptocurrencies in existence, only a small number are actually valuable, and almost all of them are essentially worthless.

任何加密貨幣都沒有需求毫無價值，因為它的價值僅取決於人們準備為此付出的價值。結果，在存在的20,000個或更多的加密貨幣中，實際上只有少數是有價值的，而且幾乎所有的都基本上都是毫無價值的。

However, managing the supply of a popular cryptocurrency—one for which there is already demand—can drive its price higher (or lower) because it encourages traders to buy. They can purchase knowing that the coin's issuers won't overinflate it, which attracts demand and creates a virtuous circle.

但是，管理流行的加密貨幣的供應（已經有需求的一種）可以推動其價格更高（或更低），因為它鼓勵交易者購買。他們可以知道知道硬幣的發行人不會過度膨脹，這會吸引需求並創建一個良性圈子。

These psychological dynamics are crucial for manipulating crypto prices. By increasing enthusiasm for coins with relatively fixed or shrinking supplies, prices can rise indefinitely. So, part of the process involves generating greater enthusiasm around coins with deflationary properties.

這些心理動力對於操縱加密價格至關重要。通過增強對相對固定或收縮供應的硬幣的熱情，價格可以無限期上漲。因此，該過程的一部分涉及在具有通縮性能的硬幣周圍產生更大的熱情。

Bitcoin, the first cryptocurrency, has well-studied and highly deflationary tokenomics. It famously has a maximum of 21 million coins available for mining, and even that limited issuance slows over time, until the total supply is issued around the year 2140. As issuance slows, Bitcoin mining requires more and more energy and expense.

比特幣是第一個加密貨幣，具有精心研究和高質量的代幣學。它著名的是可開采的最多2100萬枚硬幣，甚至隨著時間的推移，發行量有限，直到2140年左右發行總供應。隨著發行量的減慢，比特幣採礦需要越來越多的能源和費用。

However, there are other favorable tailwinds for Bitcoin's supply. While 21 million coins is the maximum number of outstanding coins, some estimates suggest that around 3.7 million coins have been lost forever. They may have been purchased early in Bitcoin's life, when coins were cheap and it was a novelty. But if Bitcoin owners discarded hard drives containing these coins, they're likely permanently unavailable and effectively dead. So the real maximum supply is even lower than the potential maximum.

但是，還有其他有利的比特幣供應方風。雖然2100萬個硬幣是未償還硬幣的最大數量，但一些估計表明，約有370萬枚硬幣永遠丟失了。它們可能是在比特幣一生中早期購買的，當時硬幣便宜，這是一種新穎性。但是，如果比特幣所有者丟棄了裝有這些硬幣的硬盤驅動器，則它們可能永久無法使用並有效地死亡。因此，真正的最大供應甚至低於潛在最大值。

On the supply side, Bitcoin benefits from ever slower issuance and a capped number of coins. But it also benefits from a herding effect as the most popular cryptocurrency, as well as the perception that it’s a scarce resource. On the demand side, Bitcoin analysts keep ratcheting up price targets, driving “Bitcoin fever” ever higher and stoking demand for the coins.

在供應方面，比特幣受益於發行速度較慢和封頂的硬幣。但是，這也受益於作為最受歡迎的加密貨幣的放牧效應，以及認為這是一種稀缺資源的看法。在需求方面，比特幣分析師不斷提高價格目標，使“比特幣熱”不斷提高，對硬幣的需求不斷提高。

So supply is fixed and demand may continue rising, potentially leading to lollapalooza effects on the price, as it has already for an asset that was created out of thin air. However, if demand dries up for any reason — say, if quantum computing can break the coin’s cryptography and effectively counterfeit coins — Bitcoin’s price could fall to nothing. Again, it’s vital to remember that the only thing supporting Bitcoin’s price is the expectation that someone else will buy it for a higher price.

因此，供應是固定的，需求可能會繼續上升，可能會導致價格對價格產生影響，因為它已經用於稀薄的空氣中產生的資產。但是，如果出於任何原因需求變乾 - 例如，如果量子計算可能會破壞硬幣的加密和有效偽造的硬幣，那麼比特幣的價格可能會落下。同樣，重要的是要記住，支持比特幣價格的唯一一件事是，人們期望別人會以更高的價格購買。

Bitcoin is backed by nothing by sentiment, unlike stocks, which are backed by the assets and cash flow of an underlying business. So investor beware.

與股票不同的是，比特幣都沒有任何情緒支持，這些股票得到了基礎業務的資產和現金流的支持。所以投資者當心。