$ trump Coin Saga突出了加密貨幣市場的缺陷

在唐納德·特朗普（Donald Trump）的就職典禮上推出的加密貨幣$特朗普（Trump）的推出激起了興奮和懷疑主義

The launch of $Trump, a cryptocurrency unveiled during President Donald Trump’s inauguration festivities, has stirred both excitement and skepticism, highlighting the flaws in the cryptocurrency market. Promoted as a revolutionary token, $Trump initially surged to a $15 billion market cap within hours, only to lose over half its value days later.

在唐納德·特朗普（Donald Trump）的就職典禮慶祝活動期間推出的加密貨幣$特朗普（Trump）的推出激起了興奮和懷疑主義，強調了加密貨幣市場的缺陷。特朗普作為革命代幣被提升為革命代幣，最初在幾個小時內飆升至150億美元的市值，但幾天后才損失了一半以上的價值。

For critics like Global Macro Monitor, the $Trump saga epitomizes why cryptocurrencies lack credibility: they have no intrinsic value and fail to meet John Maynard Keynes’ definition of a currency—1) a store of value, 2) a medium of exchange, and 3) a beneficial unit of account.

對於像全球宏監測器這樣的批評家，$ trump saga代表了為什麼加密貨幣缺乏信譽：它們沒有內在價值，並且未能滿足約翰·梅納德·凱恩斯（John Maynard Keynes）對貨幣的定義- 1）價值存儲，2）一種交換媒介，和一種媒介3）有益的帳戶單位。

A Gimmick-Driven Launch

頭驅動的發射

Announced during the star-studded Crypto Ball, $Trump entered a market already rife with speculation. Backed by a Trump-affiliated entity controlling 80% of the supply, the memecoin promised supporters a way to share in the “crypto revolution.”

特朗普在星光熠熠的加密舞會上宣布，$ $特朗普進入了一個已經充滿猜測的市場。在一個由特朗普附屬的實體控制供應佔80％的實體的支持下，Memecoin向支持者承諾一種分享“加密革命”的方式。

However, the launch was followed swiftly by Melania Trump’s competing token, $Melania, and later by the Reverend Lorenzo Sewell’s $Lorenzo coin, introduced just hours after his inauguration benediction.

然而，此次發布之後是梅拉尼亞·特朗普（Melania Trump）的競爭令牌，$ melania，後來是由洛倫佐·塞維爾（Lorenzo Sewell）牧師的$ lorenzo Coin在就職典禮後幾個小時引入的。

Sewell, a Detroit pastor, pitched $Lorenzo as a funding tool for charitable initiatives, only to see its value spike briefly before collapsing—mirroring $Trump’s trajectory.

底特律牧師塞維爾（Sewell）將$ lorenzo作為慈善計劃的資助工具，只是為了在倒塌之前短暫地看到其價值尖峰，這是$特朗普的軌跡。

The ease with which these tokens were minted highlights the fundamental problem with crypto scarcity. While Bitcoin is touted as “digital gold” due to its fixed supply, the flood of memecoins—ranging from $Trump to celebrity coins like $LeBron (LeBron James) and $Leo (Leonardo DiCaprio)—reveals that cryptocurrencies can be created out of thin air, eroding the foundation of the investment thesis tied to scarcity.

這些令牌被鑄造出來的便利性突出了加密稀缺的基本問題。儘管比特幣由於其固定供應而被吹捧為“數字黃金”，但成人的氾濫（從$ trump到名人硬幣），例如$ lebron（Lebron James）和$ Leo（Leonardo DiCaprio） - 可以從加密貨幣中產生的範圍。稀薄的空氣，侵蝕了與稀缺性有關的投資論文的基礎。

A Questionable Wealth Boom

可疑的財富繁榮

The broader cryptocurrency market now exceeds $3 trillion in capitalization, creating vast wealth for some without producing anything of tangible value. This speculative boom is undeniably inflationary on the margin, as money flows into unproductive assets rather than contributing to real economic output. For Global Macro Monitor, this wealth accumulation, untethered to intrinsic value — or a value anchor, for that matter — amplifies concerns about cryptocurrencies’ long-term sustainability.

現在，更廣泛的加密貨幣市場超過3萬億美元的資本化，為某些人創造了巨大的財富而沒有產生任何有形價值的東西。這種投機性的繁榮在利潤率上無疑是通貨膨脹的，因為錢流入了非生產性的資產，而不是促進真正的經濟產出。對於全球宏監測儀，這種財富積累，不受內在價值或價值錨的限制，可以放大對加密貨幣的長期可持續性的擔憂。

Failing Keynes’ Test of Currency

凱恩斯的貨幣測試失敗

While Bitcoin enthusiasts argue that crypto represents financial innovation, it fails Keynes’ test of currency. Its extreme volatility makes it a poor store of value, few merchants accept it as a medium of exchange, and its fluctuating prices undermine its role as a unit of account. The chaotic launches of $Trump and $Lorenzo only exacerbate these weaknesses, reducing the market to a speculative playground.

儘管比特幣愛好者認為加密貨幣代表金融創新，但它未能通過凱恩斯的貨幣測試。它的極端波動使其成為價值貧困的儲備，很少商人將其視為一種交換媒介，而且價格的波動破壞了其作為帳戶單位的作用。 $ trump和$ lorenzo的混亂推出只會加劇這些弱點，從而將市場降低到投機遊樂場。

Industry and Public Reactions

行業和公共反應

Critics within the crypto community were quick to decry the $Trump coin. Nic Carter, a Trump supporter and crypto investor, called the move a cash grab that undermined the industry’s credibility. Ethereum creator Vitalik Buterin went further, warning that political and celebrity coins are tools for manipulation and a threat to democracy.

加密社區中的批評者很快譴責$特朗普硬幣。特朗普的支持者和加密貨幣投資者尼克·卡特（Nic Carter）稱這一舉動搶占了這一損害行業的信譽。以太坊的創造者維塔克·布特林（Vitalik Buterin）進一步走了，警告政治和名人硬幣是操縱和對民主威脅的工具。

Social media backlash was swift, with many accusing the Trump family of exploiting their positions for personal enrichment while tarnishing the industry.

社交媒體的反對是迅速的，許多人指責特朗普家族在破壞該行業的同時，利用自己的職位來實現個人豐富。

Despite the controversy, the Trump administration continues to champion crypto, with executive orders aimed at easing regulations. Anyone counting on regulation to bring stability should think again. The next four years in the cryptocurrency market y are set to make the “Wild West look like a Sunday picnic,” as new tokens and speculative ventures flood the space, testing the limits of both investors and regulators. In addition, the crypto industry is hoping for a “takeout” by the U.S. G. by the creation of a U.S. Bitcoin strategic reserve.

儘管引起了爭議，但特朗普政府繼續倡導加密貨幣，執行命令旨在放鬆法規。任何指望法規帶來穩定性的人都應該重新考慮。隨著新的代幣和投機活動淹沒了空間，測試了投資者和監管機構的局限性，接下來的四年在加密貨幣市場上Y將使“野外西部看起來像週日野餐”。此外，加密貨幣行業希望通過創建美國比特幣戰略儲備來通過USG進行“外賣”。

A Cautionary Tale

一個警示性的故事

The $Trump coin also highlights the fragility of the cryptocurrency market and the dangers of unregulated speculative assets. For Global Macro Monitor, cryptocurrencies’ lack of intrinsic value and inability to function as currencies per Keynesian theory make their long-term appeal dubious.

特朗普硬幣還強調了加密貨幣市場的脆弱性以及不受管制的投機資產的危險。對於全球宏監測器，加密貨幣缺乏內在價值和無法作為凱恩斯主義理論的貨幣發揮作用，這使他們的長期吸引力令人懷疑。

That said, we do trade Bitcoin, recognizing its unique position as the most established cryptocurrency and the trading opportunities it presents. The fundamental value of Bitcoin is ambiguous at best and is not tethered to any “fair value” price. Flows, driven by investor and trader psychology determine price.

也就是說，我們確實做了比特幣，認識到其獨特的地位是最成熟的加密貨幣及其提供的交易機會。比特幣的基本價值充其量是模棱兩可的，並且沒有束縛在任何“公允價值”價格上。由投資者和交易者心理學驅動的流動決定了價格。

Still, the $Trump saga serves as a sobering reminder that without foundational reforms—and perhaps even with them—cryptocurrencies may remain financial mirages rather than revolutionary innovations.

儘管如此，$特朗普的傳奇仍然令人醒目地提醒人們，如果沒有基礎改革，甚至可能與他們一起進行基礎改革，那麼cryptocrencies opcrencies可能仍然是財務上的幻影，而不是革命性的創新。

Nevertheless, at the end of the day, what ultimately matters to the crypto industry and its investors can be summed up by paraphrasing the late Al Davis, former owner of the Oakland Raiders:

然而，歸根結底，可以通過釋義已故奧克蘭突襲者隊的前所有者Al Davis來總結最終對加密貨幣行業及其投資者的重要性：

“Just [keep rising in price and] win, baby.”

“只要（不斷上漲），寶貝，贏得勝利。”