随着全球经济滑坡，比特币（BTC）泡沫正在破裂

多年来，经济预测者警告说，大流行后的繁荣是不可持续的。现在，裂缝正在显示，数据清楚

The post-pandemic boom was set to be unsustainable, and economic forecasters have been warning about it for years. Now, the cracks are showing, and the data makes it clear: the global economy is slipping into a downturn.

大流行的繁荣将是不可持续的，经济预报员多年来一直警告它。现在，裂缝正在显示，数据明确了：全球经济正在衰退。

Equity indexes are in retreat. BTC is tumbling alongside traditional markets. Layoffs are piling up. Inflation isn’t tamed. And most worryingly, the number of underwater mortgages—people owing more than their homes are worth—is reaching generational highs.

权益指数正在撤退。 BTC正在与传统市场一起翻滚。裁员正​​在堆积。通货膨胀并没有驯服。而且最令人担忧的是，水下抵押贷款的数量（人口欠款的价值还多）达到了世代相传的高点。

Yet despite all this, some people still think that holding “useless” cryptocurrencies—coins that do nothing are a hedge against recession.

尽管如此，尽管如此，有些人仍然认为拥有“无用的”加密货币 - 没有做任何事情的共同体是对衰退的对冲。

That’s where the narrative needs to change for normal people.

这就是叙事需要改变普通人的地方。

The mirage of “Hodling” as a recession hedge

作为衰退对冲的“霍德林”的幻影

The traditional idea behind Bitcoin as a hedge was that it would serve as an alternative to failing fiat currencies. The thinking was simple: governments would print too much money, inflation would spiral, and people would flock to BTC as a safe haven, citing things like Cyprus bank bail-in from 2013.

比特币作为对冲的传统思想是，它将作为菲亚特货币失败的替代方法。想法很简单：政府将打印太多的钱，通货膨胀会螺旋式，人们会涌向BTC作为避风港，理由是诸如2013年塞浦路斯银行的救助之类的事情。

Bitcoin bubble-heads are using the Cyprus crisis as an excuse to bid tulip bulbs, I mean Bitcoins, to the moon.

比特币泡泡头正在以塞浦路斯的危机为借口，我的意思是比特币。

Except that’s still not happening.

除了没有发生。

When markets crashed in 2020, BTC crashed right along with them. When inflation spiked in 2022, BTC didn’t decouple—it just became another speculative asset trading on macro sentiment, and it underperformed things like Nvidia (NASDAQ:NVDA) stock over the ensuing years.

当市场在2020年坠毁时，BTC随着他们的身份坠毁。当通货膨胀率在2022年飙升时，BTC并没有将通货膨胀率解散，它只是在宏观情绪上成为另一个投机性资产交易，并且在随后的几年中，诸如NVIDIA（NASDAQ：NVDA）股票之类的表现不佳。

And today, as the economy slows, BTC is slipping again, proving once more that it is not the hedge its proponents promised. Why? Because a coin that does nothing cannot store value.

如今，随着经济的放缓，BTC再次下滑，再次证明，这并不是其支持者承诺的对冲。为什么？因为无需做任何事情的硬币无法存储价值。

For an asset to be a hedge, it has to be useful. Gold has real-world utility. Real estate produces income. Stocks represent ownership in functioning businesses. Even oil and commodities can be traded for actual economic value.

为了使资产成为树篱，必须有用。黄金具有现实世界实用程序。房地产产生收入。股票代表运行业务的所有权。即使是石油和商品也可以以实际的经济价值进行交易。

On the other hand, BTC is just sitting there—held in wallets, hoping that someday, someone will buy it for more. That’s not an investment strategy. That’s a collective delusion.

另一方面，BTC只是坐在那里 - 戴在钱包里，希望有一天有人会购买更多。那不是投资策略。那是集体的妄想。

The economy is slowing; markets are cracking. Now what?

经济正在放缓；市场正在破裂。现在是什么？

This isn’t just about BTC’s failure as a recession hedge—it’s about how broken the economy has become.

这不仅仅是BTC作为经济衰退对冲的失败，而是关于经济的破损。

This is the bust phase of the cycle. But the way forward isn’t to retreat into “hodling” useless assets. It’s to build a more efficient, productive economy—one that removes middlemen, lowers friction and makes economic activity cheaper and faster while also giving people real equity that they can keep in their own possession without needing to trust a custodian.

这是周期的胸围阶段。但是，前进的道路不是撤退到“无用的”资产中。这是为了建立一个更高效，更有生产力的经济 - 一种消除中间人，降低摩擦并使经​​济活动更加便宜，更快，同时还为人们提供了真正的公平，他们可以自行拥有自己的财产而无需信任保管人。

Bitcoin’s real hedge: Utility, not speculation

比特币的真实树篱：实用程序，不是猜测

The only form of Bitcoin that makes sense in this climate is Bitcoin which reduces inefficiencies in global commerce—Bitcoin which lowers transaction costs, removes intermediaries, and enables a borderless, low-cost economy to flourish.

比特币在这种气候中有意义的唯一形式是比特币，它降低了全球商业效率低下的比特币 - Bitcoin降低了交易成本，消除了中介机构，并使无边界，低成本的经济蓬勃发展。

That’s what Satoshi Nakamoto designed Bitcoin to do. Not sit idle in wallets or be monitored on the charts of bucket shop exchanges. Bitcoin is supposed to move, transact, and reduce friction in trade, identity and payments.

这就是萨氏中心设计的比特币要做的。不要在钱包里闲置，也不会在水桶商店交换的图表上进行监控。比特币应该移动，交易并减少贸易，身份和支付的摩擦。

None of this happens on BTC because BTC has become a speculative gambling token backed by fake fiat and marketed like a Ponzi scheme…

这一切都没有在BTC上发生，因为BTC已成为一个以假法定为支持的投机赌博代币，并像庞氏骗局一样销售……

They should add USDT to the New York Stock Exchange so Paolo can stop the recession from happening.

他们应该将USDT增加到纽约证券交易所，以便Paolo可以阻止经济衰退的发生。

Change can only happen on scalable Bitcoin: Satoshi’s Vision, if you will…

更改只能在可伸缩的比特币上发生：Satoshi的愿景，如果您愿意的话……

The real fix: Efficiency in markets, governments, and trade

真正的解决方案：市场，政府和贸易的效率

The boom-bust cycle is a feature of the global economy. It will always happen. But what determines who survives and thrives in these cycles is who embraces efficiency and innovation—and who gets caught holding the bag.

繁荣周期是全球经济的特征。它将永远发生。但是，决定谁在这些周期中生存和壮成长的是谁拥护效率和创新，谁被抓住了袋子。

We need to:

我们需要：

Bitcoin was invented to eliminate the need for reserves, custodians, and centralized payment processors. Instead of hoarding a broken version of it, we should be using it to make the global economy stronger, faster, and more resilient.

发明了比特币，以消除对储备，托管人和集中式支付处理器的需求。我们应该使用它来使全球经济更强大，更快，更具弹性，而不是ho积破碎的版本。

The recession is coming. What matters is who is prepared for it.

经济衰退来了。重要的是谁为此做好了准备。

Watch: Teranode is the digital backbone of Bitcoin

观看：Teranode是比特币的数字骨干