比特币是将取代破碎黄金市场的数字黄金

几个世纪以来，黄金一直被认为是价值的终极存储。它已经超越了帝国，持续的经济体并屏蔽了投资者免于通货膨胀。

For centuries, gold has been revered as the ultimate store of value. It has outlived empires, sustained economies and shielded investors from inflation. But what happens when the system designed to trade and store gold turns into a house of cards?

几个世纪以来，黄金一直被认为是价值的终极存储。它已经超越了帝国，持续的经济体并屏蔽了投资者免于通货膨胀。但是，当旨在交易和存储黄金的系统变成纸牌屋时会发生什么？

What happens when the gold market becomes so entangled in derivatives, paper contracts and centralised manipulation that it starts looking more like a rigged casino than a fortress of stability?

当黄金市场变得如此纠缠，纸张合同和集中操作时，会发生什么，以至于它开始看起来更像是一个固定的赌场，而不是稳定的堡垒？

That’s where bitcoin — the digital gold of the 21st century — enters the scene. If you still think gold is a safer bet than bitcoin, it’s time to rethink the equation.

那就是比特币（21世纪的数字黄金）进入现场的地方。如果您仍然认为黄金比比特币更安全，那么是时候重新考虑方程式了。

The biggest problem with gold isn’t the metal itself — it’s the way it is traded. More than 96% of the daily gold transactions occur in the paper gold market, where institutions trade IOUs instead of actual physical metal; for every ounce of gold held in a vault, there are upwards of 100 claims on it.

黄金的最大问题不是金属本身，而是交易的方式。每日超过96％的黄金交易发生在纸质黄金市场中，机构交易而不是实际的物理金属；在金库中持有的每一盎司黄金，上面有100多个索赔。

The London Bullion Market Association and the Comex futures market operate on this system, creating a dangerous illusion of gold abundance. And now, that illusion is breaking.

伦敦金条市场协会和COMEX期货市场在该系统上运作，从而产生了危险的黄金丰富幻想。现在，这种幻想正在破裂。

Major refineries have reported that London vaults are running dry. Delivery wait times at the Bank of England have exploded to four to eight weeks — an unthinkable delay for a supposedly liquid market.

主要的炼油厂报告说，伦敦的拱顶正在干燥。英格兰银行的交付等待时间已经爆炸到四到八周，这对于据称流动市场来说是无法想象的。

Gold is being drained from London to New York as investors scramble to secure physical supply before the next financial shock. And worst of all, institutions such as JPMorgan and HSBC — key players in the gold game — are in effect caught short; they’ve promised more gold than they can actually deliver.

当投资者争先恐后地在下一次财务冲击之前争先恐后地确保物理供应，黄金正在从伦敦排出。最糟糕的是，摩根大通（JPMorgan）和汇丰银行（HSBC）等机构实际上被捕获了。他们承诺的黄金超出了实际交付的能力。

That’s not a store of value; that’s a ticking time bomb.

那不是价值存储；那是一个滴答tick的定时炸弹。

While gold markets are collapsing under the weight of their own deception, bitcoin is doing exactly what it was designed to do — provide a scarce, transparent and permission-less form of money.

尽管黄金市场在自己欺骗的重量下崩溃了，但比特币正好在做它旨在做的事情 - 提供稀缺，透明和无许可的金钱形式。

Unlike gold, bitcoin can’t be rehypothecated or counterfeited through fractional reserve banking. When you own bitcoin, you own it outright — no middlemen, no counterparty risk, no need to wait for some central bank to approve your withdrawal.

与黄金不同，比特币不能通过分数储备银行重新装扮或伪造。当您拥有比特币时，您会直接拥有它 - 没有中间商，没有对手风险，无需等待一些中央银行批准您的撤离。

Let’s break it down further. Gold’s supply grows at about 1%-2% per year, but no-one knows the true extent of undiscovered reserves. Bitcoin, on the other hand, has a hard-capped supply of 21-million coins, enforced by cryptographic rules that no government or central bank can override.

让我们进一步分解。黄金的供应每年增长约1％-2％，但没有人知道未发现的储量的真实程度。另一方面，比特币的硬币供应2100万硬币，这是由加密规则强制执行的，即任何政府或中央银行都无法覆盖。

When you hold gold you often rely on vaults, banks or exchange traded funds to store it for you; you trust a third party not to gamble with your assets. But as we’ve seen, that trust is repeatedly broken. Bitcoin, in contrast, allows for direct self-custody with no need for intermediaries. Your wealth, your keys, your control.

当您持有黄金时，您通常会依靠金库，银行或交易所交易的资金为您存储；您相信第三方不要赌博您的资产。但是，正如我们所看到的，这种信任反复打破。相比之下，比特币允许无需中介的直接自我顾客。您的财富，钥匙，您的控制。

Try moving $1m worth of gold across borders. It’s a logistical nightmare, with shipping, insurance and customs fees. Bitcoin? It can be moved instantly, anywhere in the world, at a fraction of the cost.

尝试将价值100万美元的黄金跨越。这是一场后勤噩梦，运费，保险和海关费。比特币？它可以立即以一小部分成本移动到世界任何地方。

While the gold market operates in secrecy — in which vault holdings, reserves and paper contracts are deliberately opaque — bitcoin operates on an open ledger. Every transaction, holding, and supply detail is visible on the blockchain and auditable by anyone, at any time.

虽然黄金市场以保密性运作（其中保险柜，储量和纸质合同故意不透明），比特币在开放的分类帐上运行。每次交易，保留和供应细节都可以在任何时间在区块链上可见，并且任何人都可以审核。

The smartest minds in finance and commodities trading have long seen through the illusion of paper gold. Legendary investor Ray Dalio acknowledges that bitcoin is now competing with gold as a store of value. Paul Tudor Jones, one of the world’s most respected macro investors, has stated that bitcoin is his preferred hedge against inflation. Even Michael Saylor, CEO of MicroStrategy, has put billions into bitcoin, declaring it superior to gold in every fundamental way.

长期以来，通过纸黄金的幻想，财务和商品交易中最聪明的头脑已经看到。传奇投资者雷·达利奥（Ray Dalio）承认，比特币现在正在与黄金竞争，作为价值存储。保罗·铎·琼斯（Paul Tudor Jones）是世界上最受尊敬的宏观投资者之一，他表示比特币是他对通货膨胀的首选对冲。即使是Microstrategy首席执行官迈克尔·塞勒（Michael Saylor）也将数十亿美元投入了比特币，以每种基本方式都宣布其优于黄金。

Meanwhile, the most prescient traders in commodities — from Jim Rogers to Peter Schiff — have warned for years about the dangers of paper gold and the manipulation of bullion markets. The liquidity crisis in gold is proving them right.

同时，从吉姆·罗杰斯（Jim Rogers）到彼得·希夫（Peter Schiff），最有先见之明的商品交易者多年来一直警告过纸黄金的危险和对金条市场的操纵。黄金中的流动性危机证明了它们是正确的。

For the first time yet we have a store of value that offers the best qualities of gold while eliminating its weaknesses. Bitcoin is scarcer, more secure, more portable and more verifiable than gold will ever be. And as trust in the gold market erodes, bitcoin stands ready to absorb the capital fleeing the broken system.

然而，我们第一次有一个价值存储，可以提供黄金的最佳品质，同时消除其弱点。比特币比黄金稀缺，更安全，更便携，更可靠。随着对黄金市场的信任侵蚀，比特币准备吸收逃离破碎系统的资本。

Gold will always have a place in history, but its future is looking increasingly digital. The next great monetary reset won’t be backed by vaults filled with leveraged paper claims. It will be built on a foundation of cryptographic truth, immutability and scarcity.

黄金将永远在历史上占有一席之地，但是它的未来看起来越来越数字化。下一个伟大的货币重置不会得到充满杠杆纸张索赔的金库的支持。它将建立在加密真理，不变性和稀缺的基础上。

Bitcoin isn’t just digital gold — it’s better than gold. And in an era in which financial institutions are playing fast and loose with the rules, owning bitcoin might just be the smartest move you can make.

比特币不仅是数字黄金 - 它比黄金更好。在金融机构在规则上快速播放的时代，拥有比特币可能只是您可以做出的最明智的举动。

• Muchena is founder of Proudly Associated and author of ‘

•Muchena是自豪地关联的创始人，也是'