比特币目前高调的形式不可能是货币

关于之前的断言，它绝不应该被视为对更广泛的加密货币或私人资金的打击。

Bitcoin, in its current incarnation, cannot be considered money. This statement is not intended to disparage cryptocurrencies or private money in general. Evidence for this claim can be found in my 2022 book The Money Confusion: How Illiteracy About Currencies and Inflation Sets the Stage for the Crypto Revolution.

比特币目前的形态不能被视为货币。此声明无意贬低加密货币或一般私人资金。这一说法的证据可以在我 2022 年出版的书《货币混乱：对货币和通货膨胀的文盲如何为加密革命奠定基础》中找到。

I believe that cryptocurrencies can – and should – replace government money precisely because governments have always devalued their currencies. Seriously, what could be more high-profile than devaluation? Few actions by a government are more visible than the devaluations that governments have consistently imposed on us because government money (e.g., dollars, pounds, euros, yen) is what we earn in exchange for our labor.

我相信加密货币可以而且应该取代政府货币，因为政府一直在贬值本国货币。说真的，还有什么比贬值更引人注目的呢？政府的行动中，没有什么比政府持续强加给我们的货币贬值更引人注目的了，因为政府的货币（例如美元、英镑、欧元、日元）是我们用劳动换取的。

Devaluation allows governments to essentially steal the fruits of our labor by reducing the exchangeable value of the money that individuals receive in exchange for their work. This serves as a reminder that despite economists' claims, inflation is not a “stealth tax.” Inflation is blatant. We quickly become aware of the bitter consequences of theft.

货币贬值使政府能够通过降低个人以工作换取的货币的可交换价值来窃取我们的劳动成果。这提醒我们，尽管经济学家声称，通货膨胀并不是一种“隐形税”。通货膨胀是明目张胆的。我们很快就意识到盗窃的严重后果。

The challenge now is that private money forms of crypto have yet to differentiate themselves from government money. Consider once again the most well-known cryptocurrency, bitcoin.

现在的挑战是，私人货币形式的加密货币尚未与政府货币区分开来。再次考虑一下最著名的加密货币——比特币。

If you're reading this opinion piece, you either already own bitcoin, have owned it in the past, or have spent the last week, in particular, wishing you owned it. But that's not surprising. With the coin having surged past $90,000 apiece, many of you are lamenting not buying the coin a year ($36,000), two years ($16,000), five years ($8,000), eight years ($735), and fifteen years ago when thousands of bitcoins were traded for two PapaJohn's pizzas.

如果您正在阅读这篇评论文章，那么您要么已经拥有比特币，要么过去拥有它，要么在过去一周特别希望自己拥有它。但这并不奇怪。随着比特币价格飙升至每枚 90,000 美元以上，许多人都在感叹没有在一年（36,000 美元）、两年（16,000 美元）、五年（8,000 美元）、八年（735 美元）和 15 年前购买比特币，当时成千上万的比特币被交易了两个棒约翰披萨。

For the sake of argument, let's disregard the numerous ups and downs that bitcoin has experienced on its path to where it is today. That's precisely what owners and proponents of the coin want us to do. With bitcoin on a tear, it's only natural for those who held on or those who simply believe to agree wholeheartedly with the popular notion that bitcoin's surge is only in its early days. That's what Michael Saylor, the most prominent bitcoin proponent and owner, is asserting.

为了便于讨论，我们先忽略比特币在发展到今天的过程中所经历的无数起起落落。这正是代币的所有者和支持者希望我们做的事情。随着比特币的飞速发展，对于那些坚持持有的人或那些仅仅相信比特币的人来说，全心全意地同意比特币的飙升只是处于早期阶段的流行观念是很自然的。这就是最著名的比特币支持者和所有者 Michael Saylor 所断言的。

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Ok, but if you agree with the present narrative that bitcoin's surge is of the early days variety then you're by definition accepting what’s similarly true, that bitcoin will never be money. Think about it.

好吧，但如果你同意目前的说法，即比特币的飙升是早期的变化，那么你从定义上就接受了类似的事实，即比特币永远不会成为货币。想一想。

The sole use of money is as a medium of exchange. No one buys, sells, lends or borrows with money. More realistically production always buys production, and production is always loaned in return for future production. Money is just the reasonably trusted store of value that moves production between buyer, seller, lender, and borrower. If the latter is true, and it is, how can bitcoin ever be money? More specifically, what bitcoin cheerleader would ever buy, sell, lend or borrow in an alleged exchange medium that is only going up?

货币的唯一用途是作为交换媒介。没有人用金钱购买、出售、借贷。更现实的是，生产总是购买生产，而生产总是借出以换取未来的生产。货币只是一种合理可信的价值储存手段，它在买方、卖方、贷款人和借款人之间转移生产。如果后者是真的，而且确实如此，那么比特币怎么能成为货币呢？更具体地说，哪个比特币拉拉队长会在所谓的只会上涨的交易媒介上买卖、借出或借入？

It’s just a gentle reminder that if bitcoin is what its proponents want it to be (up, up, and up) then it can only be an exchange medium insofar as those purchasing with it suffer inflation in reverse as the value of goods purchased in return for the coin relentlessly shrink in value relative to the coin itself. In other words, bitcoin's alleged feature is its bug. And then this alleged feature imagines that there's such thing as a speculation that only goes up.

这只是一个温和的提醒，如果比特币是它的支持者所希望的那样（上涨、上涨、上涨），那么它只能是一种交换媒介，因为用它购买的人会遭受通货膨胀，而作为回报，购买的商品的价值会增加。因为硬币的价值相对于硬币本身而言不断缩水。换句话说，比特币所谓的功能就是它的缺陷。然后这个所谓的功能想象有一种只会上升的投机行为。

Oh well, even proponents of the constant that is gold (it only moves up when fiat currencies in which it’s priced are going down - a real inflation hedge) don’t think the above about the yellow metal. They know well that persistently devaluing governments sometimes go the other way. What will keep bitcoin afloat once its alleged purpose is discredited by the very “feature” that proponents claim will have it on an upward path forever?

哦，好吧，即使是黄金这个常数的支持者（只有当其定价的法定货币下跌时，黄金才会上涨——真正的通胀对冲）也不认为上述关于黄金的情况。他们深知，持续贬值政府有时会适得其反。一旦其所谓的目的被支持者声称将使其永远走上上升道路的“功能”所质疑，那么什么才能让比特币继续存在呢？