比特币适合华尔街，门罗币适合暗网市场？

比特币从颠覆性工具向主流金融资产的转变是金融史上最引人注目的制度转折之一。

Bitcoin, once the poster child of the cypherpunk movement, now finds itself embraced by the institutions it was designed to circumvent. But another cryptocurrency, Monero, is operating in the shadows, viewed by its advocates as the true heir to the original cypherpunk movement.

比特币曾经是密码朋克运动的典型代表，现在发现自己受到了它旨在规避的机构的欢迎。但另一种加密货币门罗币正在暗中运作，其支持者将其视为原始密码朋克运动的真正继承者。

Bitcoin's transformation from a subversive instrument to a mainstream financial asset is one of the most remarkable institutional pivots in financial history. Today, Bitcoin ETFs trade on Wall Street, and even U.S. Presidents discuss its cause. The same cryptocurrency that once powered the infamous Silk Road marketplace now serves as a respectable investment vehicle, complete with institutional custodians and regulatory oversight.

比特币从颠覆性工具向主流金融资产的转变是金融史上最引人注目的制度支点之一。如今，比特币 ETF 在华尔街进行交易，甚至连美国总统都在讨论其原因。曾经为臭名昭著的丝绸之路市场提供动力的加密货币现在成为一种受人尊敬的投资工具，并配有机构托管人和监管机构。

This institutionalization of Bitcoin, while validating its economic importance, has sparked debate within the cryptocurrency community: Has Bitcoin's mainstream success come at the cost of its original cypherpunk ideals?

比特币的这种制度化在验证其经济重要性的同时，也在加密货币社区内引发了争论：比特币的主流成功是否是以牺牲其最初的密码朋克理想为代价的？

For privacy advocates, Monero represents an answer to this question, positioning itself as the spiritual successor to Bitcoin's early anti-establishment roots.

对于隐私倡导者来说，门罗币代表了这个问题的答案，将自己定位为比特币早期反建制根源的精神继承者。

To its proponents, Monero's story demonstrates that the original cypherpunk spirit of cryptocurrency isn't just surviving – it's evolving. While Bitcoin has become increasingly transparent and traceable, Monero has doubled down on privacy features that make it practically impossible to trace fund movements across its blockchain.

对于其支持者来说，门罗币的故事表明，加密货币最初的密码朋克精神不仅得以幸存，而且还在不断发展。虽然比特币变得越来越透明和可追踪，但门罗币在隐私功能上加倍努力，这使得追踪其区块链上的资金动向几乎不可能。

But this commitment to privacy hasn't come without consequences.

但这种对隐私的承诺并非没有后果。

Throughout 2023 and early 2024, Monero faced a wave of delistings from major cryptocurrency exchanges. Kraken led the charge in 2021 by removing Monero for European users. OKX followed in December 2023, and in February 2024, Binance (the world's largest cryptocurrency exchange) delivered what many thought would be a killing blow by delisting Monero alongside other privacy-focused tokens. The immediate impact was severe: Monero's price crashed by a third within 24 hours of Binance's announcement.

整个 2023 年和 2024 年初，门罗币面临着从主要加密货币交易所退市的浪潮。 Kraken 在 2021 年率先发起了这一行动，为欧洲用户移除了门罗币。 OKX 于 2023 年 12 月紧随其后，并于 2024 年 2 月，币安（全球最大的加密货币交易所）通过将门罗币与其他注重隐私的代币一起下架，带来了许多人认为的致命一击。直接影响是严重的：币安宣布这一消息后 24 小时内，门罗币的价格暴跌了三分之一。

Yet, something remarkable has happened since. Instead of fading into obscurity, Monero demonstrated remarkable resilience. Its current market capitalization of over $4 billion, while not at all-time highs, represents significant organic growth since the delistings. As of writing, Monero’s price is currently over $200 dollars, almost double what it was after the Binance delisting. This resilience suggests that Monero's value proposition extends beyond speculative trading – it serves a genuine market need for financial privacy.

然而，此后发生了一些值得注意的事情。门罗币并没有变得默默无闻，而是表现出了非凡的韧性。目前其市值超过 40 亿美元，虽然未达到历史最高水平，但代表了自退市以来的显着有机增长。截至撰写本文时，门罗币的价格目前超过 200 美元，几乎是币安下架后的两倍。这种弹性表明门罗币的价值主张超越了投机交易——它满足了市场对金融隐私的真正需求。

The parallel trajectories of Bitcoin and Monero illuminate a crucial truth: cryptocurrencies are executing a multi-pronged disruption on the traditional financial system. While Bitcoin charts a course through institutional adoption and mainstream acceptance, Monero maintains its focus on the fundamental cypherpunk principle of privacy. Both approaches appear viable, serving different but equally important purposes in the broader cryptocurrency landscape.

比特币和门罗币的平行发展轨迹揭示了一个至关重要的事实：加密货币正在对传统金融体系进行多管齐下的颠覆。虽然比特币通过机构采用和主流接受制定了路线，但门罗币仍然关注隐私的基本密码朋克原则。这两种方法似乎都是可行的，在更广泛的加密货币领域中服务于不同但同样重要的目的。

Monero's persistence despite institutional rejection demonstrates that the original cypherpunk dream of cryptocurrency, as a tool for financial privacy and freedom from institutional control, remains very much alive. Its continued use in privacy-critical scenarios, from darknet markets to dissident funding, suggests that there remains a substantial demand for truly private digital transactions, even in the face of increasing regulatory pressure.

尽管遭到机构拒绝，门罗币仍然坚持不懈，这表明加密货币作为金融隐私和免受机构控制的工具的最初密码朋克梦想仍然非常活跃。它在从暗网市场到异见资助等隐私关键场景中的持续使用表明，即使面临日益增加的监管压力，对真正私密的数字交易的需求仍然很大。

This dichotomy between Bitcoin and Monero might actually represent the natural evolution of the cryptocurrency ecosystem rather than a contradiction. Bitcoin's mainstream adoption helps legitimize cryptocurrency as a concept, while Monero preserves the privacy-focused principles that sparked the cryptocurrency revolution in the first place. In this light, both cryptocurrencies are successful: they're just playing different games with different rules.

比特币和门罗币之间的这种二分法实际上可能代表了加密货币生态系统的自然演变，而不是矛盾。比特币的主流采用有助于使加密货币作为一个概念合法化，而门罗币则保留了最初引发加密货币革命的以隐私为中心的原则。从这个角度来看，这两种加密货币都是成功的：它们只是用不同的规则玩不同的游戏。

The cypherpunk dream, it seems, hasn't died: it's bifurcated. Bitcoin has evolved to become a bridge between the cryptocurrency world and traditional finance, while Monero has emerged as the standard-bearer for the original cypherpunk vision of private, censorship-resistant digital money. This diversification might ultimately prove healthier for the ecosystem than if either vision had completely dominated the other.

密码朋克的梦想似乎并没有消亡：它已经出现了分歧。比特币已经发展成为加密货币世界和传统金融之间的桥梁，而门罗币已经成为原始密码朋克愿景的私人、抗审查数字货币的旗手。与任一愿景完全主导另一愿景相比，这种多样化最终可能对生态系统来说更健康。

As we look to the future, this dual evolution suggests that the cryptocurrency space is mature enough to support multiple, seemingly contradictory visions simultaneously. The success of both Bitcoin's institutional path and Monero's privacy-focused approach demonstrates that different cryptocurrencies can coexist while serving fundamentally different purposes. This is a reality that both regulators and market participants will need to grapple with in the years to come.

当我们展望未来时，这种双重演变表明加密货币领域已经足够成熟，可以同时支持多种看似矛盾的愿景。比特币制度路径和门罗币注重隐私的方法的成功表明，不同的加密货币可以共存，同时服务于根本不同的目的。这是监管机构和市场参与者在未来几年都需要应对的现实。

Perhaps most remarkably, this diversification represents the profound success of Satoshi Nakamoto's original vision, though not in the way many might have expected. What began as a single challenge to state monetary control has evolved into a multi-faceted movement, with different cryptocurrencies confronting the monopoly of state money from various angles. Bitcoin challenges fiat currency's role as a store of value and investment vehicle, while Monero contests the state's ability to monitor and control financial transactions. Other cryptocurrencies have emerged to challenge different aspects of traditional finance, from smart contract platforms competing with traditional contract law to stablecoins competing with Eurodollars.

也许最值得注意的是，这种多元化代表了中本聪最初愿景的巨大成功，尽管方式并非许多人预期的那样。最初对国家货币控制的单一挑战已演变为多方面的运动，不同的加密货币从不同角度对抗国家货币的垄断。比特币挑战法定货币作为价值储存和投资工具的作用，而门罗币则挑战国家监控和控制金融交易的能力。其他加密货币的出现挑战了传统金融的不同方面，从与传统合同法竞争的智能合约平台到与欧洲美元竞争的稳定币。

This proliferation of approaches wasn't just inevitable – it

这种方法的激增不仅是不可避免的，而且