从加密货币有远见的人到被定罪的重罪犯，山姆·班克曼（Sam Bankman）炸狱式的采访暴露了他曾经有过的诺言的荒谬性

曾经声称自己将领导能够取代中央银行的数字货币革命的人现在进行了黑市监狱行业，而不是在比特币中，而是在预包装的松饼中进行。

In a bizarre twist of fate, former cryptocurrency exchange FTX founder Sam Bankman-Fried was recently the subject of a jailhouse interview that inadvertently exposed the absurdity of his once-lofty promises.

在命运的奇怪转折中，前加密货币交易所FTX创始人山姆·班克曼（Sam Bankman Fried）最近是监狱访谈的主题，该采访无意中揭露了他曾经有过的诺言的荒谬性。

The man who claimed he would lead a digital monetary revolution capable of replacing central banks now conducts his black-market prison trades not in bitcoin, but in prepackaged muffins. Yes, you read that right: The currency of choice behind bars is not some sophisticated decentralized blockchain asset – it’s Little Debbie Cakes.

声称他将领导能够取代中央银行的数字货币革命的人现在进行了黑市监狱行业，而不是在比特币中，而是在预包装的松饼中进行。是的，您读到了正确的说法：牢房后的首选货币不是一些精致的分散区块链资产，而是小黛比蛋糕。

This may be the perfect metaphor for the shaky foundation of cryptocurrency’s grand ambitions. In times of true crisis, it turns out that assets with practical value are worth more than theoretical ones.

这可能是加密货币雄心勃勃的摇摇欲坠基金会的完美隐喻。在真正的危机时期，事实证明，具有实际价值的资产比理论上的价值高。

This segues nicely into an idea that has been discussed at length in recent times, and which is sure to spark heated debate: a strategic cryptocurrency reserve.

这很好地融入了一个近期讨论的想法，这一定会引发激烈的辩论：战略性的加密货币储备。

Investment firm Van Eck, for instance, recently penned a piece suggesting that a strategic bitcoin reserve could help offset the national debt. The logic here is, to put it charitably, questionable: Buy a volatile asset, cross your fingers that it skyrockets in value, and then use the gains to pay down a multitrillion-dollar debt tab. This is less a strategy and more a high-risk bet – one that conveniently ignores the downside. What if bitcoin crashes? Well, suddenly your “strategic reserve” is just a giant taxpayer-funded sinkhole. Tossing casino chips on the crypto roulette wheel is not the solution to the national debt.

例如，投资公司范·埃克（Van Eck）最近写了一篇文章，表明战略比特币储备可以帮助抵消国债。值得一提的是，这里的逻辑是：购买一个波动的资产，交叉您的手指，以其价值飞扬，然后使用收益来偿还数十美元的债务选项卡。这不是一种策略，而是一个高风险的赌注，它可以方便地忽略不利之处。如果比特币崩溃怎么办？好吧，突然之间，您的“战略储备”只是一个巨大的纳税人资助的污水坑。在加密赌场轮上扔赌场芯片并不是解决国家债务的解决方案。

Now, to be fair, crypto enthusiasts are right about one thing: the world’s central banking system is a mess. Decades of reckless money printing, ballooning debt, and opaque policymaking have eroded trust in fiat currencies.

现在，公平地说，加密爱好者对一件事是正确的：世界中央银行系统是一团糟。数十年来的鲁ck货币印刷，热烈的债务和不透明的政策制定侵蚀了对法定货币的信任。

But here’s the problem – cryptocurrencies don’t fix any of this. They’re vulnerable to manipulation, dependent on fragile technological infrastructure, and so volatile that they’re a terrible store of value for any government that cares about economic stability. Replacing one flawed system with another does not equate to progress.

但这是问题 - 加密货币没有解决任何问题。它们容易受到操纵的影响，依赖于脆弱的技术基础设施，并且如此波动，以至于对于任何关心经济稳定的政府来说，它们都是可怕的价值存储。用另一个有缺陷的系统替换一个有缺陷的系统并不等于进步。

The idea of a strategic cryptocurrency reserve might sound edgy and forward-thinking, but it’s really just built on the same naive optimism that powered Bankman-Fried’s empire before it collapsed in spectacular fashion.

战略性加密货币储备的想法听起来可能是前卫和前瞻性的，但实际上它只是基于与Bankman Fried帝国动力崩溃之前的同一天真的乐观情绪。

In the end, the crypto reserve proposal is more of a distraction than a solution – a shiny object designed to keep the crypto donor class happy and framed as a game-changer, while conveniently ignoring the real, pressing problem: our ever-growing national debt.

最后，加密储备储备提案比解决方案更令人分心 - 一种闪亮的物体，旨在使加密捐赠者班级快乐，并以改变游戏规则的方式进行构图，同时又方便地忽略了真实的，紧迫的问题：我们不断增长的国家债务。

David Moon, president of Moon Capital Management, may be reached at david@mooncap.com.

可以通过david@mooncap.com与月球资本管理总裁David Moon。