为什么媒体喜欢加密货币最糟糕的一面

Mahesh Ramakrishnan 表示，对行业声誉最差的方面的关注掩盖了 DePIN、稳定币和 DeFi 等领域取得的真正进展。

The crypto industry has seen its fair share of ups and downs over the past year. From the collapse of major exchanges like FTX to the rise of new and innovative use cases like decentralized physical infrastructure networks (DePIN), there’s been no shortage of talking points. However, the mainstream media’s coverage of these developments has left much to be desired.

在过去的一年里，加密货币行业经历了相当多的起伏。从 FTX 等主要交易所的崩溃，到去中心化物理基础设施网络 (DePIN) 等新的创新用例的兴起，话题不绝于耳。然而，主流媒体对这些事态发展的报道却不尽如人意。

While some media outlets have highlighted the promising applications of crypto in facilitating digital transactions and supporting an internet-native financial system, others have remained fixated on the least reputable aspects of the industry, like memecoins and the antics of crypto influencers. This narrow focus on the extremes obscures the substantial progress being made in other areas.

尽管一些媒体强调了加密货币在促进数字交易和支持互联网原生金融系统方面的前景广阔的应用，但其他媒体仍然关注该行业最不知名的方面，例如模因币和加密货币影响者的滑稽动作。这种对极端情况的狭隘关注掩盖了其他领域正在取得的实质性进展。

For instance, stablecoins, which link digital assets to fiat currencies, are reaching new adoption milestones, especially in emerging markets with unstable local currencies. These stables are being used to preserve purchasing power and facilitate remittances at a scale that’s hard to ignore.

例如，将数字资产与法定货币联系起来的稳定币正在达到新的采用里程碑，特别是在当地货币不稳定的新兴市场。这些马厩被用来保持购买力并促进难以忽视的规模的汇款。

Another promising development is decentralized finance (DeFi), which allows users to lend, borrow and trade assets directly, bypassing traditional financial intermediaries. In countries with limited access to banking, DeFi presents a significant opportunity for financial inclusion. Even in a world that's radically reconsidering trade and dollarization, these primitives offer a neutral ground to transact, furthering use and proliferation of the dollar.

另一个有前途的发展是去中心化金融（DeFi），它允许用户绕过传统金融中介直接借贷和交易资产。在银行业务有限的国家，DeFi 为金融普惠提供了重要机会。即使在一个正在从根本上重新考虑贸易和美元化的世界中，这些原语也提供了一个中立的交易基础，进一步促进了美元的使用和扩散。

However, not all crypto projects have clear value. Memecoins, which derive their worth from internet attention rather than tangible use, are a contentious topic even within crypto circles. For example, dogecoin, a favorite of Elon Musk, has a market value that surpasses 94% of companies in the S&P 500, despite lacking a product or business model. Recently, Chris Dixon, of Andreessen Horowitz, even criticized memecoins for hindering understanding of the broader industry’s utility. If one were looking for a reason to argue that crypto is a scam, you could find it in some corners of the memecoin world.

然而，并非所有加密项目都具有明确的价值。 Memecoin 的价值来自互联网的关注而不是有形的使用，即使在加密货币圈子里也是一个有争议的话题。例如，埃隆·马斯克最喜欢的狗狗币，尽管缺乏产品或商业模式，但其市值却超过了标准普尔 500 指数中 94% 的公司。最近，Andreessen Horowitz 的 Chris Dixon 甚至批评 memecoin 阻碍了对更广泛行业效用的理解。如果有人想找一个理由来证明加密货币是一种骗局，你可以在模因币世界的某些角落找到它。

But following Sam Bankman-Fried's ignominious fall, another new primitive is using crypto rails to rebuild the tangible world: decentralized physical infrastructure networks (DePIN). These networks allow individuals to contribute resources – like data or connectivity – in exchange for rewards. By crowdsourcing infrastructure, DePIN projects can compete with large incumbents, offering cheaper and more accessible services.

但在 Sam Bankman-Fried 不光彩的倒台之后，另一个新的原语是使用加密轨道来重建有形世界：去中心化物理基础设施网络（DePIN）。这些网络允许个人贡献资源（例如数据或连接）以换取奖励。通过众包基础设施，DePIN 项目可以与大型现有企业竞争，提供更便宜、更容易获得的服务。

The Atlantic has already called the term DePIN (which was coined by an analyst at Messari) “boring.” However, these networks are already changing the market structure of legacy industries. Today, there are over 1,400 DePIN projects building, having raised more than $1 billion in venture funding. But if you relied solely on the Atlantic and Elizabeth Warren’s Twitter feed, you’d still think the industry is fraudulent.

《大西洋月刊》已经称 DePIN 这个术语（由 Messari 的分析师创造）“无聊”。然而，这些网络已经在改变传统行业的市场结构。如今，DePIN 项目已超过 1,400 个，已筹集超过 10 亿美元的风险资金。但如果你仅仅依赖《大西洋月刊》和伊丽莎白·沃伦的推特，你仍然会认为这个行业存在欺诈行为。

One prominent example is Helium, a network that crowdsources mini-tower and hotspot deployment to create a decentralized mobile coverage network. With over 120,000 active mobile plans in service, Helium provides affordable connectivity by pushing operating costs to the edges of the network. But you could also find reporting calling Helium a scam and declaring it a failure after its token price fell by 90% in 2022.

一个突出的例子是 Helium，这是一种众包迷你塔和热点部署以创建去中心化移动覆盖网络的网络。 Helium 拥有超过 120,000 个有效的移动套餐，通过将运营成本降低到网络边缘来提供经济实惠的连接。但你也可能会发现有报道称 Helium 是一个骗局，并在 2022 年其代币价格下跌 90% 后宣布其失败。

This completely misses how Helium's business has transformed into a cellular provider from an IoT network. The misunderstanding highlights how volatile token prices often overshadow real business developments. Crypto networks like Helium are frequently described as “antifragile,” adapting through volatility as extreme price swings fuel misleading narratives.

这完全忽略了 Helium 的业务是如何从物联网网络转型为蜂窝提供商的。这种误解凸显了代币价格的波动常常掩盖了实际业务的发展。像 Helium 这样的加密网络经常被描述为“反脆弱”，能够适应波动性，因为极端的价格波动助长了误导性的叙述。

Perhaps this explains Trump’s affinity for crypto: both he and the crypto industry are often misrepresented or taken out of context. Like with MAGA, certain crypto actors become conflated with the whole industry, and those looking for something to blame find an easy scapegoat. It also explains why crypto-natives feel so misunderstood.

也许这解释了特朗普对加密货币的喜爱：他和加密货币行业都经常被歪曲或断章取义。就像 MAGA 一样，某些加密货币参与者与整个行业混为一谈，而那些寻找罪魁祸首的人很容易找到替罪羊。这也解释了为什么加密货币原住民感到如此被误解。

Yes, there is a cohort of crypto-owners that support anarchy, and others still that have abused this unregulated market for personal gain. As the failures of the end of last cycle pushed the mainstream media to pessimism, it makes sense that many believe that The Worst of Crypto is yet to come. But as real use-cases in stables, DeFi and DePIN continue to abound, it’s clear that the best of crypto is yet to come, too.

是的，有一群加密货币所有者支持无政府状态，而其他人仍然滥用这个不受监管的市场来谋取个人利益。由于上一个周期结束时的失败让主流媒体陷入悲观，许多人相信加密货币最糟糕的时刻尚未到来，这是有道理的。但随着稳定、DeFi 和 DePIN 中的实际用例不断增多，很明显，最好的加密货币尚未到来。