自从总统大选以来，加密货币行业就没有呆板的日子。

最近的事件显而易见的是特朗普宣布了美国加密保护区。

The cryptocurrency industry has not had a dull day since the presidential election with a “pro-crypto” president in office. While many people hear “pro-crypto” and think it will positively affect the market, the reality of having a pro-crypto president is beginning to look more like a negative catalyst than a boon for the industry.

自从总统大选与“亲克莱托普”总统任职以来，加密货币行业并没有呆滞的一天。尽管许多人听到“亲克赖普托”的声音并认为这会对市场产生积极影响，但拥有亲克莱托普总统的现实开始看起来更像是一种负面的催化剂，而不是为该行业的福音。

The most recent event that has made this apparent was Trump’s announcement of a U.S. crypto reserve. At the time of the announcement, the reserve was said to include XRP, SOL, and ADA without mention of any other cryptocurrencies. This immediately caused the market to pump but led to confusion among crypto supporters and enthusiasts.

最近的事件显而易见的是特朗普宣布了美国加密保护区。在宣布这一消息时，据说该保护区包括XRP，SOL和ADA，而无需提及其他任何加密货币。这立即导致市场抽水，但引起了加密支持者和发烧友的困惑。

The main cause of frustration was the coins in the reserve: Solana, ADA, and XRP—the 6th, 8th, and 3rd largest cryptocurrencies by market cap, respectively. This surprised the industry, as Trump had previously rumored launching a BTC strategic reserve but made no mention of it, making it seem as though these other coins came out of the left field.

挫败感的主要原因是储备金中的硬币：Solana，Ada和XRP，分别是市值的第六，第八和第三大加密货币。这使该行业感到惊讶，因为特朗普此前曾有传言说明了BTC战略储备，但没有提及它，这似乎使这些其他硬币似乎来自左场。

This raised the following question: how did the Trump administration decide on these three coins being the first to be included in the strategic reserve? Although no hard data is available now, it looks like it was purely a business decision. Individuals from these blockchain networks most likely lobbied or even bid for inclusion in the strategic reserve. They probably had meetings with the president and others in the White House to angle and get their coin included in the reserve, with the positions likely going to the highest bidders or those who could make the best deal with the White House.

这提出了以下问题：特朗普政府如何决定这三枚硬币是第一个被包括在战略储备中的硬币？尽管现在没有硬数据可用，但看来这纯粹是一个商业决策。来自这些区块链网络的个人很可能游说甚至竞标将其纳入战略储备。他们可能与总统和白宫的其他人会面，以倾斜，并将其硬币包括在预备役中，而职位可能会达到最高的投标人，或者可能与白宫达成最好的交易。

Unsurprisingly, crypto enthusiasts had a lot to say about the choice of coins in the reserve. It seems like that feedback made its way to the president because two hours after his original post, he followed up by saying that BTC and ETH, the 1st and 2nd largest coins by market cap, would also be included in the reserve.

毫不奇怪，加密爱好者对储备中的硬币的选择有很多话要说。似乎反馈向总统出现了，因为在他的原始职位后两个小时后，他说，BTC和ETH（按市场上限划分的第一和第二大硬币）也将被包括在预备役中。

With no rhyme or reason to the initial three coins included in the strategic reserve, a broader conversation about the cryptocurrency industry in America began, ranging from moderate to more complex issues that observers and participants have had with Trump’s approach to crypto.

战略储备中没有押韵或理由，其中包括战略储备中的最初三枚硬币，就开始了有关美国加密货币行业的更广泛的对话，从中等到更复杂的问题，观察家和参与者对特朗普的加密货币态度所涉及的。

On the lower rungs of the ladder is the idea that crime is essentially permissible in the crypto world these days, especially due to the Securities and Exchange Commission’s (SEC) recent announcement that a majority of memecoins are not securities. This ushered in a new wave of fraud as it essentially legalized pump and dumps. The president’s latest announcement of the strategic reserve is indicative of this. Weeks before the announcement, the president’s son, Eric Trump, tweeted, encouraging everyone to “buy the dip,” with hindsight, this looks like investment advice.

在阶梯的下梯级上是这样的想法，即如今的加密货币世界本质上允许犯罪，尤其是由于证券交易委员会（SEC）最近宣布，大多数纪念物不是证券。这引发了新的欺诈浪潮，因为它本质上是合法化的泵和垃圾场。总统对战略储备的最新宣布表示了这一点。在宣布这一消息的几周前，总统的儿子埃里克·特朗普（Eric Trump）发了推文，鼓励所有人“浸入蘸酱”，这看起来像是投资建议。

After Trump announced the strategic reserve, Eric Trump followed up with a tweet that explicitly appeared to be investment advice. Although the advice was to hold for the long term, the market action around the strategic reserve announcement played out like a hallmark pump and dump.

特朗普宣布战略储备金后，埃里克·特朗普（Eric Trump）跟进了一条明确是投资建议的推文。尽管该建议是长期保留的，但围绕战略储备公告的市场行动像Hallmark Pump and Dump一样出现。

When Trump announced the strategic reserve, the price of BTC, which is often used as a benchmark in the market, was roughly $85,075. About six hours after Trump mentioned that BTC and ETH would also be in the reserve, the price of BTC shot up to about $94,770, an 11% increase from the pre-announcement price. However, the euphoria in the market did not last long. The pump quickly reversed, especially as people increasingly questioned the decision to add coins like SOL, ADA, and XRP to the reserve. As the conversation around these coins and the strategic reserve as a whole continued, the price of Bitcoin dropped below $88,000 just 24 hours later.

当特朗普宣布战略储备时，BTC的价格通常用作市场上的基准，约为85,075美元。在特朗普提到BTC和ETH也将在储备金中大约六个小时后，BTC的价格高达94,770美元，比宣布前的价格增长了11％。但是，市场上的欣喜并没有持续很长时间。泵很快倒转，尤其是当人们越来越质疑将SOL，ADA和XRP等硬币添加到储备金的决定时。随着这些硬币和整个战略储备的对话继续，仅24小时后，比特币的价格下跌了88,000美元。

Beyond the fact that the market activity—in which an immediate pump was followed by a sell-off—is a classic feature of a pump and dump, which could be a sign of insider trading, there is a bigger controversy with the strategic crypto reserve.

除了市场活动（即时泵随后是抛售）的事实外，这是泵和垃圾场的经典特征，这可能是内部交易的迹象，战略加密保护区存在更大的争议。

Although this is arguably a short-term win for the cryptocurrency industry that has pumped people’s bags, if the administration does follow through with the strategy, it raises the question of whether allocating a percentage of American tax dollars to buy speculative cryptocurrencies with no utility is a responsible move—especially when cryptocurrency holders remain a minority within the larger population.

尽管这可以说是加密货币行业的短期胜利，但如果政府确实遵循了该策略，但它提出了一个问题，它的问题是，分配一定比例的美国税金以购买无效的投机性加密货币是否有负责任的举动，这是一个负责任的举动，尤其是当加密货币持有人仍然是较大的人群中的少数情况时。

On top of that, this strategic reserve appears to be anything but strategic. It doesn’t seem to serve any actual “strategic” purposes, nor does it seem to accomplish any goal or offer economic or catastrophe protection to the United States.

最重要的是，这个战略储备似乎只是战略性的。它似乎没有达到任何实际的“战略”目的，也似乎没有实现任何目标或为美国提供经济或灾难保护。

By definition, a strategic reserve is a commodity that is stockpiled by a government with the intention that it will be used in an emergency or unexpected disruption. Current reserves in the U.S. include the Strategic Petroleum Reserve, Strategic Crude Oil Reserve, and Strategic Grain Reserve—all items with clear purposes and practical use in critical situations. However, when it comes to the coins in the crypto reserve, it’s not easy to understand

从定义上讲，战略储备是由政府储存的商品，目的是将其用于紧急或意外的破坏。美国当前的储备包括战略石油储备，战略原油储备和战略谷物储备，这些物品在关键情况下具有明确目的和实际使用的物品。但是，当谈到加密保护区的硬币时，这并不容易理解