Samson Mow对以太坊被高估了一倍，以预先供应为关键问题

以太坊可能在四月反弹了，但这并没有阻止比特币支持者Samson Mow再次拍摄。

In April, Ethereum may have bounced back a little, but that hasn’t stopped Bitcoin supporter Samson Mow from taking another shot at it. Mow, who’s no stranger to criticizing Ethereum and highlighting what he sees as Bitcoin’s superior attributes, says the world's second-largest cryptocurrency is still way overvalued.

4月，以太坊可能已经反弹了一点，但这并没有阻止比特币支持者Samson Mow再次拍摄。莫夫（Mow）对批评以太坊并强调他认为比特币的优越属性并不陌生，他说世界第二大加密货币仍然被高估了。

While Bitcoin has surged about 270% since 2022, largely fueled by macroeconomic tailwinds and an increasing number of institutional investors entering the space, Ethereum hasn’t quite kept up.

自2022年以来，比特币飙升了约270％，这在很大程度上是由宏观经济的尾风和越来越多的机构投资者进入该空间的推动力，但以太坊还没有完全保持。

According to data from CoinGecko, at the time of writing, BTC is changing hands at $71,446, showing a 267.8% price increase from August 2022, when it was trading at $21,500. Meanwhile, ETH is currently at $1,558, almost unchanged from its August 2022 price of $1,600.

根据Coingecko的数据，在撰写本文时，BTC以71,446美元的价格易手，显示出比2022年8月的价格上涨了267.8％，当时交易价格为21,500美元。同时，ETH目前的价格为1,558美元，其2022年8月的价格几乎没有改变。

Still waiting for "@hashr_scan to figure out how to report true locked value for PoS chains. In the meantime, here's a good estimate:

仍在等待“ @hashr_scan弄清楚如何报告POS链的真实锁定值。与此同时，这是一个很好的估计：

At today's prices:

以今天的价格：

• 21M $BTC = $1.5T

•21m $ btc = $ 1.5T

• 122M $ETH = $1.9T

•1.22m $ eth = $ 1.9T

But wait, there's more!

但是等等，还有更多！

60% of ETH was mined out of thin air during early launch. So if ETH had a supply of 21M like BTC, its price today would be ~$9,300. It's way overvalued.

在早期发射期间，将60％的ETH从稀薄的空气中开采出来。因此，如果ETH像BTC这样的ETH供应2100万，那么今天的价格将为9,300美元。这被高估了。

— Samson Mow (@SamsonMow) April 27, 2024

- Samson Mow（@samsonmow）2024年4月27日

Last year, the JAN3 CEO claimed that Ethereum has too much supply and doesn’t have the strong fundamentals to back up its current price. He also went on to question its long-term value, saying it lacks the simplicity and solid foundation that make Bitcoin stand out.

去年，JAN3首席执行官声称以太坊的供应太多，并且没有强大的基本原理来支持其当前价格。他还继续质疑其长期价值，称其缺乏使比特币脱颖而出的简单性和坚实的基础。

In Mow’s opinion, the market is giving ETH more credit than it deserves. Many Bitcoin fans agree with Mow and often call Ethereum overhyped and complicated. However, on the other side, Ethereum supporters argue that it plays a huge role in powering things like NFTs, DeFi apps, and smart contracts—tools that could shape the future of the internet.

MOW认为，市场给ETH提供的信誉超出了应有的信誉。许多比特币迷同意MOW，经常称以太坊夸张和复杂。但是，另一方面，以太坊的支持者认为，它在为NFT，Defi Apps和Smart Contracts之类的东西提供动力中起着巨大的作用，这些工​​具可能会影响互联网的未来。

Bitcoin maximalist Samson Mow has once again targeted noted cryptocurrency critic Ethereum in a recent analysis. Pointing to Bitcoin’s bullish 2024 rally, which has seen impressive gains, especially in the past month, Mow highlighted that the market is placing more value on BTC despite Ethereum having an edge in total locked value (TLV), according to blockchain analytics firm HashRate.

比特币最大主义者Samson Mow在最近的分析中再次针对著名的加密货币以太坊。根据区块链分析公司Hashrate的数据显示，尽管以太坊在总锁定价值（TLV）上具有优势，但在过去的一个月中，比特币的看涨2024年拉力赛，尤其是在过去的一个月中取得了令人印象深刻的收益。

Sharing a screenshot of HashRate's data, which shows Bitcoin's TLV at $1.5 trillion compared to Ethereum's $1.9 trillion, Mow stated that the figures are still a good estimation. He added that at today’s prices, 21 million Bitcoin comes to $1.5 trillion, and 122 million Ethereum comes to $1.9 trillion.

MOW表示，共享哈希拉特数据的屏幕截图，该数据显示比特币的TLV为1.5万亿美元，而Ethereum的1.9万亿美元表示，这些数字仍然是一个很好的估计。他补充说，以今天的价格，2100万比特币达到1.5万亿美元，1.22亿个以太坊提高到1.9万亿美元。

However, Mow claimed that a major part of his argument on Ethereum’s overvaluation lies in its supply dynamics. While Bitcoin’s supply is capped at 21 million, Ethereum has a circulating supply of over 122 million tokens. Notably, Mow claims 60% of ETH was minted out of thin air during its early launch phase—72 million coins were premined before people could mine the token.

但是，MOW声称他对以太坊高估的论点的主要部分在于其供应动态。尽管比特币的供应量为2100万，但以太坊的供应量超过1.22亿个令牌。值得注意的是，MOW声称，在其早期发射阶段，将60％的ETH从稀薄的空气中铸造出来，在人们可以挖掘令牌之前，已经开始了72万枚硬币。

Using Bitcoin’s scarcity model to place a value on Ethereum, the crypto investor stated that if ETH had a supply of just 21 million, like BTC, its price could have been around $9,300. Instead, he insists Ethereum is overvalued due to this high token count and early distribution practices.

加密投资者使用比特币的稀缺模型对以太坊的价值构成价值，他说，如果ETH像BTC这样的价格只有2100万，其价格可能约为9,300美元。取而代之的是，他坚持认为以太坊由于这种高令牌数量和早期分销做法而被高估了。

Earlier this month, Ethereum price dropped to a multi-year low of $1,380 as global trade tensions escalated, causing a broader sell-off in crypto markets. However, the world's second-largest cryptocurrency quickly rebounded to $1,680 after President Trump announced a pause on new tariff hikes—except for China.

本月早些时候，随着全球贸易紧张局势升级，以太坊价格下跌至1,380美元的多年低点，导致加密货币市场的抛售更广泛。但是，在特朗普总统宣布对中国的新关税远足暂停之后，全球第二大加密货币迅速​​反弹至1,680美元。

This volatility highlights how both major cryptocurrencies react strongly to geopolitical events, despite their differing use cases. While BTC is viewed as “digital gold” and is often touted for holding value during macroeconomic uncertainty, Ethereum is a platform that powers a burgeoning decentralized ecosystem.

这种波动率强调了两种主要的加密货币如何对地缘政治事件做出强烈反应，尽管它们的用例不同。尽管BTC被视为“数字黄金”，并且经常被吹捧为在宏观经济不确定性期间保持价值，但以太坊是一个为新兴的分散生态系统提供动力的平台。