象征学：它是什么，为什么它是硬币价格的关键驱动力

象征学是一个在加密货币世界中围绕着很多词的词。但是到底是什么？这是塑造最强大的力量之一

Tokenomics is a critical factor in determining the future value of a cryptocurrency. It outlines how the cryptocurrency will be managed, including aspects like the total number of coins to be issued, the rate of coin issuance, the possibility of burning coins, and the impact of other factors on the coin's supply.

令牌学是确定加密货币的未来价值的关键因素。它概述了如何管理加密货币，包括要发行的硬币总数，硬币发行率，燃烧硬币的可能性以及其他因素对硬币供应的影响。

These elements influence the rate at which new coins enter circulation and whether any coins are removed, ultimately affecting the cryptocurrency's price. For instance, cryptocurrencies often highlight their deflationary tokenomics to support the coin's price.

这些要素会影响新硬币进入循环的速度以及是否删除任何硬币，最终影响加密货币的价格。例如，加密货币通常会突出其通缩令牌，以支持硬币的价格。

In 2022, Ethereum shifted from a proof-of-work to a proof-of-stake system, significantly reducing its net issuance in an effort to become deflationary. It also implemented a mechanism to burn coins during transactions, leading many to conclude that its supply is now net deflationary.

在2022年，以太坊从工作证明转变为验证验证系统，大大降低了其净发行，以使其成为放气。它还实施了一种在交易期间燃烧硬币的机制，这使许多人得出结论，其供应现在是净通缩。

Essentially, Ethereum's issuers "rigged" the coin's tokenomics to support its price, enabling it to rise over time but not guaranteeing it. While everyone discusses how a coin's deflationary nature drives up its price, supply is only half the equation; demand ultimately determines a coin's price movements.

从本质上讲，以太坊的发行人“操纵”了硬币的标记学以支持其价格，使其能够随着时间的推移而上升，但不能保证它。尽管每个人都讨论了硬币的通缩性如何提高其价格，但供应只是等式的一半。需求最终决定了硬币的价格变动。

There are numerous items in short supply that are nevertheless worthless, like the glasses in your kitchen cabinet. Limited supply is meaningless without demand for an object or a cryptocurrency.

尽管如此，供应量很少的物品却毫无价值，例如厨房橱柜中的眼镜。有限的供应是毫无意义的，而没有对物体或加密货币的需求。

Any cryptocurrency is worthless without demand because its value is solely determined by what people are prepared to pay for it. As a result, out of the 20,000 or more cryptocurrencies in existence, only a small number are actually valuable, and almost all of them are essentially worthless.

任何加密货币都没有需求毫无价值，因为它的价值仅取决于人们准备为此付出的价值。结果，在存在的20,000个或更多的加密货币中，实际上只有少数是有价值的，而且几乎所有的都基本上都是毫无价值的。

However, managing the supply of a popular cryptocurrency—one for which there is already demand—can drive its price higher (or lower) because it encourages traders to buy. They can purchase knowing that the coin's issuers won't overinflate it, which attracts demand and creates a virtuous circle.

但是，管理流行的加密货币的供应（已经有需求的一种）可以推动其价格更高（或更低），因为它鼓励交易者购买。他们可以知道知道硬币的发行人不会过度膨胀，这会吸引需求并创建一个良性圈子。

These psychological dynamics are crucial for manipulating crypto prices. By increasing enthusiasm for coins with relatively fixed or shrinking supplies, prices can rise indefinitely. So, part of the process involves generating greater enthusiasm around coins with deflationary properties.

这些心理动力对于操纵加密价格至关重要。通过增强对相对固定或收缩供应的硬币的热情，价格可以无限期上涨。因此，该过程的一部分涉及在具有通缩性能的硬币周围产生更大的热情。

Bitcoin, the first cryptocurrency, has well-studied and highly deflationary tokenomics. It famously has a maximum of 21 million coins available for mining, and even that limited issuance slows over time, until the total supply is issued around the year 2140. As issuance slows, Bitcoin mining requires more and more energy and expense.

比特币是第一个加密货币，具有精心研究和高质量的代币学。它著名的是可开采的最多2100万枚硬币，甚至随着时间的推移，发行量有限，直到2140年左右发行总供应。随着发行量的减慢，比特币采矿需要越来越多的能源和费用。

However, there are other favorable tailwinds for Bitcoin's supply. While 21 million coins is the maximum number of outstanding coins, some estimates suggest that around 3.7 million coins have been lost forever. They may have been purchased early in Bitcoin's life, when coins were cheap and it was a novelty. But if Bitcoin owners discarded hard drives containing these coins, they're likely permanently unavailable and effectively dead. So the real maximum supply is even lower than the potential maximum.

但是，还有其他有利的比特币供应方风。虽然2100万个硬币是未偿还硬币的最大数量，但一些估计表明，约有370万枚硬币永远丢失了。它们可能是在比特币一生中早期购买的，当时硬币便宜，这是一种新颖性。但是，如果比特币所有者丢弃了装有这些硬币的硬盘驱动器，则它们可能永久无法使用并有效地死亡。因此，真正的最大供应甚至低于潜在最大值。

On the supply side, Bitcoin benefits from ever slower issuance and a capped number of coins. But it also benefits from a herding effect as the most popular cryptocurrency, as well as the perception that it’s a scarce resource. On the demand side, Bitcoin analysts keep ratcheting up price targets, driving “Bitcoin fever” ever higher and stoking demand for the coins.

在供应方面，比特币受益于发行速度较慢和封顶的硬币。但是，这也受益于作为最受欢迎的加密货币的放牧效应，以及认为这是一种稀缺资源的看法。在需求方面，比特币分析师不断提高价格目标，使“比特币热”不断提高，对硬币的需求不断提高。

So supply is fixed and demand may continue rising, potentially leading to lollapalooza effects on the price, as it has already for an asset that was created out of thin air. However, if demand dries up for any reason — say, if quantum computing can break the coin’s cryptography and effectively counterfeit coins — Bitcoin’s price could fall to nothing. Again, it’s vital to remember that the only thing supporting Bitcoin’s price is the expectation that someone else will buy it for a higher price.

因此，供应是固定的，需求可能会继续上升，可能会导致价格对价格产生影响，因为它已经用于稀薄的空气中产生的资产。但是，如果出于任何原因需求变干 - 例如，如果量子计算可能会破坏硬币的加密和有效伪造的硬币，那么比特币的价格可能会落下。同样，重要的是要记住，支持比特币价格的唯一一件事是，人们期望别人会以更高的价格购买。

Bitcoin is backed by nothing by sentiment, unlike stocks, which are backed by the assets and cash flow of an underlying business. So investor beware.

与股票不同的是，比特币都没有任何情绪支持，这些股票得到了基础业务的资产和现金流的支持。所以投资者当心。