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大家好啊！
What is up, guys?
欢迎回到节目。
Welcome back to the show.
今天我们为大家带来一篇非常非常精彩的文章。
We are bringing back a really, really good read today.
顺便说一下，这里是《比特币可听》节目，我是盖伊·斯旺，你可能知道我是那个比任何人都读更多比特币相关内容的家伙。
This is something that's also going to be very this is Bitcoin Audible by the way, and I'm Guy Swann, the guy who's read more about Bitcoin than anybody else you know.
但今天我们分享的这篇文章，我认为很多人从未真正理解，或者很容易忽视比特币要解决的核心问题。
But we have got a read today that I think a lot of people never didn't internalize or it's very easy to lose sight of what Bitcoin is set to fix.
我并不是在说那种'哦，比特币能解决这个，比特币能解决一切'的陈词滥调——比如股权问题、劣质食品、时间偏好等等。
And I don't mean that in a sense that like, oh, Bitcoin fixes this, Bitcoin fixes everything, Bitcoin fixes stake and, you know, bad food and everything and, you you know, time preference.
我不是这个意思。
I don't mean that.
我指的是核心的经济资源配置错位问题。
I mean, what is the core economic misallocation problem?
一个本质上是法币体系的系统会制造出什么样的十万亿美元级问题？健全货币如何解决或能解决这个问题？
What is the decatrillion dollar problem that a fundamentally fiat system creates, and what does sound money solve, or how does sound money solve it?
比特币正在解决并将持续解决的世纪难题是：重新定价全球资本。
The impossible problem that Bitcoin is solving and will solve is repricing the world's capital.
比特币还有很多其他功能，都很了不起。
There's a lot of other things that Bitcoin does, and they're all great.
但在所有其他功能之前，最重要的是它能正确地为全球资本定价。
But before anything and everything else, it is about properly pricing the world's capital.
说实话，这方面最出色的合集来自艾伦·法林顿和萨莎·迈尔斯的《比特币即威尼斯》，而这篇特别收录于Acxiom BTC，由艾伦·法林顿执笔。
And honestly, the best collection on this is from Bitcoin is Venice by Alan Farrington and Sasha Myers, and this piece in particular is from Acxiom BTC and written by Alan Farrington.
快速感谢一下我们的支持者：Blockstream和Jade Plus硬件钱包。
Real quick, a shout out to our supporters, Blockstream and the Jade Plus hardware wallet.
用优惠码'guy'可以给这家伙打九折。
You can get 10% off this guy with the code guy.
此外还有人权基金会，他们支持我的工作让我深感荣幸。
And then we have the Human Rights Foundation, which I am seriously honored that they are supporting my work.
我打算做的一件事是——他们有个极棒的通讯简报，可能是跟进全球自由抗争、自由科技、人权侵犯等各类自由相关事务的最佳资源之一。
And also one of the things that I'm gonna do is they have a fantastic newsletter, which is probably one of the best resources to keep up with what's going on with freedom fighting, with freedom technology, with human rights abuses, with all sorts of things related to liberty all around the world.
我大概收藏了十份特别喜欢的通讯简报，都保存在这个我称之为'数据库'的大文件夹里，实实在在地积累了多年内容。
I keep I have, like, probably 10 newsletters that I really, really like, and I keep them saved in this big, I call it the database, and I legit have years of them.
即使只是基础搜索功能，它已经是惊人的资源库了，但我很快会用AI给它装上强力引擎。
Even just with basic search, it is a phenomenal resource, but I'm gonna be putting that thing on steroids soon with AI.
总之他们的通讯简报，我会制作音频版，部分内容可能会在节目中发布，等我们正式启动时我会告知获取渠道，这样就能用更易消化的音频形式获取这些内容。
But anyway, their newsletter, I'm going to be doing audio for the newsletter, and some of it might be published on the show, but I'll let you know where you can get them when we start into this in earnest, so that those are available in audio, so that they're much easier to digest.
另外有个随机消息——亚历克斯·格拉德斯坦他们正在拍卖限量版《特洛伊木马换自由》文集，这本书汇集了大量他的精彩著作。
And also, this is kinda random, but Alex Gladstein, they have they're auctioning off the limited edition anthology of A Trojan Horse for Freedom, which is a basically a book collecting a ton of Alex Gladstein's, like, really fantastic work.
我几乎为他所有能找到的文章都录制过音频。
I mean, I've done audio for I I feel like all as many things as I could possibly find that he has written.
这是珍藏版精装本，应该还剩几本。
And this is a collector's edition hard copy, and I think there are a few copies left.
我会附上链接。
I'll have the link.
无论如何，我确实需要再去查看一下，但我会在节目备注里放上链接。
I need to actually go check that back out again anyway, but I'll have the link in the show notes.
总的来说，要向这些家伙致以崇高的敬意。
But just in general, a huge shout out to those guys.
长期以来都是他们的超级粉丝。
Massive massive fan for a long time.
深感荣幸。
Super honored.
他们长久以来一直在践行中本聪的使命。
They have been doing Lord Satoshi's work for an incredible amount of time.
最后要说的是，我超爱Bitkit钱包。
And then lastly, a I love the Bitkit wallet.
而且，你知道，能点击联系人，比如你的朋友，然后直接发送5万聪，这种感觉太棒了。
And and, you know, there's one thing to be able to click on your contact, to be able to click on, like, your friend, and then just be like, send them 50,000 sats.
如果你还没体验过这种乐趣，下载Bitkit，加我好友，给我发点聪吧。
If you've never had the pleasure, download Bitkit, add me, and send me some sats.
不。
No.
告诉他们试试Bitkit。
Tell them Bitkit and give it a try.
链接和详情会在节目备注里提供。
The link and details will be in the show notes.
我超爱这个钱包，如果你还没用过，一定要试试。
I love this wallet, and you gotta check it out if you haven't.
好的。
Alright.
接下来，我们将把话筒交给艾伦·法林顿，重启并重播这期节目——《二十一世纪的资本》。
With that, we're gonna hand it over to Alan Farrington, and we are rebooting, bringing back this episode, Capital in the twenty first century.
我认为这是一部被严重低估和忽视的作品，它关于比特币功能的理念是最重要的思想之一。
And I think this is a hugely undervalued and underappreciated piece, and I think it is one of the most important ideas about what Bitcoin does.
我重提此事的一个重要原因是，它将为我在BitBlock Boom上的演讲奠定框架——那场演讲将描绘比特币标准的蓝图。
And one of the big reasons I'm bringing this back is because is because it's gonna be a lot of what helps to frame my talk that I'm giving at BitBlock Boom, which will be painting a picture of a Bitcoin standard.
希望届时能见到你们中的一些人。
So hopefully, I'll see some of you guys there.
现在，让我们再次通过艾伦·法林顿的视角重启这个话题。
But again, let's bring it back with this reboot from Alan Farrington.
我认为它的独特之处在于迫使我们思考真正想要的是什么。
I think it is different because it forces us to think about what it is we really want.
我们想要的是财富。
What we want is wealth.
我们想要更多、更便宜、更新的物品，并渴望获得能长期持续生产这些物品的安心与保障。
We want more things, cheaper things, and new things, and we want the comfort and security of knowing we will be able to produce these things far into the future.
我们不是只要多一件、便宜一件或新一件物品，甚至此刻也不一定需要任何具体物品。
We don't want one more thing, one cheaper thing, and one new thing, and we don't even necessarily want any things right now.
我们想要的是创造更多、更便宜和更新事物的可能性。
We want the potential to create more, cheaper, and new.
货币本身并不能实现这些。
Money does none of this.
金钱并非财富本身。
Money is not wealth.
金钱是对财富的索取权。
Money is a claim on wealth.
货币具有流动性。
Money is liquid.
它是可流通的。
It is saleable.
它是传达我们真正所需之物相对价值的最有效方式。
It is the maximally efficient way of communicating the relative value of things we really want.
但货币之所以有价值，仅仅是因为它帮助我们衡量的其他事物要么本就存在，要么可能通过我们有意识地将时间和精力投入创造而存在。
But it is only itself valuable because all these other things it helps us value either exist in the first place or could exist, pending our intentional, directed effort to allocate time and energy to bringing them into existence.
比特币精华的有声呈现。
The best in Bitcoin made audible.
我是盖伊·斯旺，这里是《比特币有声》。
I am Guy Swan, and this is Bitcoin Audible.
大家好！
What is up, guys?
欢迎回到《比特币有声》。
Welcome back to Bitcoin Audible.
我是盖伊·斯旺，一个比你认识的任何人都更了解比特币的人。
I am Guy Swan, the guy who has read more about Bitcoin than anybody else you know.
今天我们带来艾伦·法林顿和Acxiom BTC团队的精彩解读。
And we have got a great read today from Alan Farrington and crew over at Acxiom BTC.
他们正在宣布一个项目，顺便说一下，这是axiombtc.capital。
They are announcing a and this is axiombtc.capital, by the way.
如果你想了解更多，链接显然会在节目说明中，还有其他好东西。
And if you wanna check it out, the link will be in the show notes, obviously, with all of the other goodies.
但如果你想了解他们或联系他们，网址是Axiom BTC dot capital。
But if you wanna check them out or get in contact with them, it is Axiom BTC dot capital.
这篇文章的核心在于，他们公司发布的这份白皮书，宣布了他们的风险投资，构建这一切的哲学基础，以及他们试图建立的框架都非常简单。
And this piece is all about the fact is that their company, this this paper that they have released in the announcement of their venture, and the philosophy that all of this is built on, and the framing that they are trying to do is very simple.
我之所以喜欢它，不仅因为它的简洁，更因为它极其强大的力量——很大程度上正是源于这种简洁——比特币的杀手级应用就是资本的重新定价。
And I love it because of its simplicity, but because of how incredibly powerful it is and largely because of its simplicity, is that the killer app of Bitcoin is the repricing of capital.
在宣布他们的工作和建设内容时，艾伦撰写了这篇杰出的论文，题为《二十一世纪的资本》。
And in announcing what they are doing and what they are building, Allen has written this incredible paper titled Capital in the Twenty First Century.
我就以此作为我们的完整开场白，接下来我们就正式开始。
And I will leave that as our entire introduction, and we will go ahead and get into it.
让我们开始今天的阅读吧。
Let's get into today's read.
这篇题为《二十一世纪的资本》，作者是艾伦·法林顿。
And it's titled Capital in the Twenty First Century by Alan Farrington.
第一部分，资本公理。
Part one, the axiom of capital.
比特币引发了一场关于「什么是货币」的思潮复兴。
Bitcoin has spurred a renaissance of thought on the question of what is money.
比特币常被不加思索地与奥地利经济学派联系起来，但深入思考这个问题才能得出最具思想性的论证。
Bitcoin is often linked to the Austrian School of Economics without much thought as to why, but pondering this question allows for the most thoughtful justification.
货币是一种自发秩序，理解其运作依赖于领会不可简化的不确定性、主观价值和方法论个人主义。
Money is an emergent order and understanding its operation depends on appreciating irreducible uncertainty, subjective value, and methodological individualism.
常被描述为对根本上抗拒科学分析的主题进行逻辑处理，比特币的出现及其市场接受度让许多奥地利学派学者为这一学派效力的现实证明而得意不已。
Often described as a logical treatment of a subject fundamentally resistant to scientific analysis, the emergence of Bitcoin and its acceptance in the market has many Austrians rightly cackling at a real world proof of the efficacy of the school.
就此而言，米塞斯的巨著《货币与信用理论》是每位比特币者的必读之作，而门格尔的《货币的起源》可能是对前述问题最出色的散文式回答。
On which note, Mises' monumental The Nature of Money and Credit is essential reading for any bit Bitcoiner, and Menger's On the Origins of Money might be the single best prose answer to the preceding question.
尼克·萨博本人更像是比特币者而非奥地利学派学者，或至少是位博学家，他的著作不仅是比特币者的必读材料，对任何试图理解世界现状的人都至关重要。
More a Bitcoiner himself than an Austrian, or at the very least a polymath, Nick Szabo's writing is essential reading not only for Bitcoiners, but for anybody struggling to understand what on earth is going on in the world.
当代奥地利学派经济学家拉希姆·塔吉萨·德根确实将萨博的论文视为对该学派的新贡献。
Contemporary Austrian economist Rahim Taghiisa Degan has indeed credited Szabo's thesis in shelling out as a novel contribution to the school.
话虽如此，我们并不认为安客诚是家货币业务公司，其他人也都不这么认为。
That said, we do not think of Acxiom as a money business, and nor does anybody else for that matter.
我们在资本市场运营，过去几个月我深切体会到，建立资本市场业务时不可能不考虑资本的本质。
We operate in capital markets, and I have personally found it impossible in the past few months to set up a capital markets business without thinking about the nature of capital.
读者们不会感到丝毫意外，我认为这与货币存在深刻联系，因此在比特币标准下的资本很可能与货币截然不同，甚至差异更大。
The reader will not be surprised in the least to learn I believe there is an intimate connection to money, and hence that capital on a Bitcoin standard is likely to be every bit as different as money, and possibly more so.
约瑟夫·熊彼特对均衡理论抹杀企业家精神空间的批判，本质上正是关于资本的论述。
Joseph Schumpeter's critique of the nonsense of equilibrium as leaving no space for entrepreneurship is as much about capital as anything else.
没有企业家，生产性资本与普通资产就难以区分，充满潜力的生命物质与无生命的物品也无二致。
Without entrepreneurs, there is little to distinguish productive capital from mere assets, animate matter rich with potential from mere inanimate stuff.
以色列·柯兹纳关于竞争与企业家精神概念联系的分析带来的诸多启示之一，就是迫使人们认识到资本既是异质性的，又不可避免地是人类创造力的产物。
One of the many lessons of Israel Kirsner's analysis on the conceptual links between competition and entrepreneurship is to force the realization that capital is both heterogeneous and unavoidably the product of human creativity.
这种异质性可以说是流动性最坚实的概念基础，或是对非循环定义最完善的公理表述。
This heterogeneity is arguably the soundest conceptual grounding, or the best formulated axiom for a non circular definition, of liquidity.
完全流动的资本就是货币，它具有完全的同质性。
The perfectly liquid capital is money, which is perfectly homogenous.
货币不存在不确定性，因为它是衡量一切不确定事业的价值标准。
Money bears no uncertainty because it is the standard of value against which uncertain endeavors are to be measured.
企业家的角色就是通过积累资本来拥抱不确定性，将其用于多样化的创造性竞争，以满足他人的价值需求。
The role of the entrepreneur is to embrace uncertainty by accumulating capital, putting it to heterogeneous use in the creative and competitive pursuit of the satisfaction of the value of others.
到目前为止都很简单，看起来不言自明。
So far so simple, and so seemingly axiomatic.
但如果你正在阅读本文，你很可能对比特币感兴趣。
But if you are reading this, you are most likely interested in Bitcoin.
如果你有幸投资了Axiom Venture Fund一号基金，那你必定相信我们仍处于早期阶段。
And if you have been kind enough to invest in Axiom Venture Fund one, then you most certainly believe that we are still early.
因此我要向读者指出，这一点（或其影响）远未被广泛理解。
And so I put it to the reader that this, or perhaps the consequences of this, is not at all widely understood.
关于资本的定义有很多，但我最喜欢的定义完全不技术性，也不是来自奥地利学派。
There are plenty of definitions of capital out there, but my favorite definition is not at all technical and is not from an Austrian.
这是埃尔南多·德索托提出的。
It is that of Hernando de So to.
它甚至算不上严格的定义，更像是一种意象。
It is not even definition per se, but more of an image.
这正是我喜欢它的原因。
This is exactly why I like it.
在这门沉闷的科学中，华丽的修辞实属难得，尤其是在保持一定准确性且不陷入国家主义宣传的情况下。
In the dismal science, rhetorical flourish is hard to come by, especially while remaining somewhat accurate and without spiraling into statist agit prop.
在他精彩的《资本的秘密》一书中，德索托将资本称为经济势能。
In his fantastic The Mystery of Capital, de So to calls capital economic potential energy.
在我看来，这很有帮助地强调了两点。
To my mind, this helpfully emphasizes two things.
第一，工作已经完成，但其成果尚未实现；第二，这些成果可以通过有意识的行动、通过人类行为来实现。
One, that work has been done, but the fruits of that work have not yet been realized and two, that they can be realized with intention, with human action.
作为独立思考的人类（而非经济人），我们有能力根据自身价值观来开发这种潜在能量的储备。
It is within our power, not as homo economici, but as individual thinking humans, to tap this reserve of potential energy based on what we value.
这并非全知全能、从天上的宫殿分配所有资本的资本沙皇的特权。
It is not the preserve of the omniscient, omnipotent capital czar who allocates all capital from a palace in the sky.
引用某些时髦的统制论调来说，人工智能的发展也没有使哈耶克的理论过时。
Nor is Hayek obsoleted by advances in artificial intelligence, to cite exactly some such fashionable statist adjectprompt.
企业家才是世界的引擎。
It is the entrepreneur that is the motor of the world.
她独立思考，即刻行动，在边际处配置资源。
She thinks as an individual, she acts in the moment, and she allocates at the margin.
史蒂夫·乔布斯——当之无愧的企业家——曾说过一句名言：
Steve Jobs, an entrepreneur if there ever was one, once famously said:
我认为真正将我们与高等灵长类区分开来的特征之一是我们会制造工具。
I think one of the things that really separates us from the high primates is that we're tool builders.
我曾读过一项研究，测量了地球上各种物种的运动效率。
And I read a study that measured the efficiency of locomotion for various species on the planet.
秃鹰移动一公里消耗的能量最少，而人类的表现相当平庸，排在榜单三分之一左右的位置。
The condor used the least energy to move a kilometer and humans came in with a rather unimpressive showing about a third of the way down the list.
这并非造物之冠的骄傲展示。
It was not too proud of a showing for the crown of creation.
看起来不太妙，但《科学美国人》的某位专家独具慧眼，测试了骑自行车者的运动效率。
So that didn't look so good, but then somebody at Scientific American had the insight to test the efficiency of locomotion for a man on a bicycle.
无论是骑自行车的人还是自行车手，其效率都远超秃鹰，完全登顶效率排行榜。
And a man on a bicycle or a human on a bicycle blew the condor away, completely off the top of the charts.
这就是我对计算机的理解。
And that's what a computer is to me.
对我而言，计算机是我们迄今发明的最非凡的工具。
What a computer is to me is it's the most remarkable tool that we've ever come up with.
它是我们思维的自行车。
And it's the equivalent of a bicycle for our minds.
这通常被理解为对技术的评论，但我认为更多是关于资本。
This is usually understood as commentary on technology, but I think it is more about capital.
或许不如经济势能浪漫——资本就是工具。
A less romantic framing perhaps than economic potential energy, capital is tools.
乔布斯的观点在于软件作为资本形式有多么强大。
Jobs' point is about how potent software is as a form of capital.
但归根结底，所有资本都放大了通过时间和精力投入所产出的价值。
But ultimately, all capital magnifies the desirability of the output of some exertion of time and energy.
自行车是一个例子，计算机是另一个。
A bicycle is one example, and a computer is another.
冒着混淆隐喻的风险，资本是劳动、时间、精力和手工创造价值的自行车。
At the risk of mixing metaphors, capital is the bicycle of labor, of time, of effort, and of the grind to produce value by hand.
资本就是工具。
Capital is tools.
更多的东西，更便宜的东西，新的东西。
More things, cheaper things, new things.
金钱与这一切有什么关系？
What does money have to do with all this?
非答案是说金钱是资本最具流动性的形式，但这只是陷入循环解释。
The non answer is to say that money is the most liquid form of capital, but that is to subscribe to a circular explanation.
如果我们所说的流动性仅指将某物转化为金钱所需的时间和难度，那么金钱转化为金钱所需的时间和难度为零。
If by liquid we simply mean the time and difficulty required to transform something into money, then money can be transformed into money in zero time and with zero difficulty.
因此，它必须具有最大的流动性。
Hence, it must be maximally liquid.
我们既陈述又证明了一个同义反复。
We have both stated and proven a tautology.
法定经济学家们会为此感到自豪。
The fiat economists would be proud.
我建议我们尝试颠覆这种对流动性的理解。
I suggest we attempt to invert this understanding of liquidity.
与其试图衡量将资本转化为金钱的容易程度和速度，不如说我们指的是将金钱转化为资本的容易程度和速度？
Instead of trying to capture how easily and quickly we can convert capital into money, what if what we meant was how easily and quickly we can convert money into capital?
好的。
Okay.
为什么？
Why?
这真的有所不同吗，还是我只是在玩弄文字游戏？
Is this even different, or am I just playing with words?
我认为确实不同，因为它迫使我们思考我们真正想要的是什么。
I think it is different because it forces us to think about what it is we really want.
我们想要的是财富。
What we want is wealth.
我们想要更多东西、更便宜的东西和新东西。
We want more things, cheaper things, and new things.
我们还想要那种知道未来能持续生产这些东西所带来的舒适感和安全感。
And we want the comfort and security of knowing we will be able to produce these things far into the future.
我们不是想要多一件东西、便宜一件东西或新一件东西，甚至现在也不一定非要任何东西不可。
We don't want one more thing, one cheaper thing, and one new thing, and we don't even necessarily want any things right now.
我们想要的是创造更多、更便宜和更新事物的潜力。
We want the potential to create more, cheaper, and new.
金钱做不到其中任何一点。
Money does none of this.
金钱不是财富。
Money is not wealth.
金钱是对财富的索取权。
Money is a claim on wealth.
金钱具有流动性。
Money is liquid.
它是可出售的。
It is saleable.
这是传达我们真正渴望事物相对价值的最高效方式。
It is the maximally efficient way of communicating the relative value of things we really want.
但它本身之所以有价值，是因为它帮助我们评估的这些事物要么原本就存在，要么可以通过我们有意识、有方向的努力投入时间和精力使其存在。
But it is only itself valuable because all these other things it help us value either exist in the first place or else could exist, pending our intentional, directed effort to allocate time and energy to bringing them into existence.
金钱对财富而言既非充分也非必要条件，但资本却可以说是必需的。
Money is neither sufficient nor necessary for wealth, but capital arguably is.
真正的财富是非流动性的，而货币的流动性之所以重要，首要原因在于它使资本配置变得远比其它方式更简单高效。
Real wealth is illiquid, and the liquidity of money is useful first and foremost because it makes it far easier and more efficient to allocate capital than otherwise.
另一种理解方式是：金钱就是时间。
Another way of thinking about all this is that money is time.
更准确地说，金钱是当下的时间。
More specifically, money is time now.
但资本是另一回事。
But capital is something different.
资本是选择不当下消费，而是让未来消费能力变得更廉价、更新颖的累积产物。
Capital is the cumulative product of having decided not to consume today, but to make more cheaper and newer, the future ability to consume.
资本是永恒的时间。
Capital is all time ever.
我认为不应该主张人们只该追求未来消费。
I do not believe it is appropriate to propose that people should want only to consume in the future.
这不关我的事。
That is none of my business.
但我们可以用更微妙的方式探讨同一问题。
But we can approach the same issue more subtly.
如果你想放弃消费以最大化未来消费潜力，你能做到吗？
If you wanted to forego consumption and maximize your potential to later consume, could you?
无论哪种选择，你的动机是什么？
What are your incentives either way?
再次尽力简化经济学术语，我们或许只需问：你打算如何利用你的时间？
To do our best to minimize the economics jargon once again, we might simply ask, What are you going to do with your time?
你是要创造还是要消费？
Are you going to create or consume?
而作为时间可售性代表的货币特性，会如何影响你的决定？
And how do the characteristics of money as the saleable representation of that time influence your decision?
我真诚地认为这就是比特币的杀手级应用——为资本定价。
I sincerely believe that this is the killer app for Bitcoin, pricing capital.
如果说有什么时刻能宣称'比特币能解决这个问题'，就是现在了。
If there were ever a time to say that Bitcoin fixes this, here it is.
存量与流量。
Stocks and flows.
但这个问题真的存在吗？
But is this even broken?
我们现在难道不能为资本定价吗？
Can't we price capital now?
我们可以，但天啊这实在太困难了。
We can, but my goodness is it difficult.
如果你观察过去至少十五年间资本市场的演变，这一点会变得越来越清晰。
If you look at what has happened in capital markets over the last fifteen years at least, this will become clearer and clearer.
直到不久前，我还在这个世界工作。
Until very recently, I worked in this world.
确实，这是我除了现在这份工作外唯一从事过的成人职业。
Indeed, it was the only adult job I ever had besides this one.
我非常享受这份工作，也很感激能有这样的学习和成长机会。
I enjoyed it greatly and am grateful for having the opportunity to study and learn as I did.
在这个岗位上，我时不时会教新员工一些金融理论的基础知识。
In this role, I chipped in here and there teaching the new hires the basics of financial theory.
我设计的教学内容是针对那些我认为非常聪明、但缺乏经济和金融经验的人。
What I dreamed up to teach them, I was pitching at folks who I assumed were extremely intelligent, but who had no experience of economics or finance.
我发现使用存量和流量的概念是探索这一领域的宝贵工具。
I found that an invaluable tool to explore this was by using the concepts of stocks and flows.
下面是一个资产负债表和损益表的卡通版图示，我试图直观展示两者随时间的演变。
Below is a cartoon version of a balance sheet and an income statement, in which I attempt to visually convey how the two evolve over time.
见下一页。
See next page.
在那个教学场景中，我试图尽可能从基本原理出发解释回报与被普遍称为'增长'（实际上只是'增加'）之间的区别。
In that pedagogical context, I was trying to explain as much from first principles as possible the difference between returns and what is commonly called quote growth, but is really just an quote increase.
图表展示了商业流程中的资本区块，以及收入、成本和利润在其中的位置。
The graphic shows the blocks of capital in a business process and where revenue, costs, and profits fit into it.
所以我们从紫色的资金开始，橙色的生产性资产，以及覆盖产品交付成本所需的现金。
So we start with the funding in purple, the productive assets in orange, and the cash needed to cover cost of delivering the product.
然后黄色的收入会进来，其中一部分蓝色的是利润。
But then the revenue comes in in yellow with a certain amount as profit in blue.
但第二个周期的重要变化在于，蓝色部分的利润现在被用于融资，而这些资金又用于增加橙色部分的生产性资产，从而带来更多收入和利润，这些利润再次循环投入生产性资产，如此往复。
But the important change in the second cycle is that the profits, the blue, are now used for the funding, and this is used in order to increase the amount of productive assets, the orange, which leads to more revenue and more profits, which are then cycled back into more productive assets, etcetera.
你可以在描述中链接的PDF第七页看到这张图表。
You can see this graphic on page seven of the PDF linked in the description.
所有这些都旨在呈现资本在企业中的循环过程。
All this is intended to represent the cycle of capital through a business.
你将流动的同质资本转化为非流动的异质资本以创造产品，同时保留少量流动资金用于支付产品交付成本。
You get liquid homogenous capital you transform it into illiquid heterogeneous capital to create a product, keeping a little liquid to cover the costs of delivering the product.
如果盈利，意味着你可以再次运作并创造更多资本，只不过这次你可以自筹资金。
And if you profit, that means you get to go again and create even more capital, except that this time you get to fund it yourself.
在财务分析背景下，这一原则的关键含义之一是：成功的衡量标准不是黄色数字上升，甚至不是深蓝色数字上升。
In the context of financial analysis, one of the key implications I intended to communicate with this principle is that the measure of success is not that the yellow number goes up, and it's not even that the dark blue number goes up.
而是深蓝与紫色的比率保持高位，因为这是橙色数字可持续增长的唯一途径，也是财富的真正来源。
It's that the dark blue to purple ratio stays high because that is the only sustainable way that the orange number can go up, and this is where wealth comes from.
这里其他所有内容的价值，仅在于它们能让我们更高效地实现这一目标。
Everything else here is valuable only insofar as it lets us do this efficiently.
但当然，在季度盈亏的财务世界里，没人在乎这些。
But of course, in the world of quarterly profit and loss finance, nobody cares.
他们不惜一切代价要让黄色数字上升——这可能是好事，也可能不是。
They want the yellow number to go up at all costs, which might be a good thing, but it might not.
特别是，他们希望连续黄色数字之间的比率能持续上升。
And in particular, they want the ratio of successive yellow numbers to go up.
他们称这个比率为'增长'，尽管实际上只是数值增加。
They call this ratio growth even though it is really an increase.
这是一个无量纲的流量比值。
It is a dimensionless ratio of one flow to another.
实际增长率具有时间倒数的量纲，如同某时期利润与期初投入资金的比率，或是上文从深蓝到紫色的变化。
A real growth rate has the dimensions of one over time, like the ratio of profit over a period to its funding at the start of that period, or dark blue to purple above.
读者应该能理解，这个比率捕捉的是生产能力增长所依赖的真实、因果性且随时间变化的过程。
The reader can hopefully see that what this ratio captures is the real, causal, time dependent process by which the ability to produce grows.
这种认为应该关注短期流量而非股票长期回报率的误解，我认为本质上是法币金融和法币经济学的原罪。
This misunderstanding that we should care about short term flows rather than long term rates of return on stocks, I would say is basically the original sin of fiat finance and fiat economics.
正是这种观念催生了'我们需要刺激经济'的说法。
It is how you get the idea that, quote, we need to stimulate the economy.
这就是为何有人会认为削弱制造业能力和能源基础设施无妨，因为服务业利润更高且'更具规模效应'。
It's why you might think there is nothing wrong with gutting manufacturing capabilities and energy infrastructure because services are higher margin and quote scale better.
最终导致人们为季度收益疯狂，仿佛任何有意义的投资项目都能在三个月内完成，仿佛衡量成功的标准是流量而非存量。
It's how you end up foaming at the mouth over quarterly earnings, as if any meaningful investment project could take three months and as if the measure of its success would be a flow and not a stock.
同样地，这种思维会让人认为交易JPEG图片具有生产力，或认为资本积累的产物应该是人为稀缺而非丰裕。
It's also how you get the idea that trading JPEGs is productive or that the product of capital accumulation should be artificial scarcity rather than abundance.
不是更多更便宜，而是限量且昂贵。
Not more and cheaper, but capped and expensive.
这种思维会让你相信，如果零成本创造财富的幻象，真实财富就会因为某个构想的启动而随之产生。
It's how you think that if you create a simulacrum of wealth at no cost, real wealth can somehow follow just because you have bootstrapped an idea.
不是生产能力，不是创造更廉价新事物的潜力，而是赌别人会实际创造财富的所有权主张。
Not productive capacity, not the potential to create more cheaper and new, but claims on wealth that you cross your fingers somebody else will actually work to create.
最终导致了风险投资史上、甚至可能是资本市场史上最严重的资本错配之一。
And it's how you end up with one of the greatest misallocations of capital in the history of venture capital and possibly in the history of capital markets.
真正的资本是稀缺的，甚至可以说是珍贵的。
Real capital is scarce, precious even.
毕竟，它是时间的积累。
It is, after all, accumulated time.
如果它被用于愚蠢和短视的事物，那么它就不会流向明智和长远的事物。
If it is going towards something stupid and short termist, then it isn't going towards anything intelligent and long termist.
如果我们用来决定资本分配的货币不能反映这种稀缺性，我们就会认为短视行为没有成本。
If the money we use to decide how to allocate capital does not reflect this scarcity, we will think there is no cost to short termism.
这里的激励不是财富，而仅仅是利润。
The incentive here is not wealth, it's just profit.
这不是存量，只是流量。
It's not a stock, it's just a flow.
不是为了创造工具，而只是为了拆解它们并交易零件取乐。
It is not to create tools, it's just to dismantle them and trade the parts for fun.
利润的意义。
The Point of Profit.
读者可能会想，这真的有什么问题吗？
The reader might wonder if there is anything really wrong with that.
我是否在揭示一种与经济没有明显关系的家长式说教？
Am I revealing a paternalistic pedantry of no clear relation to economics?
贪婪是好事，对吧？
Greed is good, right?
如果投资不是为了盈利，那最初投资的目的是什么？
What is the point of investing in the first place if it is not to profit?
利润难道不是创业成功与可持续经济贡献的标志吗？不，它正是最核心的标志。
Isn't profit a marker, nay, the marker of entrepreneurial success and sustainable economic contribution?
最后我要调侃地说，比起戈登·盖柯的格言，这里更适合引用《圣经》钦定本旧约中的争议箴言——我们被告诫'贪财是万恶之根'。
As a final tease, I would put forward that a far better contentious proverb to employ here than Gordon Gekko's motto would be from the Old Testament of the King James Bible, in which we are counseled that the love of money is the root of all evil.
遗憾的是，人们常误传为'金钱是万恶之源'，这严重曲解了原意。
Unfortunately, this is commonly misquoted as money is the root of all evil, which does a dire disservice to the message.
两者可谓天壤之别。
The two could hardly be more different.
作为比特币金融服务公司的普通合伙人，若认为金钱是万恶之源会显得荒谬。但我对《提摩太前书》六章十节深有共鸣。
It would be a little odd for the general partner of a Bitcoin focused financial services firm to believe that money is the root of all evil, and yet I have a great deal of sympathy for First Timothy chapter six verse 10.
我认为它甚至能成为区分比特币与加密货币、比特币与法币文化的有力工具——重点不在技术，而在文化差异。
I think it can even be a potent tool to distinguish not the technology, but the cultures of Bitcoin and crypto and Bitcoin and fiat.
认为投资目的就是获利，这种想法完全本末倒置。
I believe it is completely backwards to think that the point of investing is profit.
获利的意义在于投资本身。
The point of profit is investing.
若没有资本及资本产出的商品作为定价对象，货币将毫无意义。
Money means nothing without the capital and the products of capital that it prices.
我们总认为货币代表时间价值，这在一定程度成立。但若没有资本存量来倍增生产效率，我们的时间根本分文不值。
We like to think it means our time, which is true to an extent, but our time is not valuable in the slightest without the stocks of capital that multiply its productivity.
利润的意义仅在于能以真正独立的方式持续进行资本复利。
Profit means nothing beyond the means to continue compounding capital in a truly independent manner.
存在不产生利润的资本运作，但绝不存在无需资本投入的利润。
There is capital employed without profit, but there is no profit without capital employed.
此外，利润作为一种信息信号，表明你创造资本的方式得到了他人的认可。
Moreover, profit is the informational signal that the way you are creating capital is valued by others.
利润虽好，但回报更佳。
Profits are great, but returns are better.
更贴近日常经验来说，如果你知道你的钱在未来会更值钱，你会如何投资？
To ground this more in everyday experience, if you knew your money was going to be more valuable in the future, how would you invest?
合理的做法是进行投资，使得你的回报在持续增值的同时，尽可能晚地实现。
The logical approach would be to invest such that your return, while still compounding in value, would come as late as possible.
你希望回报尽可能远在未来，部分原因是回报来得越晚，其复利增值就越多，但部分原因也是因为这比不断思考新项目、开发新技能、测试新市场等更为高效。
You want your return as far in the future as it can be, partly because the later it comes the more value it will have compounded, but partly also because that is more efficient than constantly having to think of new projects, developing new skills, testing new markets, and so on.
这意味着在个人层面，你有动力去发展尽可能具体的技能，通过创造尽可能异质化和非流动性的资本来固化这些技能的价值，并尽可能多的时间思考如何深化这些技能和固化这一价值。
This means that at a personal level, you're incentivized to develop skills as specific as possible, crystallize the value of these skills by creating capital as heterogeneous and illiquid as possible, and spend as much time as possible thinking about deepening these skills and crystallizing this value.
但如果你的钱在未来会贬值呢？
But what if your money was going to be less valuable in the future?
那么，所有这些都将被颠覆。
Well, all of that would be flipped.
你会希望尽快获得回报，并且希望拥有新项目和新市场的选择性，这意味着你有动力去发展尽可能通用的技能，并持有尽可能流动性和同质化的资本。
You would want your return as soon as possible, and you'd want the optionality of new projects and new markets, which means you are incentivized to develop skills as general as possible and hold capital as liquid and homogenous as possible.
这意味着你有动力去关注短期内发生的一切，进行交易，而很少或根本不关注长期。
This would mean you are incentivized to stay on top of everything happening in the immediate term, to trade around it, and to spend little time or no time focusing on the long term.
你所拥有的或能够创造的任何财富，你都应该将其金融化以提高流动性。
Any wealth you do own or that you can create, you really ought to financialize to increase its liquidity.
更妙的是，你应该将别人的财富金融化。
Better yet, you ought to financialize somebody else's wealth.
更妙的是，你应该利用他人的金融化财富，迫使他人加杠杆竞争，错误配置更多资本，甚至开始消耗资本，创造更多货币并确保所有人的钱在未来贬值，这样我们就能让这场旋转木马游戏重新开始。
Even better still, you ought to leverage somebody else's financialized wealth, force others to leverage to compete, misallocate more capital, or even start to consume it, create more money and ensure everybody's money will be less valuable in the future so we can start this merry-go-round all over again.
在后一种情况下，只要有利可图，一切都好说。
In the latter, as long as you profit, everything is fine.
事实上，如果你具备足够的金融化能力，现在甚至不需要盈利。
In fact, if you have sufficient capability to financialize, you don't even need profit now.
你可以承诺无限未来的利润增长，我。
You can promise endless future profits, grow, I.
E。
E.
报价上涨，把权益卖给他们，然后抽身离开。
Quote increase, sell the rights to them, and move on.
一切都被简化为即时现金流。
Everything becomes reducible to its immediate flows.
但随着你逐渐剥离自己和所有人的资本，当你拆解、交易并消耗每一个工具时，你会发现回报越来越难以捉摸，最终完全不可能。
But as you gradually strip away your own and everyone else's capital, as you dismantle, trade, and consume every tool, you will find returns to be more and more elusive and eventually impossible.
唯一重要的问题变成：谁在接盘？
The only important question becomes, who is holding the bag?
比特币解决了这个问题。
Bitcoin fixes this.
比特币迫使我们首先考虑存量。
Bitcoin forces us to think first and foremost about the stock.
它让我们能够比以往更清晰地思考创造更多产品、更廉价产品和创新产品的可能性。
It enables us to think far more clearly than we would otherwise about the potential to create more things, cheaper things, and new things.
这不仅仅是一个思想实验。
This is no mere thought experiment.
它正以令人困惑的加速速度在我们周围发生。
It is happening around us at a bewilderingly accelerated rate.
它正在采矿、闪电网络和Noster中发生，从长远来看，我们不敢狂妄地断言哪些机会可以被预知。
It's happening in mining, in the Lightning Network, in Noster right now, and in the long run, we wouldn't dare be so arrogant as to suggest what opportunities can be known.
被恰当激励、有目标、行动的人类极具创造力，而比特币正是激发创造的催化剂。
Properly incentivized, purposeful, acting humans are nothing if not creative, and Bitcoin is nothing if not an inducement to create.
比特币的杀手级应用。
Bitcoin's killer app.
虽然从技术上说比特币挖矿保护了网络安全是正确的，但我认为这种解释过于枯燥。
Whilst it is technically correct to say Bitcoin mining secures the network, I find this explanation to be dry.
我们可以借鉴我之前对德索托理论的认同，观察到技术准确的定义与修辞有效的定义之间存在差异。
We might channel my earlier articulated appreciation of DeSoto and observe there is a difference between a definition that is technically accurate and one that is rhetorically effective.
毕竟，哈希率是一种流动。
The hash rate, after all, is a flow.
我认为对比特币矿工全球网络更具想象力的构想是：它是由资本组成的分布式网络，既是存量也是工具，其收益取决于能源效率，从而激励更多、更廉价和新型能源的开发。
I would argue a more imaginative conception of the global network of Bitcoin miners is as a distributed network of capital, a stock and a tool, that earns a return which is contingent on energy efficiency, and so which incentivizes more energy, cheaper energy, and new energy.
更多能源是因为比特币为废能利用和负载平衡买单。
More energy because Bitcoin pays for waste and for load balancing.
这创造了不应被肥猫高管挥霍，而应再投资于异质资本以利用更多废能并提高生产输出的额外利润。
This creates extra profit not to be cackled over by fat cat executives, but to be reinvested in heterogeneous capital to utilize yet more wasted energy and increase productive output.
更廉价能源是因为这种再投资将提升能效，补充能源基础设施的回报，并最终被市场吸收导致通缩。
Cheaper energy because this reinvestment will enable efficiency gains, supplementing the returns of energy infrastructure and will in turn lead to deflation as it is absorbed by the market.
比特币带来的新能源革命，使得仅需互联网连接就能开发搁浅资源，而无需昂贵的输电基础设施。
And new energy because Bitcoin makes it possible to exploit stranded resources with only an internet connection instead of costly transmission infrastructure.
闪电网络可以用同样枯燥的术语解释为解决比特币可扩展性问题。
The Lightning Network may be explained in equally dry terms of solving Bitcoin scalability.
再次强调，这种说法没错，但也并不令人兴奋。
And once again, this is not incorrect, but neither is it exciting.
这再次证实了其技术价值，而非仅是玩具。
It is once again affirming that this has a technical purpose and is more than just a toy.
但其价值在于关注流动而非存量。
But it is a purpose that focuses on flows rather than stocks.
相反，我们可以将其视为一个分布式异构资本配置网络，其收益取决于提升支付效率。
Instead, we might consider it a distributed network of heterogeneous capital allocation that generates a return contingent on enabling payment efficiency.
结果是更多支付、更便宜的支付和新型支付方式。
The consequence is more payments, cheaper payments, and new payments.
更多支付是因为法币支付通道存在对手方风险、司法防火墙和经济合理可转移价值的下限，而闪电网络没有这些限制。
More payments because fiat payment rails have counterparty risk, jurisdictional firewalls, and lower bounds on economically rational, transferable value, all of which are absent in the Lightning Network.
更便宜的支付源于网络的健壮性、反脆弱性和去中心化特性，每个节点都像流动性市场中自主运作的做市商，使得路由具有竞争性，总成本得以降低，而非整个网络通过维持高成本来追求利润最大化。
Cheaper payments because the network is robust, antifragile, and decentralized, and every node operates as a kind of cellularly autonomous market maker in liquidity, meaning routing is competitive and gross costs are driven down as opposed to the network as a whole seeking to profit maximize by holding costs up.
新型支付则是因为这一切支持诸如'支付流'等创新——通过极短间隔的微小支付来模拟持续流动，以自动化方式直接实现可编程的持票人价值交换，无需人工干预。
And new payments because all of this enables such innovations as, quote, payment streaming, very small payments at very short intervals so as to proxy a continuous flow and programmable exchange directly for bearer value in an automated manner rather than at the manual behest of a human.
Noster常被描述为推特替代品。
Noster has often been characterized as a Twitter alternative.
就首个获得主流关注的用例而言这说法没错，但就Noster未来可能应用的广度来说，这种描述严重缺乏想象力。
This is accurate enough in terms of the first use case to gain any major traction, but it is woefully unimaginative in terms of how widely NoSter could come to be utilized.
相反，我们可以将其视为一种分布式手段，利用闪电网络使数据的主观经济价值与促进其传播的基础设施物理成本相匹配。
Instead, we might consider it a distributed means of harnessing the Lightning Network to align the subjective economic valuation of data with the physical cost of the infrastructure facilitating its broadcast.
结果是更多、更便宜且全新的通信方式。
The consequence is more communications, cheaper communications, and new communications.
通信量增加是因为传统在线通信网络的用户体验受限于运营商的设计考量，而Nostril协议的开源特性让任何人都能构建客户端或将其集成到应用中，创造他们想要的任何体验。
More communications because the user experience of traditional online communications networks is subject to the design considerations of their operators, whereas the free and open source nature of the Nostril protocol is such that anybody can build a client or integrate the protocol into an app to create whatever experience they want.
通信成本更低是因为通过闪电网络，价值信号在发送者、路由器和接收者之间的通信过程中实现了直接双向表达。
Cheaper communications because via Lightning, the signal of value is directly and bidirectionally expressed in the act of communicating between sender, router, and receiver.
在Noster上构建服务比以往任何替代方案都更经济，因为该网络开放且无需从零构建网络效应及配套基础设施即可接入。
Building services on Noster is significantly cheaper than any prior alternative because the network is open and can be tapped into without first building a network effect and its supporting infrastructure from scratch.
从用户角度看，虽然传统社交网络表面上是'免费'的，但'服务免费，产品就是你'的格言在Noster中并不适用——它支持以去中介化的方式为有价值贡献获得报酬，也为珍视的内容付费。
And from the user's perspective, while legacy social networks are superficially, quote, free, the adage of if the service is free, the product is you is helpfully absent in Noster, enabling the ability to be paid for valuable contribution as well as to pay for what is valued in a disintermediated fashion.
通信形式创新是因为Noster不依赖任何能关闭政治敏感内容的中心化实体。
And new communications because Noster doesn't rely on any centralized entity capable of shutting down politically inconvenient content.
让我们将这些异构的、非流动性的工具与法币体系下的惯常模式进行对比。
Let us contrast these heterogeneous, illiquid tools to what we have become used to under fiat.
我们得到的是更劣质且更昂贵的东西，尽管数量确实增多了，但不禁要问：这种消费压力究竟驱使我们生产了什么样的东西？
We get worse things and more expensive things, and although it is true that we get more things, one has to wonder what kind of thing such an intense pressure to consume drives us to produce more of.
我不认为这值得。
I am not convinced it is worth it.
如果这种'更多'的来源是从未来透支我们无意偿还的价值，并将时间投入这种活动而非探索更便宜、更新颖的领域，那么这并非值得庆贺之事。
If the source of more is pulling forward value from the future that we have no intention of repaying and allocating time towards this activity and away from experiments in the realm of the cheaper and the new, then it is not something I am inclined to celebrate.
如果我们自以为创造的价值只是将非流动性资产证券化以增强其流动性，却未真正创造任何非流动性资产，那么这也不是我愿意支持的。
If the value we believe we have concocted is merely a securitization that makes more liquid a representation of the illiquid, but does not make anything illiquid, it is not something I am inclined to support.
农民总是可以通过吃掉种子而非播种，或者出售尚未产出的作物来刺激消费。
The farmer can always boost consumption by eating seed rather than by planting it or by selling that which he has not yet produced.
一个人若愿意消耗资本，总能消费更多，但我宁愿我们创造资本。
One can always consume more if one is willing to consume capital, but I'd rather we create it.
这正是我们期待从真正的资本积累中繁荣的景象：更多、更便宜、更新颖事物的潜力，这些我们可以在需要时依赖，但不必立即消耗。
This is what we would expect to flourish from real capital accumulation: the potential for more things, cheaper things, and newer things that we can rely on if needed, but which we don't need to consume.
当然，我们仍需在有限时间内决定创造何种资本，因此资本价格也至关重要。
Of course, we still have scarce time with which to decide what kind of capital to create, and so the price of capital is critically important as well.
我认为资本价格是比特币的杀手级应用。
I believe that the price of capital is Bitcoin's killer app.
比特币解决了这个问题。
Bitcoin fixes this.
我认为有理由相信这在公理上是成立的。
I think there is a plausible argument that this is axiomatically true.
资本是经济生活结构中的经纬线。
Capital is the weave in the fabric of economic life.
如果比特币能修复资本，那么比特币确实能解决一切问题。
If Bitcoin fixes capital, then Bitcoin truly does fix everything.
这是我们的公理吗？
Is this our axiom?
对于所有x，比特币都能修复x？
For all x, Bitcoin fixes x?
这就是资本的奥秘吗？
Is this the mystery of capital?
当然。
Sure.
但我们还能走得更远。
But we can go further still.
比特币不是终点，而是手段。
Bitcoin is not an end, but a means.
如同所有资本一样，它是服务人类并促进人类繁荣的工具。
Like all capital, it is a tool to serve humans and to enable human flourishing.
甚至超越它对资本的影响，我们必须首先牢记它对人的影响。
Above even its effect on capital, we must hold at the front of our minds its effect on people.
工具不会自己运作，企业也不会凭空出现。
A tool does not wield itself, nor does a business spontaneously emerge.
熟练的技术人员使用工具，企业家则建立企业。
A skilled technician wields a tool, and an entrepreneur builds a business.
正如克斯纳所说，这是一个完全竞争的市场。
To echo Kirsner, This is a perfectly competitive market.
只需要一个想法和追求它的意志。
All it takes is an idea and the will to pursue it.
智慧与胆识。
Brains and guts.
因此我们也可以再次呼应德索托，最后一次摒弃技术术语，以修辞高潮作结。
And so we can echo DeSoto once more as well, jettison technical jargon one final time, and end on a rhetorical flourish.
我们可以进一步精简我们的公理，更简单地发问：比特币难道不是为所有人而生的吗？
We can trim our axiom even further and ask more simply, is Bitcoin not for all?
是的，确实如此。
Yes, it is.
我们现在需要的只是实现目标的工具。
All we need now are the tools to get there.
让我们来创造它们。
Let's create them.
艾伦·法林顿，2023年7月。
Alan Farrington, July 2023.
关于这篇文章或这篇论文我最欣赏的是，他们不仅宣布了Acxiom BTC项目及其资金部署的投资框架策略，更重要的是他们用比特币重新定价的简单实践——而这正是我们此前未曾真正着力推进的。
My favorite thing about this article or this paper, I mean, not only are they announcing Acxiom BTC and the the effort or the framing that they are taking with their deployment of capital and the way that they're thinking about investment, but just the simple the simple reality of repricing things in Bitcoin, and that we have not really made a strong effort to do that.
我们一直在玩'这个值X美元'的游戏，而这恰恰是本末倒置。
We've just kind of played this it's worth x amount of dollars game when that's the whole point.
这正是我们存在的全部意义，这就是最根本的问题。
That is the whole point of being here, and that is the whole thing.
这正是比特币要解决的核心问题。
That is the very thing that Bitcoin is set to solve.
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要知道，当我们意识到法币体系会放大所有这些负面效应——这种巨大的资源错配导致资金流向不可持续的项目，这些项目表面上有名义回报实则消耗资源，进而催生越来越多浪费性事业；它让企业病态扩张愈演愈烈，因为股价虚高和资本持续流向这些机构形成了恶性循环。
You know, when we understand that fiat amplifies all of these negative things, that this huge misallocation of resources leads to investing in unsustainable projects that have a nominal return that are actually a destruction of resources, and so it leads to more and more wasteful wasteful endeavors, that it makes the toxic bigness of corporations ever worse because the the inflated price of their stock and the availability of of capital towards those institutions is circular.
如果企业因为规模庞大获得更多融资，而正因其庞大，所有人的养老金都更可能投资它们——因为现金就像会腐烂的资产，你不能把钱藏在床垫下。
If they get more financing because they're big, and because they're big, they're more likely to be invested in by everybody's retirements because nobody can just stick money under a mattress because money bleeds, Money dies if you just leave it somewhere.
你无法为未来储蓄。
You can't save for the future.
那你还能怎么办？
So what do you have to do?
你必须投资股票，但没人真正懂股票。
You have to invest in stocks, but nobody's a stock investor.
所有人都完全无知。
Everybody's completely ignorant.
他们根本不知道自己在做什么。
They don't know what the hell they're doing.
那结果会怎样？
So what happens?
资金被投入指数基金，然后全部流向那些因为规模大而规模更大的大公司，它们因此获得更多资金。
It gets gets put into an index fund that just pushes it all into a bunch of big corporations that are big because they're big, and they get more money.
所以它们实际上战胜了通货膨胀。
So they actually beat inflation.
由于它们战胜了通胀——这个循环纯粹是自我实现的——于是它们就成了获得新融资的对象，因为现在你根本不用考虑融资问题了。
And because they beat inflation, which is circular for a purely circular reason, well, then they're the ones that get the new financing because now you don't have to think about financing anymore.
你只要把钱投给那些在指数里的大公司股票，它们就会随时间增值。
You just give it to somebody big with a stock on the stock market that's in an index, and they're gonna go up over time.
这就催生了这些庞大且不可持续的企业环境，它们缺乏灵活性。
So this inflates these huge corporate environments that are not even sustainable, and they're not agile.
灵活性。
Agile.
它们甚至无法改变。
They can't even change.
这扭曲并腐蚀了真正的经济规律或规模经济的本质动态，使其不可持续，并推崇规模而非灵活性及真正的创业活动，比如真正的创新。
It it bloats and corrupts the genuine economics or the genuine dynamics of the economies of scale, and it makes them unsustainable, and it promotes bigness over agility and actual entrepreneur activity, like genuine innovation.
那么，当你能够持续资助他们，并以越来越低的利率提供更多融资时会发生什么？这些其实都是定价错误的贷款。
And then what happens when you can just keep funding them and keep giving them more financing at lower and lower rates that are all just mispriced loans?
结果就是他们耗尽了创新能力，实际上无法足够快速地转换方向。
Well, what happens is that they run out of the ability to innovate, and they cannot actually switch gears fast enough.
所以他们不是真正进行创新，而是收购小型竞争对手，因为他们能获得融资而小公司不能。
So instead of actually doing innovation, what they do is they just buy up small competitors because they can get the financing when the small competitors can't.
初创企业无法获得融资。
Startups can't get financing.
没人愿意投资那个。
Nobody wants to invest in that.
没人愿意投资重建基础设施或真正做出重大改变并承担巨大风险。
Nobody wants to invest in rebuilding infrastructure or actually making huge significant changes and taking large risks.
他们只想投资那些听起来很炫的概念，只要足够好到能投入一些资金，然后转手卖给某个大公司。
What they want is to invest in a hype y sounding idea that's just good enough that they can put some money in it, and then they could turn around and sell it to some giant corporation.
这一切都是由法定货币体系、印钞和债务创造系统所驱动的。
And this is all incentivized by the fiat apparatus, by the system of money printing and debt creation.
这会导致什么？
And what does this lead to?
这会导致更多无谓的支出。
This leads to more frivolous expenditures.
这催生了一种廉价而轻率的创投文化，他们拼命追求尽可能多的资金流动，只为尽快转手获利，根本不在乎股票。
This leads to a cheap and thoughtless culture of VC that's trying so hard to get as many flows as possible to just turn that money around with a profit as quick as possible, and they don't care about stocks.
这完全扭曲了价值观，让所有人只追逐数字。
It completely negates everybody chases the number.
每个人都追逐名义回报，而不考虑他们实际投资的资本及其长期目的。
Everybody chases the nominal return rather than thinking about the actual capital that they are investing in and what its long term purpose is.
它摧毁了经济中蓝领工作的价值——那些真正维持运转的工作，同时臃肿了本不需要存在的庞大行政管理阶层。
And it destroys the value of blue collar work in the economy, the things that actually keep shit running, and it bloats this giant administrative managerial class that doesn't even need to be there.
不过是主管监督主管，工人则沦为苦力。
It's just supervisors for supervisors, and the workers just become peons.
他们本需具备全部能力才能在其职位上做出决策或评估判断，但这些能力被剥夺，被推给管理层，导致他们必然与实际状况脱节。
They're they need all of their ability to even make decisions or, or to make valuations and judgments in the in the position that they are in, bleeds is taken away, is pushed up into the managerial class, and they are necessarily disconnected from the situation.
于是越来越多的人，离实际情况越来越远，却在做决策。
So you have more and more people further and further removed from the actual situation making the decisions.
结果人们就变蠢了。
And so the people just become dumb.
他们变得依赖、顺从，害怕做决定。
They just become, like, dependent and subservient, and they're afraid to make decisions.
没有许可他们就不愿做任何事。
They don't want to do anything without permission.
连简单的事都要乞求许可。
They have to beg for permission to do simple things.
这简直把他们变成绵羊，当他们被免除所有责任后，会把这种思维带入文化和生活，传播给下一代。
It literally makes them like sheep, and then they're so absolved of any responsibility for anything, they take the same thing in their culture and their life, and they spread it around, and they spread it to the next generation.
所有这些现象都会相互循环影响。
And all of these things cycle back on each other.
每当某个领域恶化时，就会将相同的行为模式、影响和思维过程扩散到所有相关领域。
Every single time it gets worse in one area, it pushes the same behavior, the same effects, and the same thought processes into everything adjacent to it.
然后那个融资循环，它把这种模式固化到新领域里，因为每次你发现可以钻空子时，这种行为就会被强化，接着又进入下一轮循环。
And then that financing cycle, it reinforces it into the new the new space because every single time you find out you can take advantage of this, it reinforces that behavior, and then it goes another round.
它就只是这样一遍又一遍地循环，情况越来越糟，直到文化彻底堕落。
It just it keeps cycling over and over and over again, and getting worse and worse until the culture is completely degraded.
金融部门与实际资本积累毫无关系。
The financial sector has nothing to do with actually building capital.
那里除了赌博和腐败什么都没有，还导致所有事情都恶化却无人察觉。
It's just nothing but gambling and corruption, and it leads to all of these things getting worse and to and to fail to realize.
甚至我们这种虚无主义程度都令人震惊。
It's amazing how nihilistic we are even.
比如我有时和比特币圈里的人聊天，他们那种'这就是规则'的态度简直让我发狂。
Like, I I even talk to people, even in Bitcoin sometimes, that drive me crazy that they're like, no.
他们就说：'事情本来就是这样'。
This is just how it works.
所有人都会腐败。
Everybody's gonna be corrupt.
你无能为力。
There's nothing you can do.
如果你真的积累资本，那永远不会有意义，那些腐败邪恶的人还是会赚走所有钱。
If you build real capital, you're never gonna it's never gonna be meaningful, and and the the corrupt and the evil are just going to make all the money.
但根本的制度设计就在鼓励这种行为。
But you but the fundamental structure incentivizes this.
如果你修正了根本制度，现在这种万物皆糟的状况并非世界本来的样子。
And if you fix the fundamental structure, everything being shitty isn't the natural way of the world.
事实并非如此。
It just isn't.
更疯狂的是我们竟被引导去相信这些——相信我们毫无力量、毫无选择、无法改变任何事。
And it's crazy that we have been led to believe that, that we have no power, that we have no option, there's no way to fix anything.
当然，如果你这么想，那确实什么都改变不了。
And it's like, of course, nothing's ever gonna get fixed if that's what you think.
做任何事的前提是你真心相信它有意义，相信它们终将有所成就。
It's a prerequisite to doing anything that you actually believe it's meaningful, They would actually accomplish something.
试想谁会开启一个耗时数十年的终身项目，投入全部资本去完成它，如果内心认定这绝不会带来任何积极结果？
I mean, would take on a lifelong decades long project and invest all of this capital and try to accomplish this thing if literally you just believed that there was never going to be any positive result from it?
认定自己在这项任务中永远不可能真正取得任何成就。
That you could never actually accomplish anything with that task.
没有人会接受这样的任务。
Nobody would take on that task.
如果人们确信在二十分钟后只会说服自己白忙一场，那么连二十分钟都不会有人愿意投入。
Nobody would do that for twenty minutes if they just knew at the end that they would convince themselves that at the end of that twenty minutes, they were going to have worked really hard and nothing would have come of it.
首先要相信我们能改变现状。
Believing that we can fix things comes first.
这种信念必须先于实际改变的能力，因为它需要资本。
It comes before actually being able to fix anything because it requires capital.
它需要投入。
It requires investment.
它需要我们投入时间、劳动和情感，坚持把一件事做到底。
It requires us to take our time and our labor and our emotional investment into seeing something through.
最大的障碍之一就是克服心理障碍，相信我们能够对此有所作为。
That's one of the biggest hurdles is just getting over the hump of believing that we can do something about this.
让我感到不可思议的是，即使人们明白法定货币体系有多糟糕——它助长轻率投机、膨胀金融体系导致腐败、与资本毫无关联，却仍将数万亿美元错误配置到毫无意义、对任何人都无益且不可持续的投资上，造成资源严重向富人、已经富裕的人倾斜。
And it seems crazy to me that it's so difficult even for people who understand how bad the fiat apparatus is and how bad the fiat system is at incentivizing, frivolous gambling and bloating a financial system so that it's corrupt and has nothing to do with capital, to misallocate trillions and trillions of dollars into investments that make no sense and are doing nothing good for anyone and are unsustainable to boot, that it it causes a huge misallocation of resources towards the wealthy, the already wealthy.
这导致贫富差距不断扩大，掏空中产阶级，削弱制造业，破坏经济真正的资本生产力，并逐步瓦解生产工具。
It creates a ever large gap between the rich and the poor, that it guts the middle class, that it guts the manufacturing, it guts the genuine capital productivity of the economy, and it dismantles the tools.
我特别喜欢关于'为追求名义GDP增长而拆卖生产工具，追逐经济统计伪科学'的表述。
I love that line about dismantling and selling off your tools in order to get a greater nominal gain to chase the GDP, to chase the pseudoscience of economic statistics.
必须把消费数字搞上去。
Gotta get those consumption numbers up.
他们不在乎消费实际上是生产的产物，只有投资生产才能真正带动消费增长。
It doesn't matter that consumption is actually a consequence of production and that it is investing in production that actually leads to higher consumption.
不。
No.
我们就是要为了消费而消费。
We're just going to believe that consumption is good for the sake of consumption.
我们将破坏一切，吃掉来年的种子粮，只因这能假装我们很富裕——就像认为给全国每人发套房子就能制造中产阶级，却不懂本末倒置的道理。
We're gonna destroy things and we're gonna eat the seed for next year's harvest because that means that we're wealthy, which is exactly like saying if you give everybody in the in the country a house, then that means everybody will be middle class without while failing to realize it's putting the cart before the horse.
这是把结果错当成原因的征兆。
It's believing that the result is the indication of, the input.
认为产出等同于投入，诸如此类。
The output is, is equivalent to the input, and so forth.
所以只要人为制造遍地开花的产出——我们创造高GDP，把所有人都塞进房子里。
So if you just artificially create the output everywhere, we create a high GDP, we we push everybody into houses.
我们发放贷款让每个人都能负担x，结果x的价格上涨了600%到700%。
We create loans so that everybody can afford x, and, oh, the price of x goes up by 600, 700%.
但这没什么大不了的，因为我们可以发放更多贷款，还能进一步推高利率。
But that's no big deal because we can just push more loans, and we can push interest rates even further.
现在每个人在经济上都可持续了。
Now everybody is economically sustainable.
现在每个人都变得负责任，他们做出良好的投资决策，建立了可持续的生活，有了家庭——所有这些中产阶级为实现目标必须做的事，如果我们直接把他们推到终点，直接塞给他们我们希望他们达成的结果，那么所有那些前提条件、思维方式、决策过程、关于学习哪些技能而放弃哪些的艰难选择，就都已经自动完成了。
Now everybody is responsible, and they have good investment decisions, and they've built themselves a sustainable life, and they have a family, and all of these things that the middle class actually have to do in order to achieve that end, if we just shove them into the end, we just we just shove them into the results we hope that they would achieve, all of those other all of the prerequisites, of the mindset, all of the decision making, all of the difficult choices of which skill to acquire and which to not, those have just already occurred.
但我想回到关于拆解工具的评论，因为我真的非常喜欢这一部分。
But I I wanna go back to the comment about the dismantling the tools because I really just love love this section.
因为它如此精炼地剖析了法币体系对个人思维模式的灌输。
Because it's so so such a good succinct breakdown of what Fiat of what the fiat system pushes into the individual mindset.
比如，当货币贬值时会发生什么？
Like, what happens when money loses value?
我来读读这部分。
So I'll read this section.
上面写着：但如果你的钱在未来会贬值呢？
It says, but what what if your money was going to be less valuable in the future?
那么所有逻辑都会反转。
Well, all of that would be flipped.
你会希望尽快获得回报，并渴望新项目和新市场的选择权——这意味着你会被激励去掌握尽可能通用的技能，并持有尽可能流动且同质化的资本。
You would want your return as soon as possible, and you'd want the optionality of new projects and new markets, which means you are incentivized to skills as general as possible and hold capital as liquid and homogenous as possible.
这将意味着你被激励去关注当下发生的所有事情，进行短线交易，而很少或根本不花时间关注长期发展。
This would mean you're incentivized to stay on top of everything happening in the immediate term, to trade around it, and to spend little time or no time focusing on the long term.
无论你拥有还是能创造的财富，都应将其金融化以提高流动性。
Any wealth you do own or that you can create, you really ought to financialize to increase its liquidity.
我要在这里插一句。
I'm gonna interject right here.
这正是加密货币成为法定货币的原因。
This is exactly why crypto is fiat.
加密货币之所以是法币的延伸，是因为我们将把所有东西都金融化。
Why crypto is such it's just an extension of fiat is that we're going to financialize everything.
万物都将拥有代币，而货币的本质是成为记录所有价值与效用的通用语言——它能沟通并衡量你所能实现的一切价值与效用。
Everything is gonna have a token when the whole point of money is to be the universal record of any other value that you can achieve or any other utility you hope to achieve because it's the it's the it's the ultimate language of communicating and valuing all those things.
为万物发行代币的想法——这个网络要代币，香蕉要代币，牙科要代币，智能合约要代币，隐私保护也要代币。
The idea of having a token for everything, a token for this network, and a token for bananas, and a token for dentistry, and a token for smart contracts, and a token for privacy.
这简直荒谬至极，我们本就在为这些事物定价，现在却要用缺乏流动性的代币来创造流动性。
Like, it's just it's completely nonsensical because we already are trying to price those things to have an illiquid token that is trying to create more liquidity.
你试图将所有这些不同的专业领域、不同效用和不同用例都同质化。
You're trying to homogenize all of these disparate specialties and these different utilities and these different use cases.
这就好比说，用香蕉给汽车定价很难，因为两者毫不相关。
It's like saying that, oh, it's very difficult to to price a car in bananas because they have nothing to do with each other.
用汽车给香蕉定价同样困难。
It's also really hard to price bananas in cars.
比如，一辆车值多少根香蕉？
Like, how many bananas is a car worth?
五万根？
50,000 bananas?
谁知道呢？
Who who knows?
它们有着完全不同的流程，来自地球的不同角落，工人也各不相同。
They have completely different processes, they're from different corners of the earth, none of the workers are the same.
其中一个是种植出来的，属于农业形式，你知道的，就是南美洲那些植物啊树木啊之类的。
One of them is grown, it's a form of farming, and it's plants in, you know, trees in South America, whatever it is.
它们之间根本毫无关联。
Like, they have nothing to do with each other.
试图将两者相互衡量的能力。
The ability to the attempt of trying to weigh one in the other.
一辆车能用四十年。
A car last forty years.
一根香蕉只能放三天。
A banana last three days.
法定货币的概念，或者说那种'让我们把它变成流动资产'的想法。
The idea of fiat or the the fiat idea of, like, well, let's make it liquid.
让我们把香蕉金融化，然后出售代币。
Let's financialize the bananas and then sell the tokens.
加密货币的理念就是：我们要把汽车代币化，把香蕉代币化，然后你们就能交易了。
And the idea of crypto is that we're gonna tokenize the car, we're gonna tokenize the bananas, and then you're gonna be able to trade.
你将能对这两者的差价和价格进行投机，我们会用汽车给香蕉定价，用香蕉给汽车定价——在这个流动性极差的疯狂小市场里，所有人都在赌博，都在投机。由于流动性不足，在真正传递这两者价值时会产生巨大摩擦。你必须刚好找到一群此刻既关心香蕉又关心汽车的人，你的定价机制才能勉强派上用场。这意味着价格会疯狂波动，而大批人只是在毫无理由地赌博。
You're gonna be able to speculate on the difference between these two things and what the price is, and we're gonna have a banana we're gonna have bananas priced in cars, and we're gonna have cars priced in bananas in this insanely tiny illiquid market that nobody that where everybody is just gambling, everybody's just speculating, and there's this huge friction between actually communicating the value of these two things because they're illiquid, and because you literally have to have a market of people who give a shit about bananas and car right at this instant for your your pricing mechanism to be of use in any way whatsoever, which means you're just gonna have crazy wild swings, and you have this huge market of people just gambling for no reason.
炒作代币浪费了成千上万的人工小时和精力，那些真正聪明、本可以学习技能种植香蕉或制造汽车的人，却坐在电脑屏幕前做着伪科学的技术分析，试图判断今天汽车相对于香蕉会涨还是相反。
Speculating on tokens is wasting thousands or tens of thousands of man hours and stress and people who are actually smart and could learn a skill and could grow bananas or make cars instead sit in front of a computer screen and do pseudoscience technical analysis trying to decide whether cars are going to go up in relation to bananas today or vice versa.
然后他们一天要付100次费用给寻租者，就为了搞明白一个定价机制和两种毫无用处的代币。
And then they're paying fees to rent seekers a 100 different times a day, all to try to figure out a pricing mechanism and two bullshit tokens that have no other purpose.
这就像每做一件事都要用一门不同的语言。
It's like trying to have an individual language for every single thing that you do.
写代码时你得用编程语言。
You have a you have a language when you wanna code.
修剪草坪时你得用园艺语言。
You have a language when you want to cut your lawn.
和割草工人交流还得用另一套语言。
You have to speak a different language with your lawnmower guy.
盖房子时又得说建筑行业的行话。
You have to speak language when you're building a house.
去商店买香蕉还得掌握购物专用术语。
You have to speak a different language when you wanna go buy bananas from the store.
简直荒谬透顶。
It's just stupid.
太愚蠢了。
It's stupid.
这就是万物金融化的恶果。
It is this financialization of everything.
我甚至还没说完我的引述。
And I didn't even finish my quote.
所以引述说，让我们回到正题。
So quote, let's go back.
正如所言，无论你拥有的还是能创造的财富，都应将其金融化以提高流动性。
So quote, any wealth that you do own or that you can create, you really ought to financialize to increase its liquidity.
更妙的是，你应该将别人的财富金融化。
Better yet, you ought to financialize somebody else's wealth.
再进一步，你应当利用他人已金融化的财富，迫使他人加杠杆竞争，导致资本错配加剧，甚至开始消耗资本，创造更多货币，确保所有人的钱在未来贬值，这样我们就能重启这场旋转木马游戏。
Even better still, you ought to leverage somebody else's financialized wealth, force others to leverage to compete, misallocate more capital, or even start to consume it, create more money, and ensure everybody's money will be less valuable in the future so we can start this merry-go-round all over again.
在后一种情况下，只要你能获利，一切都好。
In the latter, as long as you profit, everything is fine.
事实上，如果你具备足够的金融化能力，甚至现在都不需要盈利。
In fact, if you have sufficient capability to financialize, you don't even need profit now.
你可以承诺未来无限的利润。
You can promise endless future profits.
你可以所谓地增长或扩张，出售相关权益，然后抽身离去。
You can grow, quote, unquote, or increase, sell the rights to them, and move on.
一切都可以简化为即时现金流。
Everything becomes reducible to its immediate flows.
但随着你逐步榨干自己和所有人的资本，随着你拆解、交易并消耗每一件工具，你会发现回报越来越难以捉摸，最终完全无望。
But as you gradually strip away your own and everybody else's capital, as you dismantle, trade, and consume every tool, you will find returns to be more and more elusive and eventually impossible.
唯一重要的问题变成：谁来接这最后一棒？
The only important question becomes who is holding the bag?
如果你的回报、你的名义收益是通过金融化和杠杆化已有资本获得的，当这些手段枯竭时，你开始拆解资本并变卖以获得名义回报——因为你已别无选择。
If your returns, if your nominal gains are by financializing and leveraging the capital you already have, and then when that is run dry, you begin to dismantle the capital and sell it to get a nominal return because you have no reason.
你已毫无动力。
You have no incentive.
你没有任何经济信号。
You have no economic signal.
金钱没有告诉你资本正在耗尽的事实。
The money is telling you nothing about the fact that your capital is being depleted.
它实际上会一直运行直到你的资本耗尽。
It literally runs until you run out of capital.
然后你所有的股票，所有使金融化有意义的一切资本。
And then all of your stock, all of the capital that makes any of the financialization make any sense whatsoever.
它只是用来重新分配和确定现有物品的所有权。
It's just there to reallocate and to determine ownership of stuff that exists.
这些代币毫无意义。
The tokens are meaningless.
没有香蕉，香蕉代币就一文不值。
A banana token isn't worth shit without a banana.
每只股票、每个ETF、每样东西都是如此。
The same is true for every stock, for every ETF, for everything.
代币只是表象。
The tokens are just representations.
如果没有爱的人，'爱'这个词就没有意义。
The word love doesn't mean anything if there's nobody to love.
金钱是分配者，当它无法传递建设和分配资源最重要部分的信号时，社会实际上会自我吞噬直至消亡。
Money is an allocator, and when it fails to send the signals of the most important parts of building and allocating resources, society literally eats itself until it's dead.
而真正恢复元气需要几十年的时间。
And it takes decades and decades to actually replenish shit.
我们正在拆除几个世纪以来建立的基础设施。
We're dismantling centuries worth of infrastructure that we've built up.
我们正在错误配置整座城市，就像挥霍整个文明的资本，财富正在被浪费和吞噬。
We're misallocating entire cities, like whole civilizations worth of capital, and wealth is being squandered and eaten.
我们实际上正在成为一个同类相食的社会，因为金钱告诉我们，只要吃掉自己的腿，一切都会好起来。
We're being we're literally a society of cannibals because money is telling us that if we just eat our own leg, everything will be better.
尽管有关于网络工具隐私、闪电网络等种种问题，比特币的杀手级应用正在解决这些破事。
And for all the shit about network utilities privacy and lightning and all that great stuff, Bitcoin's killer app is fixing that shit.
疯狂之处在于这种思维视角和框架是多么简单。
And what's crazy is how simple how simple the mental perspective is, the framing of it is.
如果我们打算建设项目、投资某项事业或建设基础设施，现在就用比特币定价，并考虑一年或十年后能否以比特币获得回报，这样可行吗？
Is that okay if we're gonna build a project, we're going to invest in something, if we're gonna build out infrastructure, price it in Bitcoin today, and is it gonna make a return in Bitcoin in a year, in ten years?
用比特币定价才能体现其价值。
Price it in Bitcoin to make it worthwhile.
然后会发生什么？
And what happens?
最紧迫和最有价值的需求会优先得到满足，然后我们逐步解决其他问题，这样我们才能真正制定长期计划。
The most pressing and valuable concerns get met first, and then we work our way down the line, and we can actually plan for the long term.
今早我回来完成这家伙的观点前看到的一条推文就是个很好的例子，我很高兴留了些内容可以接着讨论。
And a great example actually was a tweet that happened this morning before I was when I was coming back to finish up this guy's take, and I'm glad I actually left a little bit to come back to.
所以我打算把这篇论文放几天再处理。
So I wanted to sit on this article for a few days.
我这周已经读过或完成了这部分内容。
I I've read this on or finished this up sometime this week.
但Joe Burnett有一张非常酷的图表，展示了以聪为单位的中位数房价。
But Joe Burnett had a, really cool chart of the median household price in sats.
所以我快速读一下这条推文。
And so I'll read this tweet real quick.
上面说，花费超过十亿聪购买新房很可能是一项糟糕的投资。
It says, spending over a billion sats on a new house will likely be a poor investment.
不到五年前，新房价格还在约50亿聪左右。
Less than five years ago, new houses were going for about 5,000,000,000 sats.
80%的跌幅绝不是你该追求的目标。
An 80% decline is not something you should strive for.
他这张图表展示了美国新房中位价以聪计价的情况。
And he's got this chart of The United States median new house in priced in sats.
2019年达到峰值约75亿聪，可能接近80亿聪，之后就一直下跌。
And in 2019, it peaked at about 7,500,000,000.0, maybe maybe about 8,000,000,000 actually, and then it has been declining.
你知道，这个过程很波折，现在中位数房价已跌至14亿聪。
It's been, you know, a bumpy road, and it went down to, it's now 1,400,000,000.0 sats is the median house price.
任何用法币计价的人都在犯严重错误。
And anybody who has been measuring that in fiat has been making a grave mistake.
他们一直认为这是值得的投资。
They've been thinking that that is a worthwhile investment.
如果你买房，就像我当初购房时，我把房子当作投资，但不是出于投资决策，至少我不指望盈利。
If you're buying a house, like when I purchased and, like, I'm investing in my house, I'm not doing it as an investment decision, or at least I'm not expecting profit.
我这么做是因为它是重要的长期基础设施。
I'm doing it because it's important long term infrastructure.
这是...这是我的...是我们的家。
It's it's my it's our home.
这是为了我的家人。
It's for my family.
我知道我正在消耗比特币，而这些所谓的'投资'是收不回来的。
I know I am spending Bitcoin that I will not get back from this quote, unquote investment.
我并不打算那样做。
I'm not trying to do that.
这就是为什么我知道这是值得的——即使损失比特币也要继续投资我们的生活、我的家人以及那些真正能维系我们生活的事物。我们没有进行巨额投资，也没有大房子。
That's why I know it is worthwhile because I am losing Bitcoin to continue investing in our life and my family and the things that we actually want to sustain our lives, and we're not making huge investments, and we don't have a big house.
我们的房子非常小。
We have a very small house.
我们过着非常简朴的小日子，但值得为这样的生活投入，即使明知会失去比特币，明知无法收回，因为我们实际上是以比特币计价来衡量。
We have a very humble little life, but it is worthwhile to spend on that life knowing that I will lose the Bitcoin, knowing that we will not get it back, because we actually have a Bitcoin pricing weight.
我们清楚这是本金的损失。
We know that it is a loss of capital.
因此，我知道将来不会后悔这个决定，因为我没有误以为这会是个盈利的投资。
And therefore, I know I'm not going to regret the decision later because I didn't think, I did not falsely believe that this was going to be a profitable investment.
这从来就不是基于那个前提做出的决定。
It was never made under that context.
为什么？
Why?
因为我用比特币计价。
Because I price it in Bitcoin.
我的房子在不远的将来可能价值百万美元，仅仅因为美元会变得一文不值，这对我毫无意义，因为我只关心它在比特币中的成本。
The fact that my house might be worth a million dollars in the not too distant future because the dollar will be worth shit won't mean anything to me because I'll know what it cost in Bitcoin.
我知道我无法挽回损失，因为比特币也会涨到百万美元一枚。
I'll know I won't be able to get it back because Bitcoin will be a million dollars too.
如果你没有准确的价格信号，如果你使用的经济信号机制无法真实反映你所参与的经济网络状况，无法体现你所投资资本的实际价值，你如何进行合理的资本投资？
If you do not have accurate pricing, if you are not using an economic signaling mechanism that tells you anything genuinely true about the economic network that you are taking part in, about the actual value of the capital that you are investing in, how do you intend to invest properly in capital?
这确实是个先决条件。
It literally is a prerequisite.
我们无法凭空知晓这些信息。
We can't just know these things.
这些这些这些从根本上就是不可知的信息。
This this this is fundamentally unknowable information.
关键在于你必须拥有定价系统的反馈机制，才能真正理解这些决策的价值。
It's crucial that you actually have the response, the feedback mechanism of the pricing system in order to actually understand the value of these decisions.
他在那份Acxiom报告或《二十一世纪资本论》中指出的观点之一让我醍醐灌顶——那是我从未深入思考过的。
And one of the things that he points out in this that Acxiom paper or the the Capital in the twenty first Century points out that I thought was really, really great that I I hadn't really considered.
倒不是完全没考虑过，只是从未成为关注重点。当有人点破时，你会觉得似曾相识——我们过去确实讨论过，但这类概念很容易被遗忘：货币作为沟通机制的本质，当它能传递长期价值，让你权衡商品服务价值，并真正拥有经济网络中可随时提取的资源时...你投入的资源未来可以取出。
Well, it's not that I hadn't considered it, it's that it hadn't been a focus, and it's one of those things that when pointed out, you're like, I know I've heard this somewhere, and I know I've you know, we've talked about it in the past, but it's just easy to let some of those things slip away, is the fact that the communication mechanism of money, when money is actually communicating long term value and it is allowing you to weigh your goods and services against others, and you actually have a valuable piece of the economic network that you can actually withdraw your resources, The resources that you put in, you can withdraw them later.
你能看到实际的生产...生产这个词不准确。
And you're you're able to see the actual production production's not the word.
网络价值随时间推移通过货币购买力提升（通缩）呈现的反馈，会促使你做出可持续的决策。
The feedback of the value of the network over time reflected in the deflationary, the the higher purchasing power of your money, then it actually makes you make sustainable decisions.
这意味着你实际上是在响应经济现实——或者说，响应由数亿数十亿人共同运行的超大规模并行超级计算机所判定的近似现实。
It means that you're actually responding to economic reality or at least as parallel as judged in a massively parallel supercomputer run by the hundreds of millions, billions of people.
对吧？
Right?
他们所有个人的自愿决定、与过去的关系、所做的选择以及投入的资金。
All of their individual voluntary decisions and their relationships to their past and the decisions that they made and the the money that went into it.
因为你实际上是在响应那个反馈机制，并在一个机制或系统中拥有那种确定性，这个系统的不确定性、复杂性和多样性以及专业化程度都在增加，它允许你专业化。
Because you were actually responding to that feedback mechanism and you have that that level of certainty in a in a mechanism or as a a system of increasing uncertainty, of increasing complexity, and increasing diversity and specialization, it allows you to specialize.
正是这一点使得交易能够实际发生。
It is it is what allows the trade to actually occur.
这就是为什么你可以只专注于学习如何制作播客、阅读或专门投资基础设施项目，只学习编程而不需要知道如何种植食物。
It's why you can solely invest in learning how to, I don't know, make a podcast or read or invest specifically in infrastructure projects, in learning how to just just learning how to code and not knowing not needing to know how to grow your food.
了解一些这方面的知识可能有助于理解这些事物如何运作，但你不需要真的去学习种植食物才能吃饭，因为你可以依赖经济网络。
It might be beneficial to have some of that knowledge to understand how these things work, but you don't have to literally go out and learn how to grow food in order to eat, because you can rely on the economic network.
你可以依赖他人来专注于那份工作，因为经济交流机制——你所使用的货币——实际上是准确的，它确实有一个真实的反馈机制，这样你就可以通过知道自己是一个强大经济网络的一部分来减少一些不确定性。
You can rely on others in order to specialize in that job, and because the economic communication mechanism, the money that you use, is actually accurate, it it's actually it actually has a genuine feedback mechanism, well, you can diminish some of that uncertainty by knowing that you're part of a robust economic network.
但当经济网络欺骗你时，当它崩溃时，意味着你的专业化程度越来越低。
But when the economic network is lying to you, when it breaks down, it means that you specialize less and less.
你只想要这样的大资本变得同质化。
What you just want to have, like, this big capital becomes homogenized.
你想要将所有东西金融化。
You wanna financialize everything.
一切都会变成代币，越来越趋向于通用化，越来越关注流动，只掌握足够的知识以便能够投资或实现某种周转，在你所做的任何事情中实现快速流动，并迅速转换到任何时刻最有利的流动方向。
Everything is gonna become a token, And it makes sense to go more and more general, to focus more and more on flows, on just having just enough knowledge to be able to invest or have some sort of a turnover or have some sort of a quick flow in anything that you do, and to shift gears quickly between which flow is most maximum at any in any particular moment.
这就是为什么会有泡沫，为什么你无法准确预测任何时刻的情况，因为这又回到了自我指涉循环的概念——当资金追逐某一事物或潜在流动时，更多的新资金就会流向那里，因为这是一个自我实现的预言。
That's why you have bubbles, and why you can't predict quite where any of it will be at any one time, because this is again going back to the idea of a self self referential loop is that when money is chasing one thing or one potential flow, well, then the more of the new money is directed toward that because it's a self fulfilling prophecy.
如果你伪造货币并将其投入x投资，新增的货币越多，x投资就会上涨，这意味着所有新伪造的货币都不会通过w、y或z流向a。
The more new money if you counterfeit money and you put it into x investment, x investment is gonna go up, which means that all of the new counterfeit money is not gonna go to a through w or y or z.
现在这些钱实际上都会流向x。
It's literally all gonna go to x now.
而且a到g实际上在维持社会运转这一点根本不重要。
And it doesn't even matter that a through g is literally keeping society alive.
他们只会逐渐变得在文化上无足轻重。
We'll just they just become culturally culturally irrelevant.
我们需要他们的事实被轻描淡写地忽略了，因为看看那些在x上赚钱的人就知道了。
And the fact that we need them is just kind of like brushed off, because look at the people who are all making money on x.
显然，x是当今社会最有价值、最重要的事情，是我们赖以发展的基础。
Clearly, x is the most valuable and important thing that can happen and that we can build on in society today.
那么结果是什么？
So what do you get?
你会看到建造成千上万根本没人需要的房子，富人投资这些只是为了转移资金，因为货币正在贬值。
You get millions and millions of houses built that nobody even needs and that the rich are just investing in so they can part money because money is just depleting in value.
而且相对于a到w的实际用途，货币相对于房产贬值的速度更快。
And it's depleting in value faster in relation to houses than it is, you know, use case a through w.
所以所有新增货币都流向了那里。
And so that's where all the new money goes.
于是'这里是最佳投资地'的幻觉就变得越来越严重。
And so the the illusion that this is the best place to put money just gets worse and worse.
情况只会越来越糟，而这完全是个谎言。
It just gets worse and worse, and it's all a lie.
这一切都是假的。
It is all fake.
这都是印钞机搞的狗屁操纵把戏，不管他们给这轮印钞取什么名字，本质上就是在这场资本耗尽、社会内耗的粪坑风暴中继续作妖。
It is all bullshit manipulation by the money printer and whatever name they give their money printing in this phase of the shit storm of just depleting all of our capital and cannibalizing society.
但如果你纠正这一点，只要停止用法定货币——这种可以随意印刷的东西——来给垃圾资产定价，决策就能重新建立在与经济网络相关的基础上。比特币的杀手级应用就是重新定义资本定价。
But if you correct that, if you just stop pricing shit in fiat, in something that can be printed, decision making actually has a foundation to work off of again, one that is relevant to the economic network, The killer app of Bitcoin is repricing capital.
那就这么干吧。
So let's do that.
总之，该说的都说完了。
Anyway, that should do it.
特别感谢艾伦·法林顿和Axiom BTC，不仅因为这篇文章，还因为邀请我录制音频。如果有人听过我朗读艾伦和萨沙的作品，比如《比特币就是威尼斯》或那些关于资本掠夺的内容——这里说的不是资本本身，而是我读过并一直喜爱的众多作品——真的很有意思。
Huge thank you to Alan Farrington, to Axiom BTC, not only for this piece, but also for reaching out to me to do the audio and because I mean, if anybody's listened to me read any of Alan and Sasha and Bitcoin is Venice and any of the things that the capital strip mine, this is not capital I mean, the the number of works that I have read and I have always enjoyed, Just fun.
非常有趣，都是佳作。
Just fun, great pieces.
总能让我热血沸腾。
It always gets me worked up.
总让我忍不住长篇大论。
It always gets me on some ridiculous rant.
对此我心怀感激，同时也深感荣幸能为Acxiom BTC的《21世纪的资本》宣言录制音频，我认为这是件大事。
So I appreciate that, and, I also appreciate the honor of being the audio for, the announcement of Acxiom BTC, the capital in the twenty first century, because I think this is a big deal.
尽管概念很简单，但我认为这就是我们的使命，是我们存在的全部意义。
I think that as simple as the concept is, I I think this is the purpose, the whole the whole reason we are here.
大家一定要去关注他们。
So definitely check them out.
我绝对会分享这篇文章，因为我认为作为比特币爱好者，除了我们还有谁会做这件事？
I definitely share this piece around, because I think we as Bitcoiners, who who else is gonna do this?
你知道的，这就是我们需要前进的方向。
You know, like, this is how we need to move forward.
趁此机会，不妨也听听《绿鸡蛋与火腿》和《唯有强者生存》，它们同样精彩。如果你对我刚才提到的某些引用或观点不太理解，很可能在这些作品中能找到大部分答案，尤其是关于加密货币的部分。
And while you're at it, actually listen to Green Eggs and Ham and Only the Strong Survive because they are equally excellent pieces, and they will if you did not understand a couple of the references or things that I was talking about in the guy's take, that is probably where you will find most of those answers, especially in regards to crypto.
我们下期节目再见。
And I will catch you guys on the next episode.
订阅后你会收到通知，因为很快就会有新一期节目上线，这就是我们的日常。
When you subscribe, you'll be pinged because there'll be another episode coming very, very soon because that's what we do here.
我们研读比特币，同时修复这个世界。
We read about Bitcoin, and we fix the world.
另外，我还有一个很棒的视频。
Also, there's a great video that I have.
我快完成一个关于免费无限转录的视频，会介绍一些AI工具和我的使用方法。
I'm almost finished up with it on free unlimited transcription with, some AI tools and how I do it.
很多人询问我的整套配置、效率工具技巧以及我的工作方式，因为我是个极其认真的人，会花大量时间优化工作流程，而AI已成为其中至关重要的部分。
I've had a lot of people ask me about a bunch of my setup and my productivity tools and tricks and things that I've been doing, because I am very, very serious and I take a very, very long time setting up my workflows, and AI has become a critical part of so much of it.
所以我正在深入探索这些领域，现在这些工具能实现的功能简直令人难以置信，可惜很多人都不知道。
And so I'm trying to dig into all of that stuff, and I cannot believe what you can do with a lot of these tools now that people just don't know about.
别忘了关注YouTube。
So do not forget to check out the YouTube.
YouTube频道。
The YouTube channel.
我也会在Rumble上发布内容作为备份，因为我知道迟早我会说些让我被YouTube封禁的话。
And I will be posting on Rumble as well as a backup because I'm sure I will say something at some point that gets me banned from YouTube.
所以请关注这两个平台并在那边订阅，因为会有一些内容不太适合纯音频形式。
So check both of those out and subscribe over there because there will be content that doesn't really work with audio.
因此，这些内容将仅以视频形式呈现。
Therefore, it will be video only.
说到这里，非常感谢大家的收听，我们下期《比特币之声》或《AI无界》再见。
With that, thank you guys so much for listening, and I will catch you on the next episode of Bitcoin Audible or AI Unchained.
未来还会有更多不同领域的内容，我们到时见。
More to come on so many different fronts, and I'll catch you then.
在那之前，各位保重，大家轻松点。
Until then, everybody, take it easy, guys.
为增长而增长是癌细胞的意识形态。
Growth for the sake of growth is the ideology of the cancer cell.
——爱德华·艾比
Edward Abbey.
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