经济学
6 条名言。中文为本站译文，每条附日期与原文链接。
问题当然在于，收款人无法验证某个币的前任持有者是否没有双重支付过这枚币。常见的做法是引入一个受信任的中央权威——铸币厂——来检查每笔交易是否存在双重支付。每次交易后，币必须交回铸币厂换取新币，只有由铸币厂直接发行的币才被信任不会被双重支付。这个方案的问题在于，整个货币体系的命运都系于运营铸币厂的公司，每笔交易都必须经过它，就像银行一样。
英文原文
The problem of course is the payee can't verify that one of the owners did not double-spend the coin. A common solution is to introduce a trusted central authority, or mint, that checks every transaction for double spending. After each transaction, the coin must be returned to the mint to issue a new coin, and only coins issued directly from the mint are trusted not to be double-spent. The problem with this solution is that the fate of the entire money system depends on the company running the mint, with every transaction having to go through them, just like a bank.
传统货币的根本问题在于，让它运转所需的信任太多了。中央银行必须被信任不会让货币贬值，但法定货币的历史上充满了这种信任被背叛的记录。
英文原文
The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.
对于预期会升值的东西，其理性市场价格早已折现了预期的未来涨幅。你在心里会做一个概率估算，权衡它继续上涨的几率。
英文原文
A rational market price for something that is expected to increase in value will already reflect the present value of the expected future increases. In your head, you do a probability estimate balancing the odds that it keeps increasing.
任何商品的价格都趋向于向生产成本靠拢。价格低于成本，生产就会放缓；价格高于成本，生产更多、卖出就能获利。同时，产量增加会推高难度，把生产成本推向价格。
英文原文
The price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more. At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.
当有人试图买断全世界某种稀缺资产的供给时，买得越多，价格涨得越高。到某个点，他们就再也买不起了。这对先前持有的人是好事，因为他们可以把币以疯狂的高价卖给这个想囤积的人。随着价格一路走高，总有人继续惜售，等着更高的价格。
英文原文
When someone tries to buy all the world's supply of a scarce asset, the more they buy the higher the price goes. At some point, it gets too expensive for them to buy any more. It's great for the people who owned it beforehand because they get to sell it to the corner at crazy high prices. As the price keeps going up and up, some people keep holding out for yet higher prices and refuse to sell.
思想实验：想象有一种像黄金一样稀缺的基础金属，具有以下属性：
- 灰扑扑的，颜色很无趣
- 不是良好的电导体
- 强度一般，既不延展也不易锻造
- 没有任何实际或装饰用途
还有一个特殊的、神奇的属性：
- 可以通过通信信道传输
如果它不知出于什么原因居然获得了一点点价值，那么任何想把财富转移到远方的人都可以买一点，发过去，再让接收方卖掉。
它或许能获得一个初始价值
英文原文
As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose
and one special, magical property:
- can be transported over a communications channel
If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
Maybe it could get an initial value