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订阅商论后可以在APP内搜索关键词【梧桐】找到更多主题文章，非用户可以在分享页面注册阅读。《经济学人·商论》2022-12-07
How crypto goes to zero
梧桐
Buttonwood
加密货币如何归零
How crypto goes to zero
FTX暴雷让币圈前景成疑
The implosion of FTX has raised questions about the tech’s future
谁都不用了——如果加密货币一朝归零，这五个字便是原因。但是，过程比结果更有趣。在惊天爆雷之后，加密货币交易所FTX于11月11日宣布破产，它的垮台将促使一部分人将注意力转向别处。但在什么情况下才会让所有人都放弃加密货币呢？IF EVERYONE STOPPED using it. That, in five words, is how crypto would go to zero. Still, the journey is more interesting than the destination. The death of FTX, an exchange declared bankrupt on November 11th after a spectacular blow-up, will encourage some people to turn their attention elsewhere. What would have to happen for everyone to give up?要回答这个问题，首先要对这个行业的运作方式有所了解。加密货币的底层基础是区块链，例如比特币和以太坊，这些区块链记录了经过计算机验证的交易，这个验证过程以发行新代币作为激励手段。以太坊区块链验证的是一行行代码，这使得人们可以发行自己的代币或构建应用。其中就有与真实世界货币挂钩的稳定币，以及管理DeFi（去中心化金融）协议的Uniswap等代币。大型区块链和少数基于以太坊的代币（如稳定币）约占加密货币价值的90%。在这个世界的基础上已经形成了各种大型业务，包括交易所、投资基金和借贷平台。An answer requires a sense of how the industry works. At crypto’s base are blockchains, like Bitcoin and Ethereum, which record transactions verified by computers, a process incentivised by the issuance of new tokens. The Ethereum blockchain validates lines of code, which has made it possible for people to issue their own tokens or build applications. These include stablecoins, which are pegged to real-world currencies, and tokens like Uniswap, which manage decentralised-finance (DeFi) protocols. Major chains and a handful of Ethereum-based tokens, like stablecoins, account for about 90% of cryptocurrency value. Big businesses have been built on top of this world, including exchanges, investment funds and lending platforms.要完全消灭加密货币，将需要摧毁基础的区块链层。它们可以率先崩塌，等同于把支撑在所有其他东西下方的凳子踢掉。或者整个行业也可以自上而下地瓦解，就好像把针织围巾一层层拆散。To take out crypto entirely would require killing the underlying blockchain layers. They could either give way first, kicking the stool out from underneath everything else. Or the industry could unravel from the top down, layer by layer like a knitted scarf.......【想要继续阅读商论付费文章？】欢迎打开《经济学人·商论》App，订阅后搜索“加密货币”“梧桐”获取更多相关文章
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