11 bitcoin韦编三绝这篇文章让你充分了解比特币

2100万个（第四段提到了：次交易都被记录到了分布式的账簿（adistributedledger,第五段有提到）里，这20081031日一个叫中本聪的人，他的英ElectronicCashSystem。20091月上线了比特币的10个比特币送给了第一个2010年居然把这个社区转让给了别人，由别人来负责，他自己则渐渐地淡出DorianNakamoto，是一个住在洛杉矶的201437日又发了一条消息，说“IamnotDorianNakamoto”，我不是那虽然中本聪以前在密码论坛里时常冒头，但是从来没有人知道他的真实身交流的是不是一条狗。个中本聪的名字是标准的日本名字。2015年的时候，有两个记者甚至拍摄了一10010020亿美future,equity,maturity,portfolio,bitcoinnoisseurs,distributedledger,ICOspeculativeasset；另一方面是notyetasystematicrisk.文章前半部分在证明比特币为什么是一种futures）到一年涨幅1,550%，这一火爆行情吸引了大量的投机性资金的涌入票、债券进行对比，以体现它的这个特性——novalue（Para.2）。作者用两个词进行了回应：Notsoon.知道哪个账户有多少比特币，但不知道这个账户是谁的，这就是它的anonymity和opacity所在；另外，今年勒索病毒肆虐全球的事件大家应该都知其实第一点和第二点都是相联系的，正是因为比特币anonymity特币交易（Para.6）。但作者说，禁止交易也有点过了（overthetop）；同时，提醒散户注意风险（我也会在文中解释什么叫“散户”）最后，作者在第七段提出了自己的投资建议：towatch.即“观望”。AbitontheBitcoinisaspeculativeasset,butnotyetasystematicheadline:Bitcoin比特币。比特币我们已在背景部分做了介绍，这Abitontheside值得玩味，bit取的是”bitcoin”的前三个字母，代指比特币，同时，abitontheside又是一个固定搭配，表示“婚外情，情side.这里暗指比特币是我们日常使用的流通货币范畴之外的一类货币。文章的引言部分：Bitcoinisaspeculativeasset,butnotyetasystematicBitcoinisaspeculativeltie指“投机性的”，名词n投机，与它对应的词是ttntt比较理性，在对一个产品做好充分的调研之后，进行投资，涨幅小，但上涨周期长，而且稳定，泡沫小，投资产品具有较大的价值，而且价值在不断升值。FINANCIALmarketsrarelymissopportunitiestomakemoney.Thatisastrueofcryptocurrenciesasanythingelse.TradinginbitcoinfuturesbeganontheChicagoBoardOptionsExchangethisweek;CMEGroupwilllaunchitsownfuturesonDecember18th.Thathasgivenafurtherboosttothedigitalcurrency’sprice,whichisupby1,550%thisyear.Suchphenomenalreturnsaredrawinginwavesofspeculativemoney.Butisthereafundamentalcasetoinvestinbitcoin?FINANCIALmarketsrarelymissopportunitiestomakemoney.Thatisastrueofcryptocurrenciesasanythingelse.这句话是本段的总领句，通过”rarelymissopportunitiestomakeThatisastrueofcryptocurrenciesasanything这句话有一个固定的搭配：as+adj.+as...和...一样...，比如，SheisasbeautifulasZhangZiyi.as+adj.+asanything(else)，表示“强调”，可以IsawitasclearlyasShewasasnervousasBetrueofbetrueforExpenditureonhealthinmostofthesecountrieshasgonedown,andthesameistrueforeducation.cryptocurrency”crypto-”和”hidden””secret”有关，表示电视剧中均有描述，“地下共产党”就可以说acrypto-communist.TradinginbitcoinfuturesbeganontheChicagoBoardOptionsExchangethisweek;CMEGroupwilllaunchitsownfuturesonDecember18th.TradinginbitcoinfuturesbeganontheChicagoBoardOptionsExchangethisTradein...表示“从事...in期货相对的是“现货”，英文是actual，两者之间的区别是，现货买的是实Tradeinbitcoinfutures指比特币期货交易，既可以作名词也可以作动词，CMEGroupwilllaunchitsownfuturesonDecemberlaunchtomakeaproductavailabletothepublicforthefirsttime发行，推出，launchitsownfutures表示“发行自己的比特币期launch也可以表示“发射”，中国发射火箭，金正恩发射导弹，都可以launch.此外，launch也可以接某一活动，表示“开始从事，发起，发动”，比launchaninvestigation发起调查、展开调查；launchanattack发动攻击。Thathasgivenafurtherboosttothedigitalcurrency’sprice,whichisupby1,550%thisyear.Thathasgivenafurtherboosttothedigitalcurrency’sthat指的是上文交易所发行比特币期货一事。因为发行期货，意味着前boostanincreaseinsth增长，giveaboosttosth表地产价格进一步上涨：Housingpricesweregivenafurtherboost.Suchphenomenalreturnsaredrawinginwavesofspeculativemoney.Butisthereafundamentalcasetoinvestinbitcoin?Suchphenomenalreturnsaredrawinginwavesofspeculativemoney.Butisthereafundamentalcasetoinvestinbitcoin?SuchphenomenalreturnsaredrawinginwavesofspeculativemoneynDrawintoinvolvesth/sbin使...加入进来，把...拉进来，文中是wavesofspeculativemoney中，wavesof表示”many”，大量的，一波又一isthereafundamentalcasetoinvestincase在这里指的是“原因，理由，根据”，fundamental=basic基本的，芝加哥期权交易所（ChicagoBoardOptionsExchange）本周开放比特币期货交易；芝加哥商业交易所集团（CMEGroup）1218号发行自己的afurtherboostto）Theusualtoolsoffinancearenoguide.Anequityisaclaimontheassetsandtheprofitsofafirm;abondentitlestheinvestortoaseriesofinterestpaymentsandrepaymentonmaturity.Bitcoinbringsnocashflowstotheowner;theonlyreturnwillcomeviaariseinprice.Whenthereisnoobviouswayofvaluinganasset,itishardtosaythatonetargetpriceislesslikelythananother.Bitcoincouldbeworth$10or少。比特币可以值10美元，也可以值100,000美元。TheusualtoolsoffinancearenoIletmyfeelingsbemy这句话是对上文”isthereafundamentalcasetoinvestinbitcoin?”的一个回Anequityisaclaimontheassetsandtheprofitsofafirm;abondentitlestheinvestortoaseriesofinterestpaymentsandrepaymentonmaturity.Anequityisaclaimontheassetsandtheprofitsofacompany'ssharesorthesharesofacompany这里可以翻译成“股票”。havetosth所有权，举个例子：TheyhadnoclaimontheabondentitlestheinvestortoaseriesofinterestpaymentsandrepaymentonmaturityEntitlesbtosth的意思是togivesbtherighttohaveortodosth有权拥有，Youwillbeentitledtoyourpensionwhenyoureach65EntitlesbtosthclaimonsthinterestpaymentMaturity成熟，但在金融领域表示thetimewhenmoneyyouhaveinvestedisreadytobepaid到期，onmaturity到期，是“on+时间点”的结构，比如onFriday.repayment是“偿还”的意思，repaymentonmaturityBitcoinbringsnocashflowstotheowner;theonlyreturnwillcomeviaariseinprice.cashflow是“现金流”的意思，viathroughWhenthereisnoobviouswayofvaluinganasset,itishardtosaythatonetargetpriceislesslikelythananother.Bitcoincouldbeworth$10or$100,000.WhenthereisnoobviouswayofvaluinganitishardtosaythatonetargetpriceislesslikelythanTargetprice是“目标价位”的意思，一些分析师会为某一资产设定一个389onetargetpriceislesslikelythananother，直译过来是，达到这个目标价Instead,investorsmustweighthescenariosthatenthusiastsposit:whatif,say,everypensionfundinvested1%ofitsportfoliointhecryptocurrency?Oneargumentmadebybitcoinnoisseursisthatitisatypeof“digitalgold”.Storesofvaluearesupposedtokeeptheirvalue;bitcoin,bycontrast,isextremelyvolatile.Itscodeensuresthatnomorethan21mcoinscaneverbecreated;thatsetsbitcoinapartfromfiatmoney,whichcentralbankscancreateatwill.Yetbeinglimitedinsupplyisanecessary,butnotsufficient,conditionforhavingvalue;signedphotographsofEconomistjournalistsarerarebut,sadly,ofnegligibleworth.Norissupplyreallylimited.Plentyofothercryptocurrencies1%的资金投资比特币，会发生什么情况呢？比特币行家认为，比特币2100万枚，这使比特币和流通货币不同，而流通货币银Instead,investorsmustweighthescenariosthatenthusiastsposit:whatif,say,everypensionfundinvested1%ofitsportfoliointhecryptocurrency?Instead,investorsmustweighthescenariosthatenthusiastsposit:whatif,say,everypensionfundinvested1%ofitsportfoliointhecryptocurrency?weightoconsidersthcarefully权衡，仔细考虑，scenarioadescriptionofhowthingsmighthappeninthefuture未来可能发生的情况。文中具体指everypensionfundinvested1%ofitsportfoliointhecryptocurrency.thatenthusiastspositscenarios的定语，指比特币爱好者设想出来的情enthusiastapersonwhoisveryinterestedinsthandspendsalotoftimedoingit.afootballenthusiast足球爱好者。posit是动词，意思是tosuggestoracceptthatsthistruesothatitcanbeusedasthebasisforanargumentordiscussion假设；认定；认为…为实，相当于postulate，我们在《金融稳定》的第9页讲到过，如图：Mostreligionsposittheexistenceoflifeaftereverypensionfundinvested1%ofitsportfoliointhe给政府钱并非闲置在那里，而是政府建立一个资本管理公司，比如SCIOs，SCIO）pensionfund退休基金，investor的时候我会讲为什么。portfolio100万元，40万买讯飞，10万买货币基金，这就叫“投资组合”。Oneargumentmadebybitcoinnoisseursisthatitisatypeof“digitalgold”.Storesofvaluearesupposedtokeeptheirvalue;bitcoin,bycontrast,isextremelyvolatile.Oneargumentmadebybitcoinnoisseursis葡萄酒鉴赏家，anartconnoisseurbitcoinnoisseur币行家，和上文的enthusiast都是指一类人群。StoresofvaluearesupposedtokeeptheirStoreofvalue是一个固定搭配，表示“价值贮藏”。价值贮藏是货币的Keeptheirvaluebitcoin,bycontrast,isextremelyvolatilelikelytochangesuddenly可能急剧波动的；不稳定的，近义词为unstable,不过程度要比unstable深。举两个例子：anincreasinglyvolatilepoliticalthehighlyvolatilestockandbond.thefluctuationininterestVegetablepricesfluctuateaccordingtotheItscodeensuresthatnomorethan21mcoinscaneverbecreated;thatsetsbitcoinapartfromfiatmoney,whichcentralbankscancreateatwill.thatsetsbitcoinapartfromfiatSet...apartfrom...是一个固定搭配，表示“使...与众不同”，举个例子：WhatsetherapartfromtheothercandidatesforthejobwasthatshehadlotoforiginalFiat['faiət]anordergivenbyapersoninauthority（当权者的）火灾善后事宜，我们可以说：MattersconcerningtheblazethatoccurredinDaxingDistricton18thNovemberweresettledbypresidentialfiat.这部分是说，比特币只有2100万枚，这使它同其他流通货币不同。whichcentralbankscancreateatAtwillYetbeinglimitedinsupplyisanecessary,butnotsufficient,conditionforhavingvalue;signedphotographsofEconomistjournalistsarerarebut,sadly,ofnegligibleworth.相当于insignificant.Norissupplyreallylimited.PlentyofothercryptocurrenciesMightbitcoinreplaceordinarycurrenciesineverydaytransactions?Notsoon.Whowantstopartwith(oracceptinexchange)acurrencythatcanriseorfallby20%inanhour?Andtruecurrenciesareusedtodenominateliabilitiesaswellasassets;imaginetheruinfacedbythosewhohadtakenoutabitcoinmortgageorbusinessloanearlierthisyear.MightMightbitcoinreplaceordinarycurrenciesineverydaytransactions?NotWhowantstopartwith(oracceptinexchange)acurrencythatcanriseorfallby20%inanhour?Whowantstopartwith(oracceptinexchange)aPartwithIfyoupartwithsomethingthatisvaluableorthatyouwouldprefertokeep,yougiveitorsellittosomeoneelse.交出，卖出。Hepartedwithmuchofhiscollectiontopayhisgardening文中，partwithacurrencyacceptinexchange中，exchangetransaction是同义替换，acceptinexchange指在卖东西的时候收比特币。Andtruecurrenciesareusedtodenominateliabilitiesaswellasassets;imaginetheruinfacedbythosewhohadtakenoutabitcoinmortgageorbusinessloanearlierthisyear.truecurrenciesareusedtodenominateliabilitiesaswellasdenominate的意思是toexpressanamountofmoneyusingaparticularTheloanwasdenominatedinUSimaginetheruinfacedbythosewhohadtakenoutabitcoinmortgageorbusinessloanearlierthisyear.imaginetheruin，祈使句，”imagine+n.”的结构，ruin指facedbythoseruinwhohadtakenoutabitcoinmortgageorbusinessloan作those的定语从Takeoutamortgagemortgage另外还需要记住以下几个表达：applyforamortgage申请抵押贷款，payoffamortgage还清抵押贷款。初用比特币来办理贷款的话，那么还钱的时候还要多还1,450%。Bitcoinmighttriumphifcurrencieslikethedollarandtheeurosuccumbtohyperinflation,butthereisnosignofthat.Amorelikelyscenarioisthatthetechnologythatunderpinsbitcoin—adistributedledgercalledtheblockchain—provessousefulthatitbecomeswidelyadopted.Ifso,bitcoinwouldbecomeavehicleforotherservices,andpeoplewouldneedtoownsome,orafractionofone,tousethem.Buttheoriginalappealofbitcoinwastothelibertarianfringeandthosewhowantedtotradeillegalcommodities,likedrugs,outofsightoftheauthorities.Bitcoin’sanonymityandopacitydonotmuchappealtobigbanks(ortotheirregulators).Theyaredevelopingtheirownblockchains.BitcoinBitcoinmighttriumphifcurrencieslikethedollarandtheeurosuccumbtohyperinflation,butthereisnosignofthat.BitcoinmightAllherlife,Kellyhadstuckwithdifficulttasksandchallenges,andtriumph指上一段的replaceordinarycurrenciesineverydayifcurrencieslikethedollarandtheeurosuccumbtoSuccumbto=giveinsuccumbtopressure文中succumbtohyperinflation是说，这些货币恶性通胀。Amorelikelyscenarioisthatthetechnologythatunderpinsbitcoin—adistributedledgercalledtheblockchain—provessousefulthatitbecomeswidelyUnderpin:tosupportorformthebasisofsthadistributedledger62万会员，成立“Soren2万会员中有10块钱”，你就是会员了。从你做出承诺的2020万去治病了，“Soren互助社”再次家的，也就是“赔付率”，可能不到用户缴纳保费的50%。再回来看看“Soren互助社”，20万，一分钱都没有损耗，全都到了需100%。“Soren互助社”为什么能做到.Ifso,bitcoinwouldbecomeavehicleforotherservices,andpeoplewouldneedtoownsome,orafractionofone,tousethem.Ifso,bitcoinwouldbecomeavehicleforothervehicle最常见的意思是“交通工具”，在这里是一个熟词僻义，表示somethingthatyouuseinordertoachieveaparticularpurpose工具，手段，媒介，相当于medium.我们举个例子：Theconferencewasseenasanidealvehicleforincreasedcooperationbetweenthememberstates.然是“去中心化”服务了，比如上文提到的“Soren互助社”的募捐。peoplewouldneedtoownsome,orafractionofButtheoriginalappealofbitcoinwastothelibertarianfringeandthosewhowantedtotradeillegalcommodities,likedrugs,outofsightoftheauthorities.theoriginalappealofbitcoinwastothelibertarianfringeandthosewho...appeal在这里是名词，表示“吸引力”，theoriginalappealofbitcoinwastoAandBAAlibertarianfringe自由主义边缘群体，fringetheouteredgeofanareaoragroup边缘（群体）。thosewhowantedtotradeillegalcommodities,likedrugs,outofsightoftheoutofone’ssightDon’tletthekidsoutofyoursightforaBitcoin’sanonymityandopacitydonotmuchappealtobigbanks(ortotheirregulators).Theyaredevelopingtheirownblockchains.anonymity13页讲到过，可opaque.opacityopaque也可以用来形容文章的晦涩难Ifthebitcoinboomlookslikeamania,callsforittobebannedarealsooverthetop.Regulatorsarerighttowatch“initialcoinofferings”—attemptsbycompaniestoraisemoneybyissuingdigitaltokensoftheirown.Theyareright,too,towarnretailinvestorsaboutthedangersofathinlytradedmarketforanassetwithnoinherentvalueandscantrecourseifthingsgowrong.Butitishardtoseehowthecurrencyisasourceofsystemicrisk;byonemeasure,thevalueofbitcoinislessthanhalfthatofApple’smarketcapitalisation.Realeconomicdamageoccurswhenaplungeinassetpricesiscombinedwiththewidespreaduseofmoneythathasbeenborrowed,particularlybybanks.Theseelementsarenotyetpresent.IfIfthebitcoinboomlookslikeamania,callsforittobebannedarealsooverthetop.Ifthebitcoinboomlookslikea而且含有人的非理性因素在里面。mania也可以用craze来替换。callsforittobebannedarealsooverthe这句话的主语是：Callsareoverthetop.Overthetop的意思是：morethanwhatisconsiderednormalorsuitable过Regulatorsarerighttowatch“initialcoinofferings”—attemptsbycompaniestoraisemoneybyissuingdigitaltokensoftheirown.这句话我们简单讲几个单词，然后主要讲一下什么叫“initialcoinPleaseacceptthissmallgiftasatokenofourgratitude.什么叫“initialcoininitialpublicofferings.对一个企业来说，只要规模PublicOfferings,简称IPO.2013VitalikButerin的俄罗斯出生的加拿Soren币，Zoe币等。这样，每个虚拟货币都可以被以到以太坊上发行自己的虚拟货币（用文章中的话来说就是issuedigital,不好的一方面是，因为ICO的公司毕竟是发展初期的公司，未来有较大Theyareright,too,towarnretailinvestorsaboutthedangersofathinlytradedmarketforanassetwithnoinherentvalueandscantrecourseifthingsgoTheyareright,too,towarnretailinvestorsaboutthedangersRetailinvestors指“散户”。市场上的投资者分为两类，一类是“机构pensionfund（退休基金）就是一种机构，准确来说叫“国家athinlytradedmarketforanassetwithnoinherentvalueandscantrecourseifthingsgowrong.foranasset(asset其实指的就是bitcoin)指比特币市场。thinlytraded的意思是“流动性不足的，交易量低的”，用来形容比特币noinherentvaluescantrecourseifthingsgowronganasset,指比特币没有内在价值，而且出现问题的时候，有没有可以解决问题inherentthatisabasicorpermanentpartofsb/sthandthatcannotberemoved固有的；内在的，举个例子：ViolenceisinherentinourThereisscantevidenceofimpendingwarbetweenChinaandrecourse的英文解释是：somethingthatyoudotoachievesomethingor第一个是haverecoursetosth.举个例子：Thegovernment,whennecessary,hasrecoursetothearmed于后者，我们可以说：settlethedifferenceswithoutrecoursetowarButitishardtoseehowthecurrencyisasourceofsystemicrisk;byonemeasure,thevalueofbitcoinislessthanhalfthatofApple’smarkethowthecurrencyisasourceofsystemicisasourceofsystemicrisk比特币会带来系统性风险。byonemeasure,thevalueo