经济学人355:自由兑换 无中生钱

　　Finance and economics
财经商业
Free exchange
自由兑换
Money from nothing
无中生钱
Chronic¹ deflation may keep Bitcoin from displacing its fiat² rivals
慢性通缩的比特币可能无法取代其法定对手
BITCOIN, to its most ardent³ fans, is more than a useful way to pay for drugs.
比特币对其铁粉来说可不仅仅只能用来买违禁药品，
It is also a technological⁴ marvel⁵ that could disrupt much of the consumer-finance industry.
它是一个可以搅扰大多数消费金融业务的技术奇迹。
But is it money?
但是，它就是货币吗？
比特币.jpg
The Bitcoin economy keeps growing, despite the periodic disappearance⁶ of large quantities of currency in hacker⁷ heists.
尽管大量比特币在黑客抢劫案中周期性消失，其经济却仍保持增长。
The total value of Bitcoins in circulation has risen to $7.9 billion, from just $490m a year ago,
比起一年前的4.9亿美元，比特币如今的流通总价值已上升至79亿美元，
while daily transaction volume is up by almost 60%.
日交易量更是增长了近60％。
If Bitcoin aspires⁸ to match dollars and euros for money-ness,
但如果比特币想成为与美元和欧元一般的货币，
it will need to be more than just a Mastercard for nerds.
它可不能仅仅满足于只是充当网络玩家手中的万事达卡。
Economists⁹ reckon money is anything that serves three main functions.
经济学家认为，货币有三个主要功能。
It must be a medium of exchange, which can reliably be swapped¹¹ for goods and services.
首先，它必须是一种值得信赖的、可用于交换商品和服务的交换媒介；
It should be a stable store of value,
其次，应当是稳定的储值手段，
enabling users to tuck some away and come back later to find its purchasing power more or less intact.
使用者们将部分货币储存起来，其购买力在之后一段时间内大体保持不变；
And it should function as a unit of account:
最后，它应该能充当计价单位，
a statistical¹² yardstick¹³ against which value in an economy is measured.
用一个基准统计尺度衡量经济体的价值。
The American dollar meets all three conditions.
美元符合上述这三个条件，
Bitcoin has some way to go.
比特币则任重而道远。
Bitcoin does best as a medium of exchange, thanks to its clever technical design.
比特币的最擅长的交换媒介功能要归功于其巧妙的技术设计。
Users can quickly move holdings around anywhere in the world.
使用者可以在世界各处快速转移持有的比特币。
Rather than relying on central clearing-houses,
相较于传统货币依赖于中央清算机构，
verification of transactions is done by miners, who are compensated¹⁴ for their work with newly created Bitcoin.
比特币的交易验证是由用新铸造的比特币作为其工作补偿的矿工来完成的。
The new money they create adds imperceptibly to Bitcoin inflation,
矿工铸造的新钱给比特币带来小到可以忽略不计的通货膨胀，
spreading the cost of their work over all users.
其工作成本已分摊到所有使用者身上。
This elegant system makes Bitcoin cheap to use.
比特币精妙的系统降低了它的使用成本。
Because banks are not needed to confirm legitimate¹⁵ purchases, transaction fees are low.
因为不需要银行确认其法定购买力，比特币交易费用十分低廉。
Bitcoin's near-anonymity has also helped drive acceptance among those who would prefer to keep their transactions secret,
此外，比特币近乎匿名性的特点对那些希望保护交易隐私的人而言无疑具有吸引力，
whether drug-dealers or money-launderers.
比如毒贩子或洗钱者。
The combination of functionality and user interest means that people are finding it easier to swap¹⁰ coins for both goods and services and for other currencies.
比特币将系统功能性和使用者兴趣融合在一起，人们用它换取商品和服务乃至兑换其他货币变得更加便捷。
This rising credibility as a medium of exchange supports Bitcoin values.
这些都提高了其作为交换媒介的信誉度，从而支撑起比特币的价值。
Yet Bitcoin is not exactly a stable store of value.
然而，严格来讲，比特币不是一种稳定的储值手段。
It is technically¹⁶ equipped to do the job:
它在技术上所能进行的工作是:
coins saved in an encrypted wallet on a hard drive can be retrieved¹⁷ for later use in purchases.
能保证存储在硬盘上的加密钱包在有购买需求时随取随附，
But the currency's worth is prone¹⁸ to wild gyrations.
但其币值容易发生剧烈的波动。
Massive Bitcoin heists, like the recent plunder¹⁹ of roughly 6% of outstanding Bitcoins from the Mt Gox exchange,
Mt GOX交易所最近爆出其账户上约6％比特币失窃，
reduce confidence in the currency.
诸如此类的大量比特币失窃案大大降低了人们对比特币的信心。
Bitcoin prices dropped by 30% against the dollar in February due in part to the Mt Gox news.
比特币对美元的价格在二月份下跌30％，部分原因便是GOX公司的这则消息。
In more bullish moments, interest has attracted speculators, sending values soaring—at least temporarily.
在其牛市氛围中，巨额利益吸引了投机者，令他们推高比特币价格,至少暂时如此。
Cameron and Tyler Winklevoss, twin brothers known mainly for their early quasi-interest in Facebook,
因早期与脸书的恩怨而出名的卡梅伦和泰勒温克莱沃斯俩兄弟最近宣布，
recently announced plans to launch a Bitcoin tracking fund,
他们计划推出一个比特币追踪基金，
to make it easier for amateur investors²⁰ to take a punt on the technology.
以使业余投资者更容易赌上一把。
Volatile²¹ values could prevent Bitcoin from ever establishing itself as a medium of account.
不稳定的价格可能妨碍比特币成为记账单位。
Even the few retailers²² who accept Bitcoin use other currencies as their principal accounting²³ unit.
即使少数几个接受比特币的零售商也是在使用其他货币作为基本记账单位。
Prices are given in a prominent currency and the Bitcoin price fluctuates automatically with changes in the crypto-money's exchange rate.
比特币的价格由主权货币给出，且随着加密货币的汇率变化自动波动。
Similarly, most Bitcoin owners work in jobs with wages paid in traditional currencies.
同样，大多数比特币持有者都是在用传统货币支付工资的职位上工作。
So long as Bitcoin buyers and sellers think in euros or dollars it will fall short of money status.
只要比特币的买卖双方认同用欧元或美元来买卖比特币，比特币的货币地位会被削弱。
And until Bitcoin values are less volatile relative to the currencies that now dominate real economies,
除非比特币的价值趋于稳定，能与当前实体经济中的主导货币相媲美，
users are unlikely to change their monetary²⁴ frame of reference.
否则使用者们不大可能改变他们的货币参考框架。
That may be for the best, given another Bitcoin quirk²⁵.
考虑到比特币的另一则警示，现在的情形可能算是最好的结果。
The currency's money supply will eventually be capped at 21m units.
比特币的最大货币供应量为2100万个。
To Bitcoin's libertarian disciples²⁶, that is a neat way to preclude²⁷ the inflationary central-bank meddling²⁸ to which most currencies are prone.
对其自由主义的信徒们而言，这能巧妙地防止比特币如大多数货币般面临央行插手其中导致通胀。
Yet modern central banks favour low but positive inflation for good reason.
然而，出于某些理由，现代央行青睐于积极的低通胀。
In the real world wages are sticky: firms find it difficult to cut their employees' pay.
现实世界中，企业很难降低其雇员的薪酬，
A modicum²⁹ of inflation greases the system by,
工人的工资是刚性的，
in effect, cutting the wages of workers whose pay cheques fail to keep pace with inflation.
低通胀实际上削减了那些未能与通胀保持同步的工人们的工资，于整个体系有益。
If the money supply grows too slowly, then prices fall and workers with sticky wages become more costly³⁰.
如果货币供给增长过慢，价格会随之下降，工人的黏性工资成本变得更加昂贵，
Unemployment tends to rise as a result.
结果便是失业率趋于上升。
If employed workers hoard³¹ cash in expectation of further price reductions, the downturn gathers momentum³².
如果雇用的工人预期价格下跌而囤积现金，经济衰退步伐将加快。
Bitcoin's money supply is still growing;
比特币的货币供应量仍在增长，
its miners are just over halfway³³ to producing the total possible number.
它的矿工们挖出的比特币刚刚超过其可能总量的一半。
New coins will be minted until around 2030.
新的比特币的铸造将到2030年前后达到峰值。
Miners may then introduce transaction fees as compensation for their critical verification work.
此后，矿工可能用交易费用作为其关键性认证工作的补偿。
More worryingly, deflation is already a reality.
更令人担忧的是，通货紧缩已经是个既成事实。
Soaring demand for the currency is partly responsible for boosting its price.
比特币价格高涨部分源于其需求飙升。
But the knowledge that supply is ultimately finite is also a factor.
但公众了解比特币的最终供给量有限也是原因之一。
Digital fetters³⁴
数字枷锁
That other currencies remain the medium of account has so far been the Bitcoin economy's saving grace.
比特币经济至今仍然可取在于其他货币仍在充当记账单位。
If Bitcoin matured into a complete currency, with large numbers of workers using it as their medium of account,
如果比特币进化为完全意义上的货币，随着大批工人将其作为记账单位，
then its inflexibility³⁵ could bring economic havoc³⁶.
它灵活性的缺乏可能导致经济灾难。
Money-supply shocks, like the disappearance of Mt Gox, could set off a systemic collapse³⁷.
就如Mt GOX消失之类的事件，货币供应遭到冲击，直接引发系统性崩溃。
Given a loss of faith in exchanges, users might withdraw their coins in a panic, leading to a dangerous decline in transaction volume.
在信任的交易所中受到损失，使用者可能出于恐慌撤回他们的比特币，致使交易量降至危险值。
Such hoarding³⁸ could threaten Bitcoin's status as a medium of exchange, leading to its complete demise³⁹ as a currency.
这威胁到比特币作为交换媒介的地位，直接导致作为货币的比特币完全消亡。
Reputable exchanges with large institutional holdings could help stem such panics by advertising⁴⁰ a willingness to sell their Bitcoins to meet liquidity⁴¹ demand.
大型机构持有的信誉良好的交易所向公众表示愿意出售比特币以满足流动性需求，有助于遏制这种恐慌。
Yet because Bitcoin reserves are finite, users may not find the promise credible⁴².
然而，由于比特币的储量是有限的，使用者可能认为这种承诺不可信。
By contrast, central banks with the inexhaustible resources of the printing press face no such inconvenient⁴³ constraints⁴⁴.
与此相反，央行的印钞机可是取之不尽、用之不竭，没有这般束手束脚。

1 chronic   

adj.(疾病)长期未愈的，慢性的；极坏的

参考例句：

• Famine differs from chronic malnutrition.饥荒不同于慢性营养不良。
• Chronic poisoning may lead to death from inanition.慢性中毒也可能由虚弱导致死亡。

2 fiat   

n.命令，法令，批准；vt.批准，颁布

参考例句：

• The opening of a market stall is governed by municipal fiat.开设市场摊位受市政法令管制。
• He has tried to impose solutions to the country's problems by fiat.他试图下令强行解决该国的问题。

3 ardent   

adj.热情的，热烈的，强烈的，烈性的

参考例句：

• He's an ardent supporter of the local football team.他是本地足球队的热情支持者。
• Ardent expectations were held by his parents for his college career.他父母对他的大学学习抱着殷切的期望。

4 technological   

adj.技术的；工艺的

参考例句：

• A successful company must keep up with the pace of technological change.一家成功的公司必须得跟上技术变革的步伐。
• Today,the pace of life is increasing with technological advancements.当今， 随着科技进步，生活节奏不断增快。

5 marvel   

vi.(at)惊叹vt.感到惊异；n.令人惊异的事

参考例句：

• The robot is a marvel of modern engineering.机器人是现代工程技术的奇迹。
• The operation was a marvel of medical skill.这次手术是医术上的一个奇迹。

6 disappearance   

n.消失，消散，失踪

参考例句：

• He was hard put to it to explain her disappearance.他难以说明她为什么不见了。
• Her disappearance gave rise to the wildest rumours.她失踪一事引起了各种流言蜚语。

7 hacker   

n.能盗用或偷改电脑中信息的人，电脑黑客

参考例句：

• The computer hacker wrote that he was from Russia.这个计算机黑客自称他来自俄罗斯。
• This site was attacked by a hacker last week.上周这个网站被黑客攻击了。

8 aspires   

v.渴望，追求( aspire的第三人称单数 )

参考例句：

• The fame to which he aspires was beyond his reach. 他追求的名誉乃是他所不能及的。 来自《简明英汉词典》
• An old steed in the stable still aspires to gallop a thousand li. 老骥伏枥，志在千里。 来自《简明英汉词典》

9 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

10 swap   

n.交换；vt.交换，用...作交易

参考例句：

• I will swap you my bicycle for your radio.我想拿我的自行车换你的收音机。
• This comic was a swap that I got from Nick.这本漫画书是我从尼克那里换来的。

11 swapped   

交换（工作）( swap的过去式和过去分词 )； 用…替换，把…换成，掉换（过来）

参考例句：

• I liked her coat and she liked mine, so we swapped. 我喜欢她的外套，她喜欢我的外套，于是我们就交换了。
• At half-time the manager swapped some of the players around. 经理在半场时把几名队员换下了场。

12 statistical   

adj.统计的，统计学的

参考例句：

• He showed the price fluctuations in a statistical table.他用统计表显示价格的波动。
• They're making detailed statistical analysis.他们正在做具体的统计分析。

13 yardstick   

n.计算标准，尺度；评价标准

参考例句：

• This is a yardstick for measuring whether a person is really progressive.这是衡量一个人是否真正进步的标准。
• She was a yardstick against which I could measure my achievements.她是一个我可以用来衡量我的成就的准绳。

14 compensated   

补偿，报酬( compensate的过去式和过去分词 )； 给（某人）赔偿（或赔款）

参考例句：

• The marvelous acting compensated for the play's weak script. 本剧的精彩表演弥补了剧本的不足。
• I compensated his loss with money. 我赔偿他经济损失。

15 legitimate   

adj.合法的，合理的，合乎逻辑的；v.使合法

参考例句：

• Sickness is a legitimate reason for asking for leave.生病是请假的一个正当的理由。
• That's a perfectly legitimate fear.怀有这种恐惧完全在情理之中。

16 technically   

adv.专门地，技术上地

参考例句：

• Technically it is the most advanced equipment ever.从技术上说，这是最先进的设备。
• The tomato is technically a fruit,although it is eaten as a vegetable.严格地说，西红柿是一种水果，尽管它是当作蔬菜吃的。

17 retrieved   

v.取回( retrieve的过去式和过去分词 )；恢复；寻回；检索（储存的信息）

参考例句：

• Yesterday I retrieved the bag I left in the train. 昨天我取回了遗留在火车上的包。 来自《简明英汉词典》
• He reached over and retrieved his jacket from the back seat. 他伸手从后座上取回了自己的夹克。 来自辞典例句

18 prone   

adj.(to)易于…的，很可能…的；俯卧的

参考例句：

• Some people are prone to jump to hasty conclusions.有些人往往作出轻率的结论。
• He is prone to lose his temper when people disagree with him.人家一不同意他的意见,他就发脾气。

19 plunder   

vt.劫掠财物，掠夺；n.劫掠物，赃物；劫掠

参考例句：

• The thieves hid their plunder in the cave.贼把赃物藏在山洞里。
• Trade should not serve as a means of economic plunder.贸易不应当成为经济掠夺的手段。

20 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

21 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

22 retailers   

零售商，零售店( retailer的名词复数 )

参考例句：

• High street retailers reported a marked increase in sales before Christmas. 商业街的零售商报告说圣诞节前销售量显著提高。
• Retailers have a statutory duty to provide goods suitable for their purpose. 零售商有为他们提供符合要求的货品的法定义务。

23 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

24 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

25 quirk   

n.奇事，巧合；古怪的举动

参考例句：

• He had a strange quirk of addressing his wife as Mrs Smith.他很怪，把自己的妻子称作史密斯夫人。
• The most annoying quirk of his is wearing a cap all the time.他最令人感到厌恶的怪癖就是无论何时都戴著帽子。

26 disciples   

n.信徒( disciple的名词复数 )；门徒；耶稣的信徒；（尤指）耶稣十二门徒之一

参考例句：

• Judas was one of the twelve disciples of Jesus. 犹大是耶稣十二门徒之一。 来自《简明英汉词典》
• "The names of the first two disciples were --" “最初的两个门徒的名字是——” 来自英汉文学 - 汤姆历险

27 preclude   

vt.阻止，排除，防止；妨碍

参考例句：

• We try to preclude any possibility of misunderstanding.我们努力排除任何误解的可能性。
• My present finances preclude the possibility of buying a car.按我目前的财务状况我是不可能买车的。

28 meddling   

v.干涉，干预（他人事务）( meddle的现在分词 )

参考例句：

• He denounced all "meddling" attempts to promote a negotiation. 他斥责了一切“干预”促成谈判的企图。 来自辞典例句
• They liked this field because it was never visited by meddling strangers. 她们喜欢这块田野，因为好事的陌生人从来不到那里去。 来自辞典例句

29 modicum   

n.少量，一小份

参考例句：

• If he had a modicum of sense,he wouldn't do such a foolish thing.要是他稍有一点理智，他决不会做出如此愚蠢的事来。
• There's not even a modicum of truth in her statement.她说的话没有一点是真的。

30 costly   

adj.昂贵的，价值高的，豪华的

参考例句：

• It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
• This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。

31 hoard   

n./v.窖藏，贮存，囤积

参考例句：

• They have a hoard of food in the basement.地下室里有他们贮藏的食物。
• How many curios do you hoard in your study?你在你书房里聚藏了多少古玩？

32 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。

33 halfway   

adj.中途的，不彻底的，部分的；adv.半路地，在中途，在半途

参考例句：

• We had got only halfway when it began to get dark.走到半路，天就黑了。
• In study the worst danger is give up halfway.在学习上，最忌讳的是有始无终。

34 fetters   

n.脚镣( fetter的名词复数 )；束缚v.给…上脚镣，束缚( fetter的第三人称单数 )

参考例句：

• They were at last freed from the fetters of ignorance. 他们终于从愚昧无知的束缚中解脱出来。
• They will run wild freed from the fetters of control. 他们一旦摆脱了束缚，就会变得无法无天。 来自《简明英汉词典》

35 inflexibility   

n.不屈性，顽固，不变性；不可弯曲；非挠性；刚性

参考例句：

• One basic advantage of organization planning is avoidance of organizational inflexibility. 组织规划的一个基本优点就是可避免组织缺乏弹性。 来自辞典例句
• Allenda was brought down by his own incompetence and inflexibility. 阿连德之所以倒台，是由于他自己的无能和固执。 来自辞典例句

36 havoc   

n.大破坏，浩劫，大混乱，大杂乱

参考例句：

• The earthquake wreaked havoc on the city.地震对这个城市造成了大破坏。
• This concentration of airborne firepower wrought havoc with the enemy forces.这次机载火力的集中攻击给敌军造成很大破坏。

37 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

38 hoarding   

n.贮藏；积蓄；临时围墙；囤积v.积蓄并储藏（某物）( hoard的现在分词 )

参考例句：

• After the war, they were shot for hoarding. 战后他们因囤积而被枪决。 来自《简明英汉词典》
• Actually he had two unused ones which he was hoarding up. 其实他还藏了两片没有用呢。 来自英汉文学

39 demise   

n.死亡；v.让渡，遗赠，转让

参考例句：

• He praised the union's aims but predicted its early demise.他赞扬协会的目标，但预期这一协会很快会消亡。
• The war brought about the industry's sudden demise.战争道致这个行业就这么突然垮了。

40 advertising   

n.广告业；广告活动 a.广告的；广告业务的

参考例句：

• Can you give me any advice on getting into advertising? 你能指点我如何涉足广告业吗?
• The advertising campaign is aimed primarily at young people. 这个广告宣传运动主要是针对年轻人的。

41 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

42 credible   

adj.可信任的，可靠的

参考例句：

• The news report is hardly credible.这则新闻报道令人难以置信。
• Is there a credible alternative to the nuclear deterrent?是否有可以取代核威慑力量的可靠办法？

43 inconvenient   

adj.不方便的，令人感到麻烦的

参考例句：

• You have come at a very inconvenient time.你来得最不适时。
• Will it be inconvenient for him to attend that meeting?他参加那次会议会不方便吗？

44 constraints   

强制( constraint的名词复数 )； 限制； 约束

参考例句：

• Data and constraints can easily be changed to test theories. 信息库中的数据和限制条件可以轻易地改变以检验假设。 来自英汉非文学 - 科学史
• What are the constraints that each of these imply for any design? 这每种产品的要求和约束对于设计意味着什么？ 来自About Face 3交互设计精髓