[Note: I neither own nor have any trading position on any cryptocurrency.  I was not compensated by any party to write this.  The views expressed below are solely my own and do not necessarily represent the views of my employer or any organization I advise.  See Post Oak Labs for more information.]
[注意：我既不拥有也不持有任何加密货币的交易头寸。我未接受任何一方的报酬来撰写本文。以下观点仅代表我个人，并不一定代表我雇主或我所咨询的任何组织的观点。更多信息请参阅 Post Oak Labs。]

Alternative title: who will be the Harry Markopolos of cryptocurrencies?
替代标题：谁将成为加密货币的哈里·马科波洛斯？

If you don’t know who Harry Markopolos is, quickly google his name and come back to this article.  If you do, and you aren’t completely familiar with the relevance he has to the cryptocurrency world, let’s start with a little history.
如果您不知道哈利·马科波洛斯是谁，请快速谷歌他的名字，然后回来阅读这篇文章。如果您认识他，但并不完全了解他对加密货币世界的相关性，让我们从一点历史开始。

Background  背景

With its passion and perma-excitement, the cryptocurrency community sometimes deludes itself into thinking that it is a self-regulating market that doesn’t need (or isn’t subject to) government intervention to weed out bad actors.1 “Self-regulation,” usually refers to an abstract notion that bad actors will eventually be removed by the action of market forces, invisible hand, etc.
以其激情和永无止境的兴奋，加密货币社区有时会自欺欺人地认为它是一个自我调节的市场，不需要（或不受）政府干预来清除不良行为者。1“自我调节”通常指的是一个抽象的概念，即不良行为者最终将通过市场力量、无形之手等行为被清除。

Yet by most measures, many bad actors have not left because there are no real consequences or repercussions for being a bad dude (or dudette).
然而，根据大多数衡量标准，许多不良分子并没有离开，因为没有真正的后果或报复对于成为一个坏小子（或坏女孩）。

Simultaneously, despite the hundreds of millions of dollars raised by VCs and over a couple billion dollars raised through ICOs in the past year or so, not one entity has been created by the community with the power or moral authority to rid the space of bad apples and criminals.  Where is the regulatory equivalent of FINRA for cryptocurrencies?2
同时，尽管在过去一年左右的时间里，风险投资家筹集了数亿美元，通过 ICO 筹集了超过二十亿美元，但社区并没有创建出任何具有权力或道德权威来清除该领域的不良分子和犯罪分子的实体。加密货币的监管等效机构 FINRA 在哪里？2

Part of this is because some elements in the community tacitly enable bad actors. This is done, in some cases, by providing the getaway cars (coin mixers) but also, in other cases, with a wink and a nod as much of the original Bitcoin infrastructure was set-up and co-opted by Bitcoiners themselves, some of whom were bad actors from day one.3
这部分原因是因为社区中的一些元素默许了不良行为者。在某些情况下，这是通过提供逃跑车辆（币混器）来实现的，但在其他情况下，则是通过一个眼神和一个点头，因为大部分原始比特币基础设施都是由比特币爱好者自己建立和利用的，其中一些从第一天起就是不良行为者。3

There are many examples, including The DAO.4 But the SEC already did a good dressing down of The DAO, so let’s look at BTC-e.
有许多例子，包括 The DAO。4 但美国证券交易委员会已经对 The DAO 进行了很好的批评，所以让我们看看 BTC-e。

BTC-e is a major Europe-based exchange that has allegedly laundered billions of USD over the span of the past 6 years.  Its alleged operator, Alexander Vinnik, stands accused of receiving and laundering some of the ill-gotten gains from one of the Mt. Gox hacks (it was hacked many many times) through BTC-e and even Mt. Gox itself.5 BTC-e would later go on to be a favorite place for ransomware authors to liquidate the ransoms of data kidnapping victims.
BTC-e 是一家主要的欧洲交易所，据称在过去 6 年期间洗钱数十亿美元。其涉嫌运营者亚历山大·维尼基克被控涉嫌接收和洗钱来自 Mt. Gox 黑客攻击（它被多次黑客攻击）的一部分非法所得，通过 BTC-e 甚至 Mt. Gox 本身。5 BTC-e 后来成为勒索软件作者变现数据绑架受害者赎金的首选之地。

Who shut down BTC-e?
谁关闭了 BTC-e？

It wasn’t the enterprising efforts of the cryptocurrency community or its verbose opinion-makers on social media or the “new 1%.”  It was several government law enforcement agencies that coordinated across multiple jurisdictions on limited budgets.6 Yet, like Silk Road, some people in the cryptocurrency community likely knew the operators of the BTC-e and willingly turned a blind eye to serious misconduct which, for so long as it continues, represents a black mark to the entire industry.
这不是加密货币社区的创业努力，也不是其在社交媒体上滔滔不绝的意见领袖，更不是“新 1%”。而是几个政府执法机构在有限的预算下跨多个司法管辖区协调。然而，就像丝绸之路一样，加密货币社区中的一些人可能知道 BTC-e 的运营商，并且心甘情愿地对严重的违法行为视而不见，这种行为只要继续下去，就会给整个行业留下污点。

In other cases, some entrepreneurs and investors in this space make extraordinary claims without providing extraordinary evidence.  Such as, using cryptocurrency networks are cheaper to send money overseas than Western Union.  No, it probably is not, for reasons outlined by SaveOnSend.7
在其他情况下，一些这个领域的创业者和投资者在没有提供非凡证据的情况下做出非凡的声明。例如，使用加密货币网络比西联汇款更便宜地发送海外资金。不，可能不是，正如 SaveOnSend 所概述的原因。7

But those who make these unfounded, feel-good claims are not held accountable or fact-checked by the market because many market participants are solely interested in the value of coins appreciating.  Anything is fair game so as long as prices go up-and-to-the-right, even if it means hiring a troll army or two to influence market sentiment.
但是，那些提出这些无根据的、令人感觉良好的主张的人并没有因为市场参与者只对硬币增值的价值感兴趣而受到问责或事实核查。只要价格向上和向右走，任何事情都是公平的游戏——即使这意味着雇佣一两个网络水军来影响市场情绪。

And yet in other cases, the focus of several industry trade associations and lobbying groups is to squarely push back against additional regulations and/or enforcement of existing regulations or PR that contradicts their narrative.8
然而，在其他情况下，几个行业贸易协会和游说团体的重点是直接反对额外的法规和/或现有法规的执行，或与他们的说法相矛盾的公关。8

Below are eight suggested areas for further investigation within this active space (there could be more, but let’s start with this small handful):
以下是在此活跃领域内建议进一步研究的八个领域（可能还有更多，但让我们从这小部分开始）：

(1) Bitfinex

Bitfinex is a Hong Kong-based cryptocurrency exchange that has been hacked multiple times.9  Most recently, about 400 days ago, $65 million dollars’ worth of bitcoins were stolen.
比特二元是位于香港的加密货币交易所，曾多次遭到黑客攻击。最近一次，大约 400 天前，价值 6500 万美元的比特币被盗。

Bitfinex eventually painted over these large losses by stealing from its own users, by socializing the deficits that took place in some accounts across nearly all user accounts.10  Bitfinex has – despite promising public audits and explanations of what happened – provided no details about how it was hacked, who hacked it, or to where those funds were drained to.11 It has also self-issued at least two tokens (BFX and RRT) representing their debt and equity to users, listed these tokens on their own exchange and allowed their users to trade them.12
比特芬克斯最终通过从其用户那里窃取资金，将一些账户发生的亏损社会化，几乎覆盖了所有用户账户的大额损失。10 尽管比特芬克斯承诺进行公开审计和解释事件经过，但它并未提供有关其被黑客攻击、黑客是谁或资金被转移到何处的详细信息。11 它还自行发行了至少两种代币（BFX 和 RRT），代表其对用户的债务和股权，并在自己的交易所上列出这些代币，允许用户进行交易。12

There have been suggestions of impropriety, with its CFO (or CSO?) Phil Potter publicly explaining how they handle being de-banked and re-banked:
有关于不当行为的建议，其首席财务官（或首席战略官？）Phil Potter 公开解释了他们如何处理被取消银行账户和重新开户的情况：

“We’ve had banking hiccups in the past, we’ve just always been able to route around it or deal with it, open up new accounts, or what have you… shift to a new corporate entity, lots of cat and mouse tricks that everyone in Bitcoin industry has to avail themselves of.”
我们过去有过银行的小问题，但我们总能绕过去或处理它，开设新账户，或者诸如此类……转移到新的法人实体，很多猫捉老鼠的把戏，比特币行业的每个人都必须自己掌握。

Yet there is little action by the cryptocurrency community to seek answers to the open questions surrounding Bitfinex.  I wrote a detailed post several months ago on it and the only reporters who contacted me for follow-ups were from mainstream press.
然而，加密货币社区在寻求解决围绕 Bitfinex 的开放性问题方面行动甚微。几个月前，我为此撰写了一篇详细的帖子，唯一联系我进行后续报道的记者来自主流媒体。

There are a lot of reasons why, but one major reason could be that some customers have financially benefited from this lack of market surveillance because relatively little KYC (Know Your Customer) is collected or AML (Anti-Money Laundering) enforced, so some trades and/or taxes are probably unreported.13 This wouldn’t be an isolated incident as the IRS has said less than 1,000 United States persons have been filing taxes related to “virtual currencies” each year between 2013 – 2015.
有很多原因，但一个主要的原因可能是，一些客户因市场监督不足而从中获得经济利益，因为收集的客户身份识别（KYC）信息相对较少，或者反洗钱（AML）执行不力，因此一些交易和/或税收可能未申报。13 这不会是一个孤立事件，因为美国国税局表示，在 2013 年至 2015 年期间，每年只有不到 1,000 名美国公民申报与“虚拟货币”相关的税收。

But that’s not all.
但这并非全部。

The latest series of drama began earlier this spring: Bitfinex sued Wells Fargo who had been providing correspondent banking access to Bitfinex’s Taiwanese banking partners.  Wells Fargo ended this relationship which consequently tied up tens of millions of USD that was being wired internationally on behalf of Bitfinex’s users.  About a week later Bitfinex dropped the suit and at least one person involved on the compliance side of a large Taiwanese bank was terminated due to the misrepresentation of the Bitfinex account relationship.
最新一季剧集在今年春天早些时候开始：比特飞讯起诉富国银行，该银行曾为比特飞讯的台湾银行合作伙伴提供代理银行业务接入。富国银行结束了这一关系，这导致数千万美元的国际汇款被冻结，这些汇款是代表比特飞讯用户进行的。大约一周后，比特飞讯撤回了诉讼，并且至少有一名大型台湾银行合规部门的人员因对比特飞讯账户关系的错误陈述而被解雇。

This also impacted the price of Tether.
这也影响了泰达币的价格。

Tether, as its name suggests, is a proprietary cryptocurrency (USDT) that is “always backed by traditional currency held in our reserves.”  It initially used a cryptocurrency platform called Mastercoin (rebranded to Omni) and recently announced an ERC20 token on top of Ethereum.1415
泰达币，正如其名所示，是一种专有加密货币（USDT），“始终由我们储备中的传统货币支持。”它最初使用了一个名为 Mastercoin 的加密货币平台（更名为 Omni），最近在以太坊上宣布了一种 ERC20 代币。14 15

As a corporate entity, Tether’s governance, management, and business are fairly opaque.  No faces or names of employees or personnel can be found on its site.16  Bitfinex was not only one of its first partners but is also a shareholder.  Bitfinex has also created a new ICO trading platform called Ethfinex and just announced that Tether will be partnering with it in some manner.17
作为一家企业实体，Tether 的治理、管理和业务相当不透明。在其网站上找不到员工或人员的面孔或姓名。16 Bitfinex 不仅是其首批合作伙伴之一，还是其股东。Bitfinex 还创建了一个名为 Ethfinex 的新 ICO 交易平台，并刚刚宣布 Tether 将以某种方式与之合作。17

Tether as an organization creates coins.  These coins are known as Tethers that trade under the ticker $USDT each of which, as is claimed on their webpage, is directly linked, 1-for-1, with USD and yen equivalents deposited in commercial banks.  But after the Wells Fargo suit was announced, USDT “broke the buck” and traded at $0.92 on the dollar.18   It has fluctuated a great deal during the summer currently trades at $1.00 flat.
Tether 作为一家机构发行货币。这些货币被称为泰达币，以$USDT 的标志进行交易，据其网页上所述，每个泰达币都与存放在商业银行中的美元和日元等值货币直接挂钩，1 比 1。但在富国银行诉讼宣布后，USDT“跌破美元”，以 0.92 美元的价格交易。18 在夏季期间波动很大，目前以 1.00 美元的价格平稳交易。

Which leads to the question: are the seven banks listed by the recent CPA disclosure aware of what Tether publicly advertises its USDT product as?19
哪些最近由 CPA 披露的七家银行知道 Tether 公开宣传其 USDT 产品是什么吗？19

Who is responsible for issuance, and how if at all can they be redeemed?  Are they truly backed 1:1 or is there some accounting sleight-of-hand taking place behind the scenes?20  Where are those reserves going to be exactly?  Who will have access to them?  Will either Tether (the company) or Bitfinex going to use them to trade?21 These are the types of questions that should be asked and publicly answered.
谁负责发行，他们是否可以兑换，如果可以的话？它们是否真的 1:1 有保障，还是在幕后有一些会计手段？20 那些储备金将确切地放在哪里？谁将有权访问它们？Tether（公司）或 Bitfinex 是否会使用它们进行交易？21 这些是应该提出并公开回答的问题。

The only reason anyone is learning anything about the project is because of an anonymous Tweeter, going by the handle @Bitfinexed, who seemingly has nothing better to do than listen to hundreds of hours of audio archives of Bitcoiners openly bragging about their day trading schemes and financial markets acumen (in that order).
唯一的原因是，任何人了解这个项目的唯一原因是因为一个化名为@Bitfinexed 的匿名推特用户，他似乎除了听数百小时的音频档案，比特币爱好者公开吹嘘他们的日内交易计划和金融市场洞察力（按此顺序）之外，没有其他更好的事情可做。

Despite myself and others having urged coin media to do so, to my knowledge there have been no serious investigations or transparency as to who owns or runs this organization.  Privately, some reporters have blamed a lack of resources for why they don’t pursue these leads; this is odd given the deluge of articles posted every month on the perpetual block size debate that will likely resolve itself in the passage of time.
尽管我和其他人敦促币媒体这么做，据我所知，还没有对谁拥有或运营这个组织进行过严肃的调查或透明度。私下里，一些记者将他们没有追查这些线索归咎于资源不足；鉴于每个月都会发布大量关于持续区块大小辩论的文章，这可能会随着时间的推移而自行解决，这很奇怪。

The only (superficial) things we know about Tether (formerly Realcoin) is from the few bits of press releases over time.22  Perhaps this is all just a misunderstanding due to miscommunication.23  Who wants to fly to Hong Kong and/or Taiwan to find out more?
关于 Tether（原名 Realcoin），我们所知道的唯一（表面）事情只是来自过去一段时间内的一些新闻稿片段。22 或许这只是一场由于沟通不畅而产生的误解。23 谁愿意飞往香港和/或台湾了解更多信息呢？

(2) Ransomware, Ponzi’s, Zero-fee and AML-less exchanges
(2) 勒索软件、庞氏骗局、零费率和无 AML 交易所

Last month a report from Xinhua found that:
上个月，新华社的一份报告发现：

China’s two biggest bitcoin exchanges, Huobi and OKCoin, collectively invested around 1 billion yuan ($150 million) of idle client funds into “wealth-management products.”
中国最大的两家比特币交易所，火币和 OKCoin，共同将约 10 亿元人民币（1.5 亿美元）的闲置客户资金投资于“财富管理产品”。

In other words, the reason these exchanges were able to operate and survive while charging zero-fees is partially offset by these exchanges using customer deposits to invest in other financial products, without disclosing this to customers.24
换句话说，这些交易所能够通过收取零费用来运营和生存，部分原因是它们使用客户存款投资其他金融产品，而未向客户披露此情况。24

Based on conversations with investigative reporters and former insiders, it appears that many, if not most, mid-to-large exchanges in China used customer deposits (without disclosing this fact) to purchase other financial products.  It was not just OKCoin and Huobi but also BTCC (formerly BTC China) and others.  This is not a new story (Arthur Hayes first wrote about it in November 2015), but the absence of transparency in how these exchanges and intermediaries are run ties in with what we have seen at BTC-e.  While there were likely a number of legitimate, non-illicit users of BTC-e (like this one Australian guy), the old running joke within the community is that hackers do not attack BTC-e because it was the best place to launder their proceeds.
基于与调查记者和前内部人士的交谈，似乎中国许多（如果不是大多数）中等至大型交易所（未披露此事实）使用客户存款购买其他金融产品。这不仅仅是 OKCoin 和 Huobi，还包括 BTCC（前 BTC China）和其他交易所。这不是一个新故事（Arthur Hayes 最早在 2015 年 11 月撰写了关于此事的文章），但这些交易所和中介机构的运营缺乏透明度，与我们看到的 BTC-e 情况相符。虽然 BTC-e 可能有许多合法的非非法用户（就像这位澳大利亚人一样），但社区中的老笑话是黑客不攻击 BTC-e，因为它是最适合洗钱的地方。

Many exchanges, especially those in developing countries lacking KYC and AML processes, directly benefited from thefts and scams.  Yet we’ve seen very little condemnation from the main cheerleaders in the community.25
许多交易所，尤其是在缺乏 KYC 和 AML 流程的发展中国家，直接从盗窃和诈骗中受益。然而，我们几乎没有看到社区主要鼓吹者对此的谴责。25

For example, two years ago in South Africa, MMM’s local chapter routed around the regulated exchange, patronizing a new exchange that wouldn’t block their transactions.26  MMM is a Ponzi scheme that has operated off-and-on for more than twenty years in dozens of countries.  In its most current incarnation it has raised and liquidated its earnings via bitcoin.  As a result, the volume on the new exchange in South Africa outpaced the others that remained compliant with AML procedures.  Through coordination with law enforcement it was driven out for some time, but in January of this year, MMM rebooted and it is now reportedly back in South Africa and Nigeria.  The same phenomenon has occurred in multiple other countries including China, wherein, according to inside sources, at least one of the Big 3 exchanges gave MMM representatives the VIP treatment because it boosted their volume.
例如，两年前在南非，MMM 的地方分会绕过监管交易所，支持一个不会阻止他们交易的新交易所。26 MMM 是一个已经断断续续运营了二十多年的庞氏骗局，涉及数十个国家。在其最新的形态中，它通过比特币筹集和清算其收益。因此，南非新交易所的成交量超过了其他遵守反洗钱程序的交易所。通过执法部门的协调，它一度被驱逐，但今年 1 月，MMM 重新启动，据报道它现在又回到了南非和尼日利亚。同样的现象也发生在包括中国在内的多个其他国家，据内部人士透露，至少有一家大型交易所给了 MMM 代表 VIP 待遇，因为它增加了他们的成交量。

It was a lack of this market surveillance and customer protections and outright fraud that eventually led to many of the Chinese exchanges being investigated and others raided by local and national regulators in a coordinated effort during early January and February 2017.27
2017 年 1 月和 2 月初，由于缺乏这种市场监督和客户保护，以及直接的欺诈行为，导致许多中国交易所被当地和国家级监管机构调查，其他交易所遭到突袭，这是一次协调一致的行动。27

Initially several executives at the non-compliant exchanges told coin media that nothing was happening, that all the rumors of investigation was “FUD” (fear, uncertainty, doubt).  But they were lying.28
起初，一些不符合规定的交易所的高管告诉币媒体，没有发生任何事情，所有关于调查的谣言都是“恐慌、不确定、怀疑”（FUD）。但他们撒谎了。28

Regulators had really sent on-site staff to “spot check” and clean up the domestic KYC issues at exchanges.  They combed through the accounting books, bank accounts, and trading databases, logging the areas of non-compliance and fraud.  This included problems such as allowing wash-trading to occur and unclear margin trading terms and practices.29 Law enforcement showed these problems (in writing) to exchange operators who had to sign and acknowledge guilt: that these issues were their responsibility and that there could be future penalties.
监管部门真的派驻了现场工作人员进行“抽查”并清理交易所的国内 KYC 问题。他们查看了会计账簿、银行账户和交易数据库，记录了违规和欺诈的领域。这包括允许洗盘交易发生以及不明确的保证金交易条款和做法等问题。29 名执法人员将这些问题（书面形式）展示给交易所运营商，他们必须签字并承认有罪：这些问题是他们的责任，并且可能会面临未来的处罚。

Following the recent government ban on ICO fundraising (described in the next section), all exchanges in China involved in fiat-to-cryptocurrency trades have announced they will close in the coming weeks, including Yunbi, an exchange that was popular with ICO issuers.30  On September 14^th, the largest exchange in Shanghai, BTCC (formerly BTC China), announced it would be closing its domestic exchange by the end of the month.31 It is widely believed it was required to do so for a number of compliance violations and for having issued and listed an ICO called ICOCoin.32
近期政府禁止 ICO 融资（下文将进行描述）后，中国所有涉及法定货币与加密货币交易的交易所均宣布将在未来几周内关闭，包括深受 ICO 发行者喜爱的云币交易所。9 月 14 日，上海最大的交易所 BTCC（前身为 BTC 中国）宣布，其国内交易所将在月底前关闭。普遍认为，这是由于多项合规违规以及发行并上市了名为 ICOCoin 的 ICO 项目。

The two other large exchanges, OKCoin and Huobi, both announced on September 15^th that they will be winding down their domestic exchange by October 31^st.33  Although according to sources, some exchange operators hope this enforcement decision (to close down) made by regulators will quietly be forgotten after the Party Congress ends next month.34
两家其他大型交易所，OKCoin 和 Huobi，均在 9 月 15 日宣布将于 10 月 31 日关闭其国内交易所。尽管据消息来源，一些交易所运营商希望监管机构做出的这一关闭决定（关闭交易所）将在下个月党代表大会结束后被悄悄遗忘。

One Plan B is a type of Shanzhai (山寨) hawala which has already sprung up on Alibaba whereby users purchase discrete units of funds as a voucher from foreign exchanges (e.g., $1,000 worth of BTC at a US-based exchange).35  Many exchanges are trying to setup offices and bank accounts nearby in Hong Kong, South Korea, and Japan, however this will not solve their ability to fund RMB-denominated trades.36
一种备选方案 B 是一种在阿里巴巴上出现的山寨版 hawala，用户可以从外国交易所购买离散的资金单位作为凭证（例如，在一家美国交易所购买价值 1000 美元的 BTC）。许多交易所正在尝试在香港、韩国和日本附近设立办事处和银行账户，然而这并不能解决他们为以人民币计价的交易提供资金的能力。

It is still unclear at this time what the exact breakdown in areas of non-compliance were largest (or smallest).37  For instance, how common was it to use a Chinese exchange for liquidating ransomware payments?
目前尚不清楚哪些非合规领域的具体问题最为突出（或最不突出）。例如，使用中国交易所进行勒索软件赎金支付的情况有多普遍？

As mentioned in an earlier post, cryptocurrencies are the preferred payment method for ransomware today because of their inherent characteristics and difficulty to reclaim or extract recourse.  One recent estimate from Cybersecurity Ventures is that “[r]ansomware damage costs will exceed $5 billion in 2017, up more than 15X from 2015.”  The victims span all walks of life, including the most at-risk and those providing essential services to the public (like hospitals).
如前文所述，由于其固有特性和难以追回或提取赔偿的难度，加密货币现在是勒索软件的首选支付方式。Cybersecurity Ventures 的一项最新估计显示，“2017 年勒索软件造成的损失将超过 50 亿美元，比 2015 年增加超过 15 倍。”受害者涵盖各行各业，包括最易受攻击者和为公众提供基本服务的人（如医院）。

But if you bring up this direct risk to the community, be prepared to be shunned or given the “whataboutism” excuse: sure bitcoin-denominated payments are popular with ransomware, but whatabout dirty filthy statist fiat and the nuclear wars it funds!
但是，如果你将这种直接风险公之于众，要做好被排斥或被给出“那又如何”的借口：当然，以比特币计价的支付在勒索软件中很受欢迎，但那又如何，肮脏的法定货币和它资助的核战争又如何呢！

Through the use of data matching and analytics, there are potential solutions to these chain of custody problems outlined later in section 8.
通过使用数据匹配和分析，第 8 节中概述的这些问题有潜在解决方案。

(3) Initial coin offerings (ICOs)
（3）首次代币发行（ICO）

Irrespective of where your company is based, the fundraising system in developed – let alone developing countries – is often is a time consuming pain in the rear.  The opportunity costs foregone by the executive team that has to road show is often called a necessary evil.
无论您的公司位于何处，发达国家的筹资系统——更不用说发展中国家——通常是一个耗时且令人头疼的问题。必须进行路演的执行团队所放弃的机会成本通常被称为必要的恶。

There has to be a more accessible way, right?  Wouldn’t it just be easier to crowdfund from (retail) investors around the world by selling or exchanging cryptocurrencies directly to them and use this pool of capital to fund future development?
必须有一种更易于获取的方式，对吧？通过直接向全球（零售）投资者出售或交换加密货币来众筹，然后利用这笔资金池来资助未来的发展，这难道不是更简单吗？

Enter the ICO.  进入 ICO。

In order to participate in a typical ICO, a user (and/or investor) typically needs to acquire some bitcoin (BTC) or ether (ETH) from a cryptocurrency exchange.  These coins are then sent to a wallet address controlled by the ICO organizer who sometimes converts them into fiat currencies (often without any AML controls in place), and sends the user/investor the ICO coin.38
为了参与典型的 ICO，用户（和/或投资者）通常需要从加密货币交易所购买一些比特币（BTC）或以太坊（ETH）。然后，将这些币发送到由 ICO 组织者控制的钱包地址，组织者有时会将它们转换为法定货币（通常没有任何反洗钱控制措施），并将 ICO 币发送给用户/投资者。38

Often times, ICO organizers will have a private sale prior to the public ICO, this is called a pre-sale or pre-ICO sale.  And investors in these pre-sales often get to acquire tokens at substantial discounts (10 – 60%) than the rate public investors are offered.39.  ICO organizers typically do not disclose what these discounts are and often have no vesting cliffs attached to them either.
通常情况下，ICO 组织者在公开 ICO 之前会进行一次私募，这被称为预售或预 ICO 销售。在这些预售中，投资者通常可以以比公开投资者提供的价格低很多（10-60%）的价格获得代币。39. ICO 组织者通常不会公开这些折扣是多少，而且通常也没有与之相关的锁定期。

The surge in popularity of ICOs as a way to quickly exploit and raise funds (coins) and liquidate them on secondary markets has transitively led to a rise in demand of bitcoin, ether, and several other cryptocurrencies.  Because the supply of most of the cryptocurrencies is perfectly inelastic, any significant increase (or decrease) in demand can only be reflected via volatility in prices.
ICO 作为一种快速利用和筹集资金（代币）并在二级市场上清算的方式，其受欢迎程度的激增间接导致了比特币、以太坊和其他几种加密货币需求的增加。由于大多数加密货币的供应量完全无弹性，需求的任何显著增加（或减少）都只能通过价格波动来反映。

Hence, ICOs are one of the major contributing factors as to why we have seen record high prices of many different cryptocurrencies that are used as gateway coins into ICOs themselves.
因此，ICO 是导致我们看到许多不同加密货币创下历史最高价的主要原因之一，这些加密货币被用作进入 ICO 本身的门户币。

According to one estimate from Coin Schedule, about $2.1 billion has been raised around the world for 140 different ICOs this year.40  My personal view is that based on the research I have done, most ICO projects have intentionally or unintentionally created a security and are trying to sell it to the public without complying with securities laws.41 Depending on the jurisdiction, there may be a small handful of others that possibly-kinda-sorta have created a new coin that complies with existing regs.42  Maybe.
根据 Coin Schedule 的一项估计，今年全球为 140 个不同的 ICO 筹集了约 21 亿美元。40 我个人认为，根据我所进行的研究，大多数 ICO 项目有意或无意地创造了一种证券，并试图在不遵守证券法的情况下将其出售给公众。41 根据司法管辖权，可能还有一小部分其他项目可能某种程度上创造了一种符合现有法规的新币。42 也许吧。

Ignoring the legal implications and where each fits on that spectrum for the moment, many ICOs to-date have pandered to and exploited terms like “financial inclusion” when it best suits them.43  Others pursue the well-worn path of virtue signaling: Bitcoiners condemning the Ethereum community (which itself was crowdfunded as an ICO), because of the popularity in using the Ethereum network for many ICOs… yet not equally condemning illicit fundraising that involves bitcoin or the Bitcoin network or setting up bucket shops such as Sand Hill Exchange (strangely one of its founders who was sued by the SEC now writes at Bloomberg).
忽略法律影响和它们在这条光谱上的位置，到目前为止，许多 ICO 项目都迎合并利用了“金融包容性”等术语，以最适合它们的方式。43 其他人则遵循了陈词滥调的道德标榜：比特币用户谴责以太坊社区（它本身也是作为 ICO 众筹的），因为许多 ICO 项目使用以太坊网络而流行……然而，并不同样谴责涉及比特币或比特币网络的不法筹资，或设立如沙丘交易所（奇怪的是，其中一位创始人因被 SEC 起诉而撰写文章于彭博社）。

The cryptocurrency community as a whole condemned the “Chinese government” for its recent blanket ban on fundraising and secondary market listing of ICOs.44 The People’s Bank of China (PBOC) is one of seven regulators to enforce these regulations yet most of the public antagonism has been channeled at just the PBOC.45
加密货币社区整体谴责“中国政府”近期对 ICO 的募资和二级市场上市的全面禁令。中国人民银行（PBOC）是执行这些规定的七个监管机构之一，但大部分公众的敌意都集中在了 PBOC。

Irrespective of whether you think it was the right or wrong thing to do because you heart blockchains, the PBOC and other regulators had quite valid reasons to do so: some ICO creators and trading platforms were taking funds they received from their ICO and then re-investing those into other ICOs, who in turn invested in other ICOs, and so forth; creating a fund of fund of funds all without disclosing it to the public or original investors.46 ICO Inception (don’t tell Christopher Nolan).
无论你认为这是否是正确或错误的事情，因为你喜欢区块链，中国人民银行和其他监管机构这样做是有充分理由的：一些 ICO 创建者和交易平台将他们从 ICO 中获得的资金重新投资到其他 ICO 中，而这些 ICO 又投资到其他 ICO 中，如此循环；创建了一个基金中的基金，而这一切都没有向公众或原始投资者披露。46 个 ICO 启动（不要告诉克里斯托弗·诺兰）。

In China and in South Korea, and several other countries including the US, there is a new cottage industry made of up entities called “community managers” (CM) wherein an ICO project hires an external company (a CM) who provides a number of services:
在中国和韩国，以及包括美国在内的其他国家，出现了一种新的 cottage industry，由被称为“社区经理”（CM）的实体组成，ICO 项目雇佣外部公司（CM）提供一系列服务：

1. for X amount of BTC the CM will actively solicit and get your coin listed on various exchanges;
   对于 X 数量的 BTC，CM 将积极争取并在多个交易所上为您列出您的币种
2. the CM takes a sales commission while marketing the coin to the public such that after the ICO occurred, they would take a juicy cut of the proceeds; and several other promotional services.47
   CM 在向公众推广代币时收取销售佣金，这样在 ICO 发生后，他们会从收益中拿走一大块；以及提供其他几项促销服务。47

The ICO issuers and fundraising/marketing teams usually organize a bunch of ICOs weekly and typically employ a market maker (known as an “MM” in the groups) whose role is to literally pump and dump the coin.  They engage in ‘test pumps’ and ‘shakeouts’ to get rid of the larger ICO investors so they can push the price up on a thin order book by 10x, 20x, or 30x before distributing and pulling support. You can hire the services of one of these traders in many of the cryptocurrency trading chat groups.48
ICO 发行方和筹款/营销团队通常每周组织大量 ICO，并通常雇佣一个市场制造者（在团队中被称为“MM”），其角色是字面意义上的推高和抛售代币。他们进行“测试推高”和“清洗”以去除较大的 ICO 投资者，以便在订单簿稀薄的情况下将价格推高 10 倍、20 倍或 30 倍，然后再分配和撤回支持。您可以在许多加密货币交易聊天群组中雇佣这些交易者的服务。48

There were even ICO boot camps (训练营) in China (and elsewhere) usually setup with shady figures with prior experience in pyramid schemes.49  Here they coached the average person to launch an ICO on the fly based on the ideas of this leader to people of all demographics including the vulnerable and at-risk.50  Based on investigations which are still ongoing, the fraud and deceit involved was not just one or two isolated incidents, it was rampant.51 Obtaining the training literature that was given to them (e.g., the script with the promises made) would make for a good documentary and/or movie.
中国甚至有 ICO 训练营（训练营），通常由有金字塔骗局经验的不法分子设立。49 在这里，他们指导普通人即兴推出 ICO，基于这位领导者的想法，面向所有人群，包括脆弱和有风险的人群。50 根据仍在进行的调查，涉及的欺诈和欺骗不仅仅是几个孤立的事件，而是普遍存在的。51 获取他们所获得的培训资料（例如，承诺的剧本）将是一部很好的纪录片和/或电影。

In other words, the ICO rackets have recreated many aspects of the financial services industry (underwriters, broker/dealers) but without any public disclosures, organizational transparency, investor protections, or financial controls.  Much like boiler rooms of days past.  It is no wonder that with all of this tomfoolery, according to Chainalysis, that at least $225 million worth of ETH has been stolen from ICO-related fundraising activity this past year.52
换句话说，ICO 诈骗团伙重新构建了金融服务业的许多方面（承保人、经纪/交易商），但没有任何公开披露、组织透明度、投资者保护或财务控制。这与过去的电话销售室非常相似。难怪在所有这些胡闹中，根据 Chainalysis 的数据，去年至少有 2.25 亿美元的 ETH 在 ICO 相关的筹资活动中被盗。52

At its dizzying heights, in China, there were about sixty ICO crowdfunding platforms each launching (or trying to launch) new ICOs on a monthly basis.53  And many of these platforms also ran and operated their own exchanges where insiders were pumping (and dumping) and seeing returns of up to 100x on coins that represented “social experiments to test human stupidity” such as the performance art pictured below.
在中国，在其令人眩晕的高峰期，大约有六十家 ICO 众筹平台，每月都会推出（或尝试推出）新的 ICO。53 许多这些平台还运营自己的交易所，内部人士在那里炒作（并抛售）代表“测试人类愚蠢的社交实验”的代币，如以下图片所示的艺术表演，这些代币的回报率高达 100 倍。

One recent estimate from Reuters was that in China, “[m]ore than 100,000 investors acquired new cryptocurrencies through 65 ICOs in January-June [2017].”54  It’s still unclear what the final straw was, but the universal rule of don’t-pitch-high-risk-investment-schemes-to-grandmothers-on-fixed-incomes was definitely breached.
路透社最近的一项估计显示，2017 年 1 月至 6 月，中国有超过 10 万名投资者通过 65 个 ICO 项目购买了新的加密货币。54 尽管还不清楚最终导致崩溃的原因是什么，但“不要向依靠固定收入生活的祖母们推销高风险投资计划”的普遍规则显然已被违反。

As a result, the PBOC and other government entities in China are now disgorging any funds (about $400 million) that ICOs had raised in China.55  This number could be higher or lower depending on how much rehypothecation has taken place (e.g., ICOs investing in ICOs).  All crowdfunding platforms such as ICOAGE and ICO.info have suspended operations and many have shut down their websites.  In addition, several executives from these exchanges have been given a travel ban.56
中国人民银行和其他中国政府机构现在正在追回 ICO 在中国筹集的资金（约 4 亿美元）。这个数字可能更高或更低，具体取决于再融资的程度（例如，ICO 投资 ICO）。所有众筹平台，如 ICOAGE 和 ICO.info，都已暂停运营，许多已关闭其网站。此外，这些交易所的几位高管已被禁止旅行。

Cryptocurrency exchanges (the ones that predated the ICO platforms) have to delist ICOs and freeze plans from adding any more at this time.  Multiple ICO promotional events, including those by the Fintech Blockchain Group (a domestic fund that organized, promoted, and invested in ICOs) have been canceled due to the new ban.57  Several well-known promoters have “gone fishing” overseas.  This past week, Li Xiaolai, an early Bitcoin investor and active ICO promoter, has publicly admitted to having taken the ICO mania too far (using a car acceleration example), an admission many link to the timing of this crackdown and ban.58
加密货币交易所（那些在 ICO 平台之前出现的）必须下架 ICO 项目并冻结添加更多项目的计划。包括由金融科技区块链集团（一家组织、推广和投资 ICO 的国内基金）举办的多个 ICO 推广活动，因新禁令而被取消。57 几位知名推广者已“出海捕鱼”。上周，早期比特币投资者和活跃的 ICO 推广者李笑来公开承认自己将 ICO 狂热推向了极端（用汽车加速的例子），许多人将这一承认与此次打击和禁令的时间联系起来。58

For journalists, keep in mind this is (mostly) just one country described above.  It would be a mistake to pin all of the blame on just the ICO operators based in China as similar craziness is happening throughout the rest of the world (observe the self-serving celebrity endorsements).  Be sure to look at not just the executives involved in an ICO but also the advisors, investors, figureheads, and anyone who is considered “serious” lending credibility to dodgy outfits and dragging the average Joe (and Zhou) and his fixed income or meager savings into the game.
对于记者来说，请记住这（主要）只是上述一个国家的情况。将所有责任归咎于仅在中国设立基地的 ICO 运营商是错误的，因为类似的疯狂事件正在全球范围内发生（观察那些自私的明星代言）。务必不仅要关注参与 ICO 的执行人员，还要关注顾问、投资者、公众人物以及任何被认为“严肃”的人，他们为可疑的组织提供信誉，并将普通乔（和周）及其固定收入或微薄的储蓄拖入这场游戏。

There may be a legitimate, legal way of structuring an ICO without running afoul of helpful regulations, but so far those are few and far between.  Similarly, not everyone involved in an ICO is a scammer but it’s more than a few bad apples, more like a bad orchard.  And as shown above with the initial enforcement actions of just one country, short sighted hustling by unsavory get-rich-quick partisans unfortunately might deep-six the opportunities for non-scammy organizations and entrepreneurs to utilize a compliant ICO model in the future.59
可能存在一种合法的方式来构建 ICO，而不违反有益的法规，但到目前为止，这样的方式很少，且相隔甚远。同样，参与 ICO 的人并不都是骗子，但不止是几个坏苹果，更像是一个坏果园。正如上面一个国家的初步执法行动所显示的那样，那些短视的、不择手段的快速致富的投机者不幸地可能会破坏非诈骗组织和企业未来利用合规 ICO 模式的机会。59

(4) VC-backed entities  (4) 风险投资支持的实体

Theranos, Juicero, and Hampton Creek, meet Coinbase, 21.co, Blockstream, and several others.
Theranos、Juicero、Hampton Creek，遇见 Coinbase、21.co、Blockstream 以及其他几家。

Okay, so that may be a little exaggerated.  But still the same, few high-profile Bitcoin companies are publishing daily active or monthly active user numbers for a variety of reasons.
好的，这可能有点夸张。但仍然如此，由于各种原因，很少有高调的比特币公司公布每日活跃用户数或每月活跃用户数。

Founded in May 2012, the only known unicorn to-date is Coinbase.  Historically it has kept traction stats close to the chest but we got a small glimpse at what Coinbase’s user base was from an on-going lawsuit with the IRS.  According to one filing, between 2013-2015 (the most recent publicly available data) Coinbase had around 500,000 users, of which approximately 14,355 accounts conducted at least $20,000 in business.60 This is a far cry from the millions of wallets we saw as a vanity statistic prominently displayed on its homepage during that same time period.61
成立于 2012 年 5 月，截至目前唯一的已知独角兽公司是 Coinbase。历史上，它一直将用户增长数据保密，但我们在与国税局的持续诉讼中窥见了一丝 Coinbase 用户群的端倪。根据一份文件，在 2013-2015 年（最近可公开获得的数据）期间，Coinbase 拥有约 50 万用户，其中大约 14,355 个账户的交易额至少为 20,000 美元。这与我们在同一时期看到的主页上显著展示的数百万钱包的虚荣统计数据相去甚远。

What did most users typically do?  They created an account, bought a little bitcoin, and then hoarded it – very few spent it as if it were actual money which is one of the reasons why they removed a publicly viewable transaction chart over a year ago.62
大多数用户通常做什么？他们创建了一个账户，买了一些比特币，然后囤积它——很少有人像对待真钱一样花掉它，这也是他们一年多前移除公开可查看的交易图表的原因之一。62

To be fair, the recent surge in market prices for cryptocurrencies has likely resulted in huge user growth.  In fact, Coinbase’s CEO noted that 40,000 new users signed up on one day this past May.  But some of this is probably attributed to new users using Coinbase as an on-and-off ramp: United States residents acquiring bitcoin and ether on Coinbase and then participating in ICOs elsewhere.63
公平地说，加密货币市场价格的最近上涨可能导致了用户数量的巨大增长。事实上，Coinbase 的首席执行官指出，在去年五月份的一天，有 40,000 名新用户注册。但其中一部分可能归因于新用户将 Coinbase 用作上下班路线：美国居民在 Coinbase 上购买比特币和以太坊，然后在其他地方参与 ICO。63

After more than $120 million in funding, 21.co (formerly 21e6) has not only seen an entire executive team churn, but a huge pivot from building hardware (Bitcoin mining equipment) into software and now into a pay-as-you-go-LinkedIn-but-with-Bitcoin messaging service.  Launched with much fanfare in November 2015, the $400 Amazon-exclusive 21.co Bitcoin Computer was supposed to “return economic power to the individual.”
在获得超过 1.2 亿美元的资金后，21.co（原名 21e6）不仅经历了整个管理团队的更迭，而且从硬件（比特币挖矿设备）转向软件，现在又转向了按需付费的比特币版领英消息服务。2015 年 11 月，这款售价 400 美元的亚马逊独家 21.co 比特币电脑在一片欢呼声中推出，旨在“将经济权力归还给个人。”

In reality it was just a USB mining device (a Raspberry Pi cobbled together with an obsolete mining chip) and was about as costly and useful as the Juicero juicing machine.  It was nicknamed the “PiTato” and unit sales were never publicly disclosed.  Its story is not over: in the process of writing this article, 21.co announced it will be launching a “social token” (SOC) by the end of the year.64
实际上它只是一个 USB 挖矿设备（一个用过时的挖矿芯片拼凑的树莓派），其成本和实用性几乎与 Juicero 榨汁机相当。它被昵称为“PiTato”，单位销量从未公开披露。它的故事还没有结束：在撰写本文的过程中，21.co 宣布将在年底前推出一种“社交代币”（SOC）。

Blockstream is the youngest of the trio.  Yet, after three years of existence and having raised at least $76 million, as far as the public can tell, the company has yet to ship a commercial product beyond an off-the-shelf hardware product (Liquid) that generates a little over $1 million in revenue a year.65  It also recently launched a satellite Bitcoin node initiative it borrowed from Jeff Garzik, who conceived it on a budget of almost nothing about three years ago.66
Blockstream 是三家公司中最年轻的一家。然而，尽管存在三年并至少筹集了 7600 万美元，据公众所知，该公司至今尚未推出除一款现成硬件产品（Liquid）以外的任何商业产品，该产品每年仅产生超过 100 万美元的收入。65 它还最近启动了一个卫星比特币节点计划，该计划是从 Jeff Garzik 那里借来的，他大约三年前在几乎没有任何预算的情况下构想了这个计划。66

To be fair though, perhaps it does not have KPIs like other tech companies.  For instance, about two and half years ago, one of their largest investors, Reid Hoffman, said Blockstream would “function similarly to the Mozilla Corporation” (the Mozilla Corporation is owned by a nonprofit entity, the Mozilla Foundation).  He likened this investment into “Bitcoin Core” (a term he used six times) as a way of “prioritiz[ing] public good over returns to investors.”  So perhaps expectations of product roadmaps is not applicable.
公平地说，也许它不像其他科技公司那样有 KPI。例如，大约两年半前，他们最大的投资者之一，Reid Hoffman 表示，Blockstream 将“类似于 Mozilla 公司”（Mozilla 公司由一个非营利实体 Mozilla 基金会拥有）。他将这笔投资比作“Bitcoin Core”（他用了六次这个术语）作为“优先考虑公共利益而非投资者回报”的方式。因此，也许对产品路线图的期望并不适用。

On the flipside, some entrepreneurs have explained that their preference for total secrecy is not necessary because they are afraid of competition (that is a typical rationale of regular startups), but because they are afraid of regulators via banks.67  For example, a regulator sees a large revenue number, finds out which bank provides a correspondent service and if the startup is fully compliant with AML, CFT, and KYC processes, starts auditing that bank, and banks re-evaluates NPV of working with a startup and potentially drops it.  Until that changes, we will not know volumes for Abra, Rebit, Luno, and others and that is why a year-old claim about 20% market share in the South Korea -> Philippines remittance corridor remains evidence-free.6869
另一方面，一些企业家解释说，他们之所以偏好完全保密，并不是因为他们害怕竞争（这是常规初创企业的典型理由），而是因为他们害怕通过银行受到监管机构的影响。例如，监管机构看到一笔大额收入，查明哪家银行提供代理服务，以及初创企业是否完全符合反洗钱（AML）、反恐融资（CFT）和客户身份识别（KYC）流程，就开始审计那家银行，银行重新评估与初创企业合作的价值，并可能将其淘汰。直到这种情况改变，我们才不会知道 Abra、Rebit、Luno 和其他公司的规模，这就是为什么关于韩国至菲律宾汇款走廊 20%市场份额的一年前说法仍然没有证据。

While we would all love to see more data, this is a somewhat believable argument.  A more insightful question might be if/when we get to a point where supporting Bitcoin players becomes enough of real revenue that banks would agree to higher investments and support.  In the meantime, business journalists should drill down into the specifics about how raised money has been spent, is compliance being skirted, customer acquisition costs, customer retention rate, etc.70
虽然我们都希望看到更多数据，但这是一种多少有些可信的论点。一个更有洞察力的问题可能是，如果我们达到一个支持比特币玩家能够带来足够真实收入的程度，银行是否会同意增加投资和支持。在此期间，商业记者应该深入挖掘关于筹集到的资金如何被使用、是否规避了合规性、客户获取成本、客户保留率等具体细节。70

(5) The decline of Maximalism
（5）极简主义的衰落

If you were to draw a Venn diagram, where one circle represented neo Luddism and another circle represented Goldbugism, the areas they overlap would be cryptocurrency Maximalism (geocentrism and all).71  This increasingly smaller sect, within the broader cryptocurrency community, believes in a couple of common tenets but most importantly: that only one chain or ledger or coin will rule them all.  This includes the Ethereum Classic (ETC) and Bitcoin Core sects, among others.
如果您画一个维恩图，其中一个圆代表新卢德主义，另一个圆代表黄金虫主义，它们重叠的区域将是加密货币至高无上主义（包括地心说）。71 这个越来越小的派别，在更广泛的加密货币社区中，相信一些共同的原则，但最重要的是：只有一个链或账本或币将统治一切。这包括以太坊经典（ETC）和比特币核心派别等。

They’re a bit like the fundamentalists in that classic Monty Python “splitters” sketch but not nearly as funny.
他们有点像经典蒙提·派森“分裂者”素描中的原教旨主义者，但远没有那么有趣。

If you’re looking to dig into defining modern irony, these are definitely the groups to interview.  For instance, on the one hand they want and believe their Chosen One (typically BTC or ETC) should and will consume the purchasing power of all fiat currencies, yet they dislike any competing cryptocurrency: it is us versus them, co-existence is not an option!  The rules of free entry do not apply to their coin as somehow a government-free monopoly will form around their coin and only their coin.  Also, you should buy a lot of their coin, like liquidate your life savings asap and buy it now.
如果你想要深入研究定义现代讽刺，这些无疑是你要采访的群体。例如，一方面他们想要并相信他们的“被选中的人”（通常是 BTC 或 ETC）应该并且会消耗所有法定货币的购买力，但他们不喜欢任何竞争性的加密货币：这是我们与他们，共存不是选项！免费进入的规则不适用于他们的币，因为某种方式，一个无政府的垄断将围绕他们的币形成，只有他们的币。此外，你应该购买很多他们的币，就像尽快清算你的生活储蓄并现在就买它。

This rigidity has diminished over time.
这种刚性随着时间的推移而减弱。

Whereas, three years ago, most active venture capitalists and entrepreneurs involved in this space were antagonistic towards anything but bitcoin, more and more have become less hostile with respect to new and different platforms.
然而，三年前，大多数活跃的风险投资家和参与该领域的企业家对除了比特币之外的一切都持敌对态度，越来越多的人对新的不同平台的态度变得不那么敌对。

For instance, Brian Armstrong (above), the CEO of Coinbase, two and a half years ago, was publicly opposed to supporting development activities towards anything unrelated to Bitcoin.
例如，Coinbase 的首席执行官 Brian Armstrong（如上图所示），两年半前公开反对支持与比特币无关的开发活动。

But as the adoption winds shifted and Ethereum and other platforms began to see growth in their development communities (and coin values), Coinbase and other early bastions of maximalism began to support them as well.
但随着采用趋势的转变，以太坊和其他平台开始在其开发社区（以及币值）中看到增长，Coinbase 和其他早期极简主义堡垒也开始支持它们。

There will likely be permanent ideological holdouts, but as of this writing I would guesstimate that less than 20% of the bitcoin holders I have interacted with over the past 6-9 months would label themselves maximalists (the remaining would likely self-identify with the “UASF” and “no2x” tags on Twitter).
可能存在持久的意识形态顽固派，但截至我写下这些话时，我估计在过去 6-9 个月中我接触到的比特币持有者中，不到 20%的人会将自己称为极权主义者（其余的人可能会在 Twitter 上用“UASF”和“no2x”标签来标识自己）。

So interview them and get their oral history before they go extinct!
所以采访他们，在他们灭绝之前获取他们的口述历史！

(6) Market caps  （6）市值

There is very little publicly available analysis of what is happening with Bitcoin transactions (or nearly all cryptocurrencies for that matter): dormant vs. active, customers vs. accounts, transaction types (self-transfers vs. remittances vs. B2B, etc.).
关于比特币交易（或几乎所有加密货币的情况）的分析在公共领域非常有限：休眠与活跃，客户与账户，交易类型（自转账与汇款、B2B 等）。

On-chain transaction growth seems to be slowing down on the Bitcoin network and we don’t have good public insights on what is going on: are there are pockets of growth in real adoption or just more wallet shuffling?
链上交易增长似乎在比特币网络上放缓，我们没有很好的公开洞察了解发生了什么：是真实采用的增长点，还是仅仅是钱包的更多操作？

In other words, someone should be independently updating “Slicing data” but instead all we pretty much see is memes of Jamie Dimon or animated gifs involving roller coaster prices.72
换句话说，应该有人独立更新“数据切片”，但事实上我们看到的几乎都是杰米·戴蒙的梗图或涉及过山车价格的动画 GIF。72

In the real world, “market cap” is based on a claim on a company’s assets and future cash flows.  Bitcoin (and other cryptocurrencies) has neither — it doesn’t have a “market cap” any more than does the pile of old discarded toys in your garage.
在现实世界中，“市值”是基于对公司资产和未来现金流的要求。比特币（以及其他加密货币）都没有——它没有“市值”，就像你车库里的那堆旧玩具垃圾一样。

“Market Cap” is a really dumb phrase when applied to the cryptocurrency world; it seems like one of those seemingly straightforward concepts ported to the cryptocurrency world directly from mainstream finance, yet in our context it turns into something misleading and overly simplistic, but many day traders in this space who religiously tweet about price action love to quote.
市值在加密货币世界中是一个非常愚蠢的词；它似乎是从主流金融直接移植到加密货币世界中的那些看似简单的概念之一，然而在我们的语境中，它变成了一个误导性和过于简单化的东西，但许多在这个领域里虔诚地发推文讨论价格走势的日交易者喜欢引用。

The cryptocurrency “market cap” metric is naively simplistic: take the total coin supply, and multiply it by the current market price, and voila!  Suddenly Bitcoin is now approaching the market cap of Goldman Sachs!73
加密货币“市值”指标过于简单：将总币供应量乘以当前市场价格，就这样！突然之间，比特币的市值接近高盛了！73

Yeah, no.  是的，没有。

To begin with, probably around 25% or more of all private keys corresponding to bitcoins (and other cryptocurrencies too) have been permanently lost or destroyed.74  Most of these were from early on, when there was no market price and people deleted their hard drives with batches of 50 coins from early block rewards without backing them up or a second thought.
首先，可能大约有 25%或更多的比特币（以及其他加密货币）对应的私钥已经永久丢失或被销毁。大多数这些私钥都是在早期，当时没有市场价格，人们删除了包含早期区块奖励的 50 枚硬币的硬盘驱动器，而没有备份或考虑第二次。

Extending this analogy, 25% of the shares in Goldman Sachs cannot suddenly become permanently ownerless.  These shares are registered assets, not bearer assets.  Someone identifiable owns them today and even if there is a system crash at the DTCC or some other CSD, shareholders have a system of recourse (i.e., the courts) to have these returned or reissued to them with our without a blockchain.  Thus, anytime you hear about “the market price of Bitcoin has approached $XXX billion!” you should automatically discount it by at least 25%.
将这一类比进一步扩展，高盛 25%的股份不能突然永久无主。这些股份是注册资产，而非持有者资产。今天有人可以识别出它们的所有者，即使 DTCC 或其他 CSD 发生系统崩溃，股东也有追索权（即法院）要求返还或重新发行这些股份，无论是否有区块链。因此，每次你听到“比特币的市场价格已接近 XXX 亿美元！”时，你应该自动至少减去 25%。

Also, while liquidity providers and market makers in Bitcoin have grown and matured (Circle’s OTC desk apparently trades $2 billion per month), this is still a relatively thinly traded market in aggregate.  It is, therefore, unlikely that large trading positions could simultaneously move into and out of billion USD positions each day without significantly moving the market.  A better metric to look at is one that involves real legwork to find: the average daily volume on fee-based, regulated spot exchanges combined with regulated OTC desks.  That number probably exists, but no one quotes it.  Barring this, an interim calculation could be based on “coins that are not lost or destroyed.”
此外，尽管比特币的流动性提供者和做市商已经增长和成熟（Circle 的场外交易台显然每月交易 20 亿美元），但从整体来看，这仍然是一个相对交易量较小的市场。因此，大型交易头寸不太可能每天同时进入和退出数十亿美元的仓位，而不会对市场产生重大影响。更好的衡量标准是涉及实际努力去寻找的指标：基于费用的、受监管的现货交易所的平均每日交易量，加上受监管的场外交易台。这个数字可能存在，但没有人引用它。如果没有这个，可以基于“没有丢失或毁坏的代币”进行临时计算。

(7) Buy-side analysts and coin media
（7）买方分析师和币媒体

We finally have some big-name media beginning to dig into the shenanigans in the space.  But organizations like CoinDesk, Coin Telegraph, and others regularly practice a brand of biased reporting which primarily focus on the upside potential of coins and do not provide equal focus on the potential risks.75  In some cases, it could be argued that these organizations act as slightly more respectable conduits for misinformation churned out by interested companies.76
我们终于看到一些知名媒体开始深入挖掘太空中的恶作剧。但像 CoinDesk、Coin Telegraph 等组织经常采用一种有偏见的报道方式，主要关注硬币的潜在收益，而没有对潜在风险给予同等关注。在某些情况下，可以认为这些组织是那些有利益的公司散布虚假信息的稍微受人尊敬的渠道。

Common misconceptions include continually pushing out stories like the example above, on “market caps” or covering vanity metrics such as growth in wallet numbers (as opposed to daily active users).  It is often the case that writers for these publications are heavily invested in and/or own cryptocurrencies or projects mentioned in their stories without public disclosure.
常见误解包括不断推送类似上述例子中的故事，关于“市值”或报道虚荣指标，如钱包数量增长（而非日活跃用户数）。通常情况下，这些出版物中的作者在未公开披露的情况下，对所报道的故事中提到的加密货币或项目有重大投资或所有权。

This is not to say that writers, journalists, and staff at these organizations should not own a cryptocurrency, but they should publicly disclose any trading positions (including ‘hodling’ long) as the sentiment and information within their articles can have a material influence on the market prices of these coins.
这不是说这些组织的作家、记者和员工不应该拥有加密货币，但他们应该公开披露任何交易头寸（包括长期持有），因为他们的文章中的观点和信息可能会对这些代币的市场价格产生重大影响。

For instance, CoinDesk is owned by Digital Currency Group (DCG) who in turn has funded 80-odd companies over the last few years, including about 10 mentioned in this article (such as Coinbase and BTC China).  DCG also is an owner of a broker/dealer called Genesis Trading, an OTC desk which trades multiple cryptocurrencies that DCG and its staff, have publicly acknowledged at having positions in such as ETC, BTC and LTC.77
例如，CoinDesk 由数字货币集团（DCG）拥有，该集团在过去几年中资助了 80 多家公司，其中包括本文中提到的约 10 家公司（如 Coinbase 和 BTC 中国）。DCG 还是一家名为 Genesis Trading 的经纪/交易商的所有者，这是一个场外交易台，交易多种加密货币，DCG 及其员工已公开承认持有 ETC、BTC 和 LTC 等头寸。77

What are the normal rules around a media company (and its staff) retweeting and promoting cryptocurrencies or ICOs the parent company or its principals has a stake in?
媒体公司（及其员工）在转发和推广其母公司或其负责人有股份的加密货币或 ICO 时，有哪些常规规则？

If coin media wants to be taken seriously it will have to take on the best practices and not appear to be a portfolio newsletter: divorce itself of conflicts of interest by removing cross ownership ties and prominently disclose all of the remaining potential conflicts of interest with respect to ownership stakes and coin holdings.  Markets that transmit timely, accurate, and transparent information are better markets and are more likely to grow, see, and support longer-term capital inflows.78
如果币媒体想要被认真对待，它将必须采取最佳实践，而不是看起来像一份投资组合通讯：通过解除交叉持股关系来摆脱利益冲突，并突出披露所有剩余的与所有权股份和币持有量相关的潜在利益冲突。传递及时、准确和透明信息的市场是更好的市场，更有可能增长，并支持更长期的投资流入。78

For example, if Filecoin is a security in the US (which its creators have said it is), and DCG is an equity holder in Filecoin/Protocol Labs (which it is)… and DCG is an owner in CoinDesk, what are the rules for retweeting this ICO above?  There are currently 16 stories in the CoinDesk archive which mention Filecoin, including three that specifically discuss its ICO.  Is this soliciting to the public?79
例如，如果 Filecoin 在美国是一种证券（其创造者表示是这样的），而 DCG 是 Filecoin/Protocol Labs 的股权持有人（事实如此）……并且 DCG 是 CoinDesk 的股东，那么转发上述 ICO 的规则是什么？CoinDesk 档案中目前有 16 篇文章提到 Filecoin，包括三篇专门讨论其 ICO 的文章。这是否是对公众进行招揽？79

Similarly, many of the buy-side analysts that were actively publishing analysis this past year didn’t disclose that they had active positions on the cryptocurrencies they covered.  We recently found out that one lost $150,000 in bitcoins because someone hacked his phone.
类似地，许多在过去一年中积极发布分析的买方分析师没有披露他们在所覆盖的加密货币上持有活跃头寸。我们最近得知，其中一位损失了 15 万美元的比特币，因为有人黑客攻击了他的手机。

At cryptocurrency events (and fintech events in general), we frequently hear buzz word bingo including: smart assets, tokens, resilience, pilots, immutability, even in-production developments, but there is often no clear articulation of what are the specific opportunities to save or make money for institutions if they acquire a cryptocurrency or uses its network to handle a large portion of their business.80
在加密货币活动（以及一般金融科技活动中），我们经常听到一些流行词汇，包括：智能资产、代币、弹性、试点、不可篡改，甚至是在生产中的开发，但通常没有明确阐述，如果机构购买加密货币或使用其网络处理大部分业务，具体有哪些机会可以节省或赚取金钱。80

This was the core point of a popular SaveOnSend article on remittances from several years ago.  I recommend revisiting that piece as a model for similar in-depth assessments done by people who understand B2B payments, correspondent banking and other part of global transfers.  Obviously this trickles into the other half of this space, the enterprise world which is being designed around specific functional and non-functional requirements, the SLAs, compliance with data privacy laws, etc., but that is a topic for another day.
这是几年前一篇关于汇款的 SaveOnSend 热门文章的核心观点。我建议重新阅读这篇文章，将其作为类似深入评估的范例，这些评估由了解 B2B 支付、代理银行和其他全球转账部分的个人完成。显然，这一点也渗透到这个空间的另一半，即企业世界，它围绕特定的功能和非功能需求、服务等级协议、数据隐私法合规性等被设计出来，但这将是另一天的主题。

What about Coin Telegraph?  It is only good for its cartoon images.81
关于币电报？它只适合它的卡通图片。81

There are some notable outliers that serve as good role models and exceptions to the existing pattern and who often write good copy.  Examples of which can be found in long end note.82
有一些值得注意的例外，它们是良好的榜样和现有模式的例外，并且经常撰写优秀的文案。这些例子的例子可以在长篇脚注中找到。82

Obviously the end note below is non-exhaustive nor an endorsement, but someone should try to invite some or all these people above to an event, emceed by Taariq Lewis.  That could be a good one.
显然，下面的结尾不是详尽的，也不是认可，但应该有人尝试邀请上述一些人或所有人参加由 Taariq Lewis 主持的活动。那可能是个好主意。

(8) Analytics  (8) 分析

What about solutions to the problems and opaqueness described throughout this article?
关于本文中描述的问题和透明度，有哪些解决方案？

There are just a handful of startups that have been funded to create and use analytics to identify usage and user activity on cryptocurrency networks including: Chainalysis, Blockseer, Elliptic, WizSec, ScoreChain, Skry (acquired by Bloq) – but they are few and far between.83  Part of the reason is because the total addressable market is relatively small; the budgets from compliance departments and law enforcement is now growing but revenue opportunities were initially limited (same struggle that coin media has).  Another is that the analytic entrepreneurs are routinely demonized by the same community that directly benefits from the optics they provide to exchanges in order to maintain their banking partnerships and account access.
只有少数初创公司获得了资金来创建和使用分析工具，以识别加密货币网络上的使用情况和用户活动，包括：Chainalysis、Blockseer、Elliptic、WizSec、ScoreChain、Skry（被 Bloq 收购）——但它们数量稀少，分布不均。部分原因是可触及的市场相对较小；合规部门和执法部门的预算现在正在增长，但最初的收入机会有限（与币媒体面临的困境相同）。另一个原因是，分析型企业家经常被直接从他们提供的交易所视角中受益的同一社区所妖魔化，以维持他们的银行合作伙伴关系和账户访问。

Such startups are shunned today, unpopular and viewed as counter to the roots of (pseudo) anonymous cryptocurrencies, however, as regulation seeps into the industry an area that will gain greater attention is identification of usage and user activities.
这样的初创公司如今被排斥，不受欢迎，被视为与（伪）匿名加密货币的根源相悖，然而，随着监管逐渐渗透到该行业，一个将获得更多关注的领域是识别使用情况和用户活动。

For instance, four years ago, one article effectively killed a startup called Coin Validation because the community rallied (and still rallies) behind the white flag of anarchy, surrendering to a Luddite ideology instead of supporting commercial businesses that could help Bitcoin and related ideas and technologies comply with legal requirements and earn adoption by mainstream commercial businesses.  For this reason, cryptocurrency fans should be very thankful these analytics companies exist.
例如，四年前，一篇文章有效地扼杀了一家名为 Coin Validation 的初创公司，因为社区团结在无政府主义的白旗下（并且至今仍在团结），屈服于卢德主义思想，而不是支持那些可以帮助比特币及相关理念和技术遵守法律要求并获得主流商业企业采用的商业业务。因此，加密货币爱好者应该非常感激这些分析公司的存在。

More of these analytics providers could provide even better optics into the flow of funds giving regulated institutions better handling of the risks such as the money laundering taking place throughout the entire chain of custody.
更多这些分析提供商可以提供更好的视角来观察资金流动，使受监管机构更好地处理风险，例如在整个保管链中发生的洗钱行为。

Without them, several large cryptocurrency exchanges would likely lose their banking partners entirely; this would reduce liquidity of many trading pairs around the world, leading to prices dropping substantially, and the community relying once again on fewer sources of liquidity run out of the brown bags on shady street corners.84
没有它们，几个大型加密货币交易所可能会完全失去他们的银行合作伙伴；这将会减少全球许多交易对的流动性，导致价格大幅下降，社区再次依赖更少的流动性来源，而那些阴暗街角的小袋子将会耗尽。84

And perhaps there is no better illustration of how these analytic tools can help us understand the fusion of improper (or non-existent) financial controls plus cryptocurrencies: Mt. Gox.  Grab some warm buttery popcorn and be sure to watch Kim Nilsson’s new presentation covering all of the hacks that this infamous Tokyo-based exchange had over its existence.
或许没有比这更好的例子来说明这些分析工具如何帮助我们理解不适当（或不存在）的金融控制与加密货币的融合：Mt. Gox。抓一些香脆的黄油爆米花，并确保观看 Kim Nilsson 的新演示，涵盖了这个臭名昭著的东京交易所在其存在期间的所有黑客攻击。

Journalists, it can be hard to find but the full order book information for many exchanges can be found with enough leg work.   If anyone had the inclination to really want to understand what was going on at the exchange, there are 3^rd parties which have a complete record of the order book and trades executed.
记者们，虽然很难找到，但许多交易所的完整订单簿信息可以通过足够的努力找到。如果有人真的想了解交易所发生了什么，有三个方面拥有完整的订单簿和已执行交易的记录。

Remember, as Kim Nilsson and others have independently discovered, WillyBot turned out to be true.
记住，正如 Kim Nilsson 和其他人独立发现的那样，WillyBot 证明是真的。

Final Remarks  最后陈述

The empirical data and stories above do not mean that investors should stop trading all cryptocurrencies or pass on investing in blockchain-related products and services.
以上实证数据和故事并不意味着投资者应该停止交易所有加密货币或放弃投资区块链相关产品和服务的投资。

To the contrary, the goal of this article is to elevate awareness that this industry lacks even the most basic safeguards and independent voices that would typically act as a counterbalance against bad actors.  In this FOMO atmosphere investors need to be on full alert of the inherent risks of a less than transparent market with less than accurate information from companies and even news specialists.
相反，本文的目的是提高人们对这一行业甚至缺乏最基本的保障和独立声音的认识，这些声音通常可以作为对不良行为的制衡。在这种“害怕错过”的氛围中，投资者需要高度警惕市场不透明、公司提供的信息不准确以及新闻专家甚至可能存在的风险。

Cryptocurrencies aren’t inherently good or bad.  In a single block, they can be used as a means to reward an entity for securing transactions and also a payment for holding data hostage.
加密货币本身既不好也不坏。在一个区块中，它们可以用作奖励实体保障交易的手段，也可以作为勒索数据的报酬。

One former insider at an exchange who reviewed this article summarized it as the following:
一位曾参与交易所的内部人士在阅读了这篇文章后，将其总结如下：

The cryptocurrency world is basically rediscovering a vast framework of securities and consumer protection laws that already exist; and now they know why they exist. The cryptocurrency community has created an environment where there are a lot of small users suffering diffuse negative outcomes (e.g., thefts, market losses, the eventual loss on ICO projects). And the enormous gains are extremely concentrated in the hands of a small group of often unaccountable insiders and “founders.” That type of environment, of fraudulent and deceptive outcomes, is exactly what consumer and investor protection laws were created for.
加密货币世界基本上正在重新发现一套已经存在的庞大证券和消费者保护法律框架；现在他们知道为什么这些法律存在。加密货币社区创造了一个环境，其中许多小用户遭受了分散的负面后果（例如，盗窃、市场损失、ICO 项目的最终损失）。而巨大的收益却极度集中在少数通常不负责任的内部人士和“创始人”手中。这种环境，即欺诈和误导性的结果，正是消费者和投资者保护法律所针对的。

Generally speaking, most participants such as traders with an active heartbeat are making money as the cryptocurrency market goes through its current bull run, so no one has much motive to complain or dig deeper into usage and adoption statistics.  Even those people who were hacked for over $100,000, or even $1 million USD aren’t too upset because they’re making even more than that on quick ICO returns.
一般来说，大多数参与者，如那些有活跃心跳的交易者，在加密货币市场经历当前牛市时都在赚钱，因此没有人有太多动机去抱怨或深入研究使用和采用统计数据。即使那些被黑客攻击损失超过 10 万美元，甚至 100 万美元的人也不太沮丧，因为他们从快速的 ICO 回报中赚得更多。

We are still at the eff-you-money stage, in which everyone thinks they are Warren Buffett.85  The Madoffs will only be revealed during the next protracted downturn.  So if you’re currently getting your cryptocurrency investment advice from permabull personalities on Youtube, LinkedIn, and Twitter with undisclosed positions and abnormally high like-to-comment ratios, you might eventually be a bag holder.86
我们仍然处于“去你的钱”阶段，每个人都认为自己像是沃伦·巴菲特。85 玛多夫们只会在下一次长期衰退中被揭露。所以，如果你现在从 YouTube、LinkedIn 和 Twitter 上那些持有未公开头寸且点赞与评论比例异常高的永久多头性格的人那里获取加密货币投资建议，你最终可能会成为接盘侠。86

Like any industry, there are good and bad people at all of these companies.  I’ve met tons of them at the roughly 100+ events and meetups I have attended over the past 3-4 years and I’d say that many of the people at the organizations above are genuinely good people who tolerate way too much drivel.  I’m not the first person to highlight these issues or potential solutions.  But I’m not a reporter, so I leave you with these leads.
任何行业，这些公司都有好人和坏人。在过去 3-4 年里，我参加了 100 多场活动和聚会，遇到了很多人。我认为上述组织中的许多人都是真正的好人，他们容忍了太多的废话。我不是第一个指出这些问题或潜在解决方案的人。但我不是一名记者，所以我把这些线索留给你。

While everyone waits for Harry Markopolos to come in and uncover more details of the messes in the sections above, other ripe areas worth digging into are the dime-a-dozen cryptocurrency-focused funds.
当每个人都等待哈利·马科波洛斯进来揭露上述混乱的更多细节时，其他值得深入挖掘的领域包括那些一美元一个的以加密货币为重点的基金。

Future posts may look at the uncritical hype in other segments, including the enterprise blockchain world.  What happened after the Great Pivot?
未来文章可能会探讨其他领域（包括企业区块链世界）中的无批判性炒作。大转向之后发生了什么？

[Note: if you found this research note helpful, be sure to visit Post Oak Labs for more in the future.]
[注意：如果您觉得这份研究笔记有帮助，请务必访问 Post Oak Labs，以获取未来的更多信息。]

Acknowledgements  致谢

To protect the privacy of those who provided feedback, I have only included initials: JL, DH, AL, LL, GW, CP, PD, JR, RB, ES, MW, JK, RS, ZK, DM, SP, YK, RD, CM, BC, DY, JF, CK, VK, CH, HZ, and PB.
为保护提供反馈者的隐私，我只包括首字母：JL、DH、AL、LL、GW、CP、PD、JR、RB、ES、MW、JK、RS、ZK、DM、SP、YK、RD、CM、BC、DY、JF、CK、VK、CH、HZ、和 PB。

End notes  结尾注释

1. One reviewer commented: “Another meta-topic is the notion of “community,” which is a myth if you ask me.  Why hasn’t the “community” done “X”? Because the word is mostly a marketing fiction.” See also the discussion of the idea that “Code is not law” [↩]
   一位评论者表示：“另一个元主题是‘社区’这一概念，在我看来它是个神话。为什么‘社区’没有做‘X’？因为这个词在很大程度上是一种营销虚构。”参见关于“代码不是法律”这一观点的讨论[↩]
2. One former regulator mentioned: “The cryptocurrency community needs to police itself better or it risks being policed more severely by unfriendly and unsympathetic regulators.  Self-regulation is what certain hands-off banking supervisors attempted with US banks and other financial institutions 15 years ago and that ended poorly for many parties including those who were not directly responsible for making the poor decisions in the first place.  Even in sports it is understood, with the exception of golf, it doesn’t work. In this Wild West atmosphere where are the sheriffs?” [↩]
   加密货币社区需要更好地自我监管，否则它可能会受到不友好和不同情监管者的更严厉监管。自我监管是某些放任的银行监管者在 15 年前试图对美资银行和其他金融机构实施的做法，结果对许多方面都造成了不良影响，包括那些最初并非直接负责做出糟糕决策的人。即使在体育领域，除了高尔夫，这也行不通。在这个类似西部荒野的氛围中，警长在哪里？[ ↩]
3. Not unique to cryptocurrencies, but by enabling such bad actors, certain platform operators may even increase their short term profit. [↩]
   非加密货币独有，但通过使这些不良行为者得逞，某些平台运营商甚至可能增加他们的短期利润。
4. Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO [↩]
   《根据 1934 年证券交易法第 21(a)款进行的调查报告：The DAO [ ↩]》
5. For an in-depth look at how the various moving pieces of the ecosystem interact, see: The flow of funds on the Bitcoin network in 2015, Cryptocurrency KYSF: Know Your Source of Funds, and Cryptocurrency KYSF: Know Your Source of Funds part 2 [↩]
   深入了解生态系统各个组成部分如何互动，请参阅：2015 年比特币网络资金流动，加密货币 KYSF：了解你的资金来源，以及加密货币 KYSF：了解你的资金来源第 2 部分 [ ↩]
6. Bitcoin Exchange Was a Nexus of Crime, Indictment Says from The New York Times [↩]
   比特币交易所是犯罪中心，起诉书称
7. For an in-depth look at these different costs, it is highly recommended to read this post from Save on Send.  Some are convinced that this is the case because, on a small scale, the illiquidity of the end points serves to finance the operation, i.e. buying BTC with USD then selling BTC for MXN, may allow an apparent savings when compared with traditional remittance service providers.  Also oft-forgotten is the cost of cash-out and distribution of cash at the end point; also KYC / AML / CFT functions are frequently left-off the calculation. [↩]
   深入了解这些不同成本，强烈建议阅读 Save on Send 的这篇文章。有些人相信这是事实，因为在小规模上，终端点的流动性不足有助于为操作提供资金，即用美元购买 BTC 然后以 MXN 出售 BTC，与传统汇款服务提供商相比可能允许明显的节省。此外，还经常忘记现金提取和终端点现金分配的成本；KYC/AML/CFT 功能也经常被忽略在计算之外。[ ↩]
8. One reviewer stated that, “Any working groups advising the government on policy are certainly worthy of investigation. Who are these people and what are their potential conflicts of interest?  For starters, in the US look at The Bitcoin Foundation and the Blockchain Alliance.” [↩]
   一位评论员表示，“任何向政府提供政策建议的工作组都绝对值得调查。这些人是谁？他们可能存在哪些利益冲突？首先，在美国看看比特币基金会和区块链联盟。” [ ↩]
9. It has a complex corporate structure and is nominally based in Hong Kong, operations and incorporation of subsidiaries are in other jurisdictions including BVI. [↩]
   它拥有复杂的公司结构，名义上在香港注册，其子公司运营和注册地包括英属维尔京群岛。
10. There were exceptions. Some users reported smaller haircuts as they were customers of SynapsePay.  Another user claims to have retained a lawyer and he did not have any haircut.  I independently verified this with an executive at SynapsePay. [↩]
    有一些例外。一些用户报告说，因为他们是 SynapsePay 的客户，所以他们的头发被剪得较少。另一位用户声称他请了律师，因此没有理发。我独立地与 SynapsePay 的一位高管核实了这一点。[ ↩]
11. Phil Potter, an executive at Bitfinex, has spoken about the hack on multiple different podcasts including once in detail, but this has since been deleted. [↩]
    菲尔·波特，Bitfinex 的执行董事，在多个不同的播客中谈到了黑客攻击，包括一次详细讨论，但后来该内容已被删除。[ ↩]
12. Bitfinex also recently announced that they will be doing an ICO (called NEC) to capitalize on the current token mania. [↩]
    比特飞讯最近也宣布，他们将通过 ICO（称为 NEC）来利用当前的代币狂热。 [ ↩]
13. Bitfinex does do KYC and AML when a user withdraws USD and when they receive subpoenas. [↩]
    Bitfinex 在用户提取美元和收到传票时进行 KYC 和 AML。 [ ↩]
14. ERC20 tokens are arguably not the same thing as a cryptocurrency, they are more like colored coins. See “Watermarked tokens and pseudonymity on public blockchains” by Tim Swanson. [↩]
    ERC20 代币可能并不等同于加密货币，它们更像是有色币。参见 Tim Swanson 的《水印代币和公共区块链上的匿名性》。[ ↩]
15. Tether brings tokenised USD to Ethereum network from Finextra [↩]
    Tether 将代币化美元引入以太坊网络来自 Finextra [ ↩]
16. We only know who is involved through various reddit threads wherein users dox and identify themselves as employees and founders. [↩]
    我们只知道通过各种 Reddit 帖子，用户曝光并自称是员工和创始人，才能知道涉及的人是谁。[ ↩]
17. Tether brings tokenised USD to Ethereum network from Finextra [↩]
    Tether 将代币化美元引入以太坊网络来自 Finextra [ ↩]
18. This wouldn’t be the first time that a peg “broke the buck;” money market funds have been propped up by a parent organization in the past. [↩]
    这不是第一次出现挂钩“跌破面值”的情况；过去，货币市场基金曾由母公司支持。
19. Tether Update [↩]
    泰达币更新 [ ↩]
20. One reviewer noted that: “Theoretically they could maintain a fractional reserve to service redemptions although this isn’t a problem per se, provided that it is disclosed.  By saying you have “cash” backing, you could have some really bizarre stuff, like USD loans to unsavory entities.  But maybe they do not do this either.”  [↩]
    一位评论员指出：“从理论上讲，他们可以保持部分准备金来满足赎回需求，尽管这本身并不是问题，只要它被披露。如果说你有‘现金’支持，你可能会有些非常奇怪的东西，比如向不受欢迎的实体发放的美元贷款。但也许他们也没有这样做。” [ ↩]
21. Source for some of these questions. [↩]
    源代码部分问题。 [ ↩]
22. One reviewer commented: “Tether offers users a way to move USD from one country to another, much like Western Union. So Tether should be obligated to run KYC/AML checks on not only those who are depositing US$ funds to get new Tethers (as it currently does), but also everyone who uses second-hand Tethers (it doesn’t). Now if Tether was like bitcoin, and had no physical address, it would be complicated for the authorities to enforce this requirement. But Tether is anchored to the brick & mortar banking system, so law enforcement should be easier, will it?” [↩]
    一位评论者表示：“Tether 为用户提供了一种将美元从一个国家转移到另一个国家的方式，就像西联汇款一样。因此，Tether 应该有义务对不仅那些将美元资金存入以获取新 Tether 的人（如它目前所做的那样），而且对使用二手 Tether 的每个人（它没有这样做）进行 KYC/AML 检查。现在，如果 Tether 像比特币一样，没有实体地址，那么执法机构执行这项要求将很复杂。但是，Tether 与实体银行系统挂钩，因此执法应该更容易，对吧？” [ ↩]
23. One reviewer commented: “Let’s assume the worst for Tether, what does that mean?  If it were to collapse would it harm the small investors or the whales? A few exchanges that allow Tether also allow you to hold your deposits in USD, aside from the ability to send USDT between exchanges, which arguably could actually be a net positive because it allows clients to net positions between exchanges potentially reducing the overall credit in the system. But this goes back to one of their continual issues: lack of communicating and transparency for how the whole money issuance and transmission process works.” [↩]
    一位评论者表示：“让我们假设 Tether 最坏的情况，那会意味着什么？如果它崩溃了，会对小额投资者或大鲸鱼造成伤害吗？一些允许 Tether 的交易所也允许你将存款持有为 USD，除了在交易所之间发送 USDT 的能力之外，这实际上可能是一个净正面因素，因为它允许客户在交易所之间对冲头寸，可能减少系统中的总体信贷。但这回到了他们持续存在的问题之一：缺乏沟通和透明度，关于整个货币发行和传输过程是如何运作的。” [ ↩]
24. Note: they did have withdrawal fees which likely generated revenue from arbitrageurs.  Several of the larger exchanges also raised venture capital and setup (and still run) order books outside of China with other business lines which may help offset some costs. [↩]
    注意：他们确实有取款费用，这可能会从套利者那里产生收入。几家较大的交易所还筹集了风险投资，并在中国以外设立（并仍在运行）订单簿，以及其他业务线，这可能有助于抵消一些成本。[ ↩]
25. Described in further detail, “Comments on the COIN ETF (SR-BatsBZX-2016-30)” by Tim Swanson [↩]
    详细描述了“Tim Swanson 对 COIN ETF（SR-BatsBZX-2016-30）的评论”
26. See the section “Stopping Predators” within A Kimberley Process for Cryptocurrencies [↩]
    查看《加密货币的 Kimberley 进程》中的“停止掠夺者”部分[↩]
27. China Central Bank Said to Call Bitcoin Exchanges for Talks from Bloomberg [↩]
    中国央行据称要求比特币交易所进行会谈，来源：彭博社 [ ↩]
28. In addition to lying about being investigated, they were lying about the true volume on their exchanges.  When the zero-fee domestic exchanges were required to add a minimum fee (to discourage wash trading), volume plummeted. [↩]
    除了谎称正在接受调查外，他们还在谎报其交易所的真实交易量。当零费用国内交易所被要求增加最低费用（以阻止洗盘交易）时，交易量急剧下降。[ ↩]
29. Central bank warns Bitcoin exchanges over margin trading, money laundering from Xinhua and Chinese bitcoin exchanges resume withdrawals after freeze from Reuters [↩]
    央行警告比特币交易所关于保证金交易，新华社和中文比特币交易所暂停交易后恢复提现
30. Li Xiaolai: Yunbi Is Winding Down In 3 Months from 8BTC [↩]
    李笑来：云币将在 3 个月内结束运营，来自 8BTC [ ↩]
31. BTCC to Cease China Trading as Media Warns Closures Could Continue from CoinDesk [↩]
    BTCC 将停止在中国交易，媒体警告关闭可能持续——来自 CoinDesk [ ↩]
32. Sources: CNLedger and ICOcoinOfficial [↩]
    来源：CNLedger 和 ICOcoinOfficial [ ↩]
33. Huobi, OKCoin to Stop Yuan-to-Bitcoin Trading By October’s End from CoinDesk [↩]
    火币、OKCoin 将于 10 月底停止人民币对比特币交易，来自 CoinDesk [ ↩]
34. The 19^th National Congress of the Communist Party of China starts on October 18^th.  All exchanges involving fiat-to-cryptocurrency trades will be closed. Both OKCoin and Huobi have overseas platforms (with independent order books and bank accounts independent of the domestic Chinese exchanges).  These have cryptocurrency-to-cryptocurrency trading and will remain operating.  Currently, users of the domestic fiat-to-currency platform can move their coins to the overseas platforms. [↩]
    中国共产党第 19 次全国代表大会于 10 月 18 日开始。所有涉及法定货币与加密货币交易的交易所将关闭。OKCoin 和 Huobi 都拥有海外平台（拥有独立的订单簿和独立于国内中国交易所的银行账户）。这些平台提供加密货币与加密货币交易，并将继续运营。目前，国内法定货币平台用户可以将他们的币转移到海外平台。[ ↩]
35. Something similar was done with voucher codes sold on Taobao in 2014 as well.  See After Crackdown, A New Bitcoin King Emerges in China from Wired [↩]
    2014 年，淘宝上出售的优惠券代码也进行了类似处理。参见《整顿之后，中国出现了一位新的比特币之王》来自《Wired》杂志[↩]
36. At one time or another, the spot price for each of the three large Chinese exchanges was a constituent part of several different pricing indices including the Winkdex, TradeBlock XBX index, and others such as OKEX (OKEX is an international subsidiary of OKCoin who replaced these exchanges on its own index).  This is potentially problematic because, as I detailed in my COIN ETF report, these exchanges were prone to mismanagement, crashes, and ultimately quick closure.  Going forward, what other sources of reliable pricing data can ETFs use that also accurately reflect market prices? [↩]
    在某个时候，这三个大型中国交易所的现货价格是包括 Winkdex、TradeBlock XBX 指数在内的多个不同定价指数的组成部分。例如 OKEX（OKEX 是 OKCoin 的国际子公司，它在自己的指数中用这些交易所替代）。这可能会带来问题，因为正如我在我的 COIN ETF 报告中详细说明的那样，这些交易所容易发生管理不善、崩溃，最终迅速关闭。展望未来，ETF 可以使用哪些其他可靠定价数据来源，同时也能准确反映市场价格？[↩]
37. One insider in China noted that: “These exchanges had multiple chances to clean up their act and even self-regulate but because of the competitive pressures in China towards zero-fees, no one wanted to be left behind.  It was a type of collective action failure, so the government finally had to come in and clean up the mess because no one else would.” [↩]
    中国内部人士指出：“这些交易所多次有机会整顿自己的行为甚至自我监管，但由于中国对零费率的竞争压力，没有人愿意落后。这是一种集体行动的失败，因此政府最终不得不介入清理混乱，因为没有人会这么做。” [ ↩]
38. These are mostly ERC20 tokens, not coins. [↩]
    这些大多是 ERC20 代币，而非硬币。
39. One reviewer mentioned: “Depending on the jurisdiction, these pre-arranged discounts might be deemed as structured products.” [↩]
    一位评论者提到：“根据管辖权不同，这些预先安排的折扣可能被视为结构化产品。” [ ↩]
40. Is There a Cryptocurrency Bubble? Just Ask Doge. from The New York Times [↩]
    《纽约时报》问：加密货币泡沫？问问狗狗币吧。[↩]
41. “How the ICO, OCO, and ECO ecosystem works at a high level” by Tim Swanson and “Comments on the COIN ETF (SR-BatsBZX-2016-30)” by Tim Swanson [↩]
    ICO、OCO 和 ECO 生态系统在高级别上的运作方式”由 Tim Swanson 撰写，“关于 COIN ETF（SR-BatsBZX-2016-30）的评论”由 Tim Swanson 撰写[ ↩]
42. Note: volumes can and will be written on this section alone.  If not on the legalities but on the ‘pump and dumps’ that have taken place. [↩]
    注意：可以并且将会仅就本节撰写卷。如果不是关于合法性，而是关于已经发生的“拉抬和抛售”行为。[ ↩]
43. One former regulator suggested: “Ignoring for the moment the overarching legal implications of what they did, because these activities took place on blockchains, future researchers should be able to eventually provide very accurate estimates the costs and losses to investors who put their trust and money into deceptive ICO organizers who were unscrupulous.” [↩]
    一位前监管者建议：“暂时忽略他们所做事情的法律影响，因为这些活动发生在区块链上，未来的研究人员应该能够最终提供非常准确的估计，即投资者因信任并投入资金到不择手段的 ICO 组织者而遭受的成本和损失。” [ ↩]
44. Some argue this ban may just be temporary and cite a CCTV 13 interview with Hu Bing with the Institute of Finance and Banking who says the government will issue licenses in the future. [↩]
    有些人认为这项禁令可能只是暂时的，并引用了中央电视台 13 频道对金融与银行研究所的胡冰的采访，他表示政府将来会发放许可证。[ ↩]
45. As of this writing there are many rumors circulating regarding how these new guidelines could impact cryptocurrency mining operators based in China.  One recent story from the Wall Street Journal articulates a rumor that miners will need to also shut down operations because they are trading cryptocurrencies without a license.  More existentially, if all fiat-to-cryptocurrency exchanges shut down domestically, miners would need a new method to liquidate their coins because they need to pay utilities in RMB (e.g., it doesn’t help to have a JPY or KRW-denominated bank account because Chinese utilities require being paid in RMB). [↩]
    关于这些新指南可能如何影响中国境内的加密货币挖矿运营商，目前有许多传言在流传。华尔街日报的一篇最近报道阐述了一个传言，即矿工们也需要关闭运营，因为他们未经许可进行加密货币交易。更具存在主义意味的是，如果国内所有法定货币与加密货币的交易所都关闭，矿工们将需要一种新的方法来变现他们的硬币，因为他们需要用人民币支付公共事业费（例如，拥有日元或韩元计价的银行账户是没有帮助的，因为中国公共事业要求用人民币支付）。[ ↩]
46. This same phenomenon occurred several years ago with “wealth management products” doing the same re-investment into other WMPs; revisiting the P2P Lending scams that came to light in the past two years as well is helpful.  See China’s ICO ban makes more sense in light of its history with fintech by Nik Milanovic [↩]
    这种现象几年前就发生过，“财富管理产品”进行相同的再投资到其他 WMP 中；回顾过去两年曝光的 P2P 借贷骗局也是有益的。参见尼科·米兰诺维奇的文章《鉴于其与金融科技的历史，中国的 ICO 禁令更有意义》[↩]
47. One insider noted that: “A New Zealand based person (and company) is one of the main men in all of this. I’ve encountered him on a number of occasions. He’s a complete fraudster. For example he told a group I am in that MGO would be listed on Poloniex within weeks of launch. Months later he hasn’t even got it on Bittrex. He’s now buying up lots of it wholesale from disenchanted investors who’ve taken a massive hit recently and will inevitably be sitting on a pile when the intentionally delayed launch and pump happens.” [↩]
    一位内部人士指出：“一个新西兰人（和公司）是这一切中的主要人物之一。我多次遇到过他。他是个彻头彻尾的骗子。例如，他告诉我所在的团体，MGO 将在启动后几周内在 Poloniex 上市。几个月后，他甚至没有在 Bittrex 上列出。现在，他正在从最近遭受重大打击的失望投资者那里大量批发购买，当故意延迟的上市和炒作发生时，他们不可避免地会坐拥一大堆。” [ ↩]
48. Whalepool and The Coin Farm on Telegram are both examples of this type of coordination. [↩]
    鲸鱼池和 The Coin Farm 在 Telegram 上都是这种协调的例子。[ ↩]
49. ICO被定性为涉嫌非法集资，想一夜暴富的“韭菜”们醒醒吧 from Huxiu [↩]
50. Based on translated stories from after the investigations as well as conversations with observers of these training sessions. [↩]
    基于调查后的翻译故事以及与这些训练课程观察者的对话。[ ↩]
51. According to a source close to the investigations, law enforcement are using WeChat correspondence to chronicle the intentional cases of fraud and deceit.  In some cases, ICO organizers would run a public WeChat group, providing investors with false information and then use a private WeChat group with a smaller circle of insiders to “laugh at the stupidity” of these investors and coordinate dumps.  As a result, ICO organizers are leaving WeChat to use platforms like Telegram.  See China’s WeChat crackdown drives bitcoin enthusiasts to Telegram from South China Morning Post [↩]
    据调查人员附近的消息来源，执法部门正在使用微信通讯记录故意欺诈和欺诈案件。在某些情况下，ICO 组织者会运行一个公开的微信群，向投资者提供虚假信息，然后使用一个较小的内部人士圈子组成的私人微信群来“嘲笑这些投资者的愚蠢”并协调抛售。因此，ICO 组织者正在离开微信，转而使用像 Telegram 这样的平台。参见《南华早报》中国微信打击行动迫使比特币爱好者转向 Telegram[↩]
52. That is the best case scenario because it assumes that there were not additional losses to fraud and mismanagement, which we know there has been. [↩]
    这是最好的情况，因为它假设没有额外的欺诈和管理不善的损失，但我们知道这是有的。[ ↩]
53. China bans companies from raising money through ICOs, asks local regulators to inspect 60 major platforms from CNBC [↩]
    中国禁止公司通过 ICO 融资，要求地方监管机构检查 60 家主要平台——CNBC [ ↩]
54. Cryptocurrency chaos as China cracks down on ICOs from Reuters [↩]
    中国加强监管 ICO，加密货币市场陷入混乱 [↩]
55. Ibid [↩]  同上[↩]
56. China shuts down Bitcoin industry; bans executives from leaving the country from Australian Financial Review [↩]
    中国关闭比特币行业；禁止高管离境 - 澳大利亚金融评论 [↩]
57. Another ICO Conference Cancels in Wake of China Ban from CoinDesk [↩]
    另一场 ICO 会议在中国禁令后取消，CoinDesk [ ↩]
58. He had to refund the ICOs he promote (plus with an added premium). [↩]
    他必须退还他推广的 ICO（加上额外溢价）。[ ↩]
59. One reviewer commented: “The inevitability of regulations coming down the pipeline is a certainty (not just “blanket bans”).  Whether it’s 1 month or 1 year, regulations or enforcement of existing regulations will be coming in. A lot of these participants in the market seem to want to get in before regulations come into effect but in many jurisdictions they can still be liable for past actions (depending on the statute of limitations). That’s part of what I think is driving this tremendous amount of ICOs right now.” [↩]
    一位评论员表示：“即将出台的法规的必然性是确定的（不仅仅是“全面禁令”）。无论是 1 个月还是 1 年，法规或现有法规的执行都将到来。市场中的许多参与者似乎想在法规生效前进入，但在许多司法管辖区，他们仍然可能对过去的行为负责（取决于追诉时效）。这就是我认为目前推动大量 ICO 的原因之一。” [ ↩]
60. 14,000 Coinbase Customers Could Be Affected by IRS Tax Summons from CoinDesk and Legitimate? IRS Defends Coinbase Customer Investigation in Court Filing from CoinDesk [↩]
    14,000 名 Coinbase 客户可能受到 CoinDesk 和合法的 IRS 税务传票的影响？IRS 在 CoinDesk 的法庭文件中为 Coinbase 客户的调查辩护[↩]
61. At the time of this writing Coinbase has raised more than $225 million.  By January 2015, Coinbase had in aggregate raised just north of $106 million.  The ongoing lawsuit with the IRS states that there were 500,000 users by the end of the 2013 – 2015 period, of which 14,355 had done $20,000 or more of trading.   Future research can look into Coinbase’s customer acquisition costs over time (e.g., switching costs) versus the same costs traditional banks have.  Note: this also does not include the user numbers at GDAX, their platform marketed to professional traders. [↩]
    在撰写本文时，Coinbase 已筹集超过 2.25 亿美元。到 2015 年 1 月，Coinbase 总共筹集了超过 1.06 亿美元。与国税局的持续诉讼表明，在 2013-2015 年期间，有 50 万用户，其中 14,355 人交易额达到或超过 20,000 美元。未来的研究可以探讨 Coinbase 随时间推移的客户获取成本（例如，转换成本）与传统银行相同的成本进行比较。注意：这也不包括 GDAX 的用户数量，这是他们面向专业交易者的平台。[ ↩]
62. According to an alleged insider (which may be untrue), some Coinbase users allegedly didn’t even know they may have been entitled to things like CLAM coins.  Maybe they weren’t. Tangentially, the continual high percentage of hoarding done by cryptocurrency enthusiasts suggests that this still remains a virtual commodity and continues to fail the medium of exchange test needed to be defined as a transactional currency. [↩]
    据称，一些 Coinbase 用户甚至可能不知道他们可能有资格获得像 CLAM 币这样的东西。也许他们并没有。与此相关，加密货币爱好者持续进行的高比例囤积表明，这仍然是一种虚拟商品，并且继续未能通过作为交易货币所需的交换媒介测试。[ ↩]
63. At this time, it is unclear what the breakdown of these new (or old) users are acquiring cryptocurrencies on Coinbase and then participating in ICOs.  As a company, Coinbase has been publicly supportive of the ICO zeitgeist and hosted multiple meetups where ICO creators presented.  Earlier this year it co-sponsored a publication discussing the securities law framework of tokens.  Based on several interviews for this article, users of both the Coinbase wallet and its subsidiary, GDAX, currently can send bitcoins and ether from their user accounts to participate in ICOs.  It is unclear how often this is screened and/or prevented.  For perspective, a former employee was allegedly fired for sending bitcoins from his Coinbase account to gamble on Chinese web casinos.  Assuming this is true (and it may not be) then Coinbase could have the knowledge and/or ability to prevent users from participating in ICOs or other off-platform activity that violates its terms of service. [↩]
    目前不清楚这些新（或旧）用户在 Coinbase 上获取加密货币然后参与 ICO 的具体情况。作为公司，Coinbase 公开支持 ICO 精神，并举办了多场 ICO 创作者展示的聚会。今年早些时候，它共同赞助了一本讨论代币证券法律框架的出版物。根据本文的几场访谈，Coinbase 钱包及其子公司 GDAX 的用户目前可以从他们的用户账户发送比特币和以太坊以参与 ICO。不清楚这种情况被审查和/或阻止的频率如何。为了参考，一名前员工据称因从 Coinbase 账户向中国网络赌场发送比特币而被解雇。假设这是真的（也可能不是），那么 Coinbase 可能拥有阻止用户参与 ICO 或其他违反其服务条款的离平台活动的知识和/或能力。[↩]
64. Another tech company that supposedly struggled raising funding and later issued its own coin (through an ICO) is Kik, through its Kin Foundation. [↩]
    另一家据说在筹集资金方面遇到困难，后来发行了自己的代币（通过 ICO）的公司是 Kik，通过其 Kin 基金会。[ ↩]
65. If this post is true (and it may not be), a dozen or so exchanges paying between $7,000 – $10,000 a month is roughly $1.4 million a year.  The SaaS monthly estimate has been independently validated from conversations with a couple participating exchanges. [↩]
    如果这篇帖子是真的（可能不是），大约有十来家交易所每月支付 7,000 至 10,000 美元，那么一年大约是 140 万美元。SaaS 的月度估计已经通过与几家参与交易所的对话独立验证。[ ↩]
66. One reviewer recommended: “If I were a journalist, I would more closely scrutinize the social media habits of the executives (and their surrogates) on these teams so the ecosystem can ascertain the relationship between the amount of time senior employees spend opining on Twitter, Reddit, mailing lists, IRC, WhatsApp, Slack, WeChat, Telegram, BitcoinTalk, GitHub, Discord, etc., and the number of hours in a working day, or number of products shipped.  Other social media analytics ideas for journalists: look at the Twitter tribes of Bitcoin (and other cryptocurrencies). Who is aligned with whom and pushing what agendas? Who are the trolls associated with those different tribes?  How many suspect accounts are associated with each group? For example, how many accounts that were just created, or never tweeted before, or only have followers from within their own tribes?” [↩]
    一位评论者建议：“如果我是记者，我会更仔细地审查这些团队高管（及其代理人）的社交媒体习惯，以便生态系统可以确定高级员工在 Twitter、Reddit、邮件列表、IRC、WhatsApp、Slack、微信、Telegram、BitcoinTalk、GitHub、Discord 等平台上发表意见所花费的时间与工作日的小时数或发货产品数量之间的关系。为记者提供的其他社交媒体分析想法：看看比特币（以及其他加密货币）的 Twitter 部落。谁与谁站在一起，推动什么议程？与那些不同部落相关联的捣蛋鬼是谁？每个群体有多少可疑账户？例如，有多少新创建的账户，或者以前从未发过推文，或者只有来自他们自己部落内的粉丝？” [ ↩]
67. One reviewer argued that, “It could also because they want to protect their valuations and because they are privately held companies that may be legally forbidden to divulge this information.” [↩]
    一位评论员认为：“这也可能是因为他们想保护自己的估值，以及因为他们是可能因法律禁止而不得披露此类信息的私有公司。” [ ↩]
68. This article in Quartz did not provide actual data or evidence that these remittance numbers were real, no one fact-checked it and instead, reproduced similar headlines for several months. [↩]
    这篇文章在《石英》杂志上没有提供实际数据或证据来证明这些汇款数字是真实的，没有人进行事实核查，反而连续几个月复制了类似的标题。[ ↩]
69. According to a recent interview with Forbes, after nearly two years of operations Abra only has 73 users per day. They are currently raising another round at this time; it is believed that this will help fund their compliance team and for licenses which they currently lack. [↩]
    根据最近《福布斯》杂志的采访，经过近两年的运营，Abra 每天只有 73 名用户。他们目前正在筹集下一轮融资；人们认为这将有助于资助他们的合规团队以及他们目前缺少的许可证。[ ↩]
70. One reviewer said, “A counterpoint could be: VC returns are even sharper than standard Pareto; 1:9 or even 1:99 as opposed to 2:8. Startups are hard – most fail – why should cryptocurrency world be any different?” [↩]
    一位评论员表示：“一个反论点可能是：风险投资回报甚至比标准帕累托分布更尖锐；1:9 甚至 1:99，而不是 2:8。创业公司很难——大多数都失败了——为什么加密货币世界应该有所不同呢？” [ ↩]
71. One reviewer suggested that: “In the future, you should explain why Maximalism is a type of Authoritarianism and is not to be conflated with cypherpunks.” [↩]
    一位评论者建议：“在未来，你应该解释为什么极简主义是一种威权主义，并且不应与密码朋克混淆。” [ ↩]
72.  In mid-September, vocal promoters and owners of cryptocurrencies such as Bitcoin collectively spent thousands of hours yelling on social media and conducting letter writing campaigns all to channel their anger towards comments made by Jamie Dimon.  A couple worthwhile followups include: JPMorgan handles bitcoin-related trades for clients despite CEO warning from Reuters and  MUFG CEO on Dimon Remarks: Bank Cryptocurrencies Have ‘Nothing to Do With Bitcoin’ from CoinDesk [↩]
    九月中旬，比特币等加密货币的口头推广者和所有者集体花费数千小时在社交媒体上大声疾呼，并开展写信活动，以将他们的愤怒发泄在杰米·戴蒙的评论上。一些值得关注的后续报道包括：尽管摩根大通首席执行官发出警告，路透社和 MUFG 首席执行官在 CoinDesk 上发表评论称“银行加密货币与比特币无关”，摩根大通仍为客户处理与比特币相关的交易。[↩]
73. Bitcoin was only used as an example, nearly all cryptocurrencies listed on CoinMarketCap have the same issue in terms of calculating a real “market cap.” [↩]
    比特币仅作为例子，CoinMarketCap 上列出的几乎所有加密货币在计算实际“市值”方面都存在同样的问题。[ ↩]
74. Learning from Bitcoin’s past to improve its future from Tim Swanson [↩]
    从比特币的过去学习以改善其未来——蒂姆·斯旺森 [ ↩]
75. The theatrics around “BearWhale”-like events still persists.  For example, one current conspiracy theory is that: “the Chinese government is shutting down Bitcoin miners to mine bitcoins themselves.”  This is most likely false and the proposed solution is to “use satellites.”  But in talking with professional miners in China, many of them have contracts directly with State Grid, so they could lose access to energy in a worst-case scenario and satellites would not be of any use (assuming any of those rumors are true). [↩]
    “熊鲸”类事件周围的戏剧性仍然存在。例如，一个当前的阴谋论是：“中国政府正在关闭比特币矿工以自己挖比特币。”这很可能是错误的，提出的解决方案是“使用卫星”。但与中国的专业矿工交谈时，他们中的许多人直接与国家电网有合同，所以在最坏的情况下他们可能会失去能源，卫星将没有任何用处（假设这些谣言是真的）。[ ↩]
76. To be fair, this is not unique to the cryptocurrency space. [↩]
    公平地说，这并不仅限于加密货币领域。
77. Genesis Trading is also the marketing and distribution agent for Bitcoin Investment Trust and Ethereum Classic Investment Trust, two regulated financial products.  DCG also is an owner in Grayscale Investments which is the legal sponsor both of these Trusts [↩]
    创世交易也是比特币投资信托和以太坊经典投资信托的市场营销和分销代理，这两款是受监管的金融产品。DCG 也是 Grayscale Investments 的股东，该公司是这两项信托的法律发起人[↩]
78. Research: How Investors’ Reading Habits Influence Stock Prices by Anastassia Fedyk and Effects of Misinformation on the Stock Return: A Case Study by Ahsan et al. [↩]
    研究：投资者阅读习惯如何影响股价，作者：Anastassia Fedyk；股票回报中错误信息的影响：一项案例研究，作者：Ahsan 等。 [ ↩]
79. Some employees in coin media have used social media channels to discuss various cryptocurrencies including ICOs over the past year.  How many of these were sponsored or received a cut of the coins to do so? [↩]
    一些币圈员工在过去一年中利用社交媒体渠道讨论了各种加密货币，包括 ICO。其中有多少是受赞助的，或者为了这样做而获得了代币的一部分？[ ↩]
80. A great paper on this topic is The Path of the Blockchain Lexicon (and the Law) by Angela Walch [↩]
    一篇关于这个主题的杰出论文是安吉拉·沃尔奇（Angela Walch）的《区块链词汇之路（及其法律）》（The Path of the Blockchain Lexicon (and the Law)）[ ↩]
81. Nearly all of the coin media site allow ICO advertisements as well.  What are the terms and benefits that these media sites receive in exchange for displaying these advertisements and advertorials? [↩]
    几乎所有代币媒体网站都允许 ICO 广告。这些媒体网站在展示这些广告和宣传文章时，会获得哪些条款和好处？[ ↩]
82. Note: this is not an exhaustive list and I’ll likely be flamed for not including X but including Y.  Journalists who write good original stories include: Nathaniel Popper, Matt Levine, and Matt Leising.  There have been several good op-eds written by lawyers which have appeared on CoinDesk, including Joshua Stark, Jared Marx, Brian Klein, Benjamin Sauter and David McGill.  Some other original, constructive views that should be highlighted include Stephen Palley, Ryan Straus, George Fogg, Miles Cowan, Patrick Murck, Amor Sexton, Houman Shadab, Angela Walch, Scott Farrell, Claire Warren, Simon Gilchrist, and two perpetual curmudgeons: Izabella Kaminska and Preston Byrne (very prickly at times!).  Non-lawyer thought-leaders, technical, and subject matter experts with bonafides worth interviewing include: Adam Krellenstein, Alex Batlin, Alex Waters, Andrew Miller, Andy Geyl, Antony Lewis, Ari Juels, Arvind Narayanan, Christian Decker, Christopher Allen, Ciaran Murray, Colin Platt, Danny Yang, Dave Hudson, David Andolfatto, David Schwartz, Dominic Williams, Duncan Wong, Elaine Shi, Emily Rutland, Emin Gun Sirer, Ernie Teo, Fabio Federici, Flavien Charlon, Gideon Greenspan, Ian Grigg, Ittay Eyal, Jackson Palmer, Jae Kwon, James Hazard, James Smith, Jana Moser, Jeff Garzik, JP Koning, John Whelan, Jonathan Levin, Jonathan Rouach, Jorge Stolfi, Juan Benet, Juan Llanos, Kieren James-Lubin, Lee Braine, Leemon Baird, Makoto Takemiya, Mark Williams, Matthew Green, Martin Walker, Massimo Morini, Michael Gronager, Mike Hearn, Muneeb Ali, Piotr Piasecki, Richard Brown, Robert Sams, Ron Hose, Sarah Meiklejohn, Stefan Thomas, Stephen Lane-Smith, Vitalik Buterin, Vlad Zamfir, Yakov Kofner, Zaki Manian, Zennon Kapron, and Zooko Wilcox-O’Hearn, as well as dozens of others from several different financial institutions and enterprises too long to list.  I also think that Michael del Castillo, Ian Allison, Simon Taylor, Jon Southurst, and Arthur Falls try to do an honest job reporting too.  Epicenter TV is arguably the best podcast in this space. [↩]
    注意：这不是一个详尽的列表，我可能因为未包括 X 而包括 Y 而受到批评。撰写优秀原创故事的记者包括：Nathaniel Popper、Matt Levine 和 Matt Leising。在 CoinDesk 上出现的一些由律师撰写的优秀社论包括：Joshua Stark、Jared Marx、Brian Klein、Benjamin Sauter 和 David McGill。一些其他应被强调的原创、建设性观点包括：Stephen Palley、Ryan Straus、George Fogg、Miles Cowan、Patrick Murck、Amor Sexton、Houman Shadab、Angela Walch、Scott Farrell、Claire Warren、Simon Gilchrist，以及两位永久的“爱挑剔者”：Izabella Kaminska 和 Preston Byrne（有时非常尖刻！）。 非法律界思想领袖、技术专家和有价值的主题专家，值得采访的包括：Adam Krellenstein、Alex Batlin、Alex Waters、Andrew Miller、Andy Geyl、Antony Lewis、Ari Juels、Arvind Narayanan、Christian Decker、Christopher Allen、Ciaran Murray、Colin Platt、Danny Yang、Dave Hudson、David Andolfatto、David Schwartz、Dominic Williams、Duncan Wong、Elaine Shi、Emily Rutland、Emin Gun Sirer、Ernie Teo、Fabio Federici、Flavien Charlon、Gideon Greenspan、Ian Grigg、Ittay Eyal、Jackson Palmer、Jae Kwon、James Hazard、James Smith、Jana Moser、Jeff Garzik、JP Koning、John Whelan、Jonathan Levin、Jonathan Rouach、Jorge Stolfi、Juan Benet、Juan Llanos、Kieren James-Lubin、Lee Braine、Leemon Baird、Makoto Takemiya、Mark Williams、Matthew Green、Martin Walker、Massimo Morini、Michael Gronager、Mike Hearn、Muneeb Ali、Piotr Piasecki、Richard Brown、Robert Sams、Ron Hose、Sarah Meiklejohn、Stefan Thomas、Stephen Lane-Smith、Vitalik Buterin、Vlad Zamfir、Yakov Kofner、Zaki Manian、Zennon Kapron、Zooko Wilcox-O’Hearn，以及来自多个不同金融机构和企业，名单太长无法一一列举的数十人。 我也认为 Michael del Castillo、Ian Allison、Simon Taylor、Jon Southurst 和 Arthur Falls 也试图做一个诚实的报道工作。Epicenter TV 可以说是这个领域的最佳播客。[ ↩]
83. For an example, see Cracking Mt. Gox by WizSec [↩]
    例如，参见 WizSec 破解 Mt. Gox[↩]
84. Chainalysis has a partnership with Circle which in turn enabled Circle to open up an account with Barclays.  Two years ago, an alleged business plan for Chainalysis was leaked online and unsurprisingly, some in the community were up in arms that this small company provided these forensic services. [↩]
    Chainalysis 与 Circle 有合作关系，这使得 Circle 能够开设 Barclays 的账户。两年前，一份据称是 Chainalysis 的商业计划在网上泄露，不出所料，社区中的一些人对此小公司提供这些法医服务表示愤怒。[ ↩]
85. Partially inspired by this tweet. [↩]
    部分灵感来源于这条推文。[↩]
86. Click farms are being used by various ICO and Bitcoin-related online personalities to boost their perceived importance. [↩]
    点击农场被各种 ICO 和比特币相关的在线人物用来提升他们感知的重要性。[ ↩]