比特幣不會殺死股票，但會恢復其價值

比特幣和股票有點像在比較蘋果和橘子。股票不是一種中立的、不受審查的、點對點的貨幣，你可以將其發送給任何人或轉移到任何地方。

Bitcoin has massively underperformed Nvidia over the past 18 months.

在過去 18 個月裡，比特幣的表現遠遠落後於 Nvidia。

While BTC has seen its price increase by about 300%, Nvidia’s stock has boomed by over 800%.

雖然 BTC 的價格上漲了約 300%，但 Nvidia 的股價卻上漲了 800% 以上。

So, to get rich, is it better to buy Nvidia shares or BTC?

那麼，要致富，是買英偉達股票還是比特幣比較好呢？

Is it a failure for Bitcoin?

這是比特幣的失敗嗎？

Nvidia makes excellent GPUs for the whole world, and it is normal for its shareholders to be rewarded for it.

Nvidia 為全世界生產優秀的 GPU，其股東因此獲得回報也是正常的。

Bitcoin and Nvidia are a bit like comparing apples and oranges.

比特幣和英偉達有點像是比較蘋果和橘子。

Shares are not a neutral, censorship-resistant, peer-to-peer currency that you can send to anyone or move anywhere.

股票不是一種中立的、不受審查的、點對點的貨幣，你可以將其發送給任何人或轉移到任何地方。

They are rather paper assets that are at the mercy of the company’s management, board of directors, and a myriad of operational, regulatory, and jurisdictional risks. You also hold shares in a brokerage account that can easily be closed, frozen, or censored.

它們更像是紙質資產，受公司管理層、董事會以及無數營運、監管和司法風險的擺佈。您還持有可以輕鬆關閉、凍結或審查的經紀帳戶中的股票。

Sometimes stocks perform better than Bitcoin.

有時股票的表現比比特幣好。

However, if the vision of the Bitcoin standard comes true, it is very likely that holding bitcoins will massively outperform, over the next ten years, holding a basket of diversified stocks like the S&P 500.

然而，如果比特幣標準的願景成為現實，那麼在未來十年內，持有比特幣的表現很可能會大大優於持有標準普爾 500 指數等一籃子多元化股票。

It is even likely that Bitcoin will also significantly outperform cash, bonds, and real estate.

比特幣的表現甚至有可能顯著優於現金、債券和房地產。

Will Bitcoin replace stocks?

比特幣會取代股票嗎？

In the context of a Bitcoin standard, where BTC would become the “new dollar,” would stocks disappear?

在比特幣標準的背景下，比特幣將成為“新美元”，股票會消失嗎？

To answer this question, one must first ask oneself how human activity coordination works.

要回答這個問題，首先要問自己人類活動協調是如何運作的。

How do we enable large groups of people to work together to accomplish extraordinary things?

我們如何讓一大群人共同努力完成非凡的事？

The first possibility is to enslave a large number of people to force them to work. However, such a practice is not only reprehensible from an ethical point of view, but it does not allow the most efficient production of goods.

第一種可能是奴役大量的人，強迫他們工作。然而，這種做法不僅從道德角度應受譴責，也無法實現最有效的商品生產。

The second possibility is to rely on religion or nationalism to coordinate human action.

第二種可能性是依賴宗教或民族主義來協調人類行動。

“Build this pyramid because your beloved Pharaoh desires it, or because it will make Egypt great again”.

「建造這座金字塔是因為你心愛的法老王想要它，或者因為它將使埃及再次偉大」。

Finally, the last possibility is to resort to free markets.

最後，最後一種可能性是訴諸自由市場。

We are now ready to answer the question: Will stocks still exist under a Bitcoin standard?

我們現在準備好回答這個問題：在比特幣標準下股票還會存在嗎？

Stocks will remain crucial

股票仍將至關重要

It is very likely that stocks will remain.

庫存很可能會繼續存在。

Indeed, companies are another excellent way to coordinate human activity in the context of free currencies like BTC.

事實上，在比特幣等自由貨幣的背景下，公司是協調人類活動的另一種絕佳方式。

An excellent way to proceed is to create a company and allow the management team, workers, and external investors to participate in the profits in exchange for capital investment.

一個很好的方法是創建一家公司，讓管理團隊、工人和外部投資者參與利潤，以換取資本投資。

The fact that ownership shares of many different companies are listed on the stock exchange is an excellent idea. This creates deep and liquid markets.

事實上，許多不同公司的所有權股份在證券交易所上市是一個很好的想法。這創造了深度且流動性強的市場。

It is a much better use of capital than investing everything in government bonds such as U.S. Treasury bills, which help fund a stupid, violent institution that doesn’t know how to allocate capital.

與將所有資金投資於美國國庫券等政府債券相比，這是一種更好的資本利用方式，後者為一個不知道如何分配資本的愚蠢、暴力的機構提供了資金。

A good currency, neutral, sound, scarce, based on mathematics and energy, like Bitcoin, is the best foundation for a prosperous economy.

一種好的、中性的、穩健的、稀缺的、基於數學和能源的貨幣，例如比特幣，是繁榮經濟的最佳基礎。

It is therefore somewhat like the first layer. You should not use soft money that can be endlessly printed by central bankers or other insiders, as in the case of the U.S. dollar, manipulated by the printing press.

因此它有點像第一層。你不應該使用央行行長或其他內部人士可以無休止印製的軟貨幣，就像美元一樣，由印鈔機操縱。

The next level, from this solid foundation of sound money, is the free and voluntary exchange of goods and services for this currency, which we call free markets.

在健全貨幣的堅實基礎上，下一個層次是用這種貨幣自由、自願地交換商品和服務，我們稱之為自由市場。

From free currency to free markets

從自由貨幣到自由市場

Free markets free of any government restriction, capital control, tariff, price control, wage control, and any other form of interference.

自由市場不受任何政府限制、資本管制、關稅、價格管制、工資管制和任何其他形式的干擾。

Companies have given us jet planes, modern automobiles, dishwashers, washing machines…

公司為我們提供了噴射機、現代汽車、洗碗機、洗衣機…

Today, it is impossible to design and manufacture a new jet plane with your friends in your garage. It requires the coordination of millions of people working on wing design and safety, avionics, flight controls, hydraulic and pneumatic systems, etc.

如今，與朋友一起在車庫裡設計和製造一架新的噴射機是不可能的。它需要數百萬從事機翼設計和安全、航空電子、飛行控制、液壓和氣動系統等工作的人員進行協調。

That is why the modern company remains the best mechanism to enable the creation and manufacture of complex modern objects such as computers or airplanes.

這就是為什麼現代公司仍然是創造和製造電腦或飛機等複雜現代物體的最佳機制。

Of course, banks, big pharmaceutical companies, and food manufacturing companies, to name a few, heavily capture and corrupt many industries and companies of the modern fiat era.

當然，僅舉幾例，銀行、大型製藥公司和食品製造公司嚴重侵占和腐蝕了許多現代法定時代的行業和公司。

But under a Bitcoin standard, where the federal government would be much smaller and less powerful, and would be unable to bail out industries or play favorites using its access to the printing press, they would capture much fewer industries.

但在比特幣標準下，聯邦政府的規模和權力會小得多，並且無法救助行業或利用其印刷機的優勢來偏袒，他們將佔領更少的行業。

Will people still want to invest in these stocks?

人們還會想投資這些股票嗎？

Companies will continue to exist even under a Bitcoin standard, and their stocks will still be listed on the stock exchange because companies remain one of the best tools ever developed to help coordinate human activity in a useful and productive way.

即使在比特幣標準下，公司也將繼續存在，它們的股票仍將在證券交易所上市，因為公司仍然是有史以來開發的最好的工具之一，可以幫助以有用且富有成效的方式協調人類活動。

Will people still want to invest in these stocks?

人們還會想投資這些股票嗎？

Very likely.

很可能。

It is plausible that even Bitcoiners themselves will use their bitcoins to fund, for example, life extension companies, space exploration companies, or artificial intelligence companies.

甚至比特幣持有者自己也可能會用他們的比特幣來資助生命延長公司、太空探索公司或人工智慧公司。

And when the world adopts the Bitcoin standard, Bitcoin will gain purchasing power not through new adoption as today, with

當世界採用比特幣標準時，比特幣將獲得購買力，而不是像今天那樣透過新的採用，