加密解決了傳統證券市場仍未解決的數十年問題

懷疑論者喜歡說加密沒有真正的用例。但是，如果它解決了傳統證券市場仍未解決的數十年的問題，該怎麼辦

Crypto skeptics like to say the industry lacks use cases. But what if it solves a decades-old problem that traditional securities markets still haven’t fixed—how to directly, efficiently, and trustlessly own and trade assets?

加密懷疑論者喜歡說該行業缺乏用例。但是，如果它解決了傳統證券市場仍未解決的數十年問題的問題 - 如何直接，有效，無信任地擁有和貿易資產呢？

Today’s securities transactions are deceptively complex. A trade that should just involve a buyer and seller instead passes through a maze of intermediaries—brokers, dealers, exchanges, market makers, clearinghouses, custodians, and transfer agents—each extracting value and introducing friction.

當今的證券交易是看似複雜的。一項應涉及買賣雙方的貿易通過中介的迷宮，包括經紀人，經銷商，交易所，做市商，銷售人員，封建房，託管人和轉讓代理商 - 提取價值並引入摩擦。

This elaborate system isn’t the product of natural market evolution. It developed out of necessity during the 1960s “paperwork crisis,” when a boom in trading volume overwhelmed Wall Street’s manual systems.

這種精心設計的系統不是自然市場發展的產物。在1960年代的“文書工作危機”中，當交易量不堪重負的華爾街手動系統時，它的發展是出於必要的。

Back then, trading meant physically exchanging paper certificates. As volume surged, back-offices buckled under the burden, prompting the New York Stock Exchange to shorten trading hours and close one day a week just to process trades. Brokerages collapsed. Client dividends went unpaid. Securities were lost and misplaced.

那時，交易意味著物理交換紙質證書。隨著數量的飆升，後門在負擔下屈服，促使紐約證券交易所縮短交易小時，每週關閉一天以處理交易。經紀人崩潰了。客戶股息未付。證券丟失和放錯了位置。