比特幣的分配後果：反駁

德梅斯特

Two European Central Bank (ECB) economists published a report last week that made several dubious claims about Bitcoin.

兩位歐洲央行（ECB）經濟學家上週發表了一份報告，其中對比特幣提出了一些可疑的說法。

The report, titled “The Distributional Consequences of Bitcoin,” argues that those who invest in Bitcoin late are impoverished by those who invested early and that Bitcoin has failed as a payments technology.

這份題為《比特幣的分配後果》的報告認為，那些較晚投資比特幣的人會被那些較早投資的人所害，而且比特幣作為一種支付技術已經失敗了。

Bitcoin analyst Tuur Demeester took to X to sound the alarm about the report.

比特幣分析師 Tuur Demeester 向 X 發出有關該報告的警報。

As a former academic, I was struck by how lazy the arguments in this paper were. I've taken the time to push back on some of them.

作為一名前學者，我對這篇論文中的論點是多麼懶惰感到震驚。我已經花時間反駁了其中一些。

Apart from these points, the tone of this ECB report is paternalistic, suggesting that all retail investors are unable to learn more about how markets work and why Bitcoin is important.

除此之外，這份歐洲央行報告的基調是家長式的，表明所有散戶投資者無法更多地了解市場如何運作以及為何比特幣如此重要。

Toward the end of the report, Bindseil and Schaaf cite a source that claims that “unsophisticated investors are drawn into the market” as the Bitcoin bubble grows, seemingly suggesting that everyone one of these retail investors only buys at the top and sells toward the bottom of a drawdown.

在報告的最後，Bindseil 和Schaaf 引用了一位消息人士的說法，稱隨著比特幣泡沫的擴大，“不成熟的投資者被吸引到市場中”，這似乎表明這些散戶投資者中的每個人都只在頂部買入並在底部賣出的回撤。

I was once one of those unsophisticated retail investors, and while I first bought Bitcoin near its 2017 top, I also bought it on dozens of other occasions, including when its price dipped to local lows in 2018 and 2020. I did so because in studying Bitcoin and learning what problems it solves I came to place more faith in it than I did in the traditional monetary and financial systems.

我曾經是那些不成熟的散戶投資者之一，雖然我第一次在2017 年的頂部附近購買了比特幣，但我還在其他幾十次場合購買了它，包括當它的價格在2018 年和2020 年跌至當地低點時。

There are many others like me, and I’d imagine that they too take offense to the ECB’s diminishing their intellectual capabilities and writing deeply biased reports that misrepresent what Bitcoin is and the reasons why people invest in and adopt it.

還有很多像我一樣的人，我想他們也會對歐洲央行削弱他們的智力和撰寫帶有嚴重偏見的報告感到憤怒，這些報告歪曲了比特幣是什麼以及人們投資和採用比特幣的原因。