休眠代幣的失敗：為什麼價值創造很重要

從本質上講，比特幣被設計為一個充滿活力、蓬勃發展的商業系統。然而，絕大多數比特幣仍然被鎖定在休眠的未使用交易輸出（UTXO）中，多年來一動不動，僅透過全球主義銀行家及其託管人持有的法定貨幣和紙質衍生品來估值。

In previous installments, we explored how the HODL culture has eroded Bitcoin’s privacy and squandered its potential as a global medium of exchange. Now, in Part 3, we examine the long-term consequences of discouraging real economic activity on the blockchain.

在前幾期中，我們探討了 HODL 文化如何侵蝕比特幣的隱私並浪費其作為全球交換媒介的潛力。現在，在第三部分中，我們研究了阻礙區塊鏈上的實體經濟活動的長期後果。

When Bitcoin’s network is locked in a state of dormancy, with small blocks designed to limit usage, it doesn’t just slow growth—it cultivates a toxic ecosystem driven by rent-seeking behavior and gatekeeping. With few opportunities to create new value, the network’s dominant players become more focused on controlling the narrative, extracting fees, and consolidating power, all while strangling the very innovation that Bitcoin was meant to unleash.

當比特幣網路被鎖定在休眠狀態，並透過小區塊來限制使用時，它不僅會減緩成長，還會培育出一個由尋租行為和把關驅動的有毒生態系統。由於創造新價值的機會很少，網路的主導參與者變得更加專注於控制敘事、收取費用和鞏固權力，同時扼殺比特幣本應釋放的創新。

The decision to artificially limit Bitcoin’s block size is not just a technical choice but an economic and cultural decision. By capping capacity, the network has deliberately suppressed opportunities for value creation, forcing stakeholders into a zero-sum game. Instead of fostering vibrant commerce, where businesses and individuals generate wealth through productive activity, Bitcoin (BTC, but also the other split assets, to varying degrees) has become a battleground of middlemen. These actors position themselves to capture value, not by building anything new but by controlling access to information, liquidity, or network participation.

人為限制比特幣區塊大小的決定不僅是技術選擇，也是經濟和文化決定。透過限制容量，網路故意抑制價值創造的機會，迫使利害關係人陷入零和遊戲。比特幣（BTC，以及不同程度的其他分割資產）並沒有促進企業和個人透過生產活動創造財富的充滿活力的商業，而是成為了中間商的戰場。這些參與者將自己定位為獲取價值，不是透過建構任何新東西，而是透過控制資訊、流動性或網路參與的存取。

What has emerged is a kind of aristocratic hierarchy with distinct classes:

出現了一種不同階級的貴族等級制度：

At its core, Bitcoin was designed to be a dynamic, thriving system of commerce. Yet, the vast majority of BTC remains locked away in dormant unspent transaction outputs (UTXOs), unmoved for years and only valued by fiat measure sticks and paper derivatives held by globalist bankers and their custodians. The lack of transactional activity is not just a missed opportunity—it’s a liability. Dormant coins provide no value to the network, no opportunity for wealth creation, and no spillover benefits of economic growth.

從本質上講，比特幣被設計為一個充滿活力、蓬勃發展的商業系統。然而，絕大多數比特幣仍然被鎖定在休眠的未使用交易輸出（UTXO）中，多年來一動不動，僅透過全球主義銀行家及其託管人持有的法定貨幣和紙質衍生品來估值。缺乏交易活動不僅是錯失良機，更是一種負擔。休眠代幣不會為網路提供任何價值，沒有創造財富的機會，也沒有經濟成長的溢出效益。

When Bitcoin operates this way, it serves only those who profit from inertia: the aforementioned influencers, custodians, exchanges, devs and home node operators. Each group benefits from a network that discourages use because their rent-seeking activities—whether through trading fees, subscription models, or advertisement opportunities—depend on Bitcoin remaining a stagnant, speculative asset rather than a vibrant tool for global commerce.

當比特幣以這種方式運作時，它只為那些從慣性中獲利的人服務：前面提到的影響者、託管人、交易所、開發人員和主節點運營商。每個群體都從不鼓勵使用的網路中受益，因為他們的尋租活動——無論是透過交易費、訂閱模式還是廣告機會——依賴比特幣仍然是一種停滯的投機資產，而不是一個充滿活力的全球商業工具。

For example, here’s Peter McCormack explaining that he has to sell ads in the wake of one of his biggest advertisers (BlockFi) exit scamming and going bankrupt on their customers.

例如，Peter McCormack 解釋說，在他最大的廣告商之一 (BlockFi) 退出詐騙並導致客戶破產後，他必須出售廣告。

If, instead, Bitcoin were used for daily transactions, the incentives would shift toward fostering innovation. Entrepreneurs would build businesses on the blockchain, generating economic activity that drives demand for block space and fuels network growth. This is where the magic of Bitcoin lies—not as a store of value that gathers dust but as a platform for wealth creation that benefits everyone connected to it. The real power of Bitcoin is not in hoarding coins but in enabling frictionless commerce, identity solutions, and data integrity systems. When coins move, businesses grow. When businesses grow, so does wealth. And when wealth grows, society prospers.

相反，如果比特幣用於日常交易，激勵措施將轉向促進創新。企業家將在區塊鏈上建立業務，產生經濟活動，推動對區塊空間的需求並推動網路成長。這就是比特幣的魔法所在——不是作為一種被塵封的價值儲存手段，而是作為一個創造財富的平台，讓與之相關的每個人都受益。比特幣的真正力量不在於囤積硬幣，而是實現無摩擦的商業、身分解決方案和資料完整性系統。當硬幣移動時，業務就會成長。當企業成長時，財富也會成長。當財富增長時，社會就會繁榮。

The toxic culture that permeates BTC today is a direct result of the failed “Hodl” economic model. When productive business activity is stifled, all that remains is power struggles over who controls access to the shrinking pool of opportunities. The influencers who once promoted Bitcoin as a tool for freedom now act as gatekeepers, ensuring that anyone with new ideas that might challenge their influence is quickly labeled a threat. Innovation is discouraged, suspicion reigns, and the culture becomes increasingly hostile to outsiders.

今天滲透到比特幣中的有毒文化是失敗的「Hodl」經濟模式的直接結果。當生產性商業活動受到抑制時，剩下的就是爭奪誰控制著日益萎縮的機會的權力鬥爭。曾經將比特幣宣傳為自由工具的影響者現在充當了看門人的角色，確保任何有可能挑戰其影響力的新想法的人很快就會被貼上威脅的標籤。創新受到阻礙，猜疑盛行，文化對外來者越來越敵視。

This behavior mirrors the dysfunction of a failing aristocracy, where those in power cling desperately to their privilege, knowing they have no new value to offer. The purity tests, social shaming and ideological rigidity that dominate BTC’s public discourse are the natural outcomes of a system that no longer creates wealth—it merely shuffles power among a few entrenched players.

這種行為反映了失敗貴族的功能失調，當權者拼命地堅持他們的特權，知道他們沒有新的價值可以提供。主導比特幣公共論述的純潔性測試、社會羞辱和意識形態僵化是一個不再創造財富的系統的自然結果——它只是在少數根深蒂固的參與者之間洗牌權力。

At the same time, exchanges and liquidity providers benefit from the confusion, raking in profits from retail investors lured by speculative narratives and false promises. The result is a toxic ecosystem where real innovation is seen not as an opportunity but as a threat to the status quo, and anyone advocating for meaningful change is treated as an enemy to be purged.

同時，交易所和流動性提供者從混亂中受益，從被投機性敘事和虛假承諾所吸引的散戶投資者那裡攫取利潤。結果是形成一個有毒的生態系統，真正的創新不被視為機會，而是對現狀的威脅，任何倡導有意義變革的人都被視為需要清除的敵人。

I mentioned briefly that Satoshi Nakamoto warned in the Bitcoin white paper that a system governed by “1-IP-1-Vote” could be easily subverted by those with the most IP addresses. Today, we see this warning come to life. Full node operators, who run the software that determines Bitcoin’s rules, have become a shadow governance layer, signaling changes to the network without bearing the cost of mining. This undermines the integrity of PoW, which was designed to ensure that only those who expend real-world energy have a say in Bitcoin’s consensus.

我簡單提到，中本聰在比特幣白皮書中警告說，由「1-IP-1-Vote」管理的系統很容易被擁有最多 IP 位址的人顛覆。今天，我們看到這個警告成為現實。運行決定比特幣規則的軟體的全節點運營商已成為影子治理層，向網路發出變化信號，而無需承擔挖礦成本。這破壞了 PoW 的完整性，而 PoW 的目的是確保只有那些消耗現實世界能量的人才能在比特幣的共識中擁有發言權。

In a network driven by commerce, the miners—those who secure the blockchain—would be incentivized to prioritize growth and efficiency. But in the small-block, HODL-centric version of Bitcoin, power rests with home node operators who resist any changes that could disrupt their grip

在商業驅動的網路中，礦工（那些保護區塊鏈的人）將受到激勵，優先考慮成長和效率。但在以 HODL 為中心的小區塊比特幣版本中，權力掌握在本地節點運營商手中，他們抵制任何可能破壞其控制力的變化