比特币不会杀死股票，但会恢复其价值

比特币和股票有点像比较苹果和橘子。股票不是一种中立的、不受审查的、点对点的货币，你可以将其发送给任何人或转移到任何地方。

Bitcoin has massively underperformed Nvidia over the past 18 months.

过去 18 个月里，比特币的表现远远落后于 Nvidia。

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

虽然 BTC 的价格上涨了约 300%，但 Nvidia 的股价却上涨了 800% 以上。

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

那么，要致富，是购买英伟达股票还是比特币更好呢？

Is it a failure for Bitcoin?

这是比特币的失败吗？

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

Nvidia 为全世界生产优秀的 GPU，其股东因此获得回报也是正常的。

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

比特币和英伟达有点像比较苹果和橘子。

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

股票不是一种中立的、不受审查的、点对点的货币，你可以将其发送给任何人或转移到任何地方。

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.

它们更像是纸质资产，受公司管理层、董事会以及无数运营、监管和司法风险的摆布。您还持有可以轻松关闭、冻结或审查的经纪账户中的股票。

Sometimes stocks perform better than Bitcoin.

有时股票的表现比比特币更好。

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，如果比特币标准的愿景成为现实，那么在未来十年内，持有比特币的表现很可能会大大优于持有标准普尔 500 指数等一篮子多元化股票。

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

比特币的表现甚至有可能显着优于现金、债券和房地产。

Will Bitcoin replace stocks?

比特币会取代股票吗？

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

在比特币标准的背景下，比特币将成为“新美元”，股票会消失吗？

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

要回答这个问题，首先要问自己人类活动协调是如何运作的。

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

我们如何让一大群人共同努力来完成非凡的事情？

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.

第一种可能是奴役大量的人，强迫他们工作。然而，这种做法不仅从道德角度应受谴责，而且无法实现最有效的商品生产。

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

第二种可能性是依靠宗教或民族主义来协调人类行动。

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

“建造这座金字塔是因为你心爱的法老想要它，或者因为它将使埃及再次伟大”。

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

最后，最后一种可能性是诉诸自由市场。

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

我们现在准备好回答这个问题：在比特币标准下股票还会存在吗？

Stocks will remain crucial

股票仍将至关重要

It is very likely that stocks will remain.

库存很可能会继续存在。

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

事实上，在比特币等自由货币的背景下，公司是协调人类活动的另一种绝佳方式。

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.

一个很好的方法是创建一家公司，让管理团队、工人和外部投资者参与利润，以换取资本投资。

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.

事实上，许多不同公司的所有权股份在证券交易所上市是一个很好的主意。这创造了深度且流动性强的市场。

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.

与将所有资金投资于美国国库券等政府债券相比，这是一种更好的资本利用方式，后者为一个不知道如何分配资本的愚蠢、暴力的机构提供了资金。

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

一种良好的、中性的、稳健的、稀缺的、基于数学和能源的货币，比如比特币，是繁荣经济的最佳基础。

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.

因此它有点像第一层。你不应该使用央行行长或其他内部人士可以无休止印制的软货币，就像美元一样，由印钞机操纵。

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.

在健全货币的坚实基础上，下一个层次是用这种货币自由、自愿地交换商品和服务，我们称之为自由市场。

From free currency to free markets

从自由货币到自由市场

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

自由市场不受任何政府限制、资本管制、关税、价格控制、工资控制和任何其他形式的干扰。

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

公司为我们提供了喷气式飞机、现代汽车、洗碗机、洗衣机……

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，与朋友一起在车库里设计和制造一架新的喷气式飞机是不可能的。它需要数百万从事机翼设计和安全、航空电子、飞行控制、液压和气动系统等工作的人员进行协调。

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.

这就是为什么现代公司仍然是创造和制造计算机或飞机等复杂现代物体的最佳机制。

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.

当然，仅举几例，银行、大型制药公司和食品制造公司严重侵占和腐蚀了现代法定时代的许多行业和公司。

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.

但在比特币标准下，联邦政府的规模和权力会小得多，并且无法救助行业或利用其印刷机的优势来偏袒，他们将占领更少的行业。

Will people still want to invest in these stocks?

人们还会想投资这些股票吗？

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.

即使在比特币标准下，公司也将继续存在，它们的股票仍将在证券交易所上市，因为公司仍然是有史以来开发的最好的工具之一，可以帮助以有用且富有成效的方式协调人类活动。

Will people still want to invest in these stocks?

人们还会想投资这些股票吗？

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.

甚至比特币持有者自己也可能会用他们的比特币来资助生命延长公司、太空探索公司或人工智能公司。

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

当世界采用比特币标准时，比特币将获得购买力，而不是像今天那样通过新的采用，