加密解决了传统证券市场仍未解决的数十年问题

怀疑论者喜欢说加密没有真正的用例。但是，如果它解决了传统证券市场仍未解决的数十年的问题，该怎么办

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?

加密怀疑论者喜欢说该行业缺乏用例。但是，如果它解决了传统证券市场仍未解决的数十年问题的问题 - 如何直接，有效，无信任地拥有和贸易资产呢？

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.

当今的证券交易是看似复杂的。一项应涉及买卖双方的贸易通过中介的迷宫，包括经纪人，经销商，交易所，做市商，销售人员，封建房，托管人和转让代理商 - 提取价值并引入摩擦。

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.

这种精心设计的系统不是自然市场发展的产物。在1960年代的“文书工作危机”中，当交易量不堪重负的华尔街手动系统时，它的发展是出于必要的。

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.

那时，交易意味着物理交换纸质证书。随着数量的飙升，后门在负担下屈服，促使纽约证券交易所缩短交易小时，每周关闭一天以处理交易。经纪人崩溃了。客户股息未付。证券丢失和放错了位置。