比特币的分配后果：反驳

德梅斯特

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

两位欧洲央行（ECB）经济学家上周发表了一份报告，其中对比特币提出了一些可疑的说法。

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.

这份题为《比特币的分配后果》的报告认为，那些较晚投资比特币的人会被那些较早投资的人所害，而且比特币作为一种支付技术已经失败了。

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

比特币分析师 Tuur Demeester 向 X 发出有关该报告的警报。

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.

作为一名前学者，我对这篇论文中的论点是多么懒惰感到震惊。我已经花时间反驳了其中一些人。

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，这份欧洲央行报告的基调是家长式的，表明所有散户投资者无法更多地了解市场如何运作以及比特币为何如此重要。

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.

在报告的最后，Bindseil 和 Schaaf 引用了一位消息人士的说法，称随着比特币泡沫的扩大，“不成熟的投资者被吸引到市场中”，这似乎表明这些散户投资者中的每个人都只在顶部买入并在底部卖出的回撤。

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.

我曾经是那些不成熟的散户投资者之一，虽然我第一次在 2017 年的顶部附近购买了比特币，但我还在其他几十次场合购买了它，包括当它的价格在 2018 年和 2020 年跌至当地低点时。我这样做是因为在研究比特币并了解它解决了哪些问题，我开始对它比对传统货币和金融体系更有信心。

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.

还有很多像我一样的人，我想他们也会对欧洲央行削弱他们的智力和撰写带有严重偏见的报告感到愤怒，这些报告歪曲了比特币是什么以及人们投资和采用比特币的原因。