休眠代币的失败：为什么价值创造很重要

从本质上讲，比特币被设计为一个充满活力、蓬勃发展的商业系统。然而，绝大多数比特币仍然被锁定在休眠的未使用交易输出（UTXO）中，多年来一动不动，仅通过全球主义银行家及其托管人持有的法定货币和纸质衍生品来估值。

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.

在前几期中，我们探讨了 HODL 文化如何侵蚀比特币的隐私并浪费其作为全球交换媒介的潜力。现在，在第三部分中，我们研究了阻碍区块链上的实体经济活动的长期后果。

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.

当比特币网络被锁定在休眠状态，并通过小区块来限制使用时，它不仅会减缓增长，还会培育出一个由寻租行为和把关驱动的有毒生态系统。由于创造新价值的机会很少，网络的主导参与者变得更加专注于控制叙事、收取费用和巩固权力，同时扼杀比特币本应释放的创新。

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.

人为限制比特币区块大小的决定不仅仅是技术选择，也是经济和文化决定。通过限制容量，网络故意抑制价值创造的机会，迫使利益相关者陷入零和游戏。比特币（BTC，以及不同程度的其他分割资产）并没有促进企业和个人通过生产活动创造财富的充满活力的商业，而是成为了中间商的战场。这些参与者将自己定位为获取价值，不是通过构建任何新东西，而是通过控制对信息、流动性或网络参与的访问。

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

出现了一种具有不同阶级的贵族等级制度：

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.

从本质上讲，比特币被设计为一个充满活力、蓬勃发展的商业系统。然而，绝大多数比特币仍然被锁定在休眠的未使用交易输出（UTXO）中，多年来一动不动，仅通过全球主义银行家及其托管人持有的法定货币和纸质衍生品来估值。缺乏交易活动不仅是错失良机，更是一种负担。休眠代币不会为网络提供任何价值，没有创造财富的机会，也没有经济增长的溢出效益。

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.

当比特币以这种方式运作时，它只为那些从惯性中获利的人服务：前面提到的影响者、托管人、交易所、开发人员和主节点运营商。每个群体都从不鼓励使用的网络中受益，因为他们的寻租活动——无论是通过交易费、订阅模式还是广告机会——依赖于比特币仍然是一种停滞的投机资产，而不是一个充满活力的全球商业工具。

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 解释说，在他最大的广告商之一 (BlockFi) 退出诈骗并导致客户破产后，他必须出售广告。

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，如果比特币用于日常交易，激励措施将转向促进创新。企业家将在区块链上建立业务，产生经济活动，推动对区块空间的需求并推动网络增长。这就是比特币的魔力所在——不是作为一种被尘封的价值储存手段，而是作为一个创造财富的平台，让与之相关的每个人都受益。比特币的真正力量不在于囤积硬币，而在于实现无摩擦的商业、身份解决方案和数据完整性系统。当硬币移动时，业务就会增长。当企业增长时，财富也会增长。当财富增长时，社会就会繁荣。

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.

今天渗透到比特币中的有毒文化是失败的“Hodl”经济模式的直接结果。当生产性商业活动受到抑制时，剩下的就是争夺谁控制着日益萎缩的机会的权力斗争。曾经将比特币宣传为自由工具的影响者现在充当了看门人的角色，确保任何有可能挑战其影响力的新想法的人很快就会被贴上威胁的标签。创新受到阻碍，猜疑盛行，文化对外来者变得越来越敌视。

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.

这种行为反映了失败贵族的功能失调，当权者拼命地坚持他们的特权，知道他们没有新的价值可以提供。主导比特币公共话语的纯洁性测试、社会羞辱和意识形态僵化是一个不再创造财富的系统的自然结果——它只是在少数根深蒂固的参与者之间洗牌权力。

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.

与此同时，交易所和流动性提供者从混乱中受益，从被投机性叙述和虚假承诺所吸引的散户投资者那里攫取利润。其结果是形成一个有毒的生态系统，真正的创新不被视为机会，而是对现状的威胁，任何倡导有意义变革的人都被视为需要清除的敌人。

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.

我简单提到，中本聪在比特币白皮书中警告说，由“1-IP-1-Vote”管理的系统很容易被拥有最多 IP 地址的人颠覆。今天，我们看到这个警告成为现实。运行决定比特币规则的软件的全节点运营商已成为影子治理层，向网络发出变化信号，而无需承担挖矿成本。这破坏了 PoW 的完整性，而 PoW 的目的是确保只有那些消耗现实世界能量的人才能在比特币的共识中拥有发言权。

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

在商业驱动的网络中，矿工（那些保护区块链的人）将受到激励，优先考虑增长和效率。但在以 HODL 为中心的小区块比特币版本中，权力掌握在本地节点运营商手中，他们抵制任何可能破坏其控制力的变化