有时，从另一个角度看，投资的优势也可能是其劣势或风险。 XRP肯定是正确的（XRP 1.94％）。

作为最大的加密货币之一，与同行相比，它具有明显的重点和任务。这使它变得特别值得

Sometimes an investment's strengths can also be its weaknesses or risks when looked at from another perspective. That's certainly true for XRP (XRP 1.94%).

有时，从另一个角度看，投资的优势也可能是其劣势或风险。 XRP肯定是正确的（XRP 1.94％）。

As one of the largest cryptocurrencies, it has a distinct focus and mandate compared to its peers. That makes it a particularly worthwhile investment, but also exposes it sharply to potential problems that many other coins simply don't have.

作为最大的加密货币之一，与同行相比，它具有明显的重点和任务。这使得它是一项特别有价值的投资，但也将其急剧暴露于许多其他硬币根本没有的潜在问题上。

There's one specific issue that some investors have singled out as being of great importance, as it's perhaps the biggest red flag that it's possible for a cryptocurrency to have. At the same time, it's clear that the coin probably couldn't deliver value to investors at all if the feature in question didn't exist. Let's unpack what investors are concerned about, and determine whether it's actually a big problem or not.

有一个具体的问题是，一些投资者将其列为非常重要的问题，因为这也许是加密货币的最大危险信号。同时，很明显，如果不存在该功能，硬币可能根本无法为投资者带来价值。让我们解开投资者所关心的内容，并确定它是否实际上是一个大问题。

Supply consolidation is a sharp double-edged sword

供应合并是一把锋利的双刃剑

One of the dreams of the early cryptocurrency community, specifically Bitcoin, was to create forms of money that were not beholden to the same rules as fiat currencies. By ensuring that the supply of cryptocurrencies wasn't concentrated too much in any individual's hands, and by implementing protocols that required mining by a diverse set of different users, the idea was that much-feared tomfoolery like excessive money printing and extreme monetary inflation could be largely avoided. No one player would control enough of a blockchain's mining power to unilaterally make changes to the protocol or create more coins.

早期的加密货币社区，特别是比特币的梦想之一是创造不符合与法定货币相同规则的货币形式。通过确保加密货币的供应并不集中在任何人的手中，并且通过实施需要由不同用户进行采矿的协议，这个想法就是在很大程度上可以避免使用恐怖的tomfoolery，例如过多的货币印刷和极端的货币通货膨胀。没有一个玩家能够控制区块链的采矿能力，可以单方面对协议进行更改或创建更多的硬币。

Many investors appreciated those ideals and invested accordingly. However, the cryptocurrency sector has grown a lot since then, and the countercultural milieu of the early days has fallen by the wayside as more practical concerns like creating utility for holders have taken over.

许多投资者赞赏这些理想并进行了相应的投资。但是，自那时以来，加密货币行业已经发展了很多，而早期的反文化环境被方面落下了，因为诸如为持有人建立效用的更实际的担忧已经接管了。

Enter XRP, a coin that's issued by Ripple, the private company that created and operates the network. According to the company's leaders, in 2017 roughly 55 billion XRP were locked in an escrow account, and they're being unlocked at a rate of 1 billion XRP monthly. If it doesn't sell or use all of the XRP, it gets locked back into escrow.

输入XRP，这是由创建和运营网络的私人公司Ripple发行的硬币。根据该公司的领导人的数据，2017年，大约有550亿XRP被锁定在托管帐户中，他们以每月10亿xrp的速度解锁。如果它不出售或使用所有XRP，则将其锁定回托管。

At one point, Ripple held approximately 60% of the coin's total supply, equivalent to around 60 billion XRP. As of the end of the fourth quarter of 2024, it held more than 4.4 billion XRP outright, with 38.9 billion XRP still in escrow. There are approximately 57.9 billion XRP in circulating supply right now.

有一次，Ripple占该硬币总供应量的约60％，相当于约600亿XRP。截至2024年第四季度末，它直接持有超过44亿XRP，XRP仍在托管中，持有389亿XRP。目前，循环供应量大约有579亿XRP。

The severe concentration of XRP's supply has led many investors to claim that it is in no way a decentralized form of money. Ripple holds the majority of the supply, and directs the development of new features for the chain that XRP is hosted on. Investors do not have the opportunity to buy out Ripple's share unless the business decides to liquidate some of its holdings, nor is it probable that the network's validators will ever be out of its purview.

XRP供应的严重浓度使许多投资者声称这绝不是分散的金钱形式。 Ripple拥有大部分供应量，并指导XRP托管的链条的新功能的开发。除非企业决定清算其一些持股，否则投资者没有机会购买Ripple的份额，也不可能没有网络验证者不在其范围内。

For the original set of cryptocurrency investors from the halcyon days, all those elements are major red flags that are dealbreakers. But for most investors today, there's not much of a problem at all. Here's why.

对于原始的加密货币投资者，从太平日开始，所有这些要素都是造成破坏者的主要危险信号。但是对于当今大多数投资者来说，根本没有什么问题。这就是原因。

Don't overthink this one

不要过度思考这个

For XRP to gain in value, financial institutions like banks need to use it. They have an incentive to use it because it cuts their costs to transact with other financial institutions internationally, which would usually incur steep transfer fees and currency exchange fees. When they use XRP instead, they pay far less, and the small amount they do pay ends up reinvested in maintaining and upgrading the network. The more they use it, the more fees they deliver.

为了使XRP获得价值，像银行这样的金融机构需要使用它。他们有动力使用它，因为它削减了与国际其他金融机构进行交易的成本，这通常会产生巨额的转让费和货币兑换费。当他们使用XRP时，他们的付款要少得多，而付费的少量最终会重新投资于维护和升级网络。他们使用的越多，他们提供的费用就越多。

That essential value-generating mechanism is not in any way compromised by Ripple holding a large portion of XRP's supply outright and even more in escrow. If anything, it ensures that they will retain stewardship of the chain, which so far they have developed admirably, onboarding many new users, and delivering good returns to investors along the way.

这种基本的价值生成机制并没有以任何方式损害。如果有的话，它可以确保他们将保留链的管理，到目前为止，他们已经令人钦佩，登上许多新用户，并在此过程中向投资者提供良好的回报。

If XRP were fully decentralized, those technology development and chain management strategies would need to be the product of consensus among many different actors, some of whom might be in competition. The pace of its deployment would almost certainly be far slower. Plus, conservative institutions like banks tend to be run by conservative management teams, which prefer to interact with other management teams that are broadly legible to them. For example, imagine a scrappy coalition of cryptocurrency developers trying to pitch their coin to a senior banker, and then remember that they probably wouldn't even be able to get into the right room in the first place.

如果XRP完全分散，那么这些技术开发和连锁管理策略将需要成为许多不同参与者共识的产物，其中一些参与者可能正在竞争。部署的步伐几乎肯定会慢得多。另外，像银行这样的保守机构倾向于由保守管理团队运营，这些管理团队更喜欢与其他对他们普及的管理团队进行互动。例如，想象一下一个笨拙的加密货币开发人员，试图将硬币推向高级银行家，然后记住，他们甚至可能首先无法进入正确的房间。

Therefore, XRP being under Ripple's stewardship is a key part of its appeal, as it's a prerequisite for the coin getting into the hands of the users who are apt to generate the most trading volume -- and, thus, the most fees. So, I don't see it as a red flag at all that

因此，XRP在波纹领导下是其吸引力的关键部分，因为它是硬币掌握在易于产生交易量最多的用户手中的先决条件 - 因此，费用最多。所以，我根本不认为它是危险信号