ETH：最有价值的资产

例如，如果支付给矿工的收入是每年 100 ETH，其中 60 ETH 来自通胀，40 ETH 来自交易费用 (这是从 2020 年 7 月 1 日到 2021 年 6 月 30 日的实际比率)，那么如果交易费用翻倍，通胀可以减少 50%，同时安全性依然会增加 10%。如下图所示：

For example, if the income paid to miners is 100 ETHs per year, 60 ETHs from inflation and 40 ETHs from transaction costs (the actual rate from 1 July 2020 to 30 June 2021), inflation can be reduced by 50 per cent if transaction costs are doubled, while safety still increases by 10 per cent.

因为以太坊将是唯一的世界计算机，由于它的交易费将比任何其他世界计算机的规模都大。因此，ETH 的通胀率将大大低于任何竞争对手的数字货币。

Because Ether is going to be the only world computer, and because it's going to cost more than any other world computer, the inflation rate for Ether will be much lower than the digital currency of any competitor.

通胀率的下降进一步推动了对 ETH 作为非主权价值存储的需求，这推动额外的资本进入以太坊世界计算机 (通过购买 ETH)。进入系统的额外资本会带来交易费增长，因为这些资本会围绕着以太坊网络存储和转移。 交易费的增长带来通胀率的下降，如此循环下去。

The decline in inflation has further boosted the demand for ETH to be stored as a non-sovereign value, pushing additional capital into the Etherworld computer (by purchasing ETH). Additional capital to enter the system will increase transaction costs because they will be stored and transferred around the Etherm network.

正如上文“作为技术的以太坊”部分所述，进入系统的额外资金不仅会增加交易用，从而降低通胀率，还会带来更好的开发者工具。更好的开发者工具将带来更好的终端用户产品。更好的终端用户产品进一步增加了对以太坊世界计算机的需求，这创造了更多的交易用。如上所述，交易费的增加带来通缩加剧。如此循环下去。以太坊技术和 ETH 这两个飞轮是完全相互关联的，同步复合：

As noted above in the section on “Etheria as technology”, additional funds to access the system will not only increase the use of transactions, thereby reducing inflation rates, but also lead to better developers' tools. Better developers' tools will lead to better end-user products. Better end-user products will further increase the demand for Etherworld computers, creating more trades. As noted above, increased transaction costs will lead to more deflation.

或者用简化的图来表示：

Or to use a simplified diagram:

圣代上的樱桃：谢林点

Cherry: Shereen Point

与公链类似，货币也是一种信息技术。这一点可能不那么明显，因为信息技术通常被认为是让我们更容易交流沟通的东西，比如电报或互联网或以太坊世界计算机。但是，货币也让我们更容易沟通，因为它使我们能够关注资本主义的竞争。被选为世界终极公分母的货币被一些经济学家称为 谢林点(Schelling Point)。

Similar to the public chain, money is also an information technology. This may not be so obvious, because information technology is often seen as something that makes it easier for us to communicate, such as telegrams or the Internet or the Etherworld computer. But money also makes it easier for us to communicate, because it allows us to focus on the competition for capitalism.

谢林点是一个有趣的概念：在完全不知道其他人正在做什么的情况下，你自己会做什么？投资领域的谢林点是世界储备货币，或者说，在过去 80 年里，实际上就是美国国债。在全球范围内，人们用美元来衡量财富。

The Shereen point is an interesting concept: what do you do when you have no idea what others are doing? In the area of investment, the Shereen point is the world’s reserve currency, or, in the past 80 years, actually the American national debt.

谢林点会产生网络效应，因为谢林点只有在社会对决策达成共识的情况下才会存在。因此，越多的人把 ETH 视为谢林点，就将会有越多的其他人把 ETH 视为谢林点，即使他们选择不使用以太坊用于任何其他目的。这使得上文的飞轮更加强大，因为所有人都是模因 (memetic)，不管他们对潜在的技术或基本原理的理解如何。

The Shelling dots have a network effect, because the Shelling dots exist only if there is a consensus in society about decision-making. So, the more people think of ETH as the Shelling dots, the more others will think of ETH as the Shelling dots, even if they choose not to use the Taikus for any other purpose. This makes the flying wheels above stronger, because everyone is memetic, regardless of their understanding of the potential technology or rationale.

有何风险吗？

What's the risk?

作为技术的以太坊目前没有风险。它在各方面都远远领先于竞争对手，其网络效应使其增长速度远远超过所有竞争对手。一个很好的例子是，以太坊分叉 (BSC 和 Polygon) 在几个月内都获得了比任何其他没有直接复制以太坊技术的竞争链更多的采用 (基于管理的资产和交易费衡量)。唯一的风险可能存在于货币方面，特别是在供应方面，但我们相信，由于大多数 ETH 持有者有着共同的信条，这种风险被最小化。

As a technology community, there are no risks at present. It is far ahead of competitors in all respects, and its network effects make it grow much faster than all competitors. A good example is that, in a few months, the divide (BSC and Polygon) has gained more use than any other competitive chain (based on managed assets and transaction costs) that does not directly replicate it. The only risk may be monetary, especially in terms of supply, but we believe that this risk has been minimized because most ETH holders share a common creed.

总结

summary

以太坊区块链和 ETH 的防御能力使得转换到新的区块链或新的储备货币的成本是巨大的，因此我们认为这是不可能的。随着世界认识到这种不可能，基于以太坊技术产生的现金流，ETH 的价格可能远远超过其价值。

As the world realizes that this is not possible, the price of ETH may far exceed its value, based on the cash flow generated by Taiwan technology.

正如存储价值的网络效应可以迅速提升一项资产，也可以导致另一项资产下跌。我们认为，这对更广泛的美元或股票、房地产和债券来说不是好兆头，因为它们的价值储存溢价先是部分然后全部地转移到 ETH。当前的价值存储系统已经产生了创纪录的债务、创历史新高的国内贫富差距以及依赖一个没有人想要依赖的国家 (除了那些能够印刷美元的人之外，没有人喜欢美元标准)。两个复合的指数增长因素 (即以太坊区块链和 ETH)，加上世界准备从美元转向其他货币，将产生一种大多数人一生中都未见过的范式转变。信息从未像现在这样容易传播，找到下一个谢林点也从未像现在这样容易。月亮上见。返回搜狐，查看更多

The current value storage system has created a record debt, a record-high domestic gap between rich and poor, and a reliance on a country that no one wants to rely on (other than those who can print the dollar, no one likes the dollar standard). The two composite index growth factors (i.e., the Taiku block chain and the ETH), coupled with the world's readiness to move from the dollar to other currencies, will result in a paradigm shift that most people have never seen in their lifetime. The information has never been so easily disseminated, and the next Sherin point has never been so easily found.

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