行走翻译 腊月过去就是年儿？寒冬还远没结束！

按照预告，今晚是行走在币乎的第二篇翻译稿。通证经济这个词很热，之前行走在跨年时也输出了国内“通证”一词的提出者通证学派带头人孟岩老师近期思考的一系列笔记。

今天这篇，一方面行走希望能给最近因为中东局势又被催的火热的数字货币市场降降温——战争是美伊，包括世界上所有人民都不愿意看到的，所以行走从来不认为在持续的战争面前有任何一种货币可以具备避险属性。但同时行走也愿意相信这场有可能蔓延开的战争不会真的形成，进而所谓避险驱动的行情也不会持续。最终我们依然要回到数字货币和项目本身价值这个原点去看待价格；

而另一方面，这篇翻译也是为本周五魔笛手技术开发社区发起的关于分布式自组织商业体直播的一个预热。关于组织创新，一直是行走的兴趣所在。以下，enjoy

先对这篇的两位做个介绍：

以第一人称“我”出现的是Kevin Liu

Jeffrey Wernick是比特币早期投资人，Uber和Airbnb早期投资人。

文章介绍了关于市场现状和通证经济研究的主要观点，曾被Hackernoon发表。

原文链接在这里：https://hackernoon.com/well-its-still-not-winter-yet-fe673253e942）。

Last week I shared my article about Token Economics to Jeffrey Wernick (Yes, that Jeffrey, early investor and die-hard believer of Bitcoin, also early investor of Uber and Airbnb), and he replied to say he had many comments, so we had a call, literally just now.

上周，我把自己关于通证经济学的文章发给了杰弗里?韦尼克(Jeffrey Wernick)(对，就是那个比特币的早期投资者和铁杆粉丝，这哥们也是优步(Uber)和Airbnb的早期投资者)。

It seems that Jeffrey isn’t quite happy with the word “winter” that I described for the crypto and blockchain industry, and thanks to his frankness, below are some key points of our conversation.

杰弗里似乎对我将加密和区块链行业描述为“冬天”的做法并不太满意。感谢他的坦诚，下面是我们对话的一些要点：

1. Jeffrey had commented that actually it was only FALL, not winter yet six months before, with still so many shitcoins over there, and more severe is yet to come.

1. 杰弗瑞认为，实际现在只是秋天，而不是六个月前（去年的）的冬天。目前数字货币市场上还有那么多发币的垃圾项目，更严重的后果还未来临。

2. Projects should not blame the market conditions as being an exogenous event independent of them. It was the proliferation of shitcoins and the intentional creation of hype and phony expectations that created the bubble. And the lack of performance relative to the expectations that made people feel depressive and created the bust. The current market is an acknowledgment of too much bullshit.

2. 项目的行情不应该独立于市场发展状况而单独存在。是垃圾项目发行的数字货币泛滥，故意制造的炒作，虚假的期望和对绩效不切实际的期望共同造就了泡沫。这（些泡沫）让人们感到压抑，并造成了萧条。当前的市场有一点可以承认，就是有太多的废话。

3. Because all of these so-called utility tokens, they actually have nothing to do with their business, no utility was exerted from it or applied to their business, and its community is full of speculators, not actual users. The only utility the ecosystem rewarded was speculation on the token and rapid appreciation of the token price, which is unsustainable and fragile. It is horrible to build the market in this way.

3.因为所有这些所谓的应用类通证，，实际上与它们开展的业务没有半毛钱关系。没有任何应用类通证来自于它或应用于他们的业务。在这些项目的社区里充满了投机者，而不是实际的用户。生态系统所能回报的唯一价值是对数字货币，对通证的投机和通证、数字货币价格的快速升值。这是不可持续和脆弱的。以这种方式建立的市场是可怕的。

4. For these shitcoin projects, Jeffrey suggested that they should stop messing up their funding, stop paying market makers, and return whatever they have left, rather than spend good money after bad money, or they should purely invest in their projects, focus on their platform and products, make some real progress to show people they are really working towards their commitments. Exchanges should be more aggressive regarding delisting shitcoins.

对于这些垃圾币项目,Jeffrey建议他们应该停止糟蹋它们手头的资金，不要再在市场营销上进行投入，并重返那些曾今它们已经离开的地方去（比如更专注技术研发、技术应用落地、为实体机构解决问题等，译者注）而不是让劣币去驱逐良币。或者他们应该把项目作为更纯粹的投资看待，去关注项目的平台建设和产品，做出一些真实的进步向人们证明他们真的很努力，而不是只有口头的承诺。数字货币交易所则应该更积极地将垃圾币项目做下架处理。

5. During the Great Depression in the USA, which was in the late 1920s up to WW2, there was a big increase in productivity. Businesses kept getting better and more efficient. No excuses about the bear market.

从20世纪20年代末到二战期间，美国进入了大萧条时期。但这段时期，生产力水平有了大幅提高，商业发展越来越好，效率也越来越高。因此不要为熊市找借口。

6. Token Economics can really help a project. Jeffrey mentioned a game project that he helped to design its economic model and it turned out to engage over 100K users at the very first day. But we don’t see a lot of projects have a clear token economics design or plan.

通证经济真的可以帮到项目。Jeffrey提到了他帮助设计通证经济模型的一个游戏项目。在第一天就吸引了超过10万名用户（注册）。但我们并没有看到有太多的项目有清晰的通证设计或计划。

Well, I totally agree with him and actually, if a project hopes to avoid to be a shitcoin project, the first thing they should think about is Token Economics. And it is our goal to systematically sort out a framework for a project to follow and to think about what they should pay attention to when designing a compelling economic model. Of course the key is that utility tokens should have some real “use” in the DApps. Based on our Grand Ecosystem design, if the token can provide actual value to the DApps and its users, its internal value will provide support for the token price in the exchange and drive the positive value circulation.

综上，我完全同意他的观点。事实上，如果一个项目希望避免成为归零币、垃圾币，他们首先应该考虑的是通证经济学。我们的目标是系统地为项目梳理出逻辑框架来遵循，并考虑为他们的经济模型冷启动时应该注意什么。当然，关键是应用型通证应该在应用程序中（区块链或项目系统中）有一些真正的“使用”。

基于我们宏大的生态系统设计，如果通证能够为Dapp及用户提供真实的价值，其内部价值将为交易环节的项目通证、数字货币的价格提供支持。

Token Economics, actually is not a new idea and also not that fancy, but it might be the most complicated and valuable part of a project, which combines the knowledge and practice in financial modeling, institutional economics, game theory, and most important, the consideration of humanity. And we hope to work as a blockchain based organization?—?the Decentralized Autonomous Corporation (DAC) to leverage the people from multi-discipline background and expertise to collaborate, just like the way that Santa Fe Institute works. And now we have contributors from China (Token Economy Practicum Alliance), Japan, Canada, and the United States.

通证经济学，其实并不是一个新的概念，也没有那么花哨。但它可能是区块链项目中最复杂和最有价值的部分。它结合了金融建模、制度经济学、博弈论的知识和与实践，以及最为重要的——对人性的思考。

Token Economics, actually is not a new idea and also not that fancy, but it might be the most complicated and valuable part of a project, which combines the knowledge and practice in financial modeling, institutional economics, game theory, and most important, the consideration of humanity. And we hope to work as a blockchain based organization?—?the Decentralized Autonomous Corporation (DAC) to leverage the people from multi-discipline background and expertise to collaborate, just like the way that Santa Fe Institute works. And now we have contributors from China (Token Economy Practicum Alli

我们希望能够建设一个以区块链为基础的组织——分布式自组织商业体(DAC)，通过来自多学科背景和专业知识人士展开合作，就像美国圣达菲研究院的工作方式一样（圣塔菲研究院以复杂性研究出名，人文、理工的多学科交融，甚至艺术家、音乐家、作家参与到科学讨论的场景在圣塔菲比比皆是。国内最早由人民大学陈禹老师开始关注和介绍圣塔菲的学科交融的共创式组织模式。译者注）。现在我们已经拥有来自中国的贡献者。

Last but not least, this is a fast-changing industry, keep learning and focus!

最后我想强调的是，区块链和数字货币交易是一个快速变化的行业，请保持持续地专注和学习！

明晚21点21分，行走小课堂继续开课，我们继续用技术伦理的视角，反思区块链

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编译者/作者：行走

玩币族申明：玩币族作为开放的资讯翻译/分享平台，所提供的所有资讯仅代表作者个人观点，与玩币族平台立场无关，且不构成任何投资理财建议。文章版权归原作者所有。