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经济学人:投资者:谨慎责无旁贷(2)

Finance and Economics

Buttonwood: Investor Caution Obligatory

财经

梧桐树专栏：投资者，谨慎责无旁贷

Nothing makes individuals more willing to take risks than the sight of other people getting rich.But bitcoin is also different from ICOs.Its appeal is as a digital currency that can be used in a broad range of transactions.And the supply of bitcoin is designed to be limited, meaning some people regard it as an electronic version of gold.So there is a chance that bitcoin or ethereum will come into widespread use, although their function as a means of exchange is undermined by the volatility of their prices.

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没有什么能比眼看着别人发财致富而让个人更愿意承担风险了。但是，比特币也不同于ICO。它的吸引力在于它作为一种可能用于广泛交易的数字货币。而且比特币的供应是为了使之有限而设计的，也就是说，有人认为它是一种电子版的黄金。因此，尽管比特比或者乙太币作为交换手段的职能因其价格的波动而被消弱，但是，它们也有机会将大有用武之地。

Currencies must be stores of value, at least in the short term.If you think a digital currency is going to rise by 20% tomorrow, you won't want to swap it for goods and services; if you think it is going to fall by 20% you won't want to accept it.

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货币，至少在短期内，必须是价值的储藏。如果人们认为某种数字货币明天将上涨20%，就不会想着用它来交换商品和服务；如果认为这种货币会下跌20%，就不会想着接收这种钱。

It is also worth remembering that governments set the rules regarding the nature of legal tender within their borders.They will always have the whip-hand when it comes to issuing currency.If they believe that a digital currency is being used for widespread tax evasion, or is distorting the financial system, they will crack down hard.

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值得牢记的另一点是，政府制定了境内有关法定货币性质的规则。当涉及发行货币时，他们总会拥有惩治手段。如果他们认定，某种数字货币正被用于广泛的逃税，或是正在扭曲金融体系，他们将予以重拳打击。

As far as business-related ICOs are concerned, a few may succeed.Investors may well be taking the “lottery ticket” approach, hoping that one big winner will offset a large number of losses.In a sense investors are acting like venture capitalists.But the sultans of Silicon Valley's VC industry insist on a wide range of rights before they invest their capital, including protection against dilution of their stakes and (sometimes) the right to nominate board members.

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就与商业有关的ICO而言，只有少数的可能成功。投资者很可能正在采取“彩票”策略，希望一次大奖将抵消众多的损失。从某种程度上来说，投资者正在像风投人士那样行事。但是，硅谷风投产业的大佬们在投钱之前坚持自己要有一系列广泛的权利，这其中就包括针对自己股份稀释的保护，（有的时候）还包括提名董事会成员的权利。

Investors in ICOs have nothing like that level of protection.In the circumstances, it is hardly surprising that regulators are getting involved.In America, the Securities and Exchange Commission has ruled that these coins may, in some cases, be securities and thus subject to regulation.A British regulator, the Financial Conduct Authority, this week warned investors about the risks involved.The Chinese authorities have gone a lot further, declaring that new ICOs are simply illegal.

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ICO的投资者毫无这种层次的保护。在这种情况下，监管者正在介入就一点也不令人吃惊了。在美国，证券交易委员会已经裁定，这些货币，可能在某些情况，是证券，因而要接受监管。本周，英国监管方——金融行为监管局已经就所涉及的风险警告了投资者。中国多个部委走得远多了，他们宣布新的ICO是非法的。

It is not easy to draw a line between financial innovation and reckless speculation.Perhaps an ICO will finance some breakthrough that boosts economic efficiency.If you work in the tech sector, you may be able to spot the occasional grain of wheat among the pile of chaff.Everyone else should assume that ICO stands for “It's Completely Off-limits”.

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要想区分金融创新和不急后果的投机不是容易的。也许，ICO会给提振经济效率的某种突破提供资金。如果你在技术部门工作，或许还能做到慧眼识珠。其余的人应当谨记，ICO意味着“绝对禁区”。

注释

1.take risk 冒险...

例句:In summary, an decision making need to take risk.

总之，一个决策需要考虑的风险。

2.stands for 意味着

例句:The emblem stands for Singapore people's courage, strength, wisdom and longing for peace.

国徽代表了新加坡人民的勇气，力量，智慧和对和平的向往。

3.in some cases 在某些情况下

例句:In some cases a problem child is placed in a special school.

有时，问题儿童被放在特殊的学校。

4.in the short term 短期内

例句:In the short term, chemical sprays are clearly an effective way to control pests.

从短期来看，喷洒化学药品显然能有效控制虫害。

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