圣诞快乐！——比特币：终极抵押品

他们去私人银行，说：我持有我公司的股票，想用它们作为抵押来申请贷款。

They go to a private bank and say, I own shares in my company and would like to use them as collateral to take out a loan.

当然，如果他们向银行提供价值1000万美元的股票，可以借出较低的金额，比如100万美元或500万美元。这个比例被称为贷款价值比（LTV）。

Of course, if they give the bank $10,000,000 worth of stock, they can borrow a lower value, say $1,000,000 or $5,000,000 This ratio is called LTV loan to value.

这可以保护贷款方免受抵押品价值突然下跌的影响。

It protects the lender against sudden drops of the collateral's value.

埃隆·马斯克曾于2022年以价值625亿美元的特斯拉股票作为抵押，申请了125亿美元的贷款，用于收购推特。

Elon Musk famously took out a $12,500,000,000 loan, with $62,500,000,000 of his Tesla stock as collateral to purchase Twitter in 2022.

根据美国证券交易委员会的文件，这笔贷款在交割日的贷款价值比要求为20%。

According to the SEC filings, this loan had an LTV requirement of 20% as of the closing date.

这是亿万富翁通过杠杆操作实现财富增长的众多例子之一。

This is one of many examples of billionaires having the ability to grow their wealth through leveraging it.

这种方法的优势不仅在于税务方面：作为抵押品质押给银行的股票，仍能让所有者保留公司投票权，从而不丧失对企业的控制权。

The advantage of this approach is not only tax related the shares that are pledged to the bank as collateral allow the owner to keep their company's voting rights so they don't lose control of their business.

如果股票价值暴跌，银行可以要求借款人偿还贷款或补充抵押品。

If the value of the shares plummets, the bank can call on the borrower to repay the loan or replenish the collateral.

如果所有者未能做到这一点，银行将在公开市场上出售这些股票。

If the owner fails to do so, the bank will sell the shares on an open market.

此外，当像杰夫·贝佐斯这样的名人出售亚马逊股票时，这会成为头条新闻。

Besides, it is headline news when someone like Jeff Bezos sells Amazon stock.

亚马逊、标普500指数以及整个美国经济，都会因本国最强公司的首席执行官对公司充满信心并希望保留尽可能多的股权而受益。

Amazon, the S and P five hundred, and the American economy as a whole all benefit when the CEO of the strongest company in the nation has faith in said company and wants as much equity as possible.

此外，为什么有人要存法币呢？

Besides, why would someone save in fiat?

为什么富人不出售他们的资产？

Why don't rich people sell their assets?

因为金融机构已经让他们不必这么做。

Because institutions have made it so they don't have to.

即便如此，当前的金融机构体系仍要求你遵循它们的规则，而这些规则据说非常复杂。

Even still, the current setup of financial institutions requires you to play by their rules, which are said to be quite confusing.

资本利得。

Capital gains.

一些拥有比特币的人并不会永远持有。

Some who own Bitcoin don't hodl forever.

有些人会卖出获利，有些人则进行交易。

Some sell and take profits, some trade.

这变得有风险了。

This gets risky.

任何值一聪的人都知道比特币可能会经历短期波动。

Anybody worth a Satoshi knows that Bitcoin can experience short term volatility.

当有人获利后想进行交易，然后又买回，但买回后价格却下跌了，会发生什么？

What happens when somebody takes profit, wanting to trade, then buys back in, except the price drops after they buy back in?

那么，他们可能需要缴纳无力承担的税款。

Well, they might owe taxes that they cannot afford to pay.

这是资本利得税的问题。

This is an issue with capital gains taxes.

它们实际上是在告诉你，你并没有自己以为的那么多钱。

They essentially tell you, you don't really have as much money as you think.

假设你卖出价值10万美元的比特币，但需要为此缴纳15%的税款。

Suppose you sell a $100,000 worth of Bitcoin, but owe 15% of that in taxes.

你真的拥有过10万美元吗？

Did you ever really have a $100,000?

这要看情况。

It depends.

某些国家拥有对比特币友好的税收政策，既不对比特币征收资本利得税，也不对比特币交易征税。

Certain nations have Bitcoin friendly tax laws and do not require capital gains taxes on Bitcoin nor taxes on Bitcoin transactions.

这是一种具有前瞻性的税制，有助于促进比特币的发展和整体财富创造。

This is a forward thinking tax code that promotes the growth of Bitcoin and wealth creation in general.

不幸的是，并非所有国家都聪明到能这样做。

Unfortunately, not all countries are smart enough to do this.

希望当这本书出版时，或者你第一次阅读它时，上一句话已经过时了。

Hopefully, the previous sentence is obsolete by the time this book is printed or at least when you first read it.

那么，比特币用户能做些什么呢？

So what can Bitcoiners do?

任何对这个大橙色币充满热情的人都会回答：仍然不卖。

Anyone passionate about the big orange coin will answer still not selling.

在这方面，我们大多数人都非常有耐心，时间偏好很低。

Most of us are quite patient in this regard with low time preferences.

他们愿意放弃某些奢侈品，比如新车或最好的衣服，以获得更多比特币。

They will sacrifice not having certain luxuries, like a new car or the best clothes, to have more Bitcoin.

不过，有些人可能不认同这种观点。

Some may not share this sentiment though.

他们知道自己囤积了一大笔数字黄金，想要使用自己拥有的价值。

They know they're sitting on a hoard of digital gold and they want to use the value they have.

再说一遍，这是他们自己的东西。

Again, it's their stuff.

他们应该有权自由处置它。

They should be able to do whatever they want with it.

为什么他们不能用比特币作为抵押来贷款呢？

Why can't they take out a loan with their Bitcoin as collateral?

其他人用价值低得多的资产都能做到。

Everyone else does it with much less valuable assets.

现在他们可以了。

Well, now they can.

请看FireFish和抵押比特币。

Enter FireFish and collateralized Bitcoin.

可控的债务并不是坏事。

Manageable debt isn't a bad thing.

在货币贬值的这些年里，人们无法靠自己的力量购买房屋、汽车和教育。

Over the years of currency debasement, people have not been able to buy things like homes, cars, and education on their own.

几乎每个人都有某种形式的债务。

Nearly everybody has some type of debt.

其中一些是掠夺性和不道德的，利用了我们被迫生活的糟糕金融体系。

Some of it is predatory and unethical, taking advantage of the terrible financial system we're forced to live in.

一些公司甚至编造朗朗上口的口号，诱使你申请发薪日贷款。

Some of these companies even make catchy slogans to get you to take out a payday loan.

这是一种可怕的债务。

That is a terrible debt.

它把你的问题放大，然后大约两周后又扔回给你。

That takes your problem, increases it, and passes it back to yourself roughly two weeks later.

由于这种做法荒谬且具有掠夺性，美国已有16个州禁止了这种行为。

16 US states have outlawed this practice because of how ridiculous and predatory it is.

这很讽刺。

It's ironic.

有钱人可以利用这一点，暂时不花掉多余的资金，从而在短时间内获得更高的回报。

People with more money can take advantage of that by not spending their excess for a few weeks, only to receive greater returns in short periods of time.

利用你的财富、知识和整体处境来增加财富并没有错，但不要利用那些连基本生活所需都负担不起的人。

There's nothing wrong with leveraging your wealth, knowledge and overall circumstances to increase wealth just don't take advantage of those who already can't pay for their necessities.

不管你喜不喜欢，我们生活在一个债务吞噬债务的世界里。

Like it or not, we live in a debt eat debt world.

如果你想要有价值的东西，通常要么是幸运精子俱乐部的成员，要么就得借债。

If you want something of value, you typically must either be a card carrying member of the Lucky Sperm Club or take on debt.

信不信由你，在这个世界上，努力工作仍然大有裨益。

Believe it or not, hard work still goes a long way in this world.

然而，随着通货膨胀每上升一个百分点，努力工作和金钱的价值都在下降。

Still, with every percentage point that inflation increases, hard work and money become less valuable.

价格上涨的速度超过了我们的收入，因此我们不得不借钱来购买必需品。

Prices increase more than what we earn, so we must take on debt to buy what's needed.

但拥有债务并不意味着你财务无知。

Having debt doesn't make you financially illiterate, though.

并非所有背负一些债务的人都无力支付信用卡账单。

Not everybody with some debt is unable to afford their credit card bill.

很少有成功的企业在没有一定程度的债务支持下，尤其是借助智慧，能达到今天的地位。

Few successful companies have gotten where they are without some level of debt, especially brains.

如果债务结构合理，并且有足够的能力偿还，那么债务并不是坏事。

If it is structured well enough, with the sufficient means to pay it back, then debt isn't a bad thing.

个人也是如此。

The same goes for individuals.

为了购买一套你能够轻松偿还贷款的房子而负债，与因为无法按时支付账单而负债，两者有着天壤之别。

Going into debt to buy a house you're comfortably able to make payments on is considerably different than going into debt because you can't pay your bills on time.

这两种情况的背景可能不同，但债务在长期内可以成为增加储蓄的工具。

Circumstances surrounding both of those may differ, but debt can be a tool to increase savings in the long run.

如果债务与随着时间增值的资产相结合，且还款能力有保障，那么债务就不是坏事。

If it's paired with something that increases in value over time and payments can be sustained easily, debt is not a bad thing.

债务是一种工具。

Debt is a tool.

就像所有工具一样，它的使用效果好坏取决于使用者以及使用方式。

Like all tools, it can be used well or poorly, depending on who uses it and how it's used.

委婉地说，如今这个世界几乎不可能拥有任何有价值的东西，这实在令人沮丧。

To put it mildly, it's bleak that it's essentially impossible to own anything of value in today's world.

这种不幸的现实使得冷钱包中持有的比特币变得更加珍贵。

This unfortunate reality makes Bitcoin held in cold storage that much more valuable.

坚定持有。

HODL.

它们被称为资产是有原因的。

They're called assets for a reason too.

资产背后的关键是价值。

A key thing behind an asset is value.

人们通常更愿意拥有那些价值上升的东西，而不是价值不变甚至下降的东西。

People generally prefer to own something that increases in value rather than something that has the same or even decreasing value.

这样他们就能从中获得更多的东西：更多的住房、更多的食物、更多的衣服、更多的假期——这是你的东西，你应该有权自由支配。

That way they can get more from it more housing, more food, more clothes, more vacations it's your stuff, you should get to do what you want with it.

在我们这个通货膨胀和货币贬值的社会中，几乎任何资产相比美元或其他法定货币都会大幅增值。

With our society of inflation and currency debasement, nearly any asset will drastically appreciate in value compared to the US dollar or other fiat currencies.

富人尽其所能持有尽可能少的现金，比特币爱好者也是如此。

Rich people do their absolute best to hold as few actual dollars as possible, so do Bitcoiners.

整个金融咨询行业都应运而生，专门致力于规避持有法定货币所固有的价值损失。

Entire financial advising industries have come about purely focused on avoiding the inherent loss of value associated with holding fiat currency.

一些公司专门寻找能够保护和增加财富的投资方式。

Companies specialize in finding investments to protect and increase wealth.

正如迈克尔·塞勒所说，美元就像正在融化的冰。

As Michael Saylor said, Dollars are like melting ice.

如果你任由它放在那里不动，最终你会拥有比原来更少的东西。

Eventually, you'll have less than what you once had if you let it sit there and leave them alone.

无论人们是否意识到，他们实际上都讨厌美元。

Whether they know it or not, people actually hate dollars.

他们被激励这么做。

They're incentivized to.

401(k)计划、罗斯IRA、养老金等都告诉人们不要现在持有美元，而应等到将来再兑现。

401s, Roth IRAs, pensions, and more all tell people not to hold dollars now and to realize them later.

对于401(k)计划，其补充收入是税前的。

With 401s, the income supplementing them is pretax.

对于罗斯IRA，兑现的现金是免税的。

With Roth IRAs, the realized cash is tax free.

如果人们希望增加财富，就会被鼓励避免缴税。

People are encouraged to avoid taxes if they want to increase their wealth.

这种心态在比特币中也非常普遍。

This mentality is quite common in Bitcoin too.

在熊市期间，'hodl'这个词已经深深植根于每个比特币持有者的脑海中。

The term hodl is ingrained in every Bitcoiner's mind during a bear market.

我们知道，我们的币在未来将永远具有更高的价值，因此无论外界市场如何波动导致价格涨跌，我们都不会出售。

We know that our coins will perpetually have more value in the future, so we won't sell, regardless of any outside market influences driving the price up or down.

并非所有比特币持有者都是富人，也并非所有富人都是比特币持有者。

Not all Bitcoiners are rich people, and not all rich people are Bitcoiners.

然而，比特币持有者和富人都更倾向于不卖出。

However, both Bitcoiners and rich people prefer not to sell.

聪明人喜欢用的另一个术语是'退出策略'，即你计划在何时、以多少数量出售某物，在这里指的是比特币。

Another fancy term smart people like to use is exit strategy, basically how much and when you plan to sell something, in this case Bitcoin.

比特币持有者常常开玩笑说，根本没有退出策略，他们永远不会需要卖出。

Bitcoiners often joke that there is no exit strategy, that they'll never have to sell.

他们会直接花掉它。

They'll spend it.

但在花掉之前，他们可能需要先抵押它。

But before they spend it, they may need to collateralize it.

这听起来并没有你想象的那么荒谬。

It doesn't sound as ridiculous as you may think, too.

尽管当前金融体系允许人们利用现有方法，通过抵押和债务在财富增长时维持生活，但比特币是一个全新的金融体系。

While the current setup of the financial system allows people to take advantage of existing methods to use collateralization and debt to live as their wealth increases over time, Bitcoin is a new financial system.

这意味着必须出现新的机制来支持比特币并推动其普及。

This means new things must come to support Bitcoin and further its adoption.

这本书的标题是《比特币：终极抵押品》。

The title of this book is Bitcoin the Ultimate Collateral.

抵押通常涉及借贷。

Collateral generally requires borrowing.

是时候讨论借贷了。

It's time to discuss borrowing.

深入探讨抵押与借贷。

A collateral and lending deep dive.

债务与法币。

Debt and fiat.

很少有人能全额付款购买商品。

Few people can buy things outright.

如今天所见，普通人已失去了立即购买汽车和住房等日常消费品的机会。

As mentioned in today's world, everyday people have lost the opportunity to instantly purchase common goods, like cars and homes.

货币贬值、通货膨胀和政府对金融市场的控制等多种因素，正是比特币得以创造并蓬勃发展的原因。

An overwhelming number of factors such as currency debasement, inflation, and government control in financial markets are part of why Bitcoin was created and now thrives.

比特币的诞生是为了帮助人们储蓄并完全拥有自己购买的东西。

Bitcoin was made to help people save money and fully own what they buy.

说这是不幸的真相，听起来很荒谬。

It sounds ridiculous to say that it is the unfortunate truth.

真正拥有自己重大支出所购之物，就像在60岁前退休一样不切实际。

Actually owning something you make a significant purchase on is as far fetched as retiring before 60.

随着成本上升而工资未能跟上，人们需要帮助来购买商品。

With costs rising and wages not meeting costs, people need help buying things.

我们的社会依赖银行为消费者完成这些购买，而消费者则每月向银行还款，持续三十年。

Our society relies on banks to make those purchases for the consumers, who pay back the banks once a month for thirty years.

汽车等物品也是如此，只是贷款期限较短。

The same goes for things like cars, just with shorter loan terms.

在这两种情况下，房屋或汽车都作为贷款的抵押品。

In both instances, a house or an automobile serves as collateral for the loan.

如果未能按时还款，贷款方——银行——将收回抵押品。

If payments aren't made, the loan provider, the bank, will repossess the collateral.

这种不幸的事件通常在债务合同中由双方共同同意。

This unfortunate event is typically agreed upon by both parties in the debt contract.

即便如此，要获得有利的贷款条件仍然困难，尤其是当你没有其他抵押物，只有你正在购买的物品时。

Even still, it's difficult to get loans with favorable terms, especially with no collateral other than what you're buying.

如果你读了以上内容，并心想：我们的货币一团糟，我们怎么能指望每个人都偿还债务呢？

If you've read the above and thought, Our money is a disaster, how can we count on everybody to repay their debt?

你抓住重点了。

You're onto something.

不幸的是，并非所有债务都能得到偿还，尽管借款人承诺会还款。

Unfortunately, not all debt gets paid, despite the debtor promising to pay it back.

因此，贷款方竭尽全力评估借款人全额还款的可能性。

Because of this, lenders try their absolute best to figure out the odds someone will pay their loan back in full.

公平伊萨克公司（FICO）于1989年创建了首个信用评分系统。

The Fair Isaac Corporation, otherwise known as FICO, created the first ever credit score in 1989.

他们设计了一种方法，根据还款记录、欠款金额、新信用、信用历史长度和信用类型来衡量一个人偿还债务的可能性。

They devised a way to measure someone's likelihood of repaying debt based on payment history, amount owed, new credit, length of credit history, and credit mix.

他们追踪你所有的消费行为以及已偿还的金额，然后估算你申请新贷款的可能性。

They track everything you buy and how much of it you've paid off, then estimate how likely you are to take on a new loan.

信用评分是中心化和可信赖第三方的典范。

Credit scores are the epitome of centralized and trusted third parties.

令人震惊的是，在上述金融条件下，条件较差的人往往获得更差的利率。

Shockingly, with the financial conditions mentioned above, people with worse conditions tend to get worse interest rates.

这笔额外费用使他们更难偿还债务。

This added fee just makes it even more difficult for them to pay off their debt.

它让债务人陷入一个恶性循环：我买不起这个，所以我需要一笔根本还不起的巨额贷款，这又让我无法拥有其他任何东西。

It traps the debtor in a revolving door of I can't own this, so I need a ridiculous loan that I can't pay off which makes me not able to own anything else.

然而，对于有能力偿还贷款的人来说，申请房贷购房通常比租房的月供更低。

Still, for those with the ability to service their loans, taking out a mortgage to buy a home often gets them a lower monthly housing payment than rent.

再说一遍，那是他们自己的钱。

Again, it's their money.

他们可以自由支配这笔钱，过上自己想要的生活。

They can do what they want with it to live their preferred lifestyles.

在合适的环境下，债务可以成为一种杠杆工具，帮助人们获得资产所有权。

With the correct environment, debt can be a tool to leverage value and gain ownership of something.

企业债务的好处。

Benefits of Corporate Debt.

多年来，企业一直深知这一点。

Companies have known this for years.

正如许多人所知，企业通常通过贷款或投资者资金来融资，通常是两者兼而有之。

As many know, businesses fund themselves with money from either loans or investors it's usually a mix of both.

使用债务时，你必须连本带息偿还贷款人。

With debt, you must pay back the lender with interest.

使用股权时，投资者的初始资金理论上会随公司发展而增值。

With equity, the investor's initial money ideally grows with the company over time.

就像个人还清房贷后完全拥有自己的房子一样，一家还清所有债务的公司也能享受到更少投资者干预的回报。

Like an individual who pays off his mortgage and fully owns his home, a company who fully pays off its debt gets to reap the rewards of having fewer investors to answer to.

企业通常拥有建筑物、工厂、商店、知识产权、商品等资产。

Businesses often own things like buildings, factories, stores, intellectual property, goods, etc.

这些资产可作为贷款的抵押品，使企业更容易通过债务融资新项目。

That serve as collateral for these loans, making it easier to finance new projects through debt.

同样，就像个人一样，如果企业经营良好，情况也会更容易。

Again, like individuals, it's easier if the business thrives too.

简而言之，最好的公司能获得最优的贷款条件。

Simply put, the best companies get the best loan terms.

如果贷款人明显看出企业有能力偿还债务，他们就更愿意放贷，就像人类凭借信用评分获得贷款一样。

If it's obvious they can service their debt, then lenders are more likely to lend to them, like humans with their credit scores.

穆迪、标准普尔和惠誉等其他公司会根据企业偿还债务的可能性对其进行评级。

Other companies like Moody's, Standard and Poor's, and Fitch all rate companies based on their likelihood of servicing their own debt.

公司可以自由决定如何使用其资金和构建其业务结构。

Companies are free to do whatever they wish with their money and business structure.

如果企业的目标是为投资者实现最大利润，一些企业会通过举债资助新项目来实现这一目标，同时不稀释投资者的股权。

If their goal is to be as profitable as possible for their investors, some businesses will accomplish that through taking on debt to fund new ventures while not diluting those investors simultaneously.

然而，这对投资者来说本质上风险更高，因为在破产情况下，债务享有优先清偿权。

It is inherently riskier for those investors, however, as the debt will take priority in the event of a bankruptcy.

尽管如此，对于那些偏好高风险策略的投资者来说，他们明白，如果能分得更大一块蛋糕，即使没有回报也值得冒险。

Still, for those investors who prefer the riskier strategies, they understand that no payout whatsoever is worth the reward if they get a bigger slice of the pie.

任何规模的投资者都可能偏好通过债务融资，以便维持其所有权份额。

Investors at any scale may prefer debt for funding so they can maintain their ownership stake.

带有不良抵押品的债务。

Debt with bad collateral.

曾有过抵押债务的资产变得一文不值的时候。

There have been times when the collateral backing debt becomes worthless.

比特币部分源于2008年的金融危机，而这场危机正是由不良抵押品引发的。

Bitcoin was partly started because of the financial crisis of two thousand and eight, which happened because of bad collateral.

贷款机构将他们的抵押贷款打包成证券，并用这些证券作为数万亿美元贷款的抵押品。

Lenders bundled their mortgages into securities and used these securities as collateral for trillions of dollars in loans.

人们购买这些证券，期望每年获得约2%至3%的回报，以跟上通货膨胀。

People bought these securities expecting a return of roughly 2 to 3% per year to keep up with inflation.

银行的利润率通常非常微薄，因此这类收益对他们来说意义重大，尤其是考虑到其资金规模之大。

Banks often run at considerably slim profit margins, so those types of gains are significant to them, especially considering the scale of their cash holdings.

人们将贷款组合打包、出售，然后购买这些贷款的人又以这些打包贷款作为抵押品，再次申请新贷款。

People packaged groups of loans, sold them, and then the buyers of those loans took out new loans with those packaged loans as collateral.

正如我确信你能够想象或记得的那样，事情进展得非常顺利。

As I'm sure you can imagine or recall, things went swimmingly.

看起来一切都没问题。

It seemed fine.

为什么有人会去申请自己无力偿还的抵押贷款？

Why would somebody take out a mortgage they couldn't afford?

著名的比特币反对者查理·芒格曾说过：给我展示激励机制，我就给你展示结果。

Famed Bitcoin hater Charlie Munger once said, Show me the incentive and I'll show you the outcome.

贷款方被激励向那些根本无法维持月供的借款人提供可调利率抵押贷款。

Lenders were incentivized to offer adjustable mortgage rates to debtors who had no realistic way of sustaining their monthly payments.

各地的个人纷纷违约，引发了历史上最庞大的多米诺骨牌效应之一。

Individuals everywhere defaulted on their debt, starting one of the biggest domino effects in history.

抵押贷款发放方的激励机制奖励的是贷款数量，因此结果就是贷款数量激增。

The incentive structure of mortgage issuers rewarded high quantities of loans, so that's what the outcome was.

从那以后，贷款的质量几乎为零。

From there, the outcome was that the quality of the loans was next to nothing.

想象一下你在银行工作。

Imagine working for a bank.

你的工作是亲自前往所有被没收的房屋并收回它们。

Your job is to physically go to all foreclosed homes and repossess them.

那些签署了自己都不理解的合同的前房主们愤怒不已。

The former owners who signed a contract they didn't understand are furious.

他们责怪你。

They blame you.

你告诉他们有三十天时间搬离。

You tell them they have thirty days to vacate the premises.

他们不必回家，但也不能待在这里。

They don't have to go home, but they can't stay here.

三十天后，你返回，准备为国家巨型银行开始转售流程。

Thirty days later, you return, ready to begin the resale process for Giant Bank National.

这所房子发生了巨大变化。

The home is drastically different.

前门被木板封死，墙纸被撕下，墙壁上被砸出洞。

The front door is boarded up, wallpaper has been ripped down, holes punched through walls.

所有能破坏房屋的事情都发生了，但至少那些前房主已经离开了。

Anything that can damage a house has happened, but at least those former homeowners are gone.

你的银行拿回了抵押品。

Your bank has got its collateral back.

要恢复你原本以为的价值，可能有点困难。

It just might be a bit tricky to restore the value you thought you had.

从2008年9月到2012年9月，美国大约完成了400万起止赎程序。

From September 2008 to September 2012, there were roughly 4,000,000 completed foreclosures in The United States.

并非所有这些案例都导致房屋被彻底毁坏，但这种情况足够普遍，以至于加利福尼亚的一个城市曾提供高达1000美元的奖励，以鼓励房主在被止赎前不要破坏自己的房屋。

Now, not every one of those resulted in a completely ruined house, but it was a significant enough occurrence that a city in California offered up to $1,000 for people to not trash their home before they were foreclosed.

然而，房地产市场已彻底萎缩。

Still, the housing market was thoroughly depleted.

接管这些房屋的银行相比房屋最初售价遭受了巨大损失。

Banks that took over these homes saw massive losses compared to what the houses were originally sold for.

放贷时，拥有易于收回并能快速变现以回收投资的抵押品至关重要。

When lending, it is important to have collateral that can be easily collected and quickly converted to cash to recoup the investment.

否则，这还算什么抵押品呢？

Otherwise, it's not really collateral, is it?

资金托管。

Escrow.

贷款中一个更有趣的方面是托管。

An even more interesting aspect of lending is escrow.

它涉及使用一个可信赖的第三方，在交易结算期间保管资产、商品或资金。

It involves using a trusted third party to hold an asset, goods or money while a transaction settles.

例如，如果有人想从一个之前没用过的供应商那里购买比特币矿机，他们可能会让买卖双方共同认可的第三方暂时保管资金，直到比特币矿机交付完成。

For example, if somebody wants to purchase a Bitcoin miner from a supplier they haven't used before, they may have a third party that the seller and buyer agree on hold the funds until delivery of the Bitcoin miner is made.

在这种情况下，资金将被托管，直到卖方履行了他们的交易义务。

In that instance, the money goes to escrow until the seller holds up their end of the deal.

虽然这个过程为交易增加了信任，但也增加了时间和繁琐的手续。

While this process adds trust to a deal, it also adds time and red tape.

大额付款至少需要一天才能结算，因此如果在每笔交易中都加入第三方，就会损失宝贵的时间。

Large payments take one day at minimum to settle, so if you add a third party to each trade, you lose valuable time.

传统的托管流程会带来进一步的低效。

The traditional escrow process leads to further inefficiencies.

是否存在一种支付系统，可以实现一键即时、无需许可的交易？

Is there a payment system that allows for instant, permissionless transactions at the click of a button?

也许可以将这一点整合到托管机制中。

Perhaps there is a way to integrate this into escrow.

清算。

Liquidation.

我们多次提到，并非每个人都能偿还贷款。

We've mentioned a few times that not everyone can pay back their loans.

当这种情况发生时，贷款人通常会尽一切努力挽回损失，这意味着他们会收回他们借出的东西，即使那是一栋房子。

When this happens, the lender typically does everything in their power to recoup their losses, meaning they take back what they gave you, even if it's a house.

这被称为清算。

This is called liquidation.

清算也会在债务交易中发生。

Liquidation also happens in trading with debt.

一些高风险投资者倾向于杠杆化他们的资金，购买超出其支付能力的资产，前提是他们能通过投资获利、偿还债务并仍获得利润。

Some risky investors prefer to leverage their cash to purchase more than what they can afford to, on the assumption that they will make money on their investment, pay off the debt, and still make a profit.

如果投资暴跌了会怎样？

What happens if the investment plummets?

如果价格跌到足够低的水平，贷款方会平仓整个投资，而投资者将一无所有。

If it reaches a certain low enough point, the lender closes out the entire investment and the investor is left with nothing.

在许多债务操作中，清算都可能随时发生，因此在任何贷款决策中，都必须牢记所有可能的结果，尤其是负面结果。

Liquidation looms on many debt maneuvers, so it is important to keep in mind all outcomes, especially negative ones, when taking on any type of loan.

贷款既复杂又难懂。

Loans are confusing and difficult.

本章全文都假定任何人都能走进银行并立即获得贷款。

This entire chapter has been written as if anybody can walk into a bank and receive a loan instantly.

在我们这样的社会中，这与事实相去甚远。

In a society like ours, this is the furthest thing from the truth.

通常，获得银行贷款批准可能需要数周甚至数月的时间。

It can often take weeks or even months to receive approval from banks to take out a loan.

通常你需要亲自到场，衣着得体，并详细说明你的个人情况、背景、生活方式、工作经历，以及任何可能影响你按月还款能力的信息。

Typically you must show up, looking presentable, and give intricate details about you, your background, your lifestyle, your employment history, and anything else that may be relevant to your ability to pay them on a monthly basis.

公司层面也是如此，不过你可能还需要提供相应的商业文件，展示不同情境下的预期现金流。

The same applies on the corporate level, though you likely need corresponding business documents showing projected cash flows with various outcomes.

对于新企业，银行通常会要求提供某种个人抵押品来担保公司贷款，因为公司缺乏偿还债务的既往记录。

Often for new businesses, banks may require some type of personal collateral to secure a corporate loan due to a lack of established history paying back debt as a company.

对于那些有良好还债记录的人，他们更容易获得更多的贷款。

For those with a proven track record of paying off debt, they easily can take on more.

苹果公司获得贷款的可能性远高于乔·史密斯的新水泥搅拌公司。

Apple is far more likely to receive a loan than Joe Smith's new cement mixing company.

正如上一章所提到的，借贷结构的设计是为了让精英阶层更容易受益，而牺牲普通民众的利益。

Like mentioned in the last chapter, the structure of lending is meant to be easier for the elites at the expense of the plebs.

幸运的是，有一个平台能够平衡这种不公平的环境，让普通人更容易利用债务的积极面。

Thankfully, a platform exists that equalizes this uneven playing field, making it easier for everyday people to take advantage of the positives of debt.

这就是FireFish。

Enter FireFish.

比特币是终极抵押品。

Bitcoin is the ultimate collateral.

贷款方需要安全保障。

Lenders want security.

贷款人希望他们的贷款有担保。

Lenders prefer to have something behind their loans.

这为协议提供了一层安全保障。

It adds a security blanket that protects the agreement.

基本上，任何类型的法律协议都会附带某种担保。

Basically any type of legal agreement will carry some type of guarantee.

任何有价值的东西都可以作为抵押品。

Anything with value can serve as collateral.

一些例子可能包括房屋、汽车、船、现金、股票、贵金属、艺术品、珠宝——任何需要大量资金购买的东西。

Some examples might be a house, a car, a boat, cash, shares of stock, precious metals, art, jewelry anything that may require a significant amount of money to purchase.

如果贷款人看到你拥有有价值的东西，他们会更相信你有能力偿还贷款。

If the lender sees you have something valuable, they'll be more trusting that you can repay your loan.

他们甚至可能提供更优惠的条款。

They may even offer better terms too.

显然，这里的主要风险是，如果贷款违约，抵押品也将被没收。

Obviously the big risk here is that if the loan is defaulted, the collateral goes with it.

一般来说，贷款人更希望贷款能全额偿还，因此在没收任何抵押品之前，他们会多次尝试收取还款。

Generally speaking, the lender would rather have their loan paid back in full, so they'll make several attempts to receive their payments prior to seizing any collateral.

正如上一章所讨论的，物理上追回抵押品可能非常令人沮丧，尤其是当不良借款人知道抵押品将被没收时。

As discussed last chapter, it can be quite frustrating to physically collect collateral, especially when a bad debtor knows it's going to be claimed.

每一种抵押品选项都有其缺点。

There are downsides to every one of those options for collateral.

房子可能会受损，难以维护，难以转售，而且显然无法移动。

A house, again, can be damaged, difficult to maintain, difficult to resell, and obviously cannot be moved.

汽车最可靠的特点就是其价值会急剧下跌。

A car's most reliable feature is its ability to drastically lose its original value.

在违约情况下，汽车也可能难以追踪。

A car also can be difficult to track down in the event of a default.

船同样会迅速贬值。

A boat similarly loses value at a rapid pace.

它们还可能受损，甚至沉没，进一步增加了作为抵押品的风险。

They can also be damaged, even sunk, further adding risk as a collateral.

在水上时，唯一不变的就是不可预测性。

When out on the water, the only constant is unpredictability.

船只绝对不是最好的抵押品形式。

Boats are certainly not the best form of collateral.

船只也很危险。

Boats are dangerous too.

我实际上在一次船只事故中丢失了我的比特币私钥。

I actually lost my Bitcoin private keys in a boating accident.

欢迎参加下周二晚上7点（中欧时间）举行的Brains船只事故支持会议。

Feel free to join me at the next Brains Boating Accident Support Meeting held Tuesday nights at 7PM CET.

Brains的宣传主管克里斯蒂安·切普扎尔不幸在一次船只事故中遇难，相关视频已发布在X上。

Christian Chepzar, Brains chief of propaganda, tragically suffered a boating accident with the video posted on X.

现金看似简单可靠，但它会随着时间不断贬值。

Cash seems like a simple, reliable option, but also it will constantly lose its value over time.

通货膨胀会摧毁现金的价值，尤其是当通胀率上升时。

Inflation wrecks the value of cash, especially when the inflation rate grows.

通货膨胀越严重，随着时间的推移，你的购买力就越低，因此即使是很小的百分比差异，在长时间内也会产生巨大影响。

The more inflation grows, the less purchasing power you have over time, so a small percentage difference actually makes a drastic impact over an extended period of time.

由于通货膨胀，现金的价值会随着时间的推移越来越低，这是社会中的一个关键因素。

Cash always becomes less and less valuable over time due to inflation, a key factor in our society.

抵押品价值缩水与利率结合并不是一个好的搭配。

Loss of collateral value paired with interest rates are not a good match.

股票似乎是个不错的选择，但当一位知名首席执行官公开宣布清算价格时，可能导致价格操纵，进而削弱市场对未来价格增长的信心。

Shares of stock seem like a great option, however, when a famous CEO has a public liquidation price, that may lead to price manipulation and in turn a lack of market faith in the future price growth.

黄金或白银等贵金属是常见的选择，但由于重量和体积大，它们并不便于携带。

Precious metals like gold or silver are a common option, though they are not very portable due to their weight and size.

它们也容易隐藏，这在追索抵押品时可能带来一些问题。

They are also easily hidden, which could lead to some problems when collecting on the collateral.

这些资产历史上一直是强有力的价值储存手段，因此在合适的环境下，它们可能是所列选项中最好的选择。

These are historically strong stores of value, so in the right setting, they are probably the best option of the ones listed.

艺术品和珠宝容易丢失或损坏，并且面临价格波动的风险。

Art and jewelry are easily lost or damaged and are subject to the risk of price volatility.

一幅画的价值仅取决于有人愿意出多少钱购买，而几个世纪以来的艺术和珠宝盗窃也可能削弱它们作为抵押品的可行性。

A painting is only worth how much someone will pay for it centuries of art and jewelry theft may also weaken their viability as collateral.

最佳、最简单、最终的抵押形式是：一旦债务人未能还款，即可立即主张并出售的资产。

The best, simplest, ultimate form of collateral is something that can instantly be claimed and sold at any time when the debtor fails to make their payments.

房子可能需要数月甚至数年才能售出，股票也有时间限制，但比特币没有。

A house can take months, even years to sell, stocks too have time restrictions, but Bitcoin doesn't.

比特币始终处于流动状态。

Bitcoin is always in motion.

在他的帖子中，前用户CoreyBates1895通过最后一页的图表指出，自尼克松总统将美国与黄金脱钩以来，比特币的交易时间已超过股票市场。

In his post, ex user CoreyBates1895 points out with the graphic on the last page that Bitcoin has had more trading hours than the stock market since President Nixon took The US off the gold standard.

比特币在任何时间、任何日期都可以随时兑换成现金。

Bitcoin is convertible into cash at any time on any date.

比特币是一种技术。

Bitcoin is a technology.

在第一章中，我们讨论了比特币是有史以来最好的资产。

In the first chapter, we discussed how Bitcoin is the best asset ever created.

记住，比特币就是。

Remember, Bitcoin is.

比特币也是一种技术。

Bitcoin is also a technology.

任何人都可以在任何时间、任何地点使用它。

Anybody can use it anywhere at any time.

它是数字化的、可互换的、便携的且可验证的。

It is digital, fungible, portable, and verifiable.

如果作为贷款抵押品正确使用，它非常容易变现。

If it's properly used as collateral on a loan, it is remarkably easy to liquidate.

不可能损坏比特币。

It's impossible to damage a Bitcoin.

在处理抵押品时，需要信任。

When dealing with collateral, it requires trust.

首先，你相信债务人会全额偿还贷款，你永远不必担心变现。

First, you trust that the debtor will pay back the loan in full and you'll never have to worry about liquidating them.

如果发生这种情况，你需要相信违约的债务人会自愿交出他们的抵押品，即使在贷款开始前并未事先担保。

In the event that happens, you trust that the defaulted debtor will freely give up their collateral if it was not already secured before the loan started.

最后，如果你确实锁定了抵押品并主张权利，你必须相信它能保持最初的价值。

Finally, if you do end up securing the collateral and claiming it, you have to trust that it will retain the value it originally had.

不要轻信，要验证。

Don't trust, verify.

当比特币以多重签名钱包的形式存入托管时，它将成为有史以来最优秀的抵押品。

When Bitcoin is secured in escrow in a multisig wallet, it functions as the greatest collateral ever.

它无需被主张，你也不必担心你收到的不是最初约定的抵押物。

It will not need to be claimed and there is no worry that what you receive won't be what you agreed to collateralize in the first place.

此外，也不用担心比特币会被花费、更改或做其他操作，因为它无法被转移。

Additionally, there is no concern that the Bitcoin will be spent, changed, or anything since it can't be moved.

那么，什么是多重签名钱包呢？

What is a Multisig Wallet though?

多重签名的起源 作者：Brian Cubellis，OnRamp Bitcoin 首席战略官。OnRamp Bitcoin 专注于为个人、机构和持有比特币的公司提供多机构多重签名托管服务。

Origins of Multisig Written by Brian Cubellis, Chief Strategy Officer at OnRamp Bitcoin OnRamp Bitcoin specializes in multi institutional multisig custody for individuals, institutions, and companies that hold Bitcoin.

MultiSIG，即多重签名，是比特币协议的一项基础功能，它要求多个私钥共同授权一笔交易，而不是依赖单一密钥。

MultiSIG or short for multi signature is a foundational feature of the Bitcoin protocol that requires multiple private keys to authorize a transaction rather than relying on a single key.

简单来说，如果你通过手机钱包向朋友发送比特币，你只需要一个批准——你自己的批准。

Simply put, if you send your Bitcoin to a friend from your mobile app wallet, you just need one approval your own.

为了更高的安全性，有些设置要求你必须获得两位或更多朋友的批准，才能从你的钱包转出资金。

For more security, there are setups where you need approval of two or more friends in order to send funds from your wallet.

这种设置非常适合拥有大量比特币的人，通常是希望资金尽可能安全的大型公司。

This setup is ideal for those with massive amounts of Bitcoin, typically large companies who want their funds to be as secure as possible.

当多重签名通过比特币原始协议的原生脚本语言引入时，早期实现中并不容易使用这一功能。

When Multisig was introduced in Bitcoin's original protocol design through its native scripting language, this functionality was not easily accessible in early implementations.

实现实际应用的突破来自于几项关键的比特币改进提案（BIP）。

The breakthrough for practical use came through several key BIPs, or Bitcoin Improvement Proposals.

2011年的BIP 11提出了多重签名交易的正式规范，明确了如何组合使用多个私钥来授权一笔交易。

BIP 11 in 2011 proposed the formalization of multisig transactions specifying how multiple private keys can be used in combination to authorize a transaction.

这为增强安全性建立了框架，但其实现仍然复杂。

This created a framework for enhanced security, but its implementation remained complex.

2012年的BIP 13引入了支付给脚本哈希（P2SH），这一创新通过允许用户将资金发送到脚本哈希而非更复杂的多重签名地址，抽象化了多重签名的复杂性。

BIP 13 from 2012 introduced Pay to Script Hash or P2SH, an innovation that abstracted away the complexities of multisig by allowing users to send funds to a script hash rather than a more cumbersome multisig address.

2012年的BIP 16进一步完善了P2SH，使用户无需手动操作复杂脚本即可创建多重签名钱包，从而扩大了其可用性。

BIP 16 in 2012 refined P2SH further, enabling users to create multisig wallets without the need to manually interact with complex scripts, thereby broadening its usability.

这些BIP共同将多重签名转变为一种广泛可用且实用的安全工具，增强了对比特币所有权的控制力、风险分散和资产保护。

These BIPs collectively transformed Multisig into a widely accessible and practical security tool, allowing for enhanced control, risk distribution, and asset protection in Bitcoin ownership.

多重签名功能的核心是'M出N'结构，该结构要求从总数为N的私钥中选取子集M来授权交易。

At the core of multisix functionality is the quote M of N structure, which requires a subset M of a total number of private keys N to authorize a transaction.

例如，在一个2-of-3多重签名钱包中，会分发三个私钥，但只需其中两个即可批准交易。

For example, in a two of three multisig wallet, three private keys are distributed, but only two are needed to approve a transaction.

这种结构既提升了安全性，又增强了可用性，在私钥丢失时提供冗余，同时防止任何单一方对资金拥有单方面控制权。

This structure enhances both security and usability, providing redundancy in the case of key loss while preventing any single party from gaining unilateral control over the funds.

它支持多种配置，如公司治理、共享托管安排和去中心化托管系统，能够适应多样化的比特币托管需求。

It supports various configurations such as corporate governance, shared custody arrangements, and decentralized escrow systems, making it adaptable for diverse Bitcoin custody needs.

比特币独特的托管特性：作为数字持票工具，比特币在资产托管方面既带来机遇，也带来挑战。

Bitcoin's unique custodial properties As a digital bearer instrument, Bitcoin presents both opportunities and challenges in terms of asset custody.

与传统金融资产不同，传统资产可以通过金融中介进行交易撤销或错误修正，而比特币交易一旦在区块链上确认就不可更改。

Unlike traditional financial assets, where transaction reversals or error corrections are possible through financial intermediaries, Bitcoin transactions are immutable once confirmed on the blockchain.

这使得有效的托管成为关键问题。

This makes effective custody a critical issue.

如果由于管理不善或安全漏洞导致比特币丢失或被盗，则无法追回。

If Bitcoins are lost or stolen due to mismanagement or security breaches, there is no recourse for recovery.

这种不可变性将比特币与黄金等实物凭证资产区分开来，后者依赖于保险箱或金库等物理安全措施。

This immutability distinguishes Bitcoin from physical bearer assets like gold, which rely on physical security measures such as safes or vaults.

比特币作为数字资产，需要通过密码学安全措施来保护私钥并防止未经授权的访问。

Bitcoin being digital requires cryptographic security to protect private keys and prevent unauthorized access.

有效的私钥管理，无论是通过硬件钱包、软件钱包还是多重签名配置，对于防止比特币被盗或丢失至关重要。

Effective private key management, whether through hardware wallets, software wallets, or multisig configurations, is essential for safeguarding Bitcoin from theft or loss.

消除单点故障。

Eliminating single points of failure.

单签名钱包依赖单一私钥，从而集中了风险。

Single signature wallets concentrate risk by relying on one private key.

如果该密钥被泄露或丢失，整个比特币余额都将面临风险。

If that key is compromised or lost, the entire Bitcoin balance is at risk.

相比之下，多重签名通过要求多个密钥授权交易来实现容错，从而降低因单点故障导致的盗窃或丢失风险。

MultiSig, by contrast, introduces fault tolerance by requiring multiple keys to authorize a transaction, thus reducing the risk of theft or loss due to a single point of failure.

多重签名允许将控制权分散给多个参与者，只有在达到法定签名人数同意后，交易才能执行。

MultiSig allows for the distribution of control among multiple parties, requiring agreement from a quorum of signers before a transaction can be executed.

这种模式在降低单一实体安全失效或恶意行为带来的风险方面尤为有效。

This model is particularly effective in reducing the risks posed by a single entity's security failure or malfeasance.

此外，比特币的数字化特性使其能够实现物理资产无法达到的协作监督与安全保障，体现了协议中嵌入的去中心化理念。

Furthermore, Bitcoin's digital nature uniquely allows for a level of collaborative oversight and security that physical assets cannot achieve, reflecting the decentralized ethos embedded in the protocol.

多重签名是分散交易对手风险并提升安全性的强大工具。

MultiSig represents a powerful tool for distributing counterparty risk and increasing security.

其开源且可互操作的标准允许用户以不同方式配置多重签名，无论是自行保管所有密钥、与可信赖方共享密钥，还是将密钥分散至不同机构。

Its open source, interoperable standard allows users to configure multisig in different ways, whether holding all keys themselves, sharing keys with trusted parties, or distributing keys across institutions.

这种灵活性使比特币持有者能够实施符合自身特定需求的定制化安全模型。

This flexibility enables Bitcoin holders to implement customized security models tailored to their specific needs.

OnRamp的多机构托管模式。

OnRamp's multi institution custody model.

在我的公司OnRamp，我们开创了一种基于比特币原生安全功能的多机构、多重签名托管模式。

At my firm, OnRamp, we've pioneered a multi institution, multi sig custody model that builds upon Bitcoin's native security features.

我们的模式将密钥分散在客户选择的三个独立实体之间，涵盖不同的地理位置和司法管辖区，从而在消除单一故障点的同时，最大限度地降低交易对手风险。

Our model distributes keys across three independent entities chosen by the clients, including different geolocations and jurisdictions, minimizing counterparty risk while eliminating any single point of failure.

没有任何单一机构能单方面控制客户的资产，确保了权力与责任的均衡分配。

No single institution has unilateral control over the client's assets, ensuring a balanced distribution of authority and responsibility.

这种结构旨在保护客户资产，同时显著降低密钥管理不当或丢失的风险。

This structure is designed to protect client assets while significantly reducing the risk of key mismanagement or loss.

在此模式下，客户无需自行管理私钥，从而减轻了技术负担并消除了单一故障点。

In this model, clients are freed from the complexities of managing private keys themselves, thus reducing their technical burden and eliminating a single point of failure.

同时，客户仍保留对资金的最终控制权，因为多重签名委员会中的机构在没有客户明确指示的情况下无法转移资产。

At the same time, they retain ultimate control over their funds as the institutions in the multisig quorum cannot move assets without the client's explicit direction.

这种创新方法在安全性和易用性之间取得平衡，协调了各方利益，同时保障了客户资产的安全。

This innovative approach balances security with usability, aligning the interests of all parties while safeguarding client assets.

我们的多机构多重签名解决方案标志着比特币托管领域的重要进步，扩展了多重签名安排的威力与可及性。

Our multi institution multisig solution marks a significant advancement in Bitcoin custody, expanding the power and accessibility of multisig arrangements.

通过将控制权分散在独立机构之间，我们实现了安全、透明和受托责任方面的激励一致。

By distributing control across independent entities, we align incentives for security, transparency, and fiduciary responsibility.

比特币的可审计性确保所有托管操作都透明可见，从而建立信任并遏制不当行为。

Bitcoin's auditable nature ensures that all custodial actions are transparent, fostering trust while discouraging malpractice.

这种安全性对于使比特币成为终极抵押资产至关重要。

This security is important in making Bitcoin the ultimate collateral.

如果没有它，抵押过程中的风险和信任负担将大大增加。

Without it, there is considerably more risk and trust in the collateral process.

一旦被锁定，就无法将其发送给他人、花费或丢失。

When it is locked, there is no way it can be sent to someone else, spent, or lost.

布莱恩·库贝利斯，OnRamp Bitcoin 首席战略官。

Brian Cubelis, Chief Strategy Officer, OnRamp Bitcoin.

当比特币爱好者称比特币为有史以来最安全的资产时，多重签名是关键原因之一。

When Bitcoiners call Bitcoin the most secure asset ever, multisig is one of the key reasons.

比特币接收方甚至不需要验证交易是否已完成。

A Bitcoin recipient does not even need to verify when a transaction goes through.

矿工和节点会为我们完成这些验证。

The miners and nodes do that for us.

以抵押为基础的增长。

Growth collateralized.

比特币通常情况下都会升值。

Bitcoin more often than not appreciates in value.

自2009年诞生以来，没有任何资产变得比比特币更有价值。

Since its start in 2009, nothing has gotten more valuable.

在2010年，比特币的实际价值只有几分钱。

In 2010, Bitcoin literally was worth pennies.

自2010年持有比特币以来，投资回报率约为90000000%。

The return on investment from holding Bitcoin in 2010 is roughly 90000000%.

90000000%，带两个逗号。

90000000% with two commas.

并非每个比特币持有者都能声称获得过如此高的收益，事实上，几乎没有人能做到。

Not every Bitcoin holder can boast those types of gains, in fact very few if any can.

然而，任何持有比特币超过四年的人都是盈利的。

Still, anybody who has held Bitcoin for over four years is in profit.

这本书并没有预测比特币近期会大幅上涨，但若真能如此，那当然很好。

This book does not offer inclinations of Bitcoin surging that much anytime soon, but it sure would be nice.

它最终可能会发生，但这是无法预测的。

It may happen eventually, but it's impossible to predict.

然而，自比特币诞生以来，其年化复合增长率约为167%。

Still, Bitcoin has carried a compound annual growth rate of about 167% since its inception.

相比之下，自2010年以来，黄金的年化复合增长率仅为5%。

For comparison, Gold's CAGR is 5% since 2010.

标普500指数的年化复合增长率是13%。

The S and P five hundred's is 13%.

贷款人会非常乐意将一种年增长13%的资产作为抵押品。

A lender would love to use an asset that grows 13% a year as collateral.

想象一下，将这个数字乘以十倍以上，再结合严格的供应限制。

Imagine multiplying that number by over 10 and combining that result with a strict limit in supply.

一旦他们意识到这一点，他们所看到的就只有橙色了。

Once they realize that, all they'll see is orange.

因此，存在一种资产，其表现优于任何其他资产，可以随时发送到任何地方，并且在作为抵押品时没有损坏、被盗或被隐藏的风险。

So there is an asset that performs better than any other, can be sent anywhere at any time and has no risk of being damaged, stolen, or hidden when serving as collateral.

你该如何做到呢？

How can you do it?

欢迎来到由伊戈尔·纽曼创立的FireFish，他是FireFish的联合创始人兼首席运营官。

Welcome to FireFish by Igor Neumann, FireFish cofounder and COO.

免责声明。

Disclaimer.

所有关于FireFish的陈述均反映其平台和产品在发布时的状态。

All statements about FireFish reflect their platform and products at the time of publication.

团队保留进一步开发的权利，这可能导致某些条款发生变化。

The team reserves the right to build further, which in turn may lead to changes in some terms.

事情的起源。

How it started.

FireFish 和比特币的许多其他方面一样，起源于传统金融，也称为 TradFi。

Firefish, like many other aspects of Bitcoin, originated from traditional finance, also known as TradFi.

正如他在前言中所提到的，FireFish 的首席执行官马丁·马泰卡，职业生涯一直从事能源和大宗商品交易柜台的工作。

As you read in his forward, Martin Mateca, the Firefish CEO, spent his career working for a trading desk dealing in energy and commodities.

抵押品在传统金融中是标准做法。

Collateral is standard in traditional finance.

每个人都能接触到它，每个人都在使用它。

Everyone has access to it and everyone uses it.

然而，当时那个行业里了解比特币的人并不多。

Still, there weren't many people working in that industry who knew about Bitcoin.

曾经，邮政服务一度忽视了电子邮件。

At one point in time, postal services dismissed email.

希望我们很快就能对比特币做出类似的比较。

Hopefully, we'll make that comparison about Bitcoin soon enough.

然而，当时并没有原生于比特币的选项来妥善进行比特币抵押。

Still, there was no Bitcoin native option to properly collateralize Bitcoin.

一种选择是通过中心化的托管借贷平台。

One option was through centralized custodial lenders.

这被称为‘相信我，兄弟’模式。

This was referred to as the Trust me bro model.

希望托管方会把你的比特币还给你。

Hopefully, the custodian sent your Bitcoin back to you.

另一种选择是通过去中心化金融（DeFi）平台，将你的比特币包装或桥接到其他区块链，然后寄希望于新区块链不会被黑客攻击或遭受欺诈。

The other option was via decentralized finance or DeFi platforms where you'd wrap or bridge your Bitcoin to a different blockchain, then hope that the new blockchain wouldn't get hacked or fall victim to fraud.

2022年是比特币最糟糕的年份之一，原因是知名全球加密货币交易所、借贷和托管公司FTX、Celsius、BlockFi和Genesis相继倒闭。

The year 2022 was one of the worst years for Bitcoin, fueled by the collapses of known global cryptocurrency exchange, lending, and custodial companies FTX, Celsius, BlockFi, and Genesis.

比特币价格从46,311美元跌至16,603美元。

Bitcoin's price fell from 46,311 to 16,603.

这意味着一年内暴跌了64%。

That is a crash of 64% in one year.

成千上万的客户损失了数百万美元，而人们至今仍未拿回全部存款。

Thousands of customers lost millions, and people still don't have their full deposits back.

但比特币的一大特点是，在最艰难的时刻，建设者仍在建设。

A big thing in Bitcoin though is that during the worst of times, builders build.

因此，在2022年，马丁将他传统金融领域的抵押知识与对比特币作为金融救星的信念结合起来，创建了Firefish。

So in 2022, Martin combined his TradFi knowledge of collateral and his faith in Bitcoin as a financial savior to create Firefish.

它由比特币信徒创立，他们深知：一）比特币是终极抵押品，二）富人从不抛售资产。

It was founded by Bitcoiners who knew that one) Bitcoin is the ultimate collateral and two) rich people never sell their assets.

牢记这两个关键理念，我们尽可能以比特币原生的方式推进。

Keeping those two key ideas in mind, we went about it as Bitcoin as possible.

它提供完全点对点的借贷服务，以自动化、仅限比特币的方式运行，并从流程中移除了受信任的第三方。

It offers completely peer to peer lending, operates in an automated Bitcoin only way, and removes trusted third parties from the process.

Firefish开发了一种非托管协议，比特币直接锁定在区块链上，外部方无法访问这些资产。

Firefish developed a non custodial protocol where Bitcoin is locked directly on the blockchain and outside parties do not have access to it.

这是抵押比特币的理想方式。

It is the ideal way to collateralize Bitcoin.

正如马丁所描述的那样，‘Firefish 是一个连接比特币用户、机构和投资者的开放借贷市场。'

As Martin would describe it, quote, Firefish is an open lending marketplace connecting Bitcoiners, institutions, and investors.

这里的关键词是‘市场’。

The keyword there is marketplace.

人们可以作为借款人与平台互动，锁定他们的比特币并获得相应的贷款。

People can interact with the platform as borrowers, locking their Bitcoin and receiving a loan against it.

或者作为投资者，将资金借给借款人并获得收益，同时由于贷款是两倍抵押的，他们的投资保持安全。

Or investors, lending their money to borrowers and earning a yield, while keeping their investments safe as the loans are over collateralized two to one.

做多比特币，做空法币。

Long Bitcoin, short fiat.

从本质上讲，Firefish 是一家做多比特币、做空法币的公司。

Firefish in its DNA is a long Bitcoin short fiat company.

但这意味着什么呢？

What does that mean though?

当你做空一只股票时，你会借入它并立即卖出，希望以后以更低的价格买回。

When you short a stock, you borrow it and then sell it immediately, with hopes to buy it back later at a lower price.

理想情况下，你的利润来自于以更低的价值归还它。

Ideally, your profits come from returning it at a lower value later on.

人们通常对那些陷入困境的公司这样做。

People typically do this with companies that struggle.

简单来说，注定要失败的公司会被做空。

Simply put, companies that are destined to fail get shorted.

那么，对于注定要失败的货币呢？

What about currencies that are destined to fail?

要做空法币，你可以将你的比特币作为抵押品，而不是卖出它，来借入法币并立即消费。

To short fiat, you can pledge your Bitcoin as collateral, not selling it, to borrow fiat and spend immediately.

你可以用它来买房、买车、创业，任何事情都可以。

You can spend it on a house, a car, starting a business, anything.

也许你会用它来购买更多的比特币。

Maybe you'll spend it on more Bitcoin.

但本质上，这个过程是相同的。

It is inherently the same process though.

你借入资金并立即花掉，计划在未来某一天偿还，同时深知法币的设计本就随着时间推移而贬值。

You borrow money and spend it immediately, planning to pay it back at a later date with the knowledge that fiat currency is designed to devalue over time.

名义上，你可能支付了更多的利息，但鉴于法币的通胀标准，你知道自己正在做正确的事——尽可能少持有法币。

Nominally, yes, you may be paying more in interest, but with the fiat standard of inflation, you know you're doing the right thing, holding as little fiat as possible.

与此同时，你的比特币因其设计本就随着时间推移而增值，作为抵押品保障你的贷款。

All the while your Bitcoin, designed to appreciate in value over time, serves as collateral to protect your loan.

法币在时间推移中会大幅丧失购买力。

Fiat loses considerable purchasing power over time.

让你的负债像融化的冰块一样，而储蓄却保持不变，这才是合理的。

It makes sense for your liabilities to be in melting ice, not your savings.

概览。

Overview.

因此，Firefish 是一个连接借款人与贷款人的市场平台，比特币是其核心抵押品。

So Firefish is a marketplace platform connecting borrowers and lenders with Bitcoin as the key collateral piece.

但它是如何具体运作的呢？

But how does it work in detail?

简单来说，人们会进入互动市场，看看是否有适合自己的参与机会。

Simply, people go on the interactive marketplace and see if anything makes sense to participate in.

潜在借款人可以提出贷款申请，说明他们想借的金额、货币类型、期限以及可接受的利率。

Prospective borrowers can request a loan indicating the amount they want to borrow, currency, tenor, and the interest rate they'd accept.

投资者可以查看市场上的所有贷款要约，并根据同样的标准选择符合自己需求的交易。

Investors can see all the offers in the marketplace and choose a deal that meets their requirements with the same criteria.

一旦投资者选定某笔交易，借款人就会锁定其比特币作为抵押品，投资者则直接将资金汇入借款人的银行账户。

Once an investor picks a deal, the borrower locks their Bitcoin as collateral, and the investor sends money directly to the borrower's bank account.

与银行贷款需要填写大量表格、参加无数会议、让人抓狂不同，FireFish 的流程设计得快速、透明且由市场驱动。

Rather than submitting countless forms, sitting through meetings, and wanting to pull your hair out with a bank loan, the FireFish process is designed to be quick, transparent, and market driven.

FireFish 唯一的抵押品就是比特币，这是终极抵押资产。

The only thing that serves as collateral with Firefish is Bitcoin, the ultimate collateral.

再次强调，这是由比特币爱好者为比特币爱好者设计的。

Again, it was designed for Bitcoiners by Bitcoiners.

这种非托管的去中心化借贷流程会将资金直接转入借款人的支票账户，使他们能够在不涉及资本利得税的情况下，充分释放比特币的价值。

The non custodial decentralized lending process sends funds directly to the borrower's checking account, allowing them to fully unlock the value of their Bitcoin without dealing with capital gains taxes.

把你的比特币发送到别处是很危险的。

It's a dangerous business sending your Bitcoin elsewhere.

你把它交给别人，就不知道它会被转到哪里去。

You give it to someone else and there's no knowing where it might get sent off to.

让他人控制你的抵押品需要信任。

Having other people control your collateral requires trust.

比特币的存在就是为了消除金融中的信任需求。

Bitcoin exists to remove trust from finance.

它使人们能够完全掌控自己的资金，并能够将资金转移到任何地方。

It enables people to have full control over their money and gives them the ability to transport it anywhere.

不幸的是，当人们没有严格遵守最佳实践时，比特币曾多次丢失或被盗。

Unfortunately, there have been instances where Bitcoin can get lost or stolen when people didn't properly follow the ideal practices.

比特币用户经常以Celsius和BlockFi的倒闭为例，说明亲自持有比特币的重要性。

Bitcoiners regularly cite the Celsius and BlockFi collapses as examples of how important it is to actually hold your own Bitcoin.

在Celsius和BlockFi事件中，人们把对比特币的所有权交给了这些公司，结果因此遭受了损失。

With Celsius and BlockFi, people passed the ownership of their Bitcoin to those companies and suffered for it.

人们可能会丢失私钥，可能会不可逆地将比特币发送到错误的地址，可能会将比特币存放在交易所，而该交易所可能因管理用户资金不善而崩溃。

People can lose their private keys, people can irreversibly send Bitcoin to the wrong address, people can keep their Bitcoin on an exchange, and that exchange can implode from poorly managing its users' funds.

人们会犯错。

People can make mistakes.

但无懈可击的技术不会。

But foolproof technology cannot.

这就是多重签名的用武之地。

That is where multisig comes in.

正如OnRamp的首席战略官布莱恩·库贝利斯在上一章中指出的，多重签名保护用户免受多年来发生的无数比特币灾难。

As Brian Cubellis, chief strategy officer at OnRamp, pointed out in the last chapter, Multisig protects users from countless Bitcoin disasters that have occurred over the years.

使用多重签名，你是安全的。

With Multisig, you are safe.

多重签名托管与贷款的可能结果。

Multisig Escrow and Possible Outcomes of a Loan.

Firefish的抵押结构与‘相信我，老兄’模式完全相反。

Firefish's collateral structure is the complete opposite of the trust me bro model.

多重签名托管流程保持比特币完全不变。

The multisig escrow process keeps the Bitcoin the exact same.

除非获得授权，否则任何人都无法动用这些资金。

Nobody can touch it unless authorized.

每个多重签名合约都经过编写，以确保资金在满足特定条件之前一直留在托管中。

Each multisig contract is written to ensure that the funds stay in escrow until certain conditions are met.

通常，合约中导致资金转移的事件有五种：还款、违约、清算、取消和恢复。

Generally, there are five events in a contract that cause funds to move: repayment, default, liquidation, cancellation, and recovery.

您可以在PDF的第46页找到该合约分支的图表。

You can find a graphic of the contract branches on page 46 of the PDF.

来自FireFish的这张图表展示了四种可能的结果：还款、违约、清算或恢复。

From FireFish, this graphic shows four of the possible outcomes: repayment, default, liquidation, or recovery.

对于还款和恢复，资金将返还给借款人。

For repayment and recovery, the funds return to the borrower.

还款是指您最有可能假设借款人偿还了他们的贷款。

Repayment is what you most likely assume the borrower repays their loan.

另一方面，恢复机制是内置在合约中的，以防FireFish或该平台停止运营。

Recovery, on the other hand, is built into the contract in the event that FireFish or the platform ceases to exist.

即使FireFish永久消失，借款人仍能取回他们的资金。

The borrower will still be able to recover their funds, even if Firefish goes away permanently.

如果贷款人从未将资金发送给借款人，合约将被取消，抵押品将返还给借款人。

In the event that the lender never sends the funds to the borrower, the contract is canceled and the collateral goes back to the borrower.

对于违约和清算，资金将归清算人（即贷款人）所有。

For default and liquidation, the funds go to the liquidator, the lender.

违约是指借款人未能在到期时偿还贷款，此时贷款人有权处置抵押品以覆盖其投资及利息。

Default is when the borrower doesn't repay the loan at maturity and the lender is entitled to collect on the collateral to cover their investment plus interest.

清算是指比特币价格低于贷款价值比率时发生的情况。

Liquidation is when the price of Bitcoin falls below the loan to value number.

通常，这一比率必须达到95%才能启动清算流程。

Generally this must be 95 in order to initiate the liquidation process.

95%的贷款价值比意味着比特币价格从相当于贷款金额的两倍，下跌至仅略高于贷款金额的1.05倍。

A 95% LTV means the Bitcoin price fell from being two times the loan amount to just above 1.05 times the loan amount.

中本聪以10万美元的比特币作为抵押，借出5万美元。

Satoshi takes out a $50,000 loan with $100,000 of Bitcoin as collateral.

这笔贷款相当于其抵押品价值的50%。

The loan is 50% of the value of his collateral.

如果中本聪的比特币价值跌至52,500美元以下，他的贷款将占抵押品价值的95%，从而触发清算流程。

If the value of Satoshi's Bitcoin falls below $52,500 then his loan is now 95% of the value of his collateral, and the liquidation process is triggered.

根据投资者的偏好，他们可以选择以法币或比特币收回投资。

Depending on their preferences, the investor either receives their investment back in fiat currency or Bitcoin.

显然，比特币在其生命周期中经历过多次跌幅超过50%的回调。

Obviously, Bitcoin has had multiple drawdowns of 50% or more in its lifespan.

当比特币价格下跌时，Firefish用户有机会追加抵押品。

Firefish users have the opportunity to top up their collateral as the price of Bitcoin falls.

然而，50%的贷款价值比要求本身就体现了比特币的短期波动性。

Still, the short term volatility of Bitcoin is built in, with the 50% LTV requirement.

与以往处理比特币时一样，强烈建议进行充分的尽职调查。

As always when dealing in Bitcoin, due diligence is strongly recommended.

比特币用户会自己做尽职调查，而不是让别人替他们做。

Bitcoiners do the due diligence so that others don't do it for them.

点对点。

Peer to peer.

在Firefish上，金额低于10万美元的贷款被归类为点对点贷款。

Loans under $100,000 on Firefish are classified as peer to peer.

这些贷款主要面向个人。

These are targeted towards individuals.

刚起步的公司也可能寻求这类贷款，因为它们的本金和期限都较小。

Companies just getting started may also seek these types of loans, as they are smaller in both principal and term length.

一般来说，这些贷款从1000美元起，利率由市场决定，目前在6%至13%之间。

Generally, these loans start at $1,000 and have market driven interest rates, currently ranging from 6% to 13%.

贷款期限可以从三个月到十八个月不等，提供短期资金支持你的生活方式或创业，而无需出售你的比特币。

The length can be anywhere from three to eighteen months, offering short term cash to support your lifestyle or start your own business without selling your Bitcoin.

与Firefish上的所有贷款一样，这些贷款要求50%的贷款价值比，即抵押品的价值是贷款金额的两倍。

Like all loans on Firefish, these require a 50% LTV ratio, meaning the collateral is twice the value of the loan.

比特币的核心是一个由平民驱动的货币体系，但它恰好也是有史以来最伟大的货币体系。

Bitcoin at its heart is a pleb driven monetary system, it just happens to also be the greatest monetary system ever.

为此，我们必须确保Firefish能够规模化运行。

With that, we had to ensure that Firefish worked at scale.

大规模借贷与投资。

Borrow or Invest at Scale.

面向高净值个人和大型企业，FireFish提供更大额度、更长期限的贷款。

Tailored towards high net worth individuals and bigger companies, FireFish allows for larger loans with longer terms.

这被称为FireFish Prime。

This is called FireFish Prime.

对于FireFish Prime，每笔贷款都提供个性化定制，期限最长可达五年。

For FireFish Prime, each loan offers specialized customization with up to five year term length.

Firefish Prime的会员都将获得一位专为其贷款服务的专属客户经理。

Firefish Prime members all receive a dedicated account manager specialized to their loan.

他们还可以选择自定义抵押品管理选项，正如OnRamp Bitcoin的Brian所提到的，使用多重签名有多种方式可以发挥优势。

They can also choose to customize their collateral management options as Brian from OnRamp Bitcoin mentioned, there are plenty of ways to use Multisig to your advantage.

和以往一样，Firefish 的这些贷款不受市场平台破产的影响。

Like always with Firefish, these loans are immune to bankruptcy of the marketplace.

破产隔离功能内置在每个合同中，无论 Firefish 发生什么情况，您的资金都是安全的。

The Bankruptcy Remote feature is built into each contract, meaning your funds are secure no matter what happens to Firefish.

五年最长贷款期限对借款人和贷款人都有利，使他们能够更早地规划财务，为投资提供可预测的结构。

The five year maximum term length is also advantageous for both borrowers and lenders, who can plan out their finances further in advance, offering predictable structure to their investments.

最重要的是，Firefish Prime 具备机构级流动性，意味着任何大额贷款都能迅速到位，让借款人随时充分利用他们的比特币。

Above all, Firefish Prime carries institutional grade liquidity, meaning that any significant loans can be met quickly, letting borrowers make the most out of their Bitcoin at any given notice.

比特币提供近乎即时的支付，由其担保的贷款也应如此。

Bitcoin offers near instant payments, so should the loans backed by it.

越来越多的公司正在比特币基础上构建业务。

There are more and more companies building on Bitcoin.

通过 Firefish Prime，他们可以利用比特币为自身融资，而无需像 Brains 已经多次做过的那样出售比特币。

With Firefish Prime, they can fund themselves with their Bitcoin without selling their Bitcoin like Brains has done countless times already.

清算。

Liquidation.

不幸的是，清算是抵押贷款的关键部分。

Unfortunately, liquidation is a key part of lending with collateral.

作为借款人和投资者，了解清算过程至关重要，以防其发生。

It is imperative, both as a borrower and an investor, to understand the liquidation process in the event it happens.

如果借款人未能偿还贷款（即违约），或由于比特币价格下跌导致抵押品价值达到预设的清算水平，就会发生清算，这在传统清算中也是如此。

Liquidation can happen if the borrower fails to repay their loan, known as defaulting, or in traditional liquidation when the value of the collateral locked reaches a predefined liquidation level due to a decrease in Bitcoin price.

如前所述，所有贷款都要求初始贷款价值比（LTV）为50%。

As mentioned, all loans are required to have an initial LTV ratio of 50%.

抵押品的价值是贷款金额的两倍。

The collateral is twice the value of the loan.

如果贷款价值比（LTV）上升至95%，借款人将面临几种选择。

If the LTV ratio rises to 95%, borrowers are faced with a few options.

首先，他们可以什么都不做，任由清算发生。

First, they can simply do nothing and let liquidation happen.

他们的比特币将被公开市场出售，资金将直接支付给清算方。

Their coins would be sold on the open market and funds would go directly to the liquidator.

另一个选择是提前偿还贷款。

Another option would be to pay back the loan early.

由于初始抵押品的存在，可以确定借款人有足够的资金偿还贷款，前提是他们的财务状况没有发生剧烈变化。

Because of the initial collateral, it's established that the borrower has enough funds to pay back the loan, so long as nothing drastically changes financially on their end.

面对清算时，借款人始终可以选择直接偿还贷款。

If faced with liquidation, the borrower always has the option to simply pay back their loan.

最后，借款人可以增加抵押品。

Lastly, borrowers can top up their collateral.

这一功能允许借款人向托管账户发送额外的比特币，以降低LTV比率。

This feature is where a borrower sends additional Bitcoin to the escrow to lower the LTV ratio.

这可以在任何时间进行，但通常在追加保证金通知即将来临之际进行。

This can be done at any time, but it's most often done when a margin call approaches.

Firefish 总是向借款人显示其当前的清算价格，以便他们可以根据比特币价格和个人策略采取相应行动。

Firefish always shows borrowers what their current liquidation price is, so they can act accordingly depending on the price of Bitcoin and their personal strategies.

为了增加抵押品，借款人必须遵循贷款操作菜单中“增加抵押品”选项的特定说明。

In order to top up their collateral, borrowers must follow the specific instructions on the Top up Collateral option in the Loan Actions menu.