Read_899 - USDT在闪电网络上的应用：优势、劣势与未知因素

既然USDT和比特币在闪电网络上实现了原生互操作性，这个圈子就获得了更多可能性。

Now that USDT and Bitcoin are natively interoperable on Lightning, the circle has gained tangents.

通过闪电网络的USDT，支付中的每一方——付款人和收款人——都可以自行选择使用比特币或泰达币，且无需依赖对方的决定。

With USDT on Lightning, each party to a payment, the payer and the recipient, can choose whether to use Bitcoin or Tether on their own end and neither depends on the other's decision.

顾客可以用比特币支付而商家接收USDT，或者顾客用USDT支付而商家接收比特币，又或者双方使用同一种资产。

A customer can pay in Bitcoin and the merchant can receive USDT, or the customer can pay in USDT and the merchant can receive Bitcoin, or they can both use the same asset.

这都不成问题。

It doesn't matter.

一旦两种资产都原生支持闪电网络，它们就能自动、无摩擦地相互转换。

Once both assets are native to Lightning, they become automatically, frictionlessly interchangeable.

比特币最美好的特质变得可听见。

The best in Bitcoin made audible.

我是盖伊·斯旺，这里是《比特币可听化》。

I am Guy Swan, and this is Bitcoin Audible.

大家好，最近怎么样？

What is up, guys?

欢迎回到《比特币可听化》。

Welcome back to Bitcoin Audible.

我是盖斯温，一个比你认识的所有人都阅读过更多比特币资料的人。

I am Geiswon, the guy who has read more about Bitcoin than anybody else you know.

今天我们又要朗读一篇文章，还是来自罗伊·沙因菲尔德的作品。

And we have got a read today, another one from Roy Scheinfeld.

我是罗伊的忠实粉丝，非常欣赏他们在Breeze项目和Breeze SDK上的工作。

Big fan of Roy and what they're doing over with Breeze and the Breeze SDK.

顺便说一下，Misty Breeze是他们新推出的钱包。

Misty Breeze is their their new wallet, by the way.

但我一直觉得，特别是在他写的很多内容中，他总能准确把握闪电网络的脉搏——发展方向在哪里、如何权衡利弊、如何思考其发展进程，以及哪些应用场景可能成为主流活动。

But I've always felt that, particularly in a lot of the stuff that he writes, he's just always had his kind of finger on the pulse with Lightning, where things were going, and what the proper trade offs were, and how to think about how it was developing, and where the likely kind of use cases in prominent activity would be.

他还有一篇关于USDT的文章。

And he has a piece on USDT.

讲的是Tether接入闪电网络，以及其中的利弊与未知因素。

So Tether coming to lightning and all about the good, the bad, and the unknown.

我们马上就会详细讨论这个话题。

So we'll get into it in just a second.

感谢Ledden提供比特币抵押贷款服务。

A shout out to Ledden for Bitcoin backed loans.

这是一种无需出售比特币、也无需缴纳资本利得税就能获得法币的途径。

So this is a way to get fiat without actually selling your Bitcoin and without paying capital gains.

你用比特币作为抵押物。

You collateralize your Bitcoin.

无需信用检查。

No credit check.

我的意思是，整个过程真的只需要几个小时。

No I mean, it takes literally a matter of hours.

他们会做准备金证明。

They do proof of reserves.

他们每个月都会公开账本。

They have open books every single month.

这特别方便，尤其是当你采用比特币标准但又需要接触法币时。

This is really handy if especially if you're on a Bitcoin standard and you need access to fiat.

这是个非常实用的工具。

This is a really useful tool.

去看看吧。

Check them out.

其实我有个特殊链接，通过它你能享受稍低的利率。

And I have a special link actually where you can get a little bit less interest.

另外，去看看pubkey.app吧。

Also, check out pubkey.app.

是pubky.app（注意拼写）。

That's pubky.app.

所以没有字母e。

So there's no e.

我正密切关注几个致力于重新去中心化网络的项目，它们试图将那些让我们陷入信息孤岛的技术转化为简单可用的协议。

There are a handful of projects that I'm watching very closely that are trying to re decentralize the web, that are trying to make all of the things that have locked us into silos usable, simple protocols.

你可以获取pubkey.app的邀请码。

And you can get an invite code for pubkey.app.

Synonym已经基本构建了一个概念验证，展示了用他们的协议栈能实现什么。

Synonym has built basically a proof of concept concept showing what you can do with their protocol stack.

特别是如果你是开发者，一定要看看他们的成果。

Especially if you're a builder, you gotta check out what they have.

然后用git chroma调整好你的光照健康状态。

Then get your light health right with git chroma.

我手头有这款Sky Portal Mini，它能发出琥珀色或白色的光。

I've actually got my Sky Portal Mini, which is a you can do amber or white light with it.

但真正酷的是它完全便携，可以随身携带。

But actually, the really cool thing about it is that it's literally, like, portable.

它是靠电池供电的。

Like, it's battery powered.

所以我可以把它装在支架上，也能直接带着走，随便找个地方立起来用。

So, like, I can set it up on my mount, but I can also just, like, take it with me and stand it up somewhere.

这确实是款全能灯，琥珀色光线特别适合调节昼夜节律。

So it's actually a great all around light, amber light, like, great for, you know, keeping your circadian rhythm right.

这正是Chroma的理念——为人类设计照明。

And that's really what Chroma is about, designing lights for humans.

我在节目说明里放了专属9折优惠码。

And I got a 10% discount right down in the show notes.

最后要说HRF组织，奥斯陆自由论坛是汇聚全球自由活动家的中心，大家在此分享故事、工具和资讯。

And lastly, the HRF, the Oslo Freedom Forum is the center for bringing together freedom activists from all around the world to share stories, to share tools, to share news and information.

说到资讯，HRF的《金融自由报告》信息量极大，是追踪全球金融货币自由斗争的最佳渠道，包括最值得关注的比特币工具及其应用案例。

And speaking of news, the Financial Freedom Report, also, the newsletter from the HRF, is one of the most information dense and best ways to keep up with everything that's happening for the fight for financial and monetary freedom around the world, including the best Bitcoin tools to check out and where they are being utilized.

向所有做出优秀产品和贡献的人们致敬。

Shout out to all of them for really just kind of the great products, the work that they do.

我是这些产品和服务的忠实用户。

I'm a fan and user of all of these.

节目说明里还有更多折扣链接和福利等着你。

And you got some discounts, links, goodies in the show notes.

当然，非常感谢大家支持这个节目。

And, of course, a huge thanks for supporting the show.

好的。

Alright.

接下来，让我们阅读今天来自《比特币杂志》和Roy Scheinfeld的文章，标题是《闪电网络上的USDT：优势、劣势与未知》，作者Roy Scheinfeld。

With that, let's get into today's read from Bitcoin Magazine and Roy Scheinfeld, and it's titled USDT on Lightning, The Good, the Bad, and the Unknown by Roy Scheinfeld.

大家都听过那句被英国人错误引用的中国谚语'愿你生活在有趣的时代'，它本应是一种诅咒。

Everyone has heard the Chinese proverb scratch British misquote, may you live in interesting times, and how it's supposed to be a curse.

这话听起来很深奥，像是给80岁以上边缘人士的名言。

It sounds deep, like a quote for edgelords over 80.

但你可曾想过另一种选择？

But have you ever considered the alternative?

根据《盎格鲁-撒克逊编年史》记载，曾有近两个世纪几乎无事发生。

According to the Anglo Saxon Chronicle, there were nearly two centuries where nothing much happened.

Vivian Mercia曾戏称《等待戈多》是'什么都没发生却演了两次的戏剧'，但如果是191次什么都没发生呢？

Vivian Mercia famously called Waiting for Godot a play in which nothing happens twice, but nothing happened a 191 times?

我宁愿选择有趣的时代。

I'll take interesting times any day.

而这正是我们现在所处的时代。

And that's exactly what we have now.

Tether公司正将其稳定币USDT引入闪电网络。

Tether with their stablecoin USDT are coming to Lightning.

我们最近一直在讨论闪电网络如何成为比特币经济的通用语言，以及比特币如何真正成为交换媒介——详情请阅读我们的报告。

We've been talking a lot recently about how Lightning is the common language of the Bitcoin economy, and how Bitcoin is a medium of exchange and it really is, read our report.

这两个论点现在似乎正在趋同。

These two arguments now seem to be converging.

得益于闪电网络作为通用语言，使得比特币能够与USDT等一系列相邻技术实现互操作。

Thanks to Lightning working as a common language, it makes Bitcoin interoperable with a wide range of adjacent technologies like USDT.

USDT将推动比特币进入闪电网络生态系统尚未经历过的新用例、新市场和新挑战的规模。

And USDT is going to turbocharge Bitcoin into new use cases, new markets, and new challenges on a scale that the Lightning ecosystem has yet to experience.

如果可以选择，我宁愿一头扎进未知领域，也不愿整个下午都躺在沙发上。

Given the choice, I'd rather dive head first into the unknown than spend the afternoon on the couch.

所有酷炫的东西都在未知之中。

All the cool stuff is in the unknown.

闪电网络上的USDT是未知领域，确实是有趣的时代。

USDT on Lightning is terra incognita, interesting times indeed.

让我们思考USDT加入闪电网络以及闪电网络转移USDT意味着什么——机遇、风险以及那些悬而未决的问题。

So let's think about what it means for USDT to join Lightning and for Lightning to move USDT the opportunities, the risks and the wide open questions.

Taproot资产入门指南。

Taproot Assets 101.

闪电网络最初旨在提高比特币区块链的吞吐量，因此比特币曾是它唯一的载体。

Lightning was originally intended to increase the throughput of the Bitcoin blockchain, so Bitcoin was to be its only cargo.

Taproot资产是一种新协议，允许同质化资产作为哈希元数据通过闪电网络传输，利用处理比特币支付的相同基础设施实现。

Taproot Assets is a new protocol that allows fungible assets to be transmitted over Lightning as hashed metadata piggybacking on the same infrastructure used to process Bitcoin payments.

其运作原理对于了解闪电网络的人来说相当简单。

The way it works is pretty simple for anyone who understands Lightning.

收款方生成发票时会向边缘节点询问比特币与相关资产的汇率，一旦用户接受某个边缘节点的汇率，就会生成支付发票并发送给付款方。

The recipient generates an invoice that pings edge nodes for exchange rates between Bitcoin and the asset in question Once the user accepts an edge node's exchange rate, they generate an invoice for the payment and send it to the payer.

支付方将资产发送至己方的边缘节点。

The payer sends the asset to the edge node on their own side.

边缘节点将所有内容转换为看似普通的比特币支付。

The edge node converts everything into a normal looking Bitcoin payment.

支付像往常一样通过网络中的路由节点进行。

The payment proceeds through routing nodes along the network as usual.

接收方的边缘节点将支付转换回原始资产并转发给接收者。

The edge node on the recipient's end converts the payment back into the original asset and forwards it to the recipient.

Taproot Assets利用闪电网络和比特币的通用性，让用户通过网络转移新型资产，使用比特币作为通用交换媒介。

Taproot Assets leverages the versatility of Lightning and Bitcoin to let users transfer new kinds of assets over the network, using Bitcoin as the universal medium of exchange.

所有节点都运行闪电网络的一个必然结果是，边缘节点之间的任何路由节点只能看到传输中的比特币。

One corollary of all the nodes speaking Lightning is that any routing nodes between the edge nodes see only BTC in transit.

闪电网络告诉它们如何转移比特币，就它们所知，这就是它们所做的全部。

Lightning tells them how to move Bitcoin, and that's all they're doing as far as they know.

太棒了。

Awesome.

但这不仅仅是技术规格的问题，毕竟USDT是一种巨大的交换媒介。

But there's more to it than just technical specs USDT is after all a massive medium of exchange.

每天有价值数百亿美元的USDT易手，分布在数百万笔支付中。

Tens of billions of USDT value change hands every day, spread across millions of payments.

其日交易量与巴西雷亚尔和印度卢比处于同一量级。

Its daily trading volumes are in the same ballpark as the Brazilian real and the Indian rupee.

这非常重要。

This is a big deal.

那么闪电网络对USDT意味着什么，而USDT的加入又对闪电网络意味着什么？

So what does lightning mean for USDT, and what does the addition of USDT mean for lightning?

好处。

The good.

对比特币而言。

For Bitcoin.

迄今为止，推动商业比特币化的策略主要集中在尽可能多地‘橙色药丸’普及人群，并通过逐个用户来扩展循环经济。

So far much of the strategy to bitcoinizing commerce has focused on orange pilling as many people as possible and growing the circular economy one user at a time.

这一策略或许已触及规模上限。

This strategy has perhaps reached the limits of its scale.

过去十五年间这个圈子已大幅扩张，但仍有限制，我们需要以百万级规模来思考。

The circle has grown massively in the last decade and a half, but it's still limited and we need to think in terms of millions at a time.

如今USDT与比特币在闪电网络上实现原生互操作，这个圈子已获得切线延伸。

Now that USDT and Bitcoin are natively interoperable on Lightning, the circle has gained tangents.

借助闪电网络上的USDT，支付双方——付款方与收款方——可自主选择使用比特币或USDT，且互不依赖对方的决定。

With USDT on Lightning, each party to a payment, the payer and the recipient, can choose whether to use Bitcoin or USDT on their own end, and neither depends on the other's decision.

顾客可用比特币支付而商家接收USDT，或顾客支付USDT而商家收取比特币，甚至双方使用相同资产也无妨。

A customer can pay in Bitcoin and the merchant can receive USDT, or the customer can pay in USDT and the merchant can receive Bitcoin, or they can both use the same asset it doesn't matter.

当两种资产都原生支持闪电网络时，它们将实现自动无缝兑换。

Once both assets are native to Lightning, they become automatically, frictionlessly interchangeable.

人们可自由选择比特币作为自下而上由用户构建的交换媒介优势，或选择USDT作为价格稳定如美国货币政策与Tether流动储备的资产优势。

Everyone is free to opt for Bitcoin's advantages as a medium of exchange grown from the bottom up by the users or for USDT's advantages as an asset whose price is as stable as The US monetary policy and Tethers liquid reserves.

闪电网络——进而比特币——将有望获得数百万用户与数十亿美元规模的消费力。

Lightning, and by extension Bitcoin, stand to gain millions of users and billions of dollars worth spending power.

这是比特币功能性的质的扩展。

It's a qualitative extension of Bitcoin's utility.

这些新用例对比特币的益处将远超过大量橙色药丸（指比特币极端主义宣传）。

The new use cases will do more good for Bitcoin than a boatload of orange pills.

对闪电网络而言，这也可能是一次量的爆发。

It's also potentially a quantitative explosion for Lightning.

由于其作为比特币经济通用语言的高效性，许多新用户甚至可能意识不到自己正在使用闪电网络。

Many of those new users might not even know that they're using Lightning thanks to its efficacy as the common language of the Bitcoin economy.

但我们这些老派闪电网络老手心知肚明。

But we old school Lightning vets know.

这正是我们一直以来努力构建的方向。

This is what we've been building towards.

既然我们刚提到闪电网络能让美国用户更便捷地使用USDT，USDT反过来也会让他们更轻松地使用闪电网络。

And since we just mentioned how Lightning would make USDT easier for American users to access, USDT will also make it easier for them to use Lightning.

美国税收法规将比特币视为股权资产，导致每笔支付都可能涉及复杂的税务事件串联。

American tax regulation treats Bitcoin like an equity, making each payment a potentially complex concatenation of tax events.

但如果美国用户能通过永不产生资本利得的资产使用闪电网络，他们就能享受闪电网络的诸多优势，同时规避其特有的监管缺陷。

But if US users can access Lightning with an asset that never incurs capital gains, then they'll have access to many of Lightning's advantages without one of its particular regulatory drawbacks.

对Tether有利。

Good for Tether.

Tether通常只在已获得显著市场影响力的成熟区块链上发行USDT，他们无意自主开发新链。

Tether typically issues USDT on proven blockchains that have achieved significant market traction, and they have no interest in launching their own.

USDT目前已上线Algorand、Celo、Cosmos、以太坊、EOS、Liquid Network、Solana、Tezos、TON和TRON等区块链。

USDT is currently available on Algorand, Celo, Cosmos, Ethereum, EOS, Liquid Network, Solana, Tezos, TON, and TRON.

请注意，除了采用联邦制的Liquid外，这些都是权益证明区块链，因此它们必然比比特币更中心化。

Note that these are all proof of stake blockchains except Liquid, which uses a federation, so they're necessarily more centralized than Bitcoin.

这些区块链也面临不同的权衡取舍。

These blockchains also face different trade offs.

以太坊作为权益证明区块链相对去中心化，但其交易费用却高得惊人。

Ethereum is relatively decentralized for a proof of stake blockchain, but its transaction fees are notoriously high.

波场可能更便宜，据估计每月活跃的USDT零售用户选择波场而非以太坊的人数多出近七倍，通过TRON发送的零售交易量更是高出八倍。

Tron is cheaper perhaps that's why, according to one estimate, nearly seven times more monthly active retail USDT users opt for Tron over Ethereum and send eight times more retail volume over TRON.

但波场以高度中心化著称，这使其成为USDT的瓶颈。

But TRON is notoriously centralized, making it a chokepoint for USDT.

如果波场失败，Tether将损失约一半跨链总容量。

If TRON were to fail, Tether would lose something like half of its total capacity across all blockchains.

哎哟。

Ouch.

通过允许USDT在本质去中心化的闪电网络上交易，Tether减轻了对廉价但中心化区块链的依赖。

By allowing USDT to be transacted over Lightning, which is inherently decentralized, Tether mitigates their dependency on cheap, centralized blockchains.

此外，闪电网络能让USDT在美国市场使用更加便捷。

Further, Lightning could make USDT much more convenient to use in The US market.

美国交易所有时会限制USDT在特定区块链上的交易。

US exchanges sometimes limit USDT transactions to certain blockchains.

例如，Coinbase表示仅支持ERC-20标准的USDT（基于以太坊区块链）。

For example, Coinbase says Coinbase only supports USDT on the Ethereum blockchain as an ERC-twenty).

切勿向Coinbase发送其他区块链上的USDT。

Do not send USDT on any other blockchain to Coinbase.

闪电网络为像币安、Coinbase和Kraken这样已支持该技术的大型交易所提供了去中心化的USDT支付方案，供其用户使用。

Lightning gives big exchanges like Binance, Coinbase, and Kraken, which already support Lightning today, a decentralized alternative for USDT payments to offer their users.

不利方面：美国新政府提议将整个稳定币产业本土化，并表明监管是其首要任务。

The Bad The new American administration has mooted onshoring the entire stablecoin industry and suggested that regulating it is their first priority.

换句话说，他们将密切关注每一个进展。

In other words, they'll be paying very close attention to every development.

只要像USDT这样的稳定币与美元挂钩，那些掌控美元并从中获利的人也会想要控制稳定币。

As long as stablecoins like USDT are pegged to the dollar, those who control the dollar and profit from it will want to control the stablecoins too.

监管机构认为他们甚至可以通过监管来优化自由。

Regulators think they can even improve on freedom by regulating it.

他们无法抗拒这种天性，因此随着Tether在闪电网络上应用增加，以及闪电网络作为转移Tether工具的功能增强，我们都将面临更严格的监管审查。

They can't help it, it's in their nature, but it follows that as Tether gains utility on lightning, and lightning gains utility as a means to move Tether, we're all going to be attracting greater scrutiny from regulators.

很难说他们实际能采取多少措施或会尝试什么，但这绝不会是愉快的经历。

It's hard to say how much they'll actually be able to do or what they're going to try, but it won't be any fun.

监管永远意味着摩擦。

Regulation is always friction.

边缘节点很可能成为监管关注的重点领域之一。

One area that's likely to attract regulatory scrutiny is the edge nodes.

传统中心化交易所在许多司法管辖区通常需要遵守KYC（了解你的客户）和AML（反洗钱）规则。

Conventional centralized exchanges tend to be subject to KYC AML rules in many jurisdictions.

如果边缘节点将自动兑换USDT和比特币并转发支付，在倾向于反对去中心化的监管者眼中，它们可能与传统交易所极为相似。

If the edge nodes will be automatically exchanging USDT and Bitcoin and forwarding payments, they might also look a lot like conventional exchanges to regulators, who tend not to like decentralization.

未知因素：成本几何？价值几许？

The unknown: What's it cost and what's it worth?

虽然闪电网络确实为用户和USDT带来显著优势，但它显然不是适用于所有USDT支付场景的最佳解决方案。

While Lightning does offer users and USDT some significant benefits, it's not obviously the best all around solution for every payment involving USDT.

闪电网络用户期待低手续费，使用中心化区块链和托管交易所的Tether用户同样如此。

Lightning users expect low fees, so do Tether users who use centralized blockchains and custodial exchanges.

但在闪电网络中增加第二种资产会带来一些财务考量，所有路由节点、用户尤其是边缘节点都必须面对这些问题。

But adding a second asset to Lightning adds some financial considerations that everyone routing nodes, users and especially edge nodes will have to reckon with.

首先，边缘节点除了承担资产兑换外，还需履行LSP的典型职责——通过充足的通道和流动性使用户保持网络连接，确保支付顺畅。

First, the edge nodes are providing the typical tasks of LSPs keeping users connected to the network with enough channels and enough liquidity to keep those payments moving in addition to converting between assets.

这种兑换是有价值的服务，理应获得报酬，同时也存在风险。

That conversion is a valuable service that deserves compensation, and it can also be risky.

其次，USDT很可能会大幅增加交易量，这意味着LSP和路由节点必须在网络中保持更多流动性来处理这些支付。

Second, USDT is likely to increase transaction volume considerably, which means that LSPs and routing nodes will have to keep more liquidity on the network to forward those payments.

它们不会像托管交易所那样走捷径——只需更新内部账本。

They don't take the same shortcut as custodial exchanges, which you just have to update their internal ledgers.

流动性分配的经济原则依然适用，甚至更为重要。

The economics of liquidity allocation still apply, only more so.

闪电网络能否在与波场等中心化区块链的USDT支付竞争中胜出？

Will Lightning be able to compete with centralized blockchains like Tron for USDT payments?

答案很可能类似于大多数关于技术适配应用场景的问题结论。

The answer will probably resemble the answer to most questions about matching technologies with use cases.

每项技术都有其特定的优缺点，使其适合某些应用场景而非其他。

Each technology will have certain strengths and weaknesses that recommend it for certain use cases and not others.

一如既往，市场会给出答案。

As usual, the market will figure it out.

然而，由于该技术并非专为此特定用例设计，价格发现将是一个需要反复试错的过程，这需要时间。

However, since the technology wasn't tailored to this particular use case, price discovery will be a process of trial and error, which takes time.

免费看涨期权？

Free call options?

糟糕。

Uh-oh.

边缘节点面临免费看涨期权问题的风险，这个问题非常有趣，值得在此单独讨论。

Edge nodes face the risk of the free call option problem, which is interesting enough to merit its own discussion here.

存在一种新风险，它内生于任何涉及闪电网络中两种资产的支付场景。

There is a new risk, and it's inherent to any situation involving two assets in a single Lightning payment.

闪电支付必须在特定时间内完成才能结算，否则发票将自动取消。

Lightning payments need to be completed within a certain time in order to be settled, or the invoice cancels automatically.

这个时间就是HTLC（哈希时间锁定合约）中的T。

That time is the T in HTLCs hashed, time locked contracts.

当边缘节点以汇率报价进行USDT对比特币支付时，他们会根据当前流动性状况和现货价格等参数计算报价。

When the edge nodes bid with their exchange rates for a USDT to Bitcoin payment, they calculate their bids based on parameters like their current liquidity situation and the spot price.

但用户在接受边缘节点报价后至HTLC到期前有一个结算支付的时间窗口。

But the users have a window between accepting the edge node's bid and the expiration of the HTLC in which to settle the payment.

价格可能在这个窗口期内波动。

Prices can move in that window.

如果我以某个汇率发起USDT支付，就可以等待汇率对我有利时再释放原像完成结算。

If I initiate a USDT payment at one rate, then I can wait until the rate moves in my favor before I release the preimage to settle it.

如果汇率对我不利，我只需不释放原像即可。

If the rate moves against me, I simply don't release the pre image.

在这种情况下，边缘节点可能会发起通道关闭以赎回资金，但这是一个缓慢且成本高昂的过程。

In that case, the edge node might initiate a channel closure to redeem their funds, but that's a slow and therefore costly process.

如果行情对我有利，边缘节点就要承担差额损失。

If it moves in my favor, the edge node is on the hook for the difference.

正面我毫无损失，反面我就能从边缘节点薅羊毛。

Heads I lose nothing, tails I fleece the edge node.

闪电网络上涉及任意资产组合的支付都赋予用户看涨期权。

Payments involving any combination of assets on Lightning give the user a call option.

传统金融机构通过将风险计入价格来管理出售看涨期权的下行风险。

Traditional financial institutions manage their downside risk in selling call options by adding the risk to the price.

对准备不足的边缘节点来说，这些期权可能代价极其高昂。

These options can get very expensive for unprepared edge nodes.

不信可以问问Boltz的Killion和Michael，他们最早让我注意到这个问题，并大方地向整个生态系统的同仁进行了阐述。

Just ask Killion and Michael at Boltz, who originally brought this whole issue to my attention and had the class to describe it for all of us in the ecosystem.

另一种方案是让边缘节点像传统金融机构那样，将看涨期权定价纳入报价。

The alternative is for the edge nodes to price the call option into their quotes, just like traditional financial institutions.

跨期套利若能得手确实是笔好买卖。

Intertemporal arbitrage is great work if you can get it.

用户并非边缘节点唯一的顾虑来源。

Users aren't the only source of concern for edge nodes either.

如果路由节点因故意或故障未能转发原像，边缘节点仍可能被迫承担责任。

If a routing node fails to forward the preimage, whether through intent or malfunction, the edge node could still be on the hook.

至少对于路由节点，或许可以实施某种信誉系统来辅助选择路径。

At least with routing nodes, it might be possible to implement some form of reputation system to help choose the route.

然而，为终端用户建立信誉系统可能并不可行，因为新用户会不断加入网络。

However, a reputation system for end users might not be feasible as new users will be constantly joining the network.

免费期权对闪电网络来说至今都不是问题，因为该网络仅处理单一资产比特币。

The free call options have never been a problem for Lightning until now because the network has only dealt with a single asset Bitcoin.

如果免费期权问题变得足够严重，可以想象会出现多个并行的单一货币闪电网络——一个用于比特币，一个用于USDT，另一个用于...如果比特币被排除在外，我们将失去比特币互操作性的优势。

If the free option problem becomes serious enough, one could imagine multiple parallel single currency Lightning emerging, one for Bitcoin, one for USDT, another for If Bitcoin gets cut out of the loop, we will lose the benefit of Bitcoin interoperability.

我们甚至可能最终会后悔最初将USDT引入闪电网络。

We might even wind up regretting bringing USDT onto Lightning in the first place.

我们正身处这个充满变数的时代。

We're in it for the interesting times.

比特币生来就是要颠覆世界的。

Bitcoin was always meant to be revolutionary.

颠覆失效的法币体系是比特币的全部意义所在，从来如此。

Disrupting broken fiat is the whole point and always has been.

我们为这场革命而来。

We're in it for the revolution.

我们深知变革与颠覆从来不是一帆风顺的过程。

We know that change and disruption was never going to be a smooth process.

但改变是件好事。

But change is a good thing.

进步不过是人们乐于接受的一种改变。

Progress is just a kind of change that people welcome.

我们欢迎USDT加入闪电网络，因为我们看到了机遇。

We welcome USDT on Lightning because we see the opportunity.

这代表着USDT用户、闪电网络和比特币的进步。

It can represent progress for USDT users, for Lightning, and for Bitcoin.

如同任何变革一样，它需要深思熟虑、充分准备、敏锐直觉和快速反应。

Like any change, though, it's going to require careful thought, preparation, sharp instincts, and quick reactions.

没有合适的装备和技能，不要贸然进入未知领域。

You don't go into uncharted territory without the right gear and a few skills.

从事闪电网络流动性业务的任何人都将面临新挑战，但也有机会获得巨大收益。

Anyone in the Lightning liquidity business is going to face some new challenges, but also stands to make some big gains.

Tether将获得一个经济的去中心化分发网络，并更好地进入关键的美国市场。

Tether stands to gain an economical decentralized distribution network and better access to the vital US market.

闪电网络将迎来大量流动性和用户的注入。

Lightning stands to gain a massive infusion of liquidity and users.

比特币将与USDT实现原生互操作性。

Bitcoin will be natively interoperable with USDT.

这就是为何如此令人兴奋的原因。

That's why there's so much excitement.

但监管机构正在关注，边缘节点只有在有利可图而非毁灭性时才会提供必要的转换服务。

But regulators are watching, and edge nodes will only offer the indispensable conversion services if doing so is profitable, not ruinous.

因此让我们像对待闪电网络所有新发展一样应对这一变化：深入思考、精心设计、强化代码、培育市场，并始终牢记我们的终极目标——实现普遍的比特币经济。

So let's approach this change as we do all new developments in Lightning by thinking hard, designing carefully, hardening our code, preparing the market, and never losing sight of our ultimate goal, which is to realize the universal Bitcoin economy.

如果你要使用任何形式的比特币托管服务，切勿选择未经历过熊市和破产浪潮的平台，并确保你能实际看到自己的币。

If you're going to use a service that custodies your Bitcoin in any way, never use one that has not survived a bear market and a wave of bankruptcies, and ensure that you can actually see your coins.

这就是为什么Ledin，l e d n，ledin。

This is why Ledin, l e d n, ledin.

I o，基本上是我会实际推荐给人们做比特币抵押贷款的两家公司之一。

I o, is one of basically two companies that I will actually recommend to people for doing Bitcoin backed loans.

我们还与其中一位联合创始人做了一期访谈节目，那时甚至还没谈过任何赞助事宜，纯粹因为那期内容实在太精彩了。

We also did a chat episode with one of the cofounders, before we had even talked about any sponsorship or anything just because I mean, that that episode was fascinating.

如果你还没看过那期节目，光是听听他的视角和整个故事如何发展，就非常非常值得一看。

If you haven't watched that one, just to get his perspective and the story of how this all came about, it's a really, really good one.

这期节目是chat +1 35，专注做好一件事。

It's chat +1 35 at do one thing and do it right.

但Leaden的比特币抵押贷款简单得不能再简单了。

But the Bitcoin backed loans at Leaden could not be simpler.

这是一种无需信用检查就能轻松获得贷款的方式。

It's it's an easy way to get a loan without a credit check.

传统金融中各种贷款相关的繁琐流程和顾虑，在这里都变得简单直接。

All of the kind of nightmare of traditional finance and thinking around loans is just made easy and straightforward.

所以快去了解一下他们吧。

So check them out.

他们对所有事情都保持透明。

They're open about everything.

他们实际上每月都会公开账本，我还在节目说明里为你准备了专属链接。

They actually have open books every month, and I got a special link down for you in the show notes.

你知道吗，我觉得这篇文章最棒的地方在于它承认存在未知数。

You know, I think one of the best things about this article is that the recognition, like, there are unknowns.

我们并不确切知道事情会如何发展，但很可能我们在比特币上采取的许多做法或方向都可能存在弊端，甚至弊大于利。

We don't know exactly how this is gonna play out, but it's very likely that many things or directions that we take Bitcoin could have downsides, could have negatives, maybe even have negatives that outweigh the benefits.

但我追求的是这充满趣味的时代。

But I'm in it for the interesting times.

要知道，我们根本无法准确预知任何事情的结局。

You know, there's no way to know exactly what the outcome is gonna be for anything.

还有个有趣的观点是，在闪电网络锚定方面确实存在权衡取舍。

And the there's the interesting idea on like, there's definitely trade offs when it comes to tether on lightning.

但真正关键的是，这两者如此互通意味着交易所的概念几乎会被彻底消除。

But the really big thing is the fact that these two would be so interoperable is that you'd nearly eliminate the idea of an exchange at all.

你将能像处理普通发票那样在比特币和闪电网络间自由兑换——就像支付账单一样简单。

You would be able to swap between Bitcoin and Lightning just as a matter of the invoice, like like, how do you pay the invoice?

而且两者之间的兑换流动性会非常强大。

And the liquidity to swap between them would be so great.

这本质上将形成一个全球开放的美元与比特币兑换订单簿。

This would amount to essentially a giant global open order book for exchanging between dollars and Bitcoin.

正是这种机制能极大稳定比特币价格，因为进出市场的流动性极其充足。

This would be exactly the sort of thing that created enormous amounts of stability in the Bitcoin price because of just the liquidity to get in and out.

因为你将能『无需真正前往』任何交易所，就能在开放订单簿上买卖比特币或美元。

Because you would be able to quote unquote sell or buy Bitcoin or dollars without actually going to a place to sell or buy on an open order book.

你完全可以通过闪电网络上的交易所完成操作。

You would literally just be doing it through an exchange over the Lightning Network.

这本质上就是支付网络中的流动性互换。

It would just be a a liquidity swap in the in a payment network.

现在这个免费看涨期权因素确实可能导致这种模式不够经济——在那个美元与比特币无缝转换的理想未来里，交易所的存在感会低到难以置信，至少对小额交易而言。

Now the free call option thing is definitely an element that could make this end up making this not super economical, where that kind of, like, perfect future of just movement between the dollar and Bitcoin is so unbelievably easy that you have this sense where exchanges are almost kind of irrelevant, at least for any small sums.

要知道，显然大额资金仍然需要某种庞大的基础设施和巨额资本池，才能实现数十亿美元级别的资金进出。

You know, obviously, large sums, you would still need, like, you know, some sort of, like, large infrastructure and enormous pool of capital to actually go in and out when it comes billions of dollars.

你不会支付一笔十亿美元的闪电网络发票，但这将彻底改变小型玩家和小额支付对专用比特币交易所的需求这类事情。

You're not gonna pay a billion dollar lightning invoice, but that it would completely change the nature and the need for, like, a and a dedicated Bitcoin exchange for small players and small payments and that sort of thing.

这与Strike平台最初推出时的情况非常相似——我当时经常用它来'购买'比特币，因为如果你的Strike账户里有比特币余额，就可以直接支付闪电网络发票。

Like, this is very, very similar to what happened with Strike is when Strike first came out, I I was using it regularly to quote, unquote, to buy Bitcoin because if you had Bitcoin in your balance on Strike, you can just pay a lightning invoice.

人们会说'哦，你还不能在Strike上买比特币'。

People are like, oh, well, you can't buy Bitcoin and strike yet.

显然他们后来添加了这个功能，然后你就能设置每小时、每天自动购买之类的操作。

Well, obviously, they added that, and then you can, like, do, you know, auto purchase every hour and day and all that stuff.

他们有各种比特币购买功能，还支持比特币余额。

They have, like, a bunch of their buy Bitcoin features, and they have a Bitcoin balance.

但你可以用美元余额支付闪电网络发票，用来购物或完成支付——比如在比特币公司、Fold买礼品卡、BitRefill，或是Shake and a Steak and Shake这类接受比特币的地方。

But you could pay a Lightning invoice and use your dollar balance as a as a means of purchasing something, as a means of just fulfilling a payment on, you know, the Bitcoin company, or Fold for, like, a gift card, or BitRefill, or Shake and a Steak and Shake, like anywhere that accepts Bitcoin.

这很棒，但我最主要的使用场景是：我试图培养良好习惯，每当克制自己不吃不该吃的东西，或不去购买某物时，就把省下的钱存起来。

And this is awesome, but what I would use it for more than anything else was I would literally I was trying to like get myself into good habits and stuff, so when I would tell myself I wasn't going to, you know, eat this thing that I probably shouldn't eat or go out and buy something or go out and do something that and I just save money instead.

我的做法是：把原本要在咖啡店消费的等额资金省下来。

What I would do is I would take the equivalent that I was about to spend out at the coffee shop.

比如我告诉自己'在家煮咖啡而不是去咖啡店'，但想想我那杯加浓缩和椰奶的奇葩咖啡要花多少钱？

Like, I would say, make coffee at home instead of going out to the coffee shop, but what was it gonna cost me to do my my crazy coffee with extra shot and, you know, coconut milk or whatever the crap it was?

结果发现：天啊，这杯咖啡居然要9美元。

And it's like, okay, that was gonna be a freaking $9 coffee.

那我就用这9美元买等值的比特币。

Well, I'm I'm going to buy $9 worth of Bitcoin.

我的操作就是给自己的闪电网络节点创建发票，然后用Strike账户里的美元余额支付这张发票，这样我就获得了价值9美元的比特币。

And what I would just do is I would create an invoice to my own lightning node, and I would just pay the invoice from my dollar balance on strike, and then I had $9 worth of Bitcoin.

但从Strike的角度看，这只是一笔普通支付。

But from the strike side, it was just a payment.

就像我只是在完成一张发票支付。

Like, I was just fulfilling an invoice.

所以从他们那边看，我完全不需要处理任何监管相关的事务。

So from their side, I don't really have any of the regulatory stuff.

这不像是在购买资产。

It's not like I'm buying an asset.

对他们来说，既没有责任也没有义务去了解我的支付用途。

Like, it's all just like, they they have no liability or obligation to know what I'm paying for.

我只是自己创建了发票而已。

I've just made my own invoice.

他们运营的支付处理器支持闪电网络发票的结算。

And they are running a payment processor that allows you to fulfill a Lightning invoice.

因此这里不涉及资本利得税。

So there's no capital gains in this.

你只是从美元支付到美元发票的转换。

You're going from dollar to dollar invoice.

显然这是购买比特币手续费最低的方式，特别是当你需要反复进行小额购买时，这是绝佳的囤币策略。

And, obviously, this is the lowest fee way to buy Bitcoin, and especially when you're talking about small amounts over and over and over again, it was a great way to stack.

应该说，现在依然是。

I mean, it still is.

我只是有一阵子没这么做了，因为最终我通过折叠完成所有操作，毕竟都在一个地方。

I just haven't done it in a while just because I end up doing everything through folds because it's just one place.

把所有东西集中在一个地方确实很方便。

It's it's nice to have everything in one place.

但我们可能会遇到泰达币、闪电网络和比特币几乎无缝协作的情况，它们之间的转移和兑换如此便捷，购买闪电网络支付规模的比特币，在商家使用USDT或用于比特币兑换，可以简单到毫无障碍。

But we could end up in a situation where Tether, Lightning, and Bitcoin work together nearly as seamlessly, where the movement and swap between these is so easy that buying Lightning payment sized amounts of Bitcoin and using USDT basically at merchants or in order to swap between Bitcoin could be so could just be so simple that it's seamless.

这几乎就像你正在使用完全相同的工具。

It's almost like you're you're using the exact same thing.

而且已经有不同的钱包能同时支持这两种功能。

And there's already different wallets that can utilize both of these as well.

Aqua钱包的特点之一就是支持液态网络上的泰达币。

It's one of the things about Aqua Wallet is that you can actually have Tether on liquid.

说真的，我强调多少遍都不为过——人们仅仅因为这是法币就低估它。

And literally, the only that I can't say this enough because I I really think people discount just because it's fiat.

他们总是说'啊，你知道的，法币是魔鬼'。

They're like, oh, you know, you know, fiat's the devil.

就好像任何涉及法币的进步都不该存在。

So it's like you can't there can't be any sort of progress that involves fiat at all.

但如果有人愿意清醒地审视整个领域的发展，两个主导用例——真正具有持久力、实际意义并为全球数亿甚至数十亿人带来积极价值的，

But if anybody wants to take a sober look at what this entire space has developed, the two dominant use cases, the two things that actually have staying power and actually have meaningful use cases and bring positive value to hundreds of millions of people, potentially billions, all around the world.

唯有比特币和美元稳定币。

The only two are Bitcoin and US dollar stablecoins.

但要明白，美元不过是一堆垃圾中的王者。

And understand, the US dollar is the king of a giant pile of crap.

这是一堆垃圾中最好的，意味着全世界实际上都能受益于使用比他们现在被困住的那些劣质垃圾更好的东西。

It is the best of a bunch of garbage, which means that the whole world actually benefits from being able to use better crap than the crap the crappy crappier crap that they are currently stuck with.

没有铁路限制的美元、没有使用地点限制的美元、没有司法管辖边界的美元、无需连接银行开户就能通过手机应用密钥直接使用的美元，是朝着正确方向迈出的一大步。

And dollars without rail restrictions, dollars without limitations as to where you can use them, dollars without jurisdictional boundaries, dollars without having to connect and get an account with a bank that you can just use with an app on your phone using keys is a massive step in the right direction.

这对美元有利，但从系统性来看，它正在削弱法定货币的概念，因为它将法币转移到比特币的加密轨道上。这意味着整整一代甚至几代人将与美元互动，而且可能永远只通过与比特币完全相同的系统、行为习惯、运作理念来使用美元——包括如何进行交易、如何存储和保障安全。

It's good for the dollar, but systemically, it is undermining the concept of fiat because it is moving fiat onto Bitcoin on cryptographic rails, which means that an entire generation, multiple generations of people will interact with the dollar and may only ever interact with the dollar using the exact same system, the behaviors, the habits, and the concept of how you run it or how you pay for it, and, like, how you make a transaction and how you store it and keep it safe that is exactly the same as Bitcoin.

它的作用是在法币体系被完全取代之前先将其整合。

And what it does is it consolidates fiat before the fiat system is actually completely replaced.

事实上这两者同时发生是合理的——你会看到整合过程。

And it actually makes sense that those would happen at the same time, that you would have a consolidation.

弱势法币将全部淘汰，而强势法币会利用新基础设施的运作方式变得人人可用。

You'd have a fall away of all of the weak fiat, where the dominant fiat actually took advantage of how the new infrastructure works to be accessible to everybody.

因此你会看到200种法币同时崩塌到只剩两三种，与此同时比特币将彻底重构全球金融货币基础设施的概念，直到比特币成为主导且唯一的全球流动性来源。

And so you'd have, you know, 200 different fiats collapse down into just two or three at the exact same time that you have Bitcoin rebuilding and redesigning the idea of global financial and monetary infrastructure at all until basically Bitcoin is the dominant and only real source of it's the source of liquidity around the world.

但这完全取决于你的时间线。

But it all depends on your timeline.

一切都取决于你的时间线。

It all depends on your timeline.

我仍然认为这是一个五十年的转变过程。

And I still think this is this is a fifty year shift.

货币体系的转变总是需要很长时间。

Like, monetary shifts just take a long time.

我们正在见证技术变革与货币变革同时发生。

And we're looking at a technological and a monetary shift happening at the exact same time.

而且，技术、基础设施的转变将首先发生，因为技术比货币和信任发展得更快。

And, the technological, the infrastructure shift is going to occur first because technology is faster than monetary than trust.

技术的发展速度比信任更快。

Technology moves faster than trust.

现在回到这个想法，那么这个想法会在哪里出问题呢？

Now going back to the idea so where where would this idea fall apart?

或者说最大的缺点在哪里？

Or where is the big drawback?

免费看涨期权的概念是，你可以获得一个看涨期权，如果结果对你不利，你不会有任何损失。

And the idea of a free call option is you can get a call option, and if it doesn't work in your favor, it costs you nothing.

就像，你可以直接执行它。

Like, you can just fulfill it.

如果结果对你有利，你就可以从中获益。

And if it does work in your favor, you can you can benefit.

你可以退出它。

You can exit it.

边缘节点这样做所承担的极大风险。

And the enormous risk that edge nodes take by doing this.

好吧，让我们以LSPs为例来说明。

Well, let's say we take it in the context of LSPs.

对吧？

Right?

是不是每个人都有自己的闪电网络节点，他们通过闪电网络获取Tethr资产等等。

Is it everybody has their own lightning node and they're getting Tethr assets on lightning and all of this stuff.

大致上，每个人都有个频道。

So and so everybody has like a channel.

嗯，我怀疑事情真是那样发展的。

Well, I doubt that it actually goes that way.

仅仅根据我们目前观察到的领域发展情况来看。

Just because of how we've seen the the space play out, I think, so far.

很可能会看到更多类似情况，但我认为边缘案例或边缘节点很可能是托管服务。

It's likely we will see more of it, but I think the edge cases or the edge nodes will likely be custodial services.

我们最终仍将以托管钱包为主流。

We will still end up with predominant custodial wallets.

这种情形下支付会容易得多。

And that's a much easier situation to pay.

我的意思是，反正我们最终都会以托管钱包为主流。

I mean, just just because we're gonna be predominant custodial wallets anyway.

你永远可以选择自主掌控，但像服务商提供的托管服务，其使用范围总会比去中心化的自持密钥方案更广泛。

You're always gonna have the option for sovereignty, but custody, like a service provider, is always going to be more widely used than the decentralized hold your own keys alternative.

现在如此，回溯比特币整个历史也基本如此——早期甚至连托管选项都不存在。

It is now, and it has been basically for Bitcoin's entire history going back to when custody just wasn't even an option.

当时根本没有这类服务。

Like, there didn't exist a service.

所以总体而言，抛开这些不谈，我认为人们最可能通过类似Strike的服务来交互——根据收款方需求，通过比特币或USDT完成支付。

So just generally, with that out of the way, I think probably the most likely way that people will interact with this is some in service kind of like strike that fulfills a payment via Bitcoin or USDT based on what the recipient wants.

这种情况下，实体间的关系更趋于明确可信，因为你的边缘节点是与商业实体等高频交易对象完成双向支付，更容易确认其诚信度，并建立长期合作关系。

And in that situation, you have a much more kind of, like, known and trusted relationship between entities because your edge node is fulfilling the two various payments with some entities, a business entity, or someone who's gonna be doing a lot more volume, and is just kind of easier to know they aren't going to cheat you and has a longer term relationship with you.

然而，当你观察连接到LSP的终端用户，却无法预知任何用户身份时，这本身就是一种固有风险。

Whereas, when you're looking at end users connected to an LSP, and you don't know who any of the users are going to be, that's an inherent risk.

从主权角度考虑，我认为设置某种限制条件确实合理，比如建立次级或备用机制。

And from the context of, like, sovereignty, I think it actually makes sense to have a a bit of a caveat, like, some sort of a secondary or fallback mechanism.

就像那些比特币抵押贷款的模式。

Kind of like how you have the Bitcoin backed loan things.

我记得可能有Firefish和Debify这样的平台。

Like, I think there's Firefish and Debify I may no.

或许Debify是一项服务。

Maybe Debify is a service.

我不确定。

I don't know.

我记得至少有一个网络是建立在节点自主发现基础上的，通过多重签名技术，按照协商价格进行贷款操作。

I I think I think there's at least one network that is built on just finding peers together, and then doing a multisig, and and doing, like, loans based on, like, just an agreed upon price.

这本质上形成了一个开放市场。

You just kinda have, like, an open market for it.

但如果你使用像Unchained或Letin这样的专业服务，它们从特定渠道获取流动性并自主定价，情况就完全不同了。

Now, if you're using a service, like, a dedicated service like Unchained or Letin that is literally getting the liquidity from somewhere and then setting their own price, it's different.

在开放市场中，你必须采用信任最小化模式，因为没有实体机构为价格设定、市场构建或协议执行提供信用背书——就像采用Airbnb模式时那样。

But if you're in an open market, you have to have a trust minimized model because you don't have an entity that you're trusting for setting up the price or for setting up the market or your agreement, you know, whatever it is, you have to have some sort of a trust minimized thing if you're doing kind of like the Airbnb model.

对吧？

Right?

本质上是寻找服务提供商与客户并将他们直接对接。

Is you're just finding a provider and you're finding a customer and you're trying to connect them together.

这更像是LSP模型的情况，实际上你知道，如果你的Airbnb住客没有评分记录，他们入住后把房间搞得一团糟然后直接离开，你可能就要承担责任，而且你对此毫无办法。

That's a little bit more like the LSP model is that you're actually just you know, you could be on the hook if you have somebody in your Airbnb who has no rating, and they just come in and they trash the place and they just leave and there's nothing you can do.

没有追索权。

There's no recourse.

这有点像开放式看涨期权的问题，即有人可以利用你的HTLC，利用你在两种不同资产之间的路由和交换来钻系统空子，从而获得不成比例的利益。

This is a little bit like the open call option problem is that someone can use your HTLC, somebody can use your routing and swapping between a between two different assets as a way to game the system so that you can get an outsized benefit.

你基本上可以获得折扣，而成本却由边缘节点承担，这就是为什么我认为对于主权用户、对于开通通道但没有长期关系、没有进行过大量支付等情况，应该设置某种类似HTLLC的机制，比如预留一部分资金。

You can basically get a a discount, while the cost is borne by the edge node, which is why I think it makes sense for in the case of a sovereign user, in the case of somebody who's opening up channels and doesn't have a long term relationship and hasn't done a bunch of payments or whatever, to have some sort of a kinda like a whole little HTLLC, like a setting aside of funds.

比如说，假设我正在做这件事。

So, like, let's say I am doing this.

我正在使用USDT，为你的发票付款。

I'm I'm using USDT, and I am paying you for an invoice.

实际上，边缘节点不一定要向我收取10%的费用，即使存在我恶意操作导致10%损失的风险。

You don't actually the Edge node doesn't necessarily have to charge me 10% if there's a risk of losing 10% if I'm being malicious.

我是说，假设这里有1美元。

I mean, let's say there's, $1.

我试图发送10美元。

I'm trying to send $10.

对吧？

Right?

他们实际上可以持有——我们可以达成协议，在接下来一小时（或HTLC超时期限内）为任何波动预留1美元资金，这样我们就能'达成一致'。

They can actually just hold we can make an agreement to hold a dollar for any variance in the next hour or whatever the HTLC timeout is, the expected variance, so that we can quote, unquote agree.

所以基本上，我就不能那样使用它了。

So, basically, I just can't use it like that.

类似这样的设计可能足够简单，能在无法建立信誉系统的情况下为新用户降低信任风险，同时确保成本——比如支付手续费——不会像信用卡那样额外增加潜在费用。

And something like that might be simple enough to mitigate the trust or mitigate the risk for new users when you can't have a reputation system and still make it so that the cost, the the UX on, like, how much it cost to send a payment, so you're not adding, you know, a potential, like, kind of it's like credit cards.

对吧？

Right?

如果用信用卡购买比特币，在某些比特币ATM之类的场所，手续费会高达8%或10%这样离谱的数字，价格简直高得荒谬。

If you buy Bitcoin with credit cards, it costs, like, 8% or 10% or something stupid like that at some of the like, some of the like, I've been to one of the Bitcoin ATMs or whatever, and literally the price is just out of this world.

比如现在你买比特币的价格可能高达14.5万美元之类的。

Like, you're buying Bitcoin at, like, a 145,000 or something right now.

其中一些手续费简直疯狂。

Just just an insane fee on some of these.

他们显然在利用一个事实：人们因为听说比特币而来购买，却对其一无所知，只是看到了比特币ATM之类的设备。

And the apparent thing that they're exploiting is the fact that people come in trying to buy it because they hear about it, and they just don't know anything about it, and they've just seen the Bitcoin ATM or something.

所以他们完全搞不清楚状况。

And so they're just completely clueless as to what's going on.

本质上这就像在利用无知——因为那些ATM的KYC（了解你的客户）流程依然糟糕透顶。

Essentially, it feels like it's an exploit on ignorance because it's still like, it's horrible KYC.