It's still down since then and the crash sent shockwaves throughout the community of users.

從那時起，它仍然處於癱瘓狀態，這次崩潰給整個用戶社區帶來了衝擊波。

One popular token Terra Luna lost 99% of its value from a high of $118 To just nine cents, spooking investors and sending Cryptocurrency markets plummeting the entire crypto markets now reportedly worth just over a trillion dollars.

一種流行的代幣Terra Luna從118美元的高點損失了99%的價值，到現在只有9美分，嚇壞了投資者，使加密貨幣市場暴跌，據說整個加密貨幣市場的價值剛剛超過一萬億美元。

Just a third of its value.

只是其價值的三分之一。

Six months ago, it all started just 12 years ago in 2010 1 Bitcoin.

6個月前，這一切都始於12年前的2010年1比特幣。

The first Cryptocurrency was worth less than one us cent at its height last year it hit $68,000.

第一種加密貨幣在去年的高峰期價值不到1美分，它達到68,000美元。

Latest estimates say there are more than 300 million crypto users worldwide attracted by the lack of regulation and huge potential rewards.

最新估計稱，全球有超過3億的加密貨幣用戶被缺乏監管和巨大的潛在回報所吸引。

All investments go up and down.

所有的投資都會上升和下降。

So does the terror lunar signal, the bursting of the crypto bubble or just a normal readjustment.

恐怖的月球信號、加密貨幣保麗龍的破滅或只是正常的重新調整也是如此。

I'm joined now by David.

現在加入我的是大衛。

Gerard who is a Cryptocurrency journalist and author.

傑拉德是一名加密貨幣記者和作家。

Thank you so much, David for joining us.

非常感謝你，大衛加入我們。

I'm sure you just heard those questions.

我相信你剛剛聽到了這些問題。

I mean is this just a bubble that's finally burst?

我的意思是這只是一個終於破滅的保麗龍嗎？

So we've had crypto bubbles before 2013 and 2017.

是以，在2013年和2017年之前，我們已經有了加密貨幣的保麗龍。

Um and what tends to happen was they clearly hit their high and the party was clearly ending but they took about six months to a year to deflate.

往往發生的情況是，他們顯然達到了高潮，聚會顯然已經結束，但他們花了大約六個月到一年的時間來放空。

So I think we're in the sort of deflating stage at the moment.

是以，我認為我們目前正處於一種放空的階段。

I think the bubble really fell down around mid last year is when retail dollars.

我認為保麗龍在去年年中左右真正倒下的時候是零售美元。

Mums and dads and ordinary people looking to get ahead when they got out of it.

爸爸媽媽們和普通人在出獄後都希望能出人頭地。

And ever since then it's sort of the industry has been frantically trying to recruit new customers doing ads at the Super Bowl and so on.

從那時起，這個行業一直在瘋狂地試圖招募新客戶，在超級碗上做廣告等等。

It's a bit frantic trying to lure people in.

試圖引誘人們進來，這有點瘋狂。

So the U.

是以，美國。

S.

S.

T.

T.

Collapsed last week.

上週倒下了。

I mean that sort of collapse happens all the time in the chunkier reaches of the crypto economy but it's really put the frighteners on people.

我的意思是，這種崩潰在加密貨幣經濟的大範圍內一直在發生，但它真的讓人感到害怕。

So there's been a definite loss of confidence and just help our audiences understand why those users stepped away and pulled out.

是以，已經有一個明確的信心損失，只是幫助我們的觀眾瞭解為什麼這些用戶退縮和退出。

So U.

那麼U。

S.

S.

T.

T.

Pretended to be a stable coin worth $1.

假裝是一個價值1美元的穩定硬幣。

Exactly.

正是如此。

You know, so I didn't go up and down like Bitcoin.

你知道，所以我沒有像比特幣那樣上上下下。

But what it really was was U.

但它真正是U。

S.

S.

T.

T.

Was a token that was priced in another token.

是一個在另一個代幣中定價的代幣。

That token was priced in ether, the currency of ethereum and that was maybe priced in dollars.

那個代幣是以以太坊的貨幣Ether來定價的，那也許是以美元來定價的。

So it's a really long chain of leverage.

所以這是一個非常長的槓桿鏈。

We've seen that before.

我們以前見過這樣的情況。

This is like a very mini version of the 2000 and eight financial crisis when you had money market funds with hugely over leveraged things, they said were dollars.

這就像2000年和8年金融危機的一個非常迷你的版本，當時你有貨幣市場基金，有巨大的過度槓桿的東西，他們說是美元。

But we're really bets on bets on house prices, essentially a Ponzi scheme then the way you're describing it, it does work in the way that early investors can only pay with dollars from later investors when you're talking about the actual dollars.

但我們真的是在押注房價，本質上是一個龐氏騙局，那麼你所描述的方式，它確實是在早期投資者只能用後來的投資者的美元來支付，當你談論實際的美元時。

Um if I would I wouldn't call it a Ponzi because that would be ascribing intent but it works the same way I mean and and we all know I mean the most famous one is Bitcoin but but it's a crowded market of cryptocurrencies.

嗯，如果我會，我不會稱它為龐氏騙局，因為這將是歸因於意圖，但它的工作方式是一樣的，我的意思是，我們都知道，我的意思是最著名的是比特幣，但這是一個擁擠的加密貨幣市場。

Just tell us about some of some of the main ones.

就告訴我們一些主要的一些情況。

Well there's a big quantity ethereum and the main ones you can trade for actual money.

那麼有一個大數量的以太坊和主要的你可以用實際的錢來交易。

There's a lot of other coins that are derivatives of those or derivatives of derivatives.

還有很多其他硬幣是這些硬幣的衍生品或衍生品的衍生品。

Ust was one of those hugely over leveraged.

Ust是其中一個巨大的過度槓桿。

They said it had a value of $18 billion dollars but that was imaginary money.

他們說它有180億美元的價值，但那是想象中的錢。

This crypto market cap of trillions or hundreds of billions.

這種加密貨幣的市值達數萬億或數千億。

Those are made up numbers.

這些都是編造的數字。

Virtual numbers that money never existed, actual dollars are a lot scarcer as a piece of finance.

虛擬的數字，錢從來沒有存在過，實際的美元作為金融的一塊，是非常稀缺的。

It's a very small market but when a number is going up it's in the headlines, so how many Bitcoins are there in the world?

這是一個非常小的市場，但當一個數字上升時，它就會成為頭條新聞，那麼世界上有多少個比特幣？

And is there a limit?

那麼是否有一個限制呢？

There's 19 million bitcoins there can only ever be 21 million bitcoins but anyone can make their own magical Internet money.

有1900萬個比特幣，就只能有2100萬個比特幣，但任何人都可以製造他們自己的神奇的互聯網貨幣。

And thousands of people have U.

而成千上萬的人有U。

S.

S.

T.

T.

Was one of these you know magical internet money.

是這些你知道的神奇的互聯網資金之一。

You just make it up one day say it's got a price tag and say it's worth a dollar and then you've got countries like Venezuela El Salvador very much trading in Bitcoin as one of their main currencies when you see a crash like this.

你只是在某一天編造它，說它有一個價格標籤，說它值一美元，然後你有像委內瑞拉薩爾瓦多這樣的國家非常多地以比特幣作為他們的主要貨幣之一進行交易，當你看到這樣的崩潰。

I mean how devastating is it for them?

我的意思是這對他們來說有多大的破壞性？

Well, Bitcoin in El Salvador has been a disastrous failure essentially $200 million dollars that they couldn't spare has gone up in smoke.

好吧，薩爾瓦多的比特幣已經是一個災難性的失敗，基本上2億美元的資金已經化為烏有，他們無法抽出。

It's quite bad and the country is now in a lot of trouble.

情況相當糟糕，這個國家現在有很多麻煩。

They use the dollar as their currency so they can't just print more currency.

他們使用美元作為他們的貨幣，所以他們不能只是印刷更多的貨幣。

They've got to pay all their bills and balance their budgets every year.

他們必須支付所有的賬單，每年都要平衡他們的預算。

It's a real problem for them because the international markets are calling and they want their bonds paid.

這對他們來說是一個真正的問題，因為國際市場在召喚，他們希望他們的債券得到支付。

So do you now have a situation where sure a lot of wealthy people made a lot of money but then you also have this gap with ordinary people essentially trying to get rich quick and now you have a situation where this is crashing and the risk is very much being exposed.

是以，你現在是否有這樣一種情況：當然有很多富人賺了很多錢，但你也有這種差距，普通人基本上都想快速致富，現在你有一種情況，這正在崩潰，風險非常暴露。

Very much so now you can totally make money in crypto but It's a zero sum trading environment, it's very rough, very unregulated.

非常多，所以現在你完全可以在加密貨幣中賺錢，但這是一個零和交易環境，它非常粗糙，非常不受監管。

You may lose your shirt and no one can make money in crypto unless the money comes from someone who lost it.

你可能會失去你的襯衫，沒有人可以在加密貨幣中賺錢，除非這些錢來自於失去它的人。

So it tends to go to the big guys from the moms, the dads, the grannies, the young people who are desperate and looking for a way out of their situation.

是以，它傾向於從媽媽、爸爸、奶奶、那些絕望並尋找出路的年輕人那裡得到大人物。

It's really worrying.

這真的讓人擔心。

There needs to be more investor protection on this stuff and that's the point that I wanted to just pick on the fact that there is really no government regulation, depending on which country.

在這個東西上需要有更多的投資者保護，這就是我想只是挑出一個事實，即真的沒有政府監管，取決於哪個國家。

There's a few regulated exchanges that are well behaved, but the vast majority of crypto trading happens in unregulated offshore casinos, where there is literally no rules except what they can get away with and not lose customers sometimes, but sometimes they're not.

有幾個受監管的交易所表現良好，但絕大多數的加密貨幣交易發生在不受監管的海外賭場，那裡簡直沒有任何規則，除了他們可以逃脫和不失去客戶有時，但有時他們沒有。

Yeah.

是的。

So here we are in this vicious, vicious sort of financial year for financial markets.

是以，我們現在處於金融市場的這種惡性、惡性的財政年度。

And it's, would you say, being particularly devastating in the crypto world, it's basically when the stock exchange sneezes, crypto catches a cold, so crypto doesn't influence the stock markets, but the stock market has influenced crypto.

而它，你說，在加密貨幣世界中被特別破壞，基本上是當證券交易所打噴嚏時，加密貨幣就會感冒，所以加密貨幣不影響股市，但股市卻影響了加密貨幣。

So when the NASDAQ went down a week before us t went down, Bitcoin lost about 10%, that sort of thing.

是以，當納斯達克指數在我們下跌前一週下跌時，比特幣損失了大約10%，諸如此類的事情。

David, thank you so much for helping me and our audiences better understand that world.

大衛，非常感謝你幫助我和我們的聽眾更好地瞭解這個世界。