Bankless播客探讨向传统金融推销以太坊ETF的七大主流叙事

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编译：SevenUp DAO，Peyton

This post is part of our special coverage Egypt Protests 2011.

视频来源：《The TRILLION dollar ETH Bet》

Video source: The Trillion dollar ETH Bet

以太坊 ETF 即将问世。向传统金融 / 华尔街推销以太币的最佳叙事是什么？Bankelss 频道的 Ryan 和 David 讨论了以太坊的 7 大主流叙事，并在他们之间进行了推销比赛。他们各自准备了 1-2 分钟的宣传文案，然后各自花一些时间分析对方的内容，并对每个观点进行分析。

Etheria ETF is about to come. What's the best story about selling Ether to traditional finance/Wall Street? Ryan and David from the Bankels channel discussed Ether’s seven major mainstream narratives and ran a marketing competition among them. They each prepared a 1-2-minute promotional essay, and each took some time to analyse each other’s content and each view.

David：今天这档节目实际上源于 Eric Balchunas 的一条推文，他指出了以太坊 ETF 面临的一个挑战：将以太坊的愿景和价值提炼成类似于「比特币是数字黄金」这样易于理解的口号，来渗透 60 岁以上的前婴儿潮一代的世界。以太坊有简单的宣传口号吗？如果有，那是什么？比特币是数字黄金。比特币的美在于其简单性，一行简洁的口号就能描述清楚，而以太坊的涉及的范围太广，我认为则要至少 60 秒才能说清楚。因此，我们今天在节目的最后为以太坊 ETF 的推广话术的时间设定为 60 秒。

David: This programme today is actually derived from a tweet from Eric Balchunas, who pointed out the challenge facing Ether's ETF: to refine the vision and values of the Tai Tai-Fan into an understandable slogan like "bitcoin is digital gold" to penetrate the world of the pre-baby generation over 60 years of age. So, at the end of the show, we set 60 seconds for the promotion of ETF at the end of the show today.

我认为以太坊的口号来自对以太坊更广泛的理解。互联网有单一的定义句吗？我不确定，但每个人都知道互联网是什么。例如，在 1990 年代，互联网可能被称为电子商务，这是准确的，但只是互联网最终将推动的总价值的一小部分。互联网成为多种不同用例的集合。我认为以太坊同样也是如此，在某些时期，一个 meme 或一句口号起作用，然后逐渐消失，另一个取而代之。每隔几年就会出现不同的叙事。

I think the admiral is derived from a broader understanding of the e-team. Do I have a single definition of the Internet? I'm not sure, but everyone knows what the Internet is. For example, in the 1990s, the Internet might be called e-commerce, which is accurate, but only a small fraction of the total value that the Internet will ultimately promote. The Internet is a collection of many different examples. I think the same is true of the e-portons, where one meme or one slogan works in some times, disappears and replaces the other. Every few years there are different narratives.

Ryan：事实上，这实际上是比特币至上主义者对以太坊的常见批评，我觉得很有趣。他们说以太坊不断改变其叙事。

Ryan: In fact, it's actually a common bitcoin paramountist criticism of the Etherm, which I find interesting. They say that the Etherm keeps changing its narratives.

David：它不仅仅在改变，而是在进化。我在其中确定了首先想到的四个叙事：数字石油、互联网债券、可编程货币和代币化平台。这些是我们在 Bankless 中提出的一些叙事。在这条推特之后，我进一步验证了这些叙事，并向列表中添加了新的叙事，得出了看待以太币作为一种资产的七种不同视角。

David: It is not just changing, but evolving. I identified the first four narratives that came to mind: digital oil, Internet bonds, programmable money and monetization platforms. These are some of the narratives that we put forward in Banks. After this tweet, I further validated these narratives and added new narratives to the list, resulting in seven different perspectives on the use of the talisman as an asset.

David:我从 Ethereum 作为一个代币化（tokenization）平台开始讲起，因为这是 ETH 推广中最具新意的观点之一。在撰写 ETH 推广文案时，我和 Ryan 通常不会强调 Ethereum 作为一个代币化平台的角色，因为首先讨论 Ethereum 来销售 ether 可能显得有些反常。然而，如果你只有 60 秒的时间，这个细微差别并不重要。对于不了解区别的人来说，Ethereum 和 ether 几乎是同义词。而代币化作为一个概念，具有广泛的吸引力。

David: I started with Etheum as a monetization platform, because this is one of the most innovative ideas in the ETH promotion. In writing the ETH promotion, me and Ryan usually do not emphasize Etheum as a monetization platform, because it may seem a little unusual to discuss Etheum first to sell each other. However, if you have only 60 seconds, this slight difference is not important. For people who do not understand the difference, Etheeum and herself are almost synonymous.

Zack Ryne（@ChainLinkGod）的观点突显了这一点，他指出世界上每一种金融资产最终都将在链上被代币化。「代币化世界」的口号在加密周期中一直很流行。他断言，这不再是一个「是否」的问题，而是「何时」的问题。尽管监管透明度仍然是一个挑战，BlackRock 的联合创始人兼 CEO Larry Fink 公开谈到了这种必然性。虽然 SEC 一向对加密货币持反对态度，Larry 的比特币和以太坊 ETF 成功获得了 SEC 批准。

The point of Zack Ryne (@ChainLinkGod) highlights this point, noting that every financial asset in the world will eventually be monetized on the chain. The slogan of “the monetized world” has been popular throughout the encryption cycle. He asserted that it is no longer a question of whether or not, but of when. Although regulatory transparency remains a challenge, Black Rock’s co-founder and CEO Larry Fink publicly spoke of this necessity.

除此之外，BlackRock 还：

In addition to that, Black Rock:

• 在 Ethereum 主网上推出了自己的代币化基金 $BUIDL，目前管理资产达 4.6 亿美元。
• 投资了 Circle，公司发行了 $USDC，第二大代币化美元资产。
• 投资了 Securitize，这是领先的代币化资产发行公司之一。
• 使用了 Circle 和 Securitize 的技术架构来发行 $BUIDL。

毫无疑问，$BUIDL 不会是 BlackRock 在公共区块链上代币化的最后一个基金。依靠 Ethereum 作为代币化平台，以及利用 BlackRock 和 Larry Fink 的信誉（他有许多老年客户），是至关重要的。了解他如何使用和推销 ETH 给他的客户是非常有价值的。因此，Ethereum 作为一个代币化平台应该成为任何传统金融中典型 ETH 推广中的核心组成部分。

Unquestionably, $BUIDL is not the last fund to monetize BlackRock on the public block chain. It is vital to rely on Etherum as a monetization platform, and on the credibility of BlackRock and Larry Fink (who have many older clients). Understanding how he uses and sells ETH to his clients is very valuable.

Ryan:代币化平台的推广通常不是针对加密原生用户，而更可能引起传统金融用户的共鸣。这是 Larry 所使用的推广手法，而他的客户很可能是 ETF 的买家。BlackRock 是 Ethereum ETF 的主要发行商，也是比特币 ETF 在管理资产方面的主要发行商。他知道如何推广它，所以代币化平台是这个领域的一个主要叙述。

Ryan: monetization platforms are often not targeted at the original users of encryption, but are more likely to be resonant with traditional financial users. This is Larry's extension technique, and his client is probably the buyer of ETF. Black Rock is the main issuer of Etheum ETF and the main issuer of Bitcoin ETF in the management of assets. He knows how to promote it, so the monetization platform is a major narrative in this area.

David:当我们第一次了解代币化时，我们都感受到了某种感觉。回想是什么真正让我们在刚进入加密世界最初的那段时间激动不已——代币化和代币的概念绝对位列其中。

We all felt something when we first learned about monetization. Thinking about what really made us so excited at the beginning of the world of encryption — the concepts of monetization and monetization are in absolute place.

Ryan:我刚接触 Ethereum 时，我常说比特币是一个单资产平台——只有一个资产，比特币。而 Ethereum 是一个多资产平台，拥有多个资产，这与代币化的理念一致。

Ryan: When I first approached Etherum, I used to say that Bitcoin is a single asset platform -- only one asset, Bitcoin. And Etherum is a multi-asset platform with multiple assets, consistent with the concept of monetization.

David:好的，现在我们来谈谈第二个叙述：Ethereum 是一个应用商店（app store）。这个理念来自 Jeff Dorman，他在推文中写道：「注意 BlackRock、VanEck、Digital Assets 和 Bitwise：一旦 ETH ETF 上市，请删除 「超级计算机」、「超稳健货币」 和 「互联网债券」 这些词汇。这些词汇对任何人都没有共鸣。什么叙事才有共鸣呢？那就是 Ethereum 是一个应用商店。」这种角度吸引了许多人，因为对于那些没有加密背景、不知道 Ethereum 是什么的人来说，也会对这个概念非常熟悉。

David: Okay, let's talk about the second narrative: Etheum is an application shop (appstore). This idea came from Jeff Dorman, who wrote in his tweets: "Note BlackRock, Van Eck, Digital Assets and Bitwise: once ETH ETF is on the market, delete the terms "supercomputer", "super-stabilized currency" and "Internet bonds". These terms don't work for anyone.

当向不太了解 Ethereum 的人推广 ether 时，我们需要借用他们现有的知识。人们知道什么是应用商店以及什么是开发者平台。把 Ethereum 描述成一个随着更多代码和开发者构建的应用程序而增长的技术平台，这个概念大家都熟悉。至于 Ethereum 是否真正是一个应用商店，我们可以辩论，但那不是重点。它是一个开发者平台，类似于应用商店，随着更多开发者的贡献，其实用性也在增长。

When promoting each other to people who do not know much about Etherum, we need to borrow their existing knowledge. People know what an app store is and what an developer platform is. The concept of describing Etherum as a technology platform that grows with more code and developers building applications is familiar to all. As to whether Etherum is really an application shop, we can debate, but that is not the focus. It is a developers platform, similar to an application store, and its usefulness grows as more developers contribute.

Ryan:我们最近看到 Vance Spencer 在一次与 Bloomberg 的对话中有效地宣传了这一点。他将 Ethereum 描述为一个应用商店，并展示了各种应用程序，如 Aave、Compound 和 Maker。他指出了不同类型的金融应用程序的标志，创造了一种熟悉感。你可以指向实际部署在 Ethereum 上的应用程序，并说，「你想要抵押贷款吗？去这里。你想要稳定币吗？这里有 USDC。」这种叙述能够引起共鸣，因为每个人都知道什么是应用商店。几乎每个你要向其推广 Ethereum ETF 的人都使用过应用商店，并在他们的智能手机上安装了应用程序。这链接到了上一次主要的计算革命——移动革命。Ethereum 可以与 iPhone 一样伟大。

Ryan: We have recently seen Vance Spencer effectively promote this in a conversation with Bloomberg. He described Etheum as an application shop and displayed various applications, such as Aave, Compound and Maker. He pointed out the logo of different types of financial applications, creating a familiarity. You could point to applications that were actually deployed on Etheium, and say, "Do you want to mortgage here? Do you want to stabilize the currency? There is a USDC." This narrative is resonant, because everyone knows what an application shop is. Almost everyone who you want to promote to them has used the app store and installed an application on their smart phones. This link goes to the last major computing revolution -- a mobile revolution.

David:我记得我们在 2021 年中期请到了 Mark Cuban 做播客。他分享说他的一些朋友下载了 Coinbase 并问他，「去中心化应用在哪？」他们期待在 Coinbase 上看到一个应用标签，而不是理解现实要更加复杂。人们已经准备好接受应用商店的视角。他们只需要一些调整和教育来完全理解它。

David: I remember we invited Mark Cuban as a podcast in mid-2021. He shared that some of his friends had downloaded Coinbase and asked him, "Where's the centralization application? " They looked forward to seeing an application label on Coinbase instead of understanding the reality more complex. People were ready to accept the app store perspective. All they needed was some adaptation and education to fully understand it.

Ryan:他们准备好了。这种叙述的弱点在于，当人们问「应用商店在哪？」时，它就会不攻自破。人们会发现没有一个中心化的地方来下载应用程序、查看评论或开始使用它们。它更像互联网，你必须自己探索，而没有集中的、完美的应用商店体验。这更粗糙一些。

Ryan: They're ready. The weakness of this description is that when people ask, "Where's the app store?", it doesn't break itself. People find no central place to download applications, look at comments or start using them. It's more like the Internet, and you have to explore it yourself without a centralized, perfect application shop experience. This is a little rougher.

David:我同意这个隐喻确实有破绽，但我们必须记住目标受众。目标受众是在购买 ETH ETF，他们不能在任何应用程序中使用它们。他们不是用户，而是投资者。他们购买 ETF 是为了敞口，而不是为了使用这些应用。所以，我们可以利用他们对加密的不熟悉，使推广变得更容易，而不是更难。

David: I agree that the metaphor is truly flawed, but we must remember the target audience. The target audience is buying ETH ETFs, which they cannot use in any application. They are not users, they are investors. They buy ETFs to open up, not to use them. So we can use their unfamiliarity with encryption to make it easier, not harder.

David: 这个观点来自 Bitwise Invest 的 Ryan Rasmussen，他认为以太坊是加密应用的操作系统和应用商店。增加操作系统的角度可以将以太坊与比特币区分开来，帮助建立更强的理解基础。比特币是数字黄金；它只支持比特币作为资产。而以太坊则是一个操作系统和开发者平台，类似于其他智能合约平台如 Solana。这种区分帮助那些不熟悉加密货币的人理解，比特币作为数字黄金是独特的，而以太坊是一个可以构建应用程序的技术平台。强调操作系统的角度强化了技术平台的叙述，使其更易于理解。

David: This view comes from Ryan Rasmussen of Bitwise Invest, who believes that Taiping is an operating system and application shop for encryption applications. An additional view of operating systems can be distinguished from Bitcoin, helping to build a stronger understanding base. Bitcoin is digital gold; it only supports Bitcoin as an asset. It is an operating system and developer platform, similar to other smart contract platforms, such as Solana. This distinction helps those who are not familiar with encryption money to understand that Bitcoin as digital gold is unique and that Taicha is a technological platform for building applications. The emphasis on operating systems reinforces the description of the technology platform to make it easier to understand.

Ryan:在开始时，你问我是否有另一个叙述可以补充。我当时没有，但现在让我补充一个——比你提到的稍微超前一步。不要仅仅将以太坊看作一个应用商店或操作系统，把它视为价值互联网。这个想法表明，以太坊不像由一家公司控制的应用商店，而更像是价值的互联网——无许可并对任何人开放。这可能提供一个更全面的叙述。

Ryan: At the beginning, you asked me if there was another story to add. I didn't, but now let me add one -- a little more than you mentioned. Don't think of the taupe merely as an application shop or an operating system as a value Internet. The idea suggests that it does not look like an application shop controlled by a company, but more like a value Internet -- unlicensed and open to anyone. This could provide a more comprehensive account.

David：我完全同意。「价值互联网」虽然更加准确，但它更偏向于加密原生的陈述。它牺牲了一些熟悉感以换取准确性。听到这个陈述的人可能会有「顿悟」的时刻，但如果我要向一个 60 岁的投资者推销，「区块链应用商店」可能比「价值互联网」更容易引起共鸣。

David: I fully agree. Value Internet, although more accurate, is more inclined to encrypt the original statement. It sacrifices some familiarity in exchange for accuracy. Those who hear it may have a time of "deepness," but if I were to sell it to a 60-year-old investor, "block chain application shop" might be more resonant than "value Internet".

Ryan:我同意。「价值互联网」感觉太模糊了。「区块链应用商店」更具体，也更容易理解。

Ryan: I agree. Value Internet is too vague. Block Chain Application Shop is more specific and easier to understand.

David:让我们深入探讨「ETH 是数字石油」（Digital Oil）这个叙述。这个叙述将 ether 比作石油，对于运行 Ethereum 网络至关重要。就像石油为机器提供动力一样，ether 为 Ethereum 上的去中心化应用提供动力。这个比喻强调了 ether 作为交易和智能合约所需资源的角色，使其成为网络运作不可或缺的一部分。

David: Let's explore in depth the narrative of "ETH is Digital Oil." This narrative is important for running the Etheium network as compared to oil. Just as oil provides power for machines, so does that for decentralizing applications on Etheum. This metaphor emphasizes the role of either as a resource for trading and smart contracts, making it an integral part of the network.

Ryan:「数字石油」的类比非常有力。它强调了 ether 的实用性和必要性，将其与石油在经济中的作用进行了类比。这个叙述有助于传达这样一个理念: 随着 Ethereum 上更多的应用和交易发生，对 ether 的需求也会增加，就像工业活动驱动石油需求一样。这是一个简单且易于理解的比喻，可以有效地向广泛的受众传达 Ethereum 的实用性。

Ryan: Digital oil is a powerful analogy. It emphasizes the utility and necessity of each, comparing it to the role of oil in the economy. This narrative helps convey the idea that, as more applications and transactions on Etherum occur, the demand for either will increase, just as industrial activity drives oil demand. It is a simple and understandable metaphor that effectively conveys the relevance of Etheum to a wide audience.

David:我同意。「ETH 是数字石油」捕捉到了 ether 在 Ethereum 生态系统中的核心角色。这是一个熟悉且易于理解的比喻，使其成为解释 Ethereum 价值主张的强大叙述，无论是对加密货币原住民还是新手都适用。这个叙述帮助弥合了复杂区块链概念与日常理解之间的差距。

David: I agree. "ETH is digital oil" captures the core role of each other in the Etheum ecosystem. It is a familiar and understandable metaphor that makes it a powerful narrative explaining Etheum's value proposition, both for indigenous peoples and newcomers of encrypted money. It helps bridge the gap between the complex block chain concept and everyday understanding.

David:现在我们讨论一个对初学者不太合适，但对深入理解有帮助的叙述: Ether 作为互联网债券（Internet Bond）。这个概念在加密社区内被认可，但对于那些新接触 Ethereum 的人可能比较复杂。目前，Ethereum 的质押率大约是 3.2%。质押 ether 意味着你将资产锁定在网络中以获得这个收益率，类似于购买债券。

David: Now we are discussing a narrative that is not appropriate for beginners, but that is helpful for in-depth understanding: Ether as an Internet Bond. The concept is accepted in the encryption community, but it may be more complicated for those who are newly exposed to Etheeum. Currently, Etherum has a pledge rate of about 3.2%. The pledge either means that you lock assets in the network to obtain this rate of return, similar to the purchase of bonds.

这个叙述将 ether 比作 DeFi 背景中的债券。这个观点认为，质押 ether 是在加密经济中一种低风险的收益产生活动。然而，这需要对 DeFi 和 ether 在其中角色的基础理解。

This description compares each other to the bonds in the DeFi context. This view suggests that the pledge is a low-risk gain in the encrypt economy. This, however, requires an understanding of the underlying roles of the DeFi and the other.

Ryan:我喜欢这个叙述，因为它明显地将 Ethereum 与 Bitcoin 区分开来。质押 ether 提供收益，就像主权债券一样，全球主权债券市场价值约 70 万亿美元。将 Ethereum 比作一个国家，将其质押比作债券收益，有助于解释 Ethereum 的独特价值主张。这个比喻对那些深度参与加密货币的人来说非常有效，他们理解 Ethereum 如何保障财产权。

Ryan: I like this narrative, because it clearly distinguishes Etheeum from Bitcoin. The pledge provides another, like sovereign bonds, with a global sovereign bond market of about $70 trillion. Compares Etheum to a country, comparing it to bond gains, helps to explain Etheum's unique value proposition. This metaphor works very well for those who are deeply involved in encryption money, and they understand how Etheum secures property rights.

然而，这对传统金融受众和首次购买 ether 的人来说是一个难以理解的叙述。目前，Ethereum ETF 并不提供质押收益，这意味着投资者只能获得资产本身，而没有相关的质押收益。

However, this is an incomprehensible account for both traditional financial audiences and those who buy the other for the first time. At present, Etheum ETF does not provide pledge proceeds, which means that investors can only acquire the assets themselves without the associated pledge proceeds.

David:对。对于熟悉政府或公司债券的人来说，把 ether 称为「互联网债券」可能会让人困惑。没有广泛的背景知识，很难解释为什么 ether 在去中心化网络中类似于债券的功能。

David: Yes. For people familiar with government or corporate bonds, it may be confusing to refer to either as an Internet bond. Without extensive background knowledge, it is difficult to explain why either has a bond-like function in decentralized networks.

Ryan:确实如此。对于传统金融专业人士来说，「债券」一词意味着由政府或公司发行的安全、带息资产。解释 Ethereum 的质押机制需要大量基础知识，使这个叙述对于不熟悉加密货币的人来说显得困难。

Ryan: For traditional financial professionals, the term "bonds" means safe, interest-bearing assets issued by governments or companies. Explaining Etheum's pledge mechanisms requires a lot of basic knowledge, making it difficult for people who are not familiar with encrypted currency.

David:虽然 ether 作为互联网债券的类比在加密社区中很有共鸣，但对于更广泛的受众来说，它要求太多的前置知识。这是一个细致入微的概念，最适合已经了解 Ethereum 和去中心化金融的人。

David: While the analogy of eth as an Internet bond is resonant in the encryption community, it requires too much pre-knowledge for a wider audience. This is a nuanced concept that is best for people who already know Etherum and decentralised finance.

David:倒数第二个要讨论的是「可编程货币」(Programmable Money)。这个叙事是由 Eric @econoar 在 2019 年提出的，它强调了以太坊在智能合约方面的能力。如果说比特币是数字黄金，那么以太坊就是可编程货币。它将以太币定位为一种动态、功能丰富的资产。这个叙述简洁而有效，指出了比特币所缺乏的可编程性。

David: The penultimate discussion is on Programmable Money. This narrative was presented by Eric @econoar in 2019, emphasizing Ether's ability to engage in smart contracts. If Bitcoin is digital gold, it's a programmable currency. It's a dynamic and functional asset. This narrative is concise and effective and points to the lack of programming in Bitcoin.

Ryan:虽然「可编程货币」这个叙述很吸引人，但它缺乏传达以太坊全部潜力的深度。它并不一定意味着操作系统、应用商店或平台。没有额外的上下文，它可能看起来就像一个带有 if-then 语句的单一资产，忽略了以太坊生态系统的丰富性。在我看来，虽然应用商店的类比不完全准确，但它感觉更全面和吸引人。

Ryan: While the description of "programmable currency" is attractive, it lacks the depth to convey the full potential of the Taiyo. It does not necessarily mean operating systems, application shops, or platforms. Without additional context, it may look like a single asset with an if-then statement, ignoring the richness of the Etheraya ecosystem. It seems to me that, although the appliance store is less precise than it is, it feels more comprehensive and attractive.

David：我们正在接近最后的叙述，我认为这是最弱的：ETH 是超稳健货币（Ultra Sound money）。这一叙述在以太坊社区中很受欢迎，尤其是在那些喜欢取笑比特币爱好者的人中。它起源于加密货币世界主要由比特币和以太坊二分天下，而其他重要的玩家寥寥无几的那个时期。

David: We are approaching the final narrative, which I think is the weakest: ETH is the super-stabilized currency (Ultra Sound money). This narrative is popular in the community of Etherm, especially among those who like to make fun of bitcoins. It originated in a time when the world of cryptographic money was largely divided between Bitcoin and Ether, with few other important players.

「超级稳健货币」这个词是为了与比特币的「稳健货币」叙述形成对比而创造的。这是加密货币圈内人士之间的一种巧妙玩笑，强调以太坊不断演变的货币政策及其作为价值储存的潜力。然而，这一叙述在加密货币社区之外并不受欢迎。它被设计用于行业内部，对于向传统金融受众，如 BlackRock 的投资者，甚至是你的父母推销 ETH 并不有效。

The term "super-stabilized currency" was created in contrast to Bitcoin's "sound currency" narrative. This is a clever joke between people in the crypto-currency circles, emphasizing the evolving monetary policy of the Taiku and its potential as a deposit of value. However, this narrative is not welcome outside the encrypted monetary community. It is designed for use within the industry and is not effective in marketing ETH to investors in traditional financial audiences, such as Black Rock, and even to your parents.

Ryan：没错。这个 meme 是在 2019-2020 年的加密货币战争中出现的，并在 2021 年作为对比特币支持者的批评的反应而获得了关注。他们认为，以太坊改变其供应量的能力使其类似于法定货币，暗示其作为价值储存的可靠性较低。比特币支持者声称 ETH 仅作为支付计算的 gas 有用，而比特币才是真正的价值储存工具。

Ryan: Yes. This meme emerged in the 2019-2020 encoded currency war and received attention in 2021 in response to criticism by supporters of Bitcoin. They argue that the ability to change their supply in Taiku makes it similar to the legal currency, implying that their storage as a value is less reliable. Bitcoin supporters claim that ETH is useful only as a payment calculation gas, while bitcoin is the real value-storage tool.

随着以太坊货币政策的巩固，「超级稳健货币」这个 meme 强调了 ETH 作为价值储存的潜力。然而，它仍然是一个深入加密货币社区辩论的圈内笑话。这不是一个与加密货币圈外人士产生共鸣或有效传达以太坊价值的叙述。

With the consolidation of Taiwan’s monetary policy, the meme “super-stabilized currency” emphasizes the potential of ETH as a value deposit. However, it is still an inside joke deep in the debate in the encrypt currency community. This is not a narrative resonant with people outside the encrypt currency circle or effective in communicating the values of the taupule.

David：完全正确。对于那些不深入加密货币世界的人来说，「超级稳健货币」这个术语既令人困惑又毫无意义。它是加密货币内部辩论的遗留物，不适合更广泛的推广。

David: Exactly. For those who do not go deep into the world of encrypted currencies, the term "super-stabilized currency" is both confusing and meaningless. It is a legacy of the internal debate about encrypted currencies and is not suitable for wider dissemination.

Ryan：同意。这个叙述过于封闭，无法用于说服传统金融受众或新投资者关于以太坊的潜力。它是加密货币文化中的一个有趣片段，但不是一个向大众推广的实用策略。

Ryan: Agreed. The narrative is too closed to be used to persuade traditional financial audiences or new investors about the potential of ETA. It is an interesting segment of the encrypt currency culture, but it is not a practical strategy for popular outreach.

David 的推销话术:以太坊与比特币相似，但增加了可编程性，这改变了游戏规则。这种可编程性使以太坊不仅仅是一个稀缺的数字资产，而且成为了一个完全在线的数字经济平台。以太坊的可编程性使其能够成为金融应用的平台，类似于 App Store 和 Google Play Store 是消费者应用的开发者平台，以太坊区块链是一个开发者平台，允许创建华尔街熟悉的消费者金融应用，如交易所、银行、市场、借贷服务和资产创建。

David's marketing voice : Ether is similar to Bitcoin, but increases programming, which changes the rules of the game. This programming makes Ether not only a scarce digital asset, but also a fully online digital economy platform. Ether programming enables it to become a platform for financial applications, similar to App Store and Google Play Street, a developers' platform for consumer applications, and the Tether section chain is a developers' platform that allows the creation of consumer finance applications familiar to Wall Street, such as exchanges, banks, markets, lending services and asset creation.

由于以太坊是一个基于互联网的协议，它具有互联网规模的分布。以太坊上的应用对任何有互联网连接的人都可访问，这使得这些应用成为有史以来使用最广泛、增长最快的金融服务应用之一。对这些链上应用的需求每年为协议产生 20 亿至 30 亿美元的收入，以太坊将其转化为对其原生货币 ETH 的股票回购。这极大地影响了 ETH 在二级市场上的可用供应量，使其对边际需求非常敏感。如果你对加密货币和区块链技术的增长和采用持乐观态度，那么比特币 ETF 并不提供你所需的敞口。你需要的是 ETH ETF。

As Etheria is an Internet-based agreement, it has an Internet-scale distribution. Its applications are accessible to anyone with Internet connections, making them one of the most widespread and fastest-growing financial service applications ever used. The demand for applications in these chains generates between $2 billion and $3 billion a year in revenue for the protocol to convert it into stock buybacks for its original currency, ETH. This greatly affects the availability of ETH on the secondary market, making it sensitive to marginal demand. If you are optimistic about the growth and adoption of crypto-currency and block-chain technology, then ETF does not provide the exposure you need. What you need is ETH ETF.

Ryan 的推销话术:比特币只是一种资产，仅仅是比特币。而以太坊则涵盖了所有可能的资产，请问何者范围更广: 黄金还是世界上所有的资产？比特币的设计初衷是保护一种资产，即比特币本身，而以太坊是一个通用平台，旨在保护所有其他资产: 稳定币、贷款、股票、债券、衍生品，金融领域的所有事物。这就是所谓的「代币化」。例如，Larry Fink 表示，每一支股票、债券和资产都将在全球账本上实现代币化，但即使是他也想的太小了。代币化不仅仅是关于过去的资产；它关乎未来的资产——AI 计算、个人数据、社会地位和名人，所有事物都将实现代币化！

Ryan's marketing : Bitcoin is only an asset and only a bitcoin. For example, Larry Fink says that every stock, bond and asset will be monetized in the global ledger, but even if he thinks it is too small. Currencyization is not just about past assets; it's about future assets — AI, personal data, social status and celebrity — all things will be monetized!

以太坊是一个全球计算网络，用于代币化和编程任何资产，为互联网添加产权。虽然代币化可以在其他平台上发生，但以太坊被定位为驾驭代币化浪潮的最有力竞争者。有 1 亿人以太坊持有者和 10 万名开发者积极为代码做出贡献。以太坊已经处理的交易量超过了 Visa 网络，并且这只是开始。

Ether is a global computing network for monetizing and programming any assets to add property rights to the Internet. While monetization can take place on other platforms, it is positioned as the most powerful competitor in managing the tide of monetization.

以太坊的加密货币 $ETH 具有可投资的经济性，包括算法回购和分红计划，每年为 ETH 持有者带来数十亿美元的收益。随着网络的扩大，这一数字将不断增长。你可以像对任何股票（如英伟达）一样，为 ETH 构建一个折现现金流（DCF）模型。而且由于 ETH 与比特币一样极其安全和去中心化，越来越多的人将 ETH 视为与比特币互补的价值储存方式。虽然比特币的供应量确定性更高，但以太坊支付股息并呈现通货紧缩，同时拥有整个代币经济的上涨的潜力。比特币是投资数字黄金的敞口；以太坊是投资其他所有事物的敞口。我两者都拥有，但如果我只能选择其中一个，我会选择更大那一个——我会选择 ETH。

And because ETH is as safe and decentralised as Bitcoin, more and more people see ETH as a value-storage alternative to Bitcoin. Although the supply of bitcoin is more certain, it pays dividends with deflation and has the potential to boost the entire intergenerational economy. Bitcoin is the opening point for investment in digital gold; and too much is the opening point for investing in everything else. I have both, but if I can only choose one, I will choose the larger one -- I will choose the ETH.

David 的版本:

David version:

• 优势: 宣传文案强调了以太坊的可编程性及其作为金融应用开发平台的角色，将其比作 App Store 和 Google Play Store。这个类比对于熟悉技术平台的传统金融（TradFi）受众来说非常有效。以太坊构建的互联网经济概念和由其应用产生的收入是强有力的观点。
• 不足: 对于不熟悉区块链技术的某些传统金融受众来说，这个宣传文案可能过于技术化。缺少像「代币化」这样更简单、更相关的术语可能是一个错失的机会。

Ryan 的版本:

Ryan version:

• 优势: 宣传文案有效地以比特币为锚点，使以太坊的广泛潜力更加易于理解。强调代币化及其未来应用有助于描绘出以太坊能力的愿景。宣传文案还包括了具体的指标，如用户和开发者数量以及交易量，这些为以太坊的增长提供了切实的证据。
• 不足: 宣传文案可能在代币化上花费了太多时间，可能会让受众对这个概念感到困惑。虽然「其他所有事物」这个表述很有力，但可能缺乏向传统金融受众充分传达以太坊潜力的具体性。

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