这期比较长，因为选了经济学人的一整篇文章，建议使用浏览器查看，手机屏幕看，字体会繁多。
每日一言
Every day the clock resets. Your wins don't matter. Your failures don't matter. Don't stress on what was, fight for what could be. - Sean Higgins
每一天都是新的开始。昨日的成就不再重要，过去的失败也不再要紧。不要为往事焦虑，而是要为了未来的可能去奋斗。- Sean Higgins
每日一学
Bitcoin is up by 138% this year. It is a nonsense-free rally
比特币今年上涨了138%。这是一次没有泡沫的上涨。
注：这里的“nonsense-free”翻译为“没有泡沫的”是根据上下文的一种解读，如果需要更准确的翻译，可能需要更多的上下文信息。在某些语境下，“nonsense-free”也可以理解为“实打实的”或“实实在在的”。因此，另一种翻译可以是：“比特币今年上涨了138%。这是一次实打实的上涨。”
BITCOIN IS BACK. Since Donald Trump’s election victory on November 5th, the world’s dominant cryptocurrency has surged to new heights above $100,000 a unit, enjoying a rise of 138% since the start of the year. Altogether, the world’s cryptocurrencies now have a market capitalisation of almost $4trn—making them more valuable than the entirety of Britain’s stockmarket.
比特币强势回归。自11月5日唐纳德·特朗普赢得选举胜利以来，这种全球主导的加密货币价格已飙升至每单位超过10万美元的新高，自年初以来上涨了138%。总体而言，全球加密货币的总市值现已接近4万亿美元——这使得它们比整个英国股市的价值还要高。
Holders of digital assets certainly have reason to be excited. Mr Trump has nominated Paul Atkins, a lawyer and head of a crypto-advocacy group, to lead the Securities and Exchange Commission, America’s main financial regulator. The incoming administration is surrounded by Silicon Valley moguls who believe that regulation and enforcement have held back the crypto industry. A proposal by Cynthia Lummis, a Republican senator, for a government reserve of 1m bitcoin may be absurd, but it no longer seems impossible.
持有数字资产的人确实有理由感到兴奋。特朗普先生提名了加密货币倡导团体的负责人、律师保罗·阿特金斯担任美国主要金融监管机构——证券交易委员会的领导。即将上任的政府周围都是硅谷大亨，他们认为监管和执法阻碍了加密货币行业的发展。共和党参议员辛西娅·卢米斯提出建立100万比特币的政府储备提案虽然可能显得荒谬，但如今似乎不再是不可能的事了。
As such, today’s crypto surge looks different from earlier booms. Rallies in 2017 and 2021 dovetailed with rising excitement over new crypto use cases. The most fanatical believers envisaged a future in which the tech would take over the financial world, displacing stodgy existing institutions. This time, there is less hyperbole. Bitcoin, in particular, is being whipped into shape by large, mainstream investors. And so the way the market behaves is changing. The utopian exuberance of earlier crypto adopters is giving way to a more institutional and mercenary climate.
因此，今天的加密货币热潮看起来与之前的繁荣有所不同。2017年和2021年的上涨伴随着对新的加密货币应用场景日益增长的热情。最狂热的信徒们设想了一个技术将接管金融世界、取代传统机构的未来。而这一次，夸张的说法少了许多。特别是比特币，正受到大型主流投资者的影响而逐渐成形。因此，市场的行为方式也在发生变化。早期加密货币采用者的乌托邦式热情正在被一种更加机构化和商业化的氛围所取代。
Hedge funds are the most prominent members of the new wave of investors. In the third quarter of the year, even before bitcoin’s recent surge, BlackRock’s bitcoin exchange-traded fund had grown to become the fourth-largest ETF in the hedge-fund world, with a long position worth $3.8bn. A survey by PwC and the Alternative Investment Management Association suggests that 47% of traditional hedge funds now invest in digital assets, up from 21% in 2021.
对冲基金是新一波投资者中最突出的成员。今年第三季度，甚至在比特币最近飙升之前，贝莱德的比特币交易所交易基金就已发展成为对冲基金界第四大ETF ，持有价值 38 亿美元的多头头寸。普华永道和另类投资管理协会的一项调查显示，目前 47% 的传统对冲基金投资于数字资产，高于 2021 年的 21%。
When it comes to decentralised finance and web3, the optimistic (and often deluded) fads from the last great crypto surge, investor interest has waned dramatically. Some $7bn has been raised by startups in these fields this year, according to Crunchbase, a data provider, roughly the same as last year and far below the $34bn raised in 2021. The VanEck Digital Transformation ETF, which invests in a bundle of crypto-adjacent firms, is down by more than 40% from its high in 2021. The floor price of non-fungible tokens (NFTs) issued by CryptoPunks on the Ethereum blockchain may be up by 20% this year, but it is down by almost 70% from its high in 2021.
当谈到去中心化金融和 web3 时，投资者的兴趣已经急剧减弱，这是上一次加密货币大潮中出现的乐观（而且常常是迷惑的）时尚。数据提供商 Crunchbase 的数据显示，今年这些领域的初创公司筹集了约 70 亿美元，与去年大致相同，远低于 2021 年筹集的 340 亿美元。与加密货币相邻的公司相比，较 2021 年的高点下跌了 40% 以上。 CryptoPunks 发行的不可替代代币 ( NFT ) 的底价以太坊区块链今年可能上涨 20%，但较 2021 年的高点下跌了近 70%。
In its focus on untrammelled speculation, the current rally is much more straightforward. What matters for new owners of bitcoin is the prospect that the line will continue to go up. Crypto is a highly volatile asset that prospers in relatively brief periods of rising risk appetite, a feature that its new owners value. Very few hedge-fund managers booking a triple-digit return on bitcoin will lose sleep over whether crypto will fulfil the lofty aims of early adopters.
由于专注于不受限制的投机，当前的反弹要简单得多。对于比特币的新所有者来说，重要的是该线将继续上涨的前景。加密货币是一种高度波动的资产，在风险偏好上升的相对较短时期内会繁荣，这是其新所有者所看重的一个特征。很少有对冲基金经理会因为加密货币能否实现早期采用者的崇高目标而对比特币的三位数回报感到不安。
The changing of the guard is more than just a transition from shorts and T-shirts to chinos and Patagonia gilets. Indeed, it is already altering how crypto markets move. Research by Alexander Copestake and Davide Furceri of the IMF and Tammaro Terracciano of IESE Business School suggests that crypto is becoming more closely bound to other risky asset markets, as it is now connected by institutional investors who own both. As a result, the market has become more sensitive to monetary-policy changes by the Federal Reserve, since demand for the asset is more closely tied to the overall appetite for risk in stockmarkets. Financiers and asset managers are not in the business of HODLing—crypto parlance for buying and holding assets indefinitely, no matter the news. They will sell to take profits and offset losses suffered in other asset classes.
卫兵的换岗不仅仅是从短裤和T恤到斜纹棉布裤和巴塔哥尼亚马甲的转变。事实上，它已经在改变加密货币市场的走势。国际货币基金组织的 Alexander Copestake 和 Davide Furceri 以及IESE商学院的 Tammaro Terracciano 的研究表明，加密货币与其他风险资产市场的联系越来越紧密，因为它现在由同时拥有这两个市场的机构投资者联系在一起。结果，市场对美联储的货币政策变化变得更加敏感，因为对资产的需求与股市整体风险偏好的联系更加紧密。金融家和资产管理者并不从事HODL业务——无论新闻如何，无限期地购买和持有资产的加密术语。他们将出售以获利并抵消其他资产类别遭受的损失。
If the regulatory threat to the industry does recede, it seems likely that the institutional adoption of crypto will accelerate, especially when it comes to bitcoin—tying the market closer still to more traditional ones. Crypto’s true believers will find themselves in an awkward position. Bitcoin and its ilk might be rallying but the surge is being driven by the increased institutionalisation of the asset class. That will make it more ordinary, and more linked to the ups and downs of the regular financial world, which advocates had hoped to replace. At least they can comfort themselves with simply enormous profits.
如果对该行业的监管威胁确实消退，那么加密货币的机构采用可能会加速，尤其是在比特币方面，从而使市场与更传统的市场更加紧密地联系在一起。加密货币的真正信徒会发现自己处于尴尬的境地。比特币及其同类产品可能正在上涨，但这种飙升是由资产类别的制度化程度不断提高所推动的。这将使它变得更加普通，并且与常规金融世界的兴衰联系更加紧密，而倡导者们希望取代它。至少他们可以用巨额利润来安慰自己。
每日知识
1. 鲸鱼为什么会“唱歌”？ 🐋
鲸鱼的“歌声”是海洋中最神秘而优美的自然旋律。尤其是座头鲸，其复杂的歌声可长达数小时，甚至代代相传。🎵 鲸鱼歌声的秘密：
沟通交流：鲸鱼用歌声交流方位、情绪，甚至发出求偶信号。科学家认为，这种歌声的变化还能反映环境变化。
定位与导航：低频音波在水中传播数百公里，帮助它们识别地形或寻找群体。✨ 科学观察：有研究显示，鲸鱼的歌声会随时间和地点改变，有些歌甚至在种群中“流行”起来，类似于海洋中的“音乐潮流”。
2. 蚂蚁为什么会“搬家”？ 🐜
当蚂蚁“搬家”时，看似杂乱无章，实则是一场高度协调的集体行动。📦 搬家的幕后逻辑：
食物资源枯竭：当巢穴附近的食物消耗殆尽，蚂蚁会探索新栖息地。
巢穴受威胁：面对洪水、捕食者或高温等威胁，蚂蚁通过化学信号迅速组织转移。🌟 群体智慧：蚂蚁依靠信息素传递方向和位置，成功找到最优的迁移路径。这种现象启发了人工智能算法的研究。
3. 青蛙为何是环境健康的“监测者”？ 🐸
青蛙是生态系统的“晴雨表”，其数量变化常与环境状况息息相关。🌍 青蛙与环境的深层关系：
皮肤敏感性：青蛙的皮肤能直接吸收水和空气中的化学物质，使它们对污染特别敏感。
水陆两栖特性：青蛙的生命周期横跨水与陆地，能够全面反映不同生态环境的健康状况。📉 生态危机的信号：全球气候变化、栖息地丧失以及杀虫剂使用，都对青蛙种群构成了巨大威胁，其减少往往预示生态系统的退化。
4. 动物为何会“假死”？ 🦔
假死是一种奇特的求生策略，也称为“装死”或“僵尸行为”。🎭 假死的科学原理：
欺骗捕食者：许多捕食者会对“死亡”的猎物失去兴趣，例如负鼠在遇到危险时会翻倒在地，甚至放松肌肉假装气绝。
增强存活几率：假死行为通常延长了逃生的时间，为自身争取生存机会。🌟 奇妙案例：某些昆虫（如蜚蠊）假死时还能发出化学气味，模拟腐烂，以进一步迷惑捕食者。
5. 为什么有些植物会捕食昆虫？ 🌱
捕虫植物如猪笼草和捕蝇草，通过进化开发了独特的捕食技能。🪤 捕食的原因：
这些植物通常生长在缺乏氮元素的土壤中，它们通过捕捉昆虫补充营养。🎯 捕食机制：
捕蝇草：敏感的“触毛”感知昆虫动作，触发陷阱快速闭合。
猪笼草：滑腻的内壁让昆虫无法逃脱，最终被消化液分解。🌱 植物的双面性：它们既是光合作用的高手，也是精准的“猎手”，展现了自然界的无限可能。
6. 企鹅为什么不能飞？ 🐧
尽管企鹅是鸟类，但它们已经进化出专属水下的超级适应能力。🌊 飞翔的翅膀为何变成“鳍”？
潜水能力增强：为了更有效地在水中捕猎，企鹅的翅膀逐渐变成了类似桨的结构，提供强大的推进力。
骨骼密度改变：企鹅的骨骼更为紧密，有助于在水中快速下潜而不受浮力干扰。🌟 生活奇迹：企鹅在水下游泳速度可达36公里每小时，是海洋中的“短跑健将”。
7. 乌龟为何能活得如此长久？ 🐢
乌龟是自然界寿命最长的动物之一，拥有超越世纪的生存能力。⌛ 长寿的关键因素：
低代谢率：乌龟的身体能量消耗极低，器官磨损速度减慢，从而延缓衰老。
强大的抗氧化系统：乌龟的细胞能够高效修复损伤，延长了生物钟。📜 寿命纪录：一只名为“乔纳森”的塞舌尔象龟已经超过190岁，堪称自然界的长寿奇迹。
评论区