过去的一个月，是比特币历史上表现最差的一个月。
The past month was the worst month in the history of Bitcoin.
6月5日晚间，比特币再次闪崩。一枚比特币的价格一日暴跌超1.6万元（人民币，下同）至22.8万元，较4月的历史最高点41万元缩水近50%。即使特斯拉CEO埃隆·马斯克将社交媒体的个人头像再次换回比特币，也无法拯救困局。
In the evening of 5 June, Bitcoin fell again. The price of a bitcoin fell by more than $16,000 a day (the same amount as RMB) to 228,000, nearly 50% less than the record high of $410,000 in April.
国内近37亿元资金在几小时内被收割得干干净净，最大一笔多头爆仓高达6404万元。
Nearly $3.7 billion of domestic funds were harvested in a few hours, with the largest multi-headed blast warehouse amounting to $6.404 million.
图片来源：OKEx
Image source: OKEx
图片来源：UALcoin
Image by UALcoin.
但这只是财富破灭的冰山一角。
But it's just the tip of an iceberg where wealth is destroyed.
“眼睁睁看着3000万元的合约被强平，有一种瘫倒在地的感觉。”许宁对中国证券报记者表示。
{\cHFFFFFF}{\cH00FFFF} {\cHFFFFFF}{\cH00FFFF} {\cHFFFFFF}{\cH00FFFF} "Looking at the $30 million contract being flattened with a sense of paralysis." {\cHFFFFFF}{\cH00FFFFFF} {\cHFFFFFF}{\cH00FFFF} {\cHFFFFFF}{\cH00FF00} {\cHFFFFFF}{\cH00FFFF00} to the Chinese Securities Journal reporter. {\cH00FF00}
图片来源：投资者
Source: Investors.
幻想一夜暴富
经历了三年沉寂蛰伏后，以比特币为首的虚拟货币今年初涨势如虹，大量投机者争先恐后地加入，许宁正是其中之一。
After three years of silence, the virtual currency, headed by bitcoin, rose in the early part of the year, with a large number of speculators fighting to join, one of them, Hünning.
受周围朋友炒币的影响，许宁经熟人介绍进了几个炒币的微信群。他幻想着由此走上一条快速致富之路，毕竟身边充斥着动辄涨幅十倍、百倍的造富神话。
Thanks to the influence of a friend around him, Xu Ning introduced a group of micro-credits to his acquaintances. He imagined that he would follow a fast path to wealth, with ten-fold and a hundred-fold increase in myths about wealth.
“刚开始接触这个圈子时，还将信将疑，但身处牛市就迷失了，开始跟着老师买一些便宜的小币种。一开始是狗狗币，之后又参与了柴犬币、秋田犬币……老师推荐的项目很多，目不暇接。这个项目名还没认全，随即又加了下一个项目的群，有的微信群刚建一天就加满了。”在手握“财富密码”的老师带领下，许宁的投资热情被点燃。
“When I first came into contact with this circle, I was suspicious, but I was lost in the cattle market, and I started buying cheap little coins with my teacher. First, it was dog coins, then I was involved in a lot of projects suggested by my teacher, which I couldn't see enough. The project was named and then added to the next group of projects, some of which were filled in just one day.
4月16日是许宁炒币生涯最辉煌的一天。这一天，狗狗币在特斯拉CEO埃隆·马斯克通过社交媒体疯狂“安利”之下，价格直线拉升。OKEx数据显示，最高涨至0.45美元，日内涨幅一度超238%，从年初到当天累计暴涨1330%，其总市值一度跃居至虚拟货币总市值榜第五位。
April 16 was the best day of Xu Ning’s career. On that day, under Tesla CEO Ellen & Middot, and Mask’s crazy “Anly” social media, prices rose in a straight line. The figures for OKEx show a peak to 0.45, with an increase of more than 238 per cent in the day, a cumulative increase of 133 per cent from the beginning of the year to the day, and its total market value jumped to the fifth place on the total virtual currency list.
许宁做梦也没有想到，在年初买入的几百万个狗狗币，竟让他一跃成为千万富翁。
Shuning never dreamed of buying millions of puppies at the beginning of the year to make him a millionaire.
“当一天能赚到一辈子的工资时，会觉得靠这个一定能发家致富。”赚了钱，许宁的心理也发生了细微的变化。
“When one day earns a life's wages, it feels like it's a means to make money.” The money is made, and Hüning's mind has changed slightly.
狂欢过后 危机四伏
今年初，CoinMarketCap数据显示，虚拟货币的总市值为7181亿美元，短短5个月后，这个数字变成了25345亿美元，暴涨253%。253%的整体涨幅或许看起来并不耀眼，但单看某个币的涨幅，还是可以想象到大涨背后的疯狂。
At the beginning of the year, CoinMarketCap data showed that the total market value of the virtual currency was $718.1 billion, which, after just five months, turned into $2534.5 billion, a sharp increase of 253 per cent. The overall increase of 253 per cent may not seem dramatic, but it is still possible to imagine the madness behind the rise in one currency alone.
币圈一日，人间十年。今年以来，狗狗币等一系列高收益币（即比特币以外的虚拟货币）在上涨的声浪中起舞。CoinMarketCap数据显示，2019年9月比特币在全球虚拟货币中的市值占比高达70%，山寨币的市值占比仅超20%。而今，伴随着数百种高收益币的全线反弹，比特币的市值已降至不足50%。
CoinmarketCap shows that in September 2019, the market value of Bitcoins in global virtual currencies was as high as 70%, and the market value of mountain coins was just over 20%. Today, with hundreds of high-yielding coins back in full, the market value of Bitcoins has fallen to less than 50%.
但是，无限量和筹码的过于集中，意味着这些高收益币空有虚拟货币概念，实际不过是辗转于各个投机人之手的投机工具。
However, the infinity and excessive concentration of chips mean that these high-yielding currencies have a virtual monetary concept and are in fact mere instruments of speculation that run into the hands of various speculators.
许宁赢得了一时的辉煌，而姚女士购入的高收益币，却让她坠入深度套牢的地狱。
Hüning won a moment of glory, while Ms. Yao bought high-yielding coins and plunged her into deep hell.
“我充值了10万元买猩猩币，本以为可以一本万利，结果猩猩币登上交易平台之后迅速闪崩，大跌后资产缩水至180元。”OKEx数据显示，从诞生到近乎归零，猩猩币的交易生命周期只有20分钟。
"I paid $100,000 to buy a chimpanzee, which I thought would be a millionaire, and as a result, the chimpanzee collapsed quickly on board the trading platform, and the asset shrunk to 180 dollars after the crash." The OKEx data show that from birth to near zero, the chimpanzee trading life span is only 20 minutes.
近日，狗狗币等高收益币剧烈波动，跌回原形，甚至大多徘徊在清零的边缘。随着用户的套现离场，大批投机者被套牢，惨遭收割，只留下所谓的去中心化噱头和几亿个无价值代币。
In recent days, high-yielding currencies, such as dog coins, have fluctuated sharply, falling back to the status quo ante, most of them on the edge of zero. As users leave, a large number of speculators are trapped and harvested, leaving behind so-called decentralized heads and hundreds of millions of worthless tokens.
“参考2016年-2017年上一轮虚拟货币牛市，近日的‘币灾’意味着本轮泡沫离终结不远了。”国泰君安证券研究所固定收益首席分析师覃汉提示，一轮牛市的上半场往往都是比特币表现跑赢“高收益币”，下半场则是行情扩散到高收益币并大幅跑赢比特币。“泡沫真正的拐点，往往对应比特币价格震荡但不创新高、高收益币美元价格仍在上涨，而这种背离持续一个月左右后，泡沫将会彻底走向终结。”
“Reference to the previous round of the virtual currency cow market, 2016-2017, the recent ‘currency disaster’ meant that the bubble was nearing the end of the current round.” The Chief Analyst of Fixed Gains at the National Thai King-Ann Securities Institute pointed out that the first half of the bull market was often “high-yielding” in Bitcoin, while the second half was spread to high-yielding currencies and large-scale Bitcoin. “The true tip of the bubble, often in response to bitcoin price shocks but not innovators, the high-yield dollar price is still rising, and the bubble will end once the deviation continues for about a month.”
杠杆操作 3000万血本无归
靠狗狗币等加密货币挣得盆满钵满之后，许宁又瞄准了比特币和以太坊等币圈最为认可的主流币种。只不过，这一次，他不再安于现货，转而选择了合约交易，“合约能用低成本博取几十甚至上百倍的利润，只要行情波动就能挣钱。”
Once the encoded currency has been fully filled with dog money, Hüning has targeted the most recognized mainstream currency in the Bitco and Etheria circles. Only this time, he has moved away from the spot and turned to a contract deal, where “a contract can profit dozens, if not hundreds, of times, with low-cost money, and it can earn money as long as it fluctuates.”
虚拟货币有现货交易和合约交易两种形式。现货交易和股票类似，低价买入，高价卖出，赚取价差。但合约交易具备杠杆的性质，杠杆倍数一般从5倍到125倍不等。以20倍杠杆为例，在这一杠杆下，只需缴纳5％的保证金即可交易，但只要出现5％的波动，便面临爆仓风险。以比特币一天最多能涨跌百分之几十的波动来估算，风险被放大到极致。
Virtual currency takes the form of both spot and contract transactions. Cash and stock transactions are similar, low-price purchases, high-price sales, and price differentials. But contract transactions are leveraged, with leverage typically ranging from five to 125 times.
10倍、20倍、50倍……在合约游戏中，暴富或破产，只在一念之间。许宁每天交易几十万元面不改色，挂单时多打一个零都不会手抖，而现实生活中，他却仍住在月租2000多元的小房间里。
Ten times, 20 times, 50 times... in a contract game, rich or bankrupt, only in the middle of the day. Hüning keeps trading hundreds of thousands of dollars a day, doesn't shake his hands when he hangs up, while in reality he still lives in a 2,000-storey room.
越玩越大以后，许宁对开单数字后面的零已经麻木，他一天的合约流水甚至能达到数百万元。
When it gets bigger and bigger, Hüning is numb to the zero behind the billing numbers, and his contract flow can reach even millions of dollars a day.
对于虚拟货币合约的风险，业内人士指出，只要在期限内任意时间平仓即可止盈或者止损，但由于虚拟货币市场交易时间不限，价格波动大，投资者经常反应不及时，有时还会遭遇网络异常等问题，能及时操作成功者寥寥无几。
With regard to the risks of virtual currency contracts, industry sources have pointed out that they can be stopped or stopped at any time within a period of time, but few have been successful in operating in a timely manner, owing to the unlimited duration of transactions in virtual currency markets, high price volatility, frequent delays in investor responses and, in some cases, network anomalies.
据记者了解，有些交易平台、客户端APP会故意制造闪退、卡顿、仓位无法显示等异常现象，影响用户正常的下单、撤单、平仓等交易操作，导致合约爆仓，从而最终达到非法侵占客户财产的目的。
According to journalists, some trading platforms and client-end APPs deliberately create anomalies such as flashbacks, Cadens, undetectable warehouses, which affect normal transaction operations such as placing orders, withdrawing bills and silos, leading to contract busts, which ultimately serve the purpose of illegal appropriation of customers'property.
许宁在回忆3000万元合约爆仓的当晚时说：“万点瀑布来得太快了，打开账户只感觉心脏骤停。很后悔管不住自己的欲望，一听币价翻倍，就急忙做多。”许宁也告诫其他投资者，“收益与风险并存，贪婪往往能让人忽略后者。投资要有自己的原则，不要碰虚拟货币，不要加杠杆，亏一次就血本无归。”
On the night of the 30 million-dollar contract crash, Hünning said, "The waterfall came too fast to open the account but felt a heart stop." He regretted that he couldn't control his desire, and he had to do more when he heard the currency double." Höu Ning also warned other investors that, "Proceeds and risks coexist, greed often makes people lose sight of the latter."
监管部门及有关专家多次强调，比特币与金融产品有本质区别，没有实际价值支撑，没有主权信用和商业信用，比特币交易归根到底就是炒作。近日，中国人民银行副行长李波明确表示：“央行正研究对比特币、稳定币的监管规则。”
Regulators and experts have repeatedly stressed that bitcoin is fundamentally different from financial products, that it is not supported by real value, that there is no sovereign and commercial credit, and that bitcoin transactions are ultimately bogus. In recent days, the Vice-President of the People’s Bank of China, Li Bo, has made it clear that “the central bank is studying the rules governing bitcoins and the stability of coins.”
中原证券分析师周建华提示，近期比特币币值极高的波动性反映了这一领域普遍存在的过度投机现象，而投机情绪的累积又进一步催生了诸如“杠杆配资交易”、“代币发行融资”等非法投机、犯罪行为，增加了金融系统的风险。同时，比特币投机行为衍生出大量跟风“挖矿”的行为，对电力资源造成了巨量浪费，不符合我国“双碳战略”的要求。
China’s former securities analyst Zhou Xianhua, suggesting that the recent high volatility of bitcoin values reflects the excessive speculation that prevails in this area, and that the accumulation of speculation has given rise to illegal speculation, criminal behaviour, such as “leveraging capital transactions” and “money-distribution financing,” which has increased the risk to the financial system. Meanwhile, Bitcoin speculation has generated a large amount of “mining,” which has caused huge waste on electricity resources and is not in line with the requirements of our “double carbon strategy.”
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