区块链激荡十年：改变链圈和币圈的大佬故事

　　来源：　区块链真相 

　　作者：林默默

　　原标题：　区块链激荡十年：有人因为比特币暴富，也有人倾家荡产

　　如今，这个构想吸引着越来越多的人加入。他们在这里见山劈山、见水跨水，期待着用更先进的技术改变这个世界，同时从中攫取财富。

Now, the idea attracts more and more people. They see the mountains, the waters, and they look forward to changing the world with more advanced technology, while taking wealth from it.

　　“应该把10月31日定为区块链日。”一个社群里，有人给出了这样的提议。

“October 31 should be designated as block chain day.” In one community, such a proposal was made.

　　十年前的这天，中本聪发布了比特币第一版白皮书。不到3个月，他将白皮书的设想变为了现实。2年后，中本聪选择事了拂衣去，而他开启的区块链世界却渐渐热闹起来。

On the same day, 10 years ago, he published the first edition of the White Paper of Bitcoin. In less than three months, he turned his vision into reality. Two years later, he chose to leave his clothes, while the world of the block chain that he opened grew up.

　　这片尚未完全开垦的土地，吸引了技术极客、投资经理、科幻小说作家、牛肉销售员、英语老师．．．．．．他们并非互联网世界的主角，却在区块链的世界里开荒挖地，成为行业的领路人。运气、眼界、能力．．．．．．多种因素综合下，他们站在了舞台中央。

This land, which has not yet been fully reclaimed, attracts technocrats, investment managers, science fiction writers, beef salesmen, English-language teachers who are not leading the Internet world, but who dig up their fields and become industry leaders in a world of block chains.

　　回顾这十年，争议不断，机会不断。伴随着一个个造富神话，区块链的车轮滚滚向前。区块链真相沿着时间脉络梳理了这十年的过往，希望尽可能地记录下这段奇妙的时光。

Looking back at the decade, there were disputes and opportunities. With a myth of wealth, the wheels of the block chain were rolling forward. The truth of the block chain was sorted along the lines of the decade, hoping to record as much as possible.

　　1

　　2008年9月14日上午9点左右，一通电话彻底决定了雷曼兄弟的命运。

On 14 September 2008, at around 9 a.m., a telephone call completely determined the fate of the Lehman brothers.

　　“我们一致决定，选择一家影响力足够震慑市场的鲁莽机构开刀，主动放弃对它潜在的一切承诺，让它彻底倒闭，借以警示所有市场参与者不要再心存幻想。实际上，雷曼只不过在错误的时间被选择了。”电话那头美联储主席伯克南告诉掌舵人理查德·福尔德。

“We have unanimously decided to choose a reckless institution with sufficient influence to deter the market, willing to abandon all commitments to it, and to let it collapse completely, as a warning to all market participants that they will not have any more illusions. In fact, Lehman was only chosen at the wrong time.” The American Federal Reserve Chairman Birkenan told Richard Ford at the helm of the telephone.

　　最后一线希望落空了。此刻，62岁的福尔德再也无法重新上演911事件当时的奇迹——力挽狂澜，让这家百年投行成功从灾难中挺过来。

The last ray of hope has been dashed. At this moment, 62-year-old Ford will no longer be able to replay the miracle of the events of 11 September — to bring this family back from the disaster with a hundred years of success.

　　9月15日凌晨1点，福尔德走出雷曼总部大厦，面对赶来的媒体，宣读了董事会决议：雷曼兄弟投资公司向联邦政府申请11号破产保护法案。

On 15 September, at 1 a.m., Ford walked out of the Lehman headquarters building and, in the face of the arriving media, read out a Board resolution: Lehman Brothers Investment applied to the Federal Government for bankruptcy protection bill No. 11.

　　这只是金融危机的开始，并不是结束。

This is only the beginning, not the end, of the financial crisis.

　　当天，美国银行宣布以近500亿美元的总价收购美国第三大投资银行美林公司。当月，美国五大投行中仅存的高盛和摩根士丹利转型为银行控股型公司。6个月以前，华尔街五大投行中实力最弱的贝尔斯登，已被摩根大通以总价约2.36亿美元的“超低价”收购。

That same month, the only remaining banks in the five major US banks, Goldman Sachs and Morgan Stanley, were transformed into bank-held companies. Six months ago, the weakest of the five largest Wall Street players, Belsden, was acquired by Morgan Chase at a “super-low” price of about $236 million.

　　就这样，美国著名的五大投行彻底分离崩析。

As a result, the five well-known United States investors were completely separated from each other.

　　很快，经济危机蔓延到全球。各国中央银行疯狂印钱，公众手里的货币贬值，通货异常膨胀，群众购买力大幅度削弱。金融危机中的旧世界风雨飘摇，公众的信用和经济一起缩水，抱怨声此起彼伏，新的秩序亟待建立。

Central banks are frenzying money, depreciating the currency in the hands of the public, booming inflation, and weakening public purchasing power. The old world in the financial crisis is ravaging, public credit and the economy shrunk, complaining that a new order needs to be established.

　　2

　　此时，一个密码学极客出现了，带着去中心化的梦想。

At this point, a cryptographer appeared with a dream of decentralisation.

　　2008年10月31日，名为中本聪的人在“metzdowd.com（密码朋克）”网站的邮件列表中发表了一篇论文，题为《比特币：一种点对点式的电子现金系统》。

On 31 October 2008, a paper entitled Bitcoin: A Point-to-Point Electronic Cash System was published in the mailing list of the “metzdowd.com” website.

　　在论文中，中本聪详细描述了如何创建一套去中心化的电子交易体系，且这种体系不需要创建在交易双方相互信任的基础之上。

In the paper, Nakaki described in detail how to create a decentralised electronic trading system that did not need to be based on mutual trust between the parties to the transaction.

　　可惜的是，他的观点并没有多少人关注，即便是全是密码行业大神的地方。幸运的是，他并没有受影响，有条不紊地开始了自己的计划。

Unfortunately, not much attention has been paid to his point of view, even if it's a place full of great cryptographers. Fortunately, he has not been affected, and he has embarked on his own plan in an orderly manner.

　　2009年1月3日，在位于芬兰赫尔辛基的一个小型服务器上，中本聪挖出了比特币的第一个区块——创世区块（Genesis Block），并获得了50个比特币的奖励。

On 3 January 2009, on a small server located in Helsinki, Finland, Nakamoto dug out the first block of Bitcoin - Genesis Block - and received 50 Bitcoin awards.

　　他在区块链上写下了这样一句话：The Times 03/Jan/2009 Chancellor on brink of second bailout for banks。

He wrote the following sentence on the chain: The Times 03/Jan/2009 Challengellor on bridge of second bailout for banks.

　　这是当天《泰晤士报》头版的标题。彼时，迫于金融危机的压力，英国财政大臣达林不得不考虑第二次出手纾解银行危机。此时，不单是英国，美国、俄罗斯都如此，糟糕的金融货币体系在全世界蔓延。

At a time when, under pressure from the financial crisis, British Treasury Secretary Darling had to consider a second attempt to ease the banking crisis. At a time when it was not just the United Kingdom, but the United States, Russia, and the poor financial and monetary system were spreading around the world.

　　中本聪的这一举动，充分展现了新体系对旧体系的嘲讽。

This move by Nakamoto is a full demonstration of the cynicism of the new system vis-à-vis the old system.

　　当天下午6点15分，创始区块计入公开账簿。区块链1.0时代——以比特币为代表的加密数字货币时期，正式拉开序幕。

At 6.15 p.m. that day, the original block was entered into the public ledger.

　　3

　　早期，比特币更像是技术极客的玩具，未能和现实世界建立联系，直到一个名为Laszlo Hanyecz的程序员出现。

Earlier, Bitcoin was more like a technocrat's toy, failing to connect with the real world until a programmer named Laszlo Hanyecz appeared.

　　2010年5月18号，Laszlo Hanyecz在比特币论坛BitcoinTalk上发帖声称：自己可以付一万个比特币购买几个披萨，对方需要把披萨送到自己的住址。

On 18 May 2010, Laszlo Hanyecz posted a post at BitcoinTalk at the Bitcoin Forum stating that he could pay 10,000 bitcoin to buy several pizzas and that the other party needed to send them to his address.

　　19岁的小伙子Jercos在BitcoinTalk看到了这条消息问询而来。事实上，Jercos和Hanyecz并不相识，但是二人总是在同一个IRC（聊天室）出入，因此，Jercos对Hanyecz的马甲比较熟悉。

The 19-year-old Jercos saw this in BitcoinTalk. In fact, Jercos and Hanyecz do not know each other, but they always go in and out of the same IRC, so Jercos is familiar with Hanyecz's armor.

　　最终，Hanyecz用1万比特币购买了价值25美元的约翰棒披萨优惠券。

In the end, Hanyecz purchased a 25-dollar John Stick Pizza coupon in 10,000 bits.

　　这是历史性的一刻。这项交易诞生了比特币第一个公允汇率，一个比特币值0.3美分，自此比特币有了价格。

This is a historic moment. This deal gave birth to Bitcoin's first fair exchange rate, and a bitcoin had a price of 0.3 cents since then.

　　但是，此时并没有专属的比特币交易平台，矿工们只能通过论坛发帖来找寻买家，价格也需要不断商量。这样的方式显然不够方便，于是，有人看到了其中的商机。

But there is no exclusive bitcoin trading platform at this point, and miners can only find buyers through forums, and prices are subject to constant negotiation. This approach is clearly not easy enough, so some people see business opportunities in it.

　　2010年7月，纽约北部的天气异常舒适，但Jed McCaleb却觉得无聊。

In July 2010, the weather in the north of New York was exceptionally comfortable, but Jed McCaleb was bored.

　　他坐在空荡的房间里，身边堆满了神经科学和人工智能方面的书籍。突然间，他聚精会神盯着屏幕，眼前的新事物让他着迷。

He sat in an empty room full of books about neuroscience and artificial intelligence. Suddenly, he focused on the screen, and new things were fascinated by him.

　　原来，游戏间隙，Jed无意间浏览到一篇Slashdot报道比特币的文章，文章提到的P2P技术像是一个催化剂，彻底激活了Jed的好奇心。

Turns out that, in the middle of the game, Jed accidentally viewed an article by Slashdot reporting on Bitcoin, which referred to P2P technology as a catalyst that fully activated Jed's curiosity.

　　这是Jed早就研究过的技术。2000年，Jed研发过一款名为eDonkey（俗称电驴）的商业软件。这是一个用于共享音乐、电影和软件的分布式网络，其背后采用的就是P2P技术。

This is a technology that Jed has studied long ago. In 2000, Jed developed a commercial software called eDonkey (commonly known as an electric donkey). This is a distributed network for sharing music, movies, and software, behind which P2P technology is used.

　　好奇心驱使之下，他打算入手几个比特币研究下，却发现现有的网站购买比特币极其不方便。

Driven by curiosity, he intended to engage in several bitcoin studies, but found it extremely difficult to purchase bitcoin on existing websites.

　　于是，Jed打算自己成立一个任何时间都能购买比特币的网站。第二天，全球第一个交易所mtgox-com上线了。

So, Jed plans to set up a website that can buy bitcoin at any time. The next day, the first global exchange, mtgox-com, is online.

　　7月18号，开业第一天，Mt.Gox成交了20个比特币，5美分一个。因为24小时可以交易，且界面美观，交易速度够快，还没到一周，Mt.Gox单天的交易额就超过了一百美金。

On July 18th, the first day of business, Mt. Gox paid 20 bits, 5 cents. Because of the 24-hour trade and the beauty of the interface, the deal was fast enough to last a week, and Mt. Gox traded more than $100 a day.

　　此外，随着挖矿难度增加，很多矿工转而购买比特币，这为Mt.Gox吸引了更多用户。到了7月底，Mt.Gox就成了全世界成交额最大的比特币交易所。

Moreover, as mining becomes more difficult, many miners turn to bitcoin, which attracts more users to Mt.Gox. By the end of July, Mt.Gox became the world’s largest traded Bitcoin exchange.

　　与此同时，依托交易所，比特币正在被越来越多的人知道。

At the same time, the Ito Exchange, Bitcoin, is being known by a growing number of people.

　　4

　　2010年，比特币先后闯入未来区块链界两个大神的世界。

In 2010, Bitcoin broke into the world of two great gods in the chain of future blocks.

　　7月28日，一个昵称为ByteMaster的用户在BitcoinTalk论坛上向中本聪发难。他认为：“和银行相比较，比特币每10分钟一次的交易时间太长，我们需要更快一些，如果要实现这一点，必须改变比特币的共识机制。”

On July 28, a user nicknamed ByteMaster at the BitcoinTalk Forum had a hard time hearing in Central China. He said, "By comparison with banks, Bitcoin's 10-minute transactions are too long, we need to be faster, and if that is to be achieved, the consensus mechanism of Bitcoin must be changed."

　　ByteMaster真名Dan Larimer。他诞生于美国的工程师家庭，毕业于弗吉尼亚理工学院暨州立大学计算机专业。他的父亲Stan Larimer是波音公司、洛克希德马丁等公司的资深软件工程师。

ByteMaster's real name is Dan Larimmer. He was born to an engineer's family in the United States and graduated in computer science at Virginia Polytechnic and State University. His father, Stan Larimmer, was a senior software engineer at Boeing, Lockheed Martin, etc.

　　Dan Larimer继承了父亲的基因，对新技术颇为感兴趣。2009年，Dan Larimer希望能够创造一种在互联网上流通的数字货币，他理所当然发现了比特币，并在比特币论坛上与中本聪取得了联系。

Dan Larimer inherited his father’s genes and was interested in new technologies. In 2009, Dan Larimer hoped to be able to create a digital currency in circulation on the Internet, of course he discovered bitcoin and made contact at the Bitcoin Forum.

　　中本聪回应了关于比特币去中心化的重要性和必要性之后，霸气的表示：If you don’t believe me or don’t get it，I don’t have time to try to convince you，sorry。

If you don't believe me or don't get it, I don't have time to try to convince you, sorry.

　　深陷离婚官司的Dan Larimer并没有回怼，但此时的质疑却为他日后创办EOS埋下了伏笔。

Dan Larimer, who was trapped in a divorce case, did not return, but the challenge at this point laid an ambush for his future creation of EOS.

　　2010年，一款叫做《魔兽世界》的MMORPG网游风靡全球。

In 2010, a MMORPG web network called The World of Monsters was found on a global scale.

　　一位16岁的少年对这个游戏着迷了。从2007年到2010年，少年一路从经典旧世玩到了“巫妖王之怒”。

A 16-year-old boy was fascinated by the game. From 2007 to 2010, a teenager played from the old classics to the fury of a sorcerer.

　　2010年的一天，他愤怒得删除了《魔兽世界》客户端，因为暴雪刚刚在3.10补丁中移除了术士的技能“生命虹吸”。

On a day in 2010, he was outraged to remove the Worm World client, as snowstorms had just removed the magician's skill of “life insinuation” in 3.10 patches.

　　少年曾在暴雪官方论坛提出抗议，但得到的回复都是出于游戏平衡才这么做的，不能恢复。

Juveniles had protested in official snowstorm forums, but the responses were based on the balance of the game and could not be restored.

　　他意识到了网络游戏“中心化管理”的弊端——游戏的拥有者暴雪可以不问玩家意见，随意修改游戏内容。

He is aware of the ills of "centralized management" of online games, where game owners can change the game content without asking their players for advice.

　　少年开始寻找有没有一种办法能够打破这种中心化的方式。

Adolescents began to look for a way to break this centralization.

　　他从程序员父亲那里听到一个新鲜词——比特币。这是一种数字货币，却没有政府支持。

He heard a fresh word from the programmer's father, Bitcoin. It was a digital currency, but it was not supported by the Government.

　　“没有任何实际支持的东西怎么会有价值？”这种中心化的数字货币并没有引起少年的足够重视。

“How can something that has no real support be valuable?” This centralized digital currency does not attract enough attention among adolescents.

　　过了一段时间，少年的想法发生了转变。他偶然听到了有人谈论到比特币并非是官方发行，而是一种去中心化的模式，他开始决定研究这个东西……

After a while, there was a change of mind among teenagers. He occasionally heard someone say that bitcoin was not officially issued, but rather a decentralised model, and he decided to study it.

　　为了解比特币，少年决定赚取比特币。“我做了唯一能做的事情，开始寻找以比特币支付工作薪水的人，我找到了一个策划比特币博客的人，他为每篇文章支付5个比特币，当时价值4美元。”

In order to understand bitcoin, a teenager decided to earn bitcoin. “I did the only thing I could, and I started looking for someone who paid for the work in bitcoin, and I found a guy who planned bitcoin, who paid five bitcoins for each article, worth $4 at the time.”

　　这个少年就是日后以太坊的创建者——Vitalik Buterin。

This young man is the founder of Ethio: Vitalik Buterin.

　　5

　　同样，在中国，这款游戏也改变了许多人的命运。

Similarly, in China, the game has changed the fate of many people.

　　游戏的火爆激发了另一个产业：代练。他们靠打装备、练等级、做任务、刷战场荣誉、倒卖游戏内资源而赚钱。

The fire of the game inspires another industry: surrogates. They earn money by getting equipped, graded, doing jobs, painting battle honours, selling out the resources in the game.

　　此时，他们又碰巧遇到了另外一个“比特币挖矿”游戏。于是他们白天代练赚钱，晚上机器挖矿又能赚钱，有了双份收入。那时，比特币价格在2-3元人民币，平均每台电脑每晚可以赚10元钱左右。

At this point, they happen to have encountered another game, “bitcoin mining.” So they practiced day-to-day money, and machine-to-meat mining made money at night, with double income. At that time, Bitcoin was at RMB 2-3, with an average computer earning around $10 a night.

　　2010年末，比特币进入GPU挖矿时代，原有的CPU挖矿软件近乎失效。但游戏代练电脑硬件比较好，打金工作室第一次占据了先机，他们成了中国最早期的一批矿工，很多人因此财富自由。

By the end of 2010, Bitcoin had entered the GPU mining era, and the original CPU mining software was almost non-functional. But computer hardware was better for games, and gold studios had taken the lead for the first time, making them the earliest miners in China, and many were therefore free of wealth.

　　与此同时，中国最早的老牌IT媒体《电脑报》也开始了对比特币的报道。

At the same time, the original IT media in China, The Computer, started reporting in Bitcoin.

　　媒体当时并没有介绍比特币的原理和意义，只是教育读者如何下载安装挖矿软件。在老牌媒体的教育下，中国比特币矿工的队伍日益壮大。

The media did not describe the principles and meaning of Bitcoin at the time, but only taught readers how to download and install mining software. With the old media, Chinese miners are growing in numbers.

　　可矿工们每天只能通过淘宝和QQ群交易，这样的交易模式对比国外显然有些过时。此时的中国比特币玩家急需一个比特币交易网站。

But miners can only trade in treasures and Q-Q-groups every day, a pattern that is clearly out of date compared to abroad. Chinese bitcoin players need a bitcoin trading website urgently at this time.

　　抓住这个机遇的人是一个温州商人杨林科。他没有读过大学，曾在汽车配件厂打过工，后来当了兵，退伍后便北漂做起了生意。先后涉足蒸房、酒店等等，这些传统生意见利快，杨林科也算是不差钱的，但他却一直在琢磨其他赚钱的买卖。

The man who seized the opportunity was a Wenzhou businessman, Yang Linko. He did not go to college, he worked at the auto parts factory, he became a soldier, and he got out of the army, and he went north to do business.

　　2011年5月，杨林科从一个程序员口中得知比特币可以赚钱。温州人敢想敢做的特点在他身上体现得淋漓尽致，他发现在中国比特币的交易很复杂，便投资了几万元钱找了几个程序员开始搭建网站。

In May 2011, Yang Linko learned from one of the programmers that Bitcoin could make money. The character of the Winzhou people, who dared to do it, was all over him. He discovered that the deal in Bitcoin, China, was complicated and invested tens of thousands of dollars to start a website.

　　2011年6月9日，中国第一个比特币交易网站——比特币中国上线。巅峰时期，这个网站曾一度占据了中国80%的比特币交易量。

On June 9, 2011, China's first Bitcoin trading website, Bitcoin, was online. At the peak of , it once accounted for 80% of China's Bitcoin transactions.

　　6

　　2011年2月初，不到一周时间，比特币和美元同价，达到1个比特币=1美元。

At the beginning of February 2011, in less than a week, Bitcoin and the United States dollar were equal, reaching one bitcoin = $1.

　　“什么东西，居然比美元还贵”。这样的价格让中国的李笑来震惊了。他从网上下载了比特币的白皮书研究了半年，并以均价6美元，动用1万多美元购买了2100个比特币。

"What is more expensive than the dollar?" This price shocked China’s Li laughter. He downloaded bitcoin’s white paper from the Internet for six months and bought over 2,100 bitcoins at an average cost of $6.

　　2011年，有一位大三学生在知乎上问：有6000元，有什么好的理财投资建议？

In 2011, a sophomore student asked about 6,000 dollars and what good advice for financial investment?

　　有人回答：“买比特币，保存好钱包文件，然后忘掉你有过6000元这回事，五年后再看看。”

The answer was, "Buy bitcoin, save the wallet file, then forget you had $6,000 and look at it in five years."

　　当时，比特币的价格是3美元。而仅五年后，比特币一度突破 20000 美元（2017年年底），秒杀世界上所有的投资标的。

At that time, the price of Bitcoin was $3. And just five years later, Bitcoin broke by $200 (end of 2017) and killed all the world's investment targets.

　　这个人就是刘志鹏，人称长铗。

This man is Liu Ji-peng, who is known as Liu Ji-Pang.

　　2009年，长铗发表了一本“敬未来”题材的小说：《屠龙之技》。这本小说的核心就是：谁掌握了计算能力谁就掌握了核心权力。如今看来，这样的想法颇有前瞻性。

In 2009, Changjung published a novel on the theme “To the future.” The core of this novel is that whoever has the ability to calculate has the power of the core. Today, it seems that the idea is forward-looking.

　　2011年，在南宁广西国土资源规划院做工程师的长铗了解到了比特币。比特币将他以前天马行空的想法变为了现实，因此他开始疯狂地着迷于此，甚至在比特币中国没有建立之前，长铗就在淘宝上买了比特币。

In 2011, he learned of Bitcoin as an engineer at the South Nining Guangxi Land Resources Planning Institute. Bitcoin turned his previous ideas into reality, so he became obsessed with it, and even before Bitcoin was established, she bought bitcoin on a treasure hunt.

　　当时，网上关于区块链的内容很少。痴迷比特币的长铗在业余时间建立了巴比特网站，翻译、撰写一些关于区块链的文章。文章发布同时，他会在文末留下自己的比特币地址，邀请读者给作者打赏。

At the time, there was very little online about the block chain. The obsessive bitcoin has created the Babbit website in its spare time, translating and writing articles about the block chain. At the same time, he would leave his own bitcoin address at the end of the article and invite readers to reward the author.

　　吴忌寒有张娃娃脸

　　有一天，他收到了一笔比特币的打赏，这个人就是吴忌寒。

One day, he received a bitcoin reward, a man named Wu Yi Xin.

　　花了2天时间研究了技术层面的可行性后，还在做投资经理的吴忌寒觉得比特币颠覆了以往所有关于货币的认知。他通过朋友募得10万元，随后把这些钱都买了比特币。

After two days of studying technical feasibility, Wu Xiaoqin, an investment manager, felt that Bitcoin had subverted all previous knowledge of money. He raised $100,000 through his friends, and then bought it all.

　　“当时了解区块链的人非常稀少，遇到一个好像知音。”长铗笑道。于是，吴忌寒成为了他的盟友，两人凑了几千块钱，租了一个服务器，吸引来了当时国内比特币圈子里仅有的十几人在网站上注册账户，一起布道关于区块链的内容。

“The people who knew the chain of blocks at the time were so scarce that they met one of them as if they knew the sound of the sound.” Long laughter. So, Wu Xiaoqin became his ally, collecting thousands of dollars and renting a server that attracted the only dozens of people in the country at that time in the Bitcoin circle to register their accounts on the website, sermoning about the chain of blocks.

　　在此期间，吴忌寒还翻译了最早版本的比特币白皮书，这成为流传最广泛的版本。

During this period, Wu Hsien also translated the earliest version of the Bitcoin White Paper, which became the most widely circulated version.

　　除去盟友，吴忌寒日后最大的竞争对手也开始在这一年展露头角。

With the exception of allies, the biggest competitor in the aftermath of the cold began to emerge during the year.

　　7

　　2011年，28岁的张楠赓还穿梭在象牙塔中。

In 2011, 28-year-old Zhang Nanjing was still in the ivory tower.

　　当时，他正在北航读博士研究生，专业是集成电路设计。像许多工科男一样，生活大多是食堂、实验室、宿舍三点一线。因此，张楠赓经常用动漫来打发时间，一年能看500多部。

At the time, he was studying for a Ph.D. in North China, specializing in integrated circuit design. Like many men in engineering, life was mostly three o'clock in the canteen, the lab, the dormitory. As a result, Zhang Nanjing often used a mantra to spread his time, and could see more than 500 copies a year.

　　一个偶然的机会，张楠赓接触到比特币。比特币世界的新鲜和刺激像一个巨大的磁铁，深深地吸住了张楠赓，也让他的业余生活更丰富了。

It's a chance to get into bitcoin. The world of bitcoin is fresh and exciting like a giant magnet, sucking it deep and enriching his amateur life.

　　彼时，个人电脑CPU挖矿已不能满足矿工的要求，GPU挖矿也达到了算力极限，这时就需要产生专门供比特币矿工们进行挖矿的定制设备，一款名为FPGA的机器。

At the same time, the PPU mine was no longer sufficient for miners, and the GPU mine had reached the limit of arithmetic capacity, which required the production of custom-made equipment, a machine called FPGA, specially designed for bitcoin miners to dig.

　　因为专业优势，张楠赓在业余时间帮外国人订制了几台。据此，张楠赓一年收入了十几万，也在币圈小有名气，人送外号南瓜张。

As a result of their professional advantages, Zhang Nanjing has made several arrangements for foreigners during their spare time. On this basis, Zhang Nanjing earns more than 100,000 dollars a year and is also well known in currency circles and sends out the nickname pumpkin.

　　但这款机器似乎只是一个过渡替代品。

But this machine seems to be just a transitional alternative.

　　2012年6月，美国蝴蝶实验室宣布制造ASIC（因特定用户要求和特定电子系统的需要的特制的集成电路）矿机。

In June 2012, the American Butterfly Laboratory announced the manufacture of ASIC (a special integrated circuit for specific user requirements and for specific electronic systems).

　　彼时，越来越多的矿工涌入，加上距离比特币第一次减半（2012年11月28日）只有半年，这意味着挖矿难度将成倍增加，高性能、低功耗的矿机势必成为紧俏商品。

At the same time, an increasing influx of miners, coupled with only half a year before the first halving of Bitcoin (28 November 2012), meant that the difficulty of mining would increase exponentially and that high-performance, low-capacity mining machines would inevitably become tight commodities.

　　蝴蝶实验室就是看中了这点。从设计上来讲，ASIC跟FPGA比起来明显具备上述优势。为抢占先机，他们把新产品面世时间定为2012年9月。

Butterfly labs see this. Designally, ASIC has these advantages compared to the FPGA. In order to take advantage, they set September 2012 as the date for new products.

　　一个名为蒋信予的少年也看中了矿机这门生意。

A young man named Xinjiang also saw the miner's business.

　　他是典型的“别人家的孩子”。15岁那年，他以全国第11名的成绩从湖南邵阳第一中学考入中科大少年班，之后一路腾飞进入耶鲁访学，攻读计算机系统方向的博士学位。

He was a typical “child of someone else's family”. At the age of 15, he was admitted to the junior middle school in Hunan Xiaoyang I, with the eleventh national grade, and then flew all the way to Yale to study for a doctorate in the direction of the computer system.

　　2011年，在耶鲁访学的蒋信予第一次接触到比特币。不依赖政府、不需要信任第三方机构的设计彻底得吸引了无政府主义的他。

In 2011, for the first time, Chiang Shin, who visited Yale, came into contact with Bitcoin. The design of a non-governmental, non-trusted third-party institution completely attracted him to anarchy.

　　2012年7月，Bitcointalk论坛上ID号为Friedcat的人发布了一条消息称自己有能力制造ASIC矿机，并希望通过众筹的方式筹集100万元资金。此人就是蒋信予，由于Friedcat直译为烤猫，因此币圈人大多以烤猫称呼蒋信予。

In July 2012, a message was released at the Bitcointalk forum by a person named Friedcat, who stated that he had the capacity to build an ASIC mine machine and hoped to raise $1 million in funds by means of public fund-raising. This person is Jiang Shinji, and since Friedcat translates directly as a roast cat, most of the people in the currency circle refer to Chiang Shinji as a roast cat.

　　2012年8月7日，烤猫在GLBSE交易所成功进行了IPO（即现在的ICO）。他把自己的股份分为40万股，0.1BTC/股，公开发行163962股。

On 7 August 2012, he successfully carried out an IPO (now ICO) at the GLBSE Exchange. He divided his shares into 400,000 shares, 0.1 BTC/stocks, and publicly released 163962 shares.

　　吴忌寒和他的朋友疯狂小强（网络作家、第一代比特币炒家）各买了烤猫公司虚拟股票的15000股和12500股。

Wu has bought 15,000 shares and 12,500 shares each of his friends' crazy little Keung's (webwriters, first generation bitcoins) in the virtual stock of the baked cat company.

　　事实上，吴忌寒早在2011年就结识了烤猫，这一次，他不仅投入10万全部身家，并且全力帮烤猫筹集资金，最后终于凑到了100万。

In fact, he had known the roast cat as early as 2011, and this time he had invested not only 100,000 people in his own house, but had done everything he could to raise money for the roast cat, and finally reached 1 million.

　　拿到钱的烤猫占据了先机，南瓜张却还在徘徊。

The paid roast cat takes the lead, and the pumpkin is still wandering.

　　8

　　2012年11月，北航博士生南瓜张，手握着一张休学申请书，内心忐忑地徘徊在导师办公室门外。

In November 2012, Dr. Norse gave birth to Pumpkin Chang, holding an application for suspension in his hand and hovering in his heart outside the mentor's office.

　　这个29岁的“老男孩”，终于决定离开象牙塔，追寻他内心的比特币世界。让他最终做出这个决定的是竞争对手蝴蝶实验室和烤猫。

The 29-year-old boy finally decided to leave the ivory tower and pursue his inner bitcoin world. The final decision was made by the competitor, the butterfly lab and the roast cat.

　　当时，蝴蝶实验室已经将发货日期延迟了2个月。但张楠赓却觉得不踏实，假如一旦研制成功，蝴蝶实验室很可能将掌控比特币世界超51%的算力，也意味着该机构可以对比特币的区块进行篡改，几近拥有完全掌控权。

At the time, the butterfly lab had delayed the delivery date by two months. But Zhang Nanjing found it hard to believe that, if it were to succeed, the butterfly lab would probably be in control of more than 51 per cent of the world's calculations in Bitcoin, which would also mean that the agency would be able to tamper with the bitcoin block and would almost have full control.

　　同时，天才少年烤猫的经历也让他蠢蠢欲动。他决定自己开发ASIC挖矿机，对抗可能出现的垄断。

At the same time, he was moved by the experience of a talented teenager roasting a cat. decided to develop his own ASIC miner against possible monopolies.

　　蝴蝶实验室和烤猫都已经率先出发，最后起航的张楠赓必须抓紧时间。思来想去，他决定向导师请求休学一年，却被导师拒绝了。29岁的南瓜张做出了可能是他一生中，最为叛逆的决定：退学。

Butterfly labs and roast cats have already taken the lead, and the last one to sail must hurry. To think about it, he decided to ask his mentor for a year off, but his mentor refused. Pumpkin Chang, age 29, made the most recalcitrant decision of his life: to drop out of school.

　　从没做过芯片的张楠赓踌踌满志，却还需要一笔钱。他选择了和烤猫完全不同的募资方式——预售。买家赞助1299美金的研发资金，如果研发成功你将获得ASIC矿机一台，如果失败全额退款。

He's chosen a completely different way to raise money -- pre-sale. Buyers sponsor $1299 in R & D, and if it succeeds, you'll get an ASIC mine, and if it fails, you'll get a full refund.

　　有意思的是张楠庚的预售方式很特别：不承诺发货日期，不做售后服务，不接受更改收货地址，最后不发货也不退款；当时很多人都觉得是一场骗局，但是有一部分还是愿意相信的，因此南瓜张在几天内就拿到了数百个订单。

Interestingly, Zhang Nangang's pre-sales were particularly unusual: there was no commitment to the date of the shipment, no after-sale service, no change of the receiving address, no delivery and no refund; at that time, many people thought it was a scam, but some of them were willing to believe it, so pumpkin sheets had hundreds of orders in a few days.

　　最后交款的时刻，钱依旧没有凑够。此时，吴钢通过QQ联系到了张楠赓。

At the time of the last payment, the money was still not enough. At this point, Wu was able to reach Zhang Nanjing through Q.

　　他并非比特币小白，相反，他被认为是中国第一个矿工。

He is not Bitcoin White; on the contrary, he is considered to be the first miner in China.

　　时间拉回至2009年6月，在一家P2P视频网站从事技术开发的吴钢偶然间打开了一封介绍比特币的邮件。

Time returned to June 2009, when Wu Gang, a technology developer on a P2P video site, accidentally opened an email about Bitcoin.

　　好奇心驱使下，吴钢顺手下载、安装，挖矿软件随即在公司的电脑中远转起来，“当时没有任何杂念，只想纯粹体验这项技术”。吴钢的挖矿经历就此开始，他也深知高性能矿机的必要性。

Motivated by curiosity, Wu has been downloading and installing, and the mining software has moved away from the company's computer, “without any distractions at the time, only to experience this technology.” The mining experience of Wu has begun, and he is well aware of the need for a high performance miner.

　　“钱够了没。”

"Is the money enough?"

　　“尚未。”

“Not yet.”

　　出于理想主义，吴钢掏了最后十台的钱。

For reasons of idealism, Wu has paid for the last ten.

　　两个天才少年就此展开了角逐，一个以技术为核心的算力战争时代拉开大幕。

Two talented teenagers fought against it, and an era of arithmetic war with technology at its core opened the scene.

　　9

　　任谁都没有想到，2013年年初，后来者南瓜张成了第一个研发出ASIC矿机的人。南瓜张将其命名为“阿瓦隆”。这个名字出自日本动漫，是《Fate》中的最强防御武器。

No one could have imagined that in early 2013, pumpkin Chang became the first person to develop an ASIC mine. Pumpkin Chang named it “Avalon.” The name came from Japan, the most powerful defensive weapon in the “Fate”.

　　吴钢，抢到了最早的那批，而且数量庞大。他将矿机部署在长沙，没日没夜地挖掘藏在算法深处的比特币，每天数百个。这批机器就像印钞机一样，让吴钢成为别人口中的“土豪”。

Wu Steel, the earliest batch, is huge. He deploys the mine in Changsha, digs up bitcoins hidden deep in algorithms day and night, hundreds of them every day. This machine, like a banknote machine, makes Wu Steel a “toucher” of the rest of the population.

　　5月下旬，央视首次播放了比特币相关的新闻，无数的投资者闻声而来，南瓜机受到市场的广泛欢迎，一度出现抢购潮，芯片从最初的400元热炒到1100元每片。

In late May, when the first Bitcoin-related news was aired, numerous investors heard, pumpkin machines were widely welcomed in the market, there was a wave of shopping, and chips were fired from the initial 400 to 1,100 pieces.

　　此时的烤猫还在苦苦研发，南瓜张俨然成了他最强劲的对手。

At a time when the roast cat was still struggling to develop, pumpkin Chang became his strongest opponent.

　　直到2013年6月，烤猫的矿机USB才问世。不同于南瓜张，烤猫并不把出售矿机作为重点，他只出售全网20%算力以外的矿机，这是因为他们把目标设定为保持全网20%的算力。

It was only in June 2013 that the cat's miner USB was released. Unlike pumpkins, the cat does not focus on selling miners, but only sells miners beyond 20 per cent of net capacity because they set the target at 20 per cent of net capacity.

　　此时，矿机市场看似火热，实际上是久旱欠甘霖。2013年4月，阿瓦隆宣布将专注于芯片研发，不再制造矿机，但现实中的芯片生产流程并不能够按照商业周期进行准确推算，因此阿瓦隆的矿机芯片在市场上的流通程度并不高。

At this point, the market for mining machines seems hot, and in fact damp. In April 2013, Avalon announced that it would focus on chip development and no longer produce machines, but the actual chip production process could not be calculated accurately by business cycle, so Avalon’s chip is not in high circulation in the market.

　　直到9月，阿瓦隆的芯片才发货。在此期间，蝴蝶实验室研发的矿机却迟迟没能发货，阿瓦隆前三个批次的矿机虽已出货，加起来只有1500台，对全网的算力助推作用有限。

Avalon’s chips were not delivered until September. During this period, the butterflies lab developed a mine that was delayed in delivery, and the three first batches of Avalon, which together had only 1,500, had limited impact on the net’s arithmetic support.

　　算力市场在这个期间成为了烤猫的天下，他轻松实现了保持全网20%算力的目标。

Arithmetical markets became the world of roast cats during this period, and he easily achieved the goal of maintaining 20 per cent of all computing power on the net.

　　期间，烤猫公司的股票飞涨。6月股价达到了3.4比特币，7月股价达到了5比特币/股。

During this period, the stock stock of the cat baked rose sharply. The stock price reached 3.4 bitcoins in June and 5 bitcoins/shares in July.

　　烤猫也迎来最好的时代，三个月内赚了2个亿。

It's the best time in the world, with 200 million in three months.

　　10

　　很快，烤猫的好运气似乎耗尽了。

Soon, the good luck of roasting cats seems to run out.

　　2013年10月，烤猫的研发出现了瓶颈，未能及时生产出二代芯片。

In October 2013, there were bottlenecks in the development of roasted cats, which did not produce second-generation chips in a timely manner.

　　投资人吴忌寒似乎早有感觉。2013年4月，他辞去了投行工作，考虑去美国读书深造。

The investor, Wu Tsing, seems to have felt early. In April 2013, he resigned from his job and was thinking about going to America to study further.

　　就在这个节骨眼，俄罗斯的一家ASIC比特币矿机芯片研发团队Bitfury成功研发了全定制的挖矿芯片，其功耗极低。

It is at this juncture that Bitfury, a Russian ASIBC bitcoin chip research team, has successfully developed a fully customized mining chip, which is extremely low-strength.

　　同时，在南瓜张矿机抢购潮中，吴忌寒求而不得。彼时，恰好赶上全网算力价格疯长，吴忌寒间接损失了一大笔钱。这让吴忌寒看到商机，他意识到自己研发芯片的必要。

At the same time, in the wave of pumpkin machine grabs, U Xiao Xiao Xiao Xiao Xiao Xiao Xiao Xiao Xiao Xiao Xiao Xiao Xiao Xiao Xiao Xiao, who is aware of the need to develop the chip, U Xiang Xiang Xiao Xiang Xiao Xiao Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiao Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiao Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xiang Xi

　　此时的吴忌寒已经有了资本，投资烤猫的股票让他获得了500倍的回报，短短几个月身价变成了5000万。但他还缺一个芯片研发工程师。

At a time when Wu has capital, investing in the stock of roasted cats has given him 500 times the return, turning into 50 million in just a few months, but he still lacks a chip research and development engineer.

　　手头恰好有一个合适的人选：詹克团。二人的相识来源于詹克团公司的线下地推活动。彼时，毕业于清华大学计算机系的詹克团运营着一家名为DivaIP的创业公司，主要经营机顶盒业务，詹克团是Sophon芯片设计师。

There's just one right person at hand: the Jangs. The two people knew each other from the work of the Jangs under the line. At the same time, the Jangs, who graduated from the computer department at Qinghua University, run an entrepreneurial company called DivaIP, which runs the top box business, and the Jangs are the sophon chip designers.

　　他力邀詹克团加盟，但条件有点儿奇怪。吴忌寒不给工资，但承诺一旦矿机芯片研发成功，詹克团带来的整个技术团队将获得60%的股份。詹克团研究了2小时比特币后，没有太多犹豫，便接受了这个要求，加入了吴忌寒的队伍。

He was able to invite the Jangs to join, but on a somewhat strange condition. Wu has no pay, but promised that once the microchip is successfully developed, the entire technical team brought in by the Jangs will receive 60% of the shares. After two hours of study of Bitcoin, the Jangs accepted the request, joining the team.

　　当时比特大陆所处的环境并不友好，很显然他们已经落人一步。詹克团必须在最短的时间内开发出顶级芯片，才能在矿机的市场翻身。

At that time, the environment in which the continent was located was not friendly, and it was clear that they had been left behind. The Jangs had to develop the top chip in the shortest possible time before they could turn over in the market for the miner.

　　他果然不负众望。2013年年底，仅仅半年时间，在詹克团的带领下，基于55nm技术的BM1380芯片研发成功，比特大陆的第一台矿机——蚂蚁S1，自此诞生。

At the end of 2013, under the leadership of the Jang Corps, the BM1380 chip, based on 55 nm technology, was successfully developed, and the first mine in Bit continent, the ant S1, was born.

　　整个2013年，矿机市场热闹非凡，除去上述三者，还有鸽子、比特儿、兰德、小蜜蜂、花园等诸多品牌。

Throughout 2013, the market for mining machines was spectacular, with the addition of the above-mentioned three, as well as the brands of pigeons, bitel, Rand, bees, gardens, etc.

　　11

　　巧的是，这一年，互联网领域也颇为热闹。

Coincidentally, this year was also a year of considerable interest in the field of the Internet.

　　2013年，智能手机爆发，工信部下发4G牌照，余额宝诞生，微信爆发。互联网创业随之兴起，中关村创业大街成了创业者聚集地。

In 2013, smartphones broke out, 4G license plates were issued by the Ministry of Trade and Communications, balances were born, and micro-letters broke out. Internet entrepreneurship began with the emergence of an entrepreneur in the middle of the country.

　　在创业大街尽头，是一家名为车库咖啡的咖啡馆，和附近的3W咖啡、黑马学院等醒目的大招牌相比，显得异常低调。

At the end of the entrepreneurship street, it is a café called garage coffee, which appears to be extremely low-profile when compared to such prominent signs as the nearby 3W coffee and the Black Horse College.

　　这是一家成立于2011年4月7日的咖啡馆，也是全球第一家创业主题的咖啡厅。

This is a café, which was established on 7 April 2011 and is the first entrepreneurship theme in the world.

　　车库咖啡被认为是币圈延安

Garage coffee is supposed to be a coin ring.

　　创始人苏菂，曾是一个成功的互联网公司投资总监。做投资多年，他发现想找个好项目并不容易，而创业者也需要各种各样的服务，比如低成本的办公场所，与投资人见面的机会。

Founder Su, was a successful investment director for an Internet company. For years, he found it difficult to find a good project, and entrepreneurs needed a variety of services, such as low-cost office space, to meet with investors.

　　于是，一间以创业和投资为主题的咖啡馆应运而生。

As a result, a café was created with the theme of entrepreneurship and investment.

　　起初的两年，车库咖啡经营得并不算成功。在第一年，苏菂一分钱工资都没拿，甚至不知不觉掉了40斤肉。

In the first two years, garage coffee didn't work well. In the first year, Su-yun didn't get a penny of his salary, even lost 40 pounds of meat.

　　2013年3月，一则偶然事件让不知名的车库咖啡火了。当时，一位美国留学生Jake Smith来到车库咖啡，提出以比特币付款。

In March 2013, an accidental incident set on fire an unknown garage coffee, when a American student, Jake Smith, came to the garage coffee and offered to pay in bitcoin.

　　车库咖啡2号员工黄芬后来说：“我们当时有一个合伙人正研究比特币，正愁没地方去找呢，就同意了。不过，还没等我们拿到比特币，就被研究比特币的合伙人换走了，我们最后还是收的现金。”

"We had a partner who was studying bitcoin, and we had no place to look, so we agreed. But, before we got bitcoin, we got replaced by a partner who studied bitcoin, and we finally took cash."

　　这个合伙人就是赵东。

This partner is Zhao Dong.

　　彼时，赵东刚刚卖掉了亲手创办的墨迹天气的股份。据说在卖股份之前，他不确定能不能拿到钱，还跑去北京昌平找老太太算了一卦。

At the time, Zhao Tung had just sold the ink weather shares that he had created. Before selling the shares, he was said to have been uncertain whether he could get the money and went to Beijing to ask her for information.

　　同时，赵东觉得房价已经很高了，预计泡沫破灭很快就要到来，所以在千辛万苦求得老婆大人的同意后，竟然把房子也卖了。

At the same time, Zhao Dong felt that the house price was already high and that the bubble was expected to burst soon, so he sold the house after trying to obtain his wife's consent.

　　有了闲钱的赵东因缘际会下加入了车库咖啡。他一边担任CTO，一边顺手投了几个项目。“我大概有一半的钱在银行存的定期，还有一半的钱买了基金，当时并没有特别好的投资，存银行定期利息很低，我买了一年的基金以后发现基本上都是赔的，赔10%左右，没有好的理财手段。”赵东在后来接受采访时回忆。

With free money, Zhao Dong-in joined the garage coffee club. As a CTO, he dropped several projects. “I spent about half of my money on a regular basis in the bank, and half of my money on the fund, which was not particularly good at the time, with low interest rates in the bank. After I bought a year's fund, I found that it was basically a payout, 10 per cent, and no good means of financial management.” Zhao Dong remembered it later in his interview.

　　用比特币购买咖啡的事情，引来了央视的报道，车库咖啡名声大噪，成了币圈大佬的聚集地。

The purchase of coffee in bitcoin led to a visual report that the garage coffee was famous and became a conglomerate of big coins.

　　12

　　这让赵东有了更多接触比特币的机会。

This gives Zhao Dong more access to Bitcoin.

　　在吴钢的引导下，赵东抱着投机心态，拿了1万元人民币入场买了10个比特币，两个礼拜后，赵东赚了1万元，他买了人生中第一个苹果手机。看到比特币可以赚钱，赵东开始大规模买入比特币。

Under the guidance of Wu Gang, Zhao Dong bought 10 bits of coins with a speculative attitude, and after two weeks, Zhao Tung made 10,000 dollars and bought the first apple phone in his life. Seeing that bitcoin makes money, Zhao Tung began buying bitcoin on a large scale.

　　此时，吴钢已经离开了那家P2P视频网络公司，离开的时候，他并没有带走靠公司电脑挖出来的8000个比特币。2013年，吴钢再次入场，买入了价值30万元的比特币。

At this point, Wu has left the P2P video network and, at the time of his departure, he did not take the 8,000 bitcoins dug up by the company's computer. In 2013, Wu came back and bought $300,000 worth of bitcoins.

　　这年夏天，研究比特币2年的李笑来发起了比特币基金BitFund.PE。

This summer, two years of laughter by studying bitcoin came to launch BitFund.PE.

　　此外，李笑来还在车库咖啡布道。宝二爷的妻子金洋洋就是在车库咖啡听过一节课后进场了。

In addition, Li laughter sermons coffee in the garage. Lord Po's wife Kim Yangyang came in after a section of coffee in the garage.

　　起初，宝二爷觉得比特币是传销。后来，金洋洋拉着宝二爷去见李笑来。在这场历史性的会面当中，老道的李笑来成功把宝二爷“洗，脑”了。他不仅辞掉了卖牛肉的工作，还准备All in比特币。

At first, Mr. Bo thought that Bitcoin was a distribution. Later, Kim Yoo-Yan came to see him laughing. During this historic meeting, the old Li laughed and successfully “washed his brain.” Not only did he quit selling beef, but he also prepared All in Bitcoin.

　　中国最早的比特币社群，“和平饭店”QQ群也在这一年诞生了。这个社群聚集了币圈早期的一群大佬，人们讨论各种和比特币相关的投资事宜。

China’s first Bitcoin community, the QQ-group of the Peace Hotel, was also born in the year. This community brought together an earlier group of big men in the currency circle to discuss a variety of Bitcoin-related investments.

　　每当群里加入一个新人的时候都会被群友问“仰望星空了吗？”，而吴钢的网络昵称就是“星空”，其地位可见一斑。

Every time a new person is added to the group, the group asks, “Are you looking at the sky?”, and Wu Steel’s network, known as “the sky”, is a visible position.

　　那一年，币价飞涨，4月1日，比特币首次突破了100美元。与2011年最早期0.03美元的价格相比，比特币实现了增长3000多倍的奇迹。财富效应吸引着越来越多的人涌入了这个淘金胜地。

That year, currency prices skyrocketed, and on April 1, Bitcoin made the first breakthrough of $100. Bitcoin achieved a miracle of more than 3,000 times more than the price of $0.03 in the early years of 2011. The wealth effect attracts more and more people into the gold fields.

　　13

　　其中，一个人是徐明星。

One of them is a star of Xu.

　　徐明星喜欢看美剧。2011年，他在《傲骨贤妻》第三季里看到一个词：bitcoin，还顺便记住了其中一句台词：“bitcoin is the future，real is gonna change．”

Star Seo likes to watch the play. In 2011, he saw a word in the third season of "Honorous Wife": "bitcoin is the future, real is gonna change."

　　傲骨贤妻的台词严重刺激到他，于是他一次性买了几百个比特币，入手时单价不到20美元。徐明星似乎成了19世纪那场美国西部大淘金的第一波淘金客，占尽先机。

The speech of the proud wife was so exciting that he bought hundreds of bitcoins at a single price of less than $20. Xu became the first gold-digger in the West of the United States in the 19th century.

　　徐明星出生于江苏农村，他似乎打小就知道了知识改变命运的真理，因此读书时成绩总是名列前茅，尤其是物理和数学。2006年，正在中国人民大学读物理系研究生的徐明星选择退学，自此开始了他的创业之旅，却接二连三碰壁。

Xu, who was born in Jiangsu, seems to have learned the truth of knowledge to change his destiny when he was young, and has always been among the top performers in his studies, especially in physics and mathematics. In 2006, Xu, who was studying at the Physics Department of the People’s University of China, chose to drop out of school, and since then he has started his business trip, which has been broken up.

　　徐明星一度风光无限

　　第一次创业，他选择的是团购网站。因只懂技术，第一个项目很快沦为炮灰。

For the first time he started a business, he chose to buy a website. The first project quickly turned into a cannon as a result of a technical mastery.

　　第二次创业，他加入了豆丁网，任CTO。豆丁网发展得不错，但该领域正逐渐被巨头挤压。2012年，徐明星退出了豆丁网。

The second time he started a business, he joined the soybean web, with the CTO. The soybean web is growing well, but the field is gradually being squeezed by giants. In 2012, Xu Xu withdrew from the soybean web.

　　第三次创业，他选择餐饮O2O。这一次，他卖掉了房子，投入了两百万元，all in餐饮O2O。结果项目很快亏损，最后夭折。

The third time he started a business, he chose to eat O2O. This time, he sold the house and invested $2 million in a restaurant O2O. As a result, the project quickly lost and eventually died.

　　但创业的火苗尚未熄灭。2013年，比特币正在被越来越多的人提及，炒币几年的徐明星发现当时交易平台的用户体验差，以此为切入点，徐明星看到了商机。

But the sparks of entrepreneurship have not been extinguished. In 2013, Bitcoin is increasingly being mentioned as a point of entry when Xu Xu Xu Xu Xu, who for several years discovered that the trading platform had a bad experience, saw business opportunities.

　　2013年6月，比特币交易平台OKCoin问世。平台主打资金实时到账，支持支付宝、网银、财付通等充值方式，大部分交易免手续费等。

In June 2013, the Bitcoin trading platform, OKCoin, was launched.

　　这一次，徐明星似乎成了被上帝眷顾的孩子。创业之初即获得创业工场、美国著名投资人Tim Drapper的100万美元的天使投资。

This time, Xu Star seems to be a child of God. The start of the business started with an angel investment of $1 million from the start-up workshop, the famous American investor Tim Drapper.

　　随后，OKcoin上线第一个币种：莱特币。这是比特币中国看门人李启元的弟弟李启威发行的数字货币。李启威毕业于麻省理工学院，曾在硅谷担任程序员。为避嫌，李启元坚决不同意在比特币中国上莱特币。

Li Qiwei graduated from MIT and worked as a programmer in Silicon Valley. To avoid the suspicion, Li Qi Won categorically disagreed with the Chinese upper Lettco in Bitcoin.

　　起初，莱特币价格在1-6元徘徊，10月，伴随着比特币价格爆发，莱特币暴涨了80多倍，最高曾达到380元。这一举动也迅速助推OKcoin走红。

Initially, the price of Lightcoin hovered at $1-6, and in October, with the outbreak of Bitcoin prices, the price of Lightcoin skyrocketed by more than 80 times, reaching a maximum of $380. This move also contributed rapidly to the growth of OKcoin.

　　三个月后，OKCoin的用户数已经超10万，日交易额达8000万元，在年底完成了千万元级别的A轮融资，一举成为国内最大的数字货币交易平台。

Three months later, the number of users of OKCoin has exceeded 100,000, with daily transactions amounting to $80 million. At the end of the year, a multimillion dollar-grade A round of finance was completed, making it the largest digital currency trading platform in the country.

　　后来，赵长鹏、何一等日后币圈大名鼎鼎的“大佬”也相继进入OKCoin，OK铁三角正式成立，平台交易额更是挤进了世界前10。

Since then, Zhao Chang Peng and Ho, the famous “big man” of currency circles, have entered the OKCoin, the OK Iron Triangle has been formally established, and the platform trade has been pushed into the top 10 places in the world.

　　14

　　看中交易所生意的不止徐明星。

It's not just Xu Star who looks at the exchange business.

　　还有一个人叫李林。他本科毕业于同济大学，后来复习三个月便考上了清华研究生。在清华，仅仅待了2年便提前毕业了。

There's another guy named Li Lin. He graduated from the University of Qingji and took three months as a graduate student. In Qinghua, he graduated early only two years later.

　　李林的第一份工作是在甲骨文，生活安逸。下班后，李林喜欢和一帮IT界的技术男们混在一起，大家一起讨论社会上最前沿的项目和技术，分析还有没有什么“可以抓住的创业机会”。

Li Lin's first job is in Oracle, where life is easy. After work, Li Lin likes to hang out with a bunch of technocrats in the IT world to discuss the most advanced projects and technologies in society, and to analyze what “business opportunities can be seized”.

　　第一次创业，李林做了“友谊网”，通过人际关系实现资源共享。但不到一年的时间，网站只有大约7万用户，3个合伙人投资的30万元全赔了进去，公司就此夭折。

For the first time, Li Lin became a “friendship network”, sharing resources through interpersonal relationships. In less than a year, the site had only about 70,000 users and 300,000 dollars invested by three partners had been paid in and the company had died.

　　第二次创业，他搭建了一个叫做人人折的平台，这是一个团购导航网站。依托行业红利，人人折上线1个月就有营收，两个月暴增，业绩数据翻翻的同时，也获得了资本青睐。

The second time he started a business, he set up a platform called the Companion for All, a group-buying navigation site. On the basis of the industry dividend, everyone had been on the line for one month, two months had gone up, and performance data had turned up, while capital had been favoured.

　　李林更愿意将这样的成功归功于抓住机遇，趟的是红海。红海的黄金期总会过去，更有挑战的是“蓝海”。2012年年底，李林从人人折抽身。

Li Lin prefers to attribute this success to seizing the opportunity to travel to the Red Sea. The Red Sea’s golden season will always pass, and even more challenging is the “Blue Sea.” At the end of 2012, Li Lin turned away from everyone.

　　他给自己定了一条规矩，下一次创业不但要离钱近，天花板还要高。

He had set himself a rule that the next time he started a business, he needed to be close to the money, and the ceiling was taller.

　　李林毕业于清华大学

　　2013年9月，李林正筹划他的第二次创业。

In September 2013, Li Lin was planning his second entrepreneurship.

　　这年春天，虚拟货币突然变成了全民热议的话题，来势汹汹。早在2011年就开始关注比特币的李林登录比特币中国买了几个币，也试着交易过，却发现体验并不好。

In the spring, virtual money suddenly became the subject of popular debate. As early as 2011, attention was focused on the bitcoin of Bitcoin, which had bought several coins in China, and tried to trade them, but found that it had not been a good experience.

　　痛点即是商机。2013年5月15日，他买了域名huobiwang，避开谐音“货币网”日后可能存在潜在风险，最后确定公司注册名称为“火币网”。“要火嘛，红红火火，而且木生火呀。”李林解释名字里的小深意。

The pain is a business opportunity. On May 15, 2013, he bought a domain name, Huobiwang, avoiding the potential risk of a punctuated “currency network” and finalizing the name of the company’s registration as the “tunnet”. “Fire, red fire, and wood fires.” Li Lin explains the meaning of the name.

　　此时，李林已经有了创业的资本。依托人人折，李林在北京买了房买了车，账上也有千万级别的存款。

At this point, Li Lin already has the capital to start a business. On behalf of everyone, Li Lin bought a house in Beijing and bought a car with millions of deposits on the books.

　　2013年9月1日，火币网正式上线，定位为中国最专业的比特币交易平台。一般平台赚的都是交易手续费，但火币网一上线，李林就昭告天下说永久免除手续费。

On September 1, 2013, it was officially launched as China’s most professional bitcoin trading platform.

　　不收手续费这一举措让火币网迅速积累了大量用户。上线不到半年，比特币日交易量一度凌驾35万枚，单日交易额15亿元。

In less than six months, Bitcoin traded more than 350,000 dollars a day and 1.5 billion dollars a day.

　　很多人把2013年称为中国比特币元年，这一年日后在币圈赫赫有名的大佬几乎全部进场，连通比特币下游的矿机和上游的交易所都有了突破性进展。而这都要归功于比特币技术本身的发展。

Many refer to 2013 as the Chinese Year of Bitcoin, and the year after that, almost all of the big men who are famous in the currency circle have entered the field, with breakthroughs connected to sub-bitcoin mines and upstream exchanges. This is due to the development of Bitcoin technology itself.

　　这一年，比特币发布了0.8的版本。这是比特币历史上最重要的版本，它完善了比特币节点本身的内部管理、网络通讯的优化。

That year, Bitcoin released a 0.8 version. This is the most important version in the history of Bitcoin, and it perfects the internal management of the Bitcoin node itself, the optimization of network communications.

　　自此之后，比特币才真正支持全网的大规模交易，成为中本聪设想的电子现金，真正产生了全球影响力。

Since then, Bitcoin has truly supported large-scale Internet-wide transactions and has become the e-cash of China’s vision, with real global impact.

　　15

　　在这样的条件下，比特币迎来最好的时代。

Under such conditions, Bitcoin ushered in the best of times.

　　自4月1日，比特币价格突破100美元后，比特币开始了长达几个月增长。

Bitcoin began to grow for several months on 1 April, after the price of Bitcoin had exceeded $100.

　　即便FBI在2013年10月关闭了丝绸之路（利用比特币进行枪支毒品等非法交易的匿名黑市），也没有给市场造成持久的大幅波动。虽然比特币在10月2日当天市值跌去了20%，价格回归100美元附近。

Even the FBI closed the Silk Road in October 2013 (the anonymous black market for illegal transactions such as firearms and drugs using Bitcoin) without causing long-lasting large market fluctuations. Although Bitcoin fell 20% of its market value on 2 October, the price went back around $100.

　　但很快，市场回暖了。11月18日，美国参议院进行了主题为“超越丝绸之路——潜在的威胁、风险和虚拟货币的承诺”讨论会，弱化了比特币的负面作用，美联储主席伯南克还表示了对比特币的看好与祝愿。讨论会结束当天，比特币暴涨50%。

On November 18, the United States Senate held a seminar on the theme “Beyond the Silk Road – Potential Threats, Risks, and Promises of Virtual Currency”, which weakened the negative impact of Bitcoin, and US Federal Reserve Chairman Bernanke also expressed his best wishes for Bitcoin. On that day, Bitcoin surged by 50%.

　　后来的一个月，比特币开启了一波凌厉的增长行情。每天1000块钱跳动，比特币迅速到达8000元。比特币玩家群里开始流传“现在一个比特币一部苹果手机，总有一天一个比特币能买一栋房子“的段子。

And then a month later, Bitcoin started a wave of growth. Every day, 1,000 dollars jumps, and bitcoin quickly reaches 8,000 dollars. Bitcoin players began to spread the phrase, "Now an apple phone in a bitcoin, one day a bitcoin can buy a house."

　　很快，玩家的激情被冲淡了。

Soon, the player's passion was diluted.

　　12月6日，央行联合五部委下发《关于防范比特币风险的通知》，否认比特币的货币属性，国内支付机构开始不支持比特币交易平台的转帐和提现，Okcoin和比特币中国宣布暂停人民币充值。

On 6 December, the Central Bank, in conjunction with five ministries and departments, issued a circular on protection against the risk of Bitcoin, denying the currency attributes of Bitcoin, the domestic payment agencies began not to support the transfer and withdrawal of the Bitcoin trading platform, and Okcoin and Bitcoin China announced a moratorium on renminbi charging.

　　那一晚的车库咖啡，所有人都紧盯着电脑、手机屏上正在跳动的比特币价格。宝二爷叫住前来采访的记者，“今天咱们见证历史了！”

The night of garage coffee, everyone was staring at the computer and the beating bitcoin price on the phone screen. Lord Po called the interviewer, "We're witnessing history today!"

　　果然，比特币价格经历了一次历史性大跳水。两天前还是创历史高点的1238美元，禁令一出应声跌至640美元。

As a matter of fact, bitcoin prices went through a historic jump. Two days ago, it was $1238 at an all-time high, and the ban fell to $640.

　　就在币圈被紧张气氛笼罩的那几天，李笑来却华丽转身。他以“中国持有比特币最多的人之一”的身份登上《华尔街日报》，从此走上币圈“神坛”。

Just a few days after the currency was caught in a tense atmosphere, Li smiled and turned around. He boarded the Wall Street Journal as “one of the most popular people in China holding bitcoin” and then went to the currency.

　　赵东因为在币价最低点成功上演币价狙击战，随后币价回升100美元，他在币圈一战成名。

Zhao Dong was famous for his successful bid sniping at the lowest value of the currency, after which the price rose to $100.

　　币价终究没有回到往日的辉煌。据业内人士回忆，“五部委发文后没多久，五大交易平台的负责人，就在老徐（OKCoin创始人徐明星）颐泉汇的办公室里一起商量，接下来该怎么办。”

The price of the currency has not returned to the glory of the past. According to the industry, "Not long after the five ministries sent out their letters, the heads of the five trading platforms were in the office of the former founder of OkCoin, Xu Xi Xuan, to discuss what to do next."

　　漫长的寒冬拉开帷幕，被财富冲昏头脑的人却并没有察觉。

The long winter begins, but those who are swept away by wealth are not aware of it.

　　16

　　赵东丝毫没有意识到2014年将会是他人生的滑铁卢。

Zhao Dong did not realize that 2014 would be his life's Waterloo.

　　即便他提前就得知门头沟交易所即将倒闭，依然没有割肉平仓。

Even if he had been informed in advance of the impending closure of the Dock Exchange, there was still no cut-off.

　　令赵东怎么也没想到的是，2014年2月10日比特币交易市场出现闪电崩盘，价格数秒内从逾600美元暴跌至102美元，跌幅超80%，随后又升回600美元附近。当天赵东爆仓了近一万枚比特币，亏损了800万美元。

What you did not expect is that on February 10, 2014, there was a lightning crash in the Bitcoin trading market, with prices falling sharply from over $600 to $102, a drop of over 80%, and then back close to $600. On that day, Zhao’s seizure of nearly 10,000 bitcoins resulted in a loss of $8 million.

　　2014年3月1日，全球最大的比特币交易平台“Mt.Gox”被盗事件的报道铺天盖地砸来，其交易份额一度占到全球的80%。还没从“五部委”调控中喘息过来的比特币玩家们，再一次，被用力地推到了绝望的边缘。

On March 1, 2014, the story of the theft of the world’s largest Bitcoin trading platform, Mt.Gox, reached 80% of the world’s trade share. Bitcoin players who have yet to breathe from the five-ministerial regulations were pushed to the brink of despair once again.

　　整个2014年，由于错误估计了形势，投资的矿场入不敷出，赵东亏损了1.5亿人民币。

Throughout 2014,

　　同病相怜的还有宝二爷。比特币跌到5000元左右时，宝二爷开始抄底比特币。这一次，他不只投入了自己所有的钱，甚至还有借款。

The same thing happened to Master Bo. When Bitcoin fell to about $5,000, he started copying Debitcoin. This time, he invested not only all his money, but even borrowing.

　　可是，抄底没有成功，门头沟事件后，比特币价格在短短三个月内遭遇腰斩，并在接下来的一年中，从最高点1100美元，一路下滑到最低的200美元。

However, the scribble failed, and the price of Bitcoin was cut in a short period of three months after the incident, and in the following year it fell from the top point of $1,100 to the lowest of $200.

　　当时，宝二爷已经在内蒙古建成了当时全世界最大的比特币矿场。矿场一天电费50万，能生产出100枚比特币，平均一枚比特币的成本在5000元，算上其他支出，基本是赔钱的买卖。

At that time, Lord Po had built the world’s largest bitcoin mine in Inner Mongolia. The mine cost half a million dollars a day to produce 100 bitcoins, with an average cost of 5,000 dollars per bitcoin and other expenses, basically for sale and sale.

　　宝二爷再也不用卖牛肉了

　　后来，宝二爷想明白了，要想让手上的比特币升值，唯一的办法就是让它成为更多人的共识。他和妻子金洋洋开始做视频访谈，采访徐明星、李林、烤猫等当时的币圈新星，他自己则在2015年底做起了中国行。

Later on, Lord Bo realized that the only way to get the bitcoin in his hand to appreciate was to make it more popular. He and his wife, Kim Yoo-Yan, started a video interview with Xu Star, Li Lin, the roast cat, and so forth, and he started a Chinese tour at the end of 2015.

　　他事后回忆道：“中国行是被逼出来的，也是自己套得最惨的时候。当时的想法是，再抗一抗，抗不过去这辈子就再回山西老家卖牛肉。”

He later recalled: "The Chinese business was forced out, and it was the worst time for himself. The idea was to fight back and sell beef back to Shanxi for the rest of his life."

　　宝二爷矿场的情况算是整体行情的缩影。当时，矿场入不敷出，急需更低功耗、更高性能的机器。

The situation at Bo's mine is a microcosm of the overall state of affairs. At that time, the mine was in short supply and urgently needed lower-capacity and higher-performance machines.

　　17

　　这让吴忌寒感到了莫大的压力。

This puts a lot of pressure on Wu Tsing.

　　他的蚂蚁矿机刚刚问世，商业计划是按照比特币高价格做的，而币价腰斩，没有人愿意付出昂贵的电费来挖掘一个价值不断下降的数字货币。矿机卖不动了，市场给他当头一棒。

His ant mine has just come to life, and the business plan is based on a high price of bitcoin, while the money is decapitated, and no one is willing to pay expensive electricity to dig up a falling digital currency. The mine doesn't sell, and the market gives him the head.

　　仅仅成立几个月，公司便来到了生死边缘，他们必须抓紧研发。

In just a few months of existence, companies have come to the brink of life and death, and they must step up their research and development efforts.

　　此时，烤猫公司的危机也越来越严峻。

At this time, the crisis in the baked cat company is also becoming more acute.

　　2014年8月，从未在公众面前露过脸的烤猫第一次出现在公众面前，他站在一张复杂的图表前，讲解电价与算力增长的关系。穿着一双拖鞋、黑色休闲短裤和浅色T-恤的烤猫依旧不修边幅。

In August 2014, for the first time, a roast cat who never had a face in public appeared in front of the public, standing in front of a complex chart explaining the relationship between electricity prices and arithmetic growth. The roast cat in a pair of slippers, black leisure shorts, and light-coloured T-shirts remained unpaved.

　　奇怪的是，这个平日里见到员工写感叹号也会进行纠正的人在最后讲起了自己创业的艰辛。

Paradoxically, those who see employees writing exclamations in the day ended up talking about their difficulties in starting a business.

　　烤猫最后一次出现

　　这种行为不符合烤猫的理念。他是一个无政府主义者，他一直喜欢隐藏在幕布后面。熟悉他的人都知道烤猫遇到了大麻烦。

This behavior is not in keeping with the concept of a roast cat. He's an anarchist, and he always hides behind the screen. Everyone who knows him knows that a roast cat is in big trouble.

　　研发的矿机遇到了问题，烤猫意识到，除了调整产品本身以外，营销与宣传是一个绕不开的选择，这迫使他不得不出面。

The mining opportunities for R & D are problematic, and the roast cat realizes that marketing and publicity are an inescapable option, apart from adjusting the product itself, which forces him to come forward.

　　这是他第一次，也是最后一次出现在公众视野。不久后，烤猫彻底失联。

This is his first and last appearance in public view. Soon, the roast cat will be completely lost.

　　也是这一年，美国的ButterflyLabs被联邦贸易委员会（FTC）起诉了，另一家矿机龙头企业KnCMiner破产了。而南瓜张早已转型芯片研发，这就意味着整个寒冬里，只有比特大陆，还在不断的迭代矿机。

Also this year, the United States’ Butterfly Labs was sued by the Federal Trade Commission (FTC), and another mining company, KnCminer, went bankrupt. Pumpkin Chang, had already transformed chip research, which meant that there was only Bitcoast in the winter, and that there were ongoing iterative machines.

　　不同于吴忌寒，他的好友长铗在这一年收获了喜悦。

Unlike U Xiaoqin, his best friend Xiao Xiao gained joy this year.

　　天使投资人宋欢平专程飞到南宁，跑到长铗的单位找他，“再不出来就晚了。”他带了一批人，提出要将巴比特商业化的构想。

The angel investor, Song Qingping, flew to Nanning's office to find him, "It's too late to come out." He brought in a group of people to come up with ideas for the commercialization of Babbitt.

　　长铗毅然辞职。他苦心经营的这家资讯网站，在20多位专栏作家拾柴续火般坚守了4年之后，终于在2014年得到了资本方的认可。

He resigned. This information site, which he managed hard to run, was finally recognized by the capital in 2014, four years after more than 20 columnists were able to keep up the match.

　　到了2015年，比特大陆的矿机有了起色。

By 2015, the mine in the Bit continent had improved.

　　第五代采矿钻机Antminer S5问世了，其与S1相比减少了约三分之一的功耗。随着比特币的价格上涨，矿工们回到了矿场，Antimer S5也成为其挖矿工具。“那个芯片太棒了，”吴忌寒说，“它让我们的公司起死回生。”据詹克团介绍，比特大陆的产品利润率为50%。

As the price of Bitcoin rose, the miners returned to the mine, and Antimer S5. “The chip was wonderful,” Wu said, “It brought our company back to life.” According to the Jank Regiment, the profits of Bitcoe continent’s products are 50%.

　　包含BM1384芯片的Antminer S5，扭转了比特大陆的命运，也奠定了比特大陆矿霸的基础。

, Antminer S5 containing BM1384 chips, reversed the fate of the Bit continent and laid the foundation for the Bit continent magnate.

　　寒冬那两年，成了许多人命运的拐点。也是在那时，人们开始探讨除了炒作之外，区块链技术的其他价值，尤其是底层技术。于是，在国外，一个新项目引起了人们的注意。

In the two years of the winter, it became a turning point for the fate of many. And at that time, people began to explore the value of block chain technology, especially bottom technology, in addition to fiction. So, abroad, a new project has attracted attention.

　　18

　　2014年7月24日起，一个名为以太坊的项目进行了为期42天的以太币预售。在这期间，一共筹集到31529个比特币，按比特币当时的市价来算，超过1800万美元。对应的，售出60102216个以太币。

During this period, 31,529 bitcoins were raised, amounting to more than $18 million at the market value of Bitcoin at the time. The corresponding figure is 60,02216 coins.

　　令人们惊讶的是，他的创始人是一个年仅19岁的少年Vitalik Buterin，就是当初那个一怒之下卸载《魔兽世界》的孩子。

Surprisingly, his founder, Vitalik Buterin, a 19-year-old boy, was the child who, in his anger, unloaded the Worm World.

　　以太坊的故事要从休学说起。2013年，19岁的Vitalik Buterin步入滑铁卢大学，仅仅8个月便选择了休学。

In 2013, Vitalik Buterin, a 19-year-old, went to Waterloo University and chose to drop out in just eight months.

　　原来，在参加了圣何塞举行的第一场大型比特币会议后，他意识到社区不是由互联网非主流组成的，他们是真正的公司，真实的人。

Turns out, after participating in the first major Bitcoin conference in San José, he realized that the community was not made up of non-mainstream Internet, that they were real companies, real people.

　　布特林要从虚拟网络世界中走出来，去看看这个世界。同为程序员的父亲并不同意，他希望儿子毕业之后可以进入苹果或者谷歌。好在，父亲足够开明，他看透了儿子不安分的本质，对布特林说，“辍学后的人生会更加充满挑战性，但你也会学到很多。”

Butrin wants to come out of the virtual world and see the world. The programmer's father doesn't agree, and he wants his son to go into apples or Google after graduation. Good enough, the father is enlightened enough to see the uneasy nature of his son, and he says to Botlin, "Life after dropping out of school will be more challenging, but you'll learn a lot."

　　被列为大佬的V神

　　布特林选择环游北美和欧洲，经过一番寻找后，他停留在以色列，在一个名为 Mastercoin的项目工作。在此工作期间，也就是2013年11月左右，以太坊的初版白皮书问世了。

Butrin chose to travel around North America and Europe, and after a search, he stayed in Israel and worked on a project called Mastercoin. During this work, which took place around November 2013, the first version of the White Paper was published in Taiku.

　　在白皮书中，他肯定了比特币网络“分布式数据库”的伟大理念，但也指出它的缺点：扩展性不足，只有比特币一种符号。

In the White Paper, he affirmed the great idea of the “distributed database” of the Bitcoin network, but also pointed to its shortcomings: it was not sufficiently expansive and had only a bitcoin symbol.

　　不同于比特币，以太坊可以视为一台分布式的电脑，任何人都可以上传和执行应用程序，矿工们就像是负责计算的CPU，共同组成一个去中心化的世界计算机。

Unlike Bitcoin, Etheria can be seen as a distributed computer, and anyone can upload and execute applications. Miners are like CPUs, which compute a decentralised world computer.

　　两周后，Vitalik Buterin开始发邮件，邀请朋友合作。与此同时，回复邮件的前10位成为了以太坊的联合创始人，他们成为了一个非盈利性组织。

Two weeks later, Vitalik Buterin started emailing and inviting friends to work together. At the same time, the top 10 e-mail respondents became co-founders of Ether, a non-profit organization.

　　2014年，环游世界回归的布特林回到了多伦多，带着他的《以太币白皮书》开启了ICO众筹。结果振奋人心，寂静的熊市，以太坊成为了当时排名第二大的众筹项目。

In 2014, the world-wide return of Butrin returned to Toronto, where his White Paper on Ether opened up the ICO. The result was exciting, the silent city of Bears, which became the second largest fundraiser at the time.

　　好消息接踵而来，这一年，布特林击败了Facebook创始人，获得了2014年IT软件类世界技术大奖。

The good news followed that year when Butellin defeated the founder of Facebook and won the 2014 World Technology Award for IT Software.

　　19

　　这样的奖励来源于以太坊颠覆性的设计——智能合约。

This reward comes from Ether's subversive design — smart contracts.

　　这是一种能够自动触发的合约。

It's a contract that can be triggered automatically.

　　举个例子，比如老王答应2月14号给小花5000块钱买包，那么小花14号就可以收到老王给的5000块钱。合约一旦生成，不论老王是否家中有变，在2月14号那天，以太坊都会自动将5000块钱从老王那转给小花。

For example, on February 14, the king promised to buy 5,000 dollars for small flowers, so that the 14th would receive 5,000 dollars for small flowers. Once the contract is created, whether or not the king's home changes, on February 14, the house will automatically transfer 5,000 dollars from the king to small flowers.

　　这让区块链变成了一个可扩展的程序，不仅用于记录各种信息，还能自动执行各种合约（在网络中是一个个等待被执行的程序），这彻底打开了区块链通向商业应用的大门。

This transforms the block chain into a scalable procedure, not only for recording information, but also for the automatic execution of various contracts (a process in the network awaiting enforcement), which completely opens the door to commercial applications of the block chain.

　　此外，以太坊设计了不同于比特币的共识机制。比特币的共识机制是“工作量证明机制”（POW）——谁的算力强，谁就来成为记账员。

In addition, it designed a consensus mechanism different from that of Bitcoin. Bitcoin's consensus mechanism is the Workload Certification Mechanism (POW) — who counts well, who becomes the bookkeeper.

　　但这个共识机制存在效率低下的问题。为了公平，矿工们每天都要比赛，这导致了大量资源浪费。

But this consensus mechanism is inefficient. In order to be fair, miners compete every day, which leads to a huge waste of resources.

　　布特林早就意识到了这一点。他将以太坊设计了4个阶段，在前三个阶段以太坊共识算法采用工作量证明机制（POW），在第四阶段会切换到权益证明机制（POS）——谁持有的数字货币多，拥有的时间长，就可以决定记账权。

Butrin was aware of this long ago. He will design four phases in the Tai Chamber, introduce the Workload Certification Mechanism (POW) in the first three phases with the Taiye consensus algorithm, and switch to the Proprietary Claims Mechanism (POS) in the fourth phase — who holds a large number of digital currencies and has a long time to decide on the right to account.

　　2015年6月，布特林团队发布了正式初版以太坊网络Frontier。所有承诺给早期投资者的以太币被顺利地交付，开发者们也开始在以太坊上编织他们的梦想。

In June 2015, the Botlin team released an official version of the Ethernet Frontier. All the /strang's promises to early investors were successfully delivered and developers began to woven their dreams on Ether.

　　同时，传统资本也开始注意到这一领域。

At the same time, traditional capital is beginning to pay attention to this area.

　　2015年7月，沈波的万向控股投资成立了分布式资本，其合伙人有万向副董事长肖风，沈波，以及以太坊创始人V神（现已离任）组成。这后来成为了中国最大的，也是最知名的区块链投资机构。

In July 2015, Shenbo’s ten-way equity investment created distributed capital, with partners such as Xiao Feng, Shenbo, the Vice-President, and the founder of Etheria V (now absent). This has since become China’s largest and most well-known block chain investment agency.

　　区块链2.0的大门正式打开了，维塔利克也成为了媒体口中的天才少年，他有了新的称呼：V神。但有人却对此不屑。

The gates of block chain 2.0 were officially opened, and Vitalik became a talented young man in the press, with a new name: V God, but some were not.

　　20

　　他就是在2010年便质疑比特币确认速度的Dan Larimer。

In 2010, he questioned Dan Larimer, who confirmed the speed of Bitcoin.

　　Dan Larimer不认可POW的机制，同样对以太坊也有质疑，甚至在以太坊刚刚开始众筹时，他便预见“将来，以太坊会遇到扩容性和效率的问题”。

Dan Larimmer did not endorse the mechanism of the Pow, but also questioned Ether, even as it had just begun to build, and he had foreseen that “in the future, Ether will encounter problems of inclusiveness and efficiency”.

　　于是，在POS的基础上，Dan Larimer独自一人提出了DPOS机制（代理权益证明）。持币人选出几个代表节点来运营网络，这些代表节点好比公司本身，而持币人则是股东，公司为股东产生回报，而股东无需挖矿。

Thus, on the basis of POS, Dan Larimer alone presented the DPOS mechanism (a proxy certificate of interest). The currency holder selects several representative nodes to operate the network, which are more than the company itself, while the currency holder is the shareholder, and the company produces returns for the shareholders, who do not have to dig mines.

　　撸猫程序员BM

　　2014年，多家中心化交易比特币的交易所被多个国家政府警告，面临关闭的风险，Dan Larimer意识到一个去中心化交易所对于虚拟货币市场交易的重要性。

In 2014, several centrally traded Bitcoin exchanges were warned by several Governments of the risk of closure, and Dan Larimer was aware of the importance of a decentralized exchange for virtual currency market transactions.

　　于是，2014年7月，BitShares（比特股）诞生了。这是一个去中心化的支付系统，服务器分散在全球各地，每秒可以处理10万次交易请求。

As a result, in July 2014, BitShares (the Bits Unit) was born. This is a decentralised payment system, with servers scattered around the globe, processing 100,000 transaction requests per second.

　　依靠比特股，Dan Larimer在圈子里站稳了脚跟，并成为了一颗受人瞩目的新星，一时间风头无俩。同时，人们给他起了一个新名字：BM，即ByteMaster的缩写。

With the Bit Unit, Dan Larimer stands up in the circle and becomes a popular new star for a while. At the same time, he is given a new name: BM, an acronym by ByteMaster.

　　可好景不长。Bitshares的发展并没有一帆风顺，它在使用过程中出现了种种问题，逐渐开始走下坡路。

It's not for long. Bitshares' development has not been smooth, it's been used with problems, and it's gradually starting to go downhill.

　　因为种种原因，Dan Larimer对公司失去了控制，他愤然离开了Bitshares。

For various reasons, Dan Larimmer lost control of the company and left Bitshares with anger.

　　2016年初，Dan Larimer与朋友Ned Scott发布了基于Graphene去中心化区块链技术的社交媒体社区Steemit，这个社区拿到了22万美元的投资。

In early 2016, Dan Larimmer and a friend, Ned Scott, released Steemit, a social media community based on Graphene's access to central block chain technology, which received $220,000 in investment.

　　它可以实现每秒10万次的交易，一笔交易可以在数秒内完成确认，相比比特币十分钟起步的确认速度优势巨大。

It achieves 100,000 transactions per second, and a transaction can be confirmed in a few seconds, with a significant advantage over the ten-minute start-up speed of Bitcoin.

　　同样，Steemit带来了内容领域的一次革命。用户在Steemit上发表文章或者获得喜爱可以获得代币的奖励。据说，曾有作者靠发表在Steemit上的一篇文章赚了15000美元。

By the same token, Steemit has brought about a revolution in content. Users have published articles in Steemit or have been rewarded for enjoying a token.

　　此刻的Dan Larimer，褪去少年的稚气，在技术上有了新的突破，他在酝酿一个大事情，同时也不忘关注以太坊的进展。

Dan Larimer, who at the moment lost his youth and made a new technological breakthrough, was making a big deal of it, while keeping an eye on the progress of Ether.

　　21

　　2016年5月，以太坊上的一个名为The DAO的项目开启了众筹，其募资额度超过1.5亿美元，在当时看来是有史以来最大的众筹项目。

In May 2016, a project called The DAO in Ethio started with public funding amounting to over $150 million, which at that time appeared to be the largest in history.

　　这是一个没有单一领导者的分布式组织，理论上只要有互联网连接，它就可以存在，和BM早期创办比特股时提出的一个概念DAC（去中心化自治公司）颇为类似。

This is a distributed organization without a single leader, which theoretically exists as long as there is Internet connection, similar to the concept of DAC (decentralized autonomous companies) introduced by BM in the early creation of the Bits Unit.

　　因此，The DAO众筹当月，BM便在他的博客中指出The DAO的风险，他认为The DAO正在走比特股的老路，可能已经离死期不远了。

As a result, in his blog, BM pointed out the risks of The DAO, who, in his view, was on the old path of the Bits Unit, probably not far from his death.

　　一语成谶。

The words are nuanced.

　　2016年6月15日左右，The DAO被黑客攻击，市值五千万美元的以太币被转移。

On or about 15 June 2016, the DAO was hacked and the market value of $50 million was transferred in NT.

　　以太坊遭受了类似于当初比特币的Mt.Gox事件，它的安全第一次面临巨大的威胁，V神必须马上想出解决方案。

For the first time, the security of Etheria, which suffered from the Mt. Gox incident similar to that of Bitcoin, was in great danger, and the V God had to come up with a solution immediately.

　　他先是推出了针对The DAO的软分叉版本，软分叉将从块高度1760000开始把任何与The DAO和child DAO相关的交易认做无效交易，以此阻止攻击者在27天之后提走被盗的以太币。

He began with the introduction of a soft fork version for The DAO, which would begin at an altitude of 1760,000 with any transaction related to The DAO and Child DAO being considered null and void, thus preventing the attackers from lifting the stolen Ether after 27 days.

　　其次，7月20日，以太坊进行硬分叉，所有的以太币（包括被移动的）回归原处，而不接受此改变的区块链变成了以太坊经典。

Secondly, on 20 July, the Ether-Team hard split, all of which, including those that were moved, returned to their places of origin and the chain of blocks that did not accept the change became the Ether-Team classic.

　　此后，以太坊从而形成两条链，一条为原链（ETC），一条为新的分叉链（ETH），各自代表不同的社区共识以及价值观。

Since then, two chains, one former (ETC) and one new (ETH) representing different community consensus and values, have been formed in the Taiwan.

　　当天晚上，以太坊区块链硬分叉成功实施，中国的以太坊矿池BW.com成功挖得新区块链的首个区块。这预示着由未知黑客持有的价值约4000万美元的以太币，已被转移到了一个新的地址，从而“夺回”黑客所控制的The DAO合约的币。

The same evening, when the hard fork was successfully implemented, BW.com in China’s Ether pond successfully dug up the first block of the new block chain. This heralded a transfer to a new address of approximately $40 million in NT currency held by unknown hackers, thereby “recovering” the currency of the DAO contract controlled by hackers.

　　虽然挽救了用户损失，但V神也遭遇了巨大的质疑。这次事件，也让人们再次意识到以太坊的智能合约其实不够安全。

While it saved the user’s losses, the V Gods also encountered huge questions. The event also brought home the fact that the Etherm’s intellectual contract was not safe enough.

　　22

　　国外，以太坊备受质疑；在国内，中国版的以太坊小蚁却受到了市场的欢迎。

Outside the country, Etheria is under serious suspicion; inside the country, the Chinese version of the Etheria ants is popular in the market.

　　2016年9月，小蚁（现在改名为NEO）发起了第二次众筹，众筹价格为1.1元，相比第一次，价格提升了近3倍。

In September 2016, Little Ants (now renamed NEO) launched a second public campaign at a price of $1.1, almost three times higher than for the first time.

　　彼时，比特币价格长期徘徊在200-300美元附近，市场信心继续提振。而关注底层技术的项目受到了用户支持，小蚁共计筹得6千多个比特币，当时市价约为2500万人民币。

At one point, the price of bitcoin hovered around $200-300 for a long time, and market confidence continued to rise. The project to focus on bottom technology was supported by users, with small ants raising more than 6,000 bitcoins at a market price of about 25 million yuan.

　　小蚁的创始人叫达鸿飞。这是一个学科技英语但偏偏对编程着迷的80后。还在华南理工大学读书时，他便用硬盘锁把他专用的那台电脑给锁起来了，以防止别人修改他存在硬盘上的文件。

The founder of the ant is called Da Hung Fei. This is after 80 years of learning English technology but fascinated by programming. When he was studying at South China Polytechnic, he locked his special computer in a hard drive to prevent others from modifying the files he had on it.

　　他的创业灵感来源于2014年的一个夏天。

His entrepreneurial inspiration came from a summer of 2014.

　　当时，在老树咖啡馆里，以太坊创始人V神第一次来中国做ICO路演。听过V神路演的达鸿飞觉得智能合约开发平台是一个特别有价值的事情，随后便做了一个重要决定：创建小蚁。

At the Old Tree Café, God V, who was the founder of Tetsu, came to China for the first time to do an ICO road show. Da Hung Fei, who heard of the V Shinto, found the intelligent contract development platform to be a particularly valuable thing, then made an important decision: to create little ants.

　　此外，另一个中国公链项目量子链，最初的启蒙也来源于以太坊。

In addition, the initial enlightenment of another Chinese public chain project, the quantum chain, came from Ether.

　　2014年，从中国科学院博士辍学的帅初开始寻找一个新的方向。

In 2014, a new direction was sought from the fresh start of the drop-out of a PhD from the Chinese Academy of Sciences.

　　2015年，在某项目担任CTO的帅初有了灵感。彼时，他正在做基于以太坊的supplychain应用。这就要求他必须了解以太坊和智能合约的用途。使用过程中，他发现以太坊有很多局限性。

In 2015, he was inspired to be a CTO by a project. At the same time, he was working on the application of the applychain based on the Etherms. This requires him to understand the uses of the Etherms and the smart contracts. In using them, he found that the Etherms had a lot of limitations.

　　进一步了解后，他发现比特币和以太坊几乎是对立的两方，他开始思考能不能搭建一个桥梁，把这两个社区连接在一起。量子链就此诞生。

After further learning, he discovered that Bitcoin and Ether were almost on opposite sides, and he began to wonder if he could build a bridge to connect the two communities. The quantum chain was born.

　　2016年10月，量子链完成了天使轮融资。按照帅初的计划，量子链将在2017年年初ICO。

In October 2016, the Quantum Chain completed its Angel Wheel Financing. According to the original plan, the Quantum Chain will be ICO in early 2017.

　　越来越多的人发现了以太坊的不足，而早在2014年便对以太坊提出质疑的BM在此刻有了新动作。

More and more people are discovering the shortcomings of the Etherm, and the BM, which questioned the Etherm as early as 2014, has taken on new moves at this point.

　　23

　　2017年3月，Dan Larimer突然离开了Steemit。

In March 2017, Dan Larimer suddenly left Steemit.

　　一个月后，他创办BlockOne公司，随后，BlockOne公司拿到了顶级区块链投资人和金融机构的投资，团队开始正规化的管理运作。

A month later, he founded BlockOne, and then Blockone acquired the investment of top-level block chain investors and financial institutions, and the team began to formalize its management operations.

　　很快 ，BlockOne公布了新的项目：EOS。据BlockOne创始人介绍这是一个在BM脑中构思多年的故事，他只是在等时机成熟。

Soon, BlockOne announced a new project: EOS. According to the founder of Blockone, it was a story that had been conceived in the BM brain for years, and he was just waiting for the time to come.

　　眼下，恰好是成熟的时机。一方面，经过多年的运行，石墨烯的技术可行性经受住了考验；另一方面，他有了更强大的团队，

Now is the right time. On the one hand, after many years of operation, the technical feasibility of graphite has been tested; on the other hand, he has a stronger team.

　　2017年6月，EOS发布了第一版白皮书。这一次，BM打算做一个超越以太坊的区块链操作系统，白皮书说它能够实现每秒百万级的处理量（目前比特币是每秒7笔，以太坊是30-40笔，EOS的这一超强能力吊打比特币和以太坊）。

In June 2017, EOS released its first edition of the White Paper. This time, BM intends to do a block chain operating system that goes beyond Ether, which says that it will be able to achieve a level of treatment of millions per second (currently 7 bitcoins per second, 30-40 in Etheria, this super-power of EOS hanging bitcoins and Etheria).

　　2017年7月2日，EOS发行了10亿枚代币，随后EOS开启了为期一年的众筹，而这一举动也让EOS震惊全球资本界。

On 2 July 2017, EOS released 1 billion tokens, followed by the launch of a year-long campaign by EOS, which also shocked the global capital community.

　　此时的市场已经迎来了久违的高潮。

This is a time when the market has come to a long climax.

　　2017年5月24日，量子链正式登陆交易所。据悉，在云币网上最高价格有66元，相比众筹价格时的2元，涨幅33倍。市场彻底被引爆了。

On 24 May 2017, the Quantum Chain officially landed on the Exchange. According to the information received, the highest price on the Yunn Internet was $66, 33 times higher than the price raised by the public. The market was completely detonated.

　　据国家互金专委会发布的《2017年上半年国内ICO发展情况报告》统计，国内上半年完成ICO的项目达到65个，累计融资63523.64BTC、852753.36ETH。

According to the Report on the Development of the National ICO in the first half of 2017, published by the National Commission for the Exchange of Funds, 65 projects were completed in the first half of the year, with cumulative financing of 63523.64 BTC, 852753.36ETH.

　　据业内人士回忆，6月参加ICO峰会，“一大群人围着我，说要上ICO平台，他们中间很多项目连白皮书都还没有。”

As industry recalls, at the ICO Summit in June, “a large group of people surrounded me and said they were going to the ICO platform, and many of the projects among them were not even white papers”.

　　通过场外交易还清外债的赵东回归了。他在2017年7月成立了DFUND基金，打算重仓优质项目。

Zhao Dong, who paid off his external debt through off-site transactions, returned. He set up the DFUND Fund in July 2017, with the intention of reopening quality projects.

　　在中国和美国溜达了一圈的宝二爷通过达沃斯论坛流传出来的视频成了红人。此刻，他通过矿场挖出来的多个比特币得以兑现，实现了财务自由。

Sneaking through China and the United States, Mr. Bo's video spread through the Davos Forum became a red man. At the moment, he was able to cash in several bitcoins that he had dug up through the mines, and he was financially free.

　　他还趁机成立了自己的投资基金，四处帮各种项目站台。仅仅三个月时间做了30多个项目，市场总值加起来超过4个亿。

He also took the opportunity to set up his own investment fund to help various project stations. More than 30 projects were carried out in just three months, with a combined market value of more than 400 million.

　　李笑来开始了他的财富自由之路，他疯狂宣扬EOS。后来，EOS让他赚了200倍。

Li laughter started his wealth freeway, he went crazy about EOS. Later, EOS made him 200 times.

　　英语老师李笑来

　　2017年8月1日，在吴忌寒的主导下，比特币分叉出比特币现金（BCH）。后者主链上的区块可扩容至8MB，前者只有1MB，这就提高了区块的容量。

On 1 August 2017, the Bitcoin split the bitcoin cash (BCH), led by Wu Xiaoqing. The latter's main chain was expanded to 8MB, with only 1MB, increasing the capacity of the blocks.

　　此时的吴忌寒已经占据了全网70%以上的算力，成为了诸多投资者口中的“矿霸”。

At this point, Wu Xiaoqin has taken up more than 70 per cent of the net's computing power and has become a “minelord” among many investors.

　　市场异常火爆，很快被浇了一盆冷水。2017年9月4日，这一天国家七部委联合发布公告，明确禁止项目方的私募行为，币圈迎来史上最大的震荡。

On 4 September 2017, the seven ministries of the country issued a joint announcement explicitly prohibiting private fund-raising by the project side, with the currency being the biggest shock in history.

　　很快，曾经中国最大的交易所比特币中国宣布关停。戏剧的是，也是在此时，一家新的交易所完成了逆袭之路。

Soon, the biggest Chinese exchange, Bitcoin, was shut down. Theatrically, and also at this point, a new exchange completed its counterattack.

　　24

　　它的名字叫做币安。

It's called Cheon An.

　　2017年6月，赵长鹏着手创办币安。在此之前，他曾担任过OKcoin的CTO，后来又曾为网络交易平台提供技术支持，这为币安的创建打下了技术基础。

In June 2017, Zhao Jang Peng began to create the currency. He was formerly the CTO of OKcoin and later provided technical support for the Internet trading platform, which laid the technical foundation for the creation of the currency.

　　他首先进行了币安币BNB的ICO。截至7月2日，ICO结束，共募集到价值1500万美元的数字资产。

He started with the ICO of BNB. As of 2 July, the ICO ended and collected $15 million worth of digital assets.

　　7月4日，币安正式上线。可惜的是，在7月底到8月的时间，币安币一直处于破发的边缘，直到何一的到来。

On 4 July, the currency was officially on the line. Unfortunately, between the end of July and August, the currency was on the brink of a break until the arrival of one.

　　2017年8月22日，波场项目方和何一连线做了个直播，大谈波场项目，当天中午12点，就在直播过程中，他们发起了波场币抢购活动。53秒，5亿个波场销售一空。

On August 22, 2017, a live broadcast was made by the Spot Project side and the Channel Ho network to talk about the Spot Project, which was launched at 12 p.m. on the same day in the course of the live broadcast. 53 seconds, 500 million waves were sold.

　　9月1日，币安宣布拿到了一笔1500万美金的融资。投资方中除了一家地产集团背景的投资机构黑洞资本，另外一家是由快的打车创始人陈伟星创立的泛城资本。据悉，这笔融资仅仅用了2天。

On September 1, the bank announced that it had received $15 million in financing. In addition to the black hole capital of an investment agency with a real estate group background, one of the investors was a Pan-City capital created by the fast-breeding founder, Chen Weising.

　　出现在公众视野中的赵长鹏总是一袭黑衣

　　随后，94到来，火币和OKcoin都选择了暂时观望，暂停交易。只有币安很快迁到日本，并且早早出了公告限制国内IP进行交易。

Then, at 94, both the gun and the OKcoin opted to wait and suspend the deal. Only the currency was moved to Japan quickly, and it was announced early to restrict domestic IP transactions.

　　事实上，赵长鹏一开始就想全球布局，避开法币的局限性，打造一个币币交易平台（其他交易所都是法币和数字货币交易），因此币安需要支持全球多语言。

Indeed, Zhao Chang Peng wanted to create a currency trading platform (all other exchanges are French and digital) in order to avoid the limitations of French currency from the outset, so currency security needs to support a global multi-linguistic approach.

　　随后，12月19日，币安联合波场再次推出营销活动——从当日开始，一周之内，累计波场币交易量（买入+卖出）排名前一二名的用户，能够获得莎拉蒂和奔驰的奖励，其他的获得iPhone X等苹果公司产品。

Subsequently, on 19 December, the UCJ re-launched its marketing activities — starting from that date, within a week, the top two users of the accumulated amount of the market currency (buy-in + sell-out) were able to obtain incentives for Salati and Mercedes, while others received iPhone X and other Apple products.

　　就在活动推出的前一天，币安因为单日交易量成为了全球第一的比特币交易平台。

became the world's first bitcoin trading platform because of uni-day transactions the day before the launch of the event.

　　2018年1月17日，币安注册用户突破600万；其中超过97%的用户为国外用户，覆盖全球180多个国家。

On 17 January 2018, currency security registered 6 million users; more than 97 per cent of those users were foreign users, covering more than 180 countries worldwide.

　　很快，OKcoin、币安、火币网形成了三足鼎立的局势。而币安的交易量超过火币和OKcoin，成为全球最大数字货币交易平台。

Soon, OKcoin, currency security, and the currency network formed a three-pronged situation. And the currency traded more than the currency and the OKcoin, making it the world’s largest digital currency trading platform.

　　25

　　94的阴霾很快就过去看，到了年底，币价再一次飞涨。

The haze of 94 quickly passed, and by the end of the year currency prices rose again.

　　春节期间，三点钟社群的火爆彻底点燃了ICO。仅仅2018年第一季度，ICO全球资金为63亿美元。这个数据比2017年全年还要多。

During the Spring Festival, the fire of the 3 o'clock community completely ignited the ICO. In the first quarter of 2018 alone, the ICO received $6.3 billion in global funding. This figure is even higher than it was in 2017.

　　ICO变得容易，要归功于2015年以太坊团队推出的ERC-20标准。依托这个标准，10分钟便可以学会发币，同时任何ERC20代币也可以立即进行交易，这为ICO提供了便捷。

The ICO becomes easy, thanks to the ERC-20 standard, which was introduced in 2015 by the Taiwan team. On the basis of this standard, 10 minutes can be learned to issue a currency, and any ERC20 can be traded immediately, which makes it easier for the ICO to do so.

　　项目的质量却有了明显的变化。空气币频发，甚至一纸白皮书都没有就公然募资，维权的故事每天上演。

The quality of the project has changed dramatically. Aircoins are popular, not even white papers are open-ended, and the story of rights plays out every day.

　　链圈和币圈就此有了明显的分界线。

There is a clear dividing line between the chain and the currency.

　　2018年2月，赵长鹏以20亿美元的身价登上了《福布斯》杂志封面。这让人们看到了交易背后的巨大利益，这利益吸引着后来者。据不完全统计，那段时间涌现出的交易所超过百家。

In February 2018, Zhao Chang Peng entered the cover of Forbes magazine at a cost of $2 billion. This brought to light the huge benefits behind the deal, which attracted later generations. According to incomplete statistics, more than 100 exchanges emerged during that period.

　　其中有一个人叫张健。他本来是火币的CTO，今年4月创办了Fcoin。

One of them is Zhang Jian. He was originally the CTO of the gun and founded Fcoin in April of this year.

　　Fcoin来势汹汹。成立之初获得丹华资本、节点资本、歌者资本、时戳资本、八维资本、Zipper基金会等机构及个人的联合投资。

When it was founded, it received joint investment from institutions such as Danhua Capital, Node Capital, Singer Capital, Time stamp Capital, Eight-D Capital, Zipper Foundation, and individuals.

　　同时，依托交易挖矿、持币分红的模式，不到10天，Fcoin的交易量便超过火币、OKEx、币安等交易所24小时交易量之和。短短半个月后，FCoin交易量超过280亿元，高居榜首，高于第二名至第七名的交易量总和。

At the same time, Fcoin’s trading volume exceeds the sum of the 24-hour trades of the foreign exchange of the currency, OKEx, etc., in less than 10 days. After just half a month, Fcoin’s trading volume exceeds $28 billion, tops the list, and is higher than the sum of the second-to-seventh trades.

　　这样的情况并没有持续多久。3个月后，Fcoin后续乏力，在资金盘、收割散户的质疑中走下了神坛。

The situation did not last much longer. Three months later, Fcoin was unable to follow through and walked down the altar in a question about the money cut-off and the harvest.

　　26

　　今年6月2日，EOS为期一年的ICO画上了句号，共募资42亿美元，一举夺得史上最大ICO桂冠。这样的数字跟股票市场科技企业IPO规模类比，仅次于阿里巴巴和Facebook，排名第三，把谷歌、推特等知名公司远远甩在身后。

On June 2, EOS’s year-long ICO ended with $4.2 billion, winning the largest ICO crown in history. This figure compares with the size of the stock market technology firm IPO, after Alibaba and Facebook, and ranks third, leaving well-known companies like Google and Twitter behind.

　　2周后，几经波折的EOS主网终于成功激活。区块链3.0时代拉开序幕。

Two weeks later, the EOS main network was finally activated successfully.

　　这一年，互联网公司迎来上市潮。小米、美团、新东方在线、同城艺龙网均在今年完成了上市。

This year, Internet companies came to the market. Rice, the United States, the New East Online, and the Coroner Network were all listed this year.

　　这股风也吹到了区块链领域。从7月开始，嘉楠耘智、亿邦国际、比特大陆先后向港交所提交了招股书。

The wind has also hit the block chain area. Since July, KANO has submitted offers to Hong Kong's mainland.

　　连食物链顶端的交易所似乎也在做出某种改变。

Even the exchange at the top of the food chain seems to be making some changes.

　　8月21日，李林斥资6亿港元买下香港上市公司桐成控股73.73%的股权，成为实际控制人。9月19日，火币集团架构调整，拆分出火币中国。这被外界解读为下一步火币中国即将反向收购桐城控股完成上市。

On August 21, Li Lin spent HK$600 million on the purchase of 73.73 per cent of the shares of Hong Kong’s listed company, Qing Cheng Holdings, and became a real controlr. On September 19, the ring group's structure was restructured to split up the tender China. This was interpreted as the next step for China’s reverse acquisition of Qing City Holdings.

　　“非主流”的区块链世界正在尽可能地接受主流资本市场的认可，但他们的上市之路或许并不顺利。

The “non-mainstream” block chain world is receiving as much recognition as possible from mainstream capital markets, but their listing may not go well.

　　这一年，徐明星过得非常糟心。3月、5月、9月、10月连续四次“宕机”事件让徐明星成了众矢之的，维权者们彻夜守在群英科技园。

During the year, Xu was in a very bad state. Four successive events, in March, May, September, and October, targeted Xu, with defenders at the British Science Park all night long.

　　回顾过去的十年，大多数人的命运逃不开周期的掌控。不同的是，有人在寒冬默默蓄力，东山再起；有人在寒冬几经挣扎，彻底退出。

Looking back at the past decade, the fate of most people cannot escape the cycle. The difference is that there are people who are restless in the winter, who are re-emerged, and those who struggle a few times in the winter, who withdraw completely.

　　提早入场的人站在了币圈财富世界的顶层。10月10日，《2018年胡润百富榜》正式出炉。詹克团、赵长鹏、徐明星、李林、吴忌寒、李笑来、张楠赓等14位币圈人士上榜，总财富接近1200亿元，巨大的造福能力刺激着人们敏感的神经。

On October 10, the Hu Yu Bifung list was officially launched. The Jenks, Zhao Chang Peng, Xu, Li Lin, Wu Xiaoqing, Li Xiaolai, Zhang Nanjing, among others, were on the list for 14 currency circles. The total wealth was close to $12 billion, and huge benefits stimulated sensitive nerves.

　　有意思的是，比特币的创始人中本聪似乎没有依靠比特币赚到一分钱。同时自2010年12月12日6点22分之后他再也没有出现过，留给世界575封邮件和364次在线活跃的记录以及一个去中心化的构想。

Interestingly, Bennett, the founder of Bitcoin, does not seem to have earned a penny from bitcoin. And he has not appeared since 6:22 on December 12, 2010, leaving 575 mail and 364 live online records around the world, as well as a decentralized idea.

　　如今，这个构想吸引着越来越多的人加入。他们在这里见山劈山、见水跨水，期待着用更先进的技术改变这个世界，同时从中攫取财富。

Today, the idea attracts more and more people. They see the mountains, the waters, and they look forward to changing the world with more advanced technology, while taking wealth from it.

　　部分参考素材：

Selected reference material:

　　1、《寻找烤猫》

One. Searching for Roast Cats.

　　2、《一代矿霸吴忌寒》

2- "The Oxycho of the Generation of Miners."

　　3、《Jed McCaleb创建门头沟交易所的故事》

3. The Story of Jed McCaleb’s Start-up Trench Exchange

　　4、《叛逆者吴忌寒，臣服者张楠赓》

4 - "The rebel U Xin Xin, the submissive Zhang Nanjing"

　　5、《曾经的币圈大佬：爆仓小王子赵东、卖牛肉的宝二爷、和平饭店、头号人物星空》

"The once-in-behind: Little Prince Cho Dong, Master Po, Peace Hotel, Number One Stars"

　　6、《以太坊创始人“V神” 的故事，一个90后打造的以太传奇！》

"The story of the founder of Ether House, the V God, a 90-year-old legend of Ether!"

　　7、《BM要从EOS离职？解密这位追求自由市场的区块链大神》

"BM Departing from EOS? Decrypting the Great Free Market Chain."

　　8、《币圈往事：长铗、吴忌寒的巴比特岁月》

8- Currency Circle History: The Year of Babbitt, U Xianqian.

责任编辑：唐婧

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