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Stablecoins： Bad Money For the Modern Age 現代「劣幣」︰穩定幣

精英翻譯社轉自http://iservice.ltn.com.tw/Service/english/english.php?engno=1256251&day=2018-12-24

◎劉宜庭

Stablecoins — a crypto-token pegged to a fiat currency or some commodity — have become all the rage in the latter half of 2018. The main idea behind a stablecoin is to provide a cryptocurrency with most of the benefits of a blockchain-based currency while keeping its value steady by pegging it to a more stable asset.

穩定幣（一種與法定通貨或財貨掛鉤的加密代幣）在2018年下半年爆夯。穩定幣背後的主要構想，是提供一種加密貨幣，包括區塊鏈貨幣的大部分優點，同時藉由與更穩定的資產掛鉤，來保持價值穩定。

However, while it sounds good on the surface, the seemingly simple ethos of value preservation introduces a myriad of economic problems to the market. Problems that both erode the benefits of crypto and bring in centuries-old problems faced by mainstream currencies.

然而，穩定幣表面上聽起來很好，但看似簡單的價值保留理念，卻會導致無數的經濟問題。這些問題不但會使加密貨幣的優點打折扣，還會帶來主流貨幣數百年來面對的問題。

Theoretically, if stablecoins were to become widely-used currencies, we would run into a modified version of Gresham’s Law. This economic law maintains that "bad money drives out good."

理論上來說，若穩定幣成為廣泛流通的貨幣，我們將遇上變形版本的「格雷欣法則」。這項經濟法則主張「劣幣驅逐良幣」。

In a world where everyone uses stablecoins, the more valuable money or commodity will disappear from the economy. Therefore, once the inevitable complications arise from this peg to the dollar, USD would leave the market.

在所有人都使用穩定幣的世界，更有價值的錢幣或財貨將從經濟體制中消失。因此，一旦與美元掛鉤產生不可避免的複雜問題，美元恐退出市場。