原標(biāo)題：讀外刊，學(xué)地道英文表達(dá)

比特幣在中國市場的命運

BITCOIN and China always made odd bedfellows. Devotees of bitcoin love its independence from central authorities; in China the central authorities love their power. That they would accept a cryptocurrency that weakened their control over something as fundamental as the management of money seemed unlikely. Yet China had become the world’s biggest bitcoin market, dominating both its trading and computer-powered “mining”.

比特幣和中國政府從來都是同床異夢。比特幣的擁躉看中的就是它不受中央監(jiān)管的獨立特性，而中國的中央政府恰恰熱衷于權(quán)力。讓他們接受一種加密貨幣，削弱在管理金錢這么重要的事上的控制權(quán)，似乎不大可能。然而，目前的中國已成為世界上最大的比特幣市場，主導(dǎo)著比特幣交易和虛擬礦業(yè)。

Devotee / ?dev??ti?; ?d?v?ˋti/ n person who is devoted to sth; enthusiast 致力於﹑獻(xiàn)身於某事物的人; 熱心者; 某事物的迷戀者

①Make odd bedfellows 同床異夢

②devotee 擁躉（dun三聲）支持者，擁護(hù)者

③ That + 句子+v.

④ computer - powered " mining " 虛擬礦業(yè)

It was not meant to be. Bitcoin’s surprising success in China appears to be nearing its end. A series of bans announced over the past month have made clear that bitcoin and all fellow travellers, from ethereum to litecoin, have little place within its borders. Some hope that the bans are temporary. The government has, after all, declared an ambition to make China a leader in the blockchain technology that is integral to bitcoin. But its seems more likely that officials will tighten their grip on China’s remaining crypto-coin bastions.

事情原本就是“不應(yīng)該”如此發(fā)展的。比特幣在中國市場取得的驚人成就似乎已接近尾聲。過去幾個月里公布的一系列禁令已明確表示，比特幣和其他類似的加密貨幣（以太幣、萊特幣等等）都被“封殺”了。有些人希望禁令是暫時的。畢竟，政府宣稱中國有望成為區(qū)塊鏈技術(shù)的領(lǐng)導(dǎo)者，而比特幣離不開這項技術(shù)。但似乎政府反而更加緊了對中國市場上其他的加密貨幣團(tuán)體的控制。

①Near ( one s) end 接近尾聲

②have little place within its borders 被封殺

③Tighten one s grip on sth. 加緊對……的控制

Bitcoin had been in trouble in China since February, when the central bank, aiming to stem illicit capital flows, ordered exchanges to halt virtual-currency withdrawals until they could identify their customers. China’s share of global bitcoin-trading went from more than 90% to just about 10%.

自二月起，比特幣在中國市場的發(fā)展就一路受阻。為了遏制非法資本流動，央行下令除非交易所能識別客戶身份，否則將不會撤銷虛擬貨幣提款的禁令。中國在全球比特幣交易中所占的份額從90%以上降至僅10%。

①非法資本流動 illicit capital flows

② withdraw 撤銷，停止提供……

As bitcoin-trading slumped, attention shifted to other cryptocurrencies and their cousins, crypto-tokens. These are issued in Initial Coin Offerings (ICOs), which allow startups to raise cash. But on September 4th regulators banned ICOs, calling them a form of illegal fundraising. And that presaged an even harsher step, an order that all virtual-currency exchanges shut by the end of the month.

隨著比特幣交易量暴跌，人們將注意力轉(zhuǎn)移到其他種類的加密貨幣以及加密代幣上。以上兩種都通過ICO（首次代幣發(fā)行）發(fā)行，而那些初創(chuàng)的虛擬貨幣項目也將從中籌得資金。但9月4日監(jiān)管機(jī)構(gòu)下令禁止了ICO，并且將ICO定性為非法集資。隨之而來的則是更為嚴(yán)苛的措施——政府下令，到九月底所有虛擬貨幣交易所都必須關(guān)閉。

Slump/sl?mp/ 下降，衰落；倒下；大幅度下降，暴跌

Presage / ?pres?d?; ˋpr?s?d?/ n sign that sth (espsth unpleasant) will happen; omen 預(yù)兆; 兆頭; （尤指）惡兆, 兇兆.

①an order 這里譯為政府下令，補(bǔ)充出主語，并將n. ? v.

Why the government acted at this moment is unclear, but it dovetails with a campaign to rein in financial risk that has been running for a year. With bitcoin looking like an ever-frothier bubble and a five-yearly Communist Party congress in October, stability is the paramount goal.

政府為何在此時采取行動，原因尚不知曉，但這與政府在全年金融風(fēng)險所用的把控手段的做派相符。比特幣看起來就像一個過度膨脹的泡沫，而每五年一次的黨的代表大會召開在即，此時穩(wěn)定才是重中之重。

① dovetail與……（觀點，看法）相吻合

dovetail with

② Rein in控制，放慢，止住

③ frothy 起泡沫的，多泡沫的；不重要的；微不足道的

④ paramount 至高無上的，最重要的

China’s crackdown initially sent shock waves through global crypto-markets. The bitcoin price tumbled by 35% from its highs before the ICO ban to its low point, on news of the exchange closures. But it has since rebounded by more than 20%. Many bitcoin fans are keeping the faith.

中國對比特幣的打壓首先給全球加密貨幣市場帶來了沖擊。在中國宣布停止代幣交易后，比特幣價格從此前的最高點跌至最低點，暴跌了35%。但此后，比特幣價格自低點反彈了20%。許多比特幣粉絲對比特幣依然抱有信心。

tumble / ?t?mbl; ˋt?mbl/ to fall a lot in value in a short time（價值）暴跌，驟降

①Send shock waves through 在……引起巨大反響；對……產(chǎn)生巨大沖擊

②keep the faith抱有信心

Nevertheless, for investors in China, the closure of the exchanges could be a lethal blow. The government has not made it illegal for individuals to own bitcoin. But they can do little with it. In theory they can still trade in private, but liquidity will be much lower than on exchanges. If they shift to exchanges outside the country, they would run afoul of capital controls. Moreover, there is talk that regulators might block web access to offshore trading sites.

然而對于中國投資者來說，比特幣交易市場的關(guān)閉卻是一個致命打擊。中國政府并未宣布個人持有比特幣為非法行為，但持有者幾乎已經(jīng)不能對比特幣進(jìn)行操作了。從理論上來說，比特幣持有者仍可以私下交易，但較之交易平臺，比特幣的流動性大大的降低了。如果他們轉(zhuǎn)而到境外進(jìn)行交易，這將違反外匯管制。而且有消息指出，監(jiān)管部門有可能會對離岸交易網(wǎng)站進(jìn)行屏蔽。

lethal /?li?θ?l/ able to cause or causing death; extremely dangerous 致命的；極其危險的

run afoul of sth to experience problems, punishment or harm because you do not obey a rule or disagree with a powerful organization, group or person 與…相沖突；與…抵觸

① lethal blow致命打擊

② run afoul of沖突，違反

③block屏蔽

For now, China’s bitcoin miners can continue excavating their digital ore. They create some 70% of new bitcoins by operating the computers that do the number-crunching that underpins the cryptocurrency. Chinese firms benefit from cheap equipment and cheap electricity, setting up in remote parts of the country where plenty of power plants have excess capacity. But miners fear their days are numbered. The government could declare them illegal. Or it could try to undermine them by slowing their connections with trading platforms outside China.

就目前來說，中國的比特幣礦工仍然可以繼續(xù)挖掘他們的數(shù)字礦石。礦工通過操作運行數(shù)字運算的計算機(jī)，創(chuàng)造了全世界加密貨幣市場中大約7成的比特幣。得益于廉價的設(shè)備和電力，許多中國企業(yè)在擁有大量產(chǎn)能過剩的發(fā)電廠的邊遠(yuǎn)地區(qū)開設(shè)工廠。但是比特幣礦主擔(dān)憂他們的好日子已時日無多。政府可能會將其宣布為非法，或是通過放緩他們與境外交易平臺的連接速度的方式進(jìn)行削弱。

ore /?? US ??r/ rock or soil from which metal can be obtained （含金屬的）礦石，礦砂

① excavate 發(fā)掘，挖掘

②days are numbered時日無多

The global impact of China’s demise as a bitcoin hub is not straightforward. Cutting such a big economy out of the action might seem obviously negative. But as the rebound in bitcoin prices has shown, investors are, for the moment, not overly concerned. The possibility of a crackdown in China had loomed over the market for years. What’s more, if Chinese miners are forced to the sidelines, there will be more room for others. The ban in China may also ease the currency’s governance problems. It weakens the influence of Chinese miners, who have clashed with Western bitcoin developers.

盡管身為全球比特幣的一個樞紐節(jié)點，但中國比特幣市場關(guān)閉對全球的影響并不直接。將如此大的經(jīng)濟(jì)體從交易市場中切割出去所帶來的影響表面上看似乎是消極的，但比特幣價格的反彈顯示出投資者對此暫時沒有特別擔(dān)心。而且如果中國礦工被迫離場，這將會給其他人更多的機(jī)會。中國的禁令將會緩解比特幣的治理問題，中國礦工經(jīng)常與西方國家的比特幣開發(fā)者發(fā)生沖突，而此舉削弱了中國礦工的影響力。

demise / d??ma?z; d?ˋma?z/ the end of something that was previously considered to be powerful, such as a business, industry or system 倒閉；敗落；垮臺

sideline / ?sa?dla?n; ˋsa?d?la?n/ If a sports player is sidelined they are prevented from playing or competing, and can only watch 使退出比賽，使停止參賽；to stop someone taking an active and important part in something 使靠邊；使不再發(fā)揮重要作用；排擠

①China s demise as a bitcoin hub這句里有兩個意思，一是中國是比特幣中心，一是中國停止比特幣交易，按照邏輯順序，分開譯

②there will be more room for sb. 這將會給……帶來更多機(jī)會

A bigger threat is that other countries follow China’s lead. Regulators are stirring. In America, the Securities and Exchange Commission announced this week that it would create a cyber unit, which, among other things, will tackle misconduct in digital currencies. In Japan, hitherto a haven, the Financial Services Agency will start placing exchanges under close surveillance in October. Australia, Canada and Europe are talking of tougher rules. China, in other words, might still be at the vanguard of the cryptocurrency world, but exercising the kind of leadership that bitcoin boosters least want to see.

更大的威脅在于其他國家效仿中國，各國的監(jiān)管機(jī)構(gòu)正在日益活躍。在美國，證券交易委員會于本周宣布設(shè)立網(wǎng)絡(luò)部門，與其他部門協(xié)同處理數(shù)字貨幣交易中的違規(guī)行為。日本一直以來都是比特幣交易的天堂，但日本金融廳將于10月起將對比特幣交易進(jìn)行嚴(yán)格監(jiān)管。澳大利亞、加拿大和歐洲國家正在討論制定更為嚴(yán)格的管理規(guī)定。換句話說，中國在全球加密貨幣市場中仍具有領(lǐng)導(dǎo)地位，但中國由于這種領(lǐng)導(dǎo)地位而在監(jiān)管比特幣上產(chǎn)生的影響力是比特幣支持者最不愿意看到的。

①follow sb. s lead 效仿某人

②討論制定更為嚴(yán)格的管理規(guī)定 talk of tougher rules這里并未將制定譯出，但意思完整，也更為地道

③booster支持者

④least want to see最不愿意看到的返回搜狐，查看更多

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