A lot of zeros

本文英文部分選自

經(jīng)濟(jì)學(xué)人Finance and economics板塊

Buttonwood

A?lot?of?zeros

Investors?are?piling?into?an?illiquid?asset.?What?can?possibly?go?wrong?

投資者們開始爭相投資非流動(dòng)性資產(chǎn)。究竟是哪里出錯(cuò)了呢？

pile

[動(dòng)詞 + 名詞短語] ~ sth (up) to put things one on top of another; to form a pile 堆放；摞起；疊放

She piled the boxes one on top of the other .

她把盒子一個(gè)個(gè)地摞起來。

[動(dòng)詞 + 名詞短語 + 副詞或介詞短語] ~ A in(to)/on(to) B | ~ B with A to put sth on/into sth; to load sth with sth 放置；裝入

The sofa was piled high with cushions.

沙發(fā)上高高地堆著一些墊子。

[動(dòng)詞 + 副詞或介詞短語](informal) (of a number of people 許多人) to go somewhere quickly without order or control 蜂擁；擁擠

The coach finally arrived and we all piled on.

長途汽車終于開來了，我們一擁而上。

【名詞】

[可數(shù)名詞] a number of things that have been placed on top of each other 摞；垛；沓

a pile of books/clothes/bricks ?一摞書籍 / 衣物 / 磚塊

He arranged the documents in neat piles.

他把文件一摞摞地碼得整整齊齊。

She looked in horror at the mounting pile of letters on her desk.

她惶恐地望著桌子上堆積如山的信函。

[可數(shù)名詞] a mass of sth that is high in the middle and wider at the bottom than at the top 堆；成堆的東西

同義詞heap

a pile of sand ?一堆沙

piles of dirty washing ?成堆待洗的臟衣物

[可數(shù)名詞, 常用復(fù)數(shù)] ~ of sth (informal) a lot of sth 大量；許多

I have got piles of work to do.

我有大量工作要做。

He walked out leaving a pile of debts behind him.

他出走了，留下累累債務(wù)。

[不可數(shù)名詞, 單數(shù)] the short threads, pieces of wool, etc. that form the soft surface of carpets and some types of cloth such as velvet 絨頭；絨毛

a deep-pile carpet 一塊厚絨地毯

[可數(shù)名詞] a large wooden, metal or stone post that is fixed into the ground and used to support a building, bridge, etc. 樁；樁柱

[可數(shù)名詞] (humorous) a large impressive building 宏偉建筑物

MOST money these days is electronic—a series of ones and zeros on a computer. So it is rather neat that bitcoin, a privately created electronic currency,?has lurched from $1,000 to above $10,000 this year (see chart), an epic journey to add an extra zero.

現(xiàn)如今大多數(shù)金錢都已電子化——變成了電腦里一長串的1和0。因此，比特幣正好完美的印證了這一點(diǎn)，它作為一種人為創(chuàng)造的電子貨幣，從今年年初的1000美元漲到10000美元以上（見圖表），其過程如史詩一般。

neat

tidy and in order; carefully done or arranged 整潔的；整齊的；有序的

a neat desk ?整潔的課桌

neat handwriting ?工整的筆跡

neat rows of books ?一排排整齊的書

She was wearing a neat black suit.

她穿著整潔的黑色禮服。

They sat in her neat and tidy kitchen.

他們坐在她那干凈整齊的廚房里。

(of people 人) liking to keep things tidy and in order; looking tidy or doing things in a tidy way 有條理的；愛整潔的

Try and be neater! ?干凈利落點(diǎn)！

small, with a pleasing shape or appearance 小巧優(yōu)雅的

同義詞 trim

her neat figure

她那嬌小玲瓏的身材

simple but clever 簡潔的；睿智的；靈巧的

a neat explanation ?簡明的解釋

a neat solution to the problem

解決這個(gè)問題的捷徑

(North Amercian English,informal) good; excellent 好的；極好的

It's a really neat movie.

這真是一部極好的電影。

We had a great time─it was pretty neat.

我們玩得很痛快——棒極了。

(British English) (North Amercian English straight) (especially of alcoholic drinks 尤指酒) not mixed with water or anything else 未摻水的；純的

neat whisky ?純威士忌酒

Bitcoin

比特幣;

lurch

to make a sudden, unsteady movement forward or sideways 突然前傾（或向一側(cè)傾斜）

同義詞 stagger, sway

Suddenly the horse lurched to one side and the child fell off.

馬突然歪向一邊，小孩就摔了下來。

The man lurched drunkenly out of the pub.

那男人醉醺醺地踉蹌著走出了酒吧。

(figurative)Their relationship seems to lurch from one crisis to the next.

他們的關(guān)系好像坎坷不平，危機(jī)不斷。

if your heart or stomach lurches , you have a sudden feeling of fear or excitement （突然感到恐怖或激動(dòng)時(shí)心或胃）猛地一跳（或動(dòng)）

epic

having the features of an epic 具有史詩性質(zhì)的；史詩般的

an epic poem史詩般的詩

taking place over a long period of time and involving a lot of difficulties 漫長而艱難的；艱苦卓絕的

an epic journey/struggle

漫長而艱難的旅程；艱苦卓絕的斗爭

very great and impressive 宏大的；壯麗的；給人深刻印象的

a tragedy of epic proportions巨大的不幸

[可數(shù)名詞, 不可數(shù)名詞] a long poem about the actions of great men and women or about a nation's history; this style of poetry 敘事詩；史詩

one of the great Hindu epics

偉大的印度教史詩之一

the creative genius of Greek epic

富有創(chuàng)造力的希臘史詩天才

[可數(shù)名詞] a long film/movie or book that contains a lot of action, usually about a historical subject 史詩般的電影（或書籍）

[可數(shù)名詞](sometimes humorous) a long and difficult job or activity that you think people should admire 壯舉；驚人之舉

Their four-hour match on Centre Court was an epic.

他們在中心球場歷時(shí)四個(gè)小時(shí)的比賽是一個(gè)壯舉。

On the way, the currency has been controversial. Jamie Dimon, the boss of JPMorgan Chase, has called it a fraud.Nouriel Roubini, an economist,plumped for“gigantic speculative bubble”. Ordinary investors are being tempted into bitcoin by its rapid rise—a phenomenon dubbed FOMO (fear of missing out). Both the Chicago Mercantile Exchange, America’s largest futures market, and the NASDAQ stock exchange have seemingly added their imprimaturs by planning to offer bitcoin-futures contracts.

一路走來，比特幣一直備受爭議。摩根大通（JPMorgan Chase）的老板杰米·戴蒙（Jamie Dimon）稱之為騙局。經(jīng)濟(jì)學(xué)家努里爾·魯比尼（Nouriel Roubini）則堅(jiān)定地認(rèn)為它是一個(gè)“巨大的投機(jī)泡沫”。普通投資者正受到比特幣快速上漲的誘惑，這種現(xiàn)象被稱為“錯(cuò)失恐懼癥（FOMO）”。芝加哥商品交易所（美國最大的期貨市場），以及納斯達(dá)克證券交易所計(jì)劃新增比特幣期貨合約，似乎表明了兩大交易所對(duì)比特幣的認(rèn)可。

controversial

causing a lot of angry public discussion and disagreement 引起爭論的；有爭議的

a highly controversial topic

頗有爭議的話題

a controversial plan to build a new road

有爭議的筑路計(jì)劃

Winston Churchill and Richard Nixon were both controversial figures.

溫斯頓·邱吉爾和理查德·尼克松都是有爭議的人物。

fraud

[不可數(shù)名詞, 可數(shù)名詞] the crime of cheating sb in order to get money or goods illegally 欺詐罪；欺騙罪

She was charged with credit card fraud.

她被控告信用卡欺騙罪。

property that has been obtained by fraud

欺詐所得的財(cái)產(chǎn)

a $100 million fraud

1億元數(shù)額的詐騙罪

[可數(shù)名詞] a person who pretends to have qualities, abilities, etc. that they do not really have in order to cheat other people 騙子；行騙的人

He's nothing but a liar and a fraud.

他只不過是個(gè)撒謊者和騙子。

She felt a fraud accepting their sympathy (= because she was not really sad) .

她接受他們的同情時(shí)感到自己是在騙人。

[可數(shù)名詞] something that is not as good, useful, etc. as people claim it is 偽劣品；冒牌貨

speculative

based on guessing or on opinions that have been formed without knowing all the facts 推測的；猜測的；推斷的

showing that you are trying to guess sth 揣摩的；忖度的；試探的

She cast a speculative look at Kate.

她帶著疑問的眼神看了凱特一眼。

(of business activity 商業(yè)活動(dòng)) done in the hope of making a profit but involving the risk of losing money 投機(jī)性的；風(fēng)險(xiǎn)性的

tempt

~ sb (into sth/into doing sth)

to attract sb or make sb want to do or have sth, even if they know it is wrong 引誘；誘惑

[動(dòng)詞 + 名詞短語]

I was tempted by the dessert menu.

甜食菜單饞得我垂涎欲滴。

Don't tempt thieves by leaving valuables clearly visible.

別把貴重物品放在顯眼處招賊。

[動(dòng)詞 + 名詞短語 + 帶to的不定式]

I was tempted to take the day off.

我動(dòng)了心，想那一天休假。

to persuade or try to persuade sb to do sth that you want them to do, for example by offering them sth 勸誘；鼓動(dòng)；慫恿；利誘

[動(dòng)詞 + 名詞短語]

How can we tempt young people into engineering?

我們怎么才能吸引年輕人學(xué)習(xí)工程學(xué)呢？

[動(dòng)詞 + 名詞短語 + 帶to的不定式]

Nothing would tempt me to live here.

什么也吸引不了我到這里居住。

It is easy to muddle two separate issues. One is whether the “blockchain” technology that underpins bitcoin becomes more widely adopted. Block chains, distributed ledgers that record transactions securely, may prove very useful in some areas of finance, and beyond. The second is whether bitcoin will become a widely adopted currency in everyday life. Here the evidence is weak.

人們很容易混淆兩個(gè)不同的問題。一個(gè)是支撐比特幣的區(qū)塊鏈技術(shù)是否會(huì)被廣泛運(yùn)用。區(qū)塊鏈可以將賬簿分布于不同節(jié)點(diǎn)并安全地記錄交易，這在金融和其他領(lǐng)域都可能非常實(shí)用。第二個(gè)問題是比特幣是否會(huì)成為人們?nèi)粘Ｉ钪袕V泛采用的貨幣。然而現(xiàn)有證據(jù)還很單?。?/b>不能充分證明以上兩點(diǎn)）。

muddle

[動(dòng)詞 + 名詞短語](especially British English)

~ sth (up) to put things in the wrong order or mix them up 弄亂；攪混

Don't do that─you're muddling my papers.

別動(dòng)——你會(huì)弄亂我的文件的。

Their letters were all muddled up together in a drawer.

他們的信都亂七八糟地放在一個(gè)抽屜里。

~ sb (up) to confuse sb 使困惑；使糊涂

Slow down a little─you're muddling me.

說慢點(diǎn)兒——你都把我搞糊涂了。

~ sb/sth (up) | ~ A (up) with B to confuse one person or thing with another 混淆；攪混；分不清

同義詞 mix up

I muddled the dates and arrived a week early.

我搞錯(cuò)了日期，早到了一個(gè)星期。

He got all muddled up about what went where.

他對(duì)什么東西放在哪里全然記不清了。

They look so alike, I always get them muddled up .

他們看上去那么像，我總是把他們給搞混了。

[可數(shù)名詞, 常用單數(shù)形式] a state of mental confusion 糊涂；困惑；茫然

Can you start from the beginning again─I'm in a muddle .

請你從頭再來一遍吧——我還是搞不清楚。

[可數(shù)名詞, 常用單數(shù)形式][不可數(shù)名詞] ~ (about/over sth) a situation in which there is confusion about arrangements, etc. and things are done wrong （局面）一團(tuán)糟，混亂

There was a muddle over the theatre tickets.

戲票的管理問題一團(tuán)糟。

There followed a long period of confusion and muddle.

接下來是很長一段時(shí)間的困惑和混亂。

[可數(shù)名詞, 常用單數(shù)形式][不可數(shù)名詞] a state of confusion in which things are untidy 混亂；亂七八糟

同義詞mess

My papers are all in a muddle .

我的文件混亂不堪。

underpin

[動(dòng)詞 + 名詞短語]

(formal) to support or form the basis of an argument, a claim, etc. 加強(qiáng)，鞏固，構(gòu)成（…的基礎(chǔ)等）

The report is underpinned by extensive research.

這份報(bào)告以廣泛的研究為基礎(chǔ)。

(technical 術(shù)語) to support a wall by putting metal, concrete, etc. under it 加固（墻）基

ledger

a book in which a bank, a business, etc. records the money it has paid and received 收支總賬；分類賬簿；分戶賬簿

to enter figures in the purchase/sales ledger

把金額登入購貨 / 銷售分類賬

Bitcoin can be used to buy a few things. But a currency has three main functions: store of value; means of exchange; and unit of account. Bitcoin’s volatility, seen when it fell 20% within minutes on November 29th before rebounding, makes it both a nerve-racking store of value and a poor means of exchange. Imagine buying an iPhone X with bitcoin in January. You would by now be cursing as the same coin could buy ten phones— Christmas gifts for the whole family.

一些商品可以用比特幣來支付。但是貨幣具備三大主要職能：價(jià)值儲(chǔ)藏、流通手段和價(jià)值尺度。然而 ，11月29日比特幣價(jià)格在幾分鐘內(nèi)驟跌20%，隨后又反彈回升，可見，這種波動(dòng)性讓比特幣既不具備良好的價(jià)值儲(chǔ)藏職能，又是一種糟糕交易方式。試想一下，你在一月份時(shí)用比特幣購買了一臺(tái)iPhone X，然而同等比特幣現(xiàn)在可以購買到10臺(tái)iPhone，作為全家人的圣誕禮物，那么你一定會(huì)破口大罵。

volatility

noun， 揮發(fā)性; 揮發(fā)度; 反復(fù)無常;

nerve-racking

傷腦筋的，令人不安的，令人緊張的

curse

[單獨(dú)使用的動(dòng)詞] to swear 詛咒

He hit his head as he stood up and cursed loudly.

他站起來時(shí)撞了頭，便破口大罵。

[動(dòng)詞 + 名詞短語] ~ (sb/sth) (for sth) to say rude things to sb or think rude things about sb/sth 咒罵；詛咒；在心里詛咒

She cursed her bad luck.

她罵自己運(yùn)氣不好。

He cursed himself for his stupidity.

他咒罵自己愚蠢。

[動(dòng)詞 + 名詞短語] to use a magic word or phrase against sb in order to harm them 念咒語詛咒

Legend has it that the whole village had been cursed by a witch.

傳說整座村莊遭到了巫婆的詛咒

A currency is also a unit of account for debt.?Paul Mortimer-Lee of BNP Paribas, a French bank, tartly remarks: “Imagine if you had financed your house with a bitcoin mortgage.” This year your debt would have risen tenfold. Your salary, paid in dollars, euros or whatever, would not have kept pace.Put another way, had bitcoin been widely used, the last year might have been massively deflationary.

貨幣也可以用來清償債務(wù)。法國巴黎銀行（BNP Paribas）高管莫提魔里（Mortimer-Lee）尖銳地指出：“如果你用比特幣抵押貸款為你的房子融資的話，想象一下這將會(huì)發(fā)生什么？”今年你的負(fù)債可能將會(huì)增加十倍。但你的工資，不論是以美元、歐元還是其他貨幣支付，其漲幅都無法趕上你的負(fù)債。換言之，如果比特幣被廣泛使用，去年可能已經(jīng)遭受大規(guī)模的通貨緊縮。

tartly

辛辣地，刻薄地;

mortgage

( also informal home loan) a legal agreement by which a bank or similar organization lends you money to buy a house, etc., and you pay the money back over a particular number of years; the sum of money that you borrow 按揭（由銀行等提供房產(chǎn)抵押借款）；按揭貸款

to apply for/take out/pay off a mortgage

申請 / 取得 / 還清抵押貸款

mortgage rates (= of interest)按揭貸款利率

a mortgage on the house一項(xiàng)房產(chǎn)按揭

a mortgage of ￡60 0006萬英鎊的按揭貸款

monthly mortgage repayments

每月償還的按揭貸款

[動(dòng)詞 + 名詞短語] to give a bank, etc. the legal right to own your house, land, etc. if you do not pay the money back that you have borrowed from the bank to buy the house or land （向銀行等）抵押（房產(chǎn)）

He had to mortgage his house to pay his legal costs.

他不得不把房子抵押出去來付訴訟費(fèi)。

deflationary

adj.? 放出空氣的，通貨緊縮的，物價(jià)低廉（尤指成本不降低時(shí)的反常情形）的;

Such issues will be of minor concern to those who managed to buy bitcoin earlier in the year. They will just be delighted with the profits. But why has the price risen so fast? One justification for the existence of bitcoin is that central banks, via quantitative easing (QE), are debasing fiat money and laying the path to hyperinflation. But this seems a very odd moment for that view to gain adherents. Inflation remains low and the Federal Reserve is pushing up interest rates and unwinding QE.

對(duì)于那些今年年初買入比特幣的投資者來說，這類問題并不是那么重要。他們只會(huì)為豐厚的利潤而感到欣喜?？墒?，比特幣的價(jià)格為什么會(huì)上漲地如此之快呢？一個(gè)合理的解釋是因?yàn)檠胄袑?shí)行“量化寬松”政策，導(dǎo)致法定貨幣貶值，為惡性通貨膨脹鋪平了道路。但是這個(gè)觀點(diǎn)的支持者來說，這似乎是一個(gè)非常奇怪的時(shí)刻。如今通貨膨脹維持在低位，美聯(lián)儲(chǔ)正在推高利率并收緊“量化寬松”政策。

debase

[動(dòng)詞 + 名詞短語] to make sb/sth less valuable or respected 降低…的價(jià)值；敗壞…的名譽(yù)

同義詞 devalue

Sport is being debased by commercial sponsorship.

體育運(yùn)動(dòng)因受商業(yè)贊助而降低了聲譽(yù)。

fiat

[可數(shù)名詞, 不可數(shù)名詞](formal) an official order given by sb in authority （當(dāng)權(quán)者的）法令，命令，諭

hyperinflation

[不可數(shù)名詞] a situation in which prices rise very fast, causing damage to a country's economy 惡性通貨膨脹；超通貨膨脹；過度通貨膨脹

unwind

(unwound, unwound |??n?wa?nd|)

to undo sth that has been wrapped into a ball or around sth 解開，打開，松開（卷繞之物）

[動(dòng)詞 + 名詞短語]

to unwind a ball of string解開一團(tuán)繩

He unwound his scarf from his neck.

他從脖子上解下圍巾。

[單獨(dú)使用的動(dòng)詞]

The bandage gradually unwound and fell off.

繃帶逐漸松開脫落了。

[單獨(dú)使用的動(dòng)詞] to stop worrying or thinking about problems and start to relax 放松；輕松

同義詞 relax, wind down

Music helps me unwind after a busy day.

音樂使我在忙碌一天后得以放松。

A more likely explanation is that as new and easier ways to trade in bitcoin become available, more investors are willing to take the plunge. As the supply of bitcoin is limited by design, that drives up the price.

另一更具說服力的原因是，隨著越來越多新穎又便捷的比特幣交易形式出現(xiàn)，越來越多的投資者都想嘗嘗鮮，冒險(xiǎn)一試。由于比特幣設(shè)計(jì)之初就限定了數(shù)量，導(dǎo)致價(jià)格上漲。

drive sth?up/down

to make sth such as prices rise or fall quickly 抬高（或壓低）；使上升（或下跌）

Take the plunge: 冒險(xiǎn)一試

But it is worth remembering that the cost of using bitcoin is going up.Each transaction has to be verified by“miners”who need a lot of computing power to do so,and a lot of energy:275kWh for every transaction,according to Digiconomist,a website.In total,bitcoin uses as much electricity a year as Morocco,or enough to power 2.8m American households.All this costs much than processing creditcard transactions via Visa or MasterCard.

不過，值得一提的是，比特幣流通成本不斷攀升。Digiconomist網(wǎng)站數(shù)據(jù)現(xiàn)實(shí)，比特幣的每筆交易必須經(jīng)“礦工”確認(rèn)，它不僅需要大量運(yùn)算能力，而且每筆教交易需要消耗巨大的電量：275kWh?？偟膩碚f，比特幣每年使用的電量和摩洛哥一樣多，足以為280萬美國家庭提供電力。所有這些都遠(yuǎn)高于通過Visa或MasterCard來進(jìn)行交易所需的成本。

The miners are rewarded for their efforts by being paid in bitcoin; they are delighted by the rise in the currency’s price.But some are finding ingenious ways to cut back on their energy costs; one even put computers in his Tesla car so he could mine bitcoins using its free charging stations.Much mining is done in parts of China where electricity is cheap.

礦工的酬勞是通過比特幣支付的。比特幣價(jià)格上漲，他們肯定是喜上眉梢。但為了降低電力成本，一些人正在尋找巧妙的方式來削減成本。比如：人們把電腦放在特斯拉汽車?yán)飶亩?/b>利用特拉斯免費(fèi)充電站。還有很多“挖礦”是在中國部分電價(jià)便宜的地區(qū)完成的。（中國西部，水電相對(duì)便宜）。

ingenious

(of an object, a plan, an idea, etc. 物體、計(jì)劃、思想等) very suitable for a particular purpose and resulting from clever new ideas 精巧的；新穎獨(dú)特的；巧妙的

an ingenious device ?精巧的裝置

ingenious ways of saving energy

節(jié)約能源的巧妙方法

(of a person 人) having a lot of clever new ideas and good at inventing things 心靈手巧的；機(jī)敏的；善于創(chuàng)造發(fā)明的

an ingenious cook ?心靈手巧的廚師

She's very ingenious when it comes to finding excuses.

她很善于找借口。

There are two ways of thinking about this. One is that the eventual price of bitcoin will equal the marginal cost of mining, which may be rising but is well below the current price. The second is that institutions will not want to use the technology if it relies on such a “Wild West” process; banks are already looking at cheaper forms of blockchain technology.

針對(duì)這一問題有兩種思考方式。其一，“挖礦”成本可能會(huì)一直上漲，比特幣的最終價(jià)格會(huì)和“挖礦”的邊際成本相當(dāng)，但是會(huì)遠(yuǎn)遠(yuǎn)低于現(xiàn)行價(jià)格。其二，假如區(qū)塊鏈技術(shù)需要依托“西部荒野”式的數(shù)據(jù)處理，金融機(jī)構(gòu)不會(huì)想要使用這項(xiàng)技術(shù)。銀行已經(jīng)在為區(qū)塊鏈技術(shù)尋求成本更為低廉的應(yīng)用形式。

Whether the investors driving the price higher are pondering all this is open to doubt. It looks like a re-run of the dotcom craze. Adverts for trading digital currencies are appearing on the London tube and celebrities have piled onto the bandwagon. As seen many times before, when lots of investors buy an illiquid asset, the price can rise exponentially.

推高價(jià)格的投資者是否思考過以上兩點(diǎn)，這一點(diǎn)值得懷疑?？雌饋砭拖馾otcom互聯(lián)網(wǎng)泡沫事件的重演。數(shù)字貨幣交易的廣告在倫敦地鐵隨處可見，知名人士們也隨波逐流。正如之前許多時(shí)期出現(xiàn)過的景象，一旦投資者蜂擁購入非現(xiàn)金資產(chǎn)，價(jià)格便會(huì)呈指數(shù)級(jí)攀升。

ponder

~ (about/on/over sth) (formal) to think about sth carefully for a period of time 沉思；考慮；琢磨

同義詞 consider

[單獨(dú)使用的動(dòng)詞]

She pondered over his words.

她反復(fù)琢磨他的話。

They were left to ponder on the implications of the announcement.

他們被留下來琢磨這項(xiàng)宣告的含義。

[動(dòng)詞 + 名詞短語]

The senator pondered the question for a moment.

這位參議員考慮了一下這個(gè)問題。

[動(dòng)詞 + wh-從句]

They are pondering whether the money could be better used elsewhere.

他們正在斟酌能否把錢花到其他更適當(dāng)?shù)牡胤健?/p>

craze

~ (for sth) an enthusiastic interest in sth that is shared by many people but that usually does not last very long; a thing that people have a craze for （通常為一時(shí)的）狂熱，瘋狂；風(fēng)行一時(shí)的東西

the latest fitness craze to sweep the country

最近風(fēng)靡全國的健身熱

bandwagon

[常用單數(shù)形式] an activity that more and more people are becoming involved in 風(fēng)靡的活動(dòng)；時(shí)尚

The World Cup bandwagon is starting to roll.

世界杯足球賽熱潮即將涌起。

exponentially

(mathematics 數(shù)) of or shown by an exponent 指數(shù)的；冪的；由指數(shù)表示的

2 ^4 is an exponential expression.

2^4是個(gè)指數(shù)式。

an exponential curve/function

指數(shù)曲線 / 函數(shù)

(formal) (of a rate of increase 增長率) becoming faster and faster 越來越快的

exponential growth/increase

越來越快的增長

The top is hard to call. At some point, the urge to turn all those digital zeros into cars and iPhones will prove too great.Getting out of an illiquid asset—as this week, when exchanges struggled to cope with trading volumes—can be harder than getting into it.Some remember Nathan Rothschild’s remark about the secret of his wealth: “I always sold too soon.”

然而，比特幣價(jià)格很難在巔峰停留。當(dāng)價(jià)格達(dá)到某一點(diǎn)時(shí)，人們就會(huì)迫切的想把那堆數(shù)字兌換成汽車和iPhone。本周交易所奮力處理證券交易量正說明了一點(diǎn)：非流動(dòng)資產(chǎn)的拋出要比買入更難。一些人應(yīng)該還記得羅思柴爾德（Nathan Rothschild）在談及財(cái)富秘訣時(shí)說過：“我總是很早就拋售了?！?/b>