「博傻理論」投資學
Cryptocurrency is a relatively new form of currency that can be exchanged online for goods and services.
加密貨幣是一種相對較新的貨幣，可在網路上兌換商品或服務，
exchange(v.)(n.)交換;兌換
Compare them to arcade tokens or casino chips.
好比代幣或籌碼。
compare A to B=將A比作B
You’ll need to exchange real currency for the cryptocurrency.
你得用真實貨幣換取加密貨幣。
Cryptocurrencies work using a type of database called blockchain, which is a decentralized technology spread across many computers that manages and records transactions.
加密貨幣透過區塊鏈技術的數據庫運作，這是一種分散在多台電腦上管理及紀錄交易的去中心化科技。
centralize(v.)集中;中央集權;中央管控transaction(n.)交易
Part of the appeal of this kind of technology is its security.
這類科技吸引人的地方就在於其安全性。
appeal(n.)魅力;吸引力lodge an appeal 提出上訴
However, just like real currencies, cryptocurrencies generate no cash flow, so in order to profit, someone has to have paid more for the currency than you did.
然而，就如同真實貨幣，加密貨幣不會產生現金流，因此得有人比你支付更多錢購買加密貨幣才能獲利，
generate(v.)產生
This is referred to as “the greater fool” theory of investment.
這在投資學上被稱為「博傻理論」。
Bitcoin, the most popular cryptocurrency, has had volatile changes in price.
比特幣作為最受歡迎的加密貨幣，其價格具有波動性。
volatile(adj.)不穩定的;易變的
For example, in December 2017, Bitcoin was valued at a staggering $20,000, but it then plummeted to around $3,200 a year later.
例如，比特幣在2017年12月的價格高達20,000美元，一年後卻跌至3,200美元左右，
staggering(adj.)驚人的plummet(v.)暴跌=fall very quickly
Three years later, it was trading at record levels again.
其交易價三年後又再創下新高。
trade(n.)(v.)交易
This volatility in price creates a dilemma.
這種價格波動性是種矛盾。
create (pose) a dilemma 製造兩難或矛盾
If bitcoins are predicted to be worth a lot more in the future, people won’t be likely to spend and circulate them today, making them less viable as a currency.
若比特幣價值看漲，那人們就不大可能花掉比特幣使其流通，這將使得比特幣變得更不流通。
circulate(v.)(使)流通;(使)循環;(使)散佈viable(adj.)可望成功的;行得通的
After all, why would anyone spend a currency that they know could be worth three times the value next year?
畢竟，怎麼會有人花掉他們認為明年可能翻漲三倍的貨幣呢？