But bitcoin is also different from ICOs. 但是，比特币也不同于ICO。

　　Its appeal is as a digital currency that can be used in a broad range of transactions. 它的吸引力在于它作为一种可能用于广泛交易的数字货币。

　　And the supply of bitcoin is designed to be limited, meaning some people regard it as an electronic version of gold. 而且比特币的供应是为了使之有限而设计的，也就是说，有人认为它是一种电子版的黄金。

　　So there is a chance that bitcoin or ethereum will come into widespread use, although their function as a means of exchange is undermined by the volatility of their prices. 因此，尽管比特比或者乙太币作为交换手段的职能因其价格的波动而被消弱，但是，它们将大有用武之地武之地是有机会的。

　　Currencies must be stores of value, at least in the short term. 货币，至少在短期内，必须是价值的储藏。

　　If you think a digital currency is going to rise by 20% tomorrow, you won't want to swap it for goods and services;  如果人们认为某种数字货币明天将上涨20%，就不会想着用它来交换商品和服务；

　　if you think it is going to fall by 20% you won't want to accept it. 如果认为这种货币会下跌20%，就不会想着接收这种钱。

　　It is also worth remembering that governments set the rules regarding the nature of legal tender within their borders. 值得牢记的另一点是，政府制定了境内有关法定货币性质的规则。

　　They will always have the whip-hand when it comes to issuing currency. 当涉及发行货币时，他们总会拥有惩治手段。

　　If they believe that a digital currency is being used for widespread tax evasion, or is distorting the financial system, they will crack down hard. 如果他们认定，某种数字货币正被用于广泛的逃税，或是正在扭曲金融体系，他们将予以重拳打击。

　　As far as business-related ICOs are concerned, a few may succeed. 就与商业有关的ICO而言，只有少数的可能成功。

　　Investors may well be taking the “lottery ticket” approach, hoping that one big winner will offset a large number of losses. 投资者很可能正在采取“彩票”策略，希望一次大奖将抵消众多的损失。

　　In a sense investors are acting like venture capitalists. 从某种程度上来说，投资者正在像风投人士那样行事。

　　But the sultans of Silicon Valley's VC industry insist on a wide range of rights before they invest their capital,  但是，硅谷风投产业的大佬们在投钱之前坚持自己要有一系列广泛的权利，

　　including protection against dilution of their stakes and (sometimes) the right to nominate board members. 这其中就包括针对自己股份稀释的保护，（有的时候）还包括提名董事会成员的权利。

　　Investors in ICOs have nothing like that level of protection. ICO的投资者毫无这种层次的保护。

　　In the circumstances, it is hardly surprising that regulators are getting involved. 在这种情况下，监管者正在介入就一点也不令人吃惊了。

　　In America, the Securities and Exchange Commission has ruled that these coins may, in some cases, be securities and thus subject to regulation. 在美国，证券交易委员会已经裁定，这些货币，可能在某些情况，是证券，因而要接受监管。

　　A British regulator, the Financial Conduct Authority, this week warned investors about the risks involved. 本周，英国监管方——金融行为监管局已经就所涉及的风险警告了投资者。

　　The Chinese authorities have gone a lot further, declaring that new ICOs are simply illegal. 中国多个部委走得远多了，他们宣布新的ICO是非法的。

　　It is not easy to draw a line between financial innovation and reckless speculation. 要想区分金融创新和不急后果的投机不是容易的。

　　Perhaps an ICO will finance some breakthrough that boosts economic efficiency. 也许，ICO会给提振经济效率的某种突破提供资金。

　　If you work in the tech sector, you may be able to spot the occasional grain of wheat among the pile of chaff. 如果你在技术部门工作，或许还能做到慧眼识珠。

　　Everyone else should assume that ICO stands for “It's Completely Off-limits”. 其余的人应当谨记，ICO意味着“绝对禁区”。