????銀行界為什么害怕比特幣帶來的影響呢？很簡單，因為它會在整個金融行業掀起陣陣波瀾，它將產生新的贏家和輸家，它還有可能分散銀行業務，形成微型市場——從某種意義上講，自從易貨經濟和市場經濟的優勢合二為一后，還沒有出現過這樣的微型市場。實際上，這就是價值互聯網的全部，也就是在所有市場中抹除物物交換、貨幣和服務交換的差異。只要每種潛在利益有了可交換、可存儲的金融等價物，比如“比特幣”，那么各種交易類型就會爆炸式激增，而目前的算法根本不可能預測這些交易的發展方向。中介會不斷地出現消失，交易終端將變得更加重要。對許多銀行家來說，這種想法令人生畏。但對其他人來說，這很可能帶有相當強的自由色彩。

????顯然，必須要有監管。沒有監管，市場就不會穩定。不過，在顛覆性創新剛出現時就過度監管的國家會在這些創新帶來的第一輪浪潮中落敗。有多個國家似乎在朝著這個方向邁進，而美國首當其沖。這著實可惜。急于打壓加密貨幣是徒勞無功的。（財富中文網）

????特隆德?溫海姆是麻省理工斯隆管理學院（MIT Sloan School of Management）全球經濟及管理高級講師。他還創立了富有洞察力的網站Yegii.com，讓企業可以接觸到全球各種專業知識。

????譯者：Charlie

????審校：李翔

????Why are bankers afraid of Bitcoin’s impact? Easy, it will lead to ripples across the financial sector, it will create new winners and losers, and it will likely decentralize banking services and create micro markets to an extent not seen since the advances of the barter economy and the market economy combined. In fact, this is what the Internet of Value is all about—erasing the distinction between bartering, money and service exchange in any market. Once each potential good has a financially tradable and storable equivalent, “a bitcoin,” if you will, trade will explode in a myriad of directions impossible to predict by current algorithms. Intermediaries will come and go, and the end points of exchange nodes will become more important. To many bankers, this is a scary thought. To everyone else it is likely quite liberating.

????Clearly, there must be regulation. Without regulation, markets are unstable. However, countries that over-regulate a disruptive innovation in its infancy will only lose out on the first waves of that innovation. Several countries seem to be heading that way, and the US is now in the front seat of that wagon. What a pity. The urge to cripple crypto based currencies is futile.

????Trond UndheimisSenior Lecturer in Global Economics and Management at the MIT Sloan School of Management. Undheim is also founder ofYegii.com, an insight network that connects companies to global expertise.