标题： 比特币金，莱特币银：加密货币估值与交易策略简介 显示英文标题

标题： Bitcoin Gold, Litecoin Silver:An Introduction to Cryptocurrency's Valuation and Trading Strategy

摘要： 历史上，黄金和白银在传统的货币体系中扮演了不同的角色。 虽然黄金主要被视为一种优越的价值储存手段，促使个人囤积它，但白银通常被用作交换媒介。 随着金融世界的演变，加密货币的出现引入了价值和交换的新范式。 然而，这些数字资产的价值储存特性仍然 largely 未被探索。 莱特币的创始人查理·李曾将比特币比作黄金，而莱特币则比作白银。 为了验证这一类比，我们的研究采用了多种指标，包括未花费交易输出（UTXO）、已花费交易输出（STXO）、加权平均寿命（WAL）、币天销毁量（CDD）以及公共链上交易数据。 此外，我们设计了以价格与效用（PU）比率为核心的交易策略，为加密资产估值提供了超越传统效用的新视角。 我们的回测结果不仅展示了比特币和莱特币的交易指标，还证实了李的隐喻，强调了比特币相对于莱特币在价值储存方面的优越性。 我们预计，我们的研究结果将推动对加密资产估值的进一步探索。 为了提高透明度并促进未来的研究，我们将数据集上传到了哈佛数据仓库，并将我们的Python代码在GitHub上作为开源项目分享。 显示英文摘要

摘要： Historically, gold and silver have played distinct roles in traditional monetary systems. While gold has primarily been revered as a superior store of value, prompting individuals to hoard it, silver has commonly been used as a medium of exchange. As the financial world evolves, the emergence of cryptocurrencies has introduced a new paradigm of value and exchange. However, the store-of-value characteristic of these digital assets remains largely uncharted. Charlie Lee, the founder of Litecoin, once likened Bitcoin to gold and Litecoin to silver. To validate this analogy, our study employs several metrics, including unspent transaction outputs (UTXO), spent transaction outputs (STXO), Weighted Average Lifespan (WAL), CoinDaysDestroyed (CDD), and public on-chain transaction data. Furthermore, we've devised trading strategies centered around the Price-to-Utility (PU) ratio, offering a fresh perspective on crypto-asset valuation beyond traditional utilities. Our back-testing results not only display trading indicators for both Bitcoin and Litecoin but also substantiate Lee's metaphor, underscoring Bitcoin's superior store-of-value proposition relative to Litecoin. We anticipate that our findings will drive further exploration into the valuation of crypto assets. For enhanced transparency and to promote future research, we've made our datasets available on Harvard Dataverse and shared our Python code on GitHub as open source.