Here's why there's no "hot" wire:
* DC Power: Older phone lines sometimes had a small DC voltage on them to power the phone, but this is less common now.
* Audio Signals: Phone lines carry audio signals, which are alternating currents (AC). There is no constant voltage difference between the two wires like you would find with a "hot" wire in a standard electrical circuit.
It's important to note that phone lines can carry very low voltage DC for power, but this is usually only for things like call waiting or caller ID features. The main signal carried is still AC audio.