Am I the only one who feels a growing sensation of cognitive dissonance in cryptography at this time?
The cryptographic industry has always had revolutionary roots. It emerged in 2008 with the technical document of Bitcoin, a direct response to the financial crisis that decimated the livelihood while protected a systemically corrupt and failed banking system. Bitcoin was not just a technical innovation, it was a political and ideological statement. A sign that the builders and thinkers were ready to challenge the status quo with the tools, not just the words.
As someone who has worked in cryptography for years, they should be celebrating. Today, decentralized technologies are no longer in the strip. Fintechs are adopting Stablecoins. Bitcoin ETFs are operated in traditional exchanges. The average person has heard of blockchain. From Capitol Hill to Davos, Crypto no longer laughs at the room.
But despite this “legitimacy” on the surface level, I cannot avoid feeling that something essential is lost. The spirit of cryptography, the cypherpunk values that took us here, dilute, cooptan and, in some cases, is directly betrayed.
The central belief of the Cypherpunk movement is that technology can and should be used to rebalance power, far from overreaching governments and monopolistic corporations, and towards people. Networks in pairs, end -to -end encryption, censorship -resistant platforms: these are not fashion words; They are commitments to improve our society.
Stripe acquiring cryptographic infrastructure startups? Great, but does not create legitimacy in the cryptographic industry. That is a Big Fintech survival movement to stay relevant and improve its product offer. Circle Goed Public is a corporate milestone, not a validation of Crypto’s principles. A Bitcoin ETF can bring liquidity, but does not bring ideological alignment.
These Fintech brands are not leading a movement, they are reacting to it. They are trying to maintain the rhythm of cryptographic upstarts that are quickly making their inherited models obsolete.
Let’s not confuse the acquisition with validation. The fact that the costumes are now interested in the tools we have created does not mean that they understand, respect or intend to preserve the reasons why these tools exist.
Crypto was not supposed to be no other tool in the hands of the State. It is supposed to be the counterweight.
Therefore, it is understandable that the recent increase in political commitment and the clearest regulatory frameworks, such as Genius law, are like progress. Applications such as Coinbase and Polymket are gaining home recognition. The successor of President Biden has even extended an olive branch to the industry.
But at some point, many of us seem to have lost the plot.
An obvious example? The recent coinbase sponsorship of a military parade affiliated with President Trump.
This is not a partisan criticism. It is one of principles. The Coinbase mission statement emphasizes that political causes are a “distraction of our mission.” However, in practice, the company has repeatedly aligned with political events, from sponsoring the presidential opening funds to courting the political favor with the accelerated hiring of former Doge employees.
The recent recent request of the CEO Brian Armstrong of former Doge employees is quite moving: “If you are looking for your next mission after serving your country, consider helping to create a more efficient financial system for the world in Coinbase.”
That frame, the mission of Coinbase with the State, epitomizes the progressive fusion between the Crypto butlers and the same power structures that we were destined to counteract.
Yes, Coinbase is a public quoted company. Yes, it operates in a jurisdiction governed by laws and policies. But being fulfilled does not mean being co -opted. Sponsor political events, align with political figures and obtain profits of the proximity to power undermines the ethical basis of decentralized technology.
And Coinbase is not alone. Super Pac financed with cryptography are investing money in elections at all levels. Ripple is now a DC lobbying giant that we are still considering the amazing corruption that was FTX, where political donations and influence adjustment were manipulation tools, not participation.
This is not a slippery slope. We are already sliding.
Cypherpunkism is more than an aesthetic or ideology. It is a commitment to the construction of systems that make centralized power obsolete, not tolerated or negotiated with, but irrelevant. It is about building tools that empower people, preserve privacy and promote a more open and resistant society.
Founders, investors and cryptographic institutions must visit these roots again. Blockchain’s purpose is not to replicate traditional systems with the brightest brand in politicized military meetings, it is to fundamentally alter how these systems work. To create a future where financial freedom, privacy and open access are not privileges, but predetermined.
Yes, we must commit to regulators. Yes, we must work within the legal frameworks. But that is far from becoming its cheerleaders. There is a difference between navigating the system and being consumed by it. There is a difference between playing the game and forgetting why you joined first.
We owe it to the movement, and to remember why cryptography exists. Not appease governments, but to hold them responsible. Not to win the political favor, but to do such unnecessary favor. Not to build brands, but to build freedom.
The true cypherpunks are still out there. But it’s time for our voices to listen to us again.
