Am I the only one to feel a growing feeling of cognitive dissonance in crypto right now?
Cryptographic industry has always had revolutionary roots. It appeared in 2008 with the White Bitcoin Paper, a direct response to the financial crisis which decimated the means of subsistence while protecting a corrupt and systemic corrupt banking system. Bitcoin was not only a technical innovation – it was a political and ideological declaration. A signal that manufacturers and thinkers were ready to challenge the status quo with tools, not just words.
As a person working in the crypto for years, I should celebrate. Today, decentralized technologies are no longer on the fringes. Fintech adopt stablecoins. The FNB Bitcoin are negotiated on traditional exchanges. The average person has heard of the blockchain. From Capitol Hill to Davos, the crypto no longer laughs at the room.
But despite this “legitimacy” at the surface level, I can’t help but feel that something essential is lost. The ethics of the crypto – the Cypherpunk values that brought us here – is diluted, co -opted and, in some cases, directly betrayed.
The fundamental belief of the Cyplerpunk movement is that technology can and must be used to rebalance the power – from the overcoming of monopolistic governments and societies, and towards individuals. Peer-to-peer networks, end-to-end encryption, censorship resistant platforms-these are not fashionable words; These are commitments to improve our society.
Stripe acquire cryptographic infrastructure startups? Great, but that does not create legitimacy in the cryptography industry. It is a Big Fintech survival decision to remain relevant and improve their product offer. Circle Gown Public is an important step, not a validation of the principles of the crypto. An ETF Bitcoin can bring liquidity, but it does not bring an ideological alignment.
These fintech marks do not lead a movement – they react to it. They try to follow the pace of crypto-native rear which quickly makes their models obsolete inherited.
Let us not confuse the acquisition with validation. It is not because combinations are now interested in the tools we have built does not mean that they understand, respect or intend to preserve the reasons why these tools exist.
The crypto was not supposed to be another tool in the hands of the state. It is supposed to be the counterweight.
It is therefore understandable that the recent increase in political engagement and lighter regulatory managers – such as the Genius Act – goes as progress. Applications like Coinbase and Polymarket gain in recognition of households. The successor of President Biden even extended a branch of olive tree to industry.
But somewhere along the way, many of us seem to have lost the plot.
A blatant example? The recent sponsorship of a Coinbase of a military parade has affiliated to President Trump.
It is not a partisan criticism. It is a principle. Coinbase’s mission statement stresses that political causes are a “distraction of our mission”. However, in practice, the company has aligned itself on several occasions on political events – from the sponsorship of presidential inauguration funds to the political favor of political favor with the accelerated hiring of the former employees of the DOGE.
The recent solicitation of the CEO Brian Armstrong of former Doge employees is quite poignant: “If you are looking for your next mission after having served your country, plan to create a more effective financial system for the world in Coinbase.”
This framing – typing the mission of Coinbase towards the State – epitomie The creeping fusion between the delegates of the crypto and the structures of power even that we were supposed to counterbalance.
Yes, Coinbase is a listed company on the stock market. Yes, it operates in a jurisdiction governed by laws and politics. But being in conformity does not mean being co -opted. Sponsor political events, align with political figures and take advantage of proximity to power undermines the ethical foundation of decentralized technology.
And Coinbase is not alone. Super CAP funded by Crypto pay money in elections at all levels. Ripple is now a lobbying mastodon with DC, we are still counting with the amazing corruption which was the FTX – where political gifts and influence were manipulation tools, no participation.
It is not a slippery slope. We are already sliding.
Cypherpunkism is more than aesthetic or an ideology. It is a commitment to build systems that make centralized power obsolete – not tolerated or negotiated with, but not relevant. It is a question of building tools that empower individuals, preserve privacy and promote a more open and resilient society.
The founders, investors and crypto institutions must revisit these roots. The objective of blockchain is not to reproduce traditional systems with a more brilliant brand during politicized military rallies – it is necessary to fundamentally modify the operation of these systems. To create a future where financial freedom, confidentiality and open access are not privileges, but faults.
Yes, we have to get involved with regulators. Yes, we have to work in legal frameworks. But it is far from becoming their cheerlers. There is a difference between navigating the system and being consumed by it. There is a difference between playing the game and forget why you joined it in the first place.
We owe it to movement – and to ourselves – to remind us why crypto exists. Not to appease governments, but to keep them responsible. Do not gain political favor, but make such a favor unnecessary. Not to build brands, but to strengthen freedom.
Real cypherpunks are still there. But it is time that we have our voices heard.
