Is There Any Cypherpunk Left in Crypto? Or Did We Trade It for an ETF?
Picture this: it’s 2009, and an unknown figure named Satoshi Nakamoto, our mysterious digital gardener, plants Bitcoin like a seed in the cracked pavement of the financial world. The manifesto? A quiet promise: money that’s yours, privacy that’s real, a system without a middleman skimming the top. Then Ethereum blooms in 2015, a wildflower of possibility; a decentralized computer for a freer internet A potential space for the builders and a partner to Bitcoin's money solution.
Fast forward to 2025, and here we are. Bitcoin maxis are hyped about government reserves and BlackRock ETFs, while Ethereum wrestles with the significant trade-offs it has made over the years, and Vitalik’s on X saying, “All OGs are jaded.”
Jaded? I don’t think so. We are more… adrift.
The Cypherpunk dream; freedom to transact, privacy as a birthright, a decentralized internet that doesn’t bow to Big Brother or Big Bank, was supposed to be the botanical garden of the digital age: a sprawling, chaotic, beautiful ecosystem where anyone could plant a seed and watch it grow without a corporate gardener snipping it for profit.
Instead, we have a monoculture of layer-1 Ponzi schemes, shitcoin shilling, deviations from decentralization, and a community more ready to discuss ETFs and Ponzi schemes than the fact that Tornado Cash coders are rotting in jail for writing unbreakable software.
So, let’s ask the million-BTC question: is there any Cypherpunk left in crypto, or did we trade it all for a seat at the grown-ups’ table?
The Potential We Imagined
Let’s rewind to good days past, it’s 2015, when Ethereum’s proof-of-work hum was still a rebel yell. It wasn’t just a blockchain; it was a canvas. A global, decentralized computer that could’ve been the backbone of a world where privacy, choice, and fair value weren’t just buzzwords but bedrock. It was what inspired my entry into the space. Imagine it: a digital haven where you could transact without a trace, own your data like a personal asset, and build without begging permission from some higher power or regulator. That’s the Cypherpunk gospel; freedom coded into every block, every hash, and every line of open-source defiance.
Bitcoin was the flint, a marvel of what the future of money could look like, and Ethereum was the wildfire for our inner builder. Together, they could’ve torched the old systems and fertilized the internet for something new. Today, it feels like, somewhere along the path, we stopped tending the garden and started paving it over.
The Potholes on the Path
Ethereum’s pivot to proof-of-stake? While it was a remarkable coordination feat, it was still a gut punch to “sufficient decentralization.” Sure, it’s greener and scales in new ways, but did we really think cheaper and faster was the hill to die on when the whole point was a network no one could own? Put it this way, imagine if we took that brainpower and truly remarkable ability to coordinate and write code at scale over networks and continents into a vast, networked energy solution of solar grids and micro-reactors.. something punk as hell! Instead it feels like we handed the keys to a few stakers with fat bags.
Then there’s the layer-1 grift parade. Every season, a shiny new chain rolls in, raises a war chest, and bribes corporations and project builders with “partnerships” that are just token dumps and fake traffic/fee generation in disguise. They pocket the fees, spin a narrative, and raise some more, rinse-repeat until they can’t anymore, leaving someone (usually the unsuspecting or new) holding the bag. This isn’t innovation; it’s a pyramid with better branding.
Cypherpunk isn’t about efficiency; it’s about resilience, about a system that can’t be choked by a single fist.
Bitcoin has held the line, protecting the core code at all costs. This deserves credit. The missteps in this ecosystem are more social than technical. The community’s relentless focus on price has stolen attention from strengthening the network, creating better paths for the everyday person to onboard, and has led to the emergence of some layer-2 dreams that look suspiciously like past mistakes in Ethereum's ecosystem. Perhaps this is controversial, but I’ve long thought that lording over highly leveraged large holders isn’t a positive thing from a long term risk perspective.
The same maxis who quote Satoshi like scripture are popping champagne when banks; the very leeches Bitcoin was built to bleed out, nod in their direction. There’s no more glaring example of this than if you compare the noise around ETFs and the almost silence when Samurai Wallet & Tornado Cash devs get cuffed for daring to code privacy. Shitcoins in the treasury? Maxis scream in unison. Fellow cyphers still in chains? Crickets.
As Edward Snowden put it at the 2023 @bitcoinmagazine conference in Amsterdam: “The tech has been unable to compete for attention, and that worries me, because the world is ending and we’re playing games.”
The Vitalik Lament and the OG’s Dilemma
Vitalik’s X post hit a nerve because it’s half-right. OGs, myself included, aren’t jaded; we are somewhat adrift. We saw the utopia on the horizon: a world where money moves like water, free and untamed; where the internet doesn’t spy on you for ad dollars; where AI doesn’t own your soul because you have the keys to your own kingdom. But the options now? Build on a compromised chain, cheer for a Bitcoin cozying up to banks, or scream into the void while the new kids chase pumps and dumps. Not the freedom of choice I had in mind.
Yet, all is not lost; the spark’s still there. Coders are grinding, dreamers are scheming, and many are clinging to that Cypherpunk core. Persevering with boot pressed firmly against the neck of the industry over the past 2-3 years is a testament to the incredible fortitude of the builders within it. This shouldn’t be discounted by snide comments on X nor a slight loss of direction. The sprit that remains is a new seed in the cracked pavement of the world, ready to be watered.
The Way Forward
So what’s the path back look like? First, we must be prepared to burn down the idol of centralized compromise at the base layer of the ecosystem. Centralized services belong on top of free foundations. This is what makes early protocols like NOSTR interesting; It’s the only way this works. We must be deeply skeptical of how things are built. Anyone can create a new chain, but it takes significant support to bring them to life, and that support should only exist on chains that aim to do more than enrich founders and bagholders.
We need to double down on what attracted the most punk, intelligent, and resilient builders in the world: unbreakable privacy, relentless decentralization, and a middle finger to anyone who thinks they can gatekeep freedom.
Bitcoin needs to remember it’s a weapon, not a trophy. Ethereum needs to stop chasing approval and start pursuing the impossible again. Or perhaps NOSTR will grow to be what Ethereum could have become.
We need real tools. Tornado Cash, Samurai Wallet, Uniswap's AMM, those are the blueprints. Build more, fund them, and then defend them. Privacy and sufficient decentralization isn’t a feature; it’s the foundation. In an AI-driven world where every click is a data point for some algorithm to own a slice of your intelligence, or a minute of your attention self-sovereignty over your money, identity, and creativity isn’t optional; it’s mandatory.
The community needs to take its voice and role more seriously. We must celebrate the builders, not the bagholders. If our focus were on the builders, we might actually lure in that “young blood” Vitalik’s pining for; not with promises of Lambos, but with a shared vision to build something worth fighting for.
The Punchline
We wanted a revolution, and what we got was a very loud revolving door of grift and compromise drowning out the incredible work of those with the skill and vision to build what is truly revelatory. The code’s still there, the dream’s still alive, and the fight’s not over.
So here’s to the OGs, the newbies, and the weirdos still coding in the shadows, with the Cypherpunk manifesto still front and center. Let’s start celebrating, helping, and funding them. Because if we don’t, the only thing left will be a BlackRock-branded Bitcoin and a layer-1 scam tweeting “wen moon?” while the scammers cash the checks.
The government's role in crypto, if it should have one at all, is really twofold.
First, to ensure a sufficient legal framework for the industry's growth and development (to prevent issues like debanking), and second, to incentivize the natural growth of the open marketplace that reflects its core potential.
The strategic reserve was a great opportunity to achieve this but missed the mark by not leveraging it for the broader interests of the USA.
The reserve should have a strict entry criteria: either the crypto must be sufficiently decentralized, or it must further US interests in energy, technology, and the digital future. This high bar would help eliminate projects that use money and longevity as signals of legitimacy, two common misconceptions by people who are not operating directly in the space about projects within it.
Bitcoin meets both criteria. It is sufficiently decentralized and has the potential to contribute to innovations in energy storage and redistribution within a new power grid. This aligns it with both current and future US interests.
By setting a high bar in this way, the government would create incentives for builders to develop sufficiently decentralized, public good-oriented platforms that qualify for the reserve, allowing the US people to benefit from owning foundational elements of the next generation of the digital landscape.
Perhaps adjustments can be made over time to better align the interests of both the industry and the US people.