As government over-intervention and institutional interests reshape the blockchain landscape, it's time to return to Bitcoin's founding vision: a truly decentralized, immutable currency, free from state and corporate control.
Bitcoin's original intent was to allow people to opt out of the state-centralized monetary system, but the blockchain industry has since lost its direction. Today, we see threats of government over-intervention and blockchain solutions sacrificing decentralization for scalability and performance.
The rise of networks like Ethereum and Solana is indeed fascinating, but these blockchains have sacrificed core values for usability and institutional adoption. To fulfill the mission initiated by Satoshi Nakamoto, we urgently need to return to Bitcoin's original monetary concept of a trustlessly neutral, immutable currency that cannot be manipulated.
Immutability Above All
Bitcoin's fixed supply of 21 million coins and periodic halving events demonstrate monetary certainty. No central authority or discovery can change Bitcoin's supply. This makes Bitcoin an extremely predictable store of value against a backdrop of rampant money printing and inflation, distinguishing it from other forms of currency. Moreover, Bitcoin's rules are extremely difficult to change, establishing long-term network trust.
Flexibility and Performance, But at What Cost?
Major Layer-1 (L1) players like Ethereum and Solana offer unparalleled flexibility and performance, but accompany this with concerning trade-offs. Ethereum's governance-driven updates affect gas fees and staking rewards, not always satisfying ETH holders. Additionally, Solana prioritizes speed and performance above all, making it susceptible to higher degrees of centralization. Due to these trade-offs, L1 networks like Ethereum and Solana appear extremely vulnerable to censorship and manipulation, whether from governments, regulators, or powerful corporate interest groups.
As of March 2024, Coinbase controls 3.84 million ETH, distributed across 120,000 validators, representing 11.42% of total staked Ethereum, making it the largest single Ethereum node operator. This concentration raises centralization concerns, as large players like Coinbase could threaten Ethereum's decentralization and trigger regulatory risks. Moreover, this transfers control away from individuals back to large centralized companies—completely contrary to cryptocurrency's original vision.
Venture Capital's Role in the Crypto Industry
The crypto industry initially rebelled against big tech companies and Silicon Valley gatekeepers, where only accredited investors could support startups and profit from early gains. Cryptocurrencies disrupted this paradigm. Ordinary people, not venture capitalists or insiders, could for the first time participate in creating new technology from day one. But now that the industry has matured, venture capital has re-established its position by distributing cryptocurrencies in ways that mirror the systems it sought to disrupt.
While venture capital accelerates innovation, it also centralizes control through token allocation, board seats, and product roadmaps. Solana is one of the leading blockchains receiving substantial investment from companies like a16z and Polychain Capital. Such investment drives rapid growth but also leads to tokens and decision-making power concentrating in the hands of a few investors.
The most prominent crypto projects, like Ethereum and Solana—regardless of their critical stance towards old systems—ultimately serve institutional interests. Founding teams lock substantial pre-mined amounts, provide early investors with preferential conditions, and orient incentive structures toward eventual exit rather than long-term decentralization. These actions reintroduce many similar power dynamics that Bitcoin sought to eliminate.
Decentralization Is Not Optional
Decentralization is essential to resisting censorship and personal economic freedom. Bitcoin's resistance to changes protects it from being hijacked by powerful interest groups. Networks that view decentralization as a trade-off risk falling under the control of a new gatekeeper class. To maintain cryptocurrency's promise, decentralization must always be the highest priority.
Bitcoin's strength lies in its neutrality and immutability, not its programmability or speed.
The crypto ecosystem needs to return to these values to avoid repeating traditional financial system mistakes. The industry must recommit to developing absolutely financially independent tools, rather than chasing trends or institutional approval. Returning to Bitcoin's original vision is the only way to separate money from the state and reclaim monetary control through a trustless, censorship-resistant system.
