Washington captures the soul of the crypto revolution

The crypto market fell overnight and fell back below $40,000. In a turbulent external environment, any excessive optimism will be hit by disappointment. The crypto market has never been so closely linked to the U.S. stock market as this round of bull market shows.

According to the report of the Financial Bureau of the Central Bank, Chinese people, who once accounted for 90% of the global Bitcoin trading volume, now contribute less than 10% of the trading volume. With the entry of large funds from European and American institutions and the participation of some countries, the amount of funds of Chinese retail investors has become insignificant in comparison. In other words, Chinese retail investors have completed their historical mission and handed over the baton of Bitcoin development to larger players.

Due to the nature of the funds involved, there is a high degree of structural similarity between them and the funds involved in the U.S. stock market, which has led to the crypto market increasingly showing characteristics of the U.S. stock market.

Looking back, the signs of the handover probably started in 2019. Since then, Chinese people and Europe and the United States have parted ways and played their own games. Chinese people play staking mining, Europe and the United States play DeFi; Chinese people play storage mining, Europe and the United States play NFT... By the beginning of the bull market in the second half of 2020 and the bull market in 2021, Chinese people have lost their big pie, missed DeFi, and don't understand NFT.

The entire crypto market is not only Europeanized in terms of capital, but also shows a clear Europeanized trend in terms of ideology. In this US sanctions against Russia, many crypto projects and platforms, from public chains to DeFi, NFT, and various exchanges, have all cooperated with the US government's sanctions and abandoned the crypto spirit of technological neutrality, anarchism, and decentralization. In recent days, a typical incident that has made people laugh and cry is that the Infura gateway misconfigured the IP blacklist and mistakenly blocked Ethereum users in Venezuela. The hands of centralized power are wantonly playing with the blockchain that claims to be decentralized.

From 2009 to 2022, only 13 years have passed, and the crypto revolution has begun to be shrouded in revisionism, appeasement and capitulationism, which is a worrying and regrettable scene. Wall Street has seized the body of the crypto revolution, and Washington has seized the soul of the crypto revolution. How long can the flag of encryption be raised? This is a problem that practitioners who are in it and have not yet fallen into the decadence of the world must seriously think about and bravely face.

From Eric Hughes's publication of the "Cypherpunk Manifesto" in 1993, to Zimmerman's clever way of bypassing US government regulation and releasing the banned high-strength encryption algorithm to the world in 1995, from Julian Assange's founding of WikiLeaks in 2006 to expose the US government's shameful and inhumane behavior, to Snowden's exposure of the US government's "Prism" project to monitor the world in 2013, the revolutionaries in the crypto world have been unremittingly committed to waging an arduous struggle against hegemony and power politics.

After 13 years of ups and downs, the crypto industry has opened a new chapter. Under the banner of idealism, people of all kinds have gathered. The world is in turmoil, all for profit; the world is in turmoil, all for profit. Speculators cannot lead the crypto industry to success. Once they encounter a short-term setback, they run faster than rabbits. Only pragmatic idealists, who use Taoism to control skills, guide evil to good, start from transforming the behavior of speculators, and finally transform their souls, can unite and inspire more and more people and promote the crypto industry to victory.