The community is born from legends and dies from legends, and the survival of legends depends on those who bear the heavy responsibility of promoting their development—the legend creators.
Written by: DeFi Dave
Translated by: Block unicorn
Legends are stories, symbols, and collective memories shared by a community that bind it closely together. Legends cannot be bought; to ensure their longevity, a community fully invested in their evolution is essential. The most powerful legends are public invitations to the community, inviting them to co-create their mission and destiny, while the unsung heroes guarding all of this are the legend builders. Their motivations vary; some act "just for fun," while others are driven by a strong sense of mission deep within. Regardless of the reasons, what all legend builders have in common is that they view the legends they create as contributions to something greater than themselves.
At the same time, there are legend destroyers, who are the antithesis of legend creators. Driven by self-interest, legend destroyers see legends as resources to be exploited rather than objects of contribution. They may superficially resemble legend creators, but over time, their true motivations will be revealed. Legend destroyers do not see themselves as part of the story; they believe they are the story itself, and if it serves their personal interests, they will not hesitate to betray the legend.
As the concept of legend creation is newly proposed, we must remain vigilant and clearly distinguish the boundaries between legend creators and destroyers. By setting these boundaries, we can more easily differentiate between the two when the lines are crossed, which is the main motivation for writing this article. Among all the characteristics that constitute these opposing forces, it is crucial to remember that successful legend creators are guardians of culture, crafting enduring cultural memories; while legend destroyers are parasites, unable to see the end of their desires, draining the vitality of legends until they lose their life force.
What is a Legend Creator
Legend creators are individuals who listen, embody, and collaboratively expand the myth with the community. As I mentioned in my previous article, legend creators "identify emerging ideas, understand their historical context, absorb collective emotions, weave these into a coherent and engaging narrative, and invite others to contribute. They are the prophets of legends. Skilled legend creators do not forcefully dictate direction; they listen, serving as stewards of the legend while remaining responsive to its natural evolution." It is important to emphasize that legend creators are not the loudest or most conspicuous people in the room; they are very careful with their words and actions, often working quietly behind the scenes to keep the flame burning when no one is watching. Their actions and words vary, but they are rooted in some common characteristics.
Legend creators possess a strong innate perception and intuition. They understand the historical context of the legend and the past forces that make it relevant and powerful. They can read the emotions and feelings of those around them, which informs their next steps and helps them discern what can inspire meaningful action. Legend creators intuitively perceive the essence of the myth, identifying profound moments and actions, both big and small, and amplifying them. The perception of legend creators is essentially driven by a vision; they see the legend as a vibrant story unfolding over a long arc of time.
Legend creators are inherently selfless and possess noble character. They set aside their egos, acting as humble stewards of the community, serving the legend rather than making the legend serve them. Legend creators understand that legends are a collective effort shaped by many people, constantly evolving under the influence of broader narratives and emotional currents. They know that actions speak louder than words; fame is not important, and they let their contributions speak for themselves.
Legend creators take proactive action. They act without needing direction from others, feeling a sense of responsibility to advance the legend. Proactive actions can take many forms, whether symbolic (creating memes, solidifying icons), narrative (writing, documenting important moments, creating characters), ideological (public stances, values), or ritualistic (events, habits, repeated gestures). Skilled legend creators are very aware of when to take active steps and when to step back. Proactivity does not mean forcefully pushing the legend; it means stepping up at the right moment. The more proactive actions are taken, the denser and richer the legend becomes.
Legend creators possess patience and resilience, recognizing that legends need time to take root in the hearts of the community. Any good legend stems from experiences that connect people, whether through laughter, struggle, or victory. Building a legend has no shortcuts; it is not accomplished overnight. It must be constructed brick by brick, step by step, over time, to form a fortress capable of withstanding the harshest conditions.
Ultimately, regardless of what they do or how they act, legend creators see themselves as part of the legend, like a note in a grand symphony or a stitch in a mythic tapestry, seemingly insignificant on their own but crucial to the overall form.
Satoshi Nakamoto: The Archetype of a Legend Creator
Satoshi Nakamoto is not only the founder of Bitcoin; he also set the standard for subsequent legend creators. No matter how technically stunning Bitcoin is, it could not survive without the legend that attracted a group of steadfast believers after its birth.
Satoshi keenly recognized the historical context of creating Bitcoin. The cypherpunk movement of the 1990s provided the ideological foundation for Bitcoin, sowing the dream of achieving freedom through code and the belief that cryptography is a tool for individual and collective sovereignty. From that era, projects like b-money and Bit Gold laid the conceptual groundwork for digital currency; however, Bitcoin only became computationally and economically viable once the double-spending problem was solved. By combining all advancements in cryptography and distributed systems while remaining true to the cypherpunk spirit, Satoshi had all the elements needed to create a trustless, self-sustaining digital value transfer protocol. What he needed next was the right catalyst.
The 2008 financial crisis became the opportunity. The government bailed out financial giants instead of ordinary people and printed trillions of dollars through quantitative easing. These actions sparked widespread disillusionment and distorted incentives; profits were privatized while losses were socialized. The systemic failure of trust in the financial system and broader institutions created ideal conditions for Satoshi to release the white paper on Halloween 2008.
Satoshi's vision was clear: to create a peer-to-peer, decentralized alternative to state-controlled currency. No banks, governments, or intermediaries—only people transacting through cryptographic trust. No central servers, no individuals bearing responsibility, only an open-source network that transcends borders, where anyone can participate.
This participation was not limited to running full nodes or contributing code; it also included actively engaging in the community and social aspects of Bitcoin. For example, the Bitcoin forum Bitcoin Talk was Satoshi's starting point, where he not only shared his thoughts and reasoning but also began guiding the surrounding community to establish cultural norms and refine Bitcoin's core principles.
On the forum, the philosophical foundation that Satoshi promoted and the extent to which it was accepted by the community were as important, if not more so, than his code. The hard cap of 21 million bitcoins instilled a culture of scarcity, forever protecting the community from the tyranny of fiat currency and central bank printing without public consent. Moreover, principles of trustlessness, sovereignty, permissionlessness, neutrality, anti-fragility, and pragmatism were early rooted in Bitcoin culture, laying the groundwork for its evolution in the years to come.
By holding himself to the highest standards, Satoshi became a role model for others to emulate. Satoshi remained anonymous, never seeking attention for himself. "We are all Bitcoin" became a common slogan not by coincidence; it was precisely what Satoshi hoped for: everyone participating in its development, making Bitcoin greater than any individual. When he handed Bitcoin over to the community, he opened up space for new legend creators to drive Bitcoin into the future.
The one million unused bitcoins in Satoshi's wallet are his most powerful declaration; regardless of whether they are worth tens of billions of dollars, it is irrelevant because it is measured against the escape pod he created—a fiat currency system. If these one million bitcoins were sold, it would be contrary to Satoshi's ideals, destroying Bitcoin and making him a legend destroyer.
Since Satoshi quietly departed from Bitcoin and society, he has become a mythic figure for millions around the world, with people seeking guidance from his actions and ultimately becoming the archetype followed by all subsequent legend creators.
Legend Destroyers and Their Consequences
Legend destroyers are individuals who exploit and distort legends for their own selfish interests, manipulating the communities they inhabit to achieve their goals. They are false prophets, masquerading as saviors, presenting themselves in a nearly mythic manner, only to ultimately fall dramatically. The cryptocurrency space has repeatedly shown how susceptible people are to legend destroyers. Human nature craves to follow "saviors," and everyone is looking for figures to follow, a tendency that is often exploited. If we wish for the industry to grow and evolve, we must be more astute in identifying legend destroyers and have the courage to expose them.
Legend destroyers are self-centered, prioritizing their own interests. They are driven by personal glory, most concerned with how others perceive them. Their thinking centers around "I" rather than "we," and their language is filled with self-reference. For example, they might say, "Look at me, I'm a visionary," rather than "Look at what we are building together."
Legend destroyers are short-sighted opportunists and toxic mercenaries. They only follow the legend when it benefits them, and once a better opportunity arises, they will quickly betray it. Legend destroyers have no principles or steadfast beliefs; they can say anything to please the crowd. They do not build on the myth; they exploit it, hijacking the legend to serve their personal interests.
The performance of legend destroyers appears stereotypical and insincere. Their words are robotic, hollow, and superficial, lacking substantive content. They overly optimize metrics and dramatic effects rather than focusing on substance or naturally listening to the direction of the legend. Ultimately, legend destroyers attempt to extract the resources of the myth as quickly as possible, leaving the community in ruins and chaos. Meanwhile, legend creators build the myth over a long period, allowing those in the community with enough patience to grow and elevate together.
SBF: The Ultimate Legend Destroyer
In recent years, the most notorious legend destroyer has been Sam Bankman-Fried, abbreviated as SBF. From the perspective of legend creation, he did many things right for himself and FTX/Alameda to build a legend. Coming from prestigious institutions like MIT and Jane Street, he initially entered the crypto space by arbitraging Bitcoin in Asia. He presented himself as a disheveled genius founder, sleeping on beanbag chairs and living frugally, but all of this was a carefully crafted performance. SBF's effective altruism philosophical framework emphasized doing the most good in any way possible, placing him and his actions on a moral high ground. Following him and the legend he built were various memes and iconic events, such as his "rescue" of Sushiswap from Chef Nomi's crisis or claiming "he wanted to buy all SOL for $3," among others.
SBF raised hundreds of millions for FTX from venture capital firms like SoftBank, Sequoia Capital, Paradigm, Temasek, and Blackstone, establishing himself as a legitimate spokesperson for power institutions. He met with regulators, testified in Congress, positioning himself as the "acceptable face" of cryptocurrency. Crypto Twitter was captivated by his myth, with accounts like Autism Capital beautifying his image and efforts for years.
However, the signs of legend destruction have long been evident. First, SBF rebuilt the system that Bitcoin and cryptocurrency aimed to disrupt through his business and political activities, shaping a cult of personality around himself. Ironically, he cozied up to the institutions that Satoshi Nakamoto sought to escape, yet many chose to ignore this due to being charmed by him or for their own interests. SBF's trading and structural opacity, particularly the relationship between Alameda and FTX, essentially represented the same entity.
From naming venues in Miami to plastering his face on advertisements in San Francisco, claiming "investing in crypto is for global positive impact," SBF mimicked legitimacy while undermining the myth built around cryptocurrency. He wrapped himself in the language of altruism, decentralization, and ethics as a guise to advance personal and political goals.
As a legend destroyer, SBF viewed cryptocurrency as an industry to be exploited rather than a space to be built. He empowered himself and his cronies through the legend, yet left many in financial ruin when FTX filed for bankruptcy in November 2022. SBF was convicted of multiple crimes and is currently serving a 25-year federal prison sentence, ordered to forfeit over $11 billion in assets for misappropriating billions of dollars in FTX customer deposits to support Alameda, purchase real estate, make political donations, and more. We are fortunate he was caught; had SBF continued, he could have become a Trojan horse that destroyed everything this space has built.
Conclusion
Communities are born from legends and die from legends, and the survival of legends depends on those who bear the heavy responsibility of promoting their development—the legend creators. Legend creation has always existed; we are just beginning to define it and still distinguishing between legend creators and destroyers. Legends are the lifeblood of the community, with legend creators as the wise who give it vitality, while legend destroyers are the vampires that drain its life force.
Legends are never neutral; they are always in a state of being shaped and molded by the community. Without excellent legend creators to defend the legend, it is easily exploited. The future of any project is not driven by code or funds raised, but by those dedicated to building its myth.
Today, the image of entrepreneurs is romanticized, much like that of athletes. But we do not need more entrepreneurs raising vast sums of money or the venture capitalists trying to fund them. What we need are more stewards and weavers of legends, guardians of myths, and humble shepherds who diligently maintain the vitality of the legend, resisting external forces that seek to plunder it. To do this, one does not need to appear in the most dazzling way; I do not even encourage that; to be a legend creator, you simply need to care and accordingly take on your role.
Ultimately, the continuation of each legend is not because it is loudly proclaimed, but because enough people quietly choose to pass it on and protect it from the harm of legend destroyers. Like a pulse, legends continue to beat through their communities, memes, icons, symbols, and classics, extending into the future.
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