The development status of the crypto ecosystem this year has recently raised two concerns for me:

The first is my concern about the development status of native enterprises in the crypto ecosystem during this cycle (which is not ideal);

The second is my concern about the erosion of the ecosystem's values as more centralized institutions flood into this ecosystem.

Yesterday's article shared the first concern, and today I will share the second.

During this cycle, two main forces have rushed into the crypto ecosystem:

One is the capital groups from Wall Street;

The other is traditional institutions centered around various RWA businesses.

Often, these two forces are intertwined.

Whether we like it or not, these two forces will undoubtedly occupy an increasingly significant position in the crypto ecosystem in the future.

With the addition of these two forces, they will inevitably influence the entire crypto ecosystem more broadly and deeply. The impact they bring will not be limited to tangible factors such as projects and funding, but will also introduce intangible and more concerning influences—values deeply rooted in their genes.

Values are invisible and intangible, and they usually do not attract attention, but often at critical moments, they can play a significant role—at historical turning points, they may determine an individual's fate; in moments of confusion in life, they may determine an individual's future.

Therefore, I occasionally remind myself to think about some value-related questions when significant changes occur.

What are the values rooted in the genes of these capital groups and traditional institutions?

It is everything centered around centralization: centralized control, centralized supervision, centralized operation, centralized…

This value system is clearly in conflict with the original spirit of crypto.

We can often ignore or forget this conflict, and sometimes we even enjoy the "benefits" brought by this centralization, but I want to particularly remind that at critical moments, it may very well choke us or even cause us to lose everything we have worked for.

Given this, it is necessary to revisit the original values of the crypto ecosystem.

In fact, this value was explained very clearly in Satoshi Nakamoto's white paper. There is also a more easily understood and incisive expression of this value in terms of assets, which I recall comes from Li Xiaolai:

This is the first time in human history that technology has achieved the sanctity and inviolability of private property.

In what specific aspects is the sanctity and inviolability of private property manifested?

My understanding is:

• No one can take it away;
• No one can prevent transactions/transfers.

If I have 100 yuan in the bank, and suddenly the bank confiscates it for some reason, and my account is zeroed out, is that 100 yuan my private property?

If I have 100 yuan in the bank, and suddenly some institution blacklists my account for some reason, preventing me from making any transfers, is that 100 yuan my private property?

If either of these two points is violated, then it is no longer my private property.

Many issues become immediately clear when judged from this perspective.

However, in Bitcoin and Ethereum:

Can someone confiscate/move your native tokens (BTC, ETH)?

No.

Can someone blacklist the transfer function of your native tokens (BTC, ETH)?

No.

In fact, many blockchains (like A, B, C, D) also possess these two characteristics.

But one day, the U.S. government takes issue with Chain A and demands its team to blacklist the account of a certain "terrorist organization," freezing the assets in that account.

The Chain A team firmly refuses.

This angers the U.S. government, but then they see, oh, you only have 21 block-producing nodes?

Well, that’s manageable. You don’t listen, right?

I will use state power to simultaneously attack your 21 nodes and directly take down your entire system.

Chain B is also targeted by the U.S. government, but it has more block-producing nodes than Chain A, with 31.

But this is still a piece of cake in front of state power.

The next target, Chain C, has 100 nodes.

This is a bit more challenging for the U.S. government.

The next target, Chain D, has 1000 nodes.

This is even more challenging for the U.S. government.

…

Until a certain blockchain has 10,000 block-producing nodes, at which point the U.S. government can only stare in frustration.

When a certain blockchain reaches 100,000 block-producing nodes/validators, unless the internet is shut down, no one can interfere with this system.

This is what Vitalik often reminds us to consider when thinking about whether a chain can still operate normally under state power.

Only in such a system can the native tokens truly be considered private property, ensuring their sanctity and inviolability.

At the same time, there is another type of asset in the crypto ecosystem that does not count as private property, such as USDT and USDC. They have blacklist functions. As soon as the U.S. government gives the order, they will be more proactive than anyone else in freezing accounts and blacklisting.

Of course, while USDT and USDC are also centralized, they still adhere to some rules, which is much better than those institutions that completely ignore rules and the protection of private property.

But we must remain vigilant.

Today, I share this concern to remind our readers that now and in the future, while we enjoy the benefits and gains brought by these centralized institutions, we must maintain a sense of vigilance and clarity in our hearts:

Are the assets in my hands truly sanctified and inviolable private property?

This value is the ultimate bottom line.

We are scheduled for an online discussion on September 13, 2025 (this Saturday) at 7:30 PM.

Last time, we could not hold the discussion due to network issues. This time, I will try to choose a good network. I suggest that if you have questions and are worried about not being able to communicate online at that time, please try to post your questions in the comments of this post.

https://x.com/Dao_Views/status/1964855926403612862

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