How many modern projects in the market offers something as large-scale and fundamental as bitcoin and early altcoins? IN material “Reject Marketing, Return To Lorebuilding” (“Refuse marketing, return to the creation of Laura”) Cryptoenth and the author of the article under the pseudonym Defi Dave proposes to participate in the discussion of one interesting opinion.
“We have achieved great progress at the technological level: infrastructure, throughput and scalability improved by an order of magnitude, but culturally, the industry reached a kind of stagnation, and this is largely due to the fact that we have lost the ability to tell exciting stories,” writes Defi Dave.
In the same article, you can find such categories as: “The problem of nihilism”, “Crisis of narratives” and “The crisis of the narrative”. The bottom line is that for many years the industry has not attracted enough new users, and one of the reasons is that modern projects do not have a beautiful legend that can inspire people long -term supporting interesting startups.
At first glance, the idea that the author is talking about is simple: unlike bitcoin, modern projects reproduce the “conveyor approach”, in which marketing is made above ideology and history. So, public networks collect huge amounts of money, conduct short -term advertising events, and after the completion of the release of tokens, the entire ecosystem is quickly evaporated.
On the other hand, the history of Bitcoin is the history of a single-rat electronic monetary system, which arose after the financial crisis of 2008 and raised systemic issues about modern political and financial order.
The very idea that money can be fully decentralized and controlled regardless of the existing financial institutions was revolutionary. As noted in the article, in the case of Bitcoin, “such characteristics as decentralization, resistance to censorship and deficiency, were prescribed directly in the basic protocol.”
Bitcoin
The article lists iconic moments in the history of the first cryptocurrency. Indeed, Bitcoin was not the first attempt to create a digital form of money, which the early cipher -panks dreamed about. On the contrary, Satoshi Nakamoto successfully combined technologies, ideas and achievements of predecessors. Before Bitcoin was Bit Gold Nick Sabo (Nick Szabo) and B-Money Vei DAI, as well as Hashcash System Adam Back, interpretation of the RPOW algorithm in which it allowed to implement mining.
A successful combination of various technical and economic ideas, including digital signatures and the planned reduction in the emission of new coins, allowed Bitcoin to be such a profitable option for investment in the free market that today it is the fifth largest capitalization asset, not counting the gold and shares of several largest companies.
The ideas of ciphysuman
Bitcoin in the allegories of the author of the article has in a sense “Abrahamic history.” Indeed, in the case of the first cryptocurrency “there was a word at first.” It’s not only about the white book that preceded the launch of the network, but also about the well -known hidden “Easter” – a message encrypted in the genesis of the block: “The Times: Chancellor On Brink of Second Bailout for Banks”, which is a reference to the newspaper heading and translated as: “Chancellor on the verge of rendering The second package of assistance to banks. ”
That is, literally: Bitcoin appears at about the same time when one of the largest economic crises in the history of mankind occurs, and in the first block of the Bitcoin blockchain, Satoshi hints at the inefficiency of the traditional financial system. But what is the reason for the criticism of the traditional financial structure with early cipher -pants?
The answer can be found in work The 1988 Manifesto of the 1988 Timothy C. May) and the 1993 Manifesto Eric Hughes (Eric Hughes) – people who stood at the sources of Cypherpunk Maining List.
“We, ciphers, create anonymous systems. We protect our confidentiality through cryptography, anonymous postal systems, digital signatures and by electronic money, ”the said in Manifesto Hughes.
That is, the idea of creating electronic money, with which it would be possible to maintain confidentiality, was discussed back in 1993. Needless to say, the early ciphyplants were united by ideology – the struggle against censorship, network anonymity and unshakable “upholding of personal borders”, including among states?
Cipher -panks and economics
Many of the hundreds of ciphypannies of the newsletter era were ideological libertarians and supporters of the Austrian Economic School (AHS). This school of economic thought indicates the inefficiency of the state monopoly on violence and excessive violent control over economic relations between ordinary people. From the point of view of the ACH and Libertarian ideology, the root causes of economic crises are by no means in the free market, but in the state and, in particular, the state monopoly on money and monetary policy.
This is important from the point of view of “Laura of Porop criticism.” The stimulus of ciphypants had nothing to do with the “momentary marketing” and a hype around the current digital assets. They literally sought to recreate freedom, which, from their point of view, was deprived of them. And one of the tools for this purpose is to create their own money, which will not control either the state or banks.
That is, the early cryptocurrency has a strong narrative and an “Abrahamic history”, because behind it is ideology, a school of economic thought and innovative ideas of intellectual-criterians of that time.
Is there a crisis
It is possible that there is no “crisis of narratives” as a phenomenon inherent in the entire industry at all. But do not think that such a position is a criticism of the opinion of Defi Dave. The author raises an important problem, which, perhaps, should be considered in a different plane – from the point of view of economic and ideological incentives.
Let us ask ourselves: is the “genesis-narratif” of bitcoin, laid down by cipher-pans, “constant”-that is, meaningfully unchanged throughout the history of cryptocurrency? Most likely not, because if the 2009 bitcoin is an ideological alternative to traditional finances and central banks, then in 2025 traditional finances in the person of entire countries consider bitcoin not only as an “antagonist”, but also as a tool for solving their own problems.
For example, Donald Trump openly supports the idea of creating reserves in Bitcoin for the United States, and the country even raises the question of solving the problem of public debt through cryptocurrency. Bitcoin also has a giant infrastructure: the largest companies in the American stock market begin to buy BTC, many banks support services that provide cryptocurrency interaction.
This suggests that bitcoin is gradually becoming part of traditional finances, and not its opposite. Thus, over the years, he also ideologically changes and experiences his evolution (or involution). Moreover, in recent years, states have been more actively developing CBDC – that is, separate successful technical solutions of cipher -players are adopted by state institutions. This reception is more likely to strengthen the traditional finances against which Satoshi Nakamoto proposed BTC.
Variety of the market
Let’s move on to economic incentives. At first glance, it may seem that the industry took a strange step from the “anarchy and utopia” of cipher -tunes in the form of bitcoin to “dubious” memcoids on Solana. That is, from serious innovations towards entertainment. But in the representation of Libertarians, the entertainment sphere is also often subjected to restrictions on the part of states.
If in a particular market financial betting, betting or casino sphere will be limited or prohibited – is it so surprising that people will use new technologies to close demand and recreate the entertainment through cryptocurrency and other technologies outside state control?
Schifropans proposed only a successful tool and the “genesis-reratient” in which it can be used. Further, the industry will inevitably fragment. Today, some technologies, the fundamental ideas and development of early ciphypants are simultaneously adjacent to bitcoin, anonymous cryptocurrencies, cryptocurrency casinos and CBDC concepts.
Do we need to come up with new narratives and talk about the “new Laura” and “new legends”, as the author says? Definitely yes. Bitcoin also once arose during the discussions-that is why it is worth supporting this discussion of Defi Dave ideas.
New terms
In order to create a “new ENT” and new bright narratives, you need to understand history and understand the root causes of the first cryptocurrency. Then we represent in which direction the industry is developing. Perhaps in order for more new people to take part in this, we should introduce new terms.
Today, “cryptocurrency” is an umbrella term: Bitcoin and Popcat have as much in common as a tyrannosaurus and chicken (paleontologists suggest that the latter is a descendant of dinosaurs from the Mesozoic era). You can eliminate such confusion if we begin to separate the industry fragments according to their initially narrative or ideological component.
Unlike specific coins in the market, these new terms could already be a “constant” – it would be possible not only to separate some projects from others, but also to understand whether the project corresponds to a specific moment in the initially specified narrative and Laura.
Conclusion
The article “refuse marketing, return to the creation of Laura” touches important problems – the crypto industry really drifts towards banal marketing. But, perhaps, the point is not in the “crisis of narrative”, but in its transformation. The industry in the early years was represented by the “protest of the cipher -players”, and today it is diverse. To create new “legends” for new generations, you should turn to the old ones and rethink them with new challenges.
This material and information in it is not an individual or other other investment recommendation. The view of the editorial office may not coincide with the opinions of analytical portals and experts.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
