at the start of the 2024 crypto bull run, i saw sides of our community that were disheartening: there was undeniable greed and superficiality. previously, we championed lofty ideals like decentralization and democracy, promising to create systems that embodied freedom and justice. but as profits soared, those ideals seemed to fade away.
witnessing this shift, i couldn’t help but feel disillusioned. it seemed as though our foundational principles were forgotten the moment significant financial gains appeared. this raises a question: were those ideals ever genuine, or merely convenient narratives?
despite my disappointment, i hold onto a thread of hope. i believe in our ability to learn from our mistakes. this experience has been a harsh reflection of our best and worst traits. it’s also an opportunity to consider who we truly want to be, beyond the greed and the frenzy.
amidst the fervor for instant wealth and dominance in the crypto market, i was labeled a ‘fundamentalist’ during a debate about crafting an ethereum improvement proposal (EIP). this term, initially meant to critique my focus on blockchain’s foundational ideals over mere financial incentives and marketing gains, has become a badge of honor for me. it underscores my commitment to the core values of ethereum, emphasizing the importance of technical detail, decentralization, democracy, and rigorous scientific research open for peer review. critics often favor flashier projects like erc404, which, despite its popularity, falsely claims to be an erc/eip without undergoing the full peer review process, thereby misleadingly borrowing credibility from genuine foundational innovations in eips/ercs. i don’t want to expand on talking about the business and marketing parts of it, but from an engineering perspective, it shouldn’t get the credits and hype it does. yes, erc404 made waves, but this was largely due to a planned marketing effort by a group of (mostly) chinese kols on ct. despite its initial popularity, the project lacked substantive innovation, resulting in its rapid fade from relevance. its viral success was more a product of promotional tactics than genuine technological advancement. for a more detailed perspective on the erc404 situation, jtriley.eth’s tweet offers an insightful summary of the hype.
as we navigate the flashy allure of crypto successes, it’s crucial to remember that our venture into blockchain was meant to reimagine, not replicate, existing systems. this journey is about more than profit; it’s about fulfilling the ancient dream of decentralization and freedom. however, the reality often falls short, marred by greed and short-term ambitions that betray our higher aspirations. despite these challenges, my dedication to blockchain’s foundational goals remains steadfast.
our quest is a noble one, grounded in the deepest principles of innovation and equity. in the face of disillusionment, let us rekindle our commitment to the cause. for in the end, it is not the critics who shape the world, but those who dare to dream—and build—something different.