🧐 Encryption x Power: When a rebellious industry takes the initiative to jump into the swamp | The end of idealism, is it necessarily voluntary to kneel down? The cover of The Economist magazine this time is worth pondering—— When cryptocurrency encounters the Washington swamp. In one sentence, it reveals the deepest irony in the cryptocurrency industry today. A technology that was originally born out of distrust of power, but now actively hands over its fate to the hands of power; A system that once promised to break vested interests is now being written into the family ledger of the White House by vested interests. Under the resounding slogan of "decentralization", the cryptocurrency industry has quietly achieved its destination of centralization: it is no longer a tool for resisting the system, but a new chess piece in the game within the system. Are we building a fairer financial order? Are you still using technology as a cover to replicate the power logic of the old world, only this time on the chain? History has told us countless times that people once thought the end of revolution was victory, but reality often tells us that the end of revolution is to be incorporated. The dream of decentralization was not an end in itself, but to prevent us from being absorbed by power again. Unfortunately, the current encryption industry is rushing towards what it originally disliked the most. At the moment when Satoshi Nakamoto wrote in 2009 that "the fundamental problem lies in the central bank's abuse of currency issuance power," no one expected that more than a decade later, the "sons of Bitcoin" would compete for the president's attention in the swamp of Washington, trading around votes, power, stablecoins, and memes. This is not 'House of Cards'. This is what really happened. After reading this article, it is thought-provoking. Let me first show you the core content of this article—— one ️⃣ From Utopia to 'Swamp Assets'—— Introduction: After Gary Gensler, the SEC leader who was once hated by the cryptocurrency industry, left office, there have been countless voices in the market saying: We have never missed that old man so much! The great technology of blockchain, which once promised technological neutrality, has now become a propaganda tool for a certain political party. Behind the TRUMP Meme coin is Trump himself, the family business WLF, and the qualification to have dinner with the president; The USD1 stablecoin went from zero to seventh in the world, relying not on technological advantages but on the endorsement of Trump; A large number of lawsuits abruptly came to an end after the change of regime, and regulation shifted from high-pressure to lax, simply because the leadership changed. This is not a free market, this is the privilege of the privileged. When you discover that the once most radical and anti authority industry has begun to embrace Washington's crony capitalism, it means that encryption is no longer a revolution, it is a business. And business never talks about ideals, only about returns. two ️⃣ The cost of taking sides—— The industry is betting that as long as Trump wins the election, he can win back 'regulatory freedom'. But the cost is: Cryptocurrency legislation has become a bargaining chip for politicians to choose sides; The Democratic camp quickly opposed the industry; The bipartisan stablecoin bill, which was originally expected to pass, was stillborn due to the "Presidential Dinner+TRUMP Coin"; The regulatory ownership dispute between SEC and CFTC has become even more difficult to push forward due to obvious conflicts of interest. I originally wanted to fight for a compliance path, but ended up becoming a 'vassal of rent-seeking power'. Once the wind direction changes, everything may return to zero. This sentence carries a heavy weight! three ️⃣ "Dense foam" in swamp—— In The Economist's cover article, there is a particularly glaring detail: The Trump family's holdings of TRUMP coins are valued at nearly $2 billion, almost equivalent to the total value of their entire real estate, golf courses, and clubs. ” Isn't it ironic that Meme coins have replaced real estate as the main asset of the president's wealth? We are no longer trading tokens, but trading symbols of power and tokens of influence. This is not web3. This is web0: a blatant game of power and privilege. four ️⃣ What exactly does this industry want? The Economist believes that what we need is clear, rational, and technology oriented regulation; Not the president's endorsement, nor the fluctuating pendulum during the election cycle; If the ultimate ideal of DeFi is to resist the moral hazard of centralized finance, why do we have to cling to the 'greatest uncertainty'—— On the President's own will? Decentralization is not about having no center, but about any center being replaceable. But now in this industry, in order to win the favor of a certain center, all "substitutability" has been handed over. five ️⃣ Conclusion: Has the revolution really failed? I think The Economist's content is great, as it raises important issues and political factors related to the direction of digital currencies; Although the criticism is profound, it punctures the foam of industry narcissism, and also reveals the huge gap between the ideal of decentralization and the real power structure. But there are also some flaws that I think are not sufficient; We live in a human society, not a utopia. Where there are people, there are rivers and lakes, and where there are people, there are interests. The process of development and progress of all things must go through the manipulation of these invisible hands; At the same time, it also underestimated two things: Firstly, Crypto is not from the United States, it is global. In Nigeria, it is fighting against financial discrimination; In Argentina, it is a safe haven for inflation; In Singapore and Europe, it is embedded in institutional compliance frameworks; Even in the United States, it's not just about lobbying on K Street and presidential dinners. Secondly, Crypto is not supported by meme coins, its core is still structural financial restructuring. Stablecoins are becoming the blockchain leader for the US dollar, RWA is redefining the "ownership and liquidity" of capital, and AI x Crypto is building a value interface between machines and humans. Bitcoin still proves its anti censorship and anti devaluation logic in the time dimension, and DeFi is still designing "trustless" financial models. So the question is not whether the revolution has failed, but rather: Is there anyone willing to return to that blank paper and continue drawing in this movement? Revolution will not happen overnight, and great technology will never be born in a pure laboratory. They often arise from anger, fall into compromise, thrive in alienation, and mature in reflection. Now is the moment when the industry should reflect on itself the most. If the past decade has been a journey of encryption from utopia to Wall Street, then the next decade should be a journey of breaking free from being "incorporated" and truly embedding into the underlying structure of the world. Ultimately, the power of decentralization is not to reject the center, but to build a world that no one can monopolize. Everything will happen smoothly, and everything that should happen will also happen, regardless of anyone's will. Anyone who tries to stop the rolling wheels of history will eventually be crushed!