When Satoshi Nakamoto conceived Bitcoin, he didn’t just invent a marvel of technology. He ushered in a new way of looking at the world. Prior to Bitcoin, the world was divided into physical scarcity and digital abundance. With Bitcoin, the two worlds collided in digital scarcity. The implications of this discovery are vast, reaching even beyond Bitcoin’s initial utility as peer-to-peer electronic cash. Over time, Bitcoin was revealed to be a defender of free speech, substitute for middlemen, and vessel to open capital markets. The web and traditional financial system were effectively forked, heralding an era of unprecedented potential for liberty.
Realizing the significance of Satoshi’s discovery, early adopters started to search for a new mental model for this new digital age. These early Bitcoiners delved deep into diverse fields such as philosophy, economics, political science, game theory, psychology, thermodynamics, and human rights in order to piece together the Bitcoin puzzle. They learned of the importance of self-custody, inflation-resistance, immutable records, and other blockchain points of emphasis. As intrigue grew, new Bitcoiners joined from more fields of knowledge, sharing their unique perspectives and learning from the existing crypto knowledge base. Together, the early Bitcoin community learned to question everything. Ultimately, they resolved to build new systems from Bitcoin-inspired first principles, aiming to shift power from centralized institutions to individual users.
Over time, Bitcoin’s underlying blockchain technology was used to expand the crypto toolkit, giving rise to notable innovations like Ethereum, a network to support smart contracts and decentralized protocols. These advancements enabled users to permissionlessly access more financial instruments, further demonstrating blockchain’s utility. The seeds Satoshi planted have grown immensely, possibly even to the point where crypto’s roots may be difficult to see today.
Forgetting Our Roots
In recent years, many projects have deprioritized decentralization, opened the door to censorship, and diverted early value away from end-users. Proponents of these compromises often argue they are necessary for long-term mass adoption. But does long-term mass adoption truly rest on deprioritizing users in the present?
Token distribution is the most apparent instance of the onboarding contradiction. For many projects, users only seem to matter after true ownership has already been doled out, largely to inside investors. Rather than attracting true believers with user-ownership and viable use-cases, their “user acquisition” programs attract opportunists who are here today and gone tomorrow. The mercenaries outnumber the missionaries. Even if true believers join, their incentives rarely align with those of insider investors who received bulk tokens cheaply and may plan to liquidate over time.
One of the most problematic results is that misaligned incentives have led to a decline in crypto education, with focus shifting towards market hype. Many crypto newcomers, drawn in by the vision of quick gains, never understood the underlying value of blockchain technology. This lack of knowledge often led to severe consequences. They frequently misunderstood the importance of private key management, the differences between custodial and non-custodial wallets, the underlying principles of decentralization and user-ownership, the risks associated with centralized exchanges, and many other key pieces of wisdom. 2022 was the year where this lack of knowledge was exposed, often with devastating effects.
Entering the Crypto Renaissance
Although challenging in the short term, the bear market came to save us. Instead of perpetuating false progress, it exposed malicious actors, faulty projects, and other unsustainable practices. After all the distractions, we can finally return to Bitcoin as a source of decentralization, security, and philosophy.
Core DAO seeks to reinvigorate Bitcoin principles through both Satoshi Plus consensus and the Core communal philosophy. Core builds on Bitcoin’s governance with smart contracts and decentralized applications, while staying true to the founding ethos of cryptocurrency — decentralization and user-centricity. Inspired by this innovative approach, the Core community is full of missionaries who truly believe in the promise of a free and open internet.
On the back of a community of true believers, Core will rekindle the mission for crypto education and utilization. Inspired by the original ethos of Bitcoin, early Core evangelists are escorting others down the crypto rabbit hole to sow more seeds of self-sovereignty and digital freedom. Community members are teaching and learning from each other (and other projects) as they spread the philosophy underpinning Bitcoin and Core around the world. On Core rails, defended by Bitcoin’s governance, individuals in need of crypto will be able to safeguard their wealth, transfer assets freely, and build a new internet with their interests at the core.
Join the revolution. Core is rising.
Disclaimer
CORE are only available to persons outside of the United States, Canada, and non-OFAC sanctioned countries. Each recipient shall determine which laws, rules and regulations are applicable and shall undertake all necessary efforts to comply with all such obligations. Core and its affiliates make no representation of the legal status of CORE under any jurisdiction. Furthermore, nothing in this post should be construed as advice of any kind, including legal, business or tax advice. This post does not constitute an offer to sell or the solicitation of an offer to purchase any investment.