A Letter to Our Supporters & the Industry We Helped Build

To those who believed from the beginning, who saw the spark in the whitepaper, who ran the first nodes, who argued passionately in forums when the world called it folly – this is for you. For ten years, I poured my lifeblood into an idea: a decentralized future, a financial system resistant to the whims of central authorities, an answer to the bailouts that shook the world. We dreamt of empowering the individual, of creating transparency, of building something fundamentally *different*.

I look at the landscape today, and a profound sadness washes over me. The echoes of ancient warnings about avarice, the Midas touch turning everything to cold, lifeless gold, resonate louder than ever. We sought to dismantle the old temples of finance, yet new high priests have risen, cloaked in the jargon of decentralization but driven by the same insatiable hunger that corrupted the systems we aimed to replace.

Where did we go astray? The initial purpose – a peer-to-peer electronic cash system, a bulwark against institutional fragility – seems like a distant memory. Now, the loudest voices belong not to builders, but to marketers peddling complex financial engineering schemes designed primarily for enriching the few. Venture capitalists, operating with an opacity that would make the old Wall Street bankers blush, pull strings behind the scenes, dictating narratives and funding projects not based on utility, but on their potential for speculative frenzy. The fraudsters we sought to render obsolete have merely put on new, digital clothes.

The Siren Song of Greed

History teaches us, time and again, that unchecked ambition and the pursuit of wealth above all else inevitably lead to ruin. From the cautionary tales in Platos Republic about the oligarchic soul consumed by acquisitiveness, to the biblical warnings against the love of money, the pattern is clear. We built tools that could have fostered collaboration and equity, but they have been largely co-opted by mechanisms that amplify speculation and inequality. The focus shifted from building sustainable value to chasing fleeting, astronomical gains. The technology became secondary to the token price.

I spent years – far too many years, perhaps – trying to steer the ship back towards its original course. Engaging in debates, proposing alternatives, hoping to rekindle the initial spark of idealism. But the momentum of speculation, fueled by vast sums of capital seeking exponential returns, proved overwhelming. The noise drowned out the signal.

A Necessary Reckoning

It has become painfully clear: the experiment, in its current form, has strayed too far. If we were to design a new system *today*, facing the monumental challenges that confront humanity – a rapidly changing climate, resource scarcity, profound social inequities – would we arrive at *this*? Would our primary focus be optimizing block times or debating governance models for protocols whose main function is trading JPEGs? I think not.

The problems we face now are orders of magnitude greater than the ones Bitcoin was initially conceived to address. The need for coordination, for verifiable data, for resilient systems is more critical than ever, but the current trajectory of the crypto industry seems increasingly detached from these pressing, real-world concerns.

Trying to reform this ecosystem from within feels like trying to change the course of a tidal wave. It is exhausting, and ultimately, I fear, futile. The incentives are misaligned, the narratives captured.

A New Direction

Therefore, with a heavy heart but clear eyes, I must conclude that it is time to pivot. It is easier, and frankly more impactful, to apply our energy, our knowledge, and our resources to solving tangible, real-world problems directly. The lessons learned over the past decade – about systems design, cryptography, community building, and yes, about the pitfalls of human nature – are invaluable. But they must now be applied elsewhere.

This is not an abandonment of the ideals, but a recognition that the current vessel is no longer seaworthy for the journey we need to undertake. We must find new ways, perhaps simpler, more direct ways, to build the resilient, equitable future we still believe in.

To our early supporters, thank you for your belief, your passion, and your contributions. I hope you understand this difficult decision. The journey continues, but the path has changed. We are now focused on challenges that demand our immediate and unwavering attention, using the tools and insights gained to make a difference where it matters most.