隨著加密貨幣的主流，創始人和早期採用者質疑原始的分散精神是否丟失

加密貨幣的想法始於與化名開發人員，密碼批准和自由主義者的在線論壇，設想了一個可以不存在銀行和政府的世界的世界。

As crypto goes mainstream, founders and early adopters are questioning whether the original decentralized spirit is being lost to regulation, institutions, and Wall Street—or simply evolving into something new.

隨著加密貨幣的主流，創始人和早期採用者都在質疑原始的分散精神是否因監管，機構和華爾街而失去，或者只是發展成為新事物。

In the early days, crypto was more than a financial instrument—it was a movement. A rebellion. It was code written in midnight hours by pseudonymous developers in online forums, cryptographers envisioning a world where money could exist free from banks and governments, and libertarians pushing back against mass surveillance. Bitcoin wasn't just a coin; it was a statement.

在早期，加密貨幣不僅僅是一種金融工具，這是一種運動。叛亂。這是化名開發商在在線論壇上撰寫的代碼，密碼學家設想了一個世界可以擺脫銀行和政府的世界，而自由主義者則反對大規模監視。比特幣不僅僅是硬幣。這是一個聲明。

But the arrival of mainstream financial products like Bitcoin spot ETFs, the backing of large institutions, and the shift toward compliance and regulation are altering that identity.

但是，主流金融產品（例如比特幣現場ETF，大型機構的支持以及向合規性和法規的轉變）的到來正在改變這種身份。

In January 2024, the U.S. SEC approved the first spot Bitcoin ETFs—a milestone that legitimized crypto on Wall Street but also sparked concern among longtime believers. Many in the community feel that while adoption is good, crypto's countercultural spirit is fading. The rebellious soul of decentralized finance is being replaced with financial products that look suspiciously like the traditional instruments crypto once tried to disrupt.

2024年1月，美國SEC批准了第一個位置比特幣ETF，這是華爾街上合法化的加密貨幣的里程碑，但也引起了長期信徒的關注。社區中的許多人認為，儘管採用是好的，但加密植物的反文化精神正在消失。分散財務的叛逆靈魂被金融產品所取代，這些金融產品看起來像傳統的工具加密貨幣曾經試圖破壞。

“Bitcoin is the only truly secure crypto asset,” said MicroStrategy executive chairman Michael Saylor, known for his staunch pro-Bitcoin views and criticisms of other cryptocurrencies.

Microstrategy執行董事長Michael Saylor說：“比特幣是唯一真正安全的加密資產。”

His tone reflects a broader shift: crypto is consolidating. It's being packaged, sold, and managed in the same ways traditional financial products have always been.

他的語氣反映了更廣泛的轉變：加密貨幣正在鞏固。它以傳統金融產品一直以來的方式包裝，出售和管理。

Others, like journalist Allison Schrager, argue that this mainstreaming might be the very thing that kills crypto's edge.

其他人，例如記者艾莉森·施拉格（Allison Schrager），認為這種主流可能是殺死加密貨幣優勢的事情。

“Crypto becoming mainstream could be a kiss of death,” wrote Schrager for the New York Times. The freedom, decentralization, and community-driven innovation that made crypto exciting may not survive the spotlight.

紐約時報施拉格寫道：“加密成為主流可能是死亡之吻。”引起加密貨幣的自由，權力下放和社區驅動的創新可能無法倖免。

These concerns aren't unfounded. Once institutions enter, they often bring regulation, bureaucracy, and risk-aversion—the opposite of what early crypto enthusiasts envisioned.

這些問題並非沒有根據。一旦機構進入，他們經常帶來監管，官僚主義和規避風險，這與早期加密愛好者所設想的相反。

However, regulation has also brought new money, infrastructure, and scalability to the space. DeFi protocols are maturing. NFTs are evolving. Blockchain technology is powering real-world use cases in supply chains, healthcare, and digital identity.

但是，法規還為空間帶來了新的資金，基礎設施和可擴展性。 Defi協議正在成熟。 NFT正在發展。區塊鏈技術正在為供應鏈，醫療保健和數字身份的實際用例提供動力。

Crypto is no longer just about fighting the system; it's about working alongside it, or even becoming part of it. That might not be a bad thing—it's just different.

加密不再只是與系統作鬥爭。這是關於與之一起工作，甚至成為其中的一部分。這可能不是一件壞事，這只是不同的。

Still, the shift is forcing long-time participants to reckon with the question: Can crypto go mainstream without selling its soul?

儘管如此，這種轉變仍在迫使長期參與者考慮到一個問題：加密貨幣可以在不出售靈魂的情況下成為主流嗎？

The magic isn't gone—it's changing

魔術沒有消失 - 它在變化

Perhaps the "magic" of crypto hasn't disappeared, but transformed. For some, magic meant financial independence. For others, it was about building alternative systems. As the industry evolves, the challenge is to preserve its core values, decentralization, transparency, and innovation, while expanding its reach.

也許加密的“魔力”並沒有消失，而是改變了。對於某些人來說，魔術意味著財務獨立。對於其他人來說，這是關於構建替代系統。隨著行業的發展，挑戰是保持其核心價值觀，權力下放，透明度和創新，同時擴大其影響力。

In the end, the future of crypto may not be about rejecting the mainstream, but redefining it.

最後，加密的未來可能不是拒絕主流，而是重新定義它。