随着加密货币的主流，创始人和早期采用者质疑原始的分散精神是否丢失

加密货币的想法始于与化名开发人员，密码批准和自由主义者的在线论坛，设想了一个可以不存在银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.

随着加密货币的主流，创始人和早期采用者都在质疑原始的分散精神是否因监管，机构和华尔街而失去，或者只是发展成为新事物。

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，加密货币不仅仅是一种金融工具，这是一种运动。叛乱。这是化名开发商在在线论坛上撰写的代码，密码学家设想了一个世界可以摆脱银行和政府的世界，而自由主义者则反对大规模监视。比特币不仅仅是硬币。这是一个声明。

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，主流金融产品（例如比特币现场ETF，大型机构的支持以及向合规性和法规的转变）的到来正在改变这种身份。

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，美国SEC批准了第一个位置比特币ETF，这是华尔街上合法化的加密货币的里程碑，但也引起了长期信徒的关注。社区中的许多人认为，尽管采用是好的，但加密植物的反文化精神正在消失。分散财务的叛逆灵魂被金融产品所取代，这些金融产品看起来像传统的工具加密货币曾经试图破坏。

“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执行董事长Michael Saylor说：“比特币是唯一真正安全的加密资产。”

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.

他的语气反映了更广泛的转变：加密货币正在巩固。它以传统金融产品一直以来的方式包装，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，例如记者艾莉森·施拉格（Allison Schrager），认为这种主流可能是杀死加密货币优势的事情。

“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.

纽约时报施拉格写道：“加密成为主流可能是死亡之吻。”引起加密货币的自由，权力下放和社区驱动的创新可能无法幸免。

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

这些问题并非没有根据。一旦机构进入，他们经常带来监管，官僚主义和规避风险，这与早期加密爱好者所设想的相反。

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，法规还为空间带来了新的资金，基础设施和可扩展性。 Defi协议正在成熟。 NFT正在发展。区块链技术正在为供应链，医疗保健和数字身份的实际用例提供动力。

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.

加密不再只是与系统作斗争。这是关于与之一起工作，甚至成为其中的一部分。这可能不是一件坏事，这只是不同的。

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

尽管如此，这种转变仍在迫使长期参与者考虑到一个问题：加密货币可以在不出售灵魂的情况下成为主流吗？

The magic isn't gone—it's changing

魔术没有消失 - 它在变化

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.

也许加密的“魔力”并没有消失，而是改变了。对于某些人来说，魔术意味着财务独立。对于其他人来说，这是关于构建替代系统。随着行业的发展，挑战是保持其核心价值观，权力下放，透明度和创新，同时扩大其影响力。

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

最后，加密的未来可能不是拒绝主流，而是重新定义它。