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MONEY AND TRUST IN A DECENTRALIZED WORLD : A shift in power structures
February 11, 2025
It was early 2020 when I first stumbled upon crypto. Like many others, I found it through Twitter, where Bitcoin (BTC) and Ethereum (ETH) were becoming hot topics. As a technologist, Ethereum immediately caught my attention. You could write apps on it, mint and sell art, it was quite fascinating to me. Without grasping the true potential of the technology, i was intrigued enough to buy some ETH and Litecoin (LTC) while the markets were in a deep bear. I made the purchase through Coinbase, stored it there, and, frankly, forgot about it.
In the beginning of 2021, everything changed. ETH soared to $2,000, and my modest portfolio suddenly held value I hadn’t anticipated. This unexpected surge reignited my curiosity. What was driving these markets? What was the underlying technology? I began to invest more—not just in crypto but in understanding the ecosystem. This curiosity led me to a world known as “Crypto Twitter,” a vibrant, chaotic space where innovation and scams danced side by side.
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SubscribeIt was early 2020 when I first stumbled upon crypto. Like many others, I found it through Twitter, where Bitcoin (BTC) and Ethereum (ETH) were becoming hot topics. As a technologist, Ethereum immediately caught my attention. You could write apps on it, mint and sell art, it was quite fascinating to me. Without grasping the true potential of the technology, i was intrigued enough to buy some ETH and Litecoin (LTC) while the markets were in a deep bear. I made the purchase through Coinbase, stored it there, and, frankly, forgot about it.
In the beginning of 2021, everything changed. ETH soared to $2,000, and my modest portfolio suddenly held value I hadn’t anticipated. This unexpected surge reignited my curiosity. What was driving these markets? What was the underlying technology? I began to invest more—not just in crypto but in understanding the ecosystem. This curiosity led me to a world known as “Crypto Twitter,” a vibrant, chaotic space where innovation and scams danced side by side.
Discovering DeFi and NFTs
It was on Crypto Twitter that I discovered decentralized finance (DeFi). The idea of replacing traditional financial intermediaries with smart contracts was fascinating. Lending, borrowing, and yield farming—all managed programmatically on the blockchain—felt revolutionary. But the space was also rife with scams. For every legitimate project, there seemed to be dozens of rug pulls and exploitative schemes. Still, the potential was undeniable.
Then came non-fungible tokens (NFTs). At first, they seemed like a niche curiosity: digital art and collectibles that existed on the blockchain. But what captivated me was the communities forming around them. I dove into the NFT world and it was very interesting ! Trading silly on-chain jpegs was fun, and often, it was outright absurd. I engaged with many communities and I met some really cool people; digital artists, animators, world builders and some very smart cyberpunks. People weren’t just buying digital art; they were participating in a movement, forming vibrant, interconnected networks that celebrated creativity and ownership. The soaring ETH prices brought a lot of attention to NFTs and DeFi. By the summer of 2021, the hype around it was intense. Celebrities were buying NFTs, corporations were launching on-chain collectibles, auction houses ventured into digital art, everybody wanted a piece. During this time, collections like CryptoPunks and Bored Ape yacht collection, absolutely sky rocketed in value.
But all the silliness and absurdity aside, there was something deeper going on : The foundations for true digital ownership were being laid.
A Lightbulb Moment
Over the next two years, I built a portfolio and, more importantly, learned the mechanics of the crypto world. I delved into self-custody and wallets, understanding blockchain security and the true meaning of digital ownership. This journey was transformative, culminating in a lightbulb moment: the realization that blockchain wasn’t just about speculation or technology—it was about trust.
For the first time, I saw how blockchains enabled the transparent movement of value at lightning speed, without intermediaries. Smart contracts weren’t just code; they were mechanisms of trust, automating agreements in ways that were open and immutable. This realization changed my perspective entirely. Crypto wasn’t just an asset class; it was a new way of thinking about money and trust.
The Gold Standard and Traditional Trust
To understand why this shift is so profound, we need to look back at one of the most pivotal financial systems in history: the gold standard. For centuries, gold symbolized trust in money. Its scarcity and intrinsic value provided a foundation for currency systems, where paper money was merely a representation of physical gold held in reserve.
In 1944, the Bretton Woods Agreement established the U.S. dollar as the world’s reserve currency, pegged to gold. This system centralized trust in the U.S., as nations held dollars, confident in its equivalence to gold. However, in 1971, President Nixon severed the dollar’s ties to gold, shifting the global financial system to fiat currencies—money backed not by physical assets but by the trust in governments and central banks.
This transition marked a significant change in the relationship between money, trust, and power. While fiat systems allowed for greater flexibility in monetary policy, they also introduced risks: inflation, mismanagement, and opacity. Trust became less about tangible value and more about belief in institutions. The 2008 financial crisis starkly highlighted the fragility of this trust, as opaque systems and reckless practices led to global economic turmoil.
The Transparency Paradox
The 2008 financial crisis exposed the vulnerabilities of opaque financial systems. Institutions packaged risky mortgage-backed securities and derivatives, hiding their true nature behind layers of complexity. Trust in these institutions evaporated when the house of cards collapsed, leading to a cascading failure across global markets. Governments and central banks intervened, but the damage to public confidence in the system lingered.
This brings us to what I call the transparency paradox. Traditional financial systems claim to be secure and reliable, yet their opacity often shields corruption, mismanagement, and systemic risk. In contrast, blockchain operates as the most transparent financial system ever created. Every transaction is recorded on a public ledger, accessible to anyone with an internet connection.
Ironically, this transparency is often misunderstood. Critics argue that crypto’s pseudonymous nature enables scams and illicit activities. And while there have been high-profile cases of misuse—from Silk Road to DeFi rug pulls—these events are traceable precisely because of blockchain’s openness. For instance, in the Colonial Pipeline ransomware case, law enforcement was able to trace ransom payments and was able to recovery some as well.
Compare this to traditional systems, where scandals like the Panama Papers or hidden off-balance-sheet liabilities in the 2008 crisis revealed the extent to which opacity protects wrongdoers. Blockchain’s transparency flips this dynamic, enabling accountability and trust in ways that fiat systems struggle to replicate.
By decentralizing trust, blockchain offers a system where power isn’t concentrated in the hands of a few opaque entities but distributed across a network. In traditional systems, all people have to go by is blind trust in authorities and banks, where opacity is a "feature" that often shields corruption and mismanagement. Blockchain reshapes this dynamic, creating a system where transparency isn’t just an ideal—it becomes a foundational feature that fosters accountability and trust.
Philosophical Shifts for Adoption
As of 2025, the crypto space is at a pivotal moment. We’re in the midst of a crypto bull market, with institutional interest and ownership reaching unprecedented levels. Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have brought these assets into traditional finance, offering easier access to retail and institutional investors alike. Some nations have begun accumulating BTC as part of their reserves, and there are even whispers of the U.S. considering a strategic Bitcoin reserve. The recent political climate has also shown signs of becoming more crypto-friendly.
These developments signal the growing legitimacy of crypto as an asset class and a technology. But for mass adoption to truly take root, the shift can’t just be institutional or governmental. The real challenge lies in individuals embracing the philosophical changes that decentralized systems demand.
Reflecting on this journey, I’ve realized that widespread adoption of decentralized systems isn’t just a technological challenge—it’s a philosophical one. Three key shifts need to happen:
- Trust Must Evolve from Intermediaries to Self-Sovereignty: For centuries, people have placed their trust in banks and governments to safeguard their money and identities. However, history has shown that this trust is often misplaced, as seen in the 2008 financial crisis when institutions failed the very people relying on them. Blockchain provides a transformative alternative, enabling individuals to take direct control of their assets and data without relying on intermediaries. Recent innovations like self-custody wallets and decentralized identity solutions exemplify how this shift is already underway, empowering individuals to reclaim control. Blockchain challenges this norm, asking individuals to take control of their assets and data. This shift requires not only education but also a cultural rethinking of responsibility and trust.
- Power Structures Need to Prioritize Innovation Over Control: Centralized institutions historically resist technologies that threaten their authority, as seen with early internet adoption or initial skepticism of Bitcoin. Yet, some governments and corporations are now embracing blockchain as a tool for innovation. For instance, countries like El Salvador adopting Bitcoin as legal tender and corporations exploring blockchain for supply chain transparency show how power structures can pivot. Prioritizing innovation over control will enable blockchain to unlock its full potential. Blockchain’s decentralization poses such a threat. For adoption to succeed, we must rethink power dynamics, allowing innovation to flourish rather than suppressing it out of fear. Of losing control.
- Digital Identities and Ownership Will Form the Backbone of the Next Internet: The internet’s current model relies on centralized platforms that own user data and content. Blockchain offers a transformative alternative, where individuals can own their digital identities and assets outright. Projects like Ethereum Name Service (ENS) and the adoption of NFTs for intellectual property rights illustrate this shift. By empowering individuals to control their digital footprint, blockchain could redefine the internet as a decentralized and user-centric ecosystem. This isn’t just a technical innovation; it’s a societal shift. The internet’s next phase will be defined by who owns and controls data, and blockchain offers a path to empower individuals rather than corporations.
A Vision for the Future
Five years into my crypto journey, despite the wild market swings, monumental scams like FTX, and countless setbacks, my belief in this system has only grown stronger. Crypto isn’t just about speculation or fleeting hype—it’s about independence. It’s about freeing ourselves from undue authoritarian control, breaking the reliance on banks for personal and commercial finance, and creating a financial system where trust is earned through transparency, not enforced through opacity.
This is more than a financial revolution. It’s a re-imagination of how the internet, economies, and societies function. Imagine a world where money moves at the speed of light, unburdened by intermediaries. Where we, the people, truly own our data and digital assets. Where transactions are not just fast and secure, but transparent and accountable. And where institutions are held to the highest standards because every action can be traced on an immutable ledger.
This isn’t just a dream. The foundations are already being laid. From the rise of self-custody wallets to the integration of decentralized identities, the tools for this transformation are within reach. The path to adoption, however, isn’t purely technological. It’s deeply philosophical. It requires individuals to rethink their relationship with money, power, and trust.
To me, crypto represents the ultimate alignment of technology and human values. It’s about reclaiming control, fostering innovation, and building systems that empower rather than exploit. But i guess revolutions aren't easy, it will be a challenging road. Step by step, story by story, we have a real shot towards a world where independence and transparency are not just ideals, but realities.
It was early 2020 when I first stumbled upon crypto. Like many others, I found it through Twitter, where Bitcoin (BTC) and Ethereum (ETH) were becoming hot topics. As a technologist, Ethereum immediately caught my attention. You could write apps on it, mint and sell art, it was quite fascinating to me. Without grasping the true potential of the technology, i was intrigued enough to buy some ETH and Litecoin (LTC) while the markets were in a deep bear. I made the purchase through Coinbase, stored it there, and, frankly, forgot about it.
In the beginning of 2021, everything changed. ETH soared to $2,000, and my modest portfolio suddenly held value I hadn’t anticipated. This unexpected surge reignited my curiosity. What was driving these markets? What was the underlying technology? I began to invest more—not just in crypto but in understanding the ecosystem. This curiosity led me to a world known as “Crypto Twitter,” a vibrant, chaotic space where innovation and scams danced side by side.
Discovering DeFi and NFTs
It was on Crypto Twitter that I discovered decentralized finance (DeFi). The idea of replacing traditional financial intermediaries with smart contracts was fascinating. Lending, borrowing, and yield farming—all managed programmatically on the blockchain—felt revolutionary. But the space was also rife with scams. For every legitimate project, there seemed to be dozens of rug pulls and exploitative schemes. Still, the potential was undeniable.
Then came non-fungible tokens (NFTs). At first, they seemed like a niche curiosity: digital art and collectibles that existed on the blockchain. But what captivated me was the communities forming around them. I dove into the NFT world and it was very interesting ! Trading silly on-chain jpegs was fun, and often, it was outright absurd. I engaged with many communities and I met some really cool people; digital artists, animators, world builders and some very smart cyberpunks. People weren’t just buying digital art; they were participating in a movement, forming vibrant, interconnected networks that celebrated creativity and ownership. The soaring ETH prices brought a lot of attention to NFTs and DeFi. By the summer of 2021, the hype around it was intense. Celebrities were buying NFTs, corporations were launching on-chain collectibles, auction houses ventured into digital art, everybody wanted a piece. During this time, collections like CryptoPunks and Bored Ape yacht collection, absolutely sky rocketed in value.
But all the silliness and absurdity aside, there was something deeper going on : The foundations for true digital ownership were being laid.
A Lightbulb Moment
Over the next two years, I built a portfolio and, more importantly, learned the mechanics of the crypto world. I delved into self-custody and wallets, understanding blockchain security and the true meaning of digital ownership. This journey was transformative, culminating in a lightbulb moment: the realization that blockchain wasn’t just about speculation or technology—it was about trust.
For the first time, I saw how blockchains enabled the transparent movement of value at lightning speed, without intermediaries. Smart contracts weren’t just code; they were mechanisms of trust, automating agreements in ways that were open and immutable. This realization changed my perspective entirely. Crypto wasn’t just an asset class; it was a new way of thinking about money and trust.
The Gold Standard and Traditional Trust
To understand why this shift is so profound, we need to look back at one of the most pivotal financial systems in history: the gold standard. For centuries, gold symbolized trust in money. Its scarcity and intrinsic value provided a foundation for currency systems, where paper money was merely a representation of physical gold held in reserve.
In 1944, the Bretton Woods Agreement established the U.S. dollar as the world’s reserve currency, pegged to gold. This system centralized trust in the U.S., as nations held dollars, confident in its equivalence to gold. However, in 1971, President Nixon severed the dollar’s ties to gold, shifting the global financial system to fiat currencies—money backed not by physical assets but by the trust in governments and central banks.
This transition marked a significant change in the relationship between money, trust, and power. While fiat systems allowed for greater flexibility in monetary policy, they also introduced risks: inflation, mismanagement, and opacity. Trust became less about tangible value and more about belief in institutions. The 2008 financial crisis starkly highlighted the fragility of this trust, as opaque systems and reckless practices led to global economic turmoil.
The Transparency Paradox
The 2008 financial crisis exposed the vulnerabilities of opaque financial systems. Institutions packaged risky mortgage-backed securities and derivatives, hiding their true nature behind layers of complexity. Trust in these institutions evaporated when the house of cards collapsed, leading to a cascading failure across global markets. Governments and central banks intervened, but the damage to public confidence in the system lingered.
This brings us to what I call the transparency paradox. Traditional financial systems claim to be secure and reliable, yet their opacity often shields corruption, mismanagement, and systemic risk. In contrast, blockchain operates as the most transparent financial system ever created. Every transaction is recorded on a public ledger, accessible to anyone with an internet connection.
Ironically, this transparency is often misunderstood. Critics argue that crypto’s pseudonymous nature enables scams and illicit activities. And while there have been high-profile cases of misuse—from Silk Road to DeFi rug pulls—these events are traceable precisely because of blockchain’s openness. For instance, in the Colonial Pipeline ransomware case, law enforcement was able to trace ransom payments and was able to recovery some as well.
Compare this to traditional systems, where scandals like the Panama Papers or hidden off-balance-sheet liabilities in the 2008 crisis revealed the extent to which opacity protects wrongdoers. Blockchain’s transparency flips this dynamic, enabling accountability and trust in ways that fiat systems struggle to replicate.
By decentralizing trust, blockchain offers a system where power isn’t concentrated in the hands of a few opaque entities but distributed across a network. In traditional systems, all people have to go by is blind trust in authorities and banks, where opacity is a "feature" that often shields corruption and mismanagement. Blockchain reshapes this dynamic, creating a system where transparency isn’t just an ideal—it becomes a foundational feature that fosters accountability and trust.
Philosophical Shifts for Adoption
As of 2025, the crypto space is at a pivotal moment. We’re in the midst of a crypto bull market, with institutional interest and ownership reaching unprecedented levels. Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have brought these assets into traditional finance, offering easier access to retail and institutional investors alike. Some nations have begun accumulating BTC as part of their reserves, and there are even whispers of the U.S. considering a strategic Bitcoin reserve. The recent political climate has also shown signs of becoming more crypto-friendly.
These developments signal the growing legitimacy of crypto as an asset class and a technology. But for mass adoption to truly take root, the shift can’t just be institutional or governmental. The real challenge lies in individuals embracing the philosophical changes that decentralized systems demand.
Reflecting on this journey, I’ve realized that widespread adoption of decentralized systems isn’t just a technological challenge—it’s a philosophical one. Three key shifts need to happen:
- Trust Must Evolve from Intermediaries to Self-Sovereignty: For centuries, people have placed their trust in banks and governments to safeguard their money and identities. However, history has shown that this trust is often misplaced, as seen in the 2008 financial crisis when institutions failed the very people relying on them. Blockchain provides a transformative alternative, enabling individuals to take direct control of their assets and data without relying on intermediaries. Recent innovations like self-custody wallets and decentralized identity solutions exemplify how this shift is already underway, empowering individuals to reclaim control. Blockchain challenges this norm, asking individuals to take control of their assets and data. This shift requires not only education but also a cultural rethinking of responsibility and trust.
- Power Structures Need to Prioritize Innovation Over Control: Centralized institutions historically resist technologies that threaten their authority, as seen with early internet adoption or initial skepticism of Bitcoin. Yet, some governments and corporations are now embracing blockchain as a tool for innovation. For instance, countries like El Salvador adopting Bitcoin as legal tender and corporations exploring blockchain for supply chain transparency show how power structures can pivot. Prioritizing innovation over control will enable blockchain to unlock its full potential. Blockchain’s decentralization poses such a threat. For adoption to succeed, we must rethink power dynamics, allowing innovation to flourish rather than suppressing it out of fear. Of losing control.
- Digital Identities and Ownership Will Form the Backbone of the Next Internet: The internet’s current model relies on centralized platforms that own user data and content. Blockchain offers a transformative alternative, where individuals can own their digital identities and assets outright. Projects like Ethereum Name Service (ENS) and the adoption of NFTs for intellectual property rights illustrate this shift. By empowering individuals to control their digital footprint, blockchain could redefine the internet as a decentralized and user-centric ecosystem. This isn’t just a technical innovation; it’s a societal shift. The internet’s next phase will be defined by who owns and controls data, and blockchain offers a path to empower individuals rather than corporations.
A Vision for the Future
Five years into my crypto journey, despite the wild market swings, monumental scams like FTX, and countless setbacks, my belief in this system has only grown stronger. Crypto isn’t just about speculation or fleeting hype—it’s about independence. It’s about freeing ourselves from undue authoritarian control, breaking the reliance on banks for personal and commercial finance, and creating a financial system where trust is earned through transparency, not enforced through opacity.
This is more than a financial revolution. It’s a re-imagination of how the internet, economies, and societies function. Imagine a world where money moves at the speed of light, unburdened by intermediaries. Where we, the people, truly own our data and digital assets. Where transactions are not just fast and secure, but transparent and accountable. And where institutions are held to the highest standards because every action can be traced on an immutable ledger.
This isn’t just a dream. The foundations are already being laid. From the rise of self-custody wallets to the integration of decentralized identities, the tools for this transformation are within reach. The path to adoption, however, isn’t purely technological. It’s deeply philosophical. It requires individuals to rethink their relationship with money, power, and trust.
To me, crypto represents the ultimate alignment of technology and human values. It’s about reclaiming control, fostering innovation, and building systems that empower rather than exploit. But i guess revolutions aren't easy, it will be a challenging road. Step by step, story by story, we have a real shot towards a world where independence and transparency are not just ideals, but realities.
