For Mert Mumtaz, software engineer and CEO of Helius, Solana’s developer infrastructure platform, the Bitcoin and cryptocurrency ecosystem is far from its true nature. As he warns, the industry needs to become “cypherpunk again” and recapture the ideals of freedom and autonomy that inspired Satoshi Nakamoto and created the industry.
As a recent reflection, Mumtaz distinguishes between three classes of crypto assets: Commercial, Casino, Cypherpunk. Each embodies a different way of thinking and applying technology, but as he points out, only one retains the founding spirit that birthed the industry.
The expert claims that the first category consists of stablecoins, tokens backed by real-world assets (RWA), and solutions adopted by financial institutions.
“These cryptocurrencies use technology that increases financial efficiency, such as faster payments, instant settlement, and a universal API for money,” Mumtaz explains.
Businessmen are aware of this group, but We are beginning to see positive developments.warns that it also means moving away from the ideals that created the industry. “There are many important control points that are relatively invisible that most people are not yet aware of,” he points out. In it, he cites the fact that stablecoins can be frozen or subject to censorship.
The second block is defined by Mart himself as “casino crypto”. dominated by speculative projects and regulatory arbitrage strategies. Mumtaz believes this environment is “too rough for institutions, but also doesn’t match the original ideals of cryptocurrencies.”
In the words of Helius CEO: This type of initiative is primarily motivated by economic benefitsNot because of any technological or ideological vision.
“Most of the people involved here are only interested in making money. I’m not against it as long as it doesn’t harm others, but it’s not something I’m personally interested in,” he says.
The flame that ignited the crypto industry
As the last group, Mumtaz 3rd class stands out Part of crypto assets: “cryptocypunks”, in their opinion, almost Extinct. But it was the spark that created the entire movement from Satoshi Nakamoto’s founding.
Satoshi was a cypherpunk. Cypherpunks use ciphers and codes to create systems of freedom: freedom from the excesses of the state, freedom of expression, and the right to trade.
Merut Mumtaz, Helius CEO
Mumtaz regrets that this ideal is being distorted and confused with criminal activities such as illegal activities on the darknet, which “only undermines the principle of freedom through a virtual dopamine glitch”.
The CEO believes that cypherpunks are taking a backseat as media attention and capital is focused on the first two classes. Still, he argues, an industry without this element is distorted.
Therefore, he points outHe said the fundamental problem was not with the technology, but with how the purpose was communicated: “It was a question of education and how the story was told.”
Still, he maintains an optimistic vision. “Let’s fix this and make ‘crypto’ cypherpunks again,” he promises. According to Mumtaz, the spirit already exists Projects like Zcash will soon be “re-enabled across the ecosystem.”
He also said, “Most crypto networks are They focus on the first two categoriesthus ignoring the cypherpunk aspect. Although he realizes that he cannot influence other projects, he is adamant that he can make a difference in Solana. “From now on, I’m going to make Solana even more cypherpunk.”
This is all part of the discussion on the direction of Bitcoin This shows the tension between the original spirit and the current reality of the market.
As reported by CriptoNoticias, analysts such as Scott Melker have noted that some of the original whales who acquired BTC with libertarian vision and financial sovereignty have begun selling or transferring their positions. These facts raise concerns that the assets may have been partially exploited by those who originally intended to challenge them.
