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Whatever happened to the "Cypherpunks"? Our industry has traded its soul for VC funding

by SB Crypto Guru News
January 25, 2026
in Ethereum
Reading Time: 2 mins read
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Whatever happened to the "Cypherpunks"? Our industry has traded its soul for VC funding

I’ve been looking back at the 1993 Wired piece "Crypto Rebels" and it’s a gut punch compared to where we are today.

Back then, the movement was a "gathering of those who share a predilection for codes, a passion for privacy, and the gumption to do something about it" It was not about airdrops or "building for exits" It was about building a

"Cypherpunks don't care if you don't like the software they write
Cypherpunks know that software can't be destroyed
Cypherpunks know that a widely dispersed system can't be shut down
Cypherpunks will make the networks safe for privacy"

The world definitely changed because of crypto but it feels like we lost the plot along the way, most of today's "innovators" are just venture capitalists and money followers and where are the real cypherpunks? Where are the people like Phil Zimmermann who viewed releasing code "like thousands of dandelion seeds blowing in the wind" regardless of the personal risk?

Early Vitalik Buterin was one of the clearest examples of a new generation cypherpunks not polished, not profit-obsessed or not selling inevitability to investors, sust a skinny kid writing about Bitcoin, publishing an open whitepaper and insisting that the infrastructure of the future should be neutral

I feel like we have traded a tool for human liberation for a high-stakes casino

  • Can a project even survive today without the "venture capital" mindset?
  • Am I the only one who feels like the soul of this movement has been replaced by a spreadsheet?

I'd love to hear from anyone else who misses the "mathematical fortress" era

If you want to see just how far we have drifted from the original vision, I highly recommend reading this article from 1993

https://www.wired.com/1993/02/crypto-rebels/

submitted by /u/Ill_Sandwich5917
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Tags: Bitcoin NewsCrypto NewsCrypto UpdatesfundinghappenedIndustryLatest News on CryptoquotCypherpunksquotSB Crypto Guru NewsSoulTraded
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