Written by: DeFi Dave
Translated by: Block unicorn
Legends are stories, symbols, and collective memories collectively owned by a community, tightly binding the community together. Legends cannot be purchased, and to make them endure, a community must be fully committed to their. The most powerful legends are open invitations to the community to co-create mission and destiny, with the unsung heroes being the legend builders. Their motivations vary; some are "just for fun," while others are driven by a strong sense of mission deep in their hearts. Regardless regardless of the reason, the common point among all legend they view the legends they create as contributions to something beyond themselves.
Meanwhile, there are also who legend destroyers, are the opposite of legend creators. Legend destroyers are self-driven, who viewing legends as extract energy from, rather than as objects of contribution. They may appear similar to legend the the surface, but over time, their true motives will be exposed. Legend destroyers do not consider themselves part of the story, but rather see themselves as the story itself, and they will not hesitate to betray the legend if it can it personal interests be realized.
Since legend creation is aicated a proposed concept must remain vigilant the, clearly delineating the creators and destroyers. By setting these boundaries, we more easily distinguish between them when the boundaries are crossed, which is the motivation for this article most. Among all the characteristics that constitute these two forces, important it is most important that legend creators are are cultural guardians buildersare, who forge enduring cultural memories; while areites are paraswho see the of their, sucking the vitality of legends until they lose their life force.
Legend are highly perceptive.. They understand the historical context of legends and the past forces that make them relevant and powerful. They can read the emotions and feelings of those around them, which informs their next actions and can discern what can motivate meaningful action. Legend creators intuitively perceive the essence of myths, identifying profound moments and actions of all sizes and amplifying them. Their perception is essentially driven by a vision that views legends as a vibrant story unfolding over a long time arc.
Legend creatorsors are naturally selfless and noble in character. They set aside their ego, acting as humble community stewards, serving the the legend rather than having the legend serve them. Legend creators understand that legends are a collective collective effort shaped by many, constantly changing under the influence of broader narrative and emotional currents. They know that actions speak louder than words; fame is not important, they let their contributions speak for themselves.
Legend creators take proactive action. They take action without being instructed by others, feeling a sense of responsibility to drive the legend of's development. Proactiveactive action can take many forms, such as symbolic (creating memes, solidifying icons), narrative (writing, documenting important moments, creating), ideological (public stance, values), or or ritualistic (events, habits, repeated repeated gestures). Skilledful legend creators are very creators clear about active action is when step back. Proactive does not mean forcibly pushingingthe legend; it means standing up at the right moment. The more proactive creative actions the the of the, legend, andthe richer it becomes.
Legend creators have patience and resilience, recognizing that legends take time to take root in the community's heart. Any good legend stems from experiences shaped by interconnectedness, whether laughter, struggle, or victory. There are no shortcuts to building legends; it must be built brick by brick, step by step, to form a fortress that can harsevere conditions over time.
Ultimately, regardless of what they do or how they act, legend creators see themselves as part of the, a single note in a grand symphony or a stitch in a mythical tapestry, unremarkable when viewed alone, but crucial to the overall form.
Satoshi Nakamoto is not only the founder of Bit, but also set the standard for subsequent legend creators. No. matter how brilliant Bit was technically, it could not have survived without without the legend that attracted a group of steadfast believers after its birth.
SatOshi keenly understood the the historical context of creating creating Bit. The cypherpunk movement of the 90s provided the ideological foundation for Bit, dream planting the dream of achieving freedom through code and the belief that encryption is a tool for individual and collective sovereignty. From that era, projects like b-money and Bit Gold theual for digital currency.. However, until the double spend problem was, solved became computationally and economically feasicientible combining all the advances in cryptcryptcryptography and distributed systems while remaining true to the ccypherpunk spirit,oshi had all the elements to create a trustless, self-sufficient digital value transfer protocol. All he needed needed needed was the catalyst p>The 2008 financial crisis became the catalyst. The government rescued financial giants instead of ordinary people and printed trillions of dollars through quantitative easing. These actions triggered widespread disillusionment and distorted incentive mechanisms; profits wereized socisystemic failure in and broader institutions created ideal conditions for SatOshi toamoto to publish publish his whitepaper on Halloween in 2008.
Satoshi's vision was clear: create-to-peer decalternative to state-controlled currency No banks, governments, or intermediaries, only people transacting through cryptographic trust.. No central servers, responsible no responsible, just an open-source network beyond borders that anyone can in p>participation This participation was not limited to technical work like running full nodes or contributing code, but also actively actively participating in Bit's community and and social layer. For example, the Bit Talk forum was Satoshi's starting point, where he not only shared and reasoning but but also began guiding the community, establishing cultural norms and refining Bit's core principles.
The philosophical foundation Satoshi advocated on the forum and its acceptance by the community was as important, if not more so, than his code. The hard cap of bit of 21Embedded a scarcity culture that forever protect the community from the tyrofanny fiat currency and central bank printing without people's consent. Moreover, principles of trustlessness, sovereignty, permissionlessness, neutrality, anti-fragility, and pragmatism were deeply rooted in the Bit culture early on, laying the foundationwork for its evolution over the years to come.
By holding himself to the highest standards, Satoshi Nakamoto became a role model for others to emulate. Nakamoto remained anonymous and never sought attention for himself. The slogan "We are all Bitcoin" was no coincidence; this was exactly what Nakamoto hoped for: everyone participating in its development, with Bitcoin being greater than any individual. When he handed Bitcoin over to the community, he created space for new legend makers to drive Bitcoin into the future.
The 1 million unused Bitcoins in Nakamoto's wallet are his most powerful declaration; regardless of their value of billions of dollars, it is irrelevant compared to the escape pod he created - a fiat currency system. If these 1 million Bitcoins were sold, it would go against Nakamoto's vision, destroy Bitcoin, and make him a legend destroyer.
Since Nakamoto quietly left Bitcoin and society, he has become a mythical figure for millions globally, with people seeking guidance from his actions and ultimately becoming a model for all subsequent legend makers.
Legend Destroyers and Their Consequences
Legend destroyers are individuals who exploit and distort legends for personal gain, manipulating their communities to achieve their objectives. They are false prophets disguised as saviors, presenting themselves in an almost mythical manner, yet ultimately falling dramatically. The cryptocurrency field repeatedly demonstrates people's susceptibility to legend destroyers. Human nature craves following "saviors", with everyone seeking someone to follow, a tendency often exploited. If we want the industry to grow and evolve, we must more keenly identify legend destroyers and have the courage to expose them.
Legend destroyers are self-centered, prioritizing their own interests. Driven by personal glory, they are most concerned with others' perceptions of themselves. Their thinking centers on "I" rather than "we", with language filled with self-references. For example, they would say "Look at me, I'm a visionary" instead of "Look at what we are building together".
Legend destroyers are short-sighted opportunists and toxic mercenaries. They follow legends only when beneficial to themselves, quickly betraying when better opportunities arise. Legend destroyers lack principles or firm beliefs, capable of speaking nonsense to please crowds. They do not build on myths but exploit them, hijacking legends to serve personal interests.
Legend destroyers appear rigid and insincere. Their rhetoric is robotic, hollow and shallow, lacking substantive content. They over-optimize metrics and dramatic effects rather than focusing on substance or naturally listening to the legend's trajectory. Ultimately, legend destroyers attempt to quickly extract the myth's resources, leaving communities in ruins and chaos. Meanwhile, legend makers build myths over long periods, allowing patient community members to grow and elevate together.
SBF: The Ultimate Legend Destroyer
In recent years, no legend destroyer is more notorious than Sam Bankman-Fried, or SBF. From a legend-making framework, he initially did many correct things to build a legend for himself and FTX/Alameda. Graduating from MIT and Jane Street, he entered crypto by arbitraging Bitcoin in Asia. He presented himself as a disheveled genius founder, sleeping on bean bag chairs, living frugally - all carefully designed performance. SBF's effective altruism philosophy framework emphasized doing the most good by any means, positioning himself and his actions on moral high ground. His legend was followed by various memes and iconic events, like "saving" SushiSwap from Chef Nomi's crisis or claiming "he wanted to buy all SOL for $3".
SBF gained external validation for FTX by raising hundreds of millions from venture capitals like Softbank, Sequoia, Paradigm, Temasek, and Blackstone, establishing himself as a legitimate spokesperson for power institutions. He met regulators, testified in Congress, positioning himself as crypto's "acceptable face". Crypto Twitter was enchanted by his mythology, with accounts like Autism Capital beautifying his image and efforts for years.
However, signs of legend destruction were already evident. First, SBF reconstructed the systems Bitcoin and cryptocurrency aimed to disrupt in his business and political activities, shaping personal cult around himself. Ironically, he became close to institutions Nakamoto tried to escape, which many ignored due to his charisma or personal interests. SBF's transactions and structures were non-transparent, especially the relationship between Alameda and FTX, which were essentially the same entity.
From venue naming in Miami to billboards in San Francisco plastered with his face, claiming "investing in crypto is for global positive impact", SBF mimicked legitimacy while destroying the cryptocurrency-built myth. He wrapped himself in the language of altruism, decentralization, and morality as a disguise to advance personal and political goals.
As a legend destroyer, SBF viewed cryptocurrency as an industry to extract resources, not a space to build. He empowered the legend for himself and his associates, ultimately leaving many bankrupt when FTX filed for bankruptcy in November 2022. SBF was convicted of multiple crimes and is currently serving a 25-year federal prison sentence, ordered to forfeit over $11 billion in assets for misappropriating billions in FTX customer deposits to support Alameda, purchase real estate, make political donations, and more. We are fortunate he was caught; had SBF continued, he might have become the Trojan horse destroying everything built in this space.
Conclusion
Communities are born from legends and die by legends, with legends' survival depending on legend makers who shoulder the responsibility of driving their development. Legend making has always existed; we are now beginning to define it and distinguish between makers and destroyers. Legends are the lifeblood of communities, legend makers are the sages giving them vitality, while legend destroyers are vampires draining their life force.
Legends are never neutral, always in a state of being shaped and molded by communities. Without excellent legend makers defending them, legends become easily exploited. No project's future is driven by code or raised funds, but by those committed to building its mythology.
Today, entrepreneurs' images are romanticized, like athletes. But we don't need more fund-raising entrepreneurs or venture capitalists trying to finance them. We need more stewards and legend weavers, myth guardians and humble shepherds, performing their duties to maintain legends' vitality and resist external forces attempting to plunder them. To achieve this doesn't require appearing in the most dazzling way; I don't even encourage that. To be a legend maker, you simply need to care and accordingly assume your role.
Ultimately, each legend's continuation is not because it is loudly proclaimed, but because enough people quietly choose to inherit and protect it from legend destroyers. Like a pulse, legends continue beating through their communities, memes, icons, symbols, and classics, extending into the future.
