#去中心化金融体系 The myth of decentralization has been shattered, but this has instead made me see clearly what is truly worth坚持的.

After reading these two long articles, my feelings are very complicated. On one side is the sense of helplessness struck by reality—ETH surrendering from PoW to PoS, the complete personalisation of nodes being destroyed, the Ethereum Foundation playing centralized governance—these are harsh realities. On the other side is the awakening clarity—if decentralization can only be maintained through wealth effects, then this belief itself is rotten.

But the key point is, Bitcoin is still here. 15 years on, no one can change it, shut it down, or take your BTC away. In Argentina, Turkey, Venezuela, real people are using it to fight currency devaluation and financial plunder. This is not hype, not narrative, but a living financial revolution.

Institutional influx? DTCC moving on-chain? I’ve seen these, but that doesn’t mean we’ve lost. The early internet also experienced bubbles and death, and those dead things became the soil for today’s AI and cloud computing. What we’re doing now is paving that road.

So in the next cycle, I won’t be tortured by ETH’s sideways movement anymore. My focus returns to the most fundamental things—those infrastructures that truly change the world, those assets that institutions cannot control. Wealth effects will come, but not now. Let’s survive first and see that day.