The rise of cryptocurrency was originally driven by hopes of disrupting traditional financial systems and reshaping value exchange. However, with the emergence of platforms like Ethereum, a trend has emerged that seems to deviate from Satoshi Nakamoto’s original vision: Is the crypto world gradually turning into a self-enclosed “casino,” detached from reality?

Satoshi’s Bitcoin was deeply rooted in real-world human-machine interaction. His goal was to create a decentralized electronic cash system to address the shortcomings of traditional finance. Bitcoin was born out of a profound understanding of real-world financial struggles, rather than a pursuit of a purely virtual construct.

However, the advent of Ethereum and its EVM (Ethereum Virtual Machine) marked a shift in crypto’s developmental path. The EVM established a formalized, closed virtual platform where smart contracts execute with computational precision but remain disconnected from the complexities of the real world.

This formalized system resembles “a fish in the ocean, never knowing what the ocean truly is.” It operates within self-imposed rules but overlooks the vastness and complexity of the external world. While Bitcoin functions as a dynamic, self-emergent system that transcends self-referential determinism, Ethereum is a rigid, deterministic platform confined to its formalized structure. This closed nature makes the EVM ecosystem heavily dependent on external asset inflows, particularly Bitcoin and USD stablecoins. However, these assets can only enter the EVM system through third-party mechanisms like USDT/WBTC mappings. This external liquidity, akin to “casino chips,” sustains the EVM ecosystem.

Such reliance on external liquidity not only contradicts the ethos of decentralization but also renders the industry vulnerable. If external liquidity dries up, the EVM ecosystem risks collapse—much like a casino facing a liquidity crisis, leading to catastrophic losses for participants.

This raises a fundamental question: Is the future of crypto destined to become a detached “casino,” or should it return to Satoshi’s original vision of addressing real-world financial challenges?

Satoshi’s emergent model provides a clear direction. Emergence theory suggests that complex systems can exhibit sophisticated behaviors through simple rules and interactions. Crypto design should embrace this concept, integrating human-machine interaction to create a system deeply connected to the real world.

To achieve this, we must:

• ‍Break free from formalized constraints – Crypto should not be confined to a closed virtual system but should actively explore real-world applications.‍
• Return to solving real-world problems – Crypto development should focus on practical solutions, such as cross-border payments, supply chain finance, and identity verification.‍
• Strengthen real-world interaction – Building bridges between crypto and reality by integrating real-world data through controlled feedback loops.‍
• AI-driven feedback loops – Combining crypto with AI tools to establish a dynamic, evolving system for human-machine interaction.

The future of crypto should not be the short-lived prosperity of a “casino” but the boundless potential of an “ocean.” We must return to Satoshi’s vision, focusing on real-world problem-solving to build a crypto ecosystem that truly serves humanity.