Crypto’s early ethos:

Decentralization and censorship resistance at all costs — even if it meant chaotic coordination.

Today, two distinct camps are driving crypto across the chasm

1) Programmable, permissionless crypto

Open by design. Coordinated by core teams. Fork it if you think you can do better.

(Ethereum, Uniswap)

2) Distribution-first, non-composable crypto

Built on incumbent rails. Easy to adopt, hard to fork. Skeuomorphic Walled gardens.

(Robinhood, Stripe)

Endgame I see: Permissionless innovation wins long-term—but distribution brings the next billion in.