Free software advocate and YouTube blogger Luke Smith has criticized the current state of Bitcoin. According to him, the first cryptocurrency has strayed from its original principles and turned into a tool for speculation.
Luke Smith is a tech blogger specializing in free software, privacy, and digital minimalism. Two weeks ago, he broke a two-year silence on his YouTube channel and has since been regularly posting new videos.
The Enemy of Perfection
Smith believes that any technology is eventually “captured” by people who appreciate certain aspects of it but are far removed from its original philosophy.
“Any technological project, regardless of the purity of its initial motives — be it GNU/Linux or Bitcoin — will inevitably be captured by, let’s say, indifferent interests. It’s just a fact of life,” the blogger noted.
He cited the Linux community as an example: many users value the modifiability of the operating system and the availability of free software but do not take these principles to their logical conclusion. They adhere to the saying “don’t let perfect be the enemy of good,” but according to Smith, one should not allow the good to become the enemy of the perfect.
From Cypherpunks to Michael Saylor
Smith highlighted the radical changes in Bitcoin’s philosophy since its inception:
“At its core was the cypherpunk movement, which sought to create a financial system independent of government control. However, when I look at Bitcoin today, I feel deep pessimism.”
The blogger criticized the shift in focus from liberating individuals to mass adoption and integration with the traditional financial system.
“You see figures like Michael Saylor, who has become the ‘face of Bitcoin.’ All attention is focused on the rising chart, on Bitcoin as a commodity. The goal becomes to involve everyone — governments, the existing financial system — instead of empowering people or creating something that truly liberates them,” Smith noted.
According to him, these ideals may be paid lip service, but there is no true intention. People like Saylor do not want Bitcoin to be “dangerous” — that is, to pose a threat to the existing system and lead to real change, he explained.
Smith pointed out the paradox: those who understand the value of free software, privacy, and cryptocurrencies like Monero hesitate to actively advocate for these projects. They do not want to “impose them by force” or firmly defend their beliefs. Meanwhile, those who dilute the original ideals of projects do not experience such qualms:
“They seek to redefine Bitcoin, turning it from digital cash into something you just hold, watching its value grow. That was never its purpose.”
CEO of the P2P platform NoOnes Ray Youssef agrees with Smith that Bitcoin has strayed from its roots, transforming from a tool of liberation into a “bankers’ trophy.”
“Bitcoin was born in the cypherpunk environment — as electronic cash designed to bypass bureaucracy, intermediaries, and a broken financial system. But look at it now: a bankers’ trophy, a favorite ETF. It has become part of the very monster it was supposed to destroy,” he stated in a comment to ForkLog.
Youssef also criticizes industry figures like Saylor for treating Bitcoin as a means of saving rather than exchange.
“People like Saylor just want to ‘sit’ on Bitcoin while the rest of the world remains unbanked. The idea was not for large companies to hoard satoshis, but to create an open financial system for everyone.
It’s not about personalities — it’s about priorities. When Bitcoin adoption turns into a corporate PR game, the mission is lost. We need movement, not hoarding. Circulation, not stagnation,” he emphasized.
Like Smith, Youssef also highlights Monero, which he believes truly serves the ideals of privacy and freedom, rather than being just another “parking spot for capital.”
“Monero is not just another coin, it’s a mission. Privacy is a human right, not a feature you can turn on or off. With Monero, privacy is built into the architecture, not the marketing.
The world doesn’t need another coin to park capital. We need tools that can be used: to transfer value, protect oneself, and move freely and without permission. Monero is already doing this — quietly and consistently. That’s what true freedom is,” he stated.
This week, the market capitalization of privacy coins surpassed $10 billion. Over the month, Monero’s price increased by 83%.
Earlier, as part of the “Podcast Society” on ForkLog’s YouTube channel, Allbridge.io co-founder Andrey Veliky explained that the industry is experiencing a phase of “ludomania,” where meme coins and gamified models have become the new reality, while the ideals of decentralization, privacy, and censorship resistance have taken a back seat.