Article author: Bryan Daugherty Article compiler: Block unicorn
Legends are stories, symbols, and collective memories shared by a community that bind the community together. Legends cannot be bought, and to keep legends alive, they see the legends they create as a contribution to something beyond themselves.
At the same time, there are legend destroyers, who are the opposite of legend makers. Legend destroyers are driven by ego and see legends as a resource to be exploited rather than something to contribute to. They may superficially resemble legend makers, but over time their true motivations become apparent. Legend destroyers do not see themselves as part of the story, but rather as the story itself, and will not hesitate to betray the legend if it furthers their personal interests.
Since legend making is a new concept, we must be vigilant and clearly define the boundaries between legend makers and destroyers. By setting these boundaries, it will be easier to distinguish between the two when they are crossed, which is the main motivation for writing this article. Of all the characteristics that make up these two opposing forces, it is most important to remember that successful legendmakers are guardians of culture, forging lasting cultural memories, while legendbreakers are parasites who see no end to their desires and suck the life out of legends until they are devoid of life.
What are legendmakers
Legendmakers are individuals who listen to, embody, and co-extend myths with their communities. As I said in my last post, legendmakers "identify emerging ideas, understand their historical context, draw on collective emotions, weave them into a coherent and compelling narrative, and invite others to contribute. They are the prophets of legend. Skilled legendmakers do not impose direction; they listen, serve as stewards of the legend, and remain responsive to its natural evolution." It is important to emphasize that legendmakers are not the loudest or most visible people in the room; they are careful about what they say and do, often working quietly behind the scenes to keep the flame burning when no one is watching. What they say and do varies, but they are all rooted in some common characteristics.
Legendmakers are born with a highly perceptiveandintuitiveness. They understand the historical context of a legend and the forces in the past that make it relevant and powerful. They can read the moods and emotions of those around them, which informs their next steps, and discern what inspires them to meaningful action. Legendmakers intuitively sense the essence of myth, identifying profound moments and actions both large and small, and amplifying them. The perception of a legendmaker is essentially driven by a vision, seeing the legend as a living story playing out over the long arc of time.
Legend Makers are naturally selflessandhigh. They put their ego aside and act as humble stewards of their community, serving the legend rather than letting the legend serve them. Legend Makers understand that legends are a collective effort shaped by many, constantly changing as a result of broader narratives and emotional currents. They know that actions speak louder than words; being famous is not important, and they let their contributions speak for themselves.
Legend Makerstake actionon their own initiative. They take action without being told by others, and feel a sense of responsibility to help the legend grow. Initiative can take many forms and may be symbolic (creating memes, solidifying icons), narrative (writing, recording significant moments, creating characters), ideological (public stances, values), or ritualistic (activities, habits, repeated gestures). Skilled legendmakers are well aware of when to act aggressively and when to step back. Initiative does not mean forcing a legend; it means stepping up when the moment is right. The more initiative created, the denser and richer the legend. Legendmakers are patient and resilient, recognizing that it takes time for a legend to take root in the hearts and minds of the community. Any good legend.
Ultimately, no matter what they do or how they act, legend-makers see themselves as part of the legend, like a note in a grand symphony or a stitch in a mythological tapestry, insignificant on its own but essential to the overall shape.
Satoshi Nakamoto: The Paragon of Legend-Makers
Satoshi Nakamoto was not only the creator of Bitcoin, he set the standard for the legend-makers that would follow. No matter how impressive Bitcoin may be technically, it would not have survived without the legend that attracted a group of staunch believers after its creation.
Satoshi Nakamoto was acutely aware of the historical context in which Bitcoin was created. The 90s Cypherpunk movement provided the ideological foundation for Bitcoin, sowing the dream of freedom through code and the belief that crypto is a tool for individual and collective sovereignty. From that era, projects such as b-money and Bit Gold laid the conceptual foundation for digital currency, however, it was not until the problem of double spending was solved that Bitcoin became computationally and economically viable. By combining all the advances in cryptography and distributed systems, while staying true to the Cypherpunk spirit, Satoshi Nakamoto had all the ingredients to build a trustless, self-sustaining digital value transfer protocol. Next, all he needed was the right catalyst.
The financial crisis of 2008 became the catalyst. Governments bailed out financial giants instead of ordinary people and printed trillions of dollars through quantitative easing. These actions sparked widespread disillusionment and distorted incentives; profits were privatized while losses were socialized. The systemic failure of trust in the financial system and the public in broader institutions created the ideal conditions for Satoshi to release the white paper on Halloween 2008.
Satoshi’s vision was clear: to create a peer-to-peer, decentralized alternative to state-controlled currencies. No banks, governments, or middlemen, just people transacting with cryptographic trust. No central servers, no individuals to hold accountable, just an open-source network that transcends national borders and in which anyone can participate.
This participation was not limited to the technical work of running a full node or contributing to code, but also included active participation in the community and social aspects of Bitcoin. For example, the Bitcoin forum Bitcoin Talk was where Satoshi began to not only share his thoughts and reasoning, but also to guide the community around him, collectively building cultural norms and refining Bitcoin’s core principles.
On the forum, the philosophical foundations that Satoshi preached and how well they were accepted by the community were just as important, if not more important, than his code. The hard cap of 21 million Bitcoins embedded a culture of scarcity that forever protected the community from the tyranny of fiat currencies and central bank money printing without popular consent. Additionally, the principles of trustlessness, sovereignty, permissionlessness, neutrality, antifragility, and pragmatism were ingrained early in Bitcoin culture, laying the foundation for its evolution for many years to come.
By holding himself to the highest standards, Satoshi became a role model for others to follow. Satoshi remained anonymous and never sought attention for himself. It’s no coincidence that “We’re all Bitcoin” has become a common slogan; this is exactly what Satoshi wanted: everyone participates in its development, Bitcoin is greater than any one individual. When he handed Bitcoin over to the community, he opened up space for new legend-makers to drive Bitcoin into the future. The 1 million unspent Bitcoins in Satoshi’s wallet are Satoshi’s most powerful statement; whatever billions of dollars it’s worth is irrelevant because it’s measured against the escape hatch he created: a fiat currency system. If those 1 million Bitcoins were sold, it would go against Satoshi’s ideals, destroy Bitcoin, and make him a legend-buster.
Since Satoshi Nakamoto quietly left Bitcoin and society, he has become a mythical figure to millions around the world, who look to his actions for guidance and ultimately become a model for all subsequent legend-makers to follow.
Mythbusters and their consequences
Mythbusters are individuals who extract and distort legends for their own selfish gain, manipulating their communities to achieve their ends. They are false prophets who masquerade as saviors, presenting themselves in an almost mythical manner, only to fall in dramatic fashion. The cryptocurrency space has shown time and again that people are susceptible to mythbusters. Human nature desires to follow a “savior”, and everyone is looking for someone to follow, and this tendency is often exploited. If we want our industry to grow and evolve, we must become more discerning about legend busters and have the courage to call them out.
Legend busters are self-centered and prioritize their own self-interest. They are driven by personal glory and care most about what others think of them. Their thinking is centered around "me" rather than "we," and their language is full of self-reference. For example, they will say "Look at me, I'm a visionary" instead of "Look at what we're building together."
Legend busters are short-sighted opportunists and toxic mercenaries. They only follow a legend when it works for them, and are quick to defect when a better opportunity presents itself. Legendbusters have no principles or convictions, and can speak whatever they want to please the crowd. Rather than building on the myth, they exploit it, hijacking the myth to serve their own personal interests.
Legendbusters come off as stilted and insincere. Their words are robotic, hollow and superficial, lacking substance. They over-optimize for metrics and drama rather than focusing on substance or listening to where the legend is headed. Ultimately, legendbusters try to extract the resources of the myth as quickly as possible, leaving the community in ruins and chaos. Meanwhile, legendmakers build the myth over the long haul, allowing those in the community who are patient enough to grow and rise together. SBF: The Ultimate Legend Buster The most notorious legend buster in recent years is Sam Bankman-Fried, or SBF for short. From a legend-building framework, he has done a lot of things right to build a legend for himself and FTX/Alameda. He graduated from prestigious schools MIT and Jane Street and initially entered the crypto space by arbitrage Bitcoin in Asia. He presented himself as a unkempt genius founder who slept on beanbag chairs and lived frugally, but it was all a carefully choreographed performance. SBF's effective altruism philosophical framework, which emphasizes doing the greatest good in any way possible, puts him and his actions on the moral high ground. Memes and iconic events followed him and the legend he constructed, like him “saving” Sushiswap from a crisis with Chef Nomi or declaring that “he wanted to buy all SOL for $3.” SBF established himself as a voice of legitimacy to the powers that be by raising hundreds of millions of dollars from VCs like Softbank, Sequoia, Paradigm, Temasek, Blackstone, and others to win external validation for FTX. He met with regulators, testified before Congress, and positioned himself as the “acceptable face” of crypto. Crypto Twitter was enchanted by his mythology, and accounts like Autism Capital have been embellishing his image and efforts for years. However, signs of the legend’s destruction were already evident. First, SBF has recreated the system that Bitcoin and cryptocurrencies were designed to disrupt in his business and political activities, and has fashioned a cult of personality around himself. Ironically, he has become close to the institutions that Satoshi Nakamoto sought to disengage from, but that many have chosen to ignore, either because they were attracted to his charm or because they were self-interested. SBF’s transactions and structures are opaque, especially the relationship between Alameda and FTX, which are effectively the same entity.
From naming venues in Miami to plastering his face on ads in San Francisco proclaiming “Investing in crypto is for global positive impact,” SBF has mimicked legitimacy while undermining the myths that crypto has built. He has wrapped himself in the language of altruism, decentralization, and morality as a cover to advance his personal and political goals.
As a myth-breaker, SBF has viewed crypto as an industry to be exploited rather than a space to be built. He used legends to empower himself and his cronies, only to drive many into bankruptcy when FTX filed for bankruptcy in November 2022. SBF was convicted of multiple crimes and is currently serving a 25-year federal prison sentence and has been ordered to forfeit over $11 billion in assets after he misappropriated billions of dollars in FTX customer deposits to support Alameda, purchase real estate, make political donations, and more. We are lucky he was caught; if SBF continues, he could be the Trojan Horse that destroys everything this space has built.
Conclusion
Communities live and die by legends, and legends survive only as legend builders who shoulder the responsibility of driving them forward. Legend-making has always existed; it’s just that now we’re starting to define it and are still distinguishing between legend-makers and legend-breakers. Legends are the lifeblood of a community, legend-makers are the sages who animate it, and legend-breakers are the vampires who drain it of its life force.
Lore is never neutral, it’s always in a state of being shaped and molded by the community. Without great legend-makers to defend it, it’s easy to exploit. The future of any project is driven not by code or money raised, but by those who work to build its mythology.
Today, the image of entrepreneurs is romanticized, just like athletes. But we don’t need more entrepreneurs raising huge rounds or VCs trying to fund them. What we need are more stewards and legendweavers, myth keepers and humble shepherds, doing their part to keep the legend alive and fend off outside forces that would seek to plunder it. To do this, one doesn't need to show up in the most flashy of ways, and I wouldn't even encourage that; to be a legendmaker, you just have to care and assume your role accordingly.
Ultimately, every legend lives on not because it's told out loud, but because enough people quietly choose to pass it on and protect it from legendbuster. Like a pulse, a legend continues to beat through its communities, memes, icons, symbols, and canon, into the future.
Anais
Weatherly
Alex
Catherine
Kikyo