We could never build this today.

Regulation would kill it before launch. The SEC would sue. Banks would block fiat rails. Compliance costs would drain the treasury.

Bitcoin launched in 2009 because no one was watching. No KYC. No licensing. Just code and conviction.

Today's crypto projects spend millions on lawyers before writing a single line of code. The barrier to entry isn't technical anymore—it's legal.

The window for permissionless innovation is closing. What gets built now has to navigate a maze that didn't exist 15 years ago.

That's not progress. That's capture.