Why 97% of DeFi Users Never Truly Own Their Assets — And What the Tax Bill Hides

The Illusion of Ownership

I used to think assets were lines on a blockchain—until I realized they were shadows cast by tax drafts.

The 4.2 billion dollar bill? It’s not policy. It’s a ritual. A quiet vote held at midnight, where lawmakers trade your keys for loopholes disguised as ‘SALT caps.’ They say they’re protecting you—but they’re optimizing control, not equity.

The Algorithm That Owns You

You don’t own your tokens. You own the expectation of them.

Every time you stake, delegate, or claim rewards—you’re signing a contract written by someone who never sleeps. The system doesn’t ask if you consent; it assumes you do.

This is why 97% of DeFi users feel rich—with zero real control.

What Was Sacrificed at Dawn?

The original dream was decentralization: self-custody, permissionless access, digital sovereignty.

Now? We’ve traded that for compliance ledgers and automated audits—a new kind of feudalism with smart contracts as serfs.

I sit here at 3 AM in North Beach—not because I’m paranoid—but because I care enough to wonder: when did we stop fighting for ownership… and start accepting its illusion?

We didn’t lose our wallets. We lost the courage to ask if they were ever ours.