Economic Fallacies of Ethereum as Ultra Sound Money - E229
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Show Notes
Hopefully this episode helps you understand the criticisms of Ethereum's Ultra Sound Money (USM) thesis.
In this episode I focus on answering the criticism present in the USM thesis from a bitcoin perspective. I start with introducing the listener to the idea of USM and economic engines. Then I dive into the ways to power the engine with issuance or fees, and some of the fallacies around that. Next, we look at Proof of Work (mining) versus Proof of Stake (what ethereum wants to go to). Lastly, is a quick discussion on EIP 1559, the proposal in Ethereum to burn transaction fees as a way to deflate supply.