Vitalik Buterin Moves On From 'Ultrasound Money', Says ETH's Value Is Stability
Authored by Ryan S. Gladwin via Decrypt,Ethereum co-founder Vitalik Buterin wants people to stop valuing ETH as a fee-burning token and start treating it as a store of value, arguing that the burn was "never" as strong as it seemed. Binji Pande, founding member of Ethlabs, told Decrypt that he agrees, claiming that it is a more "future-proof store of value" than Bitcoin.It's a notable shift in messaging from the Ethereum community, after ETH was branded as "ultrasound money" when the network started burning a portion of every transaction fee in 2021. The argument was that as more people used Ethereum, fewer coins would exist in circulation, and fewer coins meant a higher price. Now, however, Buterin claims that isn't as important as people may think."We should not feel sad if fee burn is < 10% of breakeven indefinitely; the value of ETH comes from elsewhere," Buterin tweeted on Sunday. That value, he argued, is stability, which comes from Ethereum being decentralized, resistant to censorship, and having strong security.Expanding on why I believe "ETH as store of ...
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