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Bankless

The Debate Over ETH's Monetary Policy | DH + RSA

Bankless

Bankless

Technology, Tech News, News

4.71.2K Ratings

🗓️ 10 April 2024

⏱️ 90 minutes

🧾️ Download transcript

Summary

The Ethereum community is currently in debate, are we going to change the monetary policy of ETH? Why should we? Who gets to decide? What should it be?

Today's episode of Bankless Takes is a masterclass on monetary policy for Ethereum and beyond.
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TIMESTAMPS
00:00:00 Intro

00:03:23 Defining Monetary Policy

00:07:35 Total Monetary Base

00:12:46 M1 Chart
https://fred.stlouisfed.org/series/M1NS 

00:15:54 M2 Chart
https://fred.stlouisfed.org/series/M2NS 

00:20:05 Inflation + Purchasing Power
https://fred.stlouisfed.org/series/CPIAUCNS 

00:22:50 Bitcoin Issuance Policy
https://river.com/learn/who-creates-new-bitcoin/ 

00:30:22 Ethereum's Monetary Policy
https://studio.glassnode.com/metrics?a=ETH&c=native&m=supply.Current&resolution=24h 
https://notes.ethereum.org/@mikeneuder/iiii 
https://ultrasound.money/ 

00:35:27 ETH Social Contract

00:37:23 Bitcoin Monetary Policy

00:43:09 History Of ETH Issuance
https://github.com/ethereum/consensus-specs/pull/971 

00:50:58 Proposal Breakdown
https://ethresear.ch/t/endgame-staking-economics-a-case-for-targeting/18751 

01:01:57 ETH Supply Curve
https://imgur.com/pVrZ9Ii 

01:13:37 David's Opinion on Moving Forward

01:19:08 Ryan's Opinion

01:25:06 Policy Option 2

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Not financial or tax advice. See our investment disclosures here:
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Transcript

Click on a timestamp to play from that location

0:00.0

Hey guys, we have a Bankless Takes episode for you today on the docket.

0:03.6

Is Ethereum changing its monetary policy again?

0:07.1

Dun, da da.

0:08.2

Question for you, David.

0:09.8

So there's this debate in the Ethereum community right now,

0:12.8

and I've been paying attention to it, but a bit on the margins.

0:15.0

I think you've been more directly paying attention to it.

0:17.8

But it's a debate about changing the monetary policy of Ethereum,

0:22.4

this holy ground we're treading in.

0:24.0

Should we do it?

0:25.0

Who gets to decide?

0:26.0

What should the eventual monetary policy be?

0:29.0

What's the context for this conversation?

0:31.0

Yeah, so two Ethereum Foundation researchers

0:34.6

introduced a blog post, like a research blog post,

0:37.4

proposed the idea of changing the monetary policy of Eath,

0:39.9

changing the Eath issuance curve from what it is today to something else.

0:45.0

Along with this research post came a proposal in alignment with the research post

0:50.0

to include a change to eith monetary policy for the next upcoming hard fork in Electra,

0:56.0

which could be a hard fork as soon as the end of this year.

1:00.4

And this expediency, this speed, created a ton of controversy and debate about the politics and

1:07.4

optics of EF researchers rushing in a this debate that we're experiencing that we're seeing in the Ethereum community, there's really like two pillars here.

...

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