The Debate Over ETH's Monetary Policy | DH + RSA
Bankless
Bankless
4.7 • 1.2K 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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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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