The article discusses the ongoing debate within the Ethereum community about whether ETH should be considered "money" like Bitcoin. Mike Neuder, an Ethereum Foundation researcher, presents his case for ETH as a programmable and decentralized form of money with intrinsic safeguards for property rights, censorship resistance, and self-sovereignty. He distinguishes ETH from centralized stablecoins by highlighting its true property rights and the ability to transfer and store it permissionlessly. Neuder also discusses the expanding property rights of ETH in layer-2 rollups and the importance of maintaining Ethereum's property rights as rollups decentralize. He compares Ethereum's inflation model to Bitcoin's and argues that Ethereum's adaptive model, which includes issuance, staking rewards, and an ETH burn mechanism, is crucial for long-term security. Neuder acknowledges the ongoing debate over the stability of the ether issuance curve and the importance of maintaining "strong assurances." He also highlights the deflationary mechanics of Ethereum, such as the blob burn effect resulting from layer-2 activity, which contributes to the overall burn of ETH. The article concludes by mentioning the preference within the Ethereum community to focus on Ethereum's programmability and decentralization rather than solely considering ETH as "sound" money. The aim is to strike a balance and position ETH as a form of digital money rooted in self-sovereignty.



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