Bankless ETH Is NOT Ultrasound Money with Jon Charbonneau
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Feb 22, 2023 
Jon Charbonneau, co-founder of DBA and a noted Ethereum economics researcher, challenges the notion of ETH as 'ultrasound money.' He argues that this idea may be a myth, delving into Ethereum's dual nature as both an asset and consumable. The discussion explores Ethereum’s profitability, the transition to proof of stake, and the complexities of its financial dynamics. Charbonneau also shares advanced models predicting Ether's future, which could reshape how we understand its value and competition within blockchain networks.
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ETH Issuance: Not a Cost?
- Jon Charbonneau argues that Ethereum issuance isn't a cost like in Proof-of-Work chains.
- It's a value transfer between stakeholders, making ETH more profitable than perceived.
Triple-Point Asset Thesis for ETH
- The triple-point asset thesis posits ETH as a store of value, consumable asset, and capital asset.
- John agrees with the store of value and consumable asset classifications.
ETH as Capital Asset
- The main point of disagreement revolves around ETH as a capital asset.
- This discussion focuses on how to define and measure ETH's profitability.