Ethereum

One of the problems with eth ultra sound money meme is that it is a community admission that success is tied to relative price action. And there’s no winning that game.

I wish this meme would die.

It was purely just a reactionary narrative to deflect attacks from toxic bitcoiners in 2021 rather than anything with a fundamental economic substance.

1559 was a UX change it doesn’t represent any “agreed monetary policy”.

Perhaps that is the intent, but I think many people perceive it to mean “eth is programmed to be a safe speculation.”

No, the meme conveys that ETH has properties of sound money (low inflation, constant demand from gas fees burnt), which in turn increases its monetary premium, which in turn secures the network better. 

Network security is the key goal, with ethereum being a PoS chain. 

Price action by itself was never the meme

IMO long term utility drives price, not the other way around. Public and private blockchains serve different purposes, not that we have seen particularly successful private blockchains.

Hmmm… I think price action is the first step in the flywheel that allows public blockchains to become usable for something that can’t be done better via private blockchains

the generalized eth-maxi notion that high fees are a feature and not a bug makes me crazy.