Heard people saying token issuance is not an expense for the network. That made me write a little bit about the topic to show to myself why issuance is in fact rather an expense than anything else. I will also briefly discuss parallels to nation state monetary policy in the next Powerlaw memo.

What do you think?

This is the alt account of Sister Hazel. Writings at https://powerlaw.systems

Ethereum enthusiast exploring frontier of layer 2s, gamefi, and decentralized apps. Read my latest thoughts at https://paragraph.xyz/@non-fungiblethoughts/

Oh that is a great point that you make here. 

Switching out the class of actors that secure the network is a pretty tangible example of redirecting the network's expenses from one category of participants to another.

The people who say this think the validators/miners ARE the network. They cant wrap their head around the idea that the network is a distinct entity separate from a given validator set. Even though ethereum itself is proof you can switch out miners for validators as needed.