David Hoffman

Right.

So ETH really couldn't have been money for like a while just because, right, you change the issuance.

We didn't have the 1.5% issuance cap until after the merge.

We are probably going to rip out like 80 percent of the code when we do like the post quantum and merge to kind of like the ZK EVM.

Right.

So we're kind of like making these tradeoffs of like sacrifice.

Ethereum is making these tradeoffs of sacrificing that short term stability of like we are changing the protocol a lot.

And there is risk in that.

And I don't think we should.

One of the things I admire about Justin Drake is I feel like he doesn't sugarcoat the risks.

He's like, these are real risks.

we should be transparent about them.

But over time, if you believe that the, right, like the excellent researchers at the Theorem Foundation will kind of like execute these upgrades just like they did the merge.

And over time, the protocol will have to change less and less as it, right, we've migrated from proof of work to proof of stake.

We've migrated to post-quantum.

We've migrated to the ZK EVM.

As those changes go through, like, Ethereum should become more stable over time.

And then it won't have the same vulnerabilities that Bitcoin has in the long run.

So I think that's one huge aspect.

I think another huge aspect is Bitcoin has just had a very simple narrative.