Ryan Sean Adams

That's exactly it.

Just to be clear on the 250K, I know this is not a price prediction, let's say, but this is a natural implication that falls out of your essay if you're right about ETH being this monetary unit, this productive money as you talk about it, right?

So where do we get that 250K per ETH number?

Can you drill in on that?

Okay, so you're saying if you just take Bitcoin and gold alone, which are clearly store value assets, you get $30 trillion, let's say.

And if you divide that by the supply of ETH, you get to a unit price per ETH of 250K if ETH were to go take all of that market share.

But you're also saying there's more than that.

$30 trillion in terms of store of value type assets because there's some store of value, some monetary premium in, let's say, collectibles or art or the S&P 500 or other ways that we essentially teleport our wealth into the future.

And those have some monetary premium associated with it.

It all depends...

what you think, how much you think of the total monetary premium that's available, how much you think ETH can capture with respect to market share.

Is that the right way to think about it?

Exactly.

Let's bring Carl Menger in the picture here.

So the title of your essay is ETH is Productive Money.

Let's focus on the money part.

And this is what Carl Menger, I think, was quite obsessed with.

So he is the founder of the Austrian school

economics, late 1800s, early 1900s.

And he had a definition of money from the Austrian school that seems to be quite accurate and seems to persist across time.