Ryan Sean Adams

He's got a number of different dimensions.

Can you walk us through those dimensions and how do they apply to ETH?

I guess just to kind of summarize where we've gone so far.

So according to Carl Menger, the primary property of money was saleability, right?

Which, I mean, this concept saleability, it took me a while to understand, but one way to think about it is liquidity, I think.

How deep the order book is almost.

Can you sell a whole lot and not move the market at all?

So saleability, liquidity...

are somewhat in the same ballpark.

And the most saleable good turns out to be the most money good and have the highest monetary premium.

And Menger goes through these attributes where he's trying to say, okay, these are the attributes throughout history that have...

made a particular asset rise to the top in terms of its saleability.

And you've just gone through four, scarcity, fungibility, divisibility, and portability.

And on scarcity, you said, and by the way, your paper has this fantastic chart where it compares gold versus Bitcoin versus ETH on all of these points.

On scarcity, you just said that Bitcoin and ETH are actually more scarce than gold, which maybe people don't realize that, but that is the case.

Are we mining about like 1.5% to 2% of all gold supply annualized every year?

And Bitcoin is what I mean, that's a point eight percent issuance rate right now.

I mean, it'll happen soon and it'll be less than that.

And ETH is around the same.

Is that why you rank it more scarce than gold, these two assets?