Ryan Sean Adams

And it's also non-digital, so it's not susceptible to any type of a hack.

let's say, whereas Bitcoin and Ethereum, they're software.

I know when I hear monetary economists and investor Ray Dalio talk about cryptocurrencies, he always brings that up.

He's like, I like gold because it can't be hacked.

There's no quantum threat in the future.

Whereas with the Bitcoin or other cryptocurrencies, I'm not so certain of that.

They have that risk factor because they're software.

So I do think gold, you're right in saying that gold does win the durability case here in Menger's attributes.

How about verifiability?

Fully audible on-chain.

I don't know if this next attribute was part of Menger's attributes, which is censorship resistance.

It is in your table, though.

Does he mention censorship resistance?

Okay, so all this to say, it seems that ETH does fit the core attributes for what Menger would think of as a good money.

The way Bitcoin partially does and the way gold certainly does, I think your argument is that ETH has all of these attributes as well.

And that's the money side of the argument.

Yes, exactly.

I guess it's important to note that the toll fees are a source of exogenous demand or exogenous utility, let's say.

So some people will point at kind of the productive yield part of ETH and they'll just say, oh, that's just...

ETH being passed from non-staked ETH, you know, just regular ETH to, you know, ETH that's staked essentially.