ETH (ether) is THE commodity money on Ethereum. You can NOT use the internet of finance without ETH. ETH is the pen you need to do an entry into the public world wide immutable ledger.
https://x.com/MKjrstad/status/1965649340594065656
Posted by sandakersmann
3 Comments
ETH will be everywhere
🍩 !tip 1
Commodity money is a medium of exchange made of a good that has non-monetary uses, such that its purchasing power is grounded in demand for those uses as well as its role as money.
No government decree is needed like we see with fiat.
ETH see demand as a commodity from for example registration of .eth usernames on ENS (Ethereum Name System). ETH also see demand as money when people wants to trade the usernames. The sum of market paticipants subjective opinion about ETH’s value, is what sets its price.
Ethereum is not trying to “scale by banking”, since that would undermine its demand as a commodity and money.
Pen is a nice analogy. Is “ink” better though?
!tip 1