Vitalik Buterin claws back crypto community’s right to redefine ‘inflation’

Ethereum’s co-founder argues for the crypto community’s authority to redefine “inflation” as the expansion of currency supply, challenging conventional economic definitions and tackling misinformation.

Vitalik Buterin, one of the creators of Ethereum, has emphasized that the crypto community has already staked its claim to redefine the term “inflation.”

Buterin’s remarks were prompted by a post from digital media outlet Axios, which humorously suggested that “inflation” now refers to high prices rather than the traditional concept of rising costs.

Although the Axios post was presented in a lighthearted manner, Community Notes (CN) clarified that the definition of inflation remains unchanged.

Buterin’s response, posted on Farcaster, contested Axios’ interpretation of inflation by asserting that the crypto community has already reshaped the meaning of the term.

“[…] we already decided that it now just means ‘increase in the total supply of a currency’.”

Buterin’s rebuttal garnered support from other users on Farcaster, including former Coinbase employee Binji.eth.

Traditionally, inflation refers to the general increase in the price level of goods and services, resulting in decreased purchasing power as currency value diminishes.

However, Buterin’s argument suggests a cultural shift in the definition of inflation, proposing that ongoing global inflation arises from an essentially unlimited increase in the total supply of currency.

Tech investor Lee Edwards criticized Axios’ initial post for perpetuating misconceptions rather than educating readers.

Buterin has recently been active on Farcaster, advocating for community-driven solutions and initiatives focused on preserving privacy and addressing exploitation issues.

While Buterin has not commented on the concerns surrounding Ethereum Foundation researchers Dankrad Feist and Justin Drake’s involvement with EigenLayer, their decision to become advisors at EigenLayer in exchange for significant compensation in EIGEN tokens has sparked debate within the crypto community.

While some members support the transparency of the disclosures, others have criticized the decision, suggesting that the substantial compensation could influence decision-making.

Source: cointelegraph.com

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