Ethereum’s Biggest Mistake (and How to Fix It) | Sam Kazemian
Ethereum’s Biggest Mistake (and How to Fix It) | Sam Kazemian  
Podcast: Bankless
Published On: Mon Apr 28 2025
Description: Ethereum has achieved groundbreaking technological success, but has it failed to properly define ETH the asset? In this episode, Frax founder Sam Kazemian joins us to discuss what he believes is Ethereum’s biggest mistake: confusing the ETH asset with Ethereum the technology. Sam argues that post-EIP-1559 and Proof of Stake, ETH unintentionally shifted toward a discounted cash flow (DCF) valuation model, undermining its potential as a commodity-like store of value. We explore how the Ethereum community can reclaim a stronger narrative around ETH and why social consensus — not just tech — determines an asset’s destiny. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🏦INFINEX | THE CRYPTO-EVERYTHING APP https://bankless.cc/Infinex ------ TIMESTAMPS 0:00 Intro 4:43 Classifying ETH 17:50 ETH/BTC Collapse 33:39 ETH Revenues 44:35 Blue-Money Gospel 53:44 What ETH Needs 1:10:08 ETH Internet Bond Narrative 1:19:49 Final Thoughts ------ RESOURCES Sam Kazemian https://x.com/samkazemian Blue-Money Gospel https://x.com/RyanSAdams/status/1915874994514452763 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠