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[Re]distribution study circle, session 1, june 2023: burning money
Suggested Readings
Chapter 1: Hello, I'm QZ
First 15 min is setting up
5 min - write your intros + what we’d each like to get
out of the session
3 min - intro to today
3 min - burning questions
3 min - we add a +1 each to the questions that we want to focus on so we have an idea of where this will go
Chapter 2: Hello, everyone
Introductions here!
🇸🇬🐟🍪
Hi, I'm QZ! Currently putting together Ethereum Singapore! I'm your facilitator today and I hope to spark new relationships amongst everyone today through shared interests and curiosity.
🌱🙏🎨
I'm also Fred. Part of Flashbots, focusing on our very cool community ⚡.
I was previously working with QZ over at Gitcoin. I'm a fan of Ethereum, novel governance and voting mechanism, public goods funding and other related subjects.
gm I'm fred also
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Learn More →GM I'm Sarah! I work with Leo on governance and redistribution research at Flashbots :) ⚡️🔬🤓
🌞🌊😬
Hey!I am Riely. I am doing ecodev at Ethereum Foundation.
Hi, Skeletor here from https://defi.sucks (wonderland). I'm a MEV enthusiast and I work as lead architect. I'm ex yearn core-dev. happy to learn more and discuss about MEV burn.
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Learn More →Hi, I'm Cryptochica, I'm governance coordinator at SEED Latam. I'm co founder of ETH Kipu too. ETH Kipu is an organization co-founded for people from differents countries from Latam. I'm leading the #KipuImpact AREA (Public Goods and QF iniciatives).
Heyo, I'm Quintus from Flashbots. I work on incentive-related research in MEV.
Hi everyone! I'm Parti, the lead researcher at https://defi.sucks (wonderland). I have an academic background, coming from physics. Super excited to discuss the future of MEV
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Learn More →Hello! I'm Facundo from Argentina, working at Maker Growth CU, I'm a MEV noob trying to get my head around cross-chain MEV
Hello, I am Dom from EF Research
Chapter 3: Burning questions!
Any readings you're particularly interested in or other questions?
The ontological differences between wording and worlding the world +1 +1
Can somebody share about the way to word the world from Maori philosophy?
What are the words from the aid in reverse that sounded suspicious to you? How is a green country poor?
From the news I hear inflation is bad, and deflation is bad, so what do? I get the sense that economy just sucks.
All the modern big economies are inflationary, how is it that we can make ethereum deflationary? +1
By printing our own money, while all modern societies are commoditized, we are shaping the form of all the relations in those societies. With this opportunity to world the world, why are we replicating so many abusive relations?
The difference between exported and imported money in southern countries puts inflationary pressure on those economies. Would a deflationary economy be better?
How does this relate to the money that flows in and out of ethereum? +1
Is there such a thing as an optimal deflation/inflation point? what are we trying to optimize with this solution? Or is it just a by product of minimizing reward variance for proposers? +1 +1
Is anyone familiar with mmt (modern monetary theory)? My basic understanding re: tax in mmt is that it's seen as being burnt (to keep inflation down), and gov spending as new issuance. Instead of the traditional way of tax being used to fund gov spending. Idk, might be some interesting correlations.
for Highly profitable MEV bundles, which might require proposer participation. i.e. multiblock MEV. how does MEV burn ensure that the payments are being "burnt". is it not quite trivial to circumvent proposer payout and have the profit be directly paid to them? is there any penalty for these actors? how can honest participation be incentivized?
What is the interaction between the ether price in dollars and the issuance? How can we claim ethereum to be deflationary if the dollar price is so variable?
Why are we even trying to make Ethereum deflationary? Isn't it undesirable in that it will increase value transfer to large capital holders and raise the barriers to entry to participation? +1 +1
(^ Isn't it rather privileging early adopters? Everyone who currently own ETH will gain the same %, regardless of their ize. e.g small holders are not incentivized to lend our their ETH to larger holders for any increase in return)
What is the issuance and burning rate in Ethereum? The stable equilibrium when both are the same and the amount of eth remains stable will happen in 100 years, right? Are humans going to be around in 100 years?
Burning benefits big whales holding a lot of ether, what can we do to mitigate this? +1
Having the congestion and contention oracles on chain gives the protocol a lot of meta knowledge. Are we going to use that meta knowlegde to alter incentives quickly?
Chapter 4: Let's start!
Is there such a thing as an optimal deflation/inflation point? what are we trying to optimize with this solution? Or is it just a by product of minimizing reward variance for proposers? +1 +1
a meta question: maybe there isn't redistribution to do, let the protocol distribute by itself?
EF Grants - correcting for distribution? will we always need human intervention for this
Having the congestion and contention oracles on chain gives the protocol a lot of meta knowledge. Are we going to use that meta knowledge to alter incentives quickly?
qn: perspective/context how do you see inflation/deflation what would kind of economic system would you like to see on Ethereum?
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