Vitalik Buterin on inflation: a new perspective on the increase in currency supply in the crypto community

Vitalik Buterin supports the right of the crypto community to redefine the concept of “inflation”. 

The co-fondatore di Ethereum afferma che la comunità crypto dovrebbe definire l’inflazione come l’aumento dell’offerta di valuta, sfidando così le tradizionali definizioni economiche e contrastando la disinformazione.

Let’s see all the details below. 

Vitalik Buterin: redefining inflation in the crypto sphere 

As anticipated, Vitalik Buterin, co-founder of Ethereum, stated that the crypto community has already “claimed the right to slaughter” the term inflation.

Buterin’s comments came in response to a post on X by the digital media company Axios, which claimed that the word “inflation” now means high prices rather than the increase in costs.

Despite the “ironic” nature of Axios’s post, as suggested by the X community notes (CN), CN has clarified that “the definition of inflation is not changing”. 

In his post on Farcaster, Buterin discussed Axios’s definition of inflation, insisting that the crypto community has already redefined the term.

“[…] We have already decided that now it only means the increase of the total supply of a currency.”

The confutation of Buterin to the Axios post received support from other Farcaster users, including the former Coinbase employee Binji.eth.

Traditionally, inflation refers to the increase in the general level of prices of goods and services, which reduces purchasing power because money is worth less. 

However, the semantic change in the cultural redefinition of inflation, as described by Buterin, suggests that the ongoing global inflation stems from the fact that “the total supply” is essentially unlimited.

Buterin’s commitment in DeFi

Buterin has recently turned to Farcaster on several occasions, promoting soluzioni e iniziative focused on the community that prioritize privacy protection and the resolution of exploitations.

From the proposal of remedies for the problem of miner extracted value (MEV) on Ethereum to the promotion of social media based on zero-knowledge (ZK) technology, Buterin’s involvement in the decentralized community has been constant.

However, it has not yet addressed the growing concerns of the community regarding the entry of Ethereum Foundation researchers, Dankrad Feist and Justin Drake, into the ranks of EigenLayer.

The decision to become consultants for EigenLayer in exchange for a substantial compensation in EIGEN tokens has sparked a heated debate in the crypto community.

Some members praised the transparency of the revelations, while others criticized the decision, suggesting that “the enormous compensation” might have influenced the decision-making process.

Vitalik Buterin pays tribute to Kabosu, the legendary Shiba Inu of Dogecoin

Vitalik Buterin has recently expressed his condolences for the passing of the legendary Shiba Inu dog, Kabosu. In this way, he has once again demonstrated his support and respect for the Dogecoin community.

Vitalik Buterin tweeted “Rest in peace Kabochan” in response to the tweet from Kabosu’s owner, Atsuko Sato (@kabosumama), about the death of the Shiba Inu dog at the age of 19. 

In 2010, Kabosu became famous thanks to his viral photos on the Internet. In 2013, inspired by this Doge meme, Billy Markus and Jackson Palmer created the first criptovaluta meme, Dogecoin (DOGE).

Kabosu has become the mascot of DOGE and has gained further popularity with the expansion of the Dogecoin community.

Upon the death of Kabosu, many prominent figures in the crypto community, including Elon Musk, the official Dogecoin account, and DOGE founder Markus, paid tribute to Kabosu, sharing the grief of the Dogecoin community. 

Musk tweeted that the dog had “ascended to heaven” and the creator of DOGE posted a meme with Kabosu talking to Death, in which the latter says to the dog: 

“They told me that you were the best.”

This is not the first time that Buterin shows respect for the DOGE community. Previously, the founder of Ethereum made several large donations to the Dogecoin Foundation. 

In 2021, Buterin became a member of this organization with the intent to propose various improvements for DOGE, including the transition of DOGE from the proof-of-work algorithm to the proof-of-stake algorithm.