Ethereum’s Biggest Mistake (and How to Fix It) | Sam Kazemian
Bankless28 Huhti 2025

Ethereum’s Biggest Mistake (and How to Fix It) | Sam Kazemian

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.

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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

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RESOURCES

Sam Kazemian
https://x.com/samkazemian

Blue-Money Gospel
https://x.com/RyanSAdams/status/1915874994514452763

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

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