Vitalik Buterin, one of the co-founders of Ethereum, has asserted that the crypto community has already embraced the redefinition of the word “inflation.” This statement comes in response to a post by digital media company Axios, which humorously claimed that “inflation” now refers to high prices rather than rising costs. However, Buterin and other users on the Farcaster platform disagreed with Axios’ definition and argued that the crypto community had already established a new meaning for the term.
In its traditional sense, inflation refers to the increase in the general price level of goods and services, resulting in reduced purchasing power. But according to Buterin, the cultural shift in redefining inflation suggests that ongoing global inflation is caused by the unlimited supply of money.
Buterin’s involvement in the crypto community has been focused on advocating for community-centric solutions and initiatives that prioritize privacy preservation and fixing existing flaws. He has proposed remedies to Ethereum’s miner extracted value (MEV) problem and has been a proponent of zero-knowledge (ZK) proof social media augmentation. However, he has yet to comment on the concerns raised by the community regarding Ethereum Foundation researchers Dankrad Feist and Justin Drake joining EigenLayer and receiving substantial compensation in EIGEN tokens. This decision sparked a debate within the crypto community, with some supporting the transparency of the disclosures and others criticizing the potential influence of the compensation on decision-making.