# Ethereum Must Choose: Asset or Platform, Says EY’s Paul Brody

Source: https://thedefiant.io/news/people/ethereum-must-choose-asset-or-platform-says-ey-s-paul-brody

## Comments

**mishaderidder.eth**: > Comparing Bitcoin to gold, Brody suggested that Ethereum is more like a technology standard: "The tech industry loves a standard. Android is 90% of the mobile market, Windows is 90% of the PC market," he said. "I fully expect Ethereum will eventually be 90% of the blockchain computing platform market."

**rvolz.eth**: Sounds like a nice and clear distinction for board members, but this might have implications for economic security. What if everybody follows and ETH becomes not valuable enough?

> Ethereum doesn’t need to be highly valuable

AFAIK, some of the security simply depends on the fact, that an attack to fork the chain into a desired state would be too costly, atm.


**macbudkowski.eth**: Agree with @rvolz.eth that Ethereum needs to be highly valuable, because otherwise the cost of attack goes down. 

On the other hand, Paul says:

> but fundamentally, the valuation of Ethereum is based on a discounted cash flow model. It generates transaction fees. You stake it, you get yield. It’s actually really simple.

So trying to steelman his argument, maybe it's more about: don't focus on deflationary monetary policy, focus on generating more tx fees?

> If passed, the GENIUS Act would create a regulatory framework for stablecoins in the U.S., allowing banks to issue and custody stablecoins while also integrating DeFi applications into the traditional financial system

Sounds very bullish, but... makes me a bit worried, given the last post about stablecoins (https://news.kiwistand.com/stories/How-stablecoins-impact-Ethereum-credible-neutrality?index=0x67d0a64e6ee1376426197bc6d1a69657d7af5292d32db6a19873756d2ca481c0ed73eb2f)

Imagine there's $2T worth of stablecoins on Ethereum, most issued by TradFi banks. Wouldn't that give them a lot of power over potential forks, as most people would choose the network where they have their money? Or am I missing something?