# Ethereum

Ethereum is a [cryptoasset](cryptoasset.md) that extends the [bitcoin](bitcoin.md) model to allow the execution of [smart contracts](smart-contracts.md).

## Properties

Ethereum is not a [currency](currency.md).

Ethereum is a [speculative](speculation.md) investment. 

Ethereum is [deflationary](deflationary.md).

Ethereum has no [fundamental value](fundamental-value.md).

Ethereum has no [use-value](use-value.md).

Ethereum has no [income-cashflows](income-cashflows.md).

Ethereum has a [present-value](present-value.md) of zero.

Ethereum has a [terminal-value](terminal-value.md) of zero.

Ethereum is a [greater-fool-theory](greater-fool-theory.md) asset.

Ethereum is a form of [gambling](gambling.md).

Ethereum is a [non-productive](productive-asset.md) investment.

Ethereum has a negative [expected-return](expected-return.md).

Ethereum is a [security](security.md).

Ethereum is a [bubble](bubble.md).

Ethereum investing is a [negative-sum game](zero-sum-game.md).

Ethereum has a [narrative economics](../claims/narrative-economics.md) based on [technosolutionism](ideologies/technosolutionism.md), [libertarianism](ideologies/libertarianism.md), [regulatory-arbitrage](regulatory-arbitrage.md) and aspirations of [private-money](private money.md) .

Ethereum shares a payout structure similar to a [Ponzi scheme](ponzi-scheme.md).

Ethereum is based on an environmentally destructive [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).