8/ While it’s true that someone who can (HODL + code) is doing more than someone who merely HODL. The reality is that the pool of qualified protocol devs is extremely tiny.
@real_vijay touched on this as well, and I want to expand on this.
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19/ HODLers in late-stage, post-hyperbitcoinization, are then merely hoarders of a scare & *non-productive* asset. Hoarders also tend to work less & produce less than others, since they believe that their hoarded assets always increase in value.
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20/ IMO the term “free riding”, then, might apply. Late-stage Bitcoin HODLers free ride not off protocol development, but society at large.
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21/ If everyone hoards & starts working less, we might end up with a situation where total production output & total number of things available to buy decrease. In which case, not only you will need to pay more for each product, the economy will stagnate as well.
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22/ Hoarding without working is free riding. You are free riding off efforts of others to push society forward. The interesting question then, is at the macro level, is there a level of free riding where it becomes unhealthy? But that is a topic for another day.
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23/ *Tweets 19-22 were unclear. Clarifications here:https://twitter.com/hugohanoi/status/1021866669281406976 …
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End of conversation
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