The debate around pts @naval raised is just about exhausted, but instead of banging my head against the wall I figured I'd chime in.
This article discusses some of the fundamental misconceptions in crypto and the pivotal role investors playhttps://medium.com/@BMBernstein/cryptocurrencies-are-money-not-equity-30ff8d0491bb …
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Its not really 'free-riding' though, is it? They take on massive risk and thus get rewarded in the future. > the free-rider problem occurs when those who benefit from resources, public goods, or services do not pay for them HODLers did pay for them, in *past* risk and opp. costs
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I think it's debatable. They did pay for a portion of it by taking on early risk, but the reward (if Bitcoin hits 10 trillion cap) is not proportional to the earlier risk, IMO.

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Earlier risk is a fixed number, so if the reward is fair, it should not continue forever, and any extra increase in future purchasing power, past the point of hyperbitcoinization, must come from free riding.
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I feel like you’re arguing for perpetual inflation in which I disagree. Savers should be rewarded. Human civilization has proved only one thing, aggregate economic output and total human energy consumption continues to rise meaning future prices of goods should always go down.
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Production for the sake of production to escape from inflation is *not* value creation. It is outright lunacy and a misallocation of resources, energy and time.
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In all honesty, the real free riders in society are those who benefit from inflation, or in other words those who benefit from the mass thievery of everyone’s wealth.
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No man should be coerced or forced to surrender their wealth at the sound of inflation. Do not be shamed as “free riders” by disgusting Keynesian fools who are the very embodiment of free riding.
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No, I'm not arguing for inflation & agree with all those points you make about its deficiencies
Inflation *is* theft!
Make no mistake, Bitcoin/sound money will be an improvement over the status quo, I'm not questioning that. - 8 more replies
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Hodling is just delaying one's own gratification. That's it! What is the opposite of hodling? Spending. Someone is a free rider on something or someone because they choose not to spend? Makes no sense at all.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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