1/ I doubt I'm the first to say this, but: #HODL is a cartel, one which (approriately) is simultaneously pedestrian and innovative in the same ways as #cryptocurrency itself.
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a decentralized pyramid scheme. is it better than a centralized pyramid scheme or is it worse?
Well, kinda but also not. There is real value being built, unlike in a pure pyramid scheme. If the cartel can hold price long enough for Bitcoin to be a useful product (which will happen), they can cash out to end users.
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it was a useful product and now its not. because of hodlers. value of a medium of exchange depends on people adopting it because they value it as a medium of exchage not hoarding it for merely exploiting.
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How does hoarding prevent use as MoE? Bitcoin is infinitely divisible, as long as even 1 coin is for sale, the "hoarding" just means less transactions, lower fees and faster clearing.
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hoarding shouldnt be incentivized with the system. if hodling is the most profitable thing its users could do then theres something wrong with the level of exploitation. why not actually nobody use their bitcoins, like zero bitcoins in circulation? why is current level right?
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