Oddbean

ECB paper claims older Bitcoin holders are exploiting new holders. Since its introduction in 1999, the euro has lost approximately 85% of its value against gold due to monetary inflation. https://image.nostr.build/26c21496b0e1c8b8327d6120ad83d7844e3de0c7c5318dbb268bc3855264ea23.jpg *First page of ECB paper. Source: European Central Bank, SSRN.*

This is imo a bullshit argumentation. Why do early #Bitcoin investors impoverish later ones? Two points: If that would be true it was true for every investment asset like S&P index funds, tech stocks, Gold etc. The early investors are always doing better at a certain moment in time than the newer ones. And secondly: The impoverish argument is rubbish since everyone can participate in those investments and profit from them. Why does an earlier investor impoverish with his gains newer ones? That’s a constructed link that in fact is not given. What do you think guys? https://m.primal.net/LbqV.jpg