Well... depression equals deflation, and deflation favors the well-to-do. Just look at the pet project of the well-to-do like shitler and muskrat©dugugotw, crypto, which are all (should they get past each's fad stage; bitcoin for example) deflationary. Of course, not so long ago Batshit J. Moron, derided crypto as a scam. But The Musk Ox set him straight; enough to mint his own coin, of course. A modern Barnum, he hopes. At last count ~95% are in existence. One estimate has it that 2,140 will be the final year of release. If, of course, there's enough electricity around to support mining at such tiny reward, $0.00000001 . The common wisdom is that, at some point, the cost of mining will exceed the reward of bitcoin, and paying for new bitcoin will have to be paid for through transaction fee. That Rubicon will be crossed long before 2,140. You betcha. Ya think your Visa bill is ridiculous? Just wait for that to happen.
As Dr. McElhone says, "the world is not linear", which commonly means change is geometric/exponential, but that also describes asymptotic behavior. And bitcoin/crypto are surely that. We've got ~19 million of the critters in ~15 years, and ~125 years to get the remaining ~2 million. Should bitcoin specifically become the New Buck, watch economic growth go in the tank. We've had long periods of deflation, and not one was prosperous.
And, as the twice told tale says: major crypto held by very few hands.
As of March 2023, the top 1% of Bitcoin addresses hold over 90% of the total Bitcoin supply, according to Bitinfocharts.I'd be willing to bet a carafe of lemonade that, two years on, that 90% has grown. May be 95%? Yeah, crypto is all about freedom from the elites!!!
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