mister_monster on Nostr: But they do gain capital. Holders siphon capital off of productive people chasing ...

But they do gain capital. Holders siphon capital off of productive people chasing what they hold. It's not just delaying consumption that generates this increase in purchasing power, it's others producing things that they want to trade for the money they hold, it's delaying consumption *until more things are produced by others* that results in this gain. It's Tue exact inverse of the cantillion effect.