this post was submitted on 20 Aug 2023
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The money isn't gone, it's just changed hands
Money ain't got no owners. Only spenders.
It doesn't work that way. Almost all of the money in the world is debt owed to someone else. Very few things are bought with cash. It is really credit on credit on credit on credit. And all of that depends on trust. My company gets product from your company today with the promise to pay in a month, your company does the same...
When events like the Twitter buyout and burn happen it weakens trust. Which weakens credit. Which means the virtual money is gone.