It's possible that the central banks are going to save us this time. One of the problem of 1929 was that the central banks got in on the token hoarding and exacerbated the dangerous dynamics. I still find this move by Tesla somewhat ominous, this being the new roaring 20s and all.

> gold hoarding caused the economy to collapse in 1929

You have a source for that?

"The gold standard was the primary transmission mechanism of the Great Depression..."

https://en.wikipedia.org/wiki/Great_Depression#The_gold_stan...

I mean it wasn't strictly gold hoarding it was gold tied currencies hoarding.

You're confusing two different things. What was initially claimed:

> gold hoarding caused the economy to collapse in 1929

This makes it sound like gold caused the economy to collapse.

But your quote is referring to the Great Depression spreading world wide, so it's quite different. Don't think there is any definite and agree-upon source of what caused the Great Depression, many things interacting together for sure. You can't say that gold hoarding caused the economy to collapse though.

Sure people came up with all kinds of explanations but the most accepted ones speak of deficient Aggregate Demand. Low aggregate demand can almost tautologically be seen as the flip side of too high demand for currency.

"We buy newly-produced goods with money. A Keynesian recession is an excess supply of newly-produced goods, and a deficiency of Aggregate Demand. In a monetary exchange economy, a deficiency of Aggregate Demand, and an excess supply of goods, is an excess demand for money. Money is what we demand goods with."

https://worthwhile.typepad.com/worthwhile_canadian_initi/201...

I would argue that an excess demand for crypto tokens is quite similar, especially if it gets to the point where companies are stockpiling them.