[scotty79]

> The money to keep the machine going must come from somewhere, and in this case that somewhere is a new investor willing to subsidize profit-taking by earlier participants in the scheme by committing risk capital of his own.

This exact thing could be said about bitcoin and other cryptos and any other scarcity based investment vessel. It sounds like a horrible flaw but it didn't stop anyone thus far.

The only thing this indicates is that at some point in time baecoin will loose its peg. But it might be decades in the future.

Although I think author is spot on with overall assesment. And failure after loosinh the peg will probably be anything but graceful.