<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>neilwilson</author><text>There&amp;#x27;s no such thing as fractional reserve banking. It&amp;#x27;s an urban myth that has been debunked by QE for over a decade. Lord only knows why people still believe it.&lt;p&gt;Banks create money on demand by discounting collateral. Government creates money on demand by discounting the power to tax.&lt;p&gt;Fiat money disappears by the drain to taxation, to repaying loans and to &amp;#x27;rainy day funds&amp;#x27;.</text><parent_chain><item><author>bezalmighty</author><text>In the macro economic sense, fiat money isn&amp;#x27;t &amp;#x27;used up&amp;#x27; or &amp;#x27;locked away&amp;#x27; when you buy something like crypto, it&amp;#x27;s transferred from your account to someone else&amp;#x27;s bank account. Worse, it goes through the process of fractional reserve banking and multiplies about ~10x after changing hands repeatedly.</text></item><item><author>evergrande</author><text>Actually, that&amp;#x27;s a good point. Inflation would be even worse if that cash was going into physical goods and services. The government now has an incentive to leave crypto alone aside from providing clarity.</text></item><item><author>arthurcolle</author><text>Thank god we have crypto &amp;amp; NFTs to help people use all this free cash</text></item><item><author>throwaway2331</author><text>For anyone scratching their head on what &amp;quot;MP3&amp;quot; is: monetary policy 3, i.e. &amp;quot;helicopter money,&amp;quot; i.e. &amp;quot;the government be handin out them stimmies,&amp;quot; i.e. the government injected COVID-19 relief funds into the economy, giving an across-the-board increase in demand for goods &amp;amp; services, but there aren&amp;#x27;t enough &amp;quot;goods &amp;amp; services&amp;quot; to keep up with this demand.</text></item></parent_chain></comment><story><title>It’s mostly a demand shock, not a supply shock, and it’s everywhere</title><url>https://www.bridgewater.com/its-mostly-a-demand-shock-not-a-supply-shock-and-its-everywhere</url></story>
<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>Dylan16807</author><text>Minus all the fees to the crypto miners, which end up wasting many hours of labor and causing pollution.&lt;p&gt;That money will eventually be used again but it&amp;#x27;s worse than paying someone to dig and fill a hole.</text><parent_chain><item><author>bezalmighty</author><text>In the macro economic sense, fiat money isn&amp;#x27;t &amp;#x27;used up&amp;#x27; or &amp;#x27;locked away&amp;#x27; when you buy something like crypto, it&amp;#x27;s transferred from your account to someone else&amp;#x27;s bank account. Worse, it goes through the process of fractional reserve banking and multiplies about ~10x after changing hands repeatedly.</text></item><item><author>evergrande</author><text>Actually, that&amp;#x27;s a good point. Inflation would be even worse if that cash was going into physical goods and services. The government now has an incentive to leave crypto alone aside from providing clarity.</text></item><item><author>arthurcolle</author><text>Thank god we have crypto &amp;amp; NFTs to help people use all this free cash</text></item><item><author>throwaway2331</author><text>For anyone scratching their head on what &amp;quot;MP3&amp;quot; is: monetary policy 3, i.e. &amp;quot;helicopter money,&amp;quot; i.e. &amp;quot;the government be handin out them stimmies,&amp;quot; i.e. the government injected COVID-19 relief funds into the economy, giving an across-the-board increase in demand for goods &amp;amp; services, but there aren&amp;#x27;t enough &amp;quot;goods &amp;amp; services&amp;quot; to keep up with this demand.</text></item></parent_chain></comment><story><title>It’s mostly a demand shock, not a supply shock, and it’s everywhere</title><url>https://www.bridgewater.com/its-mostly-a-demand-shock-not-a-supply-shock-and-its-everywhere</url></story>