Yes, that's right. Note that it also applies to fiat currencies. For example, at various times in recent years many Venezuelans would try to hoard USD (the good money), driving it out of circulation, and spend as much as possible in the latest version of the Bolivar -- until the Bolivar failed. Once the Bolivar failed, everyone would stop accepting it. Venezuela has created several versions of the Bolivar in recent years that have subsequently failed.
