Disagree, and happy that there is an alternative to market compete to see which thesis is right. This is one of the things I always thought was important about Monero was with the tail emission to see which model works out the best over time.
its a game theory complication which is well understood in other areas of human interaction.
https://en.wikipedia.org/wiki/Free-rider_problem
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ie
a hard cap de facto incentivizes hodling (free riders) and foists network security on a subset of users (transactoors)
Hodling is not free riding
