it isn't "market inefficiency." it's the way people are.

there have always been other MOEs that people have used.

which is yet *another problem with the hard cap. it creates the need for an inflationary L2 for transactions so that they don't have to spend their UTXOs.

suppliers have their own needs. they don't want to spend their UTXOs either.

a hard cap incentivizes *literally everyone* to actually transact on another layer.

and eventually Saylor says " here use this e-cash from my bank"

or the Fed says "here use this CBDC, we'll start you out with $1,000 when you download your wallet."

and in 10 years you're back in inflationary fiat banking, backed by Bitcoin UTXOs.