> As the market matures and price stabilizes the free ride shrinks.

How does that work out? I thought we established that as economic output goes up so must the purchasing power of a supply capped currency? The only outcome in that case is downward pressure on economic production.

It's cool to me that we can even attempt to experiment with a supply capped currency, this was impossible two decades ago, but that is not a problem you can hand waive away. The supply cap dooms bitcoin IMO, and it's not a dichotomy between hard cap and let Jerome Powell decide.