I'd say.

That's where this idea is the most vulnerable.

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What do you mean?

Old users capitulate while new growth stagnates and the network is well known enough to try and attack or subvert. Once Bitcoin is truly global and systemically important there will be less risk. In the flats of a theoretical S-curve there is risk with little benefit.

Well I would say the benefits never change.

Benefits from 2010-2015 were different than the benefits from 2020-2025.

In fiat terms, yes. No argument there.

That's all. Different market different dynamics.