Giovanni, the Italian physicist lacking people skills behind the more sustainable power law model, is big on claiming stock to flow is “wrong” or “disproven.” But that’s intrinsically a stupid thing to say. His rationale, to steelman it, goes something like this: S2F correlates poorly with price on short time scales, therefore correlation must be poor or non-causal on long time scales. But this is silly because there’s no such thing as a cause when it comes to predicting the future of human behavior.

Ultimately, Giovanni will be proven right in this regard: S2F can’t possibly fit bitcoin price over a longer time scale than power law, by definition. T^x vs. x^T eventually diverge massively, even if they are reasonably close over a wide interval.