Can you please describe what would the cons be in using a side chain that is compatible with EVM but is pegged to BTC.

Like the Rootstock network or RSK. This would allow tons of tokens priced in the Rootstock main token RBTC which is worth 1 BTC and is also fixed to 21 millions by pre mining.

Please explore technical, economical and philosophical perspectives, from at least two opposing points of view.