IOW, it’s not just that BTC dilutes you less as supply expansion is controlled and slow, but that even that small dilution serves the network itself, rather than being siphoned off. Because even a slow bleed like gold (the supply of which increases 1-2%/year) is catastrophic over the long haul if it’s not recycled.

The miners aren’t cantillionaires, but service providers to the network, so the reward doesn’t on net impoverish the ecosystem. It’s almost a perpetual motion machine, except that it requires real-world physical energy from outside itself to work. But even then it incentivizes discovery of new energy and efficiency of energy use, so again, it’s probably net positive on that front.

The other reason it’s not a PPM is that it needs some energy from somewhere, but essentially it’s a super intelligent AI scouring the universe for that.