Never were much of a fan of the diminishing returns theory. I guess it kind of makes sense that the supply drop is smaller compared to the whole supply each halving, so it should have a lesser effect each time, right? But the new supply is always half of what it was before so it doesn't really matter in relation to the 21M. The only important thing is the supply / demand ratio.

And it makes sense that reaching every order of magnitude in terms of market cap is MUCH harder than reaching the previous order of magnitude, so logically the NGU gets slower over time, right? I'm with you thinking that we're not nearly there yet. As long as buying empty real estate makes more sense to the average wealthy person/business, we're not there yet.

But why exactly 14.1x from the halving? That would break the long-term power law.