except in a deflationary environment the deck is stacked against you

Come on now, this isn't a rocket science, just basic macroeconomics applied to an unconventional monetary environment. You said, “except in a deflationary environment the deck is stacked against you.” But that’s not how it works. As Bitcoin matures and its price becomes more stable, its appreciation slows – just like with any large, established asset. This means the return you need to justify investment goes down. Look at like risk-free rate going down. Eventually, even modest productive gains look attractive compared to just holding Bitcoin. Deflation doesn’t punish investment — it raises the bar. Only the best ideas get funded. That’s not the deck being stacked against you, it’s the market rewarding real value instead of noise.