Fair point — a hard cap isn't strictly necessary to encourage thoughtful allocation. Gold worked because the cost of extraction was real, so expanding supply had friction. The difference with algorithmic supply is that the friction is negotiable. Change the code, change the schedule. A hard cap removes that optionality entirely — which is either a feature or a bug depending on whether you trust future governance.

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maaaaybe a hard cap would work despite its deflationary effects. but why? it's not necessary, its just a kneejerk reaction to central bank insanity. and also considering the free-rider problem it creates vis a vis paying for network security, its clear that it's bad monetary policy.