Ok, I’ll just make a list of it: 1) SoV before MoE is a theoretical framework presented as truth. It’s impossible to solve definitively - like the dilemma of what came first: the chicken or the egg. One curious fact: Bitcoin was used as a MoE before it had any value assigned to it (the famous pizza guy). In the early days, it was predominantly used as MoE (Silk Road) before anyone claimed it was anything close to a SoV. 2) You’re making a very ill-informed interpretation of Gresham’s Law. TL;DR—it’s not about Bitcoin at all. 3) Completely wrong and dismisses the history of money and monetary demand. Monetary demand drives NGU more than scarcity. Gold became truly valuable when it was first monetized. Silver collapsed in value compared to gold when it was demonetized. Scarcity without monetary demand makes a good collectible. Monetary demand on top of scarcity makes good money.