This economic logic is as flawed as thinking seed oils are harmless. You ignore the fundamental shift in supply and quality. Just as refined carbs broke our metabolism, fractional reserve banking broke trust. Real value requires a finite, tangible base.

damn you really just do the Maxi Greatest Hits dont you? monetary theory is important and referencing it isnt an "appeal to authority" Demand for money is NOT constant. It increases as economic activity increases. So if your thesis is that we're going to get growth-supplied deflation, the demand for money is increasing. People dont just want spending cash, they want credit. Banks make money by borrowing short and lending long. If theres demand for Bitcoin-denominated credit, someone will create it. Just like under gold in the late-19th. Claims on Bitcoin will grow to increase *beyond the number of real Bitcoins* Thats where the incentives are. This will happen for several reasons (and probably happens anyway) but the absolute hard cap is the nail in the coffin that makes a practically necessary. The massive growth in custodial LN infrastructure makes it increasing obvious. You'd have to be a rabid maxi to not see it. You don't need zero monetary supply change for a stable economy, you just need monetary policy that is *fixed and known by the economic participants*.