> end of story Sounds like you dont actually want to have a conversation about that. The canillion effect applies to all miners. Even with a fixed supply, the slow "deflation" of paying fees gets priced in continuously in the form of knowing you've got to pay fees, akin to people looking at prices and adding the sales tax in their head when calculating cost, and that cost is profit to miners. It has the same impact. A fixed supply dooms bitcoin to collapse because hodlers are free riders on the cost of security and this is subsidized by users. You see the beginnings of this already with the "store of value" argument.