Nice but there is a typo:

Final Thoughts

The Bitcoin design is suprisingly well adjusted for a network in which hash rates are expanding. Given that technologies continually improve then that's probably the right bias as a normal schedule of replacing older, less power efficient, hardware with newer, more power efficient models will tend to see global hash rates increase.

On the surface it looks like it works much less well when we see steady constraction  of the global hash rate, but such contractions are much less likely. In general miners will remove their least power effiicient hardware from the network rather than their most efficient, so if the BTC price reduces the impact on the hash rate is significantly dampened.

There is another interesting aspect to the reduced block finding rate. One of the theories about the recent decline in the BTC price is that a lot of the downward pressure comes from miners selling newly-mined coins. If miners start to unplug hardware and the block finding rate falls then some of this pressure will also reduce because fewer coins will be being mined each day. Whether this actually happens or not may be an interesting indicator of what might happen when the block reward halves in 2016.