I was trying to follow the math as well, but didnt get it. Maybe due to my limited understanding of making a very easy bitcoin calculation so difficult in formulas 
I tried to reverse the idea, and think about attack vectors and the validation of the system (nodes validations and miner validations, where a single wrong tx makes also end up in an invalid block, destroying potential revenues). There is no view on this from the bottom, instead it postulates a model, and derives limits of blockchain. Without links to reality. So I believe it is a speculative paper to prove at a scientific level, that bitcoin cannot scale. And this smells like fiat banks or big blockers behind the paper...
I tried to reverse the idea, and think about attack vectors and the validation of the system (nodes validations and miner validations, where a single wrong tx makes also end up in an invalid block, destroying potential revenues). There is no view on this from the bottom, instead it postulates a model, and derives limits of blockchain. Without links to reality. So I believe it is a speculative paper to prove at a scientific level, that bitcoin cannot scale. And this smells like fiat banks or big blockers behind the paper...