This analogy is flawed:


You don't reduce mining costs (or even hashrate) by reducing miner reward, you increase them because the miner still has to mine all of the supply.

All. Of. It.

Secondly, if they want to sell for a high price, the miner has to control as much of the supply as possible. In that context they're in competition with two distinct groups:

 • other miners
 • existing holders operating to different economic constraints since they may have a distinct cost base that makes them more competitive

To illustrate the second of those two points, consider why bear markets happen - profit taking. (Or conversely, loss minimisation). The profit taking continues until net-sellers are exhausted and this can occur at the end of a micro, 4-hour rally or a macro 4 year one.

So what's gonna happen if you design your coin economics so that 60% of your holders are continuously at a profit all day long as far as new supply is concerned ?.....continuous profit taking. You're basically building the economics of a long term bear market right into the dynamics of the coin production and distribution.

A phenomenon that ends up looking something like this...