I just finished reading the whole thread it was very interesting.

The prediction of the OP was still very good so far that the model would make bitcoin fail as a currency because of the high investibility that would encourage people to hoard it and benefit from it as a pseudo pyramid scheme than using it as a currency.

The symptoms he described as people would only buy or sell it with a sweat of anxiety being extremely fearfull of sudden price move in one direction or another loosing sleep over trading chart rather than quietly using it as a currency to be spent to buy things as it was intended has fully realise.

I dont think this was the intention i see more the dynamic as it was the only option to launch it initially is to leave the potential for a huge profit to attract new users and it would probably never have taken off without this, with the halving increasing as bitcoin take popularity and risk of it being abandonned diminish. The fact that the coin he mined didnt move tend to proove this intention.

Knowing that i didnt see any counter argument against the logic of hoarding it as a speculative asset is just going to a dead end in the long run, as the utility as a spending tool goes to zero and the ever going demand based on prospective of making a future profit on the sale cannot be sustainable.

It cannot even really stabilise its funny to see people making this argument when btc was at 10$ saying it will probably stabilise latter as it gain traction but not at all, even at 50k$ and billioneres getting in the game its still the same yoyo of sudden bursts and crashes.

Some people described the mecanics of this very early actually. If there is no incensitive to spend it and only to hoard it waiting for the price to increase it can never be stable and only go through yoyo of bubble and bursts until it finally crash because it cant be told to be a good store of value with such speculative hoarding use without any value added, can never stabilise even a little, cannot be used a currency either and in the end going to be sacrified for all intent and purpose in the name of short term greed.

Maybe im a bit pessimistic but i dont see how the situation could evolve otherwise.