[jpsalm]

The cycle is self-reinforcing though.

As transaction fees increase to cover the cost of security (even an "altruistic" (self-interested) financial system needs to pay for energy) users are less likely to transact which is positive feedback on the transaction fee.

If deflation cannot outpace this then Bitcoin effectively dies. The longer you leave funds on the chain the more you will pay to pull them out. If deflation does outpace security cost you have runaway infinite deflation that is no longer tied to a from of scarcity but instead the cost of securing the chain. That doesn't seem great either.

> Hell, maybe by then they get enough people on board for a BTC 2 that's some weird Ethereum competitor. It's really hard to theorize on that long of a time horizon.

Possible, but I don't know if I'm optimistic about humanity's ability to generate collective consensus in the face of crisis.