[GabeIsko]

> It's designed to be a deflationary currency to counteract inflationary fiat systems,

Even if you take this conceit, we have to step back that bitcoin has irrevocably failed. Governments have definitely proved that they can regulate bitcoin transactions through various mechanisms. In China, mining is banned. In US, they are considered securities and regulated. No use case has emerged to truly transact in bitcoin. The only deflationary aspect is it's value in relation to fiat currency, which is still downstream to the supply of money controlled by central banks.

Personally, I don't think bitcoin is viable. The root of the problem is that no one is willing to transact in it. But beyond that, looking at it's implementation, I am not convinced that it accurately models the relationship between demand for the currency and the people willing to mine it. It seems very dogmatic to assume that it is just a logarithmic relationship between computing power and money supply. At the end of the day, there might not be a more efficient solution to establish demand for money than some kind of political process.