@tq2050

This is where the mechanism becomes subtle. From a holder’s intuition, it is easy to treat all mining rewards as one smooth inflation curve pushing forward. From the protocol’s actual execution, that curve has been “cut” in recent years; realized inflation is lower than the naive mental model. But from a valuation perspective, lower near-term inflation is not automatically a positive, because at the same time you accumulate a reservoir of potential future supply. The path and timing of that supply become harder to predict, and that uncertainty shows up as a discount.

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