Bitcoin mining costs only grows as mining competition grows. Cost is linearly proportional to the difficulty, which is linearly proportional to the amount of co

Bitcoin mining costs only grows as mining competition grows. Cost is linearly proportional to the difficulty, which is linearly proportional to the amount of computing power spent on mining. And the money spent on computing power is proportional to the mining reward value, meaning that mining follows the price. And yet people don't stop spending. Very few people hoard exclusively. And yet again, there's the equilibrium where not spending undoes the deflation and causes you to lose value again. Incentivizing spending by messing with valuations and risk judgements isn't the greatest way of keeping the economy stable. Inflation doesn't only come through loans...