The eventual equilibrium state likely does not depend on it (debatable topic, I know, but that's my take).
no, you are exactly right.
as we approach that equilibrium state the price should level out while at the same time hoarders would have been disgorging coins all along the way up to equilibrium. then Bitcoin can just become money and not a speculative asset.
the saddest part of Vitalik's argument is that he doesn't even consider the counter argument; what's stopping him from buying coins today? in his mind they're "too expensive". well, relative to what? current growth, future growth?
this is why i continue to say "The Geeks Fail to Understand That which They Hath Created". not all but most of them.
The issue with the equilibrium is that there are always new coins being created and destroyed. This makes it hard to come up with a median spot, just like with USD. The value of USD is constantly changing (though we don't always see that in real-time) because of the fluctuating amount of money in existence. Bitcoin just makes these changes much more evident.
The amount of BTC created to USD created is miniscule. No comparison.
