All three of these points are their own conversation so I'm going to stick with the 21m cap.
It obviously disincentivizes spending. We already see it happening, maxis reflect on "muh generational we...
I'm not sure why you'd want to incentivize spending. Humans want things. Humans need things. Those natural incentives exist -- people are going to spend.
Capped money to stand as a counter balance to those incentives is what allows any of it to maintain its shape.
Now, is growing the money supply slower than the rate of real production in the economy going to ruin it and turn it worse than fiat? Of course not. If you're looking for a compromise that's probably quite liveable, yea, tail emissions are probably it (and beat constant balance sheet expansion in the private sector for credit booms and busts).
My bigger concern, if I have one, with Bitcoin, is the divisibility only out to the satoshi. I don't worry about it in my lifetime, or likely this century or two. But IF the supply does manage to dwindle, or enough coins end up relatively stagnant in large hoards, then I'm not sure things go all that well for such a large minimum denomination. I don't expect it to become worth much more than a 10-20 cents or so in present day purchasing power in the next few decades (and that's 100-200x from where we're at) so I'm really not so worried. But with stepped up production and futuristic manufacturing potentially coupled with reduced monetary flow, yea, it could be something a future generation wants to really take seriously.
Capped money to stand as a counter balance to those incentives is what allows any of it to maintain its shape.
Now, is growing the money supply slower than the rate of real production in the economy going to ruin it and turn it worse than fiat? Of course not. If you're looking for a compromise that's probably quite liveable, yea, tail emissions are probably it (and beat constant balance sheet expansion in the private sector for credit booms and busts).
My bigger concern, if I have one, with Bitcoin, is the divisibility only out to the satoshi. I don't worry about it in my lifetime, or likely this century or two. But IF the supply does manage to dwindle, or enough coins end up relatively stagnant in large hoards, then I'm not sure things go all that well for such a large minimum denomination. I don't expect it to become worth much more than a 10-20 cents or so in present day purchasing power in the next few decades (and that's 100-200x from where we're at) so I'm really not so worried. But with stepped up production and futuristic manufacturing potentially coupled with reduced monetary flow, yea, it could be something a future generation wants to really take seriously.