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RE: Unit Bias Fallacy: 21 Million Bitcoins is Not Scarce
100% correct. Any amount of money supply is optimal if prices can adjust to any level.
What the hard cap of 21 million does provide is an expectation of limited money supply inflation. So users of BTC can have some assurance that their BTCs won't be diluted by inflation. Obviously, they can still gain or lose value through market forces.
Also, Bitcoin will be long dead before it stops creating inflation. I believe the estimate is year 2140?
Right but at the same time a currency like Steem has no cap. Is this a bad thing? I would argue, "No," because the whole point of the platform is that our upvotes are worth money. In the case of Steem, having a cap would be terrible.
Every community must come to consensus about what they think is best for their coin.