Thank you so much for your kind words. I'm glad you found my article helpful and that it clarified many concepts for you.

Now, to answer your question about the Stock-to-Flow model and BTC halving. If BTC halving did not occur, it would have a significant impact on how the Stock-to-Flow model works. The halving event, which happens approximately every four years, reduces the rate at which new Bitcoins are produced. This reduction in supply is a key factor in the Stock-to-Flow model's calculations as it represents some part of the permanently removed or lost units.

Hence, without the halving, the model would not accurately reflect the scarcity of Bitcoin over time because if nothing is being removed or lost, it means the supply remains the same day in, day out meaning equal supply from the first day till the last supply. Just like the bucket analogy, if you keep getting constant and equal supply, will that bring about scarcity? No it won't. So, the halving serves as the point of reducing the supply and making it scarce to potentially push the prize up, because when something is scarce, we tend to appreciate them more.

Hence, the reduction in new supply (halving) plays a crucial role in the model's predictions and the understanding of Bitcoin's value. So, the occurrence of BTC halving is an important aspect to consider when using the Stock-to-Flow model.

I hope this helps? If you have any more questions, feel free to ask.