Our received metaphors of money and value cannot be overturned (and even ideally, we wouldn’t want to). But it is still helpful to see what the economic equivalencies are so we can work with them.

The creation of new tokens is equivalent to a maintenance tax on all tokens. The idea of a supply cap is, as understood by most people, a trick.

It’s important that everyone figure this out and understand it, but it is especially important that this feature of how cryptocurrencies are paid for is figured out due to its tax implications.

See Section VI in this…

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3466796