A summary for those of you not quite grasping it is, mining means bitcoin has capital outflows, and to maintain a stable price needs equal capital inflows in the form of new demand. It's security is proportional to this inflow/outflow value, so if you lower the capital outflow you require less capital inflow but reduce it's security. A network with no capital outflow is a network with no mining happening at all, a network with high security means a network with either high capital inflows or a steady drop in price for each coin. The more spent on mining, the quicker the price will drop if new money doesn't enter the market. Compound this with the relationship between market cap and liquidity and it paints a very bad picture. Add the business about halvenings and it's worse. An asset that requires capital inflows cannot store value, an asset that has no security cannot store value, and those are your only options with bitcoin, so it isn't a store of value.
I'd love if someone could refute it, I couldn't find a comment in this thread that did, the only refutation I can come up with is if bitcoin were actually used as money by everyone that would be the same as capital inflows equaling capital outflows and you'd have no change in value, although you'd have a change in value for an entire economy as you burn resources to secure it which would be price inflationary which amounts to the same thing.