1. There's an equilibrium rate that will be reached.
2. Time preference exists.
3. If this is the one thing in the world that can only get more valuable as time goes on, why aren't you spending your entire net worth on it as we speak?
2. Time preference exists.
3. If this is the one thing in the world that can only get more valuable as time goes on, why aren't you spending your entire net worth on it as we speak?
http://www.comedycentral.com/video-clips/tw2ltp/chappelle-s-...
The conclusion that Bitcoin will only get more valuable as time goes on depends on the assumption that it will acheive and then durably retain a certain degree of importance as a currency.
The people that are pointing to the problems associated with that are not arguing that they believe that will occur, they are making an argument about either why it shouldn't occur or why they believe it will not occur (and, often, both simultaneously.)
If you don't expect it to always rise, then you don't have the issue (not that it would necessarily be one) in the first place.