str… The subsidy bought Bitcoin time until it is strong enough to protect itself from external attacks. This was also the fairest way to distribute bitcoins: by giving them to people who most strongly believed in and contributed to the project when no one else did. However, mining subsidy is irrelevant in the long run, past the bootstrapping stage.
…rices when determining whether a monetary good is cheap or expensive and whether to buy or sell it. The connection of current demand to past prices is known as “path dependence” and is perhaps the greatest source of confusion in understanding the price movements of monetary goods.