John, this seems an inappropriately harsh criticism. Many other pundits are arguing for a NON- non-diminishing return for BTC. Now if he just takes a single diminishing returns model that would not prove anything. Instead he slices that data 50 different ways to see if everything points to a diminishing returns model (which it does). To me he has made a very strong argument against this whole range of competing models on price. this deserves strong praise in my book. No maybe you are saying, well I already knew intuitively that it must have a diminishing return, thus I learned nothing. Well ok, but plenty of others are expecting BTC price movements to remain as they have been, and for them, this is news. (at least if they are reading).