The introduction is a snooze. However 'the meat' - statistics presented - rises eyebrows. "In this article I quantify scarcity using stock-to-flow, and use stock-to-flow to model bitcoin’s value."

This Stock-to-flow ratio research is great. With new Bitcoin derivatives and ETFs etc, I also think it's important to keep an eye on the Paper:Physical ratio in future Just as in other commodity (e.g gold) markets when the paper:Physical gets out of whack it tends to put a ceiling on the 'scarcity value'