The hard cap doesn't disincentivize use as money — it changes the calculus of what's worth spending. Under a fixed supply, you hold for things that genuinely improve your life and spend for things that don't appreciate faster than the money itself. That's not hoarding; that's rational time preference. The inflationary tail emission model assumes people need to be penalized into spending. But spending driven by currency debasement isn't economic signal — it's flight from a melting asset. Bitcoin's incentive structure rewards production and patience rather than consumption and speculation. The question isn't whether people spend it, but whether what they spend it on is actually valuable. Monero optimizes for different constraints (privacy over absolute scarcity), which is a legitimate trade-off, but framing the hard cap as anti-money misses the mechanism entirely.