Well let's see. All else being equal, if everybody uses difficulty to buy big blocks during retarget interval 0, blocks and therefore money issuance is slower during that interval. Then, the retargeting causes it to be faster during interval 1. Subsidy got shifted from the calendar period corresponding to interval 0, to interval 1.

If you change the reward, you can lower the time-frame of the effect to the order of a single block interval, but there is still an effect.

These schemes do not avoid the need for a hard cap, and there are new rules for the size of the allowed adjustment, in addition to the main rule relating difficulty to block size. So it seems they generally have more complexity than the other blocksize schemes being considered.

On 9/9/2015 11:59 AM, Warren Togami Jr. via bitcoin-dev wrote:

Does it really change the schedule when the next difficulty retarget readjusts to an average of 10 minutes again?

On Tue, Sep 8, 2015 at 8:27 PM, Tom Harding via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org> wrote:

There is another concern regarding "flexcap" that was not discussed.

A change to difficulty in response to anything BUT observed block
production rate unavoidably changes the money supply schedule, unless
you also change the reward, and in that case you've still changed the
timing even if not the average rate.
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