> In november 2008 bitcoin was a much younger ecosystem,
Or very old, indeed, if you are using unsigned arithmetic. [...]
> and the halving happened during a quite stable positive price trend
Hardly,
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2012-10-01zeg2012-12-01ztgSzm1g10zm2g25zv
There is a lot more complexity to the system than the subsidy schedule.
This thread is, in my opinion, a waste of time.
many people have performed planning around the current
behaviour. The current behaviour has also not shown itself to be
problematic (and we've actually experienced its largest effect already
without incident), and there are arguable benefits like encouraging
investment in mining infrastructure.