The least understood concept is that the transitionary state between full fiat and full bitcoin is the most complex economic environment that will ever exist and you cannot simply look at sound money economics to understand the transition.

The LEAST understood concept is the role the 4th function of money plays in the transition, and it's rather poorly understood from the get go due to the fact most people think there are only three.

Moreover, the only person who was explained it in any level of detail is a lazy writer whose newsletter meanders and is not that easy to understand and often unconvincing, but it doesn't really matter to me whether you get it. https://heaviside.substack.com/p/the-forgotten-fourth-function-of