Pretty interesting discussion. I definitely understand the desire for a more elastic money supply. Personally, I'm not even against ideas like tail emissions for Bitcoin, though I might be crucified for saying so.

I think what I'd challenge Jeff Smith on is that just because the total supply is fixed, that doesn't mean there can't be elastic adjustments to the amount in circulation.

@Undisciplined makes this point often in that even though the total available supply is fixed, the supply curve determining how much is being sold and at what price still has an elasticity to it. And that's because different people have different levels of willingness to move their Bitcoin.