@2 Not really a coherent argument there. Hoarding due to appreciation is balanced by the wealth effect. You can't just assume catastrophic runaway feedback due to upward price trends. That kind of human behavior is unknowable a priori. One could easily argue that an upward price trend will encourage buying, which increases adoption. This creates a feedback loop, which will help establish a transaction volume large enough to give bitcoin enough stability to appeal to the average person.