That's an interesting way to look at it. But if you look at it that way, it means there basically is a miser that owns almost half of the total capital and will slowly sell it off over the next 130 years or so, quickly at first, and then getting gradually slower.
I almost agree. It is good to keep in mind though, that it's not 'someone' selling. With a person (or government
) the total amount of currency and the rate at which it is released is far less predictable. For Bitcoin the agreed upon numbers are nearly certain (and completely certain without a hard fork).
The impact of someone who will sell off 25% of the total currency available in 4 years definitely is a downward force on price.
I agree (see the second part of my previous post). The reason for the downward force, however, is an increase in availability rather than a change in intrinsic value. Intrinsic changes due to an increase/decrease on application.