You do 10,000 reference deferments and free()s.
Reference counting might feel more incremental than GC, but really is not. There are tricks you can use, but you're better off with a fast, modern, pauseless real GC that comes with tons of other benefits.
Look: modern GCs simply don't have pause time issues. The problem has been solved. We have concurrent marking and concurrent sweeping. Stop living in the 1990s!