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it's turns out people don't like to get a pay-cut on a regular basis.

this is a fact of human psychology that's a real barrier to your system, and unless it is addressed, bitcoin will continue to fail.

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Yes, this is the only real argument against deflation: people tend to look at the nominal prices instead of the real ones. (See also Mark Twain on the subject in the Yankee at King Arthur's Court.) This is a problem because, as the money increases in value, business would want to decrease the nominal salaries, and people would object to that.

People don't like to work either, and yet they do it.

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