> why spend when you can HODL

You touch upon an important point: the entire foundation of our current economic system is built on high velocity of money. You are incentivized to spend rather than hold because without it, there's no mindless conspicuous consumption. A deflationary currency will grind this system to a halt

But the question you need to ask is: has all this mindless consumption really done us any real good? For the handful of genuinely useful things to come out of excessive consumption, there are a gazillion pieces of wasteful crap that clogs homes first, then landfills

A deflationary currency is bad for the current economic system. But that doesn't mean it's bad by itself.