On the one hand, if each coin is worth 1/10th its cost, nobody will mint them. On the other hand, if each coin is worth 10x as much as it cost to make, people make their own and the price collapses.
That applies equally to gold coins as bitcoins.
I suspect bitcoin is, in its current form, incapable of replacing a major currency, because if it become a dominant currency then someone would beg, borrow, and steal just enough bitcoin to buy just enough compute power to get half of the bitcoin computer pool, from there using their new power to double-spend their way to getting even more computer power (while blocking other transactions that might try to out-bid them), and ultimately using that power to rewrite the consensus reality of the blockchain to say they now own as much as they want to say they own.
Even if the bitcoin wiki is correct to expect no rational miner will attempt this, there are plenty of irrational actors when enough money is dangled in front of them, even when it is only a mirage (citation: every lottery).
"if each coin is worth 1/10th its cost, nobody will mint them"
No. What will happen is as the miners with the highest mining costs drop out of the network, the difficulty target will decrease and decrease... until people stop dropping out of the network.
"people make their own and the price collapses"
No, again the difficulty target would adjust to regulate the rate of coin rewards.
That applies equally to gold coins as bitcoins.
I suspect bitcoin is, in its current form, incapable of replacing a major currency, because if it become a dominant currency then someone would beg, borrow, and steal just enough bitcoin to buy just enough compute power to get half of the bitcoin computer pool, from there using their new power to double-spend their way to getting even more computer power (while blocking other transactions that might try to out-bid them), and ultimately using that power to rewrite the consensus reality of the blockchain to say they now own as much as they want to say they own.
Even if the bitcoin wiki is correct to expect no rational miner will attempt this, there are plenty of irrational actors when enough money is dangled in front of them, even when it is only a mirage (citation: every lottery).