Honestly you make a very strong bear case. One thing I have to mention is that I voted against the new set. The reason I did is that I wanted a miniset so that Chaos stays in modern longer. Once it is out of modern I am topping off my SPS and have xbot play it. I think the best thing to do is to accumulate SPS for a chance of a blow off top in crypto market that would lift all boats. Investing in modern deck at $6k just doesn't seem to make sense. For the price of rebellion set you can get over 700,000 SPS!
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Exactly, investing in SPS instead of cards on paper is always better which creates a negative feedback loop as in makes no sense throw $6k at new modern cards which prevents SPS from going up. Something really needs to change as all they are hoping now is for another crazy altcoin fun which includes splinterlands to save the boat from sinking further.