You did not "miss" a step in his logic ;-) His logic is full of jumps. Comparing block subsidy to mining investment is ridiculous. They're nothing alike. I'm not gonna go into Chia (not relevant).
It does affect the system though. For me if Bitcoin is double-spent, it puts serious doubts into the viability of this project. At the very least it will rule out a lot use cases (think about all the layer 2 pegs & infrastructure built on top)https://twitter.com/hugohanoi/status/1029272555788496896?s=21 …
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Agreed, although it would depend on how often an attacker could successfully perform a double spend, and how long he could sustain the attack. One successful doublespend might just be pure luck.
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Remind me but isn’t the whole point of PoW mining to prevent double-spending in the 1st place? If you don’t care about double-spends, why go thru all this mining trouble?