> Isn't this problem solved by having **deferred** reference counting?

Yes, exactly. This is why it's important to distinguish between the performance 
of naive reference counting and reference counting approaches that have been 
tuned for automatic memory management.

Obviously, there are other trade-offs. For example, deferred reference counting 
— or for that matter, any reference counting variant that guarantees low pause 
times — cannot guarantee that finalizers/destructors are called in a timely 
fashion, which is important for an RAII-centric language such as C++.

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