Sell for what? Something spat out of a printing press and called 'real money' because its backed by a broken system? This is the first time I've bothered saving in my life, I'll convert some to that other crap when needs be but the bulk is staying in for the long haul.
+1.
You don't "sell BTC", you "buy USD".
Does not compute.
If nobody is around to sell them there can be no way to acquire them. Ideological dogma never helped anybody...
Huh? I'm confused... Nobody around to sell BTC? Is that what you're saying?
I somewhat misread your post, that was what I initially wanted to say.
The point of the dogma remains.... Problem is most folks vision of an economic model for btc goes like this:
acquire bitcoins
hope for the price to go up
profit
That is also, for me a good argument to sell bitcoins right now. Prices went up more in the last few months that growth would support it. Right now most ppl still appear as "strong hands" but I think that will change quickly if we dip down a little in prices.
What's the economic model for gold?
I thought earlier today about the question: "What if bitcoin was exclusively used as a store of wealth? Would it still be valuable?". This question came up because I realized that the actual need for currency to make transactions is a lot lower than I had previously thought. At current prices, only about 30,000 BTC are needed to support the silkroad, which is arguably one of the more sizeable parts of the economy. Let's assume a high number (in dollar-terms) of transaction volume done in bitcoin each day: 2,500,000 USD (37 times silkroad). This would justify a price of roughly 2.5e5 / 1e7 = 0.25 USD/BTC! Ergo bitcoins value is
already almost exclusively derived from its function as a store of wealth ("hope that price will go up").
If above conclusion is correct, we don't have to worry about an economic model for bitcoin if all we want is higher value.
