Topic: Closed (Read 2032 times)
Redistribute the wealth 
I purchase Bitcoins once a week, about 80% I save, the other 20% I try to spend to help out the Bitcoin economy.
I'm trying to move as much of my routine spending into Bitcoin as possible. So far I'm successfully paying for mobile phone service with bitcoin, and I've convinced my landlord to open a Coinbase account and make a payment page so that I can now pay my rent with bitcoins.
By the end of 2013 I want to pay all my expenses directly with bitcoin or via a bitcoin-funded prepaid debit card. At that point I'll convert every paycheck to bitcoin and hold no dollar savings.
By the end of 2013 I want to pay all my expenses directly with bitcoin or via a bitcoin-funded prepaid debit card. At that point I'll convert every paycheck to bitcoin and hold no dollar savings.
this is awesome, i need to do this as well, i want to switch all my monthly expenses to bitcoins. Currently I'm putting a large percentage of my income to bitcoins, pointless for me to keep it all in USD
I get where you're coming from. I'm honestly not sure what to do with a good amount of my coins either. Hoarding is an especially attractive option at the moment since prices are rising, but I think doing business with BitCoin promotes even further growth. I'm thinking of splitting my BTC in half within the next couple of days; half will go in an online wallet to hoard, and the other half I'll use for purchases or business opportunities to help increase the Bitconomy 
I will probably do the same, keep a separate wallet as a savings account and have another account for spending. My main goal is to create a business and start operating in bitcoins only.
Hoarding is good, using is good too.
X 2
No need to choose, do both.
Start doing Loans and Merchanting, that way they'll still be sitting there but your stack will be slowly increasing over time. I'd say since the amount of BTC is permanent but the deman will continue to rise, all they'll do is get more expensive, why sell them now? 
I'm trying to move as much of my routine spending into Bitcoin as possible. So far I'm successfully paying for mobile phone service with bitcoin, and I've convinced my landlord to open a Coinbase account and make a payment page so that I can now pay my rent with bitcoins.
By the end of 2013 I want to pay all my expenses directly with bitcoin or via a bitcoin-funded prepaid debit card. At that point I'll convert every paycheck to bitcoin and hold no dollar savings.
By the end of 2013 I want to pay all my expenses directly with bitcoin or via a bitcoin-funded prepaid debit card. At that point I'll convert every paycheck to bitcoin and hold no dollar savings.
Altruism feels good and could probably work in a shame-based society of less than 150 people. But this is not necessary or even useful for bitcoin now. Critical mass of adoption has passed with a large margin.
So do what is right for you now. It works for payment fiat -> btc -> fiat now, and it work continously better as time passes. More people will keep a cash amount in btc, and direct btc payments will be possible.
As of hoarding, this is for those who have some value that is not needed presently, have and entrepreneurial mind, and see a possibility for a raise in the exhange value for the btc currency.
Hoarding is not negativie for anyone. It has some consequence for the dynamic money supply and exhange value, but remember, every coin will be in someone's wallet always. "Money velocity" doesn't really mean anything useful. Don't listen to the Bernanks of the world, they do not know what they are talking about.
Everyone is different, and everone does as he pleases.
So do what is right for you now. It works for payment fiat -> btc -> fiat now, and it work continously better as time passes. More people will keep a cash amount in btc, and direct btc payments will be possible.
As of hoarding, this is for those who have some value that is not needed presently, have and entrepreneurial mind, and see a possibility for a raise in the exhange value for the btc currency.
Hoarding is not negativie for anyone. It has some consequence for the dynamic money supply and exhange value, but remember, every coin will be in someone's wallet always. "Money velocity" doesn't really mean anything useful. Don't listen to the Bernanks of the world, they do not know what they are talking about.
Everyone is different, and everone does as he pleases.
On the other hand spending money on useless products and services just to "stimulate the economy" is a bad idea as well, IMHO. I myself use the btc when it is possible, but naturally most of the time I have to use fiat since bitcoin isn't very accepted (yet).
the word ONLINE in the quote online wallet is the risky and hilarious part the person refers to.
brain wallet or paper wallet are better advised for hoarding. and only inputted into the satoshi client when its time to spend.
brain wallet or paper wallet are better advised for hoarding. and only inputted into the satoshi client when its time to spend.
You should of course both save and spend. But make sure you consider the true valuation of your bitcoins including what it would take to obtain more. In some countries it's not that hard.
He was responding to this comment:
Hoarding in an online wallet is the most hilariously stupid idea I have heard yet out of this community. And that's saying a lot.
What's the problem? As long as it's stored offline it should be pretty safe, or are you one of those crazies who think you should just spend everything you've carefully saved up and not think about the future at all?...I'm thinking of splitting my BTC in half within the next couple of days; half will go in an online wallet to hoard...
If by "online wallet" he meant a shared eWallet, then yeah, that's ill advised. 
Hoarding in an online wallet is the most hilariously stupid idea I have heard yet out of this community. And that's saying a lot.
What's the problem? As long as it's stored offline it should be pretty safe, or are you one of those crazies who think you should just spend everything you've carefully saved up and not think about the future at all?
Hoarding in an online wallet is the most hilariously stupid idea I have heard yet out of this community. And that's saying a lot.
Im trying to do more with btc then cash so i guess that answers that.
I get where you're coming from. I'm honestly not sure what to do with a good amount of my coins either. Hoarding is an especially attractive option at the moment since prices are rising, but I think doing business with BitCoin promotes even further growth. I'm thinking of splitting my BTC in half within the next couple of days; half will go in an online wallet to hoard, and the other half I'll use for purchases or business opportunities to help increase the Bitconomy
Hoarding is good, using is good too.
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