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Topic: Closed (Read 2034 times)

hero member
Activity: 910
Merit: 1000
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January 12, 2013, 03:51:13 AM
#18
I try to keep an even mix of doing both, while gradually growing my bitcoin only buisness. In the end what I'd like to see is not having to deal with euros or dollars at all, but I feel Im not doing my part if I simply hoard coins.
hero member
Activity: 532
Merit: 500
January 12, 2013, 03:20:00 AM
#17
Redistribute the wealth  Grin
newbie
Activity: 28
Merit: 0
January 11, 2013, 09:57:13 PM
#16
I purchase Bitcoins once a week, about 80% I save, the other 20% I try to spend to help out the Bitcoin economy.
donator
Activity: 406
Merit: 252
Study the past, if you would divine the future.
January 11, 2013, 03:34:53 PM
#15
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.

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
donator
Activity: 406
Merit: 252
Study the past, if you would divine the future.
January 11, 2013, 03:32:56 PM
#14
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 Wink

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.
hero member
Activity: 546
Merit: 500
January 11, 2013, 12:27:14 PM
#13
Hoarding is good, using is good too.

X 2

No need to choose, do both.
member
Activity: 84
Merit: 10
January 11, 2013, 08:31:08 AM
#12
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?  Tongue
legendary
Activity: 1400
Merit: 1013
January 11, 2013, 08:11:43 AM
#11
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.
sr. member
Activity: 280
Merit: 250
January 11, 2013, 07:33:50 AM
#10
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.
hero member
Activity: 812
Merit: 1006
January 11, 2013, 06:54:03 AM
#9
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).
legendary
Activity: 4410
Merit: 4788
January 11, 2013, 06:46:27 AM
#8
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.
donator
Activity: 2058
Merit: 1054
January 11, 2013, 05:30:44 AM
#7
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.

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?
He was responding to this comment:
...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.
legendary
Activity: 1540
Merit: 1000
January 11, 2013, 05:12:52 AM
#6
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?
legendary
Activity: 1330
Merit: 1000
January 11, 2013, 05:09:09 AM
#5
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.
newbie
Activity: 42
Merit: 0
January 11, 2013, 03:15:16 AM
#4
Im trying to do more with btc then cash so i guess that answers that.
member
Activity: 112
Merit: 16
January 11, 2013, 12:24:14 AM
#3
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 Wink
hero member
Activity: 714
Merit: 500
January 11, 2013, 12:19:48 AM
#2
Hoarding is good, using is good too.
donator
Activity: 406
Merit: 252
Study the past, if you would divine the future.
January 10, 2013, 10:54:13 PM
#1
Closed


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