Topic: How can Miners be encouraged to sell BTC in the Open Market? (Read 730 times)

Why do you assume that only miners sell bitcoins? Anyone that uses bitcoins will be distributing bitcoins and  there is no shortage of bitcoins to buy.

You're missing the point. There are enough BTC's but if only 10,000 miners, 10,000 early adopters and perhaps another 10,000 people who were given some btc are the only holders, it doesn't allow for BTC to be readily adopted by the mass population because there won't be any in circulation.

To create mass adoption you need two things: Wide availability of services allowing ease of transactions, and wide availability of bitcoins to the wider population.

Giving away bitcoins is what will enable people to use it properly. For all the speak of bitcoin being a movement and for the people, it can only really be a true movement if the early adopters make it available to the masses. A great method would be to hand out lots of free bitcoin paper wallets like they have done in Hong Kong. It gets 'real' bitcoins in peoples hands.

While I'm on this thought. To safeguard against those paper bitcoins never being used, a limit could be set on them where if they are not moved to another wallet by X date, then the private key held in cold storage for that wallet will be used to effectively 'reset' that money to a new paper wallet that can be given away.... I think I'm going to work on this idea some more. Seems like a great way to get bitcoin out there. I do run a promotions agency after all....

I don't think there is a problem. Even if no more bitcoins are sold by miners, there are still around 1,200,000,000,000,000 satoshis available. That's more than 100 times the number of dollars in existence. It seems like an adequate supply.

The one thing bitcoin does to a person is stimulate their creative brain to such an extent that they can't stop thinking about the possibilities and solutions surrounding bitcoin.

Well today is one of those moments for me and I realised that for bitcoin to succeed it needs to spread readily in the marketplace and be taken up by a great many more people than has currently been achieved.

One of the ways this is going to be possible is through ATM machines that are spread far and wide across the globe. Yes exchanges make it easier too to a degree. But what about miners?

The problem I perceived today is that if these massive mining farms have the intention of holding onto their mined coins, then they will only create a market with less liquidity and ultimately decrease the value of the coins they are holding.

I'd be interested to learn how gold miners and prospectors of times past dealt with this situation especially in the US where there was initially a shortage of money in the market and so demand was high for gold and silver money. Miners I presume would have been able to set the price at whatever they liked for a time thus making it so lucrative... that is until the marketplace had enough gold and silver in circulation to maintain a stable economy. Then it would have been a more competitive space where only the sellers of the shovels were making any money as the demand was no longer there.

So first there has to be the demand created by the consumer. Second there has to be the supply in terms of the miners selling their mined coins. Do you all think that bitcoin mining, supply and demand  etc... will work in a similar way as it did with old gold/silver did in economies that had a scarcity of money?

Perhaps Michael Parsons at bitcoinbyte would be best to answer this given his research. I'm still digesting his book.