Topic: How to discourage hoarding - brainstorm - page 3. (Read 4881 times)
Walk into a store selling gold. Look at all those outstanding offers. Realize hoarding is a myth.
First let me say I am excited to learn more about a private currency with no central bank authority to control it. A colleague who I respect though offered the criticism that Bitcoin (BTC) will not get off the ground because people will hoard the currency. Thus even if the BTC economy starts having to use fractions of BTC it might hinder wide spread usage. I have to say I agree partially with his sentiment, though:
1. the same could be said of any stable thing of value given the rapidly depreciating currencies from governments of the world
2. this will send price signals to the market to encourage better value to entice BTC holders to spend them
However I agree that I want BTC to take off sooner rather than later as a viable currency. I agree with the hoarding fears because I myself have an instinct to hoard as many BTCs as I might be able to get, with my only fear being BTC will not take off or be cracked down on by authorities, thus harming the BTC value.
To combat the hoarding issue, I would like to brainstorm on ideas for making BTCs easier and more commonplace for use. We need projects to encourage and make it easy for suppliers of goods and services (stores, businesses, individuals) to accept BTCs and then the demand that is already there will be more easily met by supply. I think the speed of transactions is definitely a hurdle currently for point-of-sale transactions at neighborhood stores for example. What can we do to spread the idea and adoption of BTC?
1. the same could be said of any stable thing of value given the rapidly depreciating currencies from governments of the world
2. this will send price signals to the market to encourage better value to entice BTC holders to spend them
However I agree that I want BTC to take off sooner rather than later as a viable currency. I agree with the hoarding fears because I myself have an instinct to hoard as many BTCs as I might be able to get, with my only fear being BTC will not take off or be cracked down on by authorities, thus harming the BTC value.
To combat the hoarding issue, I would like to brainstorm on ideas for making BTCs easier and more commonplace for use. We need projects to encourage and make it easy for suppliers of goods and services (stores, businesses, individuals) to accept BTCs and then the demand that is already there will be more easily met by supply. I think the speed of transactions is definitely a hurdle currently for point-of-sale transactions at neighborhood stores for example. What can we do to spread the idea and adoption of BTC?
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