If no one spends bitcoin what might happen? - page 62.

setupbounds

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Quote from: pereira4 on September 05, 2016, 12:10:37 PM

Nothing happens, the market would still function because the speculation will never end. There will always be supply and demand of Bitcoins going on, keeping the market alive, even if people dont use to to buy groceries.

That is true but the question I believe was that if all the transactions that are happening with bitcoins stop then what would happen ?
I personally know this is not possible but actually if this happens then there would be no locks mined I guess since they don't have any transactions to confirm. But honestly this is even beyond impossible.

p_linz

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Quote from: dunfida on September 06, 2016, 06:50:25 AM

Quote from: p_linz on September 06, 2016, 06:33:07 AM

Quote from: Adrorecia on September 06, 2016, 04:12:23 AM

If no one spends bitcoin then at first the prices will skyrocket and after that the prices will plummet making bitcoin worth exactly nothing. If nobody spends a currency and that currency isn't being used then nobody is interested in using it either resulting in a useless currency. So I think that is what would happen.

interesting theory you have, but why would it skyrocket first? wouldn't this make people sell bitcoin and taking a profit? and by selling the transactions would go up?

It would pump at first same as you saw on launching of altcoins which usually pumps in the first place then suddenly dump if all of coin holders would sell all their coins. Yes selling coins would gain profits and expect thats its price would dump to the lowest and would never go up unless if someone buys again. Its just a matter of supply and demand.

this still does not explain the pump and also i can't see why this has something to do with ICO.

TraderETH

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If there are not people who spends bitcoin( there are not trading activity, gambling, and making investment in bitcoin), in my opinion it is ending of bitcoin because there is not valuable in bitcoin.

pinkpanther03

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Quote from: Adrorecia on September 06, 2016, 04:12:23 AM

If no one spends bitcoin then at first the prices will skyrocket and after that the prices will plummet making bitcoin worth exactly nothing. If nobody spends a currency and that currency isn't being used then nobody is interested in using it either resulting in a useless currency. So I think that is what would happen.

I was just wondering, why would in the first place the bitcoin prices will skyrocket? As far as I know many bitcoin enthusiast will sell their coins/altcoins. But still it depend on the individual if they buy still while go down the price or not.

pinkpanther03

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well if that happens, I think the price value of bitcoin will goes down for sure, and also all exchange platform will get less profit in bitcoin. Perhaps some of the members once it go down many users will get buy into it, including me of course I will buy it too.

dunfida

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Quote from: p_linz on September 06, 2016, 06:33:07 AM

Quote from: Adrorecia on September 06, 2016, 04:12:23 AM

If no one spends bitcoin then at first the prices will skyrocket and after that the prices will plummet making bitcoin worth exactly nothing. If nobody spends a currency and that currency isn't being used then nobody is interested in using it either resulting in a useless currency. So I think that is what would happen.

interesting theory you have, but why would it skyrocket first? wouldn't this make people sell bitcoin and taking a profit? and by selling the transactions would go up?

It would pump at first same as you saw on launching of altcoins which usually pumps in the first place then suddenly dump if all of coin holders would sell all their coins. Yes selling coins would gain profits and expect thats its price would dump to the lowest and would never go up unless if someone buys again. Its just a matter of supply and demand.

p_linz

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Quote from: Adrorecia on September 06, 2016, 04:12:23 AM

If no one spends bitcoin then at first the prices will skyrocket and after that the prices will plummet making bitcoin worth exactly nothing. If nobody spends a currency and that currency isn't being used then nobody is interested in using it either resulting in a useless currency. So I think that is what would happen.

interesting theory you have, but why would it skyrocket first? wouldn't this make people sell bitcoin and taking a profit? and by selling the transactions would go up?

Adrorecia

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If no one spends bitcoin then at first the prices will skyrocket and after that the prices will plummet making bitcoin worth exactly nothing. If nobody spends a currency and that currency isn't being used then nobody is interested in using it either resulting in a useless currency. So I think that is what would happen.

groll

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Quote from: p_linz on September 06, 2016, 02:24:52 AM

Quote from: Danielzo on September 06, 2016, 01:19:02 AM

The flow of a currency is crucial to its existence. If no one would spend bitcoin, it would not take long until its eventual death.

Yes, that is what I am saying before it is like the actual coin we have in our government. The flow of it on how it circulates and use by everyone is the important thing why it still exist. If we will not use our bitcoin and will just save it on our wallet then you are right, it could be dead. Since no one will use it, it will not be in demand and its price might collapse.

Viscoat

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Quote from: p_linz on September 06, 2016, 02:24:52 AM

Quote from: Danielzo on September 06, 2016, 01:19:02 AM

The flow of a currency is crucial to its existence. If no one would spend bitcoin, it would not take long until its eventual death.

most of the transactions right now are related to buying and selling btc. if btc was on the brink of death people would start selling there btc and this would increase transactions.
but also this might create a run and price collapse.

That is right. And most of the tranactions are very small amount. I think the gambling is a large proportion of the transactions.

p_linz

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Quote from: Danielzo on September 06, 2016, 01:19:02 AM

The flow of a currency is crucial to its existence. If no one would spend bitcoin, it would not take long until its eventual death.

most of the transactions right now are related to buying and selling btc. if btc was on the brink of death people would start selling there btc and this would increase transactions.
but also this might create a run and price collapse.

Danielzo

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The flow of a currency is crucial to its existence. If no one would spend bitcoin, it would not take long until its eventual death.

marcuslong

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Quote from: danherbias07 on July 14, 2016, 05:11:51 AM

Share your ideas here. Grin

In my opinion, I think we will be stuck in one price or maybe worse we will all go down.

Here is what happened when US citizens are saving too much.

Quote

That's important because American spenders make up the majority -- about 70% -- of economic activity in the country. If people don't spend, the economy doesn't grow.

Check it out here

Well if no one uses bitcoin i guess the bitcoin price will be stock , and it will be stable or maybe theres a chance that bitcoin will go down dropped into 100$ again but there's a lot of country who are using bitcoin right now they are just using bitcoin as a currency to start trading or anything to earn profit every month or week

Akupuniard

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I think that price will start decreasing very fast till $0.0, cause currency what no need to people can't have any price, but i don't believe in could happen.

groll

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Quote from: pereira4 on September 05, 2016, 12:10:37 PM

Nothing happens, the market would still function because the speculation will never end. There will always be supply and demand of Bitcoins going on, keeping the market alive, even if people dont use to to buy groceries.

I was actually thinking the opposite. If no one spend bitcoins and just remain on our wallet then there will become a little or no source/bitcoin anymore. Just like a fiat coin. If we will all keep it then nothing left to be circulated. Our government needs to make more coins but does it applies to bitcoins? I think it have only specific number of bitxoin created. Then would the develper needs to create or reprogram bitcoins?

richkellj

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Quote from: bithasher on September 05, 2016, 05:56:29 AM

Bitcoin will not be valuable anymore if no one will use it. What makes something valuable is how much that thing is usable and where can be traded or exchanged for something else or services. Keeping Bitcoin in holdings will not make it more valuable. The more something has acceptance and adoption the more it gains strength and value in market.

Exactly. Bitcoin's value depends on it's usability and the demand to use them. If people wouldn't spend bitcoin, then nobody would want to accept them anymore, then it would deem worthless.
Back on WW2, that's actually what happened to the japanese currency when they invaded us. They publicized their currency, but not one local wanted to use them so they were really just worthless.

pereira4

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Nothing happens, the market would still function because the speculation will never end. There will always be supply and demand of Bitcoins going on, keeping the market alive, even if people dont use to to buy groceries.

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Quote from: marleybobthedog on September 05, 2016, 11:55:30 AM

Quote from: danherbias07 on July 14, 2016, 05:11:51 AM

Share your ideas here. Grin

In my opinion, I think we will be stuck in one price or maybe worse we will all go down.

Here is what happened when US citizens are saving too much.

Quote

That's important because American spenders make up the majority -- about 70% -- of economic activity in the country. If people don't spend, the economy doesn't grow.

Check it out here

Definitely price will go down because it's the law of economy that is more demand more price. Those trader who depends on bitcoin to run their family would have to sell their btc in low price when no body spends bitcoin.

That is a sad thing if that will really happen. I would rather spend also but sometimes they will be forced to spend. If they see it growing in price, it could be the key for them to use it thinking there is profit already.

MingLee

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If no-one spends Bitcoin and everyone just holds it what is going to happen is there are going to be people who will want to buy it, but no-one is selling it, and if people keep refusing to sell the people willing to buy will walk away, and Bitcoin will lose it's value quite rapidly since there is no demand due to no supply. Shops help to keep the markets busy, and so everyone not spending would be a pretty massive blow overall.

marleybobthedog

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Quote from: danherbias07 on July 14, 2016, 05:11:51 AM

Share your ideas here. Grin

In my opinion, I think we will be stuck in one price or maybe worse we will all go down.

Here is what happened when US citizens are saving too much.

Quote

That's important because American spenders make up the majority -- about 70% -- of economic activity in the country. If people don't spend, the economy doesn't grow.

Check it out here

Definitely price will go down because it's the law of economy that is more demand more price. Those trader who depends on bitcoin to run their family would have to sell their btc in low price when no body spends bitcoin.

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