Topic: The best way to Hoard coins - page 2. (Read 4827 times)

Please hoard it, ECB paper has presented their worry about the BTC entering circulation will increase the actually money supply thus make central bank's job more difficult 

Stacking coins is a once in a lifetime (or much longer?) opportunity. I spend coins because that's nearly all I freaking have. Think about it, hoard them so hard you have to spend them to live.

in response to robkohr statement
are you kidding me?

lets say there is 11mill coins in circulation. and hoarders keep 10mill of them. all the other users will fight for the remaining 1 mill of coins left in the ether. raising their bids to get those elusive coins, causing a price increase.

because bitcoin cannot buy a loaf of bread or a carton of milk its not like it would be hard for people to adapt to higher prices seeing as value can auto adjust due to live pricing API's used in sourcecodes of websites.

basically if this week $10 gives you 1 bitcoin which is worth a viagra pill or other drug. in a couple years that $10 only gives you 50,000 satoshi's which still equate to a pill.. so all them pill pushers still get their fiat value and same amount of pills no matter what the btc price does. so traders don't lose out

and for the hoarders, by not trading them, their investment grows.. but by spending them they would dilute the demand causing a prices drop. so its always best to hold and wait.

so how is hoarding bad??

why do you think the rich guys are rich.. because they accumilate and they hold. those with million dollar a year salerys don't spend that million dollars each year. maybe spend half keep half. but those on minimum wage have no choice but to spend their income.

the other thing to think about is if everyone cashed out via bitinstant instead of holding them. bitinstants 'reserves' will empty. so say goodbye to the $110mill that is floating around in bitinstant, moneygram, mtgox, BTC-E and other reserves.

if all that is left is $10k to represent the 11mill coins then the value of a BTC would go down to under 1c a coin. so i ask again

how is hoarding bad??

What kind of idiot logic is this? People don't get ahead in life by spending their money on aplaca socks do they? The homeless guy down the street can be happy with his warm socks. I prefer financial security, and I don't get that by spending all my money.

I gave people in the community fiat cash for the bitcoins they were not using at the time, now I spend some here and there if I see something I want or need.

The day where I can buy some real estate with my saved bitcoin is my ultimate goal, I truly hope this project works just to screw the banks out of some money. I remember the days where everything was in cash, where you could dispute the amount of hours worked over what was paid on the spot.

I hoard/save about 20% of my mined coin.  The other 80% is used to pay for electricity, stuff, donation, mining rigs..  I'm pretty sure that my 20% savings will worth enought to pay the rest of my house loan within 10 years.. when we'll be used to deal in mBTC or even in Satoshi.  I tend to live each day as if I was to die next week.  I also save a bit of wealth for my old days, if it happens.  For quantum stuff, my tought is that many other event are more probable to kill BTC, if they died sometimes, wich I think is a really really small possibility.  And to finish, I never invest in anything, any amount I can't lose overnight.  So yeah, I'm the kind of man who enjoy every day, and is also optimistic for the future, but I could die tomorow saying I lived en plenty and fullfilled life !  Hope that's the case to most of you

was my 2 satoshi !

Consistent hoarding is good for the bitcoin economy and is to be expected. Inconsistent hoarding (large spikes in selling and buying pressure) can be a problem. As bitcoin matures, we should see more of the former and less of the latter.

I would not be into bitcoin at all if it didn't have good hoarding properties. I think the same is true for many. Of course, I also consume goods and services for bitcoin, and would like to be able to do an increasing part of my commerce in it. Does that mean that holding some savings in bitcoin is bad? Of course not. Those who think "hoarding is bad!!!" really don't understand what bitcoin is or why it has the value it does. If there weren't many people holding right now, most purchasers of bitcoins would have lost money. The fact that people still hoard even after the value has gone up over 1000X is one of the things that is keeping the economy somewhat more stable.

There needs to be a balance between spending and Saving. We all should be figuring ways to create valuable services and products that are only possible because of bitcoins. This will get people excited about bitcoins and get more transactions on bitcoins.

If you are saving in bitcoin then to make a purchase with those coins, any purchase, you need to then either cash some coins out to fiat, which incurs an expense, or you can use them as the method of payment.

So if you can spend the bitcoins rather than cashing them out that gives you an immediate return over the cost of quickly convert those coins to cash.   If you wish to maintain a level position of bitcoins, then in response to the spending you can then use an inexpensive bank transfer to purchase more coins that will replenish the amount that you spent.


That's not entirely true.  Can you play an equivalent with SatoshiDICE using any other payment method?

Even so, Bitcoin brings benefits to merchants allowing them to offer a discount when the customer pays using Bitcoins versus credit card.

Tangible Cryptography, for instance, sells $100 of AT&T wireless service for an amount of bitcoins worth just $95.  (i.e., the customer receives a 5% discount when paying in bitcoins).  Take that 5% now, and replenish your coins with an inexpensive bank transfer -- you come out ahead versus just saving the coins.
 - https://bitcointalksearch.org/topic/closed-cellcoin-82924

Where this could get wider traction is for high dollar, high volume purchases.    For example, people will pay cash at gas stations that offer a ten cent per gallon discount for paying cash.  Consider if they let you pay bitcoins and get that same discount.  (or because cash is expensive, the bitcoin method is even cheaper than the cash payment method.)  

And then there are other categories that are just ripe for Bitcoin adoption.   Merchant accounts for travel billings are considered "high risk" due to the high chargeback ratio.   So that is an example where the merchant can use bitcoin to gain a competitive advantage.
 - https://bitcointalksearch.org/topic/high-risk-merchant-accounts-73694

There is nothing I want to buy with bitcoins that I can't buy with fiat. So why would I choose bitcoins over fiat when the former has a potential upside of a tin can under a lit stick of dynamite? Is the guy who spent 10,000BTC on a pizza thrilled he contributed to the "cause" or would he rather have ~$100,000 from an nominal investment of a few dollars?

I hoarded my large Bitcoin purchase for over a year. I had a few electronic copies of my private address as well as a piece of paper in my house with it written down.

Then I was short on funds for a downpayment on a house.

I was able to stop hoarding and put those BTC toward cash for my house.

If I had not hoarded and spent on Alpaca socks I would have warm feet...out on the street.

I disagree that saving is bad for the reasons others have provided, but I will say it would be nice if there were more and better investment opportunities.  I don't like having a ton of BTC buried in my virtual backyard, but I don't know what else to do with them.  They've provided a better return than any fiat investment I've ever made.

The increase in value is from Stores making BTC revenue and therefore showing the usability of BTC.

If everyone would at least do this, then the amount of BTC revenue would probably attract more stores and therefore more users.

Introducing a third party does not increase the value of bitcoin (he sold you his btc). Increasing the amount of transactions does not either. In this scenario, BTC would rise in value only if the person selling goods for BTC then saved (hoarded) them for future purchasing power.

One man's hoarding is another man's prudent saving for a rainy day.


OP you are lucky I highly value my integrity which didn't allow me to edit your title and replace "Hoard" with a provocative capital H to propaganda neutral "save".

I must admit, I am "hoarding" the shit out of bitcoin.

regret=none 

You now, you can still save bitcoin, while spending them. Every time you want to buy something for Fiat, just look if you can get it for BTC. Then just exchange the fiat for BTC and immediately buy what you want.

This way, you spend the same, you don't need to touch you savings, but you help the BTC economy and therefore increase the worth of your savings.

It's just a little effort, but if everyone would do this, there would be a significant impact on Bitcoin.

Be careful what you wish for, if bitcoin was not worth saving, by definition it would be worthless. Said another way, the less bitcoin savers you have, the less bitcoin is worth.

this would only be true if bitcoins appreciated at a rate faster than I can find useful things to buy for myself, and that's clearly not true 

Why would you troll like that?   You're not a dumb guy.  Why would you write that?