CONTINUED TRANSFER OF WEALTH 
Maybe that is the million bitcoin question......? Transferred from who to whom?
Right now fiat semi rich to rich are buying BTC as a personal investment in case its goes mainstream. They are doing this in small quantities in a portion % of their networth to diversify. And since it has become semi easier to get your hands on BTC, accredited investors dont have to use places like Second Trust to get them and then pay fees to.
http://www.reddit.com/r/Bitcoin/comments/2fxmi6/stop_selling_mined_coins_privately/ - As Alex states the miners are selling direct to people and thus coins are being picked up.
Our next rise is the ETF release or the next BTC halving when coins become even harder to get, until then sit back relax and only sell coins at ATH or if you have to feed yourself/family.
I agree with your whole post and the point that Alex was making in the link that you provided.
However, I quibble a little bit with your last specification about when, if at all, to sell coins.
In the selling coins department, I remain of the belief that there is going to be some back and forth and ups and downs in the BTC prices between the current price and approximately $850 per BTC. Once BTC prices go past $850, then the prices are going to shoot past $850 and also shoot past the previous ATH to at least $2,000 and more likely in the $3k to $5k region...and possibly greater amounts - even shooting into the $10k territory is within realistic possibilities (that 10K per BTC would put BTC market cap at $150 billion - which is certainly supportable given the current BTC infrastructure developments).
Ultimately, individuals need to decide for themselves at which price points, and if at all, they want to sell or engage in BTC trading and to keep in mind that there may be various exponential price growth periods that would make it wiser to hold onto your coins during such exponential price growth periods (and difficult to measure exactly the distance and intensity of such exponential growth periods).
Surely for the overall price appreciation of BTC, there would be a certain value in having more people holding rather than trading BTC, but it will NOT be easy to stop people from wanting to cash out at various periods during exponential growth because they come to the conclusion that they, on a personal level, better get out while the getting out is still profitable (fearing that the upward BTC price run is at the potential end of its course).
