What is the deal with hoarding? - page 5.

mestar

sr. member

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Quote from: bitcon on April 07, 2013, 06:07:42 PM

just because a coin is minted doesnt mean it gets sold.

So, miners are speculating as well?

Unfortunately, miners costs still have to be paid in currencies other that bitcoin, and market will push the cost of each bitcoin mined to be close to one bitcoin. Right now, the difficulty did not have the time to adjust due to fast price rise and ASIC scams, but that is not a permanent situation.

Around 0.3 to 0.5 million dollars of fresh speculative money will be needed each day to keep the price this high. And this is needed even if speculators do not sell at all. When they do start taking profits, this will just add to the outflows.

Beta-coiner1

hero member

Activity: 532

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Seriously if you don't want your BTC anymore just send it my way if you're unhappy with BTC. Grin

Junko

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I'm not hoarding, I'm saving.

herzmeister

legendary

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What's wrong with keeping the stored information of the value of my labor?

Why should I consume just for the sake of consumption?

Isn't consumption mania one of the problems of society today?

I use bitcoins wherever I can and whenever I really want something, or for donations. I convert most of my fiat to bitcoin anyway, so it doesn't make much difference to me what I actually spend.

bitcon

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just because a coin is minted doesnt mean it gets sold.

600watt

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Quote from: Crazy on April 07, 2013, 05:25:50 PM

This is so funny and sad at the same time. In recent months BTC has seemingly lost its true utility -- a currency -- and has become a speculative asset that provides no utility because if you use it, you'll potentially be leaving money on the table. Amazing Shocked

Everyone start paying with Paypal and Dwolla again Cheesy

the answer is mbtc ! millibitcoin. if the community would start talking about mbtc, the outside world would adopt it sooner or later: what happened with the btc will sure work the same on mbtc level. mbtc is a project we all need to be getting enganged in. btc is getting to expensive, let´s switch to mbtc and everything smoothens out. this will be fun.

mestar

sr. member

Activity: 407

Merit: 250

Quote from: Elwar on April 07, 2013, 05:34:24 PM

Quote from: Crazy on April 07, 2013, 05:25:50 PM

This is so funny and sad at the same time. In recent months BTC has seemingly lost its true utility -- a currency -- and has become a speculative asset that provides no utility because if you use it, you'll potentially be leaving money on the table. Amazing Shocked

Everyone start paying with Paypal and Dwolla again Cheesy

Is this based upon opinion or do you have facts to back up that claim?

http://blockchain.info/charts/n-transactions-excluding-popular

http://bitcoinmagazine.com/bitpay-processes-5-million-in-march-eclipses-silk-road/

I have not used bitcoins as a currency until recent months.

Do you honestly think that people are not speculating with bitcoins? Bitpay does 5 million in a month. Mtgox does 10 million in a day.

Miners create 3600 new bitcoins per day. That's currently more than $500k per day. Where does this money come from?

Elwar

legendary

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Viva Ut Vivas

So it appears that the impression is that hoarders are hurting Bitcoin because we are not using it as its intended purpose, as a currency.

I imagine that such an idea must be from people new to Bitcoin because we have come a long long way since only being able to use bitcoins as a currency to buy pizza or alpaca socks.

My wife's clothing store was one of BitPay's first merchants, there were 3 of us on their merchant page. Now there are over 50,000 and growing.

Crazy

full member

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Might want to not buy that vehicle just yet, might be paying $2.5 million for it if you believe the hype around here.

bitarrow

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Quote from: Elwar on April 07, 2013, 05:42:32 PM

Quote from: bitarrow on April 07, 2013, 05:41:35 PM

Quote from: Elwar on April 07, 2013, 05:38:32 PM

Quote from: bitarrow on April 07, 2013, 05:32:18 PM

Quote from: Crazy on April 07, 2013, 05:25:50 PM

This is so funny and sad at the same time. In recent months BTC has seemingly lost its true utility -- a currency -- and has become a speculative asset that provides no utility because if you use it, you'll potentially be leaving money on the table. Amazing Shocked

Everyone start paying with Paypal and Dwolla again Cheesy

we need more bitcoin merchants though. in time, there will be less hoarding or a combination of both.
I hoard for the time being because I see no real way to spend them. But I do believe that in the future I will, so when that day comes that I want a new vehicle, I can walk into the dealership and make my BTC transfer and be done. Until then, i buy and hold

Or you can just order a vehicle online if you are not in the Kansas area:

http://www.overlandparkjeepdodge.net/index.htm

did i miss something? do they take BTC? if so thats awesome and i live under a rock lol

Yep, they take BTC via BitPay.

wow thats great to here. thanks

Elwar

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Viva Ut Vivas

Quote from: bitarrow on April 07, 2013, 05:41:35 PM

Quote from: Elwar on April 07, 2013, 05:38:32 PM

Quote from: bitarrow on April 07, 2013, 05:32:18 PM

Quote from: Crazy on April 07, 2013, 05:25:50 PM

This is so funny and sad at the same time. In recent months BTC has seemingly lost its true utility -- a currency -- and has become a speculative asset that provides no utility because if you use it, you'll potentially be leaving money on the table. Amazing Shocked

Everyone start paying with Paypal and Dwolla again Cheesy

we need more bitcoin merchants though. in time, there will be less hoarding or a combination of both.
I hoard for the time being because I see no real way to spend them. But I do believe that in the future I will, so when that day comes that I want a new vehicle, I can walk into the dealership and make my BTC transfer and be done. Until then, i buy and hold

Or you can just order a vehicle online if you are not in the Kansas area:

http://www.overlandparkjeepdodge.net/index.htm

did i miss something? do they take BTC? if so thats awesome and i live under a rock lol

Yep, they take BTC via BitPay.

bitarrow

full member

Activity: 184

Merit: 100

Quote from: Elwar on April 07, 2013, 05:38:32 PM

Quote from: bitarrow on April 07, 2013, 05:32:18 PM

Quote from: Crazy on April 07, 2013, 05:25:50 PM

This is so funny and sad at the same time. In recent months BTC has seemingly lost its true utility -- a currency -- and has become a speculative asset that provides no utility because if you use it, you'll potentially be leaving money on the table. Amazing Shocked

Everyone start paying with Paypal and Dwolla again Cheesy

we need more bitcoin merchants though. in time, there will be less hoarding or a combination of both.
I hoard for the time being because I see no real way to spend them. But I do believe that in the future I will, so when that day comes that I want a new vehicle, I can walk into the dealership and make my BTC transfer and be done. Until then, i buy and hold

Or you can just order a vehicle online if you are not in the Kansas area:

http://www.overlandparkjeepdodge.net/index.htm

did i miss something? do they take BTC? if so thats awesome and i live under a rock lol

Elwar

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Activity: 3598

Merit: 2386

Viva Ut Vivas

Quote from: bitarrow on April 07, 2013, 05:32:18 PM

Quote from: Crazy on April 07, 2013, 05:25:50 PM

This is so funny and sad at the same time. In recent months BTC has seemingly lost its true utility -- a currency -- and has become a speculative asset that provides no utility because if you use it, you'll potentially be leaving money on the table. Amazing Shocked

Everyone start paying with Paypal and Dwolla again Cheesy

we need more bitcoin merchants though. in time, there will be less hoarding or a combination of both.
I hoard for the time being because I see no real way to spend them. But I do believe that in the future I will, so when that day comes that I want a new vehicle, I can walk into the dealership and make my BTC transfer and be done. Until then, i buy and hold

Or you can just order a vehicle online if you are not in the Kansas area:

http://www.overlandparkjeepdodge.net/index.htm

Mike Christ

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Activity: 1078

Merit: 1003

For now, it's likely to stay as a store of wealth. Once I can make a living earning BTC, and have a steady income of BTC that isn't a pain in the ass to translate from my USD, I'll be much more inclined to spend BTC. Since I plan on turning all my fiat into BTC, whatever I've yet to use, will go to paying off my various debts--makes more sense than getting into BTC, going back to USD, and then paying my debts that way, at least until most merchants accept it.

Crazy

full member

Activity: 182

Merit: 106

Does Bob exchanging his BTC for USD count as a transaction?

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Quote from: Crazy on April 07, 2013, 05:25:50 PM

This is so funny and sad at the same time. In recent months BTC has seemingly lost its true utility -- a currency -- and has become a speculative asset that provides no utility because if you use it, you'll potentially be leaving money on the table. Amazing Shocked

Everyone start paying with Paypal and Dwolla again Cheesy

Is this based upon opinion or do you have facts to back up that claim?

http://blockchain.info/charts/n-transactions-excluding-popular

http://bitcoinmagazine.com/bitpay-processes-5-million-in-march-eclipses-silk-road/

I have not used bitcoins as a currency until recent months.

bitarrow

full member

Activity: 184

Merit: 100

Quote from: Crazy on April 07, 2013, 05:25:50 PM

This is so funny and sad at the same time. In recent months BTC has seemingly lost its true utility -- a currency -- and has become a speculative asset that provides no utility because if you use it, you'll potentially be leaving money on the table. Amazing Shocked

Everyone start paying with Paypal and Dwolla again Cheesy

we need more bitcoin merchants though. in time, there will be less hoarding or a combination of both.
I hoard for the time being because I see no real way to spend them. But I do believe that in the future I will, so when that day comes that I want a new vehicle, I can walk into the dealership and make my BTC transfer and be done. Until then, i buy and hold

ajk

donator

Activity: 447

Merit: 250

only sad if you were a bear 6 months ago and had the opportunity to buy in with a big amount

Crazy

full member

Activity: 182

Merit: 106

This is so funny and sad at the same time. In recent months BTC has seemingly lost its true utility -- a currency -- and has become a speculative asset that provides no utility because if you use it, you'll potentially be leaving money on the table. Amazing Shocked

Everyone start paying with Paypal and Dwolla again Cheesy

bitarrow

full member

Activity: 184

Merit: 100

Quote from: Mike Christ on April 07, 2013, 05:17:44 PM

Quote from: bitarrow on April 07, 2013, 05:15:33 PM

Maybe we arent hoarding bitcoins, but rather getting out of USD

I've had USD in my bank account ever since I opened it. I must be hoarding it, since I am not spending it at whim.

or convert it to bitcoin and join us other hoarders

Topic: What is the deal with hoarding? - page 5. (Read 5016 times)