jakelyson
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August 08, 2016, 06:31:47 AM |
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First, by 'spend' do you mean 'send'? Because spending is sending but "sending" is no always "spending"
Well I think it won't happen, because no one will just keep their Bitcoin in one wallet and don't move it anywhere. And if it will actually happen, it won't take a long time because people need to send their Bitcoin.
I think he means an action where there is a transaction between two parties. This can happen if all users are holding their bitcoins for a higher price. It may not be all users, but if significant numbers of users hold their coins, this may affect the price of bitcoin. |
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"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
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setupbounds
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August 08, 2016, 06:48:24 AM |
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Two scenarios:
If no one spends bitcoin, and miners refuse to sell/hoard bitcoin, the price will go up. This is supply restriction.
If no one spends bitcoin, and miners dump on exchanges trying to make ROI, the price will go down. Supply has increased and there is less speculative interest, or demand. This is demand restriction.
This is the beauty of bitcoin however; if the price gets too low, miners will stop mining and difficulty will decrease, enticing more miners to join. Inversely, price gets ahead of itself and miners will dump, bringing the price back down to earth.
I am too sure and I too do hope that it's the supply restriction that's going to happen because it does sound a lot better than the other you stated. But supply restriction is totally different from people not spending IMO. Because, how long some people will be able to hoard, they will start spending it for any simple reasons too. So, long term consequences are not possible form these, I believe. |
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Viscoat
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August 08, 2016, 07:24:34 AM |
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I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again.  If no one spends bitcoin, and there are no other usage, the bitcoin price will be zero. That is the same as other scam coins. |
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piececake24
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August 17, 2016, 12:09:45 PM |
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The bitcoin will collapse and the market will fall for bitcoin
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fravia
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August 17, 2016, 01:20:29 PM |
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I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again. mining would never die in my opinion, then the difficulty would drop a lot and people would mine more coins and sell for cheaper prices, mining would still be around |
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Viscoat
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August 24, 2016, 12:38:31 PM |
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I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again. mining would never die in my opinion, then the difficulty would drop a lot and people would mine more coins and sell for cheaper prices, mining would still be around That is right. The mining will only disappear if the bitcoin is dead completely. That happens to many coins already. |
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2legit2
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August 24, 2016, 08:21:34 PM |
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I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again. thats true, or the price would even go up because people would buy and pump the price up significantly, that would be great |
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Pencila
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September 04, 2016, 05:02:19 PM |
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I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again. thats true, or the price would even go up because people would buy and pump the price up significantly, that would be great To be honest, I do not like the big pump of the bitcoin. Too much volatility is bad for the mass adoption to be a general currency. |
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coindancer
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September 04, 2016, 05:20:59 PM |
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I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again. thats true, or the price would even go up because people would buy and pump the price up significantly, that would be great you can still mine bitcoin even without a transaction. also if you buy a bitcoin there is a transaction involved most of the time. |
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mindrust
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September 04, 2016, 05:27:32 PM |
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There won't be any volume so that means there won't be any or very little sellers. There will be only buyers. Prices go up like crazy to the point madness. Or... people will think that bitcoin is dead and it will go the exact opposite way. But it can't go down since we are told that no one spends their bitcoins. So... Option 2 will not happen. The prices will reach to the moon in that day.
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mk4
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Paldo.io 🤖
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September 04, 2016, 05:31:32 PM |
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Basically I think it would crash since there would be no demand for bitcoins if that would happen.
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20kevin20
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September 04, 2016, 05:35:11 PM |
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Nobody spending Bitcoin would take the price to a very high amount. That would mean people want it, so it would mean it's wanted and rare... That can increase the price a lot.
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johnnyyash
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September 04, 2016, 07:06:27 PM |
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Share your ideas here.  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. 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 The price will go down because people will lose interest in bitcoin if it happens. That is why though it is good to hold bitcoin, it is still hurting its economy if no bitcoin is used for purchase. It is good if there is more merchandisers that will adopt bitcoin so that more will be encourage to use and spend bitcoins. I totally agree with you...if no use of bitcoin the price will decrease and it will lose its value.. |
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abugseuf
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September 04, 2016, 09:12:46 PM |
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for me there are two expectation, one is that bitcoin will dead, and no one will be taking interest in bitcoin and will become devalue for ever, and secondly as there will no one ready to sell bitcoin therefor the demand will increase and so the price of bitcoin will automatically start increasing.
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madwica
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September 05, 2016, 04:48:11 AM |
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for me there are two expectation, one is that bitcoin will dead, and no one will be taking interest in bitcoin and will become devalue for ever, and secondly as there will no one ready to sell bitcoin therefor the demand will increase and so the price of bitcoin will automatically start increasing.
You are correct about your 2 speculation, but the effect is not good to all users, that is why sometimes we need to spend to make the cycle of bitcoin will flow regularly and not to stack and continue to increase the price and that no one will like to invest because of the over value of bitcoin. |
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ObscureBean
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September 05, 2016, 05:06:23 AM |
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I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again. I don't think the price would stay stable for very long, a lot of people would probably start dumping their coins after a while to minimize losses. Why would anyone keep 100's or 1000's of dollars locked up in Bitcoin? All it would take would be for a few people to start selling and before you know it, the price would drop like a stone. |
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Johann Sebastian Bach
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September 05, 2016, 05:53:51 AM |
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I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again. You are correct, in a way, if no one spend bitcoin then the price will be stable the only problem is that the price will be zero. Currency is not supposed to stay still for longs periods of time it needs to move, it needs to be spend, invested or something. |
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PieCrafted
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September 05, 2016, 06:11:09 AM |
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You mean entirely no one spends bitcoin? If the demand keeps growing and its still in par with the supply i guess nothing much would change; the price would just keep gradually increasing and the value of your stored bitcoins would just keep growing.
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btvGainer
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September 05, 2016, 06:18:04 AM |
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Share your ideas here. 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. 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 hereYes i agree to much savings will lead to bitcoin devaluation and it could events become obsolete.As with anything, if you dont use it,it will lose its usability and eventually become useless.I think bitcoin should be in circulation |
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chousbwxx
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September 05, 2016, 06:38:46 AM |
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It will be void and worth nothing if no one spends bitcoin, you know bitcoin is expensive because millions of people use it(at least half million people use it)
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