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Author Topic: You would be crazy to spend bitcoins when its rising so much in value  (Read 2756 times)
odolvlobo
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April 09, 2013, 11:58:06 PM
 #21

a week ago http://www.huffingtonpost.com/2013/04/03/bitcoins-bubble-porsche_n_3009313.html this person sold a porsche for some coins.

in only a week, that person could now go and buy 2 porsches for those coins.

By your logic, you would never buy a car because you could always get it cheaper if you waited. Would you go without food because you could always buy it tomorrow for less?

Have you  bought a computer or a phone lately? By your logic, that was crazy because if you wait a year the price will drop by 1/2. How do you justify your action?

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Bit_Happy
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April 09, 2013, 11:59:49 PM
 #22

I have seen this said a few times "you would be crazy to spend it when its rising so much in value".

I do not understand this. Sure, at face value thinking that you have X Bitcoins today that are of value Y, why would you get rid of X Bitcoins today when tomorrow their value will be 2Y?

But then how do you spend money? Do you keep fiat currency and spend that? That makes even less sense! Why keep fiat currency?

If you hold Y dollars that are worth X Bitcoins that will tomorrow be worth .5X Bitcoins, why have dollars?

My contention is that most of us are paid in dollars. We all have to pay for things. The best possible scenario for you would be to convert your dollars to bitcoins as quickly as possible and then use it for spending.

Otherwise, if you get paid and then wait a week to spend your fiat, then you have just lost a week worth of value gain.

You would be crazy to spend dollars when having dollars to spend in the first place is crazy.

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April 10, 2013, 12:58:50 AM
 #23

Is a rising "bitcoin price" measured in dollars or goods equal to a falling "goods price" measured in bitcoins?
If so, we can simply look at falling "goods prices" measured in USD to see if people will hoard forever.

Computer parts are constantly getting cheaper. This means the "dollar price" measured in computer parts is rising. Do we hoard dollars forever? No, we buy computers even though they will be cheaper later.

QED.

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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