Bitcoin Forum
November 21, 2017, 07:59:37 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Circulated or Hoarded?  (Read 680 times)
AndyPhillips
Newbie
*
Offline Offline

Activity: 7


View Profile
April 02, 2013, 05:15:12 PM
 #1

Do you think BitCoins are being spent or are the vast majority of them being hoarded?
1511294377
Hero Member
*
Offline Offline

Posts: 1511294377

View Profile Personal Message (Offline)

Ignore
1511294377
Reply with quote  #2

1511294377
Report to moderator
1511294377
Hero Member
*
Offline Offline

Posts: 1511294377

View Profile Personal Message (Offline)

Ignore
1511294377
Reply with quote  #2

1511294377
Report to moderator
1511294377
Hero Member
*
Offline Offline

Posts: 1511294377

View Profile Personal Message (Offline)

Ignore
1511294377
Reply with quote  #2

1511294377
Report to moderator
Join ICO Now Coinlancer is Disrupting the Freelance marketplace!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511294377
Hero Member
*
Offline Offline

Posts: 1511294377

View Profile Personal Message (Offline)

Ignore
1511294377
Reply with quote  #2

1511294377
Report to moderator
1511294377
Hero Member
*
Offline Offline

Posts: 1511294377

View Profile Personal Message (Offline)

Ignore
1511294377
Reply with quote  #2

1511294377
Report to moderator
Kazu
Full Member
***
Offline Offline

Activity: 168


View Profile
April 02, 2013, 05:30:06 PM
 #2

Circulated: http://blockchain.info/block-index/370308/0000000000000081b882c83bb48d18332f83c3676b1cff34c9b1339ccf4a99fb

If I recall there was one yesterday almost 7 times that size.

CoinLenders - Bitcoin Bank Script / Demo
1v.io/kazu - 15ccW7m6RxDFWEKc3P1NdwWpX1N1pU7gZ8
fredtrader
Jr. Member
*
Offline Offline

Activity: 56


View Profile
April 02, 2013, 05:33:07 PM
 #3

The amount of bitcoin circulated has always been a very small proportion of the total bitcoin in existence. I think it is a combination of people hoarding and bitcoin being lost through people that either lose their wallets or just deleted them due to being of low value (imagine if you used bitcoin for a single transaction and have 0.001 left and can't use it for anything).

Gator-hex
Hero Member
*****
Offline Offline

Activity: 490


View Profile
April 02, 2013, 06:09:54 PM
 #4

Hoarded.  

Who in their right mind spends money that will buy more tomorrow than it does today.

With the exception of spending it on a money printing machine.

Poor velocity always kills hard money systems in the end. Wink

Lethn
Legendary
*
Offline Offline

Activity: 1484



View Profile WWW
April 02, 2013, 06:12:39 PM
 #5

This argument has been going on for months and I doubt it will end any time soon.
Kazu
Full Member
***
Offline Offline

Activity: 168


View Profile
April 02, 2013, 06:42:32 PM
 #6

Who in their right mind spends money that will buy more tomorrow than it does today.
Because people want stuff today, not tomorrow?

Have you ever bought a piece of technology, like, ever?

CoinLenders - Bitcoin Bank Script / Demo
1v.io/kazu - 15ccW7m6RxDFWEKc3P1NdwWpX1N1pU7gZ8
Lethn
Legendary
*
Offline Offline

Activity: 1484



View Profile WWW
April 02, 2013, 06:47:09 PM
 #7

Not to mention there's places like Bitspend now.
yolo2222
Full Member
***
Offline Offline

Activity: 168



View Profile
April 02, 2013, 06:52:29 PM
 #8

at least 80 % are being spend everyday...


only the rest are being hoarded. Do some research please. Cheesy

Stephen Gornick
Legendary
*
Offline Offline

Activity: 2324



View Profile
April 02, 2013, 07:07:04 PM
 #9

Do you think BitCoins are being spent or are the vast majority of them being hoarded?

Neither.  Most are purchased and saved.   They are being saved to pay for future consumption.   Or as a simply speculative buy.

That is not hoarding.  

That also isn't necessarily a problem.

If bitcoins were not divisible, and there were only 11 million that could exist, then you'ld have a problem.

But instead of paying 1.0 BTC for a quick meal I now pay 0.1 BTC for it, the higher valuation doesn't limit me from being able to use them for my spending.

Because I can acquire more coins easily (with a bank transfer, sent to an exchange, for the cost of $0.25 per transaction using Dwolla, then 0.6% at my exchange) I'm not worried about using my coins for my spending.

But volatility is not good for a currency, so where a problem is introduced is when the exchange rate stops rising and those speculating on bitcoins start to dump.  Each sell puts downward pressure on the exchange rate which incents others to sell.

So that's why bitcoins need to circulate as part of commerce using the coins as a currency rather than just seeing Bitcoin used as a trading vehicle for speculators.

yvv
Legendary
*
Offline Offline

Activity: 1330

Moirai Pre-ICO starts on 28.10.2017


View Profile WWW
April 02, 2013, 07:08:04 PM
 #10

at least 80 % are being spend everyday...


Proof, please?

         ▀█████▀
▀▄         ███         ▄▀
  █▄       ███       ▄█
   ██      ███      ██
    ██     ███     ██
    ▀██▄▄  ███  ▄▄██▀
      ▀███████████▀
         ▀▀███▀▀
           ███
           ███
           ███
           ███
         ▄█████▄
.MOIRAI.
  ██████
██████
█████
███
███
███
███
███
███
███
███

██████
██████
  █████
      ███
      ███
      ███
      ███
      ███
      ███
      ███
        ███

    ▄█████
    ██████
    ███▀
    ███
███████
███████
    ███
    ███
    ███
    ███
    ███

█▄                ▄████▄
██▄             ███████▄▄▄
▀███▄▄      █████████▄
  ▀███████████████▀
▀████████████████
    ▀█████████████
  ▀█████████████
      ▀▀█████████
    ▄▄████████▀
██████████▀
    ▀▀▀▀▀

                              ▄▄██
                        ▄██████
                  ▄████▀▀███
            ▄█████▀  ▄████
      ▄██████▀  ▄██████
▄███████▀  ▄████████
  ▀▀▀▀███    █████████
            ██    █████████
            ▀█  ▄█▀    ▀████
              ██▀            ▀██
Kazu
Full Member
***
Offline Offline

Activity: 168


View Profile
April 02, 2013, 07:13:07 PM
 #11

If I had a ton of money, I'd just pick some value (like $100.01 USD) and just buy as many bitcoins as I can at that price during a "crash." Not only would I get a ton of bitcoins slightly cheaper than they are currently, but I'd also potentially cause price stability (if I had enough money) causing bitcoins to be more trusted, thus potentially more widely accepted in the future, thus more money for me because I just bought a ton of bitcoins at $100.01 USD.

TBH I'm surprised there isn't at least 1 exchanger already doin this.

CoinLenders - Bitcoin Bank Script / Demo
1v.io/kazu - 15ccW7m6RxDFWEKc3P1NdwWpX1N1pU7gZ8
Aahzman
Hero Member
*****
Offline Offline

Activity: 602


Your *what* is itchy?


View Profile
April 02, 2013, 07:13:19 PM
 #12

mine are all workin.
yvv
Legendary
*
Offline Offline

Activity: 1330

Moirai Pre-ICO starts on 28.10.2017


View Profile WWW
April 02, 2013, 07:14:14 PM
 #13

Circulated: http://blockchain.info/block-index/370308/0000000000000081b882c83bb48d18332f83c3676b1cff34c9b1339ccf4a99fb

If I recall there was one yesterday almost 7 times that size.

This does not tell you much. Ok, there is a transaction every few seconds, many of which are Satoshi dice, but what are the others is not clear. Are people spending btc to buy something or are they just send newly mined or bought btc to their offline wallets?

         ▀█████▀
▀▄         ███         ▄▀
  █▄       ███       ▄█
   ██      ███      ██
    ██     ███     ██
    ▀██▄▄  ███  ▄▄██▀
      ▀███████████▀
         ▀▀███▀▀
           ███
           ███
           ███
           ███
         ▄█████▄
.MOIRAI.
  ██████
██████
█████
███
███
███
███
███
███
███
███

██████
██████
  █████
      ███
      ███
      ███
      ███
      ███
      ███
      ███
        ███

    ▄█████
    ██████
    ███▀
    ███
███████
███████
    ███
    ███
    ███
    ███
    ███

█▄                ▄████▄
██▄             ███████▄▄▄
▀███▄▄      █████████▄
  ▀███████████████▀
▀████████████████
    ▀█████████████
  ▀█████████████
      ▀▀█████████
    ▄▄████████▀
██████████▀
    ▀▀▀▀▀

                              ▄▄██
                        ▄██████
                  ▄████▀▀███
            ▄█████▀  ▄████
      ▄██████▀  ▄██████
▄███████▀  ▄████████
  ▀▀▀▀███    █████████
            ██    █████████
            ▀█  ▄█▀    ▀████
              ██▀            ▀██
yolo2222
Full Member
***
Offline Offline

Activity: 168



View Profile
April 02, 2013, 07:31:23 PM
 #14

Are you guys for real?

I bought 2 bitcoins for tryout yesterday, but have been watching this for 2 years now.

Do you guys have anyclue how much money is being used now for services where you can buy amazon stuff f.e.? There website was down the first day!

And guys, my cousin showed me this Silkro ad Website, if you can calculate and look at the amount of feedbacks and stuff you can see that a couple of hundred millions are flying through there everyday. Its insane! But I think its better for our future generation of kids as we minimize drug crime rate! Just think about it for a second. Not only do we have HUGE problems throughout the whole EU because big family clans control the drug trafficking and these guys have no problem with using horrible cutting agents just to maximize their profit. They do not care a single penny about the health of humankind. I am in no way supporting the usage of drugs, especially not for minors but please think about my arguments for a second before you judge.

I love bitcoin and cant wait until i can pay at the airport and supermarket with my mobile phone. not having to carry around a wallet with my credit card!


 Smiley

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!