What is the deal with hoarding?

[Elwar]

Why are people so worried about people "hoarding" bitcoins?

Is it because you think that there will be no more bitcoins left to spend?

Is it because you think we should all be spending all of our money?

Is it the 1% thing?

Do you think it is a huge conspiracy to later crash the price and destroy Bitcoin?


There are almost 11 million bitcoins out there. Even if there were only 100 bitcoins (less than created in the last hour), those 100 bitcoins could be used to run a small economy with the fact that each bitcoin is 100,000,000 satoshi. And if you are so worried about that, gather up at least 100 bitcoins for that purpose.

If you are worried about us not spending bitcoins, the more money that goes into the bitcoin economy, the larger the bitcoin market will be and the more incentive for someone to tap that huge market. How many technology pitches start with "X is a billion dollar a year industry...". Look at the video game market, millions are spent to get kids to come off of a few bucks to buy some game or another. Competing companies vying for the larger piece of the pie. People will spend their bitcoin. And if it turns us all into savers instead of spenders, then all the better. How much is consumer debt these days?

The 1% thing? Are you worried that only a few people will have control over the whole Bitcoin economy and be able to control things like the huge corporations and banks do now? The best way to prevent that is to start hoarding yourself and get as many other people to hoard as well.

Or is it all about crashing Bitcoin? The old pump and dump argument. Is everyone working together on this? Because I never got the memo. Bitcoin has hardly scratched the surface of adoption. If someone wants to dump their bitcoin, there are tons of people in line to buy at cheaper prices daily. Let them dump into our waiting wallets.

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[Krabby]

All I know is that monopoly is bad.

[bitarrow]

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

[ajk]

good luck hoarding now unless your a 1%'er

early adopters a while ago are the true ones that benefited, heres the thing about hyperinflation

the only people negatively effected are the ones who got in late and cant buy for cheaper, anyone else who got in earlier could give a crap less about hyperinflation

the rich just get richer

[Mike Christ]

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.

[bitarrow]

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

[Crazy]

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 Everyone start paying with Paypal and Dwolla again

[ajk]

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

[bitarrow]

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 Everyone start paying with Paypal and Dwolla again

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

[Elwar]

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 Everyone start paying with Paypal and Dwolla again

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.

[Crazy]

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

[Mike Christ]

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.

[Elwar]

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 Everyone start paying with Paypal and Dwolla again

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

[bitarrow]

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 Everyone start paying with Paypal and Dwolla again

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]

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 Everyone start paying with Paypal and Dwolla again

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]

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 Everyone start paying with Paypal and Dwolla again

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

[Crazy]

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

[Elwar]

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.

[mestar]

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 Everyone start paying with Paypal and Dwolla again

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?

[600watt]

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 Everyone start paying with Paypal and Dwolla again

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.