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Author Topic: Have you started spending rather than hoarding your bitcoins?  (Read 2793 times)
Yakamoto
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July 26, 2014, 06:26:50 PM
 #41

1 - Attract people saying bitcoin price increased by 1 million percent in the fast 4 years, and they can get millionaires if they have some bitcoins.

2 - Complain they don't spend bitcoin, and for this the price is not rising.

Seems some people are doing the wrong propaganda of bitcoin.
Maybe I'm misreading what you're saying, but for #2, hoarding will increase the price, not make it fall.  If you spend bitcoin, I think most merchants will convert it to fiat very quickly, which will lead to a drop in price.

If I'm not misreading OP, he said we need use our bitcoins to bring mass adoption.
Since mass adoption = bitcoin value skyrocketing, he's saying that we need spend bitcoin to make its value rise, at least in the long run, but bitcoin is sold by many people like the investiment with biggest return ever created(the HODL people from the speculation subforum), so there is no incentive to use it(= lose big money in the future).

If no one wants bitcoin, the price will plungue even if everyone just hold it.
Hmmmm, I see.  That is an interesting conundrum.  I'm curious...I've seen many people say that mass adoption => bitcoin value skyrocketing.  I'm not saying that I necessarily disagree, but I don't fully understand the reasoning behind that.  Could you please explain?
I'd say that the value would skyrocket because people would start buying BTC eagerly, at a bit more than it's price (Value at the time is $600, they offer $601, goes up from there), since they think that they can buy anonymously.

It's common with stocks, a stock everyone wants is $10, people offer $11 to get it first, etc.
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CoinsCoinsEverywhere
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July 26, 2014, 06:36:48 PM
 #42

Hmmmm, I see.  That is an interesting conundrum.  I'm curious...I've seen many people say that mass adoption => bitcoin value skyrocketing.  I'm not saying that I necessarily disagree, but I don't fully understand the reasoning behind that.  Could you please explain?
I'd say that the value would skyrocket because people would start buying BTC eagerly, at a bit more than it's price (Value at the time is $600, they offer $601, goes up from there), since they think that they can buy anonymously.

It's common with stocks, a stock everyone wants is $10, people offer $11 to get it first, etc.
That's true for investing, but doesn't mass adoption mean that everyone is using (i.e., buying and spending)?  If that's the case, then we're talking about a lot of people spending what they buy very soon after they buy, which should be relatively price neutral.
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July 26, 2014, 06:39:52 PM
 #43

Seems to me that the next key step for bitcoin is true mass adoption. The day my dad uses it to buy something is the day I know we've made it.

Problem is if everyone is holding rather than spending, I am not sure how we ever get there. I know that there are many people spending, but the main game is still buy and hold expecting profits through price appreciation. My question is is this changing now that the price feels like it is settling down a bit? Does anyone have the stats?

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Seconded, the Parent Adoption will really be a sign of success.

The day my Dad sends me a Motley Fools article about it I'll know we've made it.

DhaniBoy
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September 15, 2014, 04:32:36 PM
 #44

it all depends on how we view bitcoin, if we assume bitcoin as a means of payment it will be better if bitcoin dibelankan to be spent, whereas if bitcoin is considered as something that will have a high value, bitcoin better then backfilled with the expectation value of bitcoin will be much more better future...  Roll Eyes

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kutaka
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September 15, 2014, 07:14:51 PM
 #45

Hoarding is not bad, cut that bullshit please.

Whenever I want to buy something, I check if I can pay with bitcoin in that company or similar, but...

...I am not going to spend my bitcoins left and right only because some dude on the webs want the statistics of bitcoin transaction per day bumped.
cr1776
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September 15, 2014, 07:26:10 PM
 #46

Hoarding is not bad, cut that bullshit please.

Whenever I want to buy something, I check if I can pay with bitcoin in that company or similar, but...

...I am not going to spend my bitcoins left and right only because some dude on the webs want the statistics of bitcoin transaction per day bumped.

+1

When people like it, it is "saving".  When people don't like it, it is "hoarding". 

When someone wants "saving" the "consumer culture" is attacked and people need to spend less; when they want spending, it is "hoarding", people have bought too much and need to do something else with it.


supermine
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September 15, 2014, 11:20:51 PM
 #47

Prices are going to hit $330 this autumn, then $305 ultimately before attemps to reach old higher levels can be made. So sold all my coin.
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September 16, 2014, 06:44:52 PM
 #48

Someone in China is going to know better then us when BTC will rise or fall as they hold so much productive capacity and spare savings?     Speculation alone wont determine a market long term, both 300 and 1300 is possible but I dont think USA or Europe will be why it moves alot

Seems to me that the next key step for bitcoin is true mass adoption. The day my dad uses it to buy something is the day I know we've made it.

Problem is if everyone is holding rather than spending, I am not sure how we ever get there. I know that there are many people spending, but the main game is still buy and hold expecting profits through price appreciation.
I spend BTC when I need something and it does something more useful then keeping cash based on hope.   I hold some 'stock' which pay btc and I'd buy more if I thought their business would increase.  People have to look at both expenditure and earnings as it depends why people are putting cash in BTC.  
Quote
Seems to me that the next key step for bitcoin is true mass adoption. The day my dad uses it to buy something is the day I know we've made it.
I expect that would result in a bull run and when its that common, the standard advice is to sell.   I'd swap some to gold probably and anything unpopular.     When your cab driver starts giving you advice on something, its overdone and the trend is likely soon to end




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giveBTCpls
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September 16, 2014, 08:49:31 PM
 #49

Hoarding is not bad, cut that bullshit please.

Whenever I want to buy something, I check if I can pay with bitcoin in that company or similar, but...

...I am not going to spend my bitcoins left and right only because some dude on the webs want the statistics of bitcoin transaction per day bumped.
Somewhat legit, even tho hoarders only hoard bitcoin because of its continually increasing value, derived from widespread adoption and ever increasing "use" value.

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September 16, 2014, 09:56:44 PM
 #50

I have imposed myself to spend no more than 10% of my btc incomes, the rest is in the hodling cold wallet.

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September 17, 2014, 08:16:41 AM
 #51

I spend it when there are good opportunities to do so
An example was the newegg promo where my coins were given a 20-30% boost from the market value when I used them to purchase products on newegg
Those type of deals offer good returns and sweet deals to get some swag at an effective discount Smiley
OrientA
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September 17, 2014, 10:37:35 AM
 #52

I have spent to buy a motherboard.
halfawake
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September 17, 2014, 01:42:10 PM
 #53

Hoarding is not bad, cut that bullshit please.

Whenever I want to buy something, I check if I can pay with bitcoin in that company or similar, but...

...I am not going to spend my bitcoins left and right only because some dude on the webs want the statistics of bitcoin transaction per day bumped.

+1

When people like it, it is "saving".  When people don't like it, it is "hoarding". 

When someone wants "saving" the "consumer culture" is attacked and people need to spend less; when they want spending, it is "hoarding", people have bought too much and need to do something else with it.

cr1776 is spot on here.  I live in the USA where people, on average, have a terrible savings rate.  Of course, the dollar itself discourages savings through inflation, if you toss your money in a bank account where it'll earn maybe 1 - 2% at best, you won't even be keeping up with inflation.  Obviously, the opposite is happening with bitcoin, though it is much more volatile than the dollar, the long term trend has been consistently upward. 

I consider the saving trend with bitcoin to be an absolute net positive.  Would I spend my bitcoins?  Yes and no.  I'd have to see an attractive deal to justify spending bitcoins personally, and if I did, I'd buy more and spend the new ones rather than saving my investment stash of bitcoins.

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September 17, 2014, 02:10:23 PM
 #54

Bitcoins should be holded, not spent, expecially in this period.
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September 17, 2014, 02:16:59 PM
 #55

I spend them when I need to, mostly digital purchases (liek games). It's very convenient to have part of your savings in something that tangible, so you can spend it anytime.
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September 17, 2014, 03:08:39 PM
 #56

Bitcoins should be holded, not spent, expecially in this period.

If BTC is useless, it is worthless.
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