What it is curious and I am quite scared to find out is the reaction that all those big name vendors that see their sales having less and less value as BTC keeps on its way down unless they are real time updating their price tags, which on the other side must be annoying.
Will we see, but I am just hoping this is a market manipulation forcing prices down so a bunch of people can come in cheap as the new ETFs launch, combined with a strong USD trend.
Eth.
merchants (vendors) dont care. honestly they dont
bitpay for instance does not grab fiat from exchanges. they have private investment people pumping them banknotes. so bitpay does not even need to touch an exchange, so bitpay doesnt care either as their risks are low/none.
as for the vendor.
when a vendor that has a customer, the vendor types in the dollar total of sale and the customer pays the amount of bitcoin. the vendor, then recieves the dollar amount they typed in. places like bitpay and coinbase have a 'lock-in' promise so vendors get paid the fair amount. whether a $10 t-shirt costs 0.025btc or costs 0.0001btc or costs 2btc.. the vender types in $10 and gets out $10. to most vendors the bitcoin part is just a gimmick.
as for the overstock/dell vendor that is hoarding bitcoins. 2 months ago $600 laptop would have only got them 1bitcoin. now they are receiving 2 bitcoins for that exact same laptop. they are happy.
as for miners. out of the 3600 coins produced a day, estimates are that only 600 is cashed out to fiat. the rest is hoarded. and of that 600 cashed out very little of it is done on the public crappy exchanges.
example of 2 separate miners on different block rewards
https://blockchain.info/address/19vvtxUpbidB8MT5CsSYYTBEjMRnowSZj4~6000 coins earned from mining
~5000 coins NOT SPENT
https://blockchain.info/address/1GcF7j3YH8Qs8hvNEe7zbrQZftMU6sRLfu~5000 coins earned from mining
~3500 coins not spent