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Author Topic: What are all these coins being spent on?  (Read 4941 times)
FreeMoney
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May 15, 2011, 08:30:58 AM
 #21

The problem now is with the huge appreciation in value of bitcoins, nobody will use them as a currency since they make a better investment.  People will hoard them until the price stabilizes.

Eventually greed will set in, and people will begin to sell faster than buyers come in.  And then the fun ensues.

How is it greedy to sell bitcoins for dollars? That seems like the conservative play. Let it ride is where the greed is.

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goatpig
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May 15, 2011, 08:34:57 AM
 #22

The problem now is with the huge appreciation in value of bitcoins, nobody will use them as a currency since they make a better investment.  People will hoard them until the price stabilizes.

Hoarding reduces supply. If anything it helps the price soar.

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May 15, 2011, 09:31:50 AM
 #23

Hoarding reduces supply. If anything it helps the price soar.

Only when there are no substitutes.  China hoarding rare earth metals only prompted the US to develop it's own mines.  Hoarding gold meant that copper was used as a substitute.  Hoarding copper meant that plastics and aluminum were developed as substitutes.

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May 15, 2011, 08:26:12 PM
 #24

Hoarding reduces supply. If anything it helps the price soar.

Only when there are no substitutes.  China hoarding rare earth metals only prompted the US to develop it's own mines.  Hoarding gold meant that copper was used as a substitute.  Hoarding copper meant that plastics and aluminum were developed as substitutes.

Interesting, it seems to me that the best thing for the currency would be to spend it.  Being as I have purchased a good sum of them in addition to my mining operation it is likely I will change some for USD or Euro (CAD ??) at some point, but I would prefer they to spend them given enough bitcoin accepting products or services are offered.

kiba
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May 15, 2011, 11:48:01 PM
 #25

I spend bitcoins on production and translation of new contents.

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May 16, 2011, 12:05:50 AM
 #26

The problem now is with the huge appreciation in value of bitcoins, nobody will use them as a currency since they make a better investment.  People will hoard them until the price stabilizes.

Hoarding reduces supply. If anything it helps the price soar.

Right, and when it soars, the hoarding eventually comes to an end since someone has enough money to actually buy something substantial.  But that essentially grows the supply by a huge amount, which drives the price right back down.  What happens then is where it gets interesting.  Either everyone else gets scared by the drop and jumps in, driving it down more, or buyers take advantage of the dip and buy it back.  So we either stabilize or go on these crazy oscillations.
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May 16, 2011, 01:18:17 AM
 #27

I made changes to my site to put bitcoin front and center as a purchasing option.

...

Big cheer!  Actions like yours are really the backbone of Bitcoin's success, far more so than mining or speculating.

Thank you.  My humble goals are to sell my remaining units in bitcoin and (the real trick) to convince my fabricator to accept BTC for the Christmas order in August.  Convincing the factory shouldn't be a problem but it would would require a bigger order.

I'm looking forward to the brave new world of working with the digital equivalent of gold bar shavings.  :-)

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mewantsbitcoins
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May 16, 2011, 01:50:58 AM
 #28

Hey TradersEdgeDice,
Why don't you start a thread in marketplace and see how many people would like to buy this set. Maybe we could get enough people for your August order. You can count me in as your first customer. I could even send you bitcoins in advance
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May 16, 2011, 02:15:44 AM
 #29

Those do look really nice, I don't suppose you could get them to make a set with a bitcoin logo on the dice.

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May 16, 2011, 02:17:00 AM
 #30

Those do look really nice, I don't suppose you could get them to make a set with a bitcoin logo on the dice.

That's exactly what I was thinking.
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May 16, 2011, 09:05:42 AM
 #31

well considering im new to bitcoins and have only acquired about 0.75 btc from mining i haven't spent them on anything. I do plan on betting on an upcoming UFC fight if i can make it up to 1 btc by then. after that.. idk there are a lot of services available its pretty amazing, im very glad i found out about btc before it was too late (wish i would have been here when the price was much lower tho). I dont think I would cash in unless i had over 100 btc to spare because I would rather trade em for goods in my mind its an alternative to $ not a way to get $.

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TradersEdgeDice
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May 26, 2011, 01:46:23 AM
 #32

I know it's OT but I rediscovered this thread just now.

Yes, they're nice.  They have a great weight as they are solid aluminum.

The general plan is to replace one of the symbols with a bitcoin logo.

Not sure which symbol to replace with BTC.

I could make a political statement and replace "$" with the BTC symbol.  :-)

The other direction I can take with the August order is to risk going against the platonic form of "dice" and make an eight sided die.

The extra two sides can be homes for the rupee and the BTC. India introduced an interesting looking symbol last year.


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bitcoinBull
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May 26, 2011, 06:05:26 AM
 #33

The majority is being spent on dollars, or said differently, sold on MtGox.

Just did a record $400,000 USD in volume yesterday.

Which was the total bought & sold on MtGox.  More buyers than sellers, which drives the price up.

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May 26, 2011, 12:57:14 PM
 #34

well considering im new to bitcoins and have only acquired about 0.75 btc from mining i haven't spent them on anything. I do plan on betting on an upcoming UFC fight if i can make it up to 1 btc by then. after that.. idk there are a lot of services available its pretty amazing, im very glad i found out about btc before it was too late (wish i would have been here when the price was much lower tho). I dont think I would cash in unless i had over 100 btc to spare because I would rather trade em for goods in my mind its an alternative to $ not a way to get $.

well, betting on UFC fits. take a look at my signature Smiley

I've seen more traffic as the price keeps rising, so gambling is an active part of the economy and I wouldn't call it hoarding.

http://BTCSportsBet.com - The most complete bitcoin Sportsbook - All games from pro and college sports, Champions League, E-Sports, and reduced juice as well!
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June 01, 2011, 01:34:45 AM
 #35

You could just pull out all the stops and do a 20 sided die.

TradersEdgeDice
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June 01, 2011, 02:51:25 PM
 #36

You could just pull out all the stops and do a 20 sided die.

There are only so many original currency designs.

Most are variations of the pound and the dollar.

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davilla24c
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June 01, 2011, 09:46:24 PM
 #37

 Smiley Smiley Smiley

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cloud9
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June 01, 2011, 09:52:02 PM
 #38

This would be nice if people can use it in this way:

Typical joe/jane:  I can't wait for a facebook application that allows me to transfer to my friend with my blackberry with btc's to make up for my share of the bill at the restaurant.  The app writer, as well as the person who referred me to this convenient method to transfer btc's to my friend can take a small fee on the transaction - as well.  I'm not interested in running a client - because i don't even mine on my blackberry.  I just want to give to my friends sometimes, easily on facebook with no complicated addresses - just want to click on their facebook names please and add number of bitcoins!!!

Joe now likes Jane
Joe sent Jane 0.3 bitcoins
Jane poke Joe

Disclaimer:  Postings of Cloud9 are only individual views of opinion and/or musings and/or hypothesisses.  On a non-authoritative, peer-to-peer public forum, you do not need permission from Cloud9 to derive your own conclusions or opinions, so please do.  Calculations and assumptions to be verified.
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