Do you plan to get out of bitcoin?

[Melbustus]

Actually, as of today I have more Bitcoin than ever before. I don't plan on selling any time soon either.

Watch out. Willem Buiter just told us Bitcoin has no intrinsic value 

Yeah. And in thinking that the term "intrinsic value" is meaningful, revealed himself as a weak-thinker.

[Razick]

Actually, as of today I have more Bitcoin than ever before. I don't plan on selling any time soon either.

Watch out. Willem Buiter just told us Bitcoin has no intrinsic value 

Intrinsic value is not as important as people think it is. Gold is often used as an example of a medium of exchange with intrinsic value, but most of it's value is a result of perceived value. Much of this perceived value is a result of the same quality that Bitcoin possesses: It is a good store of value.

[mmortal03]

"Do you plan to get out of bitcoin in the next 3 months with at least 70% of your holdings if you see no price increase?"

No, but I might have to in five months.

[xxxgoodgirls]

I just change a % of my month income from $ to BTC.
Did not planned to get out soon, I consider BTC a nice asset.

[redsn0w]

I just change a % of my month income from $ to BTC.
Did not planned to get out soon, I consider BTC a nice asset.

Great technique , I think to do the same but at the moment I'm "convert" only the btc that I need do use ( nothing more).

[bitebits]

The blockchain gives the answer to your question OP, and the answer is no:

[fewcoins]

This post is pointless on this forum since most will continue to buy even when BTC is approaching 0.0001

[ask]

I already posted this link in the wall observer thread, but nobody cared about the gist of it.
70% of the November 2013 bagholders' coins (mostly in China) are still waiting, could be dumped when owners lose hope.
http://www.coindesk.com/analysis-around-70-bitcoins-dormant-least-six-months/

when people lose hope you know it's the time to buy. I'll happily buy bitcoins at below $100 from the bag holders. Then I'll sell the same bitcoins for the same bagholders when 1BTC is $10,000

You're an idiot if you think bitcoin would recover from a crash to below $100 all the way up to $10K.  If it would recover at all.

it will recover even if it crashes to $10 because I can see the potential the bitcoin protocol has. It seems that you can't see the true value of bitcoin.

Below 100 allowing you to buy in cheap then to the moon right? Hilarious that fail to see value here (at the market price) yet in the same breath think it is revolutionary.

Greed is stronger than rational mind

[seleme]

I will at 2-3k. But not all of course.

[redsn0w]

I will at 2-3k. But not all of course.

How much do you want to sell if the price will arrive to 2-3k dollar ?

[onemorebtc]

I am a delusional crypto-anarchist.

I will never sell.

+1
thats the spirit and same here

[Nerazzura]

Do you plan to get out of bitcoin in the next 3 months with at least 70% of your holdings if you see no price increase?

probably not. I never buy bitcoin currency. so even if prices did not rise was not very influential. within the next 3 months I am sure there will be a new thing here. and it will be more interesting

[fewcoins]

Exactly, that's the great thing about technology... Someone with use the good things from bitcoin & merge it with real money and better newer currencies!

[dinofelis]

Yeah. And in thinking that the term "intrinsic value" is meaningful, revealed himself as a weak-thinker.

Well, you can define "intrinsic value" as the value an asset would have on the market, if it was only produced, traded and exchanged for the purpose of using it as a consumption good or as a capital good (capital as in production capital), and not as a store of value of any kind.

Bitcoin has no intrinsic value at all, and gold has only a very limited intrinsic value: to make jewelry (in as much as it is only used to be worn as jewelry, and not as an investment or store of value), and a few industrial uses.  Fiat has no intrinsic value either.

The total market value of an asset is the intrinsic value combined with its speculative value as a monetary asset.  For bitcoin and fiat, the total market value is entirely made up of the speculative value.  For gold, it is mainly made up of the speculative value.

But you could think that in primitive economies, cereals could be not only food, but also an intermediate exchange good (money).  As such, a certain quantity of cereals would then be held purely for monetary reasons, which would make their demand higher on the market than if it would only be demanded to make food.  The price increase due to the extra demand for monetary reasons, is the speculative monetary value ; the market price if the demand were only for making food, would be the intrinsic value.

It is a good thing that money has no intrinsic value ; because due to the monetary function, the market price is higher than the intrinsic value, which would damage the real use of the asset.  If cereals would have a very high monetary price, everybody would hoard them, and people would starve because cereals would become too expensive to make food of.

[bassclef]

No, I'm buying more. Professionals are accumulating silently. The signs are there in the charts if you know how to look for them and understand how smart money operates. These are the cheap coins, my friends. If you're lucky you'll see $300 one more time but don't count on it.

[Melbustus]

Yeah. And in thinking that the term "intrinsic value" is meaningful, revealed himself as a weak-thinker.

Well, you can define "intrinsic value" as the value an asset would have on the market, if it was only produced, traded and exchanged for the purpose of using it as a consumption good or as a capital good (capital as in production capital), and not as a store of value of any kind.

Yes, we can get semantic about it. The point is that he fails to consider where money's value actually comes from.

Bitcoin has no intrinsic value at all,

Well, you could argue that it's useful for storing data in a robust way, or things along those lines. Turns out that memory function is a superset of money, so...

and gold has only a very limited intrinsic value: to make jewelry (in as much as it is only used to be worn as jewelry, and not as an investment or store of value),

Szabo and Wences Casares (among others) make the point that we only used gold as jewelry *because* it was monetarily valuable, so that mucks with the idea of jewelry being an "intrinsic" use for gold.
http://szabo.best.vwh.net/shell.html
http://www.youtube.com/watch?v=NERAN-89j8M

It is a good thing that money has no intrinsic value ; because due to the monetary function, the market price is higher than the intrinsic value, which would damage the real use of the asset.  If cereals would have a very high monetary price, everybody would hoard them, and people would starve because cereals would become too expensive to make food of.

Yes, fully agree. Gold is a reasonable example. It'd be used in electronics more if it wasn't so damned expensive (with most of the expense coming from the investment demand). So society would be able to allocate resources more efficiently if there was an alternative to gold that had all of gold's properties but was nearly useless for industrial purposes.

[Erdogan]

The nice thing with local exchanges and localbitcoins, is that the coins are now hyper liquid. So I can drain down my bank account to a bare minimum, still I have fiat not far away if need should arise.

[catena5260]

no

I don't give up on things that give me money, you know
Might not put more money on it though

[mmortal03]

Szabo and Wences Casares (among others) make the point that we only used gold as jewelry *because* it was monetarily valuable, so that mucks with the idea of jewelry being an "intrinsic" use for gold.
http://szabo.best.vwh.net/shell.html
http://www.youtube.com/watch?v=NERAN-89j8M

When the ladies start wearing bitcoins formed into jewelry, then I'll buy into that argument, lol.

[cbeast]

Szabo and Wences Casares (among others) make the point that we only used gold as jewelry *because* it was monetarily valuable, so that mucks with the idea of jewelry being an "intrinsic" use for gold.
http://szabo.best.vwh.net/shell.html
http://www.youtube.com/watch?v=NERAN-89j8M

When the ladies start wearing bitcoins formed into jewelry, then I'll buy into that argument, lol.

Show me a lady that doesn't want money.