HODL, HOARD your cypto GOLD! All Hail the Hoarders!

[AtheistAKASaneBrain]

Im holding, as a non developer and non whale there isnt much else that can be done.

[VOR]

you can't be serious

[Possum577]

So you've decided that Bitcoin should be a store of value and not a medium of exchange? Ok, that's fine.

As it stands now, it seems you'd prefer a small group of people (those who are involved with Bitcoin today) hold it only. Not using it prevents new people from becoming introduced to it...it'll remain an insignificant technology novelty. However if it becomes as convenient and common as credit cards or email you'll gain the interest (and use) of the critical mass needed to make bitcoin a legitimate payment option.

You're not wrong in determining that if BTC is a medium of exchange the price volatility will diminish and the price won't rise as easily. You're not wrong that BTC could have great use as store of value. But you ignore the idea of how adoption increases if there's no way to convince the public that Bitcoin has relevance in today's economy. It's medium of exchange attributes prove that relevance. And we rely on that relevance to get the masses to adopt the idea.

[Possum577]

The occasional visit to the bitoinrichlist.com is a good reminder that there aren't even 250k addresses with >1 BTC. We all know everyone has more than one address, so it would be safe to believe there are much less than 250,000 people with >1 BTC. Sure some people could have 0.3 on four different addresses but I think it's more likely that people who split their balance up among multiple addresses have larger holdings.

You mean "much MORE" than 250,000 people with >1 BTC, because people have multiple addresses with less than BTC but added together they total more than 1 BTC.

[BillyBobZorton]

The occasional visit to the bitoinrichlist.com is a good reminder that there aren't even 250k addresses with >1 BTC. We all know everyone has more than one address, so it would be safe to believe there are much less than 250,000 people with >1 BTC. Sure some people could have 0.3 on four different addresses but I think it's more likely that people who split their balance up among multiple addresses have larger holdings.

You mean "much MORE" than 250,000 people with >1 BTC, because people have multiple addresses with less than BTC but added together they total more than 1 BTC.

Even then, im sure people that own 1 BTC is a minority and this will be increasingly happening if the price goes back up and stabilizes.

[turvarya]

So if you want bitcoin to succeed! just hold your bitcoins! dont spend them around! you may feel sad and bad if the 200$  you spent could be worth 1000$ tomorrow and that you threw them away cheaply!

No, no, NO! As a strong bullish long-term Bitcoin believer, I completely disagree 

Even if you consider your bitcoins as long term investment, rather than spending money - what do you think will help raising the value of your precious bitcoins more:

• 1. Hodling your bitcoins and spending USD, thus only stimulating the USD economy
  
  or
  
  

• 2. Spending your bitcoins, thus stimulating the BTC economy, and immediately buying back new bitcoins (on exchange or circle or whatever), thus increasing demand for Bitcoin on the market.

Notice that the end result is the same: you essentially purchased some stuff, lost some USD, and kept your BTC. But with option nr. 2, you're actively helping to raise the Bitcoin price level on two ends: Bitcoin economy AND market demand. I really don't understand why even the most fanatic Bitcoin owners don't seem to get this

Especially if you're a Bitcoin fan, believer, enthusiast, investor, or hodler, SPEND THEM! (And immediately refill your stash of bitcoins by buying new ones with fiat)

By just sitting on your coins, instead of using them, Bitcoin won't grow! Spend them, and buy back at the same time.

I got to be rich to do that..buy an xbox with usd for 300$ or else buy with btc for 600$(to buy equal btc again)

I guess you are really bad at math. So, I give you an example.
Let's assume you bought 10 BTC for USD 1000 each last year.

Now, you want to buy an Xbox.
Scenario 1:
You buy it with fiat.
You spend 300 USD.
(-10.000)+(-300)=-10.300 [USD]
10 = 10 BTC

Scenario 2:
You buy with BTC and replenish. Assume 1 BTC=300 USD
(-10.000)+(-300)=-10.300 [USD]
10-1+1=10 BTC

Have you lost any money in Scenario 2? No
But you have stimulated BTC-economy.
Have you put selling pressure on the BTC-market? No. The merchant has sold 1 BTC, but you have bought 1 BTC, which nullifies:
(-1)+1=0

WHAT? This makes no sense to me. Assume BTC was 10.000 and is now 300? what?

If you buy an Xbox for 300 USD then you are down 300
If you buy an Xbox with 1BTC (worth 300 USD) and then buy 1BTC (at 300USD) then you are down 600.

FUCKING IDIOT

lol
Come on, are you serious?
Check your math. It is really basic.

[oblivi]

Some people has been commentating on the fact they see using BTC for mundane stuff like everyday groceries and whatnot a total waste. I agree. What do I gain? If I was a BTC whale then yes, but if you are another brick in the wall like 99% of us, every satoshi counts into building a decent stack of BTC in hopes it is a success and it gains purchasing power in the future.

[BitNerd]

OP is 100% correct. Bitcoin works as a payment network, sure, but it's really not the best payment network from a practical point of view. What Bitcoin is best at is being a kind of vault for the storage-of-value that has never been seen before. You can keep your millions in your fucking head!

Bitcoins are secured by math and yet so many of you want to use it like a glorified Visa/MasterCard/Amex.

I used to look at a metric called Cost per transaction which is the daily mining revenue over the number of transactions that day. When the Cyprus bubble hit this metric went way up which only proved to me that the value in Bitcoin isn't in payments. You would expect with further use that that number will go down so it can "compete" with Visa, etc. Instead that movement showed that this beautiful thing is a store-of-value first, and a payment network second.

Hold.

I tend to believe more this kind of thinking. Btc's greatest value is as a vault for storage of money away from the dirty hands and eyes of government. Whatever currency people use for transactions, you can buy it with btc and then spend. And you can do that anywhere in the world.

HODL

[odolvlobo]

Be it as it may, bitcoin price can only rise if there is demand for the coin. And demand means hoarding.

There is a difference between holding and hoarding. Demand comes from holding for any period of time, not just hoarding.

[dKingston]

I agree, hoard Bitcoin and price will go up ..

[odolvlobo]

I agree, hoard Bitcoin and price will go up ..

But only until you sell it. Then the price will go down.

[rax]

Be it as it may, bitcoin price can only rise if there is demand for the coin. And demand means hoarding.

There is a difference between holding and hoarding. Demand comes from holding for any period of time, not just hoarding.

But when that period ends and you put your coins for sale you no longer have demand, it just turned into new supply. Thus leaving hoarding as the most pure form of demand.

[tss]

so basically decrease supply and price goes up?  i think i read that somewhere in school.  duh

[Jace]

WHAT? This makes no sense to me. Assume BTC was 10.000 and is now 300? what?

If you buy an Xbox for 300 USD then you are down 300
If you buy an Xbox with 1BTC (worth 300 USD) and then buy 1BTC (at 300USD) then you are down 600.

FUCKING IDIOT

Let me spell it out for you.

Suppose you want to buy an Xbox which is 300 USD.

You have 300 USD in your bank account, and 5 BTC in your wallet.

Scenario 1: you pay the Xbox with dollars. You now have: 1 Xbox, 0 USD, and 5 BTC.

Scenario 2: you pay the Xbox with bitcoins, and you buy back the same amount of bitcoins (i.e. 300 USD worth) on an exchange right away. You now have: 1 Xbox, 0 USD, and 5 BTC.

See the difference in the end result? Now, which scenario do you think will help Bitcoin grow more.

Note that in either scenario, it doesn't matter how cheap or expensive you originally bought the bitcoins. It ONLY matters that you are now spending 300 USD worth of bitcoins (at today's rate) and buying back the exact same amount of bitcoins right away (which will cost you 300 USD, give or take 0.1% exchange fees maybe).

[turvarya]

WHAT? This makes no sense to me. Assume BTC was 10.000 and is now 300? what?

If you buy an Xbox for 300 USD then you are down 300
If you buy an Xbox with 1BTC (worth 300 USD) and then buy 1BTC (at 300USD) then you are down 600.

FUCKING IDIOT

Let me spell it out for you.

Suppose you want to buy an Xbox which is 300 USD.

You have 300 USD in your bank account, and 5 BTC in your wallet.

Scenario 1: you pay the Xbox with dollars. You now have: 1 Xbox, 0 USD, and 5 BTC.

Scenario 2: you pay the Xbox with bitcoins, and you buy back the same amount of bitcoins (i.e. 300 USD worth) on an exchange right away. You now have: 1 Xbox, 0 USD, and 5 BTC.

See the difference in the end result? Now, which scenario do you think will help Bitcoin grow more.

Note that in either scenario, it doesn't matter how cheap or expensive you originally bought the bitcoins. It ONLY matters that you are now spending 300 USD worth of bitcoins (at today's rate) and buying back the exact same amount of bitcoins right away (which will cost you 300 USD, give or take 0.1% exchange fees maybe).

Thank you.
I thought my explanation was retard safe, but I underestimated the retard level of some people in here.

[acquafredda]

WHAT? This makes no sense to me. Assume BTC was 10.000 and is now 300? what?

If you buy an Xbox for 300 USD then you are down 300
If you buy an Xbox with 1BTC (worth 300 USD) and then buy 1BTC (at 300USD) then you are down 600.

FUCKING IDIOT

Let me spell it out for you.

Suppose you want to buy an Xbox which is 300 USD.

You have 300 USD in your bank account, and 5 BTC in your wallet.

Scenario 1: you pay the Xbox with dollars. You now have: 1 Xbox, 0 USD, and 5 BTC.

Scenario 2: you pay the Xbox with bitcoins, and you buy back the same amount of bitcoins (i.e. 300 USD worth) on an exchange right away. You now have: 1 Xbox, 0 USD, and 5 BTC.

See the difference in the end result? Now, which scenario do you think will help Bitcoin grow more.

Note that in either scenario, it doesn't matter how cheap or expensive you originally bought the bitcoins. It ONLY matters that you are now spending 300 USD worth of bitcoins (at today's rate) and buying back the exact same amount of bitcoins right away (which will cost you 300 USD, give or take 0.1% exchange fees maybe).

Interesting...
thanks!
 

[Bitcoinexp]

Holding/hoarding would then antagonize bitoin's idea as an actual currency. I agree with some of the posts here: if you only hold bitcoin and spend USD in the mean time, you're only helping to stimulate fiat currency; if you actually use bitcoin and apply it's use in everyday life, you're actually helping to stimulate bitcoin. Sure, holding could cause scarcity to bring bitcoin's price to the moon, but then it wouldn't hold much value as a trading commodity or currency.

[anonyymi]

i think is important for bitcoin that as many as possible buys more bitcoins.
also spend less bitcoins than you purchase. try to cumulate your wallet.

i think the price can go up to 1usd/bit (=1.000.000usd/btc).

[Bitcoinexp]

i think is important for bitcoin that as many as possible buys more bitcoins.
also spend less bitcoins than you purchase. try to cumulate your wallet.

i think the price can go up to 1usd/bit (=1.000.000usd/btc).

I think you mean 1000USD/bit, 1 bit = 0.001 last time i checked.

[Kazimir]

I think you mean 1000USD/bit, 1 bit = 0.001 last time i checked.

1 bit = 0.001 milliBitcoin = 0.000001 BTC or one millionth of a bitcoin.