Quote:
Originally Posted by fluorescenthippo
I don't buy that hoarding is better than spending. If everyone hoards because they think the value will go up, but no one uses it, then eventually it'll just crash. Hoarding so the price goes up just creates a bubble. It also leads to the large price swings.
That's why I never bought gold. The idea was that everyone should buy gold, and bury in under their beds and just wait for it to go up because everyone else would do the same thing.
I know that bitcoin needed a certain market cap, and the publicity of a high value and that was created by hoarding, but right now I think there is plenty of hoarding. Making bitcoin useful and used is the way that bitcoin will move onto the next level.
That said, that is what seems to be happening, more companies are accepting it, more people are using it, it's utility is increasing.
Though, of course, all I plan to do is hoard. But if it looked like that was everyone else's plan then I wouldn't be getting into the currency.