[eksith]

I remember that crash. A couple of those people were freaking out. And I think your price estimate is correct.

I'd much rather they start spending them within the BTC economy than cashing in for "real" currency instead. The biggest hurdle for BTC isn't even the hoarding, it's that they hoard just because it's still not seen as a real alternative by most folks so they're waiting for the "realization, spike" in prices (I don't think we're there yet).

Few people these days actually hoard cash; instead, they invest in commodities or companies. But these people are hoarding for the value of the currency itself. It's like gold all over again.

I must confess though, the first time I heard about BTC, I did take it for just a very elaborate ponzi scheme. The irony is that the hoarding may, if left unchecked, turn it into exactly that.