[clin_]

Congratulations, you found a semantic exception but missed the entire point. The point is that it's not just some people hordeing money. The fact that ratio of spending has not grown proportionately with BTC value suggests that recent demand for BTC is almost entirely speculative.

Sorry if this is kind of a nasty reply, but I'm really tired of people with no comprehension of how money functions being in denial about their pet technology.

[waterlesscloud]

Ironically, anyone who doesn't understand how economies can function with multiple currencies which have different characteristics has little to no comprehension of how money works.

Or much of economic history, for that matter.

[clin_]

You're awfully presumptuous.

The global economy functions with many, many different currencies, nearly all of which are managed by a central bank. It's widely accepted that currencies are best that which are regionally segmented, because the qualities and monetary needs of different economies tend to vary locally. See wikipedia on Optimal Currency Area.

Thus, we consider individual currencies on a case by case basis. By almost every conventional and widely-accepted measure, bitcoin is a terrible currency with little chance of remaining stable. a.) it's region agnostic b.) hugely speculative c.) inelastic, practically constant supply d.) difficult to centrally manage.

Please, tell me more about economic history.