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by beaner 4412 days ago
Is this myth not dead yet? People spend bitcoin and want to spend it. There is also speculation and hoarding, but no universal law that says you can't do both.

$10 isn't even much to hoard. If the price goes up 10x that's still just $100. This is more like, "Oh, you got our drinks, I'll pay you back in btc!" kind of money.
2 comments
tron657 4412 days ago
How and when did hoarding bitcoin become a myth? Last I checked number of transactions per day was decreasing. And the C2C aspect you describe is unlikely to take off given the ease of cash or tools like Venmo, and lack of availability of bitcoin apps on iOS.

The myth here is that "people want to spend bitcoin." Just take a look at the bitcoin transaction volume merchants are seeing beyond the first few days.

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beaner 4411 days ago
My point was not that hoarding is a myth - my point was that "people will not spend bitcoin, because they will only hoard it" is a myth.

Have you actually talked to people who own bitcoin? They want places to spend it.

> Just take a look at the bitcoin transaction volume merchants are seeing beyond the first few days.

This doesn't really mean anything. First-day enthusiasim can't be held as representative of the greater trend. The greater trend being that more merchants are accepting bitcoin over time, and more bitcoin is being spent on real things.

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baby 4411 days ago
> Last I checked number of transactions per day was decreasing.

Are you looking day to day trends? Because if you step back a little you'll see that transactions have done nothing but increase.

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battani 4411 days ago
https://blockchain.info/charts/n-transactions

We see a decrease since December and otherwise flatlining. And this includes the trading volume that happens on the exchanges which has increased.

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baby 4411 days ago
Only if you compare it to the peak of December, otherwise it's clearly rising.
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darksim905 4411 days ago
It's not a myth because it's true. There are so many people holding on to it as investments that it's not even funny. There are people making so much money off of bitcoin it's ridiculous.
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beaner 4411 days ago
I was saying that the myth is that people don't want to spend bitcoin.
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