Quote from: phishead on September 24, 2015, 09:13:43 PM

Quote from: bitcoinluv79 on September 24, 2015, 09:06:46 PM

No it won't kill the economy...it's similar to if you were hoarding a bunch of cash instead of letting it sit in a bank...
I mean it's not exactly the same, considering cash can be made instantly and out of thin air (as "credits" like banks do)

That's exactly what I was trying to get at...

Since we know that there can only be 21 million btc ever in the world, and people have already lost up to an estimate of 1-2 million btc already... since more and more people are hoarding their btc's, that would mean an even less amount of the total amount of btc's out there would exist.

When you give the example of a person hoarding cash in a safe, that isn't an entirely acceptable analogy, because the Fed can literally just print out new notes and life will go on... I see it differently with bitcoins.

Bitcoins aren't always kept unused when stored in a cold storage, hardware and paper wallets are there to provide more security against malware theft. Bitcoin can also be lost if a private key gets lost or someone send the Bitcoin to an address like this. If there is a shortage of Bitcoin, the smallest denomination of Bitcoin can be changed to include more decimals. If needed, a hardfork can be done to increase the total possible amount of Bitcoin, this needs the agreement of the miners and everyone using Bitcoin.