Post
Topic
Board Goods
Re: With BTC at an all-time high (what's new), whats the demand for?
by
akspecs
on 09/03/2013, 13:53:28 UTC
I assume any smart miner will stack his newly acquired asic mining coins and not cash them out every day upon payment. If anything the new asics will raise the price, because more people will believe in mining and get into it, and they'll do that by buying BTC and then spending them on miners, especially if Avalon only takes BTC!

You can be right - but this is a statement based on a scenario - on the scenario that miners will save / hoard their bitcoins.  IMHO this has many ill effects.  Whether or not you (hypothetical) as a miner will sell your produced bitcoins, there will be a miner who will. 

My personal insight regarding my mining output and other miner's outputs is sell like crazy when bitcoin is as expensive as it is today.  Not only is this happening, but it SHOULD happen.  Miners are there to make sure that the price of bitcoin doesn't spiral out of control.  They're also there to make sure bitcoin is trading at a fair price.  At the end of the day, honest miners need to pay for electricity.  Electricity payments aren't accepted in bitcoin - yet.