Quote from: Vector on June 06, 2011, 01:51:39 AM

That's the point of this thread though.

It only makes sense to spend your BTC on goods and services if it isn't a losing investment. Right now no one really wants to use BTCs because the value is growing too fast. As soon as the value stops climbing, the altruistic crowd will buy goods and services, while the MAJORITY will sell to make their profit and leave the market.

This will be a good lesson in economics (and psychology) for all those who are heavily invested in this idea. People will make a profit, yes, but the currency will lose all appeal.

OK, fine, you are right. Bitcoin has failed as currency. Good. I'm glad.

Because I like bitcoin as a value storage. I like bitcoin as an informal value transfer system. I like bitcoin the way it is.

I've already seen the value stop climbing, several times, its true and I sold as soon as it did.

Then I watched it drop. A lot. Within minutes. Then I bought right back in.

I've done this more than once. And you are right, each time was an excellent lesson in economics, and psychology.

Call it a currency, call it deflationary, call it profits, or call it buttcoin.

It will still have my appeal.