Quote from: hacknoid on April 09, 2013, 05:50:12 PM

(Disclaimer - yes, I am hoarding ATM.)

I realized something last night. I was looking at buying some electronics at newegg, so I was pricing those out. Then I realized I could get the same thing and, comparing prices, for virtually the same dollar value equivalent from bitcoinstore.com. But, I didn't want to part with my precious bitcoins!

So, instead, I took the money earmarked for the purchase and converted it to bitcoin. I am still evaluating which model of item I want, so in the meantime my value of those BTC has gone up in $. However, I know I will purchase within a day or two.

In the end, I bought more BTC, contributed to the economy and supported a BTC-only merchant. And worst case, I spent the money I was going to spend anyways.

If you are not holding the spending coins for any period of time, the fluctuations in price aren't that big a deal. However, using them strengthens the economy, and in the current climate, I wind up saving a few $$ in the end. Good for everyone!

I see number of flaws in your logic.

Sure, your view is very popular, shared by many on this forum, but let's see if it is true.

Today the Bitcoin economy (market cap, price) is mostly driven by speculation.

Two years ago, there were many discussions going to encourage the increase of the Bitcoin's utility value. That's the reason there was an increase in new merchants and development of merchant tools/payment gateways. No one thought at the time that in the future Bitcoin will become the best speculative market out there.

But in January 2013 all that changed - after an explosive exposure of Bitcoin in the media, hoards of opportunistic "investors" came to Bitcoin with one single intention - short term gain. That overtook the combined miner's and merchants drive that was prevalent at the time, instantly transformed the nature of Bitcoin. Not that most on this forum noticed, nor understood.

Going forward, we all await the imminent arrival of a a new driving force - the upset, but looking good with their new hair-do ex Cypriots (add to them the Spaniards, Italians, Lichtensteinians, Maltese etc) - who are queuing on the Gox to get their moneys in, with slightly different intentions though - (1) to re-gain their fiat losses, and (2) perhaps gain a point or thousand points in their newly discovered store of value.

The Bitcoin will never be the same again.

Good for everyone!