Quote from: gdpone on July 25, 2013, 10:33:17 AM

Quote from: mgio on July 22, 2013, 11:53:46 PM

Quote from: gdpone on July 22, 2013, 10:45:00 PM

Quote from: DeathAndTaxes on July 22, 2013, 09:41:42 PM

Quote from: NR3000 on July 22, 2013, 09:40:49 PM

And if no one do not buy new hardware, nobody wants bitcoins and bitcoins price reduce. Now everyone usually buy bitcoins for new hardware. More hardware you have more difficulty you increase and you have buy more and more hardware. But if everyone stop buy new hardware where to put bitcoins? bitcoin price will 0 $ ;/

Um no. Bitcoin is more than mining.

Lets be honest here, no its not. Not really. Probably 95% of people who back bitcoin and scream viva la revolution do so as they mine, in hopes of getting rich. I mean dont get me wrong the whole concept is pretty neat and all, but its not likely to ever get too big, because if it does you can bet uncle sam will lay the smack down.

Not true at all.

The vast majority of people are simply buying bitcoins on exchanges, not mining them!

Bitcoin mining is only a tiny part of what bitcoin is all about. And it's becoming smaller and smaller.

While true, there wouldn't be any coins to buy/sell without mining. And yes I understand in the future mining will be almost irrelevant after a certain point.

We are close to that point already. Daily volume is significantly higher than total new coins mined even if we assume that 100% of newly mined coins instantly hit the exchange. You really think if mining output was zero tomorrow that there would be no coins to buy or sell? What about the 11M+ which already exist?

In last 180 days 20,591,491 BTC exchanged hands on the top 10 exchanges combined. That is 114,397 BTC per day. New minting is 3,6000 BTC per day or about 3.1% of total volume (assuming 100% of mined coins go directly to the exchanges for sale).
http://www.bitcoinity.org/markets/list?currency=ALL&span=6m