Quote from: doycku on January 14, 2018, 03:01:38 PM

Quote from: BitProdigy on July 20, 2015, 02:43:04 AM

Reading the responses to the recent topic titled, "I would sell all my bitcoins if." has left me concerned.

The kinds of responses on that thread reveal a deep misunderstanding of bitcoin and the current monetary system in many of those who are speculating. Let's consider the scenario in which bitcoin reaches $1000 or let's say $10,000 per bitcoin. Many have said they will cash out if bitcoin reaches this point. Why??

If bitcoin reaches $10,000 it will have to be because the fiat currencies of the world are tumbling to worthlessness via a hyperinflation type scenario and bitcoin is the safe haven, which if you know anything about the current monetary systems of the world, you know this is inevitable. (there have been 3800 fiat currencies throughout history and EVERY SINGLE LAST ONE has crashed to worthlessness; a value of zero) Why would you then sell all of your sound money (Bitcoin) for a bunch of fiat money that is inevitably becoming worthless? I don't understand the logic in doing that.

If bitcoin ever reaches $10,000 per bitcoin, you will NEVER see me selling for fiat paper money. You may however see me having a shopping spree at Overstock.com or TigerDirect.com or NewEgg.com! I will be buying things I want with my bitcoin profits DIRECTLY WITH BITCOIN, not selling my bitcoin for paper fiat. Hopefully by then there will be many more options, perhaps even Amazon.com will be accepting bitcoin for goods and I can have my shopping spree there.

Point being, selling bitcoin for dollars seems counterproductive. Why convert your paper fiat currency into sound value storing superior bitcoin, only to sell all of your superior bitcoin back for worthless antiquated fiat currency again? Why not just spend the bitcoin itself to buy what you want instead of taking a loss by converting back into dollars which will inflate away eventually anyway?

As far as I understand, we earn bitcoin in order to spend it. If there is no way to make purchases for bitcoin, then why not change bitcoin for fiat? that's when bitcoin will accept payment structures then do not have to sell it.

You are wrong. Do you think Bitcoin is useful for payment? Do you think a transaction can make you spend 20-40$ to get fast confirmation within 30 minutes? Remember, if you transaction still not has confirm, the sender can get that amount again with double spending. And the normal time to confirm a transaction hash of Bitcoin is 15-30 minutes.