Quote from: o_e_l_e_o on August 24, 2019, 04:55:30 AM

Quote from: deisik on August 23, 2019, 05:17:07 PM

You see, there are only 21M bitcoins and given that, why would folks want to spend their precious coins? No way if you ask me

But people do spend their coins. I spend bitcoin several times a week. There are people who receive their salary I'm bitcoin, and so have no choice but to spend large amounts of their coins. The number of merchants accepting bitcoin is growing. Why would bitcoin credit card cards and payment processors even exist if there was zero demand for them? Just because you don't want to spend your coins (which is fine - totally your choice), doesn't mean everyone else shares that view

Let me guess

People who receive their salary in bitcoins, first have to convert the coins to dollars (or whatever) before they can actually spend them. In this way I also spend some coins every week, then buy back when the price turns sufficiently around (a lifehack, you can live off that difference if your volume is high enough). The same story goes with Bitcoin credit card cards and payment processors - merchants are still accepting fiat only, end of story. If that relates to you as adoption, I think you have to reconsider your perspective

Further, you can assess almost anything either by its presence as well as absence or by the presence as well as absence of something else. As we see that Bitcoin's volatility doesn't subside (in fact, it has been at pretty high if not to say record levels recently), there is no plausible reason to believe or expect that the real adoption is indeed rising. And while I totally agree with you that the only way to stabilize prices is to make speculation irrelevant (the thing I've been telling here for years), the reality can't be ignored unless you deliberately choose so

And the next bottom line in this series of posts is that whenever given a choice, people will hoard their coins and spend fiat instead (as per famous Gresham's Law). Obviously, if you don't have that choice, Bitcoin becomes your only option and recourse. But that's not the case with most people apart from completely unbanked ones and deprived of a fiat income source at that. Hence no way people are going to spend Bitcoin en masse