Post
Topic
Board Politics & Society
Re: At what point does Bitcoin become protestable?
by
JA37
on 17/10/2011, 08:50:22 UTC

If you mint and sell immediately, you are not really doing much to support bitcoin as a growing economy. If you buy with cash you are basically enabling the speculators and early adopters to sell off their hoards at a profit. (Good for them!) If you hold these coins you will likely lose value (at least for a while). In that case you would be better to hold off your purchase until BTC bottoms. If you spend these coins immediately on goods, you are building the economy. (Go Bitcoin!) Convince enough people to do this and the early adopters will cease selling there coins because their wealth is increasing and hoarding is preferable again. BTC prices will spike and you still won't have any.

Spot on.

I'd gladly join a system better than the current(fiat) one. I don't think Bitcoin is that system, although the idea intrigues me.  In a few iterations perhaps BitcoinX could be a fair system that doesn't have the same economic flaws as the current(fiat) one does.