Don't people who use their BTC to buy from Bitcoin-accepting merchants usually replenish their lost BTC after a while? That would create a net neutral effect on Bitcoin prices.
I doubt that most early adopters, who still have
hundreds thousands of BTC bought for a few dollars, would want to buy back the same amount at a price higher by a few orders of magnitude after spending them with a new merchant.
FTFY. Early adopters can easily replenish and even increase their BTC holdings by trading.
trading is a good way to lose your BTC holdings, even if you manage to not lose in trades, you still lose money to the exchange by paying a percentage trading fee.
Well, if you actually know what you're doing, you don't lose. People around here always keep saying that daytrading is stupid and you'll always lose. Other add that only big whales win, and everyone else gets ripped off. I believe there
are people who know what they're doing and are successful by doing it!
Trading is a game where 95% of the people loses and 5% of the people win big. Same thing on wallstreet and in Bitcoinland. The real challenge is knowing whether you are the 95% or the 5% before you invest your time and money into trading.
There's an additional catch in Bitcoin land, even when you win in terms of fiat, you could still lose if you hold the fiat, due to Bitcoin appreciation.
Buy and Hold has been the proven successful strategy in Bitcoinland.