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Showing 7 of 7 results by pbass
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Board Beginners & Help
Re: hoarding bitcoins
by
pbass
on 16/01/2014, 23:35:43 UTC
Hi Killua and starscream,

thanks so much for the reply, both of you. I still don't think people will not buy much with bitcoins when it's is going up in price and I don't think many people will start buying stuff with bitcoins just to make the price go up, apart from those who have been made very rich from it already.   There must be so many people like me with their only intention being to buy at a low price and sell at a good profit
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Topic
Board Beginners & Help
Re: hoarding bitcoins
by
pbass
on 16/01/2014, 21:13:28 UTC
That was in 2013 and this year more people know about bitcoin. There are future valuations for bitcoin being thrown around like, 10k, 46k, 100k even 1 million and the people giving those valuations are no fools either. What was the price of bitcoin back when SR was raided? Since then the price has gone up a lot and lots of people are very bullish about it.
I just don't understand what happens if people keep hoarding them in hope of a 10k or 100k price. I bought mine with no intention of ever buying anything with them, which is what speculators do and a lot the bitcoin market is now speculators trying to make money from buying their coins at a lower price than selling them.

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Topic
Board Beginners & Help
Re: hoarding bitcoins
by
pbass
on 16/01/2014, 15:11:48 UTC
Hi Ribuck,

like I said before, there is a big difference between buying an electronic device like a TV.
Lets just say you bought a TV last year (2013)with bit coins. The TV was worth $1,000 and you paid in bitcoins. This year 2014 the value of bitcoins has increased that much that if you did not purchase your TV, you would now be sitting on a fortune and be very rich.

Now lets just say you bought a TV with normal dollars, sure there will be a newer model next year  which will be better thank your old one and maybe the same price. But you can sell your last years TV and get the new one. you are not really taking a big risk. But with spending your bit coins you are taking the risk that your coins will be worth an enormous amount more in a years time.
Comparing not spending your bitcoins to waiting till next year to buy your TV is not relative at all.
Do you understand my point about the possibility of todays bitcoins being worth much more tomorrow and by spending them you could be losing out.
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Topic
Board Beginners & Help
Re: hoarding bitcoins
by
pbass
on 16/01/2014, 14:01:34 UTC
Hi hope4me,

thanks for the reply.

there is a big difference between waiting to buy this years electronic or else next years better one at a better price. Most people want and need to use the electronic so they will buy now and get a years use out of it and maybe sell the old one and upgrade.You seem to be missing the point I am making which is that the majority of people now are getting in to bitcoin to hold and try and make money, look at all of the investment companies buying just to be safe incase the miss a big increase in value, do you think that they are buying it to make purchases at online retail shops. If amazon announce they are accepting bitcoin, do you think bitcoin funds will rush to buy stuff online. No, they will sell their coin at a profit. People now know and see the potential it has to increase in value so they will just hold it and buy nothing with it. what about people that made purchases early on in Bitcoin, they must be kicking themselves with their little electronic purchase now worth millions.
I just want to know what will happen when no one spends bitcoin, I think all of the spending is a long time away as it will take a long time to become stable
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Topic
Board Beginners & Help
Re: hoarding bitcoins
by
pbass
on 16/01/2014, 13:20:13 UTC
Hi Blockchainlottery,
thanks for the reply.
It's great that more retailers are accepting bitcoin but surely for it to be successful bitcoiners need to be spending their coins, and who would risk spending 1K worth of bitcoin if it could be worth 10k in a year, not me. Tit seems a lot more appealling to sit on the sidelines and just hold it instead of risking spending it and then see it go up a lot in value
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Topic
Board Beginners & Help
Re: hoarding bitcoins
by
pbass
on 16/01/2014, 12:52:16 UTC
Hi thanks for the reply,



I know overstock started accepting it and had over 100K in sales, I'd love to know what was bought and who bought them, longtimes holders or new bitcoin buyers. I think even if Amazon said they would now accept bitcoin not many would buy using their coins as this would be very positive for the price of bitcoin. If i was going to buy something on Amazon there is absolutely no way I would use Bitcoin as I would end up losing money, what if I bought something on amazon for 200 last year and bitcoin is now worth 10,000 per coin. This will stop so many from using it and mostly attract speculators. I think most of the people buying it now are speculating in the hope of it going much higher, I know I am
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Topic
Board Beginners & Help
Topic OP
hoarding bitcoins
by
pbass
on 16/01/2014, 11:53:04 UTC
Hi all,

I've only got interested in bitcoin recently and bought some. One thing that I'm wondering is why would anyone spend any bitcoin if there is that much potential  to go higher in value, I know that I myself would not not spend as I bought it in the hope of it going higher. If no one is really spending it what will this not mean it's not getting used apart from speculation and trading?
Thanks alot