>This has been demonstrated by how the bitcoin economy operates in two states - either its going to the moon, or its slowly dying off. Nobody can use it as a re

>This has been demonstrated by how the bitcoin economy operates in two states - either its going to the moon, or its slowly dying off. Nobody can use it as a regular money because the incentives are entirely built around hoarding it rather than transacting with it, and they were built that way on purpose... Transactions per day have been growing rapidly every year in Bitcoin and Ethereum. In Bitcoin, the growth recently stopped, but only due to the block size hitting its protocol limit. So the evidence contradicts the hoarding theory relating to deflating currencies. The wealth effect from appreciation seems more pronounced than the hoarding effect.