There is a huge psychological bias for this argument. I believe it is 'sunk cost bias' or something like that. It goes like this. Say you are a miner. You m

There is a huge psychological bias for this argument. I believe it is 'sunk cost bias' or something like that. It goes like this. Say you are a miner. You mine. At the moment you get your bitcoins, you've realized value in the sum of ( $Bgenerated - $Bcost (your hardware, etc)). From that point on 'hoarding' is no different than going to an exchange and buying $Bgenerated in bitcoins with dollars. So your argument for 'hoarders' having a tremendous unfair advantage is seriously flawed. They have no greater advantage than any speculator going and making a bet in bitcoin long term value. The real value generated is the one they capture at mine time, and there is a super efficient market for that with very slim profits. http://tpbitcalc.appspot.com/ http://tpbitcalc.appspot.com/