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>This suggests that 78% of bitcoins are being hoarded, waiting for prices to rise. Even when controlling extremely cautiously for the possibility of users who “
by diogenescynic 13y ago
>This suggests that 78% of bitcoins are being hoarded, waiting for prices to rise. Even when controlling extremely cautiously for the possibility of users who “lost” their bitcoins and other contingencies, they find that at least 51% of bitcoins have never been spent. http://blog.priceonomics.com/post/47135650437/are-bitcoins-the-future http://blog.priceonomics.com/post/47135650437/are-bitcoins-t...
Reminds me of comic books and baseball cards in the 90s.
- nullc 13y agoUnfortunately the cited paper is terrible science which was written in ignorance of how common Bitcoin software works. They basically declared any coin "horded" if it was currently assigned to an address which had never spent. But the default behavior of the reference client is to always send your change to a never used address, which will only ever be spent from once. Additional, the common and strongly recommended pro-privacy behavior is to use a new address per transaction, and businesses need to do that to sort out which payment is which. So it was actually surprising that the figure was as low as it was... but what it wasn't measuring was "hording".
- ISL 13y agoI'd really love to make transactions in bitcoin in Seattle, but haven't had the opportunity. I check once or twice a month... <checks> Aha! A local food truck is now accepting BTC. Will have to visit when next they come through the neighborhood. http://www.coindesk.com/now-accepting-bitcoin-seattle-based-mobile-grilled-cheese-truck/ http://www.coindesk.com/now-accepting-bitcoin-seattle-based-...