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Imagine if you spent $1000 for bitcoins a year ago and now they are worth $40000. Wouldn't you enjoy spending a little bit of it here and there, spread the word
by oleganza 13y ago
Imagine if you spent $1000 for bitcoins a year ago and now they are worth $40000. Wouldn't you enjoy spending a little bit of it here and there, spread the word etc? If you are a hard believer, then you'd probably wait till it's worth $100000 and maybe then, you'd spend a little here and there?
- TylerE 13y agoLast year 3.5x the US money supply was spent by consumers (not even counting b2b transactions, which I suspect are at least as high). So in your hypothetical example, holding $40k in bitcoins, you would need to spend _$150k_ in bitcoins yearly to match that level of liquidity.
- oleganza 13y agoUS cash is a depreciating asset fuelled by cheap artificial credit. This level of spending is not a genuine liquidity, but a economy on heroine. It will not end well because while people are buying all these plasma panels, printed money is being spread in to actually productive economies where it will cause inflation and massive losses. So either, say, China goes into depression and production halts and everyone loses, or China throws their USD back into U.S. causing massive inflation there. Short-term liquidity figures do not tell this story and they are not to be matched. Everyone needs to invest in hard assets and save instead of spending: invest in education, profitable businesses, friendly neighbours, bitcoin.
- shit_parade 13y agoSilk road did what, 10 million btc over two years?