I was more curious about why you thought bitcoin is a PnD, but the other info does provide useful context, thanks. There is some evidence that many miners have

I was more curious about why you thought bitcoin is a PnD, but the other info does provide useful context, thanks. There is some evidence that many miners have sold most of their early stockpiles. The min-1-year bitcoin-days-destroyed chart (sum of [coin amount * coin age in days] for coin groups older than a year [1]) shows this to a degree. The metric is also an underestimation of older stockpile movement, as any transaction (even between one's own addresses) will reset age to 0. But it is still hard to say for sure. One twist about bitcoin is that most early adopters are strongly invested ideologically and/or emotionally, reducing some of the potential dumping power. The next year or two should be rather interesting. I could see some large corrections, but each month that passes gives bitcoin more staying power/legitimacy. So far, each downtrend has only resulted in a later movement to much higher levels. [1] http://blockchain.info/charts/bitcoin-days-destroyed-min-year?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address= http://blockchain.info/charts/bitcoin-days-destroyed-min-yea...