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Bitcoin reaches an all-time trading high of over $33

arstechnica.com

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Re: Bitcoin reaches an all-time trading high of over $33

#3

Post by thangalin »

adambom wrote: post #2

Bitcoin is a deflationary currency since it's supply is limited. Doesn't that mean that it's expected to rise in price? This also ends up being the currency's downfall, since there's an incentive to hoard it rather than spend it.

http://bitcoin.stackexchange.com/questions/408/does-hoarding...

"The argument that increasing value means people would prefer to hold Bitcoins rather than spend them is specious. While it will make people want to have Bitcoins more, it will also make people want to convince others to give them Bitcoins more so they can have them."

Re: Bitcoin reaches an all-time trading high of over $33

#4

Post by cbr »

adambom wrote: post #2

Bitcoin is a deflationary currency since it's supply is limited. Doesn't that mean that it's expected to rise in price? This also ends up being the currency's downfall, since there's an incentive to hoard it rather than spend it.

    Doesn't that mean that it's expected to rise in price?
No. Because people can buy and sell bitcoins freely then its current price should include peoples expectations about future value.

Re: Bitcoin reaches an all-time trading high of over $33

#5

Post by jasonkolb »

adambom wrote: post #2

Bitcoin is a deflationary currency since it's supply is limited. Doesn't that mean that it's expected to rise in price? This also ends up being the currency's downfall, since there's an incentive to hoard it rather than spend it.

No, because demand is also rising.

Re: Bitcoin reaches an all-time trading high of over $33

#7

Post by dangrossman »

jasonkolb wrote: post #6

This sucks. I was just about to pick up a bunch last week at $29. Unfortunately it's not very straightforward to obtain.

Just make a free Coinbase (YC S12) account and click the buy button. Couldn't be easier.

http://i.imgur.com/Yym66Gv.png

Re: Bitcoin reaches an all-time trading high of over $33

#8

Post by TylerE »

thangalin wrote: post #3
adambom wrote: post #2

Bitcoin is a deflationary currency since it's supply is limited. Doesn't that mean that it's expected to rise in price? This also ends up being the currency's downfall, since there's an incentive to hoard it rather than spend it.

http://bitcoin.stackexchange.com/questions/408/does-hoarding... "The argument that increasing value means people would prefer to hold Bitcoins rather than spend them is specious. While it will make people want to have Bitcoins more, it will also make people want to convince others to give them Bitcoins more so they can have them."

That....doesn't answer the question at all.

Re: Bitcoin reaches an all-time trading high of over $33

#10

Post by markkat »

adambom wrote: post #2

Bitcoin is a deflationary currency since it's supply is limited. Doesn't that mean that it's expected to rise in price? This also ends up being the currency's downfall, since there's an incentive to hoard it rather than spend it.

Consider that it's not a just a currency; it's also a commodity, and a tool, and possibly a few other things. IMHO it is a mistake to apply traditional notions of currency to bitcoin as it has several other non-traditional characteristics.
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