3 added reference to silk road
source | link

People are not holding their bitcoins as long.

I've speculated elsewhere that this might have something to do with the hedging mechanism implemented by the infamous Silk Road.

We all want people to use bitcoins for transactions; unfortunately they only have value in proportion to the length of time for which people hold them. If everybody bought bitcoins (using fiat) the instant before they needed to use them to buy something with BTC and sold bitcoins (for fiat) the instant after they had sold something via BTC the demand for BTC at any given instant in time would be both (a) incredibly small and (b) very unstable, causing the price to crash and then fluctuate wildly (in percentage terms).

In one explanation, money has three roles: (1) store of value, (2) unit of account, and (3) mechanism for transmitting value. People talk a lot about promoting the "bitcoin economy" (#3) but unfortunately without enough people using it as a store of value (#1) the price will crash and then fluctuate wildly, causing it to no longer be viable as a mechanism for transmitting value (#3).

People are not holding their bitcoins as long.

I've speculated elsewhere that this might have something to do with the hedging mechanism implemented by the infamous Silk Road.

We all want people to use bitcoins for transactions; unfortunately they only have value in proportion to the length of time for which people hold them. If everybody bought bitcoins (using fiat) the instant before they needed to use them to buy something with BTC and sold bitcoins (for fiat) the instant after they had sold something via BTC the demand for BTC at any given instant in time would be both (a) incredibly small and (b) very unstable, causing the price to crash and then fluctuate wildly (in percentage terms).

In one explanation, money has three roles: (1) store of value, (2) unit of account, and (3) mechanism for transmitting value. People talk a lot about promoting the "bitcoin economy" (#3) but unfortunately without enough people using it as a store of value (#1) the price will crash and then fluctuate wildly, causing it to no longer be viable as a mechanism for transmitting value (#3).

People are not holding their bitcoins as long.

I've speculated elsewhere that this might have something to do with the hedging mechanism implemented by Silk Road.

We all want people to use bitcoins for transactions; unfortunately they only have value in proportion to the length of time for which people hold them. If everybody bought bitcoins (using fiat) the instant before they needed to use them to buy something with BTC and sold bitcoins (for fiat) the instant after they had sold something via BTC the demand for BTC at any given instant in time would be both (a) incredibly small and (b) very unstable, causing the price to crash and then fluctuate wildly (in percentage terms).

In one explanation, money has three roles: (1) store of value, (2) unit of account, and (3) mechanism for transmitting value. People talk a lot about promoting the "bitcoin economy" (#3) but unfortunately without enough people using it as a store of value (#1) the price will crash and then fluctuate wildly, causing it to no longer be viable as a mechanism for transmitting value (#3).

2 added reference to silk road
source | link

People are not holding their bitcoins as long.

I've speculated elsewhere that this might have something to do with the hedging mechanism implemented by a certain taboo websitethe infamous Silk Road.

We all want people to use bitcoins for transactions; unfortunately they only have value in proportion to the length of time for which people hold them. If everybody bought bitcoins (using fiat) the instant before they needed to use them to buy something with BTC and sold bitcoins (for fiat) the instant after they had sold something via BTC the demand for BTC at any given instant in time would be both (a) incredibly small and (b) very unstable, causing the price to crash and then fluctuate wildly (in percentage terms).

In one explanation, money has three roles: (1) store of value, (2) unit of account, and (3) mechanism for transmitting value. People talk a lot about promoting the "bitcoin economy" (#3) but unfortunately without enough people using it as a store of value (#1) the price will crash and then fluctuate wildly, causing it to no longer be viable as a mechanism for transmitting value (#3).

People are not holding their bitcoins as long.

I've speculated elsewhere that this might have something to do with the hedging mechanism implemented by a certain taboo website.

We all want people to use bitcoins for transactions; unfortunately they only have value in proportion to the length of time for which people hold them. If everybody bought bitcoins (using fiat) the instant before they needed to use them to buy something with BTC and sold bitcoins (for fiat) the instant after they had sold something via BTC the demand for BTC at any given instant in time would be both (a) incredibly small and (b) very unstable, causing the price to crash and then fluctuate wildly (in percentage terms).

In one explanation, money has three roles: (1) store of value, (2) unit of account, and (3) mechanism for transmitting value. People talk a lot about promoting the "bitcoin economy" (#3) but unfortunately without enough people using it as a store of value (#1) the price will crash and then fluctuate wildly, causing it to no longer be viable as a mechanism for transmitting value (#3).

People are not holding their bitcoins as long.

I've speculated elsewhere that this might have something to do with the hedging mechanism implemented by the infamous Silk Road.

We all want people to use bitcoins for transactions; unfortunately they only have value in proportion to the length of time for which people hold them. If everybody bought bitcoins (using fiat) the instant before they needed to use them to buy something with BTC and sold bitcoins (for fiat) the instant after they had sold something via BTC the demand for BTC at any given instant in time would be both (a) incredibly small and (b) very unstable, causing the price to crash and then fluctuate wildly (in percentage terms).

In one explanation, money has three roles: (1) store of value, (2) unit of account, and (3) mechanism for transmitting value. People talk a lot about promoting the "bitcoin economy" (#3) but unfortunately without enough people using it as a store of value (#1) the price will crash and then fluctuate wildly, causing it to no longer be viable as a mechanism for transmitting value (#3).

1
source | link

People are not holding their bitcoins as long.

I've speculated elsewhere that this might have something to do with the hedging mechanism implemented by a certain taboo website.

We all want people to use bitcoins for transactions; unfortunately they only have value in proportion to the length of time for which people hold them. If everybody bought bitcoins (using fiat) the instant before they needed to use them to buy something with BTC and sold bitcoins (for fiat) the instant after they had sold something via BTC the demand for BTC at any given instant in time would be both (a) incredibly small and (b) very unstable, causing the price to crash and then fluctuate wildly (in percentage terms).

In one explanation, money has three roles: (1) store of value, (2) unit of account, and (3) mechanism for transmitting value. People talk a lot about promoting the "bitcoin economy" (#3) but unfortunately without enough people using it as a store of value (#1) the price will crash and then fluctuate wildly, causing it to no longer be viable as a mechanism for transmitting value (#3).