Deflationary spiral - Revision history

Xiagox: link is broken, domain was bought by another company

2024-11-19T20:04:33Z

link is broken, domain was bought by another company

← Older revision		Revision as of 20:04, 19 November 2024
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	* [[Bitcoin Days Destroyed]]		* [[Bitcoin Days Destroyed]]
	* [http://bitcoin.stackexchange.com/questions/408/does-hoarding-really-hurt-bitcoin Does hoarding really hurt bitcoin?] on stackexchange.com		* [http://bitcoin.stackexchange.com/questions/408/does-hoarding-really-hurt-bitcoin Does hoarding really hurt bitcoin?] on stackexchange.com
	* [http://www.jjgames.com/page/bitcoin-spending-during-deflation BitCoin Consumption Increases During Deflation ]

	[[Category:Economics]]		[[Category:Economics]]

AllEd01: grammar, spelling

2022-09-26T08:57:02Z

grammar, spelling

Neofutur: /* See Also */

2013-05-18T16:19:05Z

Fordy at 07:15, 12 June 2012

2012-06-12T07:15:52Z

← Older revision		Revision as of 07:15, 12 June 2012
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	If you have people who are hoarding money, the principal still needs to be repaid. Hoarding will make it harder for other people in the economy to pay back their loans.		If you have people who are hoarding money, the principal still needs to be repaid. Hoarding will make it harder for other people in the economy to pay back their loans.

	Because people foresee a time where they need to pay back their loans (a future fixed expense), when the value of the money starts to increase (deflation), those with loans will ~~endeavour~~ to pay back the loans quicker. This causes the monetary supply to reduce, reducing the total amount of money available for repayment of loans, again making it harder for people to pay back what they owe.		Because people foresee a time where they need to pay back their loans (a future fixed expense), when the value of the money starts to increase (deflation), those with loans will endeavor to pay back the loans quicker. This causes the monetary supply to reduce, reducing the total amount of money available for repayment of loans, again making it harder for people to pay back what they owe.

	This Deflationary spiral diverts funds away from the legitimate economy, to the repayment of debt. Causing the economy to stagnate and stop.		This Deflationary spiral diverts funds away from the legitimate economy, to the repayment of debt. Causing the economy to stagnate and stop.
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	If the economy that uses Bitcoin grows, the per-unit value of Bitcoin proportionally increases also.		If the economy that uses Bitcoin grows, the per-unit value of Bitcoin proportionally increases also.

	Everything is the opposite to the popular fractional reserve banking system (because Bitcoin isn't a debt but an asset). Bitcoins '''only''' deflate in value when the Bitcoin Economy is '''growing'''.		Everything is the opposite of the popular fractional reserve banking system (because Bitcoin isn't a debt but an asset). Bitcoins '''only''' deflate in value when the Bitcoin Economy is '''growing'''.

	Because the Deflationary spiral is a real problem in the traditional monetary system, doesn't necessarily mean that it will also be a problem in the Bitcoin economy.		Because the Deflationary spiral is a real problem in the traditional monetary system, doesn't necessarily mean that it will also be a problem in the Bitcoin economy.

Gmaxwell: Bitcoin is fiat money too— it's a fiat of a mostly immutable distributed protocol, not a government subject to political whim, but a fiat none the less.

2011-11-22T07:59:37Z

Bitcoin is fiat money too— it's a fiat of a mostly immutable distributed protocol, not a government subject to political whim, but a fiat none the less.

← Older revision		Revision as of 07:59, 22 November 2011
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	'''Deflationary spiral''' is an economic argument that proposes that runaway deflation can eventually lead to the collapse of the currency given certain conditions and constraints. It is a common criticism made against the viability of [[Bitcoin]].		'''Deflationary spiral''' is an economic argument that proposes that runaway deflation can eventually lead to the collapse of the currency given certain conditions and constraints. It is a common criticism made against the viability of [[Bitcoin]].
	The ‘deflationary spiral’ is a real condition that affects the ~~fiat~~ fractional reserve backing system. Bitcoin is not affected by this because it is fundamentally different from ~~fiat~~ currency.		The ‘deflationary spiral’ is a real condition that affects the popular fractional reserve backing system. Bitcoin is not affected by this because it is fundamentally different from popular currency.

	Deflation is a decline in the general price level. Deflation occurs when the price of goods and services, relative to a specific measure, decline. It is not necessarily that the value of the goods and services themselves declined, but can be because the value of the currency itself increased.		Deflation is a decline in the general price level. Deflation occurs when the price of goods and services, relative to a specific measure, decline. It is not necessarily that the value of the goods and services themselves declined, but can be because the value of the currency itself increased.
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	In practice, there is only a limited amount of 'value' that can be placed upon a good before it becomes too attractive to trade for other goods (thus ending the spiral). The only time that the 'Deflationary Spiral' can happen (to it's conclusion) is when people can foresee a time where they are forced to use that particular traded article. See below for a dissenting argument on this topic.		In practice, there is only a limited amount of 'value' that can be placed upon a good before it becomes too attractive to trade for other goods (thus ending the spiral). The only time that the 'Deflationary Spiral' can happen (to it's conclusion) is when people can foresee a time where they are forced to use that particular traded article. See below for a dissenting argument on this topic.

	==In The ~~Fiat~~ Fractional Reserve Banking System==		==In The Popular Fractional Reserve Banking System==
	The ~~fiat~~ money that we trade consists of the principal of the loans of other people. All this money must be someday 'repaid.' When people save (pay back their loans), the total monetary supply contracts. When people spend (take out loans), the total monetary supply is increasing.		The popular money that we trade consists of the principal of the loans of other people. All this money must be someday 'repaid.' When people save (pay back their loans), the total monetary supply contracts. When people spend (take out loans), the total monetary supply is increasing.

	If you have people who are hoarding money, the principal still needs to be repaid. Hoarding will make it harder for other people in the economy to pay back their loans.		If you have people who are hoarding money, the principal still needs to be repaid. Hoarding will make it harder for other people in the economy to pay back their loans.
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	If the economy that uses Bitcoin grows, the per-unit value of Bitcoin proportionally increases also.		If the economy that uses Bitcoin grows, the per-unit value of Bitcoin proportionally increases also.

	Everything is the opposite to the ~~fiat~~ fractional reserve banking system (because Bitcoin isn't a debt but an asset). Bitcoins '''only''' deflate in value when the Bitcoin Economy is '''growing'''.		Everything is the opposite to the popular fractional reserve banking system (because Bitcoin isn't a debt but an asset). Bitcoins '''only''' deflate in value when the Bitcoin Economy is '''growing'''.

	Because the Deflationary spiral is a real problem in the traditional monetary system, doesn't necessarily mean that it will also be a problem in the Bitcoin economy.		Because the Deflationary spiral is a real problem in the traditional monetary system, doesn't necessarily mean that it will also be a problem in the Bitcoin economy.

Gmaxwell: The 'supply' vs 'demand' argument doesn't make sense, you can do bitcoin transactions in very fine units so if it goes up in value it's not like you can't get enough to make discrete payments. Also rm all the stuff about bitcoin currently going up

2011-11-22T07:58:06Z

The 'supply' vs 'demand' argument doesn't make sense, you can do bitcoin transactions in very fine units so if it goes up in value it's not like you can't get enough to make discrete payments. Also rm all the stuff about bitcoin currently going up

← Older revision		Revision as of 07:58, 22 November 2011
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	'''Deflationary spiral''' is an economic argument that proposes that runaway deflation can eventually lead to the collapse of the currency given certain conditions and constraints. It is a common criticism made against the viability of [[Bitcoin]].		'''Deflationary spiral''' is an economic argument that proposes that runaway deflation can eventually lead to the collapse of the currency given certain conditions and constraints. It is a common criticism made against the viability of [[Bitcoin]].
	The ‘deflationary spiral’ is a real condition that affects the fiat fractional reserve backing system. Bitcoin is not affected by this because it is fundamentally different from fiat currency. ~~(See below for a dissenting argument on this topic.)~~		The ‘deflationary spiral’ is a real condition that affects the fiat fractional reserve backing system. Bitcoin is not affected by this because it is fundamentally different from fiat currency.

	Deflation is a decline in the general price level. Deflation occurs when the price of goods and services, relative to a specific measure, decline. It is not necessarily that the value of the goods and services themselves declined, but can be because the value of the currency itself increased.		Deflation is a decline in the general price level. Deflation occurs when the price of goods and services, relative to a specific measure, decline. It is not necessarily that the value of the goods and services themselves declined, but can be because the value of the currency itself increased.
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	--MIT Technology Review: [http://www.technologyreview.com/computing/37619/page2/ What Bitcoin Is, and Why It Matters], May 25, 2011		--MIT Technology Review: [http://www.technologyreview.com/computing/37619/page2/ What Bitcoin Is, and Why It Matters], May 25, 2011

	==Alternative ~~Viewpoint~~==		==Alternative Argument==
	A deflationary spiral occurs when there is an incentive to hoard because of declining prices, which results in even less available currency on the market, further perpetuating declining prices.		A deflationary spiral occurs when there is an incentive to hoard because of declining prices, which results in even less available currency on the market, further perpetuating declining prices.

	How could this occur in the Bitcoin market? First, we see massive deflation occurring in the market right now, as the value of a Bitcoin relative to other currencies, and as a result goods and services as well, increases. To the extent there is value in a Bitcoin because there will be a limited number of them in the future and they are one of the few untraceable mediums of exchange that cannot be subjected to expropriation (at the moment), it is easy to see why their value is currently increasing. Already, however, this is creating the incentive for hoarding. Given there is a known limit on the future amount of Bitcoins in existence, the market expects that the "price" of Bitcoins as measured in other currencies will increase.		How could this occur in the Bitcoin market?

	~~While this will not necessarily lead to a deflationary spiral, it will likely cause serious problems for Bitcoin which could ultimately trigger Bitcoin's demise, as outlined below.~~

	1. Limited price stability has a negative impact on the acceptance of a currency. Vendors do not wish to speculate on the price of currency when selling goods or services.		1. Limited price stability has a negative impact on the acceptance of a currency. Vendors do not wish to speculate on the price of currency when selling goods or services.

	2. Once prices do stabilize in the future, there will always be the knowledge that the number of Bitcoins in the market is limited. As a result, to the extent the GDP of the Bitcoin economy increases (the total value of all Bitcoin transactions completed increases in "real" terms), there will continue to be price deflation. ~~Price deflation rewards the holders of the existing currency and provides an incentive to hoard the currency.~~ The ~~value held by the existing holders~~ of ~~the currency, and the resulting reward that they receive for~~ future deflation~~, can be eliminated by a competing system. As a result, to the extent~~ there ~~is an expectation for inflation because demand for the currency itself is greater than the supply of Bitcoins, a competing system will emerge.~~		2. Once prices do stabilize in the future, there will always be the knowledge that the number of Bitcoins in the market is limited. As a result, to the extent the GDP of the Bitcoin economy increases (the total value of all Bitcoin transactions completed increases in "real" terms), there will continue to be price deflation. The expectation of future deflation means that there will be a discrepancy in perceived values between parties valuing bitcoin on longer or shorter time horizons.
			The apparent over-pricing of bitcoin from the perspective of people engaging in short term transactions will encourage the creation and adoption of competing systems.
	~~Fundamentally, the growth of Bitcoin~~ will be ~~limited because of the knowledge that there is~~ a ~~limited supply of coins~~. The ~~fact that there is a limited supply~~ of ~~coins means that there is an expectation~~ of ~~deflation if~~ the ~~economy grows. The "cost"~~ of ~~that deflation, borne by new users, can be avoided if an alternative system is used~~.

	While this is not a traditional deflationary spiral, the constraint on the actual money supply can produce the same result, which is a limit on the value of goods and services transacted using Bitcoins.		While this is not a traditional deflationary spiral, the constraint on the actual money supply can produce the same result, which is a limit on the value of goods and services transacted using Bitcoins.

Gmaxwell: Remove text about changing the software, if you make that kind of change it won't communicate with other bitcoin nodes— effectively it won't be bitcoin anymore. Easier to get an alternative adopted instead.

2011-11-22T07:47:17Z

Remove text about changing the software, if you make that kind of change it won't communicate with other bitcoin nodes— effectively it won't be bitcoin anymore. Easier to get an alternative adopted instead.

← Older revision		Revision as of 07:47, 22 November 2011
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	While this will not necessarily lead to a deflationary spiral, it will likely cause serious problems for Bitcoin which could ultimately trigger Bitcoin's demise, as outlined below.		While this will not necessarily lead to a deflationary spiral, it will likely cause serious problems for Bitcoin which could ultimately trigger Bitcoin's demise, as outlined below.

	1. ~~Currently, with knowledge that there will be a limited number of Bitcoins in the future, the price of Bitcoins is increasing rapidly. The result is limited price stability.~~ Limited price stability has a negative impact on the acceptance of a currency. Vendors do not wish to speculate on the price of currency when selling goods or services.		1. Limited price stability has a negative impact on the acceptance of a currency. Vendors do not wish to speculate on the price of currency when selling goods or services.

	2. Once prices do stabilize in the future, there will always be the knowledge that the number of Bitcoins in the market is limited. As a result, to the extent the GDP of the Bitcoin economy increases (the total value of all Bitcoin transactions completed increases in "real" terms), there will continue to be price deflation. Price deflation rewards the holders of the existing currency and provides an incentive to hoard the currency. The value held by the existing holders of the currency, and the resulting reward that they receive for future deflation, can be eliminated by a competing system. As a result, to the extent there is an expectation for inflation because demand for the currency itself is greater than the supply of Bitcoins, a competing system will emerge.		2. Once prices do stabilize in the future, there will always be the knowledge that the number of Bitcoins in the market is limited. As a result, to the extent the GDP of the Bitcoin economy increases (the total value of all Bitcoin transactions completed increases in "real" terms), there will continue to be price deflation. Price deflation rewards the holders of the existing currency and provides an incentive to hoard the currency. The value held by the existing holders of the currency, and the resulting reward that they receive for future deflation, can be eliminated by a competing system. As a result, to the extent there is an expectation for inflation because demand for the currency itself is greater than the supply of Bitcoins, a competing system will emerge.
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	While this is not a traditional deflationary spiral, the constraint on the actual money supply can produce the same result, which is a limit on the value of goods and services transacted using Bitcoins.		While this is not a traditional deflationary spiral, the constraint on the actual money supply can produce the same result, which is a limit on the value of goods and services transacted using Bitcoins.

	~~What can be done to deal with this issue?~~

	An alternative is technically possible through revised software. The supply of Bitcoins could grow in proportion to the total value of transactions undertaken using the system. This would lead to price stability and will eliminate the benefit that accrues to existing holders of the currency. Because those holding Bitcoins would likekly not choose to use the revised software as it devalues their holdings, it is doubtful this alternative would be adopted without causing a fork.

	==See Also==		==See Also==

Bshanks: /* See Also */

2011-10-17T09:33:27Z

Bshanks: See also Intrinsic worth brainstorming

2011-10-17T09:31:53Z

Osmosis at 00:01, 7 September 2011

2011-09-07T00:01:40Z

← Older revision		Revision as of 00:01, 7 September 2011
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	* [[Controlled inflation]]		* [[Controlled inflation]]
	* [[Bitcoin Days Destroyed]]		* [[Bitcoin Days Destroyed]]
			* [http://bitcoin.stackexchange.com/questions/408/does-hoarding-really-hurt-bitcoin Does hoarding really hurt bitcoin?] on stackexchange.com
	[[Category:Economics]]		[[Category:Economics]]

← Older revision		Revision as of 08:57, 26 September 2022
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	The ‘deflationary spiral’ is a real condition that affects the popular fractional reserve backing system. Bitcoin is not affected by this because it is fundamentally different from popular currency.		The ‘deflationary spiral’ is a real condition that affects the popular fractional reserve backing system. Bitcoin is not affected by this because it is fundamentally different from popular currency.

	Deflation is a decline in the general price level. Deflation occurs when the price of goods and services, relative to a specific measure, ~~decline~~. It is not necessarily that the value of the goods and services themselves declined, but can be because the value of the currency itself increased.		Deflation is a decline in the general price level. Deflation occurs when the price of goods and services, relative to a specific measure, declines. It is not necessarily that the value of the goods and services themselves declined, but can be because the value of the currency itself increased.

	For example, let us consider an economy comprised entirely of beef and oranges where the medium of exchange is gold. Both beef and oranges can decay and are not consistent, and therefore cannot be used as a currency. In order to trade, people exchange gold for either beef or oranges. They see gold as a store of value that they can use to purchase beef or oranges in the future. What happens when the economy grows and we can produce more beef and more oranges? The price of both beef and oranges will decline. To the extent our productive capacity for both beef and oranges increased at the same pace, the exchange value between the two (the amount of beef for a given number of oranges) will likely stay the same; however, those who held gold as a store of value would now be able to purchase more beef and more oranges for a given amount of gold.		For example, let us consider an economy comprised entirely of beef and oranges where the medium of exchange is gold. Both beef and oranges can decay and are not consistent, and therefore cannot be used as a currency. In order to trade, people exchange gold for either beef or oranges. They see gold as a store of value that they can use to purchase beef or oranges in the future. What happens when the economy grows and we can produce more beef and more oranges? The price of both beef and oranges will decline. To the extent our productive capacity for both beef and oranges increased at the same pace, the exchange value between the two (the amount of beef for a given number of oranges) will likely stay the same; however, those who held gold as a store of value would now be able to purchase more beef and more oranges for a given amount of gold.
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	A deflationary spiral occurs when the value of a currency, relative to the goods in an economy, increases continually as a result of hoarding. As the value of the currency relative to the goods in the economy increase, people have the incentive to hoard the currency, because by merely holding it, they hope to be able to purchase more goods for less money in the future. A lack of currency available in the market causes the price of goods to further decrease, resulting in more hoarding.		A deflationary spiral occurs when the value of a currency, relative to the goods in an economy, increases continually as a result of hoarding. As the value of the currency relative to the goods in the economy increase, people have the incentive to hoard the currency, because by merely holding it, they hope to be able to purchase more goods for less money in the future. A lack of currency available in the market causes the price of goods to further decrease, resulting in more hoarding.

	In our economy of beef and oranges it is easy to see how this could occur. First, people see a significant gain in productivity on the horizon; we will be able to produce more beef and oranges ~~for~~ the same effort in the future. The supply of gold, however, is fixed. As a result, people desire to hold gold, because they will be able to purchase more beef and oranges with their gold in the future than they can now. This will lead to a decline in the price of beef and oranges as measured by gold (an increase in the value of gold). Limiting the amount of currency in the market available for exchange can also make transactions more difficult. In a complex system where we do not only have beef, oranges and gold, this can result in a deflationary spiral where no one wishes to spend their currency and the economy itself slows as a result of the limited number of transactions. Limited demand with fixed output results in a decline in prices, which further exacerbates the problem.		In our economy of beef and oranges, it is easy to see how this could occur. First, people see a significant gain in productivity on the horizon; we will be able to produce more beef and oranges with the same effort in the future. The supply of gold, however, is fixed. As a result, people desire to hold gold, because they will be able to purchase more beef and oranges with their gold in the future than they can now. This will lead to a decline in the price of beef and oranges as measured by gold (an increase in the value of gold). Limiting the amount of currency in the market available for exchange can also make transactions more difficult. In a complex system where we do not only have beef, oranges, and gold, this can result in a deflationary spiral where no one wishes to spend their currency and the economy itself slows as a result of the limited number of transactions. Limited demand with fixed output results in a decline in prices, which further exacerbates the problem.

	Alternative explanation:		Alternative explanation:
	A deflationary spiral occurs when the price of a traded article increases at some given rate, which causes people to hoard it. As people hoard the commodity, less and less of it is available thus causing the price to go up even more. In turn, even more people hoard the commodity. Thus a feedback loop or spiral of deflation occurs.<br />		A deflationary spiral occurs when the price of a traded article increases at some given rate, which causes people to hoard it. As people hoard the commodity, less and less of it is available thus causing the price to go up even more. In turn, even more, people hoard the commodity. Thus a feedback loop or spiral of deflation occurs.<br />

	In practice, there is only a limited amount of 'value' that can be placed upon a good before it becomes too attractive to trade for other goods (thus ending the spiral). The only time that the 'Deflationary Spiral' can happen (to ~~it's~~ conclusion) is when people can foresee a time ~~where~~ they are forced to use that particular traded article. See below for a dissenting argument on this topic.		In practice, there is only a limited amount of 'value' that can be placed upon a good before it becomes too attractive to trade for other goods (thus ending the spiral). The only time that the 'Deflationary Spiral' can happen (to its conclusion) is when people can foresee a time when they are forced to use that particular traded article. See below for a dissenting argument on this topic.

	==In The Popular Fractional Reserve Banking System==		==In The Popular Fractional Reserve Banking System==
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	If you have people who are hoarding money, the principal still needs to be repaid. Hoarding will make it harder for other people in the economy to pay back their loans.		If you have people who are hoarding money, the principal still needs to be repaid. Hoarding will make it harder for other people in the economy to pay back their loans.

	Because people foresee a time ~~where~~ they need to pay back their loans (a future fixed expense), when the value of the money starts to increase (deflation), those with loans will endeavor to pay back the loans quicker. This causes the ~~monetary~~ supply to reduce, reducing the total amount of money available for repayment of loans, again making it harder for people to pay back what they owe.		Because people foresee a time when they need to pay back their loans (a future fixed expense), when the value of the money starts to increase (deflation), those with loans will endeavor to pay back the loans quicker. This causes the money supply to reduce, reducing the total amount of money available for repayment of loans, again making it harder for people to pay back what they owe.

	This Deflationary spiral diverts funds away from the legitimate economy, to the repayment of debt. Causing the economy to stagnate and stop.		This Deflationary spiral diverts funds away from the legitimate economy, to the repayment of debt. Causing the economy to stagnate and stop.
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	If the economy that uses Bitcoin grows, the per-unit value of Bitcoin proportionally increases also.		If the economy that uses Bitcoin grows, the per-unit value of Bitcoin proportionally increases also.

	Everything is the opposite of the popular fractional reserve banking system (because Bitcoin isn't a debt but an asset). Bitcoins '''only''' deflate in value when the Bitcoin Economy is '''growing'''.		Everything is the opposite of the popular fractional reserve banking system (because Bitcoin isn't debt but an asset). Bitcoins '''only''' deflate in value when the Bitcoin Economy is '''growing'''.

	Because the Deflationary spiral is a real problem in the traditional monetary system, doesn't necessarily mean that it will also be a problem in the Bitcoin economy.		Because the Deflationary spiral is a real problem in the traditional monetary system, doesn't necessarily mean that it will also be a problem in the Bitcoin economy.
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	2. Once prices do stabilize in the future, there will always be the knowledge that the number of Bitcoins in the market is limited. As a result, to the extent the GDP of the Bitcoin economy increases (the total value of all Bitcoin transactions completed increases in "real" terms), there will continue to be price deflation. The expectation of future deflation means that there will be a discrepancy in perceived values between parties valuing bitcoin on longer or shorter time horizons.		2. Once prices do stabilize in the future, there will always be the knowledge that the number of Bitcoins in the market is limited. As a result, to the extent the GDP of the Bitcoin economy increases (the total value of all Bitcoin transactions completed increases in "real" terms), there will continue to be price deflation. The expectation of future deflation means that there will be a discrepancy in perceived values between parties valuing bitcoin on longer or shorter time horizons.
	The apparent over-pricing of bitcoin from the perspective of people engaging in short term transactions will encourage the creation and adoption of competing systems.		The apparent over-pricing of bitcoin from the perspective of people engaging in short-term transactions will encourage the creation and adoption of competing systems.

	While this is not a traditional deflationary spiral, the constraint on the actual money supply can produce the same result, which is a limit on the value of goods and services transacted using Bitcoins.		While this is not a traditional deflationary spiral, the constraint on the actual money supply can produce the same result, which is a limit on the value of goods and services transacted using Bitcoins.

← Older revision		Revision as of 16:19, 18 May 2013
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	* [[Bitcoin Days Destroyed]]		* [[Bitcoin Days Destroyed]]
	* [http://bitcoin.stackexchange.com/questions/408/does-hoarding-really-hurt-bitcoin Does hoarding really hurt bitcoin?] on stackexchange.com		* [http://bitcoin.stackexchange.com/questions/408/does-hoarding-really-hurt-bitcoin Does hoarding really hurt bitcoin?] on stackexchange.com
			* [http://www.jjgames.com/page/bitcoin-spending-during-deflation BitCoin Consumption Increases During Deflation ]

	[[Category:Economics]]		[[Category:Economics]]

← Older revision		Revision as of 09:33, 17 October 2011
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	* [[Bitcoin Days Destroyed]]		* [[Bitcoin Days Destroyed]]
	* [http://bitcoin.stackexchange.com/questions/408/does-hoarding-really-hurt-bitcoin Does hoarding really hurt bitcoin?] on stackexchange.com		* [http://bitcoin.stackexchange.com/questions/408/does-hoarding-really-hurt-bitcoin Does hoarding really hurt bitcoin?] on stackexchange.com
	* [[Intrinsic worth brainstorming]]

	[[Category:Economics]]		[[Category:Economics]]

← Older revision		Revision as of 09:31, 17 October 2011
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	* [[Bitcoin Days Destroyed]]		* [[Bitcoin Days Destroyed]]
	* [http://bitcoin.stackexchange.com/questions/408/does-hoarding-really-hurt-bitcoin Does hoarding really hurt bitcoin?] on stackexchange.com		* [http://bitcoin.stackexchange.com/questions/408/does-hoarding-really-hurt-bitcoin Does hoarding really hurt bitcoin?] on stackexchange.com
			* [[Intrinsic worth brainstorming]]

	[[Category:Economics]]		[[Category:Economics]]