Vast Bulk of BitCoins Are Hoarded, Not Used

another random user writes with this news from Ars Technica:"More than three-quarters of the digital coins in the Bitcoin digital currency scheme aren't circulating because they remain dormant in user accounts that have never participated in outgoing transactions, a recently published study has found. The figure translates to more than 7.019 million BTCs, the term used to denote a single coin under the digital currency, which uses strong cryptography and peer-to-peer networking to enable anonymous payments among parties who don't necessarily know or trust each other. Based on exchange rates listed on Mt.Gox — the most widely used Bitcoin exchange — the coins have a value of more than $82.87 million. On May 13, the date the researchers analyzed their data, there were slightly more than 9 million BTCs in existence."

Re:Hoarding, or...

[Anonymous Coward]

I suspect coin collectors snapped up all the bitcoins with the low serial numbers, and are holding them hoping they become collectible. If the bitcoin folks were smart, they'd release a series of bitcoins for each State.

my preciouuuusssssss

[Thud457]

The dwarves delved too greedily and too deep.
You know what they awoke in the darkness of Khazad-dum.

Collect them all!

[interval1066]

I think people love the commerative bc's, the special editions, etc...