"We don't worship internet currency bro, what are you talking about"
Discussion
About hoarding coins and never spending them while the issuance of new coins deflate?
It's an open protocol, we can see whether old coin are being spent (and they are). And to Toxic Positivity's point about millionaires just sitting on them, I would expect they will spend them if they come to realize that it will lose all it's value, otherwise it's a lose-lose situation for them. If they don't then there is even less supply than 21 million which will increase the value of coinsacrually in circulation, if there's demand for it. We already have pretty solid reason to believe a few million Bitcoin are gone forever, so available supply is less already.
I totally get the skepticism, especially when Bitcoiners act like there's no possible way Bitcoin could fail. It could totally fail, but it's a really well designed system of incentives.
Bitcoin wealth is already highly concentrated. There’s also no incentive to spend, the eventual collapse in value that may cause spending will be dramatic, but even then, bitcoin ppl will stay to hodl.
If by spend you mean to point out that Bitcoin is not a currency that is accepted everywhere, that's fine. By cashing out (whether at an off-ramp or whatever), these hoarders are distributing supply for others to gobble up. I think most people would find it very difficult to hold on to billions of dollars worth of Bitcoin and not be tempted to enjoy it.
This was a decent thread on the topic.
https://twitter.com/n3ocortex/status/1356673243734822912?t=ES59rEl_uAyVfDK3Vq3Kjw&s=19