I share these three transactions with all of you to make a point.
And that point is that you can’t keep spending something that goes up as much as Bitcoin has.
So I don’t spend Bitcoin anymore.
I hold it.
It’s a store of value now.
That much is clear.
Fred Wilson
If it doesn’t circulate anymore, then Bitcoin is failing as a payment system.
Not that it ever worked like a proper currency anyway.
For a more in-depth discussion of the failings of cryptocurrencies as transaction medium, you can follow up by reading ‘The Crypto Currency Debate: Future of Money or Speculative Hype?’.
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