"What you haven't shown is that the market is liquid when it comes to cashing out".
I showed it. When 2 million coins are changing hands per month, it means 2 millions coins are sold/"cashed out" (and 2 millions bought).
"That's the only statistic that matters: how much USD-equivalent is being injected into/out of system. That tells you whether they're being hoarded."
No. If the rate of transactions per user remains constant, and if the user base grows, you would see exactly that: more USD being injected in the system, than being taken out of it. This would not mean there is hoarding, but simply that the economy is growing (which is exactly what is happening). Again when you see a single Bitcoin payment processor like Bitpay reaching the "10 thousand vendors signed up" milestone, it is hard to reject the claim that the Bitcoin economy is growing...
I showed it. When 2 million coins are changing hands per month, it means 2 millions coins are sold/"cashed out" (and 2 millions bought).
"That's the only statistic that matters: how much USD-equivalent is being injected into/out of system. That tells you whether they're being hoarded."
No. If the rate of transactions per user remains constant, and if the user base grows, you would see exactly that: more USD being injected in the system, than being taken out of it. This would not mean there is hoarding, but simply that the economy is growing (which is exactly what is happening). Again when you see a single Bitcoin payment processor like Bitpay reaching the "10 thousand vendors signed up" milestone, it is hard to reject the claim that the Bitcoin economy is growing...