> Bitcoins have value because people are willing to trade them for goods and services. If players were unwilling to accept Bitcoins for trade or unwilling to spend Bitcoins for fear of having their payments nullified, the value of Bitcoins would diminish significantly as players lost confidence in the system...
My impression is that right now, and for the last couple of years, this is untrue, with speculative demand vastly exceeding demand from people actually wanting to spend bitcoins on goods and services.