Hording is the rational response to runaway deflation. If I spend $100 on drugs now and the price of BTC doubles in a week, then I've effectively spent $200 on those drugs by next week. What keeps SR's business afloat in this deflationary period is the large percentage of irrational actors in the drug community. I think they fall into two categories: 1. Ignorant/uninformed people. These are people who just want drugs and don't follow bitcoin. They buy when they need coins and spend immediately 2. Addicts. People who need their drugs and will pay for them, despite knowing that they could buy twice as much for the same money in a week The second category contradicts the notion that SR is an agora of voluntary trade, since drug addiction is more like mental slavery.