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The act of sitting on substantial wealth reserves with no intention and/or ready method by which to exchange it for goods and services. A reference to the dragon named "Smaug" from J.R.R. Tolkien's "The Hobbit" who acquires and obsesses over vast treasure reserves yet has no way or desire to spend or trade them.

Used to refer to members of the Bitcoin community who have acquired large stores of bitcoins yet few outlets by which to spend them for things that they might want.
Sam says he is totally smauging on his Bitcoin stash until he can buy a new house with it.
by Spelunkin Magazine December 17, 2013
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