You can still see the fun that was had yesterday here:
Bitcoin Hits $1 Billion
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Re: Bitcoin Hits $1 Billion
#12Anyone have statistics on the total size of BTC transactions? Has BTC 1B in trade occurred yet?
There are all kinds of charts under http://blockchain.info/ . I guess it would be possible deduce a trade that occurred at a price that put the value over $1B but that depends on your exact definition. Also the valuation might go over and under $1B multiple times in the future.
I said BTC 1B and not $1B because not all BTC transactions occur between participants dealing in USD.
Re: Bitcoin Hits $1 Billion
#13Anyone have statistics on the total size of BTC transactions? Has BTC 1B in trade occurred yet?
On exchanges, or on the Bitcoin network as a whole? For example, 41 million BTC were traded on MtGox in USD since the beginning.
Re: Bitcoin Hits $1 Billion
#14That article is incorrect, it says there are 109,000 BTC in circulation. It's more like 11 million. http://bitcoincharts.com/bitcoin/
I've corrected it. Thanks.
Re: Bitcoin Hits $1 Billion
#15You can still see the fun that was had yesterday here: http://bitcoinity.org/markets?currency=USD&exchange=mtgo...
[deleted]
Re: Bitcoin Hits $1 Billion
#16Anyone have statistics on the total size of BTC transactions? Has BTC 1B in trade occurred yet?
Right now there seems to be about 15M transactions total. Number of Transactions https://blockchain.info/charts/n-transactions-total Transactions / Day: https://blockchain.info/charts/n-transactions Trade:Transaction Ratio: https://blockchain.info/charts/tx-trade-ratio?showDataPoints...
https://blockchain.info/stats
156,779.62 BTC in the past 24 hours
Re: Bitcoin Hits $1 Billion
#17I want to be able to get behind Bitcoin I really do. I just don't understand the purpose it serves.
As an asset class it's far too volatile even for someone who plays naked options. Imagine putting $10,000 into an asset class that swings 20-30% daily on a regular basis. Trading curbs eat your heart out.
As a currency it's too impractical and there are serious hurdles involved with turning central bank currency into Bitcoin and vice versa.
We think Wall Street plays a rigged game. Manipulating the Bitcoin market would not only be possible for someone with a small amount of capital, but the regulatory boards(SEC/FSA) don't seem to be interested in coming within 50 parsecs of the stuff.
Bitcoin is an interesting idea with the potential to change the world, sadly the world just isn't ready. More importantly the people running the world aren't ready.
The moment Bitcoin starts to worry a Government or a big bank they'll simply manipulate the market. Oh, and you wouldn't even know.
Re: Bitcoin Hits $1 Billion
#18Anyone have statistics on the total size of BTC transactions? Has BTC 1B in trade occurred yet?
If you're looking for a good metric for BTC transaction volume, I would suggest Bitcoin days destroyed:
https://en.bitcoin.it/wiki/Bitcoin_Days_Destroyed
Here's a chart of BDD per week (log scale is best in this case):
http://blockchain.info/charts/bitcoin-days-destroyed?showDat...
Here's an attempt to track transaction volume, minus change transactions (the Bitcoin client almost always performs a transaction to issue change back to the sender whenever he/she sends money to someone): http://blockchain.info/charts/estimated-transaction-volume-u...
Both of these metrics point to a slow but steady growth in the number of Bitcoin transactions conducted -- this in spite of a huge increase in their exchange value against the USD and other fiat currencies. So people are spending their Bitcoins. And this trend will likely continue as more companies accept Bitcoins.
Re: Bitcoin Hits $1 Billion
#19Pretty much seems to have hit the speculation threshold. Perhaps the Eurozone crisis will do for Bitcoin what the first Gulf War did for CNN.
"Pretty much seems to have hit the speculation threshold."
Based on what? Are you seeing something that suggests it's capped out for now? I'm asking because I'm at a complete loss to explain BTCs charts; all seems like gambling to me at the moment. That said, I haven't seen any numbers that really suggest the gambling is over.
Re: Bitcoin Hits $1 Billion
#20I want to be able to get behind Bitcoin I really do. I just don't understand the purpose it serves. As an asset class it's far too volatile even for someone who plays naked options. Imagine putting $10,000 into an asset class that swings 20-30% daily on a regular basis. Trading curbs eat your heart out. As a currency it's too impractical and there are serious hurdles involved with turning central bank currency into B…
OK, let's play a game. Say you had $5mm. How would you manipulate the Bitcoin market and earn a guaranteed return?