A Look at the Bitcoin Economy
thegenesisblock.com
A Look at the Bitcoin Economy
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Re: A Look at the Bitcoin Economy
#2This. There's been a lot metrics growing in bitcoin beyond the large price increase and VC funding.
Re: A Look at the Bitcoin Economy
#3Is there really an exponential growth in transactions per day? The last I heard it has been constant for months:
https://blockchain.info/charts/n-transactions
[edit] I see he's excluding the 100 most popular addresses. Is there any justification for that? I'm sure he would have left them in if the chart looked right.
Re: A Look at the Bitcoin Economy
#4Is there really an exponential growth in transactions per day? The last I heard it has been constant for months: https://blockchain.info/charts/n-transactions [edit] I see he's excluding the 100 most popular addresses. Is there any justification for that? I'm sure he would have left them in if the chart looked right.
>I see he's excluding the 100 most popular addresses. Is there any justification for that?
Probably because most of the top 100 are things like SatoshiDICE.
Re: A Look at the Bitcoin Economy
#5What is an example of a service* or product* that is served better with cryptocoins than with cash, bank transfers or credit cards? What are people spending bitcoins on and why?
That would be nice to know and definitely more informative than a graph of daily activity within the blockchain.
* preferably something mundane and totally within the boundaries of the law
Re: A Look at the Bitcoin Economy
#6Is there really an exponential growth in transactions per day? The last I heard it has been constant for months: https://blockchain.info/charts/n-transactions [edit] I see he's excluding the 100 most popular addresses. Is there any justification for that? I'm sure he would have left them in if the chart looked right.
>I'm sure he would have left them in if the chart looked right.
Really? You're sure? Actually, the top 100 addresses would almost certainly have supported his thesis even more, since they include high-transaction rate addresses from the exchanges, and the betting companies.
Re: A Look at the Bitcoin Economy
#7What is an example of a service* or product* that is served better with cryptocoins than with cash, bank transfers or credit cards? What are people spending bitcoins on and why? That would be nice to know and definitely more informative than a graph of daily activity within the blockchain. * preferably something mundane and totally within the boundaries of the law
[deleted]
Re: A Look at the Bitcoin Economy
#8What is an example of a service* or product* that is served better with cryptocoins than with cash, bank transfers or credit cards? What are people spending bitcoins on and why? That would be nice to know and definitely more informative than a graph of daily activity within the blockchain. * preferably something mundane and totally within the boundaries of the law
> Served better
From whos point of view?
As a merchant, I'd love it if our customers all paid in BTC as it would eliminate all fraudulent/charge-backed transactions which cost us $15 each time. (A nice little money earning industry for the CC companies btw!)
As a customer, I'd rather pay with my CC so I have some protection over my payment.
If you're looking for something that's better from both points of view, then drugs is the obvious one that springs to mind.
Consumer based foreign exchange (swapping my GBP for USD for my holiday to USD) by using Bitcoin as an intermediary vehicle could save me a ton of money as well, this isn't exactly possible yet but would be awesome if it could be done one day. It's better for everyone except the rip off middle men who charge horrible fees and rate spreads.
Another service that would be better with Bitcoin would be remittance. This one is cited often, and should not be overlooked. Again, middle men banks and rip off services are the only ones who would suffer. And it's a huge huge market.
Take a look at the control large institutions have on the market as well to see further benefit. Wikileaks for example endured a "banking blockade". The banking industry stopped for a moment in time Wikileaks being able to accept donations via Mastercard, Visa etc. With Bitcoin, no corporations can interfere with fund raising.
What about charity?
> When you donate via credit card, the charity has to pay a transaction fee of 2-3% on the transaction. If you make a $100 donation, your charity only gets $97 of it. According to a Huffington Post article, banks and card networks make about $250 million a year off of charitable donations. http://www.nerdwallet.com/blog/nonprofits/donate-charities-c...
Let's cut these middle men out of the equation, if I donate to charity 100% of my Bitcoin are guaranteed to arrive in their control. It makes me feel sick that when I donate to charity some credit company is taking their cut.
Re: A Look at the Bitcoin Economy
#9I find it interesting that the current value of all mined Bitcoins is currently about $5.4B, per http://blockchain.info/charts/market-cap. (I've seen this value described as "one Nakamoto".)
And, the number of full peer nodes is about 130,000 – per the network scan done by http://getaddr.bitnodes.io/.
To an extent, the total value is an emergent property of all the nodes together. But for grins we could distribute the value over them equally, to discover each node's pro-rata contribution to the total value.
That number, $5.4B/130K, is $41,538/node.
So, fire up Bitcoin-QT! It's free open-source software that'll use about 15GB of your hard drive space (<$2) and suck up some fraction of your cycles. Even if your wallet is empty, your peer instance will be backing over $40K of Bitcoin market capitalization!
Re: A Look at the Bitcoin Economy
#10What is an example of a service* or product* that is served better with cryptocoins than with cash, bank transfers or credit cards? What are people spending bitcoins on and why? That would be nice to know and definitely more informative than a graph of daily activity within the blockchain. * preferably something mundane and totally within the boundaries of the law
Nothing legal. The only reason merchants accept bitcoin is to amass bitcoins and a bit of marketability.