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Realtime Bitcoin Stats

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Re: Realtime Bitcoin Stats

#81

Post by loceng »

gigantor wrote: post #76

I have one new appreciation for fiat currencies - they're designed to circulate with a steady rate of inflation. It seems there's a hesitation of spending bitcoins knowing if you just wait a day it will go up, so it's being treated like a precious metal rather than a new way of paying for things. Edit: Thanks for the correction, meant to say fiat currencies tend to 'inflate', not deflate.

This would solve the issue of people buying Bitcoin for investment purposes, though I wonder if people would be able to spend Bitcoin fast enough to not keep the people / exchanges that act as banks negatively affected - or could this be differentiated easily?

Re: Realtime Bitcoin Stats

#82

Post by sneak »

camdykeman wrote: post #65
btipling wrote: post #55

I love the visualization, but wow almost $200. Greater fool theory is at work here: http://en.wikipedia.org/wiki/Greater_fool_theory

Definitely a bubble forming - bitcoins marketcap was 1B only a week ago ( http://blockchain.info/charts/market-cap ). Note they also use the Ƀ (B with stroke) to represent Bitcoin. Kudos to ECOGEX for their discussion a few weeks ago that set this in motion ( https://news.ycombinator.com/item?id=5451084 ).

Many more people use ฿ than Ƀ.

Source: I've been studying and speaking on Bitcoin since 2010. (http://vimeo.com/27653912)

Re: Realtime Bitcoin Stats

#83

Post by dj2stein9 »

gigantor wrote: post #76

I have one new appreciation for fiat currencies - they're designed to circulate with a steady rate of inflation. It seems there's a hesitation of spending bitcoins knowing if you just wait a day it will go up, so it's being treated like a precious metal rather than a new way of paying for things. Edit: Thanks for the correction, meant to say fiat currencies tend to 'inflate', not deflate.

I don't believe the argument that a deflationary currency, by itself, will make people not be willing to buy things. Consider a savings account - why would anyone take money out of their savings account to buy things? If all you need to do is keep it in the account, it will make more money, so why spend it?

Re: Realtime Bitcoin Stats

#84

Post by loceng »

vidyesh wrote: post #36
netcan wrote: post #26

Is there any way of estimating the 'real" bitcoin economy?IE, Use of bitcoin to buy & sell goods & services rather than exchanging bitcoin for cash & via versa? I mean lot of investing/speculation is obviously going on, but is there growth in bitcoin based commerce? That's ultimately the problem I hope bitcoin will solve.

You can buy most of the online stuff with BTCs i.e. servers, VPNs, hosting services, seedboxes, most cloud services, music, gambling, games etc Many sites have started accepting BTC now. ( http://bitpay.com makes it possible ) Some sites which are quite popular and known http://www.bitcoinin.com/ http://www.bitcoinblaster.com/ http://www.coinabul.com/ https://www.bitcoinstore.com/ ( Not sure if updated , but here is…

Accepting Bitcoin doesn't mean you're getting the same value that you paid for it. Each person would have to / want to calculate what they paid for a Bitcoin before purchasing. From what I can see most sellers can earn more money offering Bitcoin as an option - and a much higher amount, and if they're able to spend the Bitcoin themselves before it drops, then they're able to profit even more.

Re: Realtime Bitcoin Stats

#85

Post by asperous »

gigantor wrote: post #76

I have one new appreciation for fiat currencies - they're designed to circulate with a steady rate of inflation. It seems there's a hesitation of spending bitcoins knowing if you just wait a day it will go up, so it's being treated like a precious metal rather than a new way of paying for things. Edit: Thanks for the correction, meant to say fiat currencies tend to 'inflate', not deflate.

The problem with bitcoins is as they become more popular, the demand is rising faster than the bitcoins are 'minied'. Technically speaking, if the demand stayed constant, the supply would slowly raise and the value would inflate (until all the coins are mined).

Re: Realtime Bitcoin Stats

#86

Post by dragontamer »

drcode wrote: post #64
btipling wrote: post #55

I love the visualization, but wow almost $200. Greater fool theory is at work here: http://en.wikipedia.org/wiki/Greater_fool_theory

...or the takeoff ramp for a new technology. I'm not sure, either.

http://blockchain.info/charts/n-transactions

There are more bitcoin transactions... but not enough to qualify the 20x increase in value the last three months.

Re: Realtime Bitcoin Stats

#87

Post by vidyesh »

loceng wrote: post #84
vidyesh wrote: post #36

Earlier quoted context omitted.

You can buy most of the online stuff with BTCs i.e. servers, VPNs, hosting services, seedboxes, most cloud services, music, gambling, games etc Many sites have started accepting BTC now. ( http://bitpay.com makes it possible ) Some sites which are quite popular and known http://www.bitcoinin.com/ http://www.bitcoinblaster.com/ http://www.coinabul.com/ https://www.bitcoinstore.com/ ( Not sure if updated , but here is…

Accepting Bitcoin doesn't mean you're getting the same value that you paid for it. Each person would have to / want to calculate what they paid for a Bitcoin before purchasing. From what I can see most sellers can earn more money offering Bitcoin as an option - and a much higher amount, and if they're able to spend the Bitcoin themselves before it drops, then they're able to profit even more.

The BTC amount on the sites is displayed as per the present market value.

Yes, sellers would earn more money but they too are taking that risk if you are one of those who think its a bubble and BTC would collapse badly.

Checkout how bitpay.com works. Its actually nice.

Re: Realtime Bitcoin Stats

#88

Post by myspace »

I'm surprised so many people in the tech community have fallen for this Ponzi Scheme.

For example, many heard about "some guy bought a $25 pizza with 10,000 bitcoins", but no one has thought about what this means. It means someone now has that 10,000 "coins" (which is close to 2'000,000).

This also means someone had this amount (and possibly much more). And, finally, no one questions who posseses the first "coins".

That's why the creator is anonymous. Just my 2 cents.

Re: Realtime Bitcoin Stats

#89

Post by asperous »

myspace wrote: post #88

I'm surprised so many people in the tech community have fallen for this Ponzi Scheme. For example, many heard about "some guy bought a $25 pizza with 10,000 bitcoins", but no one has thought about what this means. It means someone now has that 10,000 "coins" (which is close to 2'000,000). This also means someone had this amount (and possibly much more). And, finally, no one questions who posseses the first "coins". T…

>no one questions who posseses the first "coins".

This is thoroughly documented https://en.bitcoin.it/wiki/Mining

Re: Realtime Bitcoin Stats

#90

Post by omni »

dj2stein9 wrote: post #83
gigantor wrote: post #76

I have one new appreciation for fiat currencies - they're designed to circulate with a steady rate of inflation. It seems there's a hesitation of spending bitcoins knowing if you just wait a day it will go up, so it's being treated like a precious metal rather than a new way of paying for things. Edit: Thanks for the correction, meant to say fiat currencies tend to 'inflate', not deflate.

I don't believe the argument that a deflationary currency, by itself, will make people not be willing to buy things. Consider a savings account - why would anyone take money out of their savings account to buy things? If all you need to do is keep it in the account, it will make more money, so why spend it?

It's a question of degree. Your savings account with $100,000 in it will probably be worth about $100,002 tomorrow at current rates. The equivalent amount in Bitcoin might be worth much, much more at the rate it's been climbing.
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