[2014-05-27] Bitcoin Rallies As Allegations Of Trading Irregularities Swirl

Whitehouse

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I must admit, when I first read the Willy Report I thought Bitcoin would take a massive hit but it didnt really budge.

Quote from: Bit_Happy on May 27, 2014, 01:38:56 AM

Your post doesn't currently have the link, here it is:
http://techcrunch.com/2014/05/26/bitcoin-rallies-as-allegations-of-trading-irregularities-swirl

...bitcoin transaction volume isn’t up.
Not that long ago Satoshi Dice was responsible for well over 50% of all transactions on the blockchain.
Primedice doesn't hit the network for every bet (thank goodness), and the activity at Satoshi Dice is much lower.
To have a "consistent range of between 50,000 and 75,000 per day" of (mostly) real transactions is a major increase compared to the past. I'm expecting the numbers will grow again soon.

Wait, did every single bet on Satoshi Dice go on the blockchain?

qwerty555

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Quote from: erono on May 26, 2014, 08:24:04 PM

Trading near the $580 mark, bitcoin is still down around 50 percent from its record, late-2013 highs, but the life that it’s showing could once again bolster consumer interest in the stuff. Interestingly, bitcoin transaction trading volume isn’t up. In fact, daily bitcoin transactions have settled into a consistent range of between 50,000 and 75,000 per day, according to Coinbase.

i am unsure if their data includes China..but here is the data I use with volume in $'s going back 6 yrs. It shows that volume has jumped since a low on May 17 from $20m a day to $170M on May 24 and $60M + on the 2 following days

http://www.quandl.com/BCHAIN/ETRVU-Bitcoin-Estimated-Transaction-Volume-USD

Edit

ok I have checked the article..transaction volume is flat . I assume that the same number of transactions are occurring on a daily basis, but

the volume of bitcoin is larger for each transaction. this implies that approximately the same (number of) people are buying /selling more coins per transaction. ( with probably a few new entrants included )

While transaction volume is flat, total traded bitcoin is up sharply on major exchanges. So, we’re seeing about the same number of transactions, with each trading event involving more bitcoin.

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Your post doesn't currently have the link, here it is:
http://techcrunch.com/2014/05/26/bitcoin-rallies-as-allegations-of-trading-irregularities-swirl

...bitcoin transaction volume isn’t up.
Not that long ago Satoshi Dice was responsible for well over 50% of all transactions on the blockchain.
Primedice doesn't hit the network for every bet (thank goodness), and the activity at Satoshi Dice is much lower.
To have a "consistent range of between 50,000 and 75,000 per day" of (mostly) real transactions is a major increase compared to the past. I'm expecting the numbers will grow again soon.

erono

sr. member

Activity: 434

Merit: 250

Trading near the $580 mark, bitcoin is still down around 50 percent from its record, late-2013 highs, but the life that it’s showing could once again bolster consumer interest in the stuff. Interestingly, bitcoin transaction trading volume isn’t up. In fact, daily bitcoin transactions have settled into a consistent range of between 50,000 and 75,000 per day, according to Coinbase.

Topic: [2014-05-27] Bitcoin Rallies As Allegations Of Trading Irregularities Swirl (Read 661 times)