BTC GDP? | Bitcointalksearch.org

Clairvoyance

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Quote from: jabowery on July 17, 2021, 04:01:05 PM

Is there a name for the BTC equivalent of GDP? What I mean is that if one takes the total BTC transfer volume and subtracts out the portion involved in exchanging monetary assets, one might get an idea of the size of the BTC economy and if one considers the blockchain as a kind of "jurisdiction" securing its monetary regime, one might call this economy its "domestic product".

We can't use a volatile variable to describe GDP. GDP has to be verifiable, comparable and transparent to other data from one country to another. But if you want to refer GDP in terms of BTC it is possible just covert any country's GDP to current BTC price

cryptomaniac_xxx

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Quote from: jabowery on July 17, 2021, 04:01:05 PM

Is there a name for the BTC equivalent of GDP? What I mean is that if one takes the total BTC transfer volume and subtracts out the portion involved in exchanging monetary assets, one might get an idea of the size of the BTC economy and if one considers the blockchain as a kind of "jurisdiction" securing its monetary regime, one might call this economy its "domestic product".

No, we can't have that kind of equivalent in BTC. As far as the size of the BTC economy, I think the benchmark will be the trading volumes alone. It would be good to find out, but there's no exact formula to really find it, so I would say don't bother as you will just make things complicated on your part.

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Quote from: jabowery on July 17, 2021, 04:01:05 PM

Is there a name for the BTC equivalent of GDP? What I mean is that if one takes the total BTC transfer volume and subtracts out the portion involved in exchanging monetary assets, one might get an idea of the size of the BTC economy and if one considers the blockchain as a kind of "jurisdiction" securing its monetary regime, one might call this economy its "domestic product".

I understand GDP as Gross Domestic Product which can be verifiable in real life economy but I don't know how that is possible to calculate btc equivalent or total btc transfer or volume that has gone to exchanges, wallet etc. Remember some might have lost by any means including being sent to wrong wallet, and how to verify all those is the problem whose solution may not be available.

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Quote from: jabowery on July 17, 2021, 04:01:05 PM

Is there a name for the BTC equivalent of GDP? What I mean is that if one takes the total BTC transfer volume and subtracts out the portion involved in exchanging monetary assets, one might get an idea of the size of the BTC economy and if one considers the blockchain as a kind of "jurisdiction" securing its monetary regime, one might call this economy its "domestic product".

When we are talking about the limits of Bitcoins and other cryptocurrencies we have to understand for a fact that they are something that cannot be defined using the normal definitions. We have to modify them accordingly.

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Plus to calculate GDP we have to make sure that, we have clearly defined boundaries and stats. How would you collect data ?? Regarding all the bitcoins they have stored and are hiding. How can we track virgin coins and hardware wallets ??

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It's something that cannot be done in a simplistic way. You might do a research on that. It's pretty much an unexplored area.

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Quote from: jabowery on July 17, 2021, 04:01:05 PM

Is there a name for the BTC equivalent of GDP? What I mean is that if one takes the total BTC transfer volume and subtracts out the portion involved in exchanging monetary assets, one might get an idea of the size of the BTC economy and if one considers the blockchain as a kind of "jurisdiction" securing its monetary regime, one might call this economy its "domestic product".

There is nothing like that and I dare to say that it is impossible to calculate it. You never know if transaction is a payment, p2p OTC deal, or someone is moving coins from hot wallet to cold wallet. You also don't know if withdrawal from exchange is because someone just bought BTC or someone is using exchange like hot wallet and just bought something using BTC.

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Quote from: jabowery on July 17, 2021, 04:01:05 PM

Is there a name for the BTC equivalent of GDP? What I mean is that if one takes the total BTC transfer volume and subtracts out the portion involved in exchanging monetary assets, one might get an idea of the size of the BTC economy and if one considers the blockchain as a kind of "jurisdiction" securing its monetary regime, one might call this economy its "domestic product".

If you strip out the portion involved in exchanging monetary assets there would be almost nothing left. The vast majority of btc transactions are people buying to hold or day trading, not transacting actual commerce with it. The fabled BTC commerce transactions are exceedingly rare.

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If we could actually calculate all the money that was earned by the people in the crypto market, that can be a good framework for calculating the so called GDP of bitcoin but other than that there's no other wait because by definition, GDP has to be value added created through the production of goods and services which bitcoin lacks.

jabowery

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Is there a name for the BTC equivalent of GDP? What I mean is that if one takes the total BTC transfer volume and subtracts out the portion involved in exchanging monetary assets, one might get an idea of the size of the BTC economy and if one considers the blockchain as a kind of "jurisdiction" securing its monetary regime, one might call this economy its "domestic product".

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