Daily Transaction Volume is Nearing Record - What gives?

Carlton Banks

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Quote from: Itcher on August 22, 2013, 12:19:05 PM

Wow, this is new. If you look at the 7-day-average we reached an ATH.

http://blockchain.info/de/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=7&show_header=true&scale=0&address=

Something wild is happening since August 13th, and it's rising fast and doesn't show any sign of tirement by now. I am curious what will be the peak.

But what is happening? I am very curious.

It's not because the android bug. Too much and too constant rising, also it started earlyer and didn't slow down by now.

The 100 most used adresses are not in the statistic. So SD, MtGox, SR and popular mixers are out.

The volume of transactions didn't follow. It's very low http://blockchain.info/de/charts/estimated-transaction-volume?showDataPoints=false×pan=&show_header=true&daysAverageString=7&scale=0&address=

So we have a lot of little transactions.

New mixers? New gambling sites? Do people buy with bitcoins via gyft or bitpay or bips instead of hording & selling?

Or is someone just testing a new service which includes thousands of transactions each day?

I think you're proving it could easily be a combination of many different trends. This would be good news for the community if it's actually the case; the more diversity of use we have, the more demonstrable proof of the power of the system, and the more people there will be out there with anecdotal evidence of the benefits. Imagine if you heard good reports of different use-cases, all from separate people. Even if you were a previous sceptic, or felt the system was too over-complicated for you, proof of lots of different and successful activity might help persuade you otherwise.

Itcher

full member

Activity: 364

Merit: 100

Wow, this is new. If you look at the 7-day-average we reached an ATH.

http://blockchain.info/de/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=7&show_header=true&scale=0&address=

Something wild is happening since August 13th, and it's rising fast and doesn't show any sign of tirement by now. I am curious what will be the peak.

But what is happening? I am very curious.

It's not because the android bug. Too much and too constant rising, also it started earlyer and didn't slow down by now.

The 100 most used adresses are not in the statistic. So SD, MtGox, SR and popular mixers are out.

The volume of transactions didn't follow. It's very low http://blockchain.info/de/charts/estimated-transaction-volume?showDataPoints=false×pan=&show_header=true&daysAverageString=7&scale=0&address=

So we have a lot of little transactions.

New mixers? New gambling sites? Do people buy with bitcoins via gyft or bitpay or bips instead of hording & selling?

Or is someone just testing a new service which includes thousands of transactions each day?

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: Operatr on August 21, 2013, 12:26:09 AM

There are some correlations going on that might just be the start of a fresh rally.

http://www.google.com/trends/explore#geo&q=bitcoin&cmpt=q

Search trends for "bitcoin" and other related phrases have bounced off the floor, an indication of renewed interest potentially to find out more. Searches related to mining actually surprised me.

We're seeing trade volume increase again and Bitcoin is up a bit so far.

http://www.zerohedge.com/news/2013-08-20/18-signs-global-financial-markets-are-entering-vicious-circle

Coincidentally this is occurring at a time when I imagine faith in the fiat markets and paper currency in general are being erased quickly as things begin to finally slide completely out of control.

Bitcoin has also been in the news a lot more lately as governments start to respond to Bitcoin, either for better or worse so far.

These factors could very well drive the next wave up, just like they did in April. Only the next one might just be a mass exodus to Bitcoin while the USS Bernake sinks to the ocean floor.

It's curious, there should be just enough self-determined people out there who want to judge for themselves "what's this connection between the tanking economy, the dubious price inflation I'm experiencing, and Bitcoin?". They're capable of doing a couple of searches to scout about to find the information sources that are off the beaten track, and know these sources can be just as valuable as the mainstream.

As well, I hope it's sooner rather than later. I've heard more than enough to confirm that a major debt correction is inevitable, but when really is the tipping point? How much longer can these guys use up every bit of distortion and obfuscation until the penny really drops? Is the present reality not absurd enough already? Are we really just waiting for a critical mass of dumbass guys in senior positions at financial firms to open their eyes, remove their fingers from their ears and start screaming?

Operatr

hero member

Activity: 798

Merit: 1000

www.DonateMedia.org

There are some correlations going on that might just be the start of a fresh rally.

http://www.google.com/trends/explore#geo&q=bitcoin&cmpt=q

Search trends for "bitcoin" and other related phrases have bounced off the floor, an indication of renewed interest potentially to find out more. Searches related to mining actually surprised me.

We're seeing trade volume increase again and Bitcoin is up a bit so far.

http://www.zerohedge.com/news/2013-08-20/18-signs-global-financial-markets-are-entering-vicious-circle

Coincidentally this is occurring at a time when I imagine faith in the fiat markets and paper currency in general are being erased quickly as things begin to finally slide completely out of control.

Bitcoin has also been in the news a lot more lately as governments start to respond to Bitcoin, either for better or worse so far.

These factors could very well drive the next wave up, just like they did in April. Only the next one might just be a mass exodus to Bitcoin while the USS Bernake sinks to the ocean floor.

J603

full member

Activity: 196

Merit: 100

Quote from: jlcooke on August 19, 2013, 03:06:01 PM

Quote from: J603 on August 19, 2013, 02:50:53 PM

Quote from: jlcooke on August 19, 2013, 02:48:06 PM

Yes, but not productive ones. In fact, gambling is a net economic loser.

Productive part of society? No. Productive part of the economy? Yes. What is the difference between selling oranges, weed, or poker chips? Economically, nothing. Each is a good being bought and sold.

No it's not. Moving money without production activity (resources extracted, refined, goods improved, services provided in a more efficient way so others can things *they're* better at, etc). This is why BitCoin may be better than fiat. But it's not why roulette is as good as farming fruit.

Gambling is just moving money from people who are bad at math to those who have a high school education and/or have resources to be a casino.

A gambling site does all of that. The "resources" bought are the domain and all of the people that work on it. The "refining" process is turning a blank page into a functional website. The improved service is pretty obvious; every gambling site will try to work the best.

You're right, farming fruit is more necessary than roulette. But this isn't the medeival times, so not everyone has to be a farmer. There is room for luxuries.

As for your last statement, congratulations, you've described 99% of all products on Earth. There are very few things that we actually need.

johnyj

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Activity: 1988

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Beyond Imagination

Quote from: jlcooke on August 19, 2013, 03:06:01 PM

Quote from: J603 on August 19, 2013, 02:50:53 PM

Quote from: jlcooke on August 19, 2013, 02:48:06 PM

Yes, but not productive ones. In fact, gambling is a net economic loser.

Productive part of society? No. Productive part of the economy? Yes. What is the difference between selling oranges, weed, or poker chips? Economically, nothing. Each is a good being bought and sold.

No it's not. Moving money without production activity (resources extracted, refined, goods improved, services provided in a more efficient way so others can things *they're* better at, etc). This is why BitCoin may be better than fiat. But it's not why roulette is as good as farming fruit.

Gambling is just moving money from people who are bad at math to those who have a high school education and/or have resources to be a casino.

Gambling is also a demand, a higher level of demand, especially for rich people. When you have already produced every physical goods, you need to produce services to satisfy such kind of psychological demand

dyseac

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Quote from: jlcooke on August 19, 2013, 03:06:01 PM

Quote from: J603 on August 19, 2013, 02:50:53 PM

Quote from: jlcooke on August 19, 2013, 02:48:06 PM

Yes, but not productive ones. In fact, gambling is a net economic loser.

Productive part of society? No. Productive part of the economy? Yes. What is the difference between selling oranges, weed, or poker chips? Economically, nothing. Each is a good being bought and sold.

No it's not.

Are you suggesting those who gain from gambling don't spend any of their profits? Huh

jlcooke

newbie

Activity: 46

Merit: 0

Quote from: J603 on August 19, 2013, 02:50:53 PM

Quote from: jlcooke on August 19, 2013, 02:48:06 PM

Yes, but not productive ones. In fact, gambling is a net economic loser.

Productive part of society? No. Productive part of the economy? Yes. What is the difference between selling oranges, weed, or poker chips? Economically, nothing. Each is a good being bought and sold.

No it's not. Moving money without production activity (resources extracted, refined, goods improved, services provided in a more efficient way so others can things *they're* better at, etc). This is why BitCoin may be better than fiat. But it's not why roulette is as good as farming fruit.

Gambling is just moving money from people who are bad at math to those who have a high school education and/or have resources to be a casino.

J603

full member

Activity: 196

Merit: 100

Quote from: jlcooke on August 19, 2013, 02:48:06 PM

Quote from: J603 on August 19, 2013, 12:50:00 PM

Gambling and drugs are a "real" part of any economy.

Yes, but not productive ones. In fact, gambling is a net economic loser.

Productive part of society? No. Productive part of the economy? Yes. What is the difference between selling oranges, weed, or poker chips? Economically, nothing. Each is a good being bought and sold.

jlcooke

newbie

Activity: 46

Merit: 0

Quote from: J603 on August 19, 2013, 12:50:00 PM

Gambling and drugs are a "real" part of any economy.

Yes, but not productive ones. In fact, gambling is a net economic loser.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: ex-trader on August 19, 2013, 01:09:08 PM

Quote from: J603 on August 19, 2013, 12:50:00 PM

I'm going to say the same thing that I said to him to you.

Gambling and drugs are a "real" part of any economy.

So you think Bitcoin is a success and has a real future if it's only used for gambling and drugs?

Yep, that's exaaactly what he said. Undecided

The government (well, the secret service part of the government) IS THE TOP DRUG DEALER IN MOST COUNTRIES. They collude with organised crime and use their SS credentials to make more certain than anyone else possibly could that the drug trade continues. Why do you think they've been tapping all US phones as a matter of course for over ten years, and STILL not stopped the drug trade? Evidence abounds, I'm afraid. Tell them it's not economically important. Grin

J603

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Quote from: ex-trader on August 19, 2013, 01:09:08 PM

Quote from: J603 on August 19, 2013, 12:50:00 PM

I'm going to say the same thing that I said to him to you.

Gambling and drugs are a "real" part of any economy.

So you think Bitcoin is a success and has a real future if it's only used for gambling and drugs?

That's not what I said. I said that it's better that bitcoins are used for something than nothing.

But if bitcoin wasn't used for these things then it would be a sign of a failing currency. Gambling and drugs are a huge part of an economy (drugs mostly). For them to not be represented in an economy shows that that economy is not fully developed. All economies have their vices, and vices are big money makers.

ex-trader

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Quote from: J603 on August 19, 2013, 12:50:00 PM

I'm going to say the same thing that I said to him to you.

Gambling and drugs are a "real" part of any economy.

So you think Bitcoin is a success and has a real future if it's only used for gambling and drugs?

J603

full member

Activity: 196

Merit: 100

Quote from: ex-trader on August 19, 2013, 12:38:43 PM

Quote from: J603 on August 19, 2013, 07:42:26 AM

Quote from: ex-trader on August 19, 2013, 07:28:15 AM

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

Gambling and drugs are a "real" part of any economy. Better that bitcoins are used for something, even if it's drugs, rather than only be used as a security or stock.

Bitcoin will only be a success when it's used by people for real goods/services.

Having Bitcoin just so it can be used for illegal unregulated gambing and drug purchases is not a route to or validation of success of adoption.

I'm going to say the same thing that I said to him to you.

Gambling and drugs are a "real" part of any economy.

ex-trader

sr. member

Activity: 298

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Quote from: J603 on August 19, 2013, 07:42:26 AM

Quote from: ex-trader on August 19, 2013, 07:28:15 AM

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

Gambling and drugs are a "real" part of any economy. Better that bitcoins are used for something, even if it's drugs, rather than only be used as a security or stock.

Bitcoin will only be a success when it's used by people for real goods/services.

Having Bitcoin just so it can be used for illegal unregulated gambing and drug purchases is not a route to or validation of success of adoption.

niothor

hero member

Activity: 826

Merit: 501

in defi we trust

q: Daily Transaction Volume is Nearing Record - What gives?
a: Don't know what you're smoking but quit it!

http://blockchain.info/charts/estimated-transaction-volume-usd?showDataPoints=false×pan=180days&show_header=true&daysAverageString=7&scale=0&address=

joesmoe2012

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Ching-Chang;Ding-Dong

Arbitrage...People are buying on bstamp/btc-e and selling on the great GoxSter...

Carlton Banks

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Quote from: J603 on August 19, 2013, 07:42:26 AM

Quote from: ex-trader on August 19, 2013, 07:28:15 AM

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

Gambling and drugs are a "real" part of any economy. Better that bitcoins are used for something, even if it's drugs, rather than only be used as a security or stock.

+1

And not at all insignificant parts of the real economy either.

Zarathustra

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New all time high

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

J603

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Quote from: ex-trader on August 19, 2013, 07:28:15 AM

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

Gambling and drugs are a "real" part of any economy. Better that bitcoins are used for something, even if it's drugs, rather than only be used as a security or stock.

Rannasha

hero member

Activity: 728

Merit: 500

Quote from: ex-trader on August 19, 2013, 07:28:15 AM

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

Pretty sure there's plenty of people wanting to see stats on that, but other than BTC-based companies releasing their revenue numbers there's no way to find out. With BTC address not tied to any specific company or person it's impossible to distinguish securities transactions from a real-world purchase from a key-rotation.

ex-trader

sr. member

Activity: 298

Merit: 250

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

Hfleer

sr. member

Activity: 448

Merit: 250

Changing avatars is currently not possible.

Quote from: J603 on August 16, 2013, 02:03:17 PM

Gambling sites make up the bulk of transactions, far more than any exchange. Maybe today's a popular day to blow your money.

Could be. Sports gambling with Bitcoin appears to be growing rapidly lately.

Anon136

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Quote from: jwzguy on August 16, 2013, 04:09:54 PM

Could be people doing key rotation with the recent android fix.

+1

CoinChex

newbie

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It's a great sign whatever the reason! Increased demand is going to improve our Bitcoin Economy!

LifeOnBitcoin

newbie

Activity: 42

Merit: 0

I wondered the same thing, and it probably is key rotation. Okay, now transaction volume is the 2nd highest day on record. If it is the Android fix, then it will probably go down tomorrow. We will see.

Theron H.
LifeOnBitcoin.com

jwzguy

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Could be people doing key rotation with the recent android fix.

J603

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Gambling sites make up the bulk of transactions, far more than any exchange. Maybe today's a popular day to blow your money.

LifeOnBitcoin

newbie

Activity: 42

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So I was cruising around over at Blockchain.info, and I see that the daily transaction volume is at 68586 which puts today 8-16-13 in the top 5 or 6 days in the history of bitcoin for transaction volume. It is approaching the same levels as in April and mid-May. However, when I correlate this data with three of the top ranked exchanges: Mt Gox, Bitstamp and BTC-E, I see that they all have tepid or even low volume in the last 24 hours. What is happening? Are grassroots payments by BTC spreading like crazy, or is it the automatic updates to overcome the Android security flaw?

The volume has been rising significantly for about two weeks.

Thoughts?

Theron H.
LifeOnBitcoin.com

Topic: Daily Transaction Volume is Nearing Record - What gives? (Read 2498 times)