Did you even read the article then? It clearly says, that 78% of the total BTC ever produced have been located at addresses, which never sent any coin. Of that, 60% were more than 3 months old at the time it was measured (meaning, 46% of all BTCs were stale at addresses with no outgoing transactions for more than 3 months).
Total volume of transactions is pretty much irrelevant for this research, it could be one coin circulating rapidly. Also, it does not mean that these 46% of coin have never been used - they have been idle for three months, but they may have been moving 4+ months ago. We all have cold storage wallets with some percentage which have not been touched for several months, so that also contributes to these numbers.
Topic: Where all the bitcoins are bitcoins are hiding. (Read 1414 times)
kind of a weird stat... doesn't mean 78% the coins never moved, it just means 78% of the Address used have no outputs yet?
is that right?
The 22% of Address that do have outputs, how many outputs do they have and what is the totaly number of BTC ever sent?
is that right?
The 22% of Address that do have outputs, how many outputs do they have and what is the totaly number of BTC ever sent?
I was having some of the same thoughts...
kind of a weird stat... doesn't mean 78% the coins never moved, it just means 78% of the Address used have no outputs yet?
is that right?
The 22% of Address that do have outputs, how many outputs do they have and what is the totaly number of BTC ever sent?
is that right?
The 22% of Address that do have outputs, how many outputs do they have and what is the totaly number of BTC ever sent?
Well, Bitcoin price is supported by almost pure speculation. Not necessarily a bad thing, but price can drop by quite a bit depending on how many people really provide liquidity instead of just buying and hoarding at any price.
The 78% number is quite an arbitrary thing though. Media guys.
The 78% number is quite an arbitrary thing though. Media guys.
It could also be interpreted as 78% think that Bitcoin is currently way undervalued and will not sell all their coins at this time.
Which is a positive thing since it gives it better longterm value and means that it really is way much more stable than what people think.
Which is a positive thing since it gives it better longterm value and means that it really is way much more stable than what people think.
Feel like this article has 10+ threads.
Yup. Additional discussion here, in the Press forum:
2012-10-17 78 percent of Bitcoin currency stashed under digital mattress, study
- https://bitcointalksearch.org/topic/2012-10-17-78-percent-of-bitcoin-currency-stashed-under-digital-mattress-study-118946
And here:
78 percent of Bitcoin currency stashed under digital mattress, study finds
- https://bitcointalksearch.org/topic/78-percent-of-bitcoin-currency-stashed-under-digital-mattress-study-finds-119421
How to determine dormant coins? (Inspired by Shamir's paper)
- https://bitcointalksearch.org/topic/how-to-determine-dormant-coins-inspired-by-shamirs-paper-119465
Adi Shamir's paper on bitcoin
- https://bitcointalksearch.org/topic/adi-shamirs-paper-on-bitcoin-118797
It's a meaningless number.
Seals has X deposits. We haven't gone below (X * 0.78) in a long time so roughly (X * .78) coins are sitting dead still. So what? Tons of users have been moving coins around and that doesn't even count all the moving that doesn't happen on the blockchain (playing and internal transfers).
If it isn't clear. It is totally possible that all of our members used (by any definition, played, transferred, withdrew) all of their coins during the period that 78% of them sat still.
Seals has X deposits. We haven't gone below (X * 0.78) in a long time so roughly (X * .78) coins are sitting dead still. So what? Tons of users have been moving coins around and that doesn't even count all the moving that doesn't happen on the blockchain (playing and internal transfers).
If it isn't clear. It is totally possible that all of our members used (by any definition, played, transferred, withdrew) all of their coins during the period that 78% of them sat still.
Feel like this article has 10+ threads.
sr. member
Activity: 350
Merit: 250
Trust me, these default swaps will limit the risks
http://arstechnica.com/tech-policy/2012/10/78-percent-of-bitcoin-currency-stashed-under-digital-mattress-study-finds/
Just wanted to share this interesting article I just read. Time to speculate
Just wanted to share this interesting article I just read. Time to speculate
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