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Monday, July 18, 2016

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Ezra

From the very article you linked:

"Banks are investing in the technology that powers Bitcoin, but not the currency itself."

Everyone knows this.

D Crystal

The reporting about Bitcoin on this blog is bogus. Hamlet isn't researching his topic in any meaningful detail, and does a complete disservice to his readers.

For a real view of on-blockchain bitcoin transactions see this graph: http://www.coindesk.com/data/bitcoin-daily-transactions/

L$ are not traded on the "open market". lol. only LL are allowed to exchange them since they closed down all other exchanges. Even LL consider Linden Dollars as "game tokens" and not a currency by any stretch.

Wagner J Au

That chart is using the exact same data. And it lists today's total Bitcoin transactions as: 149,000. In the entire world. Which is roughly the range it was trading in during July 2015! Aren't you even a little concerned hardly anyone is actually using Bitcoin as money?

D Crystal

Yes your graph is a segment of the same data, but you're cherry-picking just one segment. If you view the data in context with past quarters it tells a much different story, which it seems you want to ignore.

If you'd asked "Did Daily Transactions of Bitcoin Go Up in the whole year 2015?", the answer would have been "yes ... from approx. 80,000 to 180,000" (over 100%!)

To me it's like you're examining the growth in number of e-mails sent in Q2 1994, and declaring that technology isn't being used, based purely on that tiny snippet without looking at the wider context.

If you're going to comare Bitcoin to Linden Dollars then again, you shouldn't cherry-pick just the data that supports one side of an argument.

If you compare the total USD value amount being transferred on the Bitcoin network in 2015-16 it will be several orders of magnitude greater than Linden Dollars, and also shows a lot of growth. And this is the same year that you're talking about it going nowhere and stagnating. For example:
https://blockchain.info/charts/estimated-transaction-volume-usd

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Wagner James Au
Wagner James "Hamlet" Au
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