Wary (OP)
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August 18, 2015, 01:46:29 AM Last edit: August 18, 2015, 06:29:57 AM by Wary |
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Recent report on bitcoin drug trade -about 400K$ a day Bit Pay - about the same 400K$ a day Blockchain info's estimated transaction volume 50-70M$ a day.
So, about 1% of bitcoin transactions - white market. Another 1% - black market. What are the remaining 98%? Gambling? Pron? Mixing? Transfer to&from exchanges? Spam?
EDIT: so far, the results of the brain-storm:
0.4M drugs 0.4M bitpay 0.9M new coins (thanks btccashacc) 2M altcoin exchange (thanks forlackofabettername, data from coinmarketcap.com/) 27M mixers (thanks lottery248) [or just HD wallets, according to Kazimir?] ?? bitcoin exchanges (deposits&withdrawals) ?? OTC trading (localbitcoin etc) ?? adult sites ?? spam ?? gambling (most of it is offchain, isnt's it?) ?? moving between wallets (thanks gentlemand) ?? change (thanks jl2012) - may be the most of it! ?? ---------------- 60M Total
Would be nice to see it (or some better estimates) on a pie-chart.
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Fairplay medal of dnaleor's trading simulator.
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lottery248
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beware of your keys.
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August 18, 2015, 01:49:21 AM |
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idk. likely they are come from variety, especially gambling on chain. or i know the bitcoin mixing matter, because bitcoin mixing requires large amount of transactions. or i can see the spamming transaction, i saw it everywhere.
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out of ability to use the signature, i want a new ban strike policy that will fade the strike after 90~120 days of the ban and not to be traced back, like google | email me for anything urgent, message will possibly not be instantly responded i am not really active for some reason
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Jorge320
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August 18, 2015, 02:12:52 AM |
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How could those stats ever be verified? Report was probably issued from a think tank who gets its funding from Wall Street banks...
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Possum577
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August 18, 2015, 02:19:37 AM |
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How are you arriving at 1% white market? Can you share the math, please show your work.
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gentlemand
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Welt Am Draht
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August 18, 2015, 02:22:00 AM |
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How could those stats ever be verified? Report was probably issued from a think tank who gets its funding from Wall Street banks...
It's the blockchain. You can count the amount of coins moving easily enough. Just add up the value. I assume the vast majority of it is just coins moving around between wallets, exchanges and gambling sites.
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forlackofabettername
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August 18, 2015, 02:24:14 AM |
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Recent report on bitcoin drug trade -about 400K$ a day Bit Pay - about the same 400K$ a day Blockchain info's estimated transaction volume 50-70M$ a day.
So, about 1% of bitcoin transactions - white market. Another 1% - black market. What are the remaining 98%? Gambling? Pron? Mixing? Transfer to&from exchanges? Spam?
I'd think altcoin trading can make a couple of million on a good day ... so there you get another 2% to 20% of volume. Today LTC and ETH alone made 5 mln vol. Probably 2 to 4 mln was on the btc markets. Most people i know make 99% traffic coins to and from exchanges.
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"If you see fraud and don't shout fraud, you are a fraud" -- Nassim Taleb
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Possum577
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August 18, 2015, 02:25:17 AM |
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How could those stats ever be verified? Report was probably issued from a think tank who gets its funding from Wall Street banks...
It's the blockchain. You can count the amount of coins moving easily enough. Just add up the value. I assume the vast majority of it is just coins moving around between wallets, exchanges and gambling sites. I think he means how did the OP validate all if his percentages? The purpose if each transaction is not tracked on the blockchain (of course).
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Possum577
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August 18, 2015, 02:26:50 AM |
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Recent report on bitcoin drug trade -about 400K$ a day Bit Pay - about the same 400K$ a day Blockchain info's estimated transaction volume 50-70M$ a day.
So, about 1% of bitcoin transactions - white market. Another 1% - black market. What are the remaining 98%? Gambling? Pron? Mixing? Transfer to&from exchanges? Spam?
I'd think altcoin trading can make a couple of million on a good day ... so there you get another 2% to 20% of volume And what facts do you have for your assumption? 2-20% might as well be a wild ass guess (or a super wild ass guess for those if you that love stupid acronyms).
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kingscrown
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August 18, 2015, 02:27:37 AM |
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the rest is normal stuff u dont know about
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forlackofabettername
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August 18, 2015, 02:28:07 AM |
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Recent report on bitcoin drug trade -about 400K$ a day Bit Pay - about the same 400K$ a day Blockchain info's estimated transaction volume 50-70M$ a day.
So, about 1% of bitcoin transactions - white market. Another 1% - black market. What are the remaining 98%? Gambling? Pron? Mixing? Transfer to&from exchanges? Spam?
I'd think altcoin trading can make a couple of million on a good day ... so there you get another 2% to 20% of volume And what facts do you have for your assumption? 2-20% might as well be a wild ass guess (or a super wild ass guess for those if you that love stupid acronyms). Just ad up the 24h volumes of all altcoin markets and you get an idea. 90% of altcoin trades happens on btc markets and would involve btc being moved.
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"If you see fraud and don't shout fraud, you are a fraud" -- Nassim Taleb
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btccashacc
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August 18, 2015, 02:29:27 AM Last edit: August 19, 2015, 04:21:49 PM by btccashacc |
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Recent report on bitcoin drug trade -about 400K$ a day Bit Pay - about the same 400K$ a day Blockchain info's estimated transaction volume 50-70M$ a day.
So, about 1% of bitcoin transactions - white market. Another 1% - black market. What are the remaining 98%? Gambling? Pron? Mixing? Transfer to&from exchanges? Spam?
how about new coin come from miner ? every daynew bitcoin has mined with more people
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gentlemand
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August 18, 2015, 02:30:35 AM |
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I think he means how did the OP validate all if his percentages? The purpose if each transaction is not tracked on the blockchain (of course).
Ah. Right. Bitpay publicise their figures. Dunno about Coinbase's merchant arm. I would've thought dark markets would account for a whole load more than $400k.
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randy8777
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August 18, 2015, 03:16:22 AM |
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by far the majority of tx value in bitcoin is due to gambling. i wouldn't be surprised if gambling accounts for at least 50% of the value.
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erpbridge
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August 18, 2015, 03:18:31 AM |
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I would say most of them would be holding, a lot of it being lost and the rest being used on gambling and exchanges. But why are you comparing this to the total supply as this is only the trading on a single day ?
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Wary (OP)
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August 18, 2015, 03:36:33 AM |
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How are you arriving at 1% white market? Can you share the math, please show your work. Numbers are in public domain, mine part is only calculating percentages. Black%white market: http://cointelegraph.com/news/115137/bitcoin-xt-released-reddit-mods-accused-of-censorshipgenerally stable around US$300,000–$500,000 a day, far exceeding what had been previously reported.” BitPay's self-reported annual total, US$158.8 million, would produce a daily average of around US$435,000.Total usd volume of transactions: https://blockchain.info/charts/estimated-transaction-volume-usdIt's all just estimates, of course, but it would do to figure out what is bitcoin's major current usage.
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Fairplay medal of dnaleor's trading simulator.
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tadakaluri
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August 18, 2015, 03:46:23 AM |
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The 98% should be regular transactions like job payments, Pool payments for miners, crypto exchanges, shopping, mining equipment purchases, betting and gambling.
The 1% black market is nothing to consider.
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jeffthebaker
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August 18, 2015, 03:50:59 AM |
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On chain gambling and mixing are what I would assume as by far the largest contributors. However, it is my educated guess that local trading either through localbitcoins or another means could potentially cause for a large amount of transactions, especially considering that some people are potentially trading 6 figures or more in single transactions.
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Wary (OP)
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August 18, 2015, 04:11:23 AM |
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idk. likely they are come from variety, especially gambling on chain. or i know the bitcoin mixing matter, because bitcoin mixing requires large amount of transactions. or i can see the spamming transaction, i saw it everywhere.
Thanks. I've just tried to estimate mixer's volume. Assuming that most of long chains are produced by mixers, we see that mixers take 45% of all transactions. (data from blockchain.info, "number of transactions" minus "number of transactions excluding long chains": (118-65)/118=0.45. Assuming that it represent the same share in volume as all other transactions (yes, it's dubious assumption, but it's all I have ) we get staggering 27M. I've updated OP, put a table there.
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Fairplay medal of dnaleor's trading simulator.
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Envrin
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August 18, 2015, 04:32:55 AM |
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Conducting business. People paying employees / contractors, hosting, media buys, other services, etc.
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nero987
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August 18, 2015, 05:44:15 AM |
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I'm wondering how many of those bitcoins actually change owner during these transactions...
How about faucets? They have a lot of microtransactions, but all combined, i think they also represent a large volume?...
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