Parity watch -> Who's next?

[Mageant]

What about the idea of comparing transaction volume to other payment processors?

Paypal has a transaction volume of about 16 billion US$ per year.

Bitcoin's current transaction volume is about 300,000 BTC per day. If we assume a market price of 90$ that would add up to about 10 billion US$ per year.

So if Bitcoin usage and price stays at least at the current level then it is already 62% of Paypal.


The parity price for Paypal (assuming transactions stay at least the same) would be:
147$

Of course a significant amount of usage for Bitcoin is exchanging for Fiat currency while Paypal is almost all for goods and services.

A lot of those BTC are change too.

I already selected the statistic from blockchain.info which attempts to subtract out the change sent back to the sender.

[dree12]

What about the idea of comparing transaction volume to other payment processors?

Paypal has a transaction volume of about 16 billion US$ per year.

Bitcoin's current transaction volume is about 300,000 BTC per day. If we assume a market price of 90$ that would add up to about 10 billion US$ per year.

So if Bitcoin usage and price stays at least at the current level then it is already 62% of Paypal.


The parity price for Paypal (assuming transactions stay at least the same) would be:
147$

Of course a significant amount of usage for Bitcoin is exchanging for Fiat currency while Paypal is almost all for goods and services.

This is off by an order of magnitude. It is $165 billion USD per year.

[Mageant]

What about the idea of comparing transaction volume to other payment processors?

Paypal has a transaction volume of about 16 billion US$ per year.

Bitcoin's current transaction volume is about 300,000 BTC per day. If we assume a market price of 90$ that would add up to about 10 billion US$ per year.

So if Bitcoin usage and price stays at least at the current level then it is already 62% of Paypal.


The parity price for Paypal (assuming transactions stay at least the same) would be:
147$

Of course a significant amount of usage for Bitcoin is exchanging for Fiat currency while Paypal is almost all for goods and services.

This is off by an order of magnitude. It is $165 billion USD per year.

oops...
so x10
so parity price would be about 1470$

[SgtSpike]

What about the idea of comparing transaction volume to other payment processors?

Paypal has a transaction volume of about 16 billion US$ per year.

Bitcoin's current transaction volume is about 300,000 BTC per day. If we assume a market price of 90$ that would add up to about 10 billion US$ per year.

So if Bitcoin usage and price stays at least at the current level then it is already 62% of Paypal.


The parity price for Paypal (assuming transactions stay at least the same) would be:
147$

Of course a significant amount of usage for Bitcoin is exchanging for Fiat currency while Paypal is almost all for goods and services.

This is off by an order of magnitude. It is $165 billion USD per year.

oops...
so x10
so parity price would be about 1470$

I'd be ok with that. 

[chriswilmer]

Update to Cambodia!

[Chalkbot]

So, how many countries have we passed so far?

[mccorvic]

Looks like we're aiming for Laos now.

[jl2012]

YAY quickly skipped Niger,  briefly visited Cambodia and Suriname,  watching for Laos now

Cambodia



Suriname:




Laos, you are the next stop

Laos has been surpassed. You need to update the parity values based on latest number of total coins (10978925 atm)

[marcus_of_augustus]

Any ETA for when we arrive in the G77, G20?

https://en.wikipedia.org/wiki/Group_of_77

Could ask for a "seat at the table" of UN for the lulz ...

or the G-24 ??

https://en.wikipedia.org/wiki/Group_of_24

The Group of 24 (G24), a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters.

[thefiniteidea]

Any ETA for when we arrive in the G77, G20?

https://en.wikipedia.org/wiki/Group_of_77

Could ask for a "seat at the table" of UN for the lulz ...

or the G-24 ??

https://en.wikipedia.org/wiki/Group_of_24

The Group of 24 (G24), a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters.

I'm already there representing Bitcoin, don't worry

I'll take a picture on Wednesday.

[btcusr]

How come japan has so much M1 money?!
6.735 trillion USD ?!

[Mageant]

How come japan has so much M1 money?!
6.735 trillion USD ?!

They have a lot debt.

Debt = money in the fiat world.

[Thunderstriker]

M1 Parity check updates every 30 min ... still working on making it look nice
http://bitcoin.zinetsolutions.be/

[Rothgar]

That was quick.     The all time high is now 115.

[k]

https://www.cia.gov/library/publications/the-world-factbook/rankorder/2214rank.html

Code:

 
M1                 Parity point      Country
$100,900,000,000.00	$9,190.31	United Kingdom

think the CIA figure for UK M1 must be off by a factor of 10 or else UK is even more messed up than I can believe.

[k]

I guess it is the later. Not a big surprise considering that Brits were pushed out of every biz except selling their houses to each other.

I think it must be wrong. Compare to other EU countries of similar population (i.e. Italy, France). M1 for Ireland is more than UK even though population is less than 1/10th the size.

$100,900,000,000.00/62 million (rough UK population) leaves just over $1600/person. Seems way too low.

P.S.
enjoy this thread. sorry to dis-rail it slightly.

[dree12]

I guess it is the later. Not a big surprise considering that Brits were pushed out of every biz except selling their houses to each other.

I think it must be wrong. Compare to other EU countries of similar population (i.e. Italy, France). M1 for Ireland is more than UK even though population is less than 1/10th the size.

$100,900,000,000.00/62 million (rough UK population) leaves just over $1600/person. Seems way too low.

M1 includes pretty much only cash. Money stored in bank accounts is not included.

[thefiniteidea]

Armenia is old story now, a few minutes later we are already looking forward to visit to exotic Botswana

so exotic... 

 

[caveden]

M1 includes pretty much only cash. Money stored in bank accounts is not included.

M1 = bank accounts + cash.

[dree12]

M1 includes pretty much only cash. Money stored in bank accounts is not included.

M1 = bank accounts + cash.

Hmm, I stand corrected.

In that case, shouldn't we be including approx. 1.5 million BTC deposited into Bitcoin's M1?