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Author Topic: Are huge things afoot?  (Read 3166 times)
bcpokey
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June 16, 2011, 10:50:57 AM
 #1

So I'm not totally sure what forum to put this under, but it sort of seems appropriate here.

I was looking through the block chain recently, for reasons of my own and I noticed something sort of surprising. http://blockexplorer.com/b/131227

Block 131227 had moved 133,232 bitcoins! And this was in a few mostly concentrated transactions, 49,000 in one, 29,000 in another, etc.

Then I checked back a little bit and again http://blockexplorer.com/b/131223 block 131223 130,015 bitcoins moved. 49k in one, 29k in another, etc.A lot of the nearby blocks have these huge transactions, 79,000, 125,000, 157,000 etc. So I was curious, maybe bitcoin has always been like that and I just haven't noticed, so I skipped back in time a bit. In the past day or so thre have been a ton of 100,000+ BTC transfer blocks, but in previous days past it has been almost totally unseen a volume of transfer that high.

Curious what people think of this, or if I'm just not familiar enough with block history that I'm missing something.
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Stephen Gornick
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June 16, 2011, 11:10:36 AM
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So I'm not totally sure what forum to put this under, but it sort of seems appropriate here.

I was looking through the block chain recently, for reasons of my own and I noticed something sort of surprising. http://blockexplorer.com/b/131227

Block 131227 had moved 133,232 bitcoins! And this was in a few mostly concentrated transactions, 49,000 in one, 29,000 in another, etc.

Then I checked back a little bit and again http://blockexplorer.com/b/131223 block 131223 130,015 bitcoins moved. 49k in one, 29k in another, etc.A lot of the nearby blocks have these huge transactions, 79,000, 125,000, 157,000 etc. So I was curious, maybe bitcoin has always been like that and I just haven't noticed, so I skipped back in time a bit. In the past day or so thre have been a ton of 100,000+ BTC transfer blocks, but in previous days past it has been almost totally unseen a volume of transfer that high.

Curious what people think of this, or if I'm just not familiar enough with block history that I'm missing something.

Unfortuanately, there is no longer a real-time chart on any publicly visible site which charts transaction volume in real-time.  That chart would show yesterday's activity as ranking either as the top or 2nd highest as far as the number of bitcoins spent in a single day.

Of course, that number means almost nothing because, as you might have presumed, it isn't likely real economic activity but instead is one person sending bitcoins back and forth between wallets.

The most recent chart is from nearly a month ago:
 - http://bitcoinreport.blogspot.com/2011/05/updated-transactions-per-day.html

There is a daily recording of that count:
 - http://twitter.com/bitcoineconomy

There is a calculation that will provide a better measure of activty.  That calculation is called the BitcoinDays Destroyed measure.  That too is not publicly recorded, but it is an open source script that you could run yourself:
  - http://en.bitcoin.it/wiki/Bitcoin_Days_Destroyed
  - http://forum.bitcoin.org/index.php?topic=9300.msg135639#msg135639




anodyne
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June 16, 2011, 11:16:35 AM
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One comment I've seen is that many of the large transactions are backups, consolidation of transfers and similar housekeeping done by Mt Gox and others that hold large sums in deposit.

It's probably true in many cases, but... it would be boring of that was the only reason for the large transactions. Smiley

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k
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June 16, 2011, 10:50:36 PM
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have a look at this thread
http://forum.bitcoin.org/index.php?topic=17507.msg224202#msg224202
Matarael
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June 16, 2011, 11:17:20 PM
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have a look at this thread

Good read. I don't know if it's related to the current bot trading though. The snake patterns were BTC to BTC transactions.
The (what looks to be) bot trading between $19USD and $20USD seems to be someone(s) manipulating the market to insure they sell out above $19USD.
zdmas
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June 17, 2011, 12:01:38 AM
 #6

Price is dropping like insane right now
Cluster2k
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June 17, 2011, 05:52:39 AM
 #7

Price is dropping like insane right now

http://en.wikipedia.org/wiki/Dead_cat_bounce

We're probably seeing the end of it.

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epi 1:10,000
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June 17, 2011, 11:38:04 PM
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How many times does a dead cat bounce?   How long does it take a dead cat with one peg leg to kick the seeds out of a dill pickle?Huh
Goldenmaw
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June 17, 2011, 11:47:33 PM
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How many times does a dead cat bounce?   How long does it take a dead cat with one peg leg to kick the seeds out of a dill pickle?Huh
It should be obvious by now - a dead cat bounces twice, tops.  Once, when its corpse hits the ground, and again on the rebound.
What we have here is an alive cat, and the video guide in my thread proves it:
http://forum.bitcoin.org/index.php?topic=18653.0
epi 1:10,000
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June 17, 2011, 11:59:02 PM
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It should be obvious by now - a dead cat bounces twice, tops.  Once, when its corpse hits the ground, and again on the rebound.
What we have here is an alive cat, and the video guide in my thread proves it:
http://forum.bitcoin.org/index.php?topic=18653.0

Dam that is the perfect argument!
SgtSpike
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June 18, 2011, 12:27:07 AM
 #11

No, but huge things are ahead.


Grin
bcpokey
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June 19, 2011, 07:37:29 PM
 #12

No, but huge things are ahead.


Grin


I guess whichever body part you choose to look at, big things WERE coming up.
Bit_Happy
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June 19, 2011, 08:36:02 PM
 #13

No, but huge things are ahead.


Grin


I guess whichever body part you choose to look at, big things WERE coming up.

Are huge things afoot?
What a day, again... 

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