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Wings1987
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April 23, 2015, 08:55:15 PM |
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I never understood this chart. Can someone explain? |
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Whoever mines the block which ends up containing your transaction will get its fee.
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fonzie
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April 23, 2015, 08:56:42 PM |
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I never understood this chart. Can someone explain? BTC > triple digits RxIxP 2015 Satoshi about to cash out! |
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gentlemand
Legendary
 Offline
Activity: 2590
Merit: 3013
Welt Am Draht
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April 23, 2015, 08:57:56 PM |
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I never understood this chart. Can someone explain? The longer a coin doesn't move, the higher a days destroyed it's awarded when it does. So a truly huge number of days destroyed means it's a very large number of old coins moving. Those who are prone to running around in circles and screaming interpret that as an early adopter getting ready to destroy their wealth by dumping it all on an exchange which has happened, er, pretty much never. |
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ChartBuddy
Legendary
Offline
Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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April 23, 2015, 08:58:15 PM |
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findftp
Legendary
Offline
Activity: 1022
Merit: 1006
Delusional crypto obsessionist
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April 23, 2015, 08:59:53 PM |
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I never understood this chart. Can someone explain? It looks like there were around 50 million bitcoin days destroyed. That means that it could be that 1 million coins which were not moved for 50 days could have been transfered somewhere else. It can also mean that 100.000 coins which were stored for 500 days were suddenly transfered else. Capiche? |
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Chainsaw
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April 23, 2015, 09:00:26 PM |
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Could be a lot of things. Perhaps Kraken moving funds in preparation for the MtGox proceedings. I went back and checked some of the other historical spikes in BDD. They tended to correlate to spikes upwards, not downwards. (Dec 13, Mar-Apr 14). I hope we learn more details around this. |
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Cassius
Legendary
Offline
Activity: 1764
Merit: 1031
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April 23, 2015, 09:02:49 PM |
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Odd. A small number of coins being moved out of very cold storage? Edit: no, I was confused by the 101 transacted. |
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ejinte
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April 23, 2015, 09:04:53 PM |
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Someone moved just 101BTC, the other 630k coins just went back to the same wallet as it came from. The bitcoin protocol works like that.
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findftp
Legendary
Offline
Activity: 1022
Merit: 1006
Delusional crypto obsessionist
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April 23, 2015, 09:05:27 PM |
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Don't think it was an exchange. Those were 70000 coins which were idle for almost 2 years. Equals around 70000 * 2 * 365 = 51100000 Explains the days destroyed exactly |
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damiano
Legendary
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Activity: 1246
Merit: 1000
103 days, 21 hours and 10 minutes.
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April 23, 2015, 09:06:25 PM |
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Could be a lot of things. Perhaps Kraken moving funds in preparation for the MtGox proceedings. I went back and checked some of the other historical spikes in BDD. They tended to correlate to spikes upwards, not downwards. (Dec 13, Mar-Apr 14). I hope we learn more details around this. There is taint from here (2 yr old though) https://blockchain.info/address/1BBqjKsYuLEUE9Y5WzdbzCtYzCiQgHqtPNI don't know so *shrug* Gox coins is best guess right now i think |
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Cassius
Legendary
Offline
Activity: 1764
Merit: 1031
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April 23, 2015, 09:07:48 PM |
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Click the ip. Gambling site?
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JohnnyBTC
Newbie
Offline
Activity: 57
Merit: 0
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April 23, 2015, 09:08:30 PM |
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I never understood this chart. Can someone explain? It looks like there were around 50 million bitcoin days destroyed. That means that it could be that 1 million coins which were not moved for 50 days could have been transfered somewhere else. It can also mean that 100.000 coins which were stored for 500 days were suddenly transfered else. Capiche? taken from stackexchange.com with 84 upvotez: "The idea of "bitcoin days destroyed" came about because it was realised that total transaction volume per day might be an inappropriate measure of the level of economic activity in Bitcoin. After all, someone could be sending the same money back and forth between their own addresses repeatedly. If you sent the same 50 btc back and forth 20 times, it would look like 1000 btc worth of activity, while in fact it represents almost nothing in terms of real transaction volume. With "bitcoin days destroyed", the idea is instead to give more weight to coins which haven't been spent in a while. To do this, you multiply the amount of each transaction by the number of days since those coins were last spent. So, 1 bitcoin that hasn't been spent in 100 days (1 bitcoin * 100 days) counts as much as 100 bitcoins that were just spent yesterday (100 bitcoins * 1 day). Because you can think of these "bitcoin days" as building up over time until a transaction actually occurs, the actual measure is called "bitcoin days destroyed". This is believed to give a better indication of how much real economic activity is occurring on the bitcoin network. So how well does it work? Well, it's still not perfect, because the other day I moved some coins out of a wallet they've been in for several months without spending them or giving them away. And some genuine businesses have very rapid turnover in bitcoins, so they're not being measured well by this method. But it does do a good job of filtering out the "noise" of bitcoins that are just "bouncing around" without really going anywhere. The graph of overall bitcoin days destroyed is believed to show that the genuine level of activity in the Bitcoin economy is continually increasing--it's not just one person experimenting by rapidly sending the same coins back and forth, flooding the network with meaningless chatter. Looks pretty good, hey? " |
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ensurance982
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April 23, 2015, 09:15:52 PM |
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Don't think it was an exchange. Those were 70000 coins which were idle for almost 2 years. Equals around 70000 * 2 * 365 = 51100000 Explains the days destroyed exactly Holy cow, we haven't seen that since December of last year. Are there actually people waiting for something like this to happen in order to sell their coins as soon as the transaction hits the chain? I will always be really afraid that those coins will be dumped at spot price. |
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derpinheimer
Legendary
Offline
Activity: 896
Merit: 1000
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April 23, 2015, 09:17:21 PM |
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Could be a lot of things. Perhaps Kraken moving funds in preparation for the MtGox proceedings. I went back and checked some of the other historical spikes in BDD. They tended to correlate to spikes upwards, not downwards. (Dec 13, Mar-Apr 14). I hope we learn more details around this. There is taint from here (2 yr old though) https://blockchain.info/address/1BBqjKsYuLEUE9Y5WzdbzCtYzCiQgHqtPNI don't know so *shrug* Gox coins is best guess right now i think How odd. They went into the wallet April 9th.. the day of the MtGox lag price crash.. Maybe this is a stoploss? Price is approaching the original buying price? |
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gentlemand
Legendary
Offline
Activity: 2590
Merit: 3013
Welt Am Draht
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April 23, 2015, 09:20:11 PM |
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Holy cow, we haven't seen that since December of last year. Are there actually people waiting for something like this to happen in order to sell their coins as soon as the transaction hits the chain? I will always be really afraid that those coins will be dumped at spot price.
Why would someone who was bright enough to recognise early potential and patient enough to sit out the endless downtrend wake up one morning and destroy what they have with an exchange dump? This comes up every single time there's a spike like this. |
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nakaone
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April 23, 2015, 09:25:11 PM |
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Could be a lot of things. Perhaps Kraken moving funds in preparation for the MtGox proceedings. I went back and checked some of the other historical spikes in BDD. They tended to correlate to spikes upwards, not downwards. (Dec 13, Mar-Apr 14). I hope we learn more details around this. There is taint from here (2 yr old though) https://blockchain.info/address/1BBqjKsYuLEUE9Y5WzdbzCtYzCiQgHqtPNI don't know so *shrug* Gox coins is best guess right now i think How odd. They went into the wallet April 9th.. the day of the MtGox lag price crash.. Maybe this is a stoploss? Price is approaching the original buying price? this guy/girl just send 101 btc of the 70k coins - the rest is still in the wallet ?! |
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ejinte
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April 23, 2015, 09:28:59 PM |
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Could be a lot of things. Perhaps Kraken moving funds in preparation for the MtGox proceedings. I went back and checked some of the other historical spikes in BDD. They tended to correlate to spikes upwards, not downwards. (Dec 13, Mar-Apr 14). I hope we learn more details around this. There is taint from here (2 yr old though) https://blockchain.info/address/1BBqjKsYuLEUE9Y5WzdbzCtYzCiQgHqtPNI don't know so *shrug* Gox coins is best guess right now i think How odd. They went into the wallet April 9th.. the day of the MtGox lag price crash.. Maybe this is a stoploss? Price is approaching the original buying price? this guy/girl just send 101 btc of the 70k coins - the rest is still in the wallet ?! finally someone who gets it  |
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derpinheimer
Legendary
Offline
Activity: 896
Merit: 1000
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April 23, 2015, 09:34:02 PM |
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Could be a lot of things. Perhaps Kraken moving funds in preparation for the MtGox proceedings. I went back and checked some of the other historical spikes in BDD. They tended to correlate to spikes upwards, not downwards. (Dec 13, Mar-Apr 14). I hope we learn more details around this. There is taint from here (2 yr old though) https://blockchain.info/address/1BBqjKsYuLEUE9Y5WzdbzCtYzCiQgHqtPNI don't know so *shrug* Gox coins is best guess right now i think How odd. They went into the wallet April 9th.. the day of the MtGox lag price crash.. Maybe this is a stoploss? Price is approaching the original buying price? this guy/girl just send 101 btc of the 70k coins - the rest is still in the wallet ?! finally someone who gets it You're underthinking it. It's completely possible the guy just decided, "Today's a good day to move all of my coins to a new wallet", but that makes absolutely no sense. Maybe it was a sale to someone who wanted a ton of coins with no slippage? Maybe they're preparing to sell them on an exchange? Who knows.. but "they sent them to a new wallet and then spend 100" makes no sense. |
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Cassius
Legendary
Offline
Activity: 1764
Merit: 1031
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April 23, 2015, 09:35:32 PM |
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No, unspent outputs count in bdd.
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Poll
