bitcoin economy on fire

[Jeremy West spendbitcoins.com]

What a load of crap. If you actually try selling anything here (as I have done multiple times) then you would know that there are no buyers of goods and services (not including those related to mining).

People are hoarding and are not spending, even with massive discounts.

Take it from someone who makes a living from selling goods and services for USD, there is NO bitcoin economy.

I have sold over $25,000 worth on my site in the last week, all in bitcoins. No discount, just the 24 hour average exchange rate applied to the purchase.

Take it from someone who makes a living from selling goods and services for BTC, there IS a bitcoin economy.

[1713529315]

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[1713529315]

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[kiba]

I have sold over $25,000 worth on my site in the last week, all in bitcoins. No discount, just the 24 hour average exchange rate applied to the purchase.

Take it from someone who makes a living from selling goods and services for BTC, there IS a bitcoin economy.

You're serious?

[terroh8er]

I set up a few craigslist ads for computer/electronics offering to accept Bitcoins as payment and got a buyer in the first day. This is in a very rural area too.

[evoorhees]

What a load of crap. If you actually try selling anything here (as I have done multiple times) then you would know that there are no buyers of goods and services (not including those related to mining).

People are hoarding and are not spending, even with massive discounts.

Take it from someone who makes a living from selling goods and services for USD, there is NO bitcoin economy.

There are thousands of people spending btc. I've purchased six or seven things myself (none related to mining). It is still a very very small economy, of course, but to say "what a load of crap" is pretty silly. It can be thought of as a small town - very few services, and many things are inconvenient. But, this town is growing month on month at an incredible clip. Dismiss it at your peril.

 If you can't make sales, maybe you're just not offering the goods/services which the market desires at your offered price?  What exactly are you selling? Maybe I'll buy?

[Jeremy West spendbitcoins.com]

I have sold over $25,000 worth on my site in the last week, all in bitcoins. No discount, just the 24 hour average exchange rate applied to the purchase.

Take it from someone who makes a living from selling goods and services for BTC, there IS a bitcoin economy.

You're serious?

Yes. Why?

[datafish]

I've spent thousands myself on Jeremy's site.  The guy is awesome, and YES, there is a Bitcoin economy.

[w1R903]

I have sold over $25,000 worth on my site in the last week, all in bitcoins. No discount, just the 24 hour average exchange rate applied to the purchase.

Take it from someone who makes a living from selling goods and services for BTC, there IS a bitcoin economy.

You're serious?

Yes. Why?

Jeremy, my wife and I spend dozens of BTC worth of dollars on Amazon.com each month.  I'll definitely try to route that trade through you in the future.  I just "discovered" you this evening, unfortunately right after I had bought 5 BTC worth of books on Amazon.com.

[Man From The Future]

The price decrease was probably a good thing - it encourages people to actually go and spend their bitcoins, which in turn shall hopefully make BTC less volatile

[kiba]

Yes. Why?

It's 25 thousand dollars worth of bitcoin in one week. You think we not be skeptical, even if we are bitcoin proponent?

[benjamindees]

So I've run the script I posted earlier for the last several days, and the result is approximately 7-8 new vendors per day.  That's an annualized growth rate of over 400%, which is pretty good, even if you consider duplicates.  These are the numbers:

Code:

2011-07-04 581
2011-07-05 587
2011-07-06 595
2011-07-07 608
2011-07-08 612

[fennec]

Optimistically, if you assume compound growth (which I'd guess has happened so far), it will be more than 400% per annum.

Starting from 612 (last figure), I added 1.144% per day (from "7 new vendors per day"), for a total of 38,865, or 6250% growth per annum.

At some point the wiki page might need to be replaced by something more scalable.

[wareen]

Thank god its a wiki, so we have easy access to historical data:

It really seems to grow roughly exponentially which is not too surprising.
Nice to see the Bitcoin economy flourish!

[Piper67]

I have sold over $25,000 worth on my site in the last week, all in bitcoins. No discount, just the 24 hour average exchange rate applied to the purchase.

Take it from someone who makes a living from selling goods and services for BTC, there IS a bitcoin economy.

You're serious?

Hey Jeremy? Any reason bitcoinz.ca and bitcoinworldmarket.com are not listed on your site? They look pretty cool, and may even persuade me to part with some of my bitcoins.

[Jeremy West spendbitcoins.com]

Hey Jeremy? Any reason bitcoinz.ca and bitcoinworldmarket.com are not listed on your site? They look pretty cool, and may even persuade me to part with some of my bitcoins.

No reason other than that I have just heard of them and haven't made any agreements with them.

[bitcola]

Thank god its a wiki, so we have easy access to historical data:

It really seems to grow roughly exponentially which is not too surprising.
Nice to see the Bitcoin economy flourish!

This pretty chart is not proof of anything and you know it.

[wareen]

It really seems to grow roughly exponentially which is not too surprising.
Nice to see the Bitcoin economy flourish!

This pretty chart is not proof of anything and you know it.

Oh but the graph does "prove", that the number of entries on the trade page grows roughly exponentially. My second statement was just about a personal observation which happened to correlate with said graph.

Where do you read something erroneously proofed?

[lemonginger]

If someone will sell me local grown, organic food delivered to my door weekly, I will pay them ~570 BTC @ $14 / year. But so far, no one offer this.

I'm working on it

http://forum.bitcoin.org/index.php?topic=11181.0

[steelhouse]

Trade.htm   KB   links
6-24-11   152   
7-1-11   181   
7-7-11   216   
7-13-11   224   
7-15-11   223   603
7-18-11      616
7-25-11      642

decided to switch to links.  seoquake a firefox addon gives you this info.  Things are looking strong.

[ffuentes]

This has a name: Bubble! 

[spiccioli]

The 'problem' is, IMHO, that people tend to spend what they did previously earn.

Right now mining is the easiest way to earn bitcoins, but given current difficulty only very early miners have enough bitcoins to spend (a lot of them just sells bitcoins for some currency to pay for their rigs).

A real economy needs an offer of some kind of work which pays you in BTC because, right now, converting a currency into BTC just to buy things in BTC has no real advantage you're better off buying things in your currency (less hassle).

spiccioli.