Daily Transaction Volume is Nearing Record - What gives?

[J603]

Gambling and drugs are a "real" part of any economy.

Yes, but not productive ones.  In fact, gambling is a net economic loser.

Productive part of society? No. Productive part of the economy? Yes. What is the difference between selling oranges, weed, or poker chips? Economically, nothing. Each is a good being bought and sold.

[1714134759]

1714134759

[jlcooke]

Yes, but not productive ones.  In fact, gambling is a net economic loser.

Productive part of society? No. Productive part of the economy? Yes. What is the difference between selling oranges, weed, or poker chips? Economically, nothing. Each is a good being bought and sold.

No it's not.  Moving money without production activity (resources extracted, refined, goods improved, services provided in a more efficient way so others can things *they're* better at, etc).  This is why BitCoin may be better than fiat.  But it's not why roulette is as good as farming fruit.

Gambling is just moving money from people who are bad at math to those who have a high school education and/or have resources to be a casino.

[dyseac]

Yes, but not productive ones.  In fact, gambling is a net economic loser.

Productive part of society? No. Productive part of the economy? Yes. What is the difference between selling oranges, weed, or poker chips? Economically, nothing. Each is a good being bought and sold.

No it's not. 

Are you suggesting those who gain from gambling don't spend any of their profits? 

[johnyj]

Yes, but not productive ones.  In fact, gambling is a net economic loser.

Productive part of society? No. Productive part of the economy? Yes. What is the difference between selling oranges, weed, or poker chips? Economically, nothing. Each is a good being bought and sold.

No it's not.  Moving money without production activity (resources extracted, refined, goods improved, services provided in a more efficient way so others can things *they're* better at, etc).  This is why BitCoin may be better than fiat.  But it's not why roulette is as good as farming fruit.

Gambling is just moving money from people who are bad at math to those who have a high school education and/or have resources to be a casino.

Gambling is also a demand, a higher level of demand, especially for rich people. When you have already produced every physical goods, you need to produce services to satisfy such kind of psychological demand

[J603]

Yes, but not productive ones.  In fact, gambling is a net economic loser.

Productive part of society? No. Productive part of the economy? Yes. What is the difference between selling oranges, weed, or poker chips? Economically, nothing. Each is a good being bought and sold.

No it's not.  Moving money without production activity (resources extracted, refined, goods improved, services provided in a more efficient way so others can things *they're* better at, etc).  This is why BitCoin may be better than fiat.  But it's not why roulette is as good as farming fruit.

Gambling is just moving money from people who are bad at math to those who have a high school education and/or have resources to be a casino.

A gambling site does all of that. The "resources" bought are the domain and all of the people that work on it. The "refining" process is turning a blank page into a functional website. The improved service is pretty obvious; every gambling site will try to work the best.

You're right, farming fruit is more necessary than roulette. But this isn't the medeival times, so not everyone has to be a farmer. There is room for luxuries.

As for your last statement, congratulations, you've described 99% of all products on Earth. There are very few things that we actually need.

[Operatr]

There are some correlations going on that might just be the start of a fresh rally.

http://www.google.com/trends/explore#geo&q=bitcoin&cmpt=q

Search trends for "bitcoin" and other related phrases have bounced off the floor, an indication of renewed interest potentially to find out more. Searches related to mining actually surprised me.

We're seeing trade volume increase again and Bitcoin is up a bit so far.


http://www.zerohedge.com/news/2013-08-20/18-signs-global-financial-markets-are-entering-vicious-circle

Coincidentally this is occurring at a time when I imagine faith in the fiat markets and paper currency in general are being erased quickly as things begin to finally slide completely out of control.


Bitcoin has also been in the news a lot more lately as governments start to respond to Bitcoin, either for better or worse so far.

These factors could very well drive the next wave up, just like they did in April. Only the next one might just be a mass exodus to Bitcoin while the USS Bernake sinks to the ocean floor.

[Carlton Banks]

There are some correlations going on that might just be the start of a fresh rally.

http://www.google.com/trends/explore#geo&q=bitcoin&cmpt=q

Search trends for "bitcoin" and other related phrases have bounced off the floor, an indication of renewed interest potentially to find out more. Searches related to mining actually surprised me.

We're seeing trade volume increase again and Bitcoin is up a bit so far.


http://www.zerohedge.com/news/2013-08-20/18-signs-global-financial-markets-are-entering-vicious-circle

Coincidentally this is occurring at a time when I imagine faith in the fiat markets and paper currency in general are being erased quickly as things begin to finally slide completely out of control.


Bitcoin has also been in the news a lot more lately as governments start to respond to Bitcoin, either for better or worse so far.

These factors could very well drive the next wave up, just like they did in April. Only the next one might just be a mass exodus to Bitcoin while the USS Bernake sinks to the ocean floor.

It's curious, there should be just enough self-determined people out there who want to judge for themselves "what's this connection between the tanking economy, the dubious price inflation I'm experiencing, and Bitcoin?". They're capable of doing a couple of searches to scout about to find the information sources that are off the beaten track, and know these sources can be just as valuable as the mainstream.

As well, I hope it's sooner rather than later. I've heard more than enough to confirm that a major debt correction is inevitable, but when really is the tipping point? How much longer can these guys use up every bit of distortion and obfuscation until the penny really drops? Is the present reality not absurd enough already? Are we really just waiting for a critical mass of dumbass guys in senior positions at financial firms to open their eyes, remove their fingers from their ears and start screaming?

[Itcher]

Wow, this is new. If you look at the 7-day-average we reached an ATH.

http://blockchain.info/de/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=7&show_header=true&scale=0&address=

Something wild is happening since August 13th, and it's rising fast and doesn't show any sign of tirement by now. I am curious what will be the peak.

But what is happening? I am very curious.

It's not because the android bug. Too much and too constant rising, also it started earlyer and didn't slow down by now.

The 100 most used adresses are not in the statistic. So SD, MtGox, SR and popular mixers are out.

The volume of transactions didn't follow. It's very low http://blockchain.info/de/charts/estimated-transaction-volume?showDataPoints=false&timespan=&show_header=true&daysAverageString=7&scale=0&address=

So we have a lot of little transactions.

New mixers? New gambling sites? Do people buy with bitcoins via gyft or bitpay or bips instead of hording & selling?

Or is someone just testing a new service which includes thousands of transactions each day?

[Carlton Banks]

Wow, this is new. If you look at the 7-day-average we reached an ATH.

http://blockchain.info/de/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=7&show_header=true&scale=0&address=

Something wild is happening since August 13th, and it's rising fast and doesn't show any sign of tirement by now. I am curious what will be the peak.

But what is happening? I am very curious.

It's not because the android bug. Too much and too constant rising, also it started earlyer and didn't slow down by now.

The 100 most used adresses are not in the statistic. So SD, MtGox, SR and popular mixers are out.

The volume of transactions didn't follow. It's very low http://blockchain.info/de/charts/estimated-transaction-volume?showDataPoints=false&timespan=&show_header=true&daysAverageString=7&scale=0&address=

So we have a lot of little transactions.

New mixers? New gambling sites? Do people buy with bitcoins via gyft or bitpay or bips instead of hording & selling?

Or is someone just testing a new service which includes thousands of transactions each day?

I think you're proving it could easily be a combination of many different trends. This would be good news for the community if it's actually the case; the more diversity of use we have, the more demonstrable proof of the power of the system, and the more people there will be out there with anecdotal evidence of the benefits. Imagine if you heard good reports of different use-cases, all from separate people. Even if you were a previous sceptic, or felt the system was too over-complicated for you, proof of lots of different and successful activity might help persuade you otherwise.