Daily Transaction Volume is Nearing Record - What gives?

[LifeOnBitcoin]

So I was cruising around over at Blockchain.info, and I see that the daily transaction volume is at 68586 which puts today 8-16-13 in the top 5 or 6 days in the history of bitcoin for transaction volume. It is approaching the same levels as in April and mid-May. However, when I correlate this data with three of the top ranked exchanges: Mt Gox, Bitstamp and BTC-E, I see that they all have tepid or even low volume in the last 24 hours. What is happening? Are grassroots payments by BTC spreading like crazy, or is it the automatic updates to overcome the Android security flaw?

The volume has been rising significantly for about two weeks.

Thoughts?

Theron H.
LifeOnBitcoin.com

[J603]

Gambling sites make up the bulk of transactions, far more than any exchange. Maybe today's a popular day to blow your money.

[jwzguy]

Could be people doing key rotation with the recent android fix.

[LifeOnBitcoin]

I wondered the same thing, and it probably is key rotation. Okay, now transaction volume is the 2nd highest day on record. If it is the Android fix, then it will probably go down tomorrow. We will see. 

Theron H.
LifeOnBitcoin.com

[CoinChex]

It's a great sign whatever the reason! Increased demand is going to improve our Bitcoin Economy!

[Anon136]

Could be people doing key rotation with the recent android fix.

+1

[Hfleer]

Gambling sites make up the bulk of transactions, far more than any exchange. Maybe today's a popular day to blow your money.

Could be.  Sports gambling with Bitcoin appears to be growing rapidly lately.

[ex-trader]

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

[Rannasha]

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

Pretty sure there's plenty of people wanting to see stats on that, but other than BTC-based companies releasing their revenue numbers there's no way to find out. With BTC address not tied to any specific company or person it's impossible to distinguish securities transactions from a real-world purchase from a key-rotation.

[J603]

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

Gambling and drugs are a "real" part of any economy. Better that bitcoins are used for something, even if it's drugs, rather than only be used as a security or stock.

[Zarathustra]

New all time high

http://blockchain.info/charts/n-transactions-excluding-popular

[Carlton Banks]

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

Gambling and drugs are a "real" part of any economy. Better that bitcoins are used for something, even if it's drugs, rather than only be used as a security or stock.

+1

And not at all insignificant parts of the real economy either.

[joesmoe2012]

Arbitrage...People are buying on bstamp/btc-e and selling on the great GoxSter...

[niothor]

q: Daily Transaction Volume is Nearing Record - What gives?
a: Don't know what you're smoking but quit it!

http://blockchain.info/charts/estimated-transaction-volume-usd?showDataPoints=false&timespan=180days&show_header=true&daysAverageString=7&scale=0&address=

[ex-trader]

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

Gambling and drugs are a "real" part of any economy. Better that bitcoins are used for something, even if it's drugs, rather than only be used as a security or stock.

Bitcoin will only be a success when it's used by people for real goods/services.

Having Bitcoin just so it can be used for illegal unregulated gambing and drug purchases is not a route to or validation of success of adoption.

[J603]

How much is REAL transactions though ie BTC replacing Fiat and buying actual real-world goods and services (ie not gambling, BTC securities, ASICs or SilkRoad)?

Where are the stats on that, or does no-one actually want to see whether there's any real BTC economy out there........!

Gambling and drugs are a "real" part of any economy. Better that bitcoins are used for something, even if it's drugs, rather than only be used as a security or stock.

Bitcoin will only be a success when it's used by people for real goods/services.

Having Bitcoin just so it can be used for illegal unregulated gambing and drug purchases is not a route to or validation of success of adoption.

I'm going to say the same thing that I said to him to you.

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

[ex-trader]

I'm going to say the same thing that I said to him to you.

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

So you think Bitcoin is a success and has a real future if it's only used for gambling and drugs?

[J603]

I'm going to say the same thing that I said to him to you.

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

So you think Bitcoin is a success and has a real future if it's only used for gambling and drugs?

That's not what I said. I said that it's better that bitcoins are used for something than nothing.

But if bitcoin wasn't used for these things then it would be a sign of a failing currency. Gambling and drugs are a huge part of an economy (drugs mostly). For them to not be represented in an economy shows that that economy is not fully developed. All economies have their vices, and vices are big money makers.

[Carlton Banks]

I'm going to say the same thing that I said to him to you.

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

So you think Bitcoin is a success and has a real future if it's only used for gambling and drugs?

Yep, that's exaaactly what he said.  

The government (well, the secret service part of the government) IS THE TOP DRUG DEALER IN MOST COUNTRIES. They collude with organised crime and use their SS credentials to make more certain than anyone else possibly could that the drug trade continues. Why do you think they've been tapping all US phones as a matter of course for over ten years, and STILL not stopped the drug trade? Evidence abounds, I'm afraid. Tell them it's not economically important. 

[jlcooke]

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

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