ahh bloomberg, they just published another one of
those articles
On any given day, as much as two-thirds of the transaction activity registered on the Bitcoin network has nothing to do with buying goods and services or trading the virtual currency.
Volume figures are being influenced by a range of other factors such as so-called mixers reshuffling balances between their own accounts, mining pools disbursing coins to members, outright scams such as spoofing and market manipulation, according to analytics provider Coinmetrics.
While the anonymity of the blockchain is one of the key founding principles of Bitcoin, the lack of transparency on the distributed ledger technology is seen by some industry participants as a hindrance to greater acceptance by both institutional and individual investors, as well as regulators.
there is just too many things wrong with their articles.
they talk about anonymity of the blockchain and lack of transparency (not to mention that both are bullshit but lets use their own words) then talk with confidence about these "stats". and some of these cases are not even what they say they are! for example mining pool "paying" its miners is the exact example of economic use of bitcoin! or the market manipulation and spoofing is not happening on chain it happens on exchanges!!
“Creating addresses in these networks is free, and transaction fees at this point are sufficiently low to enable a single user to send small balance through hundreds of transactions," Lucas Nuzzi, director of technology research at Digital Asset Research, said in an email.
dear director of "technology research" why would a single user waste his time and money to send his small balance through hundreds of transactions?
Mining pools create a lot of transactions with, arguably, no economic value. When a pool earns one Ether, it’s recorded on the blockchain. When the collective distributes fractions of that coin to its members, the disbursements create multiple transactions. Distributions from mining pools to their members accounted for 19 percent of Ethereum transactions, Galka said.
i don't get it! the title of the article says "bitcoin..." then all i read in the article is about ethereum and how the transactions there are spam! literary 90% of the article is talking about ethereum! we already know ETH has no economical value!
of course ETH doesn't have the ability to pay multiple recipients at once and the miner has to "spam" like this. in bitcoin the mining pool creates
one transaction paying lots of miners.
