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Author Topic: What happened last week? | Bitcoin Transactions  (Read 190 times)
hugeblack
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March 10, 2019, 02:08:47 PM
Merited by YOSHIE (1)
 #1

 I love looking for charts when I have free time but what caught my attention in Bitcoin Transactions historical chart is that the number dropped significantly last week with the continuation of the decline.


I searched in the news and there was not a lot of updates? Is this because of the lightning network or are there other factors I do not know?

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March 10, 2019, 03:22:17 PM
 #2

There has been news that Venezuela has been getting power cuts recently. This might just be it; knowing that bitcoin adoption in Venezuela is definitely high.

https://www.bbc.com/news/world-latin-america-47504722

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March 10, 2019, 03:46:23 PM
 #3

There has been news that Venezuela has been getting power cuts recently. This might just be it; knowing that bitcoin adoption in Venezuela is definitely high.

https://www.bbc.com/news/world-latin-america-47504722

Could be, but it's hard to attribute almost 100k transactions on a single country alone. But if the events on Venezuela greatly matches that of the sudden changes in the network, then it could really be the reason. Sudden drops from network activity happen from time to time, though with the huge involvement of Venezuela in the scene lately, we might know who to point fingers now (not in a bad sense of 'pointing fingers,' obviously.)

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March 10, 2019, 03:57:29 PM
Merited by dbshck (4), DooMAD (2), pooya87 (2), o_e_l_e_o (2), Pursuer (1), hugeblack (1)
 #4

Veriblock stopped the Testnet, and Veriblock was sending about 30% of all Bitcoin Transaction via their Pop-Miner. You will see that climb up again when Veriblock starts the Mainnet on 15.03.2019.

Cheers.

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March 10, 2019, 04:47:05 PM
 #5

*snip*
Yeap probably not due to Venezuelans alone, but if anything, they definitely have a huge influence on the number of daily transactions. But yea, we can't really know for sure what the main culprit is.

I think bitcoin price is stable  and looking at the chart i would say Above 200 day average and there is an upward trend.. I guess that's why people don't sell bitcoins.. no one is sending anyone, all investors is hodler. it's my idea..
Maybe actually try reading the topic first before making a reply; then your reply might make some sense.

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March 10, 2019, 04:53:03 PM
 #6

I think bitcoin price is stable  and looking at the chart i would say Above 200 day average and there is an upward trend.. I guess that's why people don't sell bitcoins.. no one is sending anyone, all investors is hodler. it's my idea..

Regardless of the shape of the market, regular trades are made. The amount of trades made fluctuates, and dropped hard some time last week, hence the post. Price stability would not lead to such a significant change.

Veriblock stopped the Testnet, and Veriblock was sending about 30% of all Bitcoin Transaction via their Pop-Miner. You will see that climb up again when Veriblock starts the Mainnet on 15.03.2019.

Cheers.

I do not know anything about this, would be looking into it right now. Thanks
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March 10, 2019, 05:20:19 PM
 #7

I saw a post earlier today stating that bitcoin transcations has approached it's all time highest
But in seeing this post am delusional about the whole situation

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March 10, 2019, 06:19:58 PM
 #8

*snip*
Yeap probably not due to Venezuelans alone, but if anything, they definitely have a huge influence on the number of daily transactions. But yea, we can't really know for sure what the main culprit is.

No, they don't.
Let's not start with the whole blown out of proportion adoption in Venezuela.
As long as the minimum wage is 6$ a month you won't see people making transactions daily out there.

The power failure started on Thursday the 7th, and if it were to blame we would have seen a big drop on the 8th.
What happened is that on the 8th we saw nothing but a small increase.



Veriblock was known for months for "spamming' the chain, I could live happily with them and back to 3 satoshis/byte.

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March 10, 2019, 09:06:52 PM
 #9

It's absolutely due to Veriblock:
https://bitcoinexchangeguide.com/veriblock-blockchain-project-creates-new-debate-for-posting-over-25-of-btc-transaction-numbers/
https://www.bitnewslive.net/2019/02/17/more-than-30-of-btc-traffic-stems-from-the-veriblock-project/

Veriblock were responsible for around 30% of the daily transaction volume over the last several weeks. It uses a "Proof-of-Proof" system which involves publishing the current state of its blockchain periodically to the bitcoin blockchain. If you look at their TestNet Explorer, you can see the last block mined was on March 4th, which perfectly fits a drop of around 30% of the daily transactions starting on that day.

According to their wiki, their MainNet launch is set for 10:00 ET (14:00 UTC) on March 15th. Expect a rebound then.

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March 10, 2019, 09:42:03 PM
 #10

Veriblock stopped the Testnet, and Veriblock was sending about 30% of all Bitcoin Transaction via their Pop-Miner. You will see that climb up again when Veriblock starts the Mainnet on 15.03.2019.

Cheers.

This lightened my candles again and really looking forward to this.
It been a long time we are in low and everyday we are hoping for the rise.
This will answer the prayers once done! thanks mate!

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March 11, 2019, 08:11:09 AM
 #11

Veriblock  that was mentioned above is most probably the main reason for the spike in number of transactions but lets not forget that in the same time frame (meaning during February) we had a big price rise which brought bitcoin out of a stable phase around $3100 and took the price up to $4100 which is a $1000 rise and as it has always been the case with every single price rise in history they are all accompanied by a big spike in number of on chain transactions (some people are transferring their coins on exchanges to sell and some are buying these coins and transferring them out to their wallets). and now that the price has stabilized again around $3800 we see the drop.

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March 11, 2019, 08:25:22 AM
 #12

Veriblock  that was mentioned above is most probably the main reason for the spike in number of transactions but lets not forget that in the same time frame (meaning during February) we had a big price rise which brought bitcoin out of a stable phase around $3100 and took the price up to $4100 which is a $1000 rise and as it has always been the case with every single price rise in history they are all accompanied by a big spike in number of on chain transactions (some people are transferring their coins on exchanges to sell and some are buying these coins and transferring them out to their wallets). and now that the price has stabilized again around $3800 we see the drop.
This did lead to a lot of movement but I think this is just more or less too little sample data to really try to read into.

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March 11, 2019, 08:35:09 AM
 #13

There is already a thread discussing on the same topic:
https://bitcointalk.org/index.php?topic=5118828.msg50092393#msg50092393
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March 11, 2019, 08:40:40 AM
 #14

I love looking for charts when I have free time but what caught my attention in Bitcoin Transactions historical chart is that the number dropped significantly last week with the continuation of the decline.


I searched in the news and there was not a lot of updates? Is this because of the lightning network or are there other factors I do not know?
This is one part of something that is difficult to predict. The market situation will never be predictable and there must be a change in increase and decrease.
The current Bitcoin market is very volatile, changes and moves will meet us all the time.
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March 11, 2019, 02:07:44 PM
 #15

Veriblock stopped the Testnet, and Veriblock was sending about 30% of all Bitcoin Transaction via their Pop-Miner. You will see that climb up again when Veriblock starts the Mainnet on 15.03.2019.

Cheers.

This lightened my candles again and really looking forward to this.
It been a long time we are in low and everyday we are hoping for the rise.
This will answer the prayers once done! thanks mate!


We all are looking for the high peak value on the cryptocurrencies right. We will be able to find the demand and supply soon when the halving falls in the market but now transaction high but why price fluctuate heavy with the high amount of circulation? I am really confused about this thing alone. If this is next day of halving means we will find the high price due to supply reduction.

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hugeblack
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March 11, 2019, 02:44:22 PM
 #16

Veriblock stopped the Testnet, and Veriblock was sending about 30% of all Bitcoin Transaction via their Pop-Miner. You will see that climb up again when Veriblock starts the Mainnet on 15.03.2019.
It seems that I got an answer, let’s see if this is true on the 15th until that time. this reason is convincing.
The other reasons may have an impact, but not the extent of the decline, such as the power outages in Venezuela.

Thanks to all, merits has been given and the subject will be locked.

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