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Author Topic: BTC Transactions - Record Volume  (Read 1411 times)
evoorhees
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December 02, 2011, 03:53:45 AM
 #1

Anyone else notice this?

http://blockchain.info/charts/estimated-transaction-volume?showDataPoints=false&timespan=&daysAverageString=1&scale=0
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December 02, 2011, 04:01:49 AM
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Yeah, but I don't know what it means.
I prefer the chart of transaction *count*: http://blockchain.info/charts/n-transactions
It strikes me as a more useful indicator of whether bitcoin interest/activity is rising or falling.


edit: I rather suspect that the transaction volume can be skewed simply by a large provider such as mtgox changing their cold-storage processes.
If they regularly shuffle some amounts in and out of cold storage - does that show up as some really large transactions? I'm guessing it might.

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Democracy is the original 51% attack


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December 02, 2011, 04:05:37 AM
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Yeah, but I don't know what it means.
I prefer the chart of transaction *count*: http://blockchain.info/charts/n-transactions
It strikes me as a more useful indicator of whether bitcoin interest/activity is rising or falling.


My chart: shows aggregate sum of transactions in Bitcoins
Your chart: shows quantity of transactions

I think my chart is a better indicator, but yours is important too =)  Both together give a clearer picture of the economy than either of them alone.
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December 02, 2011, 04:08:15 AM
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People moving their bitcoins into password protected wallets maybe?

(gasteve on IRC) Does your website accept cash? https://bitpay.com
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December 02, 2011, 04:08:38 AM
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My chart: shows aggregate sum of transactions in Bitcoins

Does it know which value in a transaction is the 'change' and which is the actual 'spent' amount?  Does it count both parts as BTC being transferred?
This is part of why I just don't understand what this aggregate chart is measuring.


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evoorhees
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Democracy is the original 51% attack


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December 02, 2011, 04:24:30 AM
 #6

People moving their bitcoins into password protected wallets maybe?

Ohh good idea... but I think the jump started before the release of 0.5 (came out on nov 21). Also, you'd expect the highest peak to be right at the release of .5, and also you'd would expect to see a similar jump when .4 came out, because it had new encryption.
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December 02, 2011, 04:25:03 AM
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People moving their bitcoins into password protected wallets maybe?

There was a lot of BitcoinDays Destroyed at about the same time:
 - http://banana.mine.nu/daysdest.html

But nowhere near as much volume on the exchanges ... so that would correspond with moves to encrypted wallets.  Or, there could be a massive amount of bitcoins that were moved to the exchanges, ... just waiting for the rally to tucker out before unloading en masse.  Or there's mixing going on again.  Or an intentional disinformation campaign. Really hard to tell.

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December 02, 2011, 04:29:08 AM
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.. or  small transfers from some really large wallets but the 'change' amount is included in the chart??

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December 02, 2011, 04:33:28 AM
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That's been said before when these come up, but does it work that way?  I've never looked at this stuff in depth. 

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evoorhees
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Democracy is the original 51% attack


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December 02, 2011, 07:33:33 AM
 #10

.. or  small transfers from some really large wallets but the 'change' amount is included in the chart??


The "change" is not included in that chart. Blockchain.info has one chart WITH the change, and then also they have the one I posted without.
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December 02, 2011, 07:40:16 AM
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.. or  small transfers from some really large wallets but the 'change' amount is included in the chart??


The "change" is not included in that chart. Blockchain.info has one chart WITH the change, and then also they have the one I posted without.

How is it possible to determine if there is change if the change address doesn't match one of the input addresses (and I would imagine most don't?)

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December 02, 2011, 07:45:32 AM
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.. or  small transfers from some really large wallets but the 'change' amount is included in the chart??


The "change" is not included in that chart. Blockchain.info has one chart WITH the change, and then also they have the one I posted without.


Quote
http://blockchain.info/charts/estimated-transaction-volume
Similar to the total output volume with the addition of an algorithm which attempts to remove change from the total value. This maybe a more accurate reflection of the true transaction volume.

Ok.. somehow I missed this note regarding change.  Still.. I wonder just how that works.

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December 02, 2011, 04:28:33 PM
 #13

.. or  small transfers from some really large wallets but the 'change' amount is included in the chart??


The "change" is not included in that chart. Blockchain.info has one chart WITH the change, and then also they have the one I posted without.


Quote
http://blockchain.info/charts/estimated-transaction-volume
Similar to the total output volume with the addition of an algorithm which attempts to remove change from the total value. This maybe a more accurate reflection of the true transaction volume.

Ok.. somehow I missed this note regarding change.  Still.. I wonder just how that works.


I suspect that that algorithm is not working properly.

How about that 500k BTC transfer?

Last time that many bitcoins were transferred in the blockchain, it was MagicalTux sending 424,242.42 BTC to prove control of MtGox deposits.
[...]
It was linked in the press thread:  http://siliconangle.com/blog/2011/11/17/500000-bitcoins-transferred-in-one-exchange/

And I followed the change to this addresss where it is currently:  http://blockexplorer.com/address/1CKmEA8NcSASCwbByFGQXbsnvWz7K5p7hs

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