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Author Topic: Bitcoin volume in $ value up 600% from May 17  (Read 1300 times)
qwerty555
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May 26, 2014, 12:22:05 PM
 #1

A coiled spring of buyers , waiting for an upside price breakout from  the "bottom" is demonstrated by volume figures in dollar value over the last week..

After two months of a trading range 0f $20-50million value a day, once it appears that people are convinced the 'bottom"s in at around $400 and it pushes to the upside above $450 then the lurkers buy quickly to establish positions looking for an upside of previous highs and above.

The sudden jump to $170 million over the last 2 days from $20million on May 17th ( 600%+++)  and from an average over the previous 2 months (400%).

Most will not be selling until previous highs are reached.

http://www.quandl.com/BCHAIN/ETRVU-Bitcoin-Estimated-Transaction-Volume-USD

Looking forward to breaking 1160 sooner rather than later.



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May 26, 2014, 01:44:04 PM
 #2

yeah the time has come.  fortunately adoption is increasing exponentially now.  At least among merchants :-/

Bitcoin's true purpose defined in Satoshi's message on the Genesis Block:
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May 26, 2014, 03:39:36 PM
 #3

A coiled spring of buyers , waiting for an upside price breakout from  the "bottom" is demonstrated by volume figures in dollar value over the last week..

After two months of a trading range 0f $20-50million value a day, once it appears that people are convinced the 'bottom"s in at around $400 and it pushes to the upside above $450 then the lurkers buy quickly to establish positions looking for an upside of previous highs and above.

The sudden jump to $170 million over the last 2 days from $20million on May 17th ( 600%+++)  and from an average over the previous 2 months (400%).

Most will not be selling until previous highs are reached.

http://www.quandl.com/BCHAIN/ETRVU-Bitcoin-Estimated-Transaction-Volume-USD

Looking forward to breaking 1160 sooner rather than later.





Yeah because it can only be the positive thing you want it to be, couldn't have ANYTHING to do with manipulation by exchanges at all. NO POSSIBLE WAY HUH.



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May 26, 2014, 03:45:22 PM
 #4

Someone tell me which of the following is correct.

According to this article, the daily volume is around $170 million.

According to this thread , the daily volumes are close to $300 million.

Which one is correct?

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qwerty555
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May 27, 2014, 05:04:35 AM
Last edit: May 27, 2014, 05:23:36 AM by qwerty555
 #5

Someone tell me which of the following is correct.

According to this article, the daily volume is around $170 million.

According to this thread , the daily volumes are close to $300 million.

Which one is correct?


LOL  I believe they are BOTH correct but we have to read the whole data. If you go back to the week of Nov 26 2013 that week the daily average was near the $300M mark. This was around the time of the thread article which I think is Dec 2013 or early Jan 2014. On the chart it states "bitcoin transaction volume represents a 7 day average as of Dec3"

The other link showing $170m has a full record of volume for about 6 yrs, which confirms the $300M daily average for the week Nov26 to Dec3 2013

After December 2013 and particularly when the Mt Gox problem surfaced volumes dropped considerably to a LOW of 19M on May 17..Technical chartists often see that low volume ( there are FEW weaksellers left) as a buy signal

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May 27, 2014, 05:26:03 AM
 #6

Yeah because it can only be the positive thing you want it to be, couldn't have ANYTHING to do with manipulation by exchanges at all. NO POSSIBLE WAY HUH.
Hi sour grapes, I'm here to remind you that whatever you say is invalidated by your own stupidity. Check this out:

Personally, I lost all of my BTC, originally had 5 BTC, turned it into 7 BTC, lost some on a bad trade, lost 45% of my BTC on Cex.io adding "futures options", which I had no idea they were doing(my fault I know). Then I accidentally did a max bet on Just dice and lost most of it, got like .2 BTC left right, then coinex gets hacked rofl... so im down to abotu .05 BTC total.
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May 27, 2014, 05:31:46 AM
 #7

Yeah because it can only be the positive thing you want it to be, couldn't have ANYTHING to do with manipulation by exchanges at all. NO POSSIBLE WAY HUH.
Hi sour grapes, I'm here to remind you that whatever you say is invalidated by your own stupidity. Check this out:

Personally, I lost all of my BTC, originally had 5 BTC, turned it into 7 BTC, lost some on a bad trade, lost 45% of my BTC on Cex.io adding "futures options", which I had no idea they were doing(my fault I know). Then I accidentally did a max bet on Just dice and lost most of it, got like .2 BTC left right, then coinex gets hacked rofl... so im down to abotu .05 BTC total.

OMG what a fucking train wreck .....I give you credit for being so brave showing how stupid you are on the internet

I can gather that is was for educational purposes to show others what not to do when smoking crack rocks

so very brave Cheesy

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May 27, 2014, 03:05:13 PM
 #8

yeah the time has come.  fortunately adoption is increasing exponentially now.  At least among merchants :-/

It has always been growing.  Just look at coinmap.org
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May 27, 2014, 04:23:30 PM
 #9

yeah the time has come.  fortunately adoption is increasing exponentially now.  At least among merchants :-/
Hi,
I hope this happen soon, but not sure if the price is reaching so high until the end ot this year :/
Hope also that the price wont go down
BR
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May 27, 2014, 05:11:49 PM
 #10

bitcoin adoption is new and its the main cryptocurrency in its class in a new technology
so there is only a general trend up in terms of volume, not down, barring any technological flaws which i dont see any.

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May 27, 2014, 05:13:49 PM
 #11

I am hoping the price is stable for a while before any meteoric rise. I think we need more infrastructure to truly realize the value.

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May 28, 2014, 03:27:32 AM
 #12

I am hoping the price is stable for a while before any meteoric rise. I think we need more infrastructure to truly realize the value.

Its more a boom and bust the underlying infrastructure is built up and that becomes the new base for a meteoric rise
Anyways would like a nice increase in value since it means that their will be more interested capital entering into Bitcoin

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May 28, 2014, 03:46:58 AM
 #13

I am hoping the price is stable for a while before any meteoric rise. I think we need more infrastructure to truly realize the value.

Its more a boom and bust the underlying infrastructure is built up and that becomes the new base for a meteoric rise
Anyways would like a nice increase in value since it means that their will be more interested capital entering into Bitcoin


Boom an bust keeps people on the sidelines and keeps it from realizing the potential it has as a currency. I do think the capital flows in either way so it works out in the end.

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May 28, 2014, 04:21:27 AM
 #14

Yeah, the question is whether transaction volume which has been 50-75k for months or $ volume is more material about adoption

Coindesk had a piece out on it. any thoughts?

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May 28, 2014, 04:35:59 AM
 #15

I am hoping the price is stable for a while before any meteoric rise. I think we need more infrastructure to truly realize the value.

Its more a boom and bust the underlying infrastructure is built up and that becomes the new base for a meteoric rise
Anyways would like a nice increase in value since it means that their will be more interested capital entering into Bitcoin


Boom an bust keeps people on the sidelines and keeps it from realizing the potential it has as a currency. I do think the capital flows in either way so it works out in the end.

As long as the underlying transaction volume keeps rising and more people use it the price is not as important a process as TrailingComet pointed out.
That said most of the transactions now are real ones
When Satoshidice was in heavy use it wrote a lot of transactions and bets onto the blockchain to verify so transaction volumes were seriously inflated, now that effect is less and we are seeing more real volume.
In the end stability does help in keeping people interested but economic growth cycles also seem to follow the rise and fall cycles so both do work in practice, and the capital flows in either way in the end.

The only real difference is that there is no bailout for bad performers all benefits and consequences of that considered.
Mtgox collapse being a recent example

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8% yearly interest on your crypto holdings. Make 1 BTC into 1.08 BTC completely risk-free. Register & download app
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May 28, 2014, 07:19:16 AM
 #16

Someone tell me which of the following is correct.

According to this article, the daily volume is around $170 million.

According to this thread , the daily volumes are close to $300 million.

Which one is correct?

I would go out on a limb and day that the true number lies somewhere in the middle.. Probably closer to the lower end...
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May 28, 2014, 08:19:31 AM
 #17

Hmm, wonder if the $ volume portends a full-frontal attack on higher levels in coming weeks....

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