Bitcoin Success

[evoorhees]

http://blockchain.info/charts/n-transactions?showDataPoints=false&show_header=true&daysAverageString=7&timespan=all&scale=0&address=

I think this crazy shit is actually working.

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[benjamindees]

Bitcoin may be working but the dates on that chart don't seem to be.

[bearbones]

Bitcoin may be working but the dates on that chart don't seem to be.

Looks like only the "all time" dates are screwy. Gotta love blockchain.info for putting these charts up, though. They tell a very happy story.

[hazek]

Recently only one thing scares me about Bitcoin's future and it's the number of live nodes. We tout bitcoin as resiliant as bittorrent but right now that's just a bunch of hot air.

[lonelyminer (Peter Šurda)]

Recently only one thing scares me about Bitcoin's future and it's the number of live nodes. We tout bitcoin as resiliant as bittorrent but right now that's just a bunch of hot air.

I thought about this and I came to the conclusion that the number of live nodes is not strongly representative of the future of Bitcoin. The spread of mining pools makes it less likely that a miner will run a full node. The spread of services providing access to blockchain (e.g. blockchain.info, strongcoin, bitcoinspinner etc), and availability of modes of use of Bitcoin without doing a blockchain transaction (e.g. Casacsius coins, Opentransactions) makes it less likely that someone using Bitcoins for payment needs to run a full node. The availability of Bitcoinica and GLBSE makes it less likely that a speculator will run a full Bitcoin node. While I find it difficult to empirically assess this, I would not worry about it.

[Stephen Gornick]

I think this crazy shit is actually working.

Sorry,. ... most of that is probably from me.

Each of my payments to that http://SatoshiDice.com game goes through the blockchain and after each bet win or lose is a return payout transaction.  it works that way (all transactions through the blockchain) so that wagers don't need to first confirm and payouts are instantaneous.  It's a terrific approach.

And very addictive, sorry for all the activity to the blockchain!   

Now, how fast does it grow from here?

There will be more than 50,000 Bitcoin transactions in one day in 2012

- http://betsofbitco.in/item?id=351

[wachtwoord]

wow check out the mining cost per transaction http://blockchain.info/charts/cost-per-transaction

5 Bucks per transaction seems a bit excessive

[blablahblah]

wow check out the mining cost per transaction http://blockchain.info/charts/cost-per-transaction

5 Bucks per transaction seems a bit excessive

I think the legend for that graph is misleading. It disguises the block reward as a transaction cost. It's really:
M/d
_____

Tx/d

Or: mining income per day, divided by the number of transactions per day.

[wachtwoord]

Yeah I got that. I think it's excessively high. It doesn't really matter whether the income comes from block rewards or transaction fees when it come to miner motivation. We need more transactions

[mcorlett]

There will be more than 50,000 Bitcoin transactions in one day in 2012

- http://betsofbitco.in/item?id=351

That's a stupid bet to make. I doubt anyone is going to put their money on "disagree" - it's too easily fabricated.

[Stephen Gornick]

There will be more than 50,000 Bitcoin transactions in one day in 2012

- http://betsofbitco.in/item?id=351

That's a stupid bet to make. I doubt anyone is going to put their money on "disagree" - it's too easily fabricated.

Well, it would require a lot of fees, especially if you are churning your own coins.  These prediction market bets usually aren't all that much money, so the effort / rewards for manipulation isnt't very good.  

I suppose the bet should have been something like mean number of transactions over an X day span will be over a certain threshold or soething to that effect would have been better.

Either way, it is a pretty high multiple of anything we've seen thus far.

[finway]

45-day average

365-day average

[bearbones]

45-day average
...
365-day average
...

That is bad ass. After a few minutes of playing, I figured out how you generated those. For the curious: append "?daysAverageString=365" to the end of the page URL. The other charts are also quite interesting in monthly, quarterly and yearly averages.