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Author Topic: Bitcoin's price seems to be the final indicator of it's success or failure!  (Read 1053 times)
phillipsjk
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January 17, 2015, 07:05:46 PM
 #21

No it is not.
I think, the most important indicator is transactions per day. That says a lot more about the currency than the price.

I am a litttle concerned can we trust that stat however, i think the transactions per day would be higher now anyway so yeah...
No, we can not really trust that stat, but we could tweak it, e.g. by measuring the transactions per day of the 100 biggest merchants.

Discussions like this remind me that I am a veteran around here.

The metric you are looking for is called Bitcoin Days Destroyed.

It discounts frequently moved coins. That way it is harder to game than the raw transaction per day metric. Ironically, a sudden spike in that metric can be a sign of trouble since old cold-storage wallets are suddenly being touched.

There was even a bounty for this calculation.

James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE  0A2F B3DE 81FF 7B9D 5160
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runpaint
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January 17, 2015, 07:13:00 PM
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Why don't we hear more about Bitcoin Days Destroyed?  Everybody talks about coin age for staking their trendy altcoins.

Does anybody use the ABE blockchain explorer?

BARR - Burning Altcoins for Redemption and Reduction - First Coin Using Multi-Proof-of-Burn - http://barr.me - Raising the BARR by Reducing Supply - Absorbing and Destroying Entire Altcoin Networks
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January 17, 2015, 07:19:22 PM
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This is an interesting observation but I think it's driven by people that don't understand what bitcoin is supposed to be. If  bitcoin is a medium of exchange (which it is) then the growth or decline of its value per fiat doesn't matter. It's stable price matters, but not whether it's stable at $50/BTC or $5000/BTC...only that it is stable.

The press unfairly equates the $/BTC conversion to success or failure and they do so only because it's an easy, dramatic story to tell....afterall, most media outlets are in the business of sell drama.

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January 17, 2015, 07:41:22 PM
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Price is indeed important at minimum from PR perspective. Now that Bitcoin has entered into the collective subconscious of the public , what will happen when it surpasses 1100 again in 2016? Mass Adoption?
Price is all PR. You should watch the latest video with Andreas in a podcast, its very clear the price is not that important, plus we are still up looking at the big picture.

You mind posting a link to this video? 
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