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Author Topic: Funny pattern in Bitcoin Days Destroyed chart  (Read 1791 times)
Spekulatius
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July 20, 2012, 11:57:27 PM
 #1



I summon you, allknowing wisdom of the forum: Provide me with the meaning of this sign!

http://blockchain.info/charts/bitcoin-days-destroyed-min-year
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notme
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July 21, 2012, 12:02:15 AM
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Old coins are moving.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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Spekulatius
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July 21, 2012, 12:09:21 AM
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Right, but why so many at a time? Also it cannot be the same coins two times, because they would have to sit for another year before scoring again in the chart.
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July 21, 2012, 12:13:52 AM
 #4

It would be interesting to know if those spikes are a lot of days and few coins or the opposite.  If its the same person removing the same # of coins (from big stash) you'd get an increase like this as the coins are getting older.  Living expenses for an early adopter who no longer has to work?
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July 21, 2012, 12:14:12 AM
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I don't know but you're unlikely to get any educated responses.  Whoever is doing it won't be blabbing and anyone else wouldn't know.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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Spekulatius
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July 21, 2012, 12:20:39 AM
 #6

I don't know but you're unlikely to get any educated responses.  Whoever is doing it won't be blabbing and anyone else wouldn't know.

I dont care who it is, just what it is someone is doing here to produce this pattern.
notme
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July 21, 2012, 12:22:12 AM
 #7

I don't know but you're unlikely to get any educated responses.  Whoever is doing it won't be blabbing and anyone else wouldn't know.

I dont care who it is, just what it is someone is doing here to produce this pattern.

Old coins are moving.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
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July 21, 2012, 03:49:08 AM
 #8

Right, but why so many at a time? Also it cannot be the same coins two times, because they would have to sit for another year before scoring again in the chart.
If you have an address that has 1000 coins, the default client never just moves one of them and leaves the rest where they were. Normally, it moves all of them, sending one where you want it to go, and the other 999 to a new address.

So this doesn't mean that many coins are being spent, necessarily - just that they're being spent from a heavy purse.

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
Sukrim
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July 23, 2012, 02:51:07 AM
 #9

Most of these spikes are hacks of various Bitcoin sites by the way, where all funds were moved out at once.

https://www.coinlend.org <-- automated lending at various exchanges. No fees(!).
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FreeMoney
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July 23, 2012, 03:43:30 AM
 #10

Right, but why so many at a time? Also it cannot be the same coins two times, because they would have to sit for another year before scoring again in the chart.
If you have an address that has 1000 coins, the default client never just moves one of them and leaves the rest where they were. Normally, it moves all of them, sending one where you want it to go, and the other 999 to a new address.

So this doesn't mean that many coins are being spent, necessarily - just that they're being spent from a heavy purse.

It's not just the default client. The protocol requires a complete input to be spent.

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