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Author Topic: Huge BTC dump incoming  (Read 7846 times)
phoenix1
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February 24, 2015, 08:24:26 AM
 #101

How does tripling the number of users in a year is meaningless ?

How is the number of people estimated ? COuldn't it just be multiple wallets ?

Yes it absolutely could. Description of chart is :
Quote
Number of wallets hosts using our My Wallet Service

A more meaningful number would b the amount contained within those wallets as many people use them as a 'disposable resource' using one, transferring funds and never using again. I am pretty sure that number is included in this stat (tho not certain).
Alternatively, the number of wallets with zero balance or just dust would also be a useful number, so it could just be deducted from this number.
Calling this chart 'numbers of users' is definitely misleading IMO. Number of wallets CREATED would be a better title for this chart I believe, as it almost certainly includes both empty wallets and multiple wallets from the same users, which ain't really growth. It can only ever go up ...

Not saying number of wallet users isn't growing, just saying I don't think you can conclude this from chart alone.


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mishax1
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February 24, 2015, 08:38:58 AM
 #102


Not saying number of wallet users isn't growing, just saying I don't think you can conclude this from chart alone.


True, that is why there are other pretty positive numbers, like:

2,000,000 Coinbase users

and an old article from a year ago saying that there are "25 million Bitcoin addresses in use and 95% of them hold 0.001 BTC"
AllTheBitz
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February 24, 2015, 08:39:36 AM
 #103

We still waiting this Huge dump we must buy bitcoin more cheap than now  Grin.
About the dumping or pumping thats not important now , the important that you save
you coins and don't be sad you bought them for 450 $ in 2014 and sell them for 230 now
You will be really sad if you see the price of bitcoin in 2018 or more when the bitcoin
value more than 3000 $  Roll Eyes

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xingming
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February 24, 2015, 08:43:23 AM
 #104


Not saying number of wallet users isn't growing, just saying I don't think you can conclude this from chart alone.


True, that is why there are other pretty positive numbers, like:

2,000,000 Coinbase users

and an old article from a year ago saying that there are "25 million Bitcoin addresses in use and 95% of them hold 0.001 BTC"

I think that the huge numbers of users issue from the application of Multisig.
But i can't imagine that the number is right , Why ? because 25Millions people can't all
verify there bank account for just bitcoin.

phoenix1
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February 24, 2015, 08:53:26 AM
 #105


Not saying number of wallet users isn't growing, just saying I don't think you can conclude this from chart alone.


True, that is why there are other pretty positive numbers, like:

2,000,000 Coinbase users

and an old article from a year ago saying that there are "25 million Bitcoin addresses in use and 95% of them hold 0.001 BTC"

If you read that article it also says

Quote
less than one percent holds at least one bitcoin

That's less than 250,000 wallets, not users, holding more than $240 worth
And more than 23.75m with less than $0.25. I think it's a pretty safe assumption that most of those will never be used again, and I would suggest that many may have been created specifically to game the numbers.

Blockchain.info could easily produce a chart with empty/dust wallets and the trend of that, but they don't  for obvious reasons -would  not look as impressive Wink

And those Coinbase numbers look waaaay to high. Would love to see where they are derived from.

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mishax1
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February 24, 2015, 09:00:55 AM
 #106


If you read that article it also says

Quote
less than one percent holds at least one bitcoin


Don't forget that Coinbase nor the exchanges hold users' funds in separate wallets which means that 1m users can actually 'share' 1 bitcoin address..
Dread Pirate Roberts
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February 24, 2015, 09:02:58 AM
 #107

it will gonna be uncontrol if always like this .
phoenix1
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February 24, 2015, 09:08:16 AM
 #108


If you read that article it also says

Quote
less than one percent holds at least one bitcoin


Don't forget that Coinbase nor the exchanges hold users' funds in separate wallets which means that 1m users can actually 'share' 1 bitcoin address..

True, but 1m different users in one address seems a bit on the high side if only 0.25m wallets, not users, are holding > 1BTC Cheesy

Or maybe nobody has learnt anything about the risk of holding all your BTC on an exchange, and the number of exchange users is greater than the number of people holding their own PK's


"Before you embark on a journey of revenge, dig two graves"  - Confucius (China 551BC-479 BC)
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February 25, 2015, 01:18:00 PM
 #109

you all think it will happen?



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February 26, 2015, 01:57:04 AM
 #110

i am waiting for the huge dump but we have to wait a bit longer. right op?
eventually the huge dump will show up.
Chef Ramsay
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February 26, 2015, 04:47:12 AM
 #111

We just had a $4 dump and it's already recovering so I don't know if that was what yall were looking for, so.
funtotry
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February 26, 2015, 04:50:00 AM
 #112

Ya I believe of a constant dump goin on because of all these scams and the scammers pulling their funds out of exchanges slowly. This will definitely drive the price down sadly.

mishax1
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February 26, 2015, 07:26:18 AM
 #113

I don't think 4$ considered as a dump  Cheesy
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February 27, 2015, 01:02:47 PM
 #114

Ya I believe of a constant dump goin on because of all these scams and the scammers pulling their funds out of exchanges slowly. This will definitely drive the price down sadly.

i sure hope that wont happen



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