Huge BTC dump incoming

[phoenix1]

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 :

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.

[mishax1]

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]

We still waiting this Huge dump we must buy bitcoin more cheap than now  .
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 $  

[xingming]

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]

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

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

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

[mishax1]

If you read that article it also says

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]

it will gonna be uncontrol if always like this .

[phoenix1]

If you read that article it also says

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

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

[azguard]

you all think it will happen?

[randy8777]

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]

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]

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]

I don't think 4$ considered as a dump 

[azguard]

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