Quote:
Originally Posted by maxtower
http://twitter.com/#!/bitcoineconomy
according to this twitter feed bitcoin transaction volumes range from 100k-700k per day. MtGox is typically less than 100k per day and usually much less.
Sure some transactions are trading or exchanging, but there aren't a ton of real products available yet, so I imagine most of the volumes are speculative in one way or another.
Bitcoin transaction volume is completely meaningless...
Because the transaction cost is zero...
For, example, look at this 10 minute block...
Which has about 4,000,000 in BTC volume.
Some clown broke up 89,000 into 1,000 pieces...
But instead of racking up 89,000 in volume...
He did special trick to rack up 4,000,000 in volume...
Because transaction cost is ZERO.
This demonstrates how easy it is to manipulate BTC...
Wait till the real sharks move in...
They will be pushing the price around up/down at will.
The scary thing is...
No one even mentioned this block at BitCoin Forums...
No discussion whatsoever = Cultish Silence.
http://blockexplorer.com/block/00000...802fc1f1e9e80c
My best estimate is about $50,000/day...
Of actual BTC commercial activity...
Which is completely irrelevant anyway...
This is a pure speculative bubble...
And should be traded like one.