Seriously. What about off chain transactions and their already extant impact on the velocity? From the oft-cited coinbase customer email to coinbase customer em

Seriously. What about off chain transactions and their already extant impact on the velocity? From the oft-cited coinbase customer email to coinbase customer email "bitcoin" transaction to handing the private key over to somebody, behind a hologram or not, these types of transactions don't appear on the blockchain but they certainly do effect the economy.