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If I buy and then sell $100 worth of BTC a hundred times a day, have I created $100 worth of cryptocurrency trade or $10,000? Note I've only actually used $100
by RyanZAG 9y ago
If I buy and then sell $100 worth of BTC a hundred times a day, have I created $100 worth of cryptocurrency trade or $10,000? Note I've only actually used $100 here (excluding transaction fees). If it's the second, then $33 billion dollars isn't really a useful number if many of these trades are just arbitrage by a few individuals utilizing the same dollars over and over.
I'd think a more useful statistic would be the amount of USD actually moved out of bitcoin exchanges rather than trades on the exchanges themselves.
- Meekro 9y agoI'll certainly concede that point. You and several other people have pointed out that the daily volume might be people doing high-frequency trading back and forth, and I'm sure that's happening to some extent. Grandparent's analogy was "I have a trillion widgets, and my friend paid $1 for 1 widget, so I'm a trillionaire!" All I'm saying is that the economic activity surrounding cryptocurrency is nothing like that.
- chx 9y ago> All I'm saying is that the economic activity surrounding cryptocurrency is nothing like that. But , that is indeed all you are saying but that does not make it a fact.