4 ms·

In general, if you pick the all time high as a starting point for your "research" it's all the way down from there. Bitcoin's daily transaction volume is moving

In general, if you pick the all time high as a starting point for your "research" it's all the way down from there. Bitcoin's daily transaction volume is moving to second layer so the metric used is not very useful. More importantly, and I can't stress this enough, the FX value of a cryptocurrency is not directly related to the project's status (developer activity or security track record, etc) but it is correlated to public perception of its value, which is why these sort of article pops up every now and again at regular intervals. https://www.reddit.com/r/Bitcoin/comments/9niw8x/lightning_network_at_the_senate_counterargument/ https://www.reddit.com/r/Bitcoin/comments/9niw8x/lightning_n...

pkulak 8y ago
By "second layer" do you mean lightning? Is that project off the ground yet? It's been a while since I paid attention.
- decentralised 8y ago
  I meant a number of second layer solutions, but lightning is one of the best examples right now. Check this visualisation for a current view of the size of the network: https://www.easyzoom.com/image/126770 https://www.easyzoom.com/image/126770
  - arcticfox 8y ago
    not a great sign when "NO NOOBS" is one of your more central nodes
    - decentralised 8y ago
      Well, the network is made of volunteering techies and imho it's still a work in progress.
- arcticfox 8y ago
  lightning is a nightmare, there are a lot of sad-humorous fails associated with trying to use it: https://twitter.com/Don_wonton/status/1050260801175597058 https://twitter.com/Don_wonton/status/1050260801175597058
- kurtisc 8y ago
  It's very close, the only thing left to do is solve the Travelling Salesman problem in polynomial time.
  - sp332 8y ago
    This is funny, but solving TSP for most real-life networks is not super difficult. Anyway it's not exactly TSP because you don't have to find an optimal route, just any route will do.
  - wcoenen 8y ago
    Travelling salesman is about finding the shortest/cheapest path that visits all nodes. I don't see why you'd want to involve all nodes for a payment route. If you meant "shortest path problem" instead, then it seems that route planners for road networks have already solved it reasonably well. I suspect the challenges for lightning have more to do with keeping the map up to date.
pastor_elm 8y ago
>Bitcoin's daily transaction volume is moving to second layer so the metric used is not very useful. sounds like woo to me
SunSparc 8y ago
Agreed. This technology is really still in the infancy stage. As crypto takes first steps there will certainly be many falls before it is truly able to walk. In 2017 I think we saw an initial foray into general consumer visibility. As we know, general consumers are picky and have very short attention spans. The fact that crypto garnered so much attention for so long is a good indication that there is certainly something to this whole idea of a currency that defies the traditional financial systems. Now is not the time to give up. Crypto is just getting started.
- Spooky23 8y ago
  You just gave me deja vu. Your comment brought me back to the year 2000, I’m sitting at my desk waiting for something and trolling f—ckedcompany.com, reading about how the future is CRM and pets.com.
  - shadowfiend 8y ago
    And here we are with Salesforce as a power player in tech and pets.com redirecting to petsmart.com, one of dozens of retailers selling pet products :)
lawn 8y ago
> Bitcoin's daily transaction volume is moving to second layer so the metric used is not very useful. No it hasn't.

pkulak 8y ago

By "second layer" do you mean lightning? Is that project off the ground yet? It's been a while since I paid attention.

decentralised 8y ago
I meant a number of second layer solutions, but lightning is one of the best examples right now. Check this visualisation for a current view of the size of the network: https://www.easyzoom.com/image/126770 https://www.easyzoom.com/image/126770
- arcticfox 8y ago
  not a great sign when "NO NOOBS" is one of your more central nodes
  - decentralised 8y ago
    Well, the network is made of volunteering techies and imho it's still a work in progress.
arcticfox 8y ago
lightning is a nightmare, there are a lot of sad-humorous fails associated with trying to use it: https://twitter.com/Don_wonton/status/1050260801175597058 https://twitter.com/Don_wonton/status/1050260801175597058
kurtisc 8y ago
It's very close, the only thing left to do is solve the Travelling Salesman problem in polynomial time.
- sp332 8y ago
  This is funny, but solving TSP for most real-life networks is not super difficult. Anyway it's not exactly TSP because you don't have to find an optimal route, just any route will do.
- wcoenen 8y ago
  Travelling salesman is about finding the shortest/cheapest path that visits all nodes. I don't see why you'd want to involve all nodes for a payment route. If you meant "shortest path problem" instead, then it seems that route planners for road networks have already solved it reasonably well. I suspect the challenges for lightning have more to do with keeping the map up to date.

pastor_elm 8y ago

>Bitcoin's daily transaction volume is moving to second layer so the metric used is not very useful. sounds like woo to me

SunSparc 8y ago

Agreed. This technology is really still in the infancy stage. As crypto takes first steps there will certainly be many falls before it is truly able to walk. In 2017 I think we saw an initial foray into general consumer visibility. As we know, general consumers are picky and have very short attention spans. The fact that crypto garnered so much attention for so long is a good indication that there is certainly something to this whole idea of a currency that defies the traditional financial systems. Now is not the time to give up. Crypto is just getting started.

Spooky23 8y ago
You just gave me deja vu. Your comment brought me back to the year 2000, I’m sitting at my desk waiting for something and trolling f—ckedcompany.com, reading about how the future is CRM and pets.com.
- shadowfiend 8y ago
  And here we are with Salesforce as a power player in tech and pets.com redirecting to petsmart.com, one of dozens of retailers selling pet products :)

lawn 8y ago

> Bitcoin's daily transaction volume is moving to second layer so the metric used is not very useful. No it hasn't.