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Another way: 1. Buy $81,000 in bitcoins 2. Wait. Seriously, did this actually happen to someone? Are people actually buying tens of thousands of dollars wort

by hugh3 15y ago

Another way: 1. Buy $81,000 in bitcoins 2. Wait. Seriously, did this actually happen to someone? Are people actually buying tens of thousands of dollars worth of bitcoins?

ghshephard 15y ago
It's difficult to determine the real volume of BTC transactions because of the structure of the Bitcoin Algorithm. Bitcoin transactions have two outputs. In order to send a fragment of money, you need to create one output for the fragment, and the remaining output to put the "change" into your own wallet. For example, if you have a wallet with 10,000 BTC, and you send 1 BTC to someone else, there will be two "outputs" - consisting of 1BTC and another with 9,999 BTC. An external observer won't (easily) be able to determine if this was a transaction of 1BTC, or 9,999 BTC.
vrotaru 15y ago
Are people actually buying tens of thousands of dollars worth of bitcoins? http://www.bitcoinmonitor.com/ http://www.bitcoinmonitor.com/ -- red dots. Well and the MtGox volume last Friday was roughly half a million. USD.
- hugh3 15y ago
  Well and the MtGox volume last Friday was roughly half a million. USD. On the other hand, given how much effort is going into promoting bitcoins I wouldn't be surprised if some folks are just trading them with themselves in order to pump up the numbers. Anyway, if people have gone from "ehh, I'll stick twenty bucks in just to see what happens" to "I'm gonna buy eighty-one thousand dollars worth of these things!" then it confirms my suspicion that the world is about to run out of bigger fools to sell 'em to.
  - w01fe 15y ago
    This event happened almost a year ago, when the value of said coins was closer to $900. http://forum.bitcoin.org/index.php?topic=782.0 http://forum.bitcoin.org/index.php?topic=782.0
    - hugh3 15y ago
      Oh. Well, that's not so bad then.
      - joelmichael 15y ago
        The lost coins went from $900 to $81,000 in value. So yes, it is just as bad, and makes your comment about simply "waiting" look a bit silly.
        tptacek 15y ago
        The same could be said of the valuation and time scales of any Ponzi scheme, so this comment isn't as witty as you think it is.
  - kgo 15y ago
    100,000 might as well be 20 bucks to a fund manager who has some high-risk fun-money set aside, or to some dot-com billionaire who thinks the crypto aspects are neat. I really hope this is the case with the insanely large buys, and it's not someone mortgaging their home.
kgo 15y ago
At the time this happened bitcoins were trading for less than 10 cents. But I have seen six-figure deals go by on the ticker at #bitcoin-market. Thirty day volume over at mtgox is 6 million dollars. Granted, much of this might really same money going back and forth for some day trade action, but it's still way more than people who don't follow bitcoin would ever think.

by hugh3 15y ago

Another way: 1. Buy $81,000 in bitcoins 2. Wait. Seriously, did this actually happen to someone? Are people actually buying tens of thousands of dollars worth of bitcoins?

ghshephard 15y ago

It's difficult to determine the real volume of BTC transactions because of the structure of the Bitcoin Algorithm. Bitcoin transactions have two outputs. In order to send a fragment of money, you need to create one output for the fragment, and the remaining output to put the "change" into your own wallet. For example, if you have a wallet with 10,000 BTC, and you send 1 BTC to someone else, there will be two "outputs" - consisting of 1BTC and another with 9,999 BTC. An external observer won't (easily) be able to determine if this was a transaction of 1BTC, or 9,999 BTC.

vrotaru 15y ago

Are people actually buying tens of thousands of dollars worth of bitcoins? http://www.bitcoinmonitor.com/ http://www.bitcoinmonitor.com/ -- red dots. Well and the MtGox volume last Friday was roughly half a million. USD.

hugh3 15y ago
Well and the MtGox volume last Friday was roughly half a million. USD. On the other hand, given how much effort is going into promoting bitcoins I wouldn't be surprised if some folks are just trading them with themselves in order to pump up the numbers. Anyway, if people have gone from "ehh, I'll stick twenty bucks in just to see what happens" to "I'm gonna buy eighty-one thousand dollars worth of these things!" then it confirms my suspicion that the world is about to run out of bigger fools to sell 'em to.
- w01fe 15y ago
  This event happened almost a year ago, when the value of said coins was closer to $900. http://forum.bitcoin.org/index.php?topic=782.0 http://forum.bitcoin.org/index.php?topic=782.0
  - hugh3 15y ago
    Oh. Well, that's not so bad then.
    - joelmichael 15y ago
      The lost coins went from $900 to $81,000 in value. So yes, it is just as bad, and makes your comment about simply "waiting" look a bit silly.
      - tptacek 15y ago
        The same could be said of the valuation and time scales of any Ponzi scheme, so this comment isn't as witty as you think it is.
- kgo 15y ago
  100,000 might as well be 20 bucks to a fund manager who has some high-risk fun-money set aside, or to some dot-com billionaire who thinks the crypto aspects are neat. I really hope this is the case with the insanely large buys, and it's not someone mortgaging their home.

kgo 15y ago

At the time this happened bitcoins were trading for less than 10 cents. But I have seen six-figure deals go by on the ticker at #bitcoin-market. Thirty day volume over at mtgox is 6 million dollars. Granted, much of this might really same money going back and forth for some day trade action, but it's still way more than people who don't follow bitcoin would ever think.