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The volume of Bitcoin is over $100B sometimes. It's over $75B in the last 24 hours. There are several days in the last month, according to Tether, with AT LEAS

The volume of Bitcoin is over $100B sometimes. It's over $75B in the last 24 hours. There are several days in the last month, according to Tether, with AT LEAST $500M of inflows. A single $1B of outflows shouldn't tank a market like this by 40%...

afavour 5y ago
It’s what happens when the entire vehicle is speculation. I know the plan and the desire is for Bitcoin to be used as an alternative payment method but it isn’t fit for purpose. The people investing in it are doing so purely on a speculative basis, so you’d better believe plenty will cash out at the first sign of a dip.
- bradam 5y ago
  Can you please point me a source where Bitcoin is "desired" as a payment method? It's seen more of a store of value, not used for paying for everyday things.
  - afavour 5y ago
    You’re asking for a source to prove that people want to use a cryptocurrency as currency? Feels a little like asking for a scientific paper proving that fish swim in water.
    - thecupisblue 5y ago
      I would also love to have that source. Any statistics on % of crypto used for actual transactions vs only for trading?
  - deleted 5y ago
    [deleted]
  - tartuffe78 5y ago
    The "store of value" thing was made up to keep the speculation bubble inflating when it became clear Bitcoin had no practical use.
    - DebtDeflation 5y ago
      Isn't the revisionist history amazing? All of the other use cases (e.g. smart contracts) are proven failures and now the original use case (payment method) is also clearly a failure, so the narrative shifts to "it was never intended to be a payment method, only a store of value". A store of value that can drop 40% in days, BTW, another failed use case.
  - ncallaway 5y ago
    Sure! The original Bitcoin whitepaper from Satoshi Nakamoto is available here: https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf It is titled "Bitcoin: A Peer-to-Peer Electronic Cash System" So, based just on the title, it's pretty clear that it's original intent was as an electronic payment method. The first sentence of the abstract is: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" If you read the rest of the whitepaper it's pretty clear that the original intent was as a mechanism to facilitate payments and transactions.
    - deleted 5y ago
      [deleted]
    - overtmind 5y ago
      That's BSV, maybe. Bitcoin core deviated from the original white paper long long ago
      - ncallaway 5y ago
        Are you arguing that the original Bitcoin whitepaper is invalid as a source of whether Bitcoin is "desired" as a payment method? Clearly, at least one person (the author of the whitepaper!) "desired" Bitcoin as a payment method. They desired it so much, that they went off an invented it! If that doesn't count as a source indicating what someone "desires" then nothing does.
  - zzbzq 5y ago
    It's not about it being valued as a currency for its objective characteristics, but rather based on the limitless enthusiasm of crackpot ideology
  - deleted 5y ago
    [deleted]
Tesl 5y ago
Crypto markets are manipulated AF, nobody knows how much the "real" volume is.
pc86 5y ago
In this case the volume is pretty irrelevant. If nobody wants to buy at the current price, and there are people willing to sell for a penny less than the current price, the price will drop. $1B or $10B of outflows can have the same price movement.
simonh 5y ago
>A single $1B of outflows shouldn't tank a market like this by 40%... It depends what kind of market you think it is. The fact is there's no economic fundamental supporting the value of Bitcoin, so it's value is just whatever speculators are willing to pay at any given time.
overtonwhy 5y ago
Unless big players know something about Tether that most people don't https://coingeek.com/tether-reaches-new-lows-in-quest-to-avoid-being-audited/ https://coingeek.com/tether-reaches-new-lows-in-quest-to-avo...

afavour 5y ago

It’s what happens when the entire vehicle is speculation. I know the plan and the desire is for Bitcoin to be used as an alternative payment method but it isn’t fit for purpose. The people investing in it are doing so purely on a speculative basis, so you’d better believe plenty will cash out at the first sign of a dip.

bradam 5y ago
Can you please point me a source where Bitcoin is "desired" as a payment method? It's seen more of a store of value, not used for paying for everyday things.
- afavour 5y ago
  You’re asking for a source to prove that people want to use a cryptocurrency as currency? Feels a little like asking for a scientific paper proving that fish swim in water.
  - thecupisblue 5y ago
    I would also love to have that source. Any statistics on % of crypto used for actual transactions vs only for trading?
- deleted 5y ago
  [deleted]
- tartuffe78 5y ago
  The "store of value" thing was made up to keep the speculation bubble inflating when it became clear Bitcoin had no practical use.
  - DebtDeflation 5y ago
    Isn't the revisionist history amazing? All of the other use cases (e.g. smart contracts) are proven failures and now the original use case (payment method) is also clearly a failure, so the narrative shifts to "it was never intended to be a payment method, only a store of value". A store of value that can drop 40% in days, BTW, another failed use case.
- ncallaway 5y ago
  Sure! The original Bitcoin whitepaper from Satoshi Nakamoto is available here: https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf It is titled "Bitcoin: A Peer-to-Peer Electronic Cash System" So, based just on the title, it's pretty clear that it's original intent was as an electronic payment method. The first sentence of the abstract is: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" If you read the rest of the whitepaper it's pretty clear that the original intent was as a mechanism to facilitate payments and transactions.
  - deleted 5y ago
    [deleted]
  - overtmind 5y ago
    That's BSV, maybe. Bitcoin core deviated from the original white paper long long ago
    - ncallaway 5y ago
      Are you arguing that the original Bitcoin whitepaper is invalid as a source of whether Bitcoin is "desired" as a payment method? Clearly, at least one person (the author of the whitepaper!) "desired" Bitcoin as a payment method. They desired it so much, that they went off an invented it! If that doesn't count as a source indicating what someone "desires" then nothing does.
- zzbzq 5y ago
  It's not about it being valued as a currency for its objective characteristics, but rather based on the limitless enthusiasm of crackpot ideology
- deleted 5y ago
  [deleted]

Tesl 5y ago

Crypto markets are manipulated AF, nobody knows how much the "real" volume is.

pc86 5y ago

In this case the volume is pretty irrelevant. If nobody wants to buy at the current price, and there are people willing to sell for a penny less than the current price, the price will drop. $1B or $10B of outflows can have the same price movement.

simonh 5y ago

>A single $1B of outflows shouldn't tank a market like this by 40%... It depends what kind of market you think it is. The fact is there's no economic fundamental supporting the value of Bitcoin, so it's value is just whatever speculators are willing to pay at any given time.

overtonwhy 5y ago

Unless big players know something about Tether that most people don't https://coingeek.com/tether-reaches-new-lows-in-quest-to-avoid-being-audited/ https://coingeek.com/tether-reaches-new-lows-in-quest-to-avo...