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Wyoming has something like 0.2% of the US population. I wonder if the number of Wyoming-based active accounts at Coinbase even reaches into the triple digits.
by minimax 11y ago
Wyoming has something like 0.2% of the US population. I wonder if the number of Wyoming-based active accounts at Coinbase even reaches into the triple digits.
- ForHackernews 11y agoBitcoin is used by something like 0.05% of the US population. I wonder if the number of active users at Coinbase reaches into the quadruple digits.
- ikeboy 11y agoDo you math? http://www.wolframalpha.com/input/?i=.05%25+*+number+of+americans http://www.wolframalpha.com/input/?i=.05%25+*+number+of+amer... says over 150,000 people given your number. Coinbase themselves say https://www.coinbase.com/about https://www.coinbase.com/about over 2 million users.
- Miner49er 11y agoAnd that times .2% gives 322 people, so 322 is a safe estimate for the number of bitcoin users in Wyoming.
- somedudethere 11y agoThats the upper limit. Not all bitcoin users use coinbase.
- ikeboy 11y ago2 million according to https://www.coinbase.com/about https://www.coinbase.com/about
- cwp 11y agoSo you assume that all BitCoin users maintain active Coinbase accounts?
- ikeboy 11y agoI think at least 10% of active bitcoin users in the US have coinbase accounts, in which case they'd have over 15,000 accounts, over the quadruple digit figure. Or take coinbase's number directly from https://www.coinbase.com/about https://www.coinbase.com/about, which says 2,200,000 users. Maybe perhaps at least 1% are active accounts?
- sanswork 11y agoCoinbases numbers are all vanity metrics and numbers that will not go down even if usage does. Number of wallets isn't number of users. I have a handful myself created at various times. MAU figures are universally missing in the Bitcoin world.
- ikeboy 11y agoThey have separate numbers for wallets and users.
- sanswork 11y agoThey still don't require anything more than an email address for either. Given the communities willingness to artificially inflate[1] any metric they can find. I have no faith those numbers are anywhere near real. When they release MAU figures I'll be impressed. [1] reddit.com/r/bitcoin/about/traffic check out the new user subscriptions chart for an idea of what happens when someone shuts off/turns down their bot(It's less easy to see now but new subscriptions were constantly around 250-300 and then they dropped to ~100 overnight)
- ikeboy 11y agoYou need to verify phone to actually do much. Does an account that never did anything count?
- hexedpackets 11y agoDo you have a source for that number? I've seen recent estimates of about 2.5-3.5 million Bitcoin users, but that's the global total. I have no idea how you could filter that down to just U.S. users.
- sanswork 11y agoThere are less than 1.5m addresses with more than $2 worth of bitcoin. If you subtract addresses with less than $20 you end up with ~750,000. I'd say thats the upper limit of users.
- vanzard 11y agoIt has been explained many times users tend to leave their coins on exchanges. So 1 exchange address containing 100 BTC could represent 100 bitcoin users each owning 1 BTC. Therefore your upper limit estimate is invalid.
- sanswork 11y agoExcept there are also the number of users with multiple addresses which given usage trends from people describing their setup accounts for a large number of active users. The claim that there are uncounted millions of users hiding out on exchanges only doesn't map up well with the reality of the usage in the ecosystem either and is in my mind a weak excuse for weak growth numbers.
- vanzard 11y agoYour logic is flawed. It doesn't matter if even 99% of the addresses all belonged to the wallets of a few hundreds early adopters. As of today (as of block 350,000) there are 102 addresses with 10,000 BTC up to a few 100,000 BTC in each of them. They represent 2.8 million BTC! Most of these addresses belong to exchanges or online wallets and contain their customer's funds, because no one owns that many bitcoins. So these 102 addresses most certainly represent the 2 or 3 million bitcoin users worldwide that exchanges and online wallets claim they have: http://www.quora.com/What-are-the-future-consequences-of-the-concentration-of-Bitcoin-wealth-in-the-hands-of-a-few http://www.quora.com/What-are-the-future-consequences-of-the...
- at-fates-hands 11y agoThey must have something substantial enough to warrant a press release. Makes you wonder, doesn't it?
- jegutman 11y agoI mean possibly yes. But they also might hope to someday have 4 digit numbers of users and know they can shame states, especially reddish states, by claiming they have too much regulation. Worked pretty successfully for zenefits in Utah.
- pbreit 11y agoNot necessarily. They basically get the publicity without impacting their business.
- dragonwriter 11y ago> They must have something substantial enough to warrant a press release. Not really. If the purpose is draw community intention, promote a feeling of regulatory barriers as a problem, and create pressure against regulation elsewhere, they don't need either customers in WY or any actual WY government interpretation to make it worthwhile to issue a press release. Well, unless people actually dig into the supporting facts, in which case it might seem kind of silly if there wasn't anything underneath it.
- ci5er 11y agoThe state tax regime being what it is, it is not uncommon to incorporate in WY. This is similar to the NV incorporation thing, or commonly credit cards being based out of SD with call centers in UT. Because of recent regulatory changes, I'm thinking that as new ventures find it harder to take advantage of the double Irish Dutch sandwich arrangement, I may incorporate several project interests there. I'm far from the only one. That said, MT businesses are hard enough in the US. Exotic ones like Coinbase would be even worse (harder).