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0 pointsiamthirsty6y ago0 comments

> There is not much actual legitimate usage

To make an definitive statement like this, with no sources, shows the inherent bias you have.

In reality, apparently a lot of people use BTC for quite a bit of actual business.[1][2]

[1]: https://bitpay.com/blog/bitpay-growth-2017/ [2]: https://news.bitcoin.com/bitpay-reports-processing-over-1-bi....

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4 comments · 1 top-level

colechristensen6y ago· 3 in thread

Bitpay claiming to be the largest payment processor bragging about $1 billion yearly transaction volume.

The trading volume yesterday on the other hand was nearly $2 billion.

So that would mean that the demand for bitcoin in bitcoin markets for actual usage of bitcoin is one part in 700?

I think that counts as not much actual usage.

aianus6y ago

FYI the trading volume on global forex markets (fiat currency pairs like EUR/USD) is $5 trillion/day, while global GDP is ~$0.2 trillion/day.

pixelpoet6y ago

There are lots of trading bots shuffling amounts back and forth without actually buying anything. High speed trading is no different, it's not like the computers are buying, say, actual physical bananas; they are just trading back and forth.

hanniabu6y ago

Would you happen to know the ratio of dollars traded vs spent?

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