Bitcoin passes 10,000 USD

Re:Bitcoin passes 10,000 USD by CryptoPunk on Tuesday November 28, 2017 @08:32AM (#15797035)

Meanwhile Ethereum just broke 600K txs in one day. A much more useful metric IMO. Bitcoin's price rise has decoupled from its transaction volume growth:

https://i.redd.it/dreefk5ggkzz.png

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Re:Bitcoin passes 10,000 USD by nmj on Wednesday November 29, 2017 @05:34AM (#15805886)

Guess what has to happen to maintain or increase value transfer when you have reached a limit on blocksize.

Ding ding ding! You guessed it!

The price must rise. The utility has not degraded and just looking at 'number of transactions' is not useful. Just because I can move some arbitrary number of units in a given timeframe does not mean my unit is more valuable. Banks can move way more than 600k USD transfers in a day.

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Re:Bitcoin passes 10,000 USD by CryptoPunk on Wednesday November 29, 2017 @07:36AM (#15806289)

>>Guess what has to happen to maintain or increase value transfer when you have reached a limit on blocksize. Ding ding ding! You guessed it!

No, the price rise is not in any way conditioned on the block size being limited. Whether $1 billion worth of coins is being moved via 1 million or 1 thousand txs has no bearing on what the per coin price has to be. All that matters is the value moved and the number of coins doing the moving.

>>The utility has not degraded and just looking at 'number of transactions' is not useful.

Being limited to larger value transactions with higher fees hugely degrades utility.

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Re:Bitcoin passes 10,000 USD by lawn on Tuesday November 28, 2017 @08:43AM (#15797135)

Yeah I don't see how Bitcoin could possibly continue growing in valuation without being able to grow in tx/s as well.

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Re:Bitcoin passes 10,000 USD by Yizahi on Tuesday November 28, 2017 @10:57AM (#15798355)

Hah, you can clearly see a point when Bitfinex started tether scam this spring.

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