Re:China says it wants to eliminate Bitcoin mining
by arcticbull on Wednesday April 10, 2019 @04:23AM
(#19622807)
Yes and no. They’re not on-chain but so what? Exchanges are the sole fiat gateways, which in turn determines the exchange rate between BTC and fiat, which in turn determined the exchange rate between BTC and goods and services. These off-chain transactions determine how many apples a bitcoin gets you. The net is then settled onto the blockchain. They’re relevant. As relevant as any Lightning transaction, or is LN not “real bitcoin” either?
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Re:China says it wants to eliminate Bitcoin mining
by mrb on Friday April 12, 2019 @01:00AM
(#19642103)
You tried to claim we knew nothing about Bitcoin's adoption because 95% of exchange trades are fake. I'm telling you this is irrelevant. Exchange trades tell us nothing about Bitcoin's adoption. They are just noise from wash traders, crooked exchanges, arbitragers, etc.
To gauge Bitcoin's adoption you need to look at on-chain transactions, not exchange trades. Makes sense?