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26 Oct '12, 10pm

The Difficulty With #Bitcoin Stats

The Difficulty With #Bitcoin Stats

The Difficulty With Bitcoin Stats There has been a lot of news lately surrounding a certain study (PDF warning) funded by Citi. The study attempted analysis of the Bitcoin block chain for a number of purposes and came up with a few startling numbers that a lot of the "mainstream media" (if Bitcoin has such a thing as mainstream media) have been running wild with. The most commonly cited is that 78% of all coins are supposedly being stashed under the digital mattress . I think, however, that it's fair to qualify the condition of those 78% of coins as a bit more complicated than all that. The study fails to account for the fact that a huge portion of all coins ever mined were mined back when they were essentially worthless. 10,000 BTC bought a pizza, once upon a time, and CPU mining was the norm. Back then, losing several thousand coins to a hard disk failure or otherwise lo...

Full article: http://codinginmysleep.com/the-difficulty-with-bitcoin-st...

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