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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
uhoh
on 28/03/2014, 01:49:52 UTC
I understand more than your average human about bitcoin, however:

What does it mean to "destroy a bitcoin day" please? What is a "bitcoin day?"



Okay how are days destroyed?

"...you multiply the amount of each transaction by the number of days since those coins were last spent. So, 1 bitcoin that hasn't been spent in 100 days (1 bitcoin * 100 days) counts as much as 100 bitcoins that were just spent yesterday (100 bitcoins * 1 day). Because you can think of these "bitcoin days" as building up over time until a transaction actually occurs, the actual measure is called "bitcoin days destroyed". This is believed to give a better indication of how much real economic activity is occurring on the bitcoin network."

http://bitcoin.stackexchange.com/a/847