LookIntoBitcoin Charts

WTF Bitreserve???!

I invested in Bitreserve's B-round because I bought their argument that bitcoin was never going to be adopted massively by consumers (too volatile, slow, complicated), BUT that the time had come for I.T. to disrupt finance the way it has every other industry. They were going to be iTunes to BTC's napster. So far, so good...
But then I see this coinbase blog and volatility is falling fast (though still way too high for bitcoin to displace the more stable fiat).
That's a bit worrisome for an ardent Bitreserve cheerleader such as myself. So then I go over to check how Bitreserve is doing on their changemoney site--I've been on vacation for a few weeks and haven't been following their progress--and something really weird is happening: they've done $70MM of transactions in the last month, huge growth since offering free forex for fiat pairs, but the value in their system is only up 75% over the same period.
$70mm in transactions is tiny compared to most financial systems but it seems big when compared to BTC/USD trade volume on the big US BTC exchanges, at least if (this Blockchain.info data)[https://blockchain.info/charts/trade-volume?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=].
So what's going on at Bitreserve? Three possibile explanations occur:
  1. There's a bunch of high frequency trading with BTC speculators taking advantage of zero-cost trades.
  2. Their user base has exploded and lots of people are moving small amounts of value through Bitreserve (BTC<=>stable cloud money<=>BTC) and pulling it out almost immediately (remittance and other low-value cross-border payments).
  3. Developers on the Bitreserve API are moving a lot of small amounts of BTC through Bitreserve, but pulling it out immediately on the other side as BTC. Bitreserve claims there are over 100 developers building stuff using their API (I know of approx ten personally so the claim doesn't seem outlandish).

1 doesn't seem very auspicious for Bitreserve since they aspire to be the hub of the new "Internet of Money", not some small fish day-trader tool.

2 or #3 would be very promising and would prove Bitreserve's thesis and value proposition (and bode well for my investment).

I contacted a Bitreserve exec I sometimes email and he responded (a bit coyly seemed to me) that all three of the above explanations were partially responsible for the explosive growth in transaction volume and the more modest growth in value in the system. He wouldn't go into details, said he'd get back to me...
Any bitcoin geniuses out there who can crunch the blockchain and Bitreserve's reservechain and offer any insights into what's going on over at Bitreserve?
I'm seriously thinking of dropping money into a cool app built on top of Bitreserve AirTM, but I don't want to throw good money after bad in the case that Bitreserve is just a BTC speculator's wet dream (free forex, real-time proof of solvency so you can't be Goxed) and isn't gearing up to put the banksters out of business the way iTunes did the record stores.
1 BTC tip to the most cogent analysis of WTF is going on over at Bitreserve.
submitted by CaptainCloudMoney to Bitcoin [link] [comments]

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