If we listen closely
Bitcoin tells us its own price
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How do you get dollar price from blockchain data?
Take BTC amount of each tx
Divide $100 by all amounts
Now you have USD/btc, and there will be a cluster at the price people used to send exactly $100
Then divide $50 by all amounts
Divide all common round usd amounts by all BTC amounts
Overlay on top of each other
The price emerges
Nice!
I am trying to understand the logic. For example, if there is only one transaction in the mempool and it is for 23 bitcoin, you $100/23 =$4.35 ? Then $50/23 =$2.17 …I am trying to follow. Is there an explainer somewhere?
Yes. It doesn’t work for one transaction. You have to do it for alll transactions and see where the cluster forms
There are 1000x more transactions at exactly $100 and $50 than there are at any other random amount
Realtlme price from the horses mouth
True free market
#bitcoin
Updated stream link
Package it for nostr:npub126ntw5mnermmj0znhjhgdk8lh2af72sm8qfzq48umdlnhaj9kuns3le9ll maybe? Would be so cool to get the price directly from my own node's chain data and mempool.
Interesting, but the only thing this confirms is that BTC is far from being a unit of account.
