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by randomhodler84 1590 days ago
It’s a dumb methodology;

I’ll give you an example, I bought at BTC $36k last month and just withdrew it from exchange after all the fiat cleared in from the legacy banking channel today. It hit the chain when BTC was $42k, so these jokers would think the cost was 42. You can’t get an accurate picture from on chain data alone.

2 comments

Another major failure of the methodology is that it fails to take in to account all of permanently lost key/locked up BTC.
You can withdraw bitcoins from the blockchain? That would be fascinating new feature if it existed. /s
I added “from exchange” for clarity. I would have thought the ref to legacy banking channel would be enough reason to imply I was interacting with a fiat to cryptocurrency exchange.
Other people are "dumb" and "jokers". But when you make a mistake, it's just missing clarity or the reader's fault for not picking up what you're implying. Ok, got it.
Which mistake would that be?
The one that compelled you to edit your original post, obviously.
Only because you said something. It wasn’t a mistake, it just some ambiguity implied source, enough for you to comment. I dunno man, I don’t know what to say. I will own up to a mistake but that I do not believe is qualified as such.