Workshop - UTXO Live w/ the Founder and Developer, Steve
Details
Date: *Wednesday, April 5th*
Start time: 5:00p CT
Workshop is focused on showcasing and demoing real-world Bitcoin products and services we can use in our personal and professional lives.
Steve, creator and developer of [UTXO.live](https://utxo.live/), a Bitcoin blockchain visualization tool will be here demoing, discussing, and answering all of your Bitcoin blockchain questions..
Intro:
What's up Nashville! I'm making my hodler pilgrimage from Raleigh to Bitcoin Park next week and I have some sweet heatmap-style bitcoin research to show you. Over the appalachian mountains, a team of oxen is pulling our wagon filled with my girlfriend, my dog, and a heavy basket of charts illustrating patterns in the world's most important dataset - the bitcoin blockchain! The illustrations include:
All outputs ever created:
- Every bitcoin transaction to date plotted on a single heatmap (~820 Million txs with ~2 Billion outputs).
- An explosion of outputs in the early years 2011-2013 with Silk Road, Satoshi Dice, Mt. Gox, and a curious dust attack in July 2011 that I need your help investigating.
- General trends in output behavior such as frequent round amounts of BTC, weekday-weekend differences, and the step-wise lowering in minimum outputs due to the changing dust limit, minimum miner payouts, and minimum wallet sending amounts.
- The surprising emergence of a USD price chart buried in on chain data. Due to the super high occurrence of individuals sending exactly $100 in btc (and also $20, $50, etc), there is a very visible cluster at whatever the btc amount of $100 dollars was over the years. This effectively provides a USD price chart on chain.
The UTXO set
- How exactly are the unspent coins distributed over holding time and bitcoin amount? This is the image on the landing site of my website utxo.live.
- Every day unspent coins are spent so every night I render the daily changes in the utxo set. This clearly shows when we have massive sell offs from miners and large scale institutions.
- In addition to spotting the unusual sell offs in the utxo set, I've been fascinated to discover a standard bell-curve like regularity in the nature of hodler spending. I'm getting ahead of myself here, but my intuition is that these patterns are telling me something about the average time preference of human behavior.
Input ages
- The age of every input ever spent. Because every bitcoin transaction must spend from inputs received, we can see exactly how long someone was holding those inputs before spending them.
- It's cool to clearly see how the average age of inputs goes up during USD price spikes as some hodlers finally cash out to buy that house.
- In mid 2020 a change in the default coin selection algorithm of bitcoin-core lead to very visible change the patterns of old coins being spent. This greatly increased my estimation of the amount of people that are still using bitcoin core's built in wallet.
Here are a few helpful links