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94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

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Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#211

Post by lawn »

aazaa wrote: post #111

I'd take issue on two points. First, "wallets' don't exist in the Bitcoin protocol. Second, the tool being used is not sophisticated enough to list the inputs and outputs, giving the false impression that something unusual is "unknown." Try this link to get details: https://blockstream.info/tx/4410c8d14ff9f87ceeed1d65cb58e7c7... There are numerous inputs and a single pay-to-script-hash (P2SH) output. The relatively h…

> It effectively establishes a billion dollar bounty for any party who can rewrite enough blocks to erase it.

To do what exactly?

Nobody can redirect the transaction to themselves and the best they can do is erase it. 51% attacking the network will cost you a lot, and you won't actually win anything in your attack.

Even if the owner of the coins is the attacker, you can only win by double-spending the transaction by reversing a payment to someone else. Of course if we're talking about such a large transaction you should wait for more confirmations, making the double-spend attack so much more difficult to pull off.

Anything you would get in return, like a bank transfer or parts of a city, would have a much longer settlement time. Being afraid of your Bitcoin transaction being reversed should be the least of your worries.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#212

Post by hnal943 »

jessaustin wrote: post #203
cptskippy wrote: post #185

Earlier quoted context omitted.

> a ... quote that summarizes to nothing more than "rich people are evil" But that isn't at all what the quote says, that's what you attributed to it.

A rich person would read that quote and summarize it as "rich people are good". So really GP is just outing his or herself as not rich.

Rich people would consider being soft and cynical as virtuous? There's no way to read the quote in a positive manner.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#213

Post by trias »

cwkoss wrote: post #104
airstrike wrote: post #84

I'm mostly puzzled by the fact that someone would let $1 billion sit in a wallet without earning interest...

Bitcoin is deflationary relative to USD, so it benefits from inflation without additional issuance. Assuming the demand and(immeasurable) real value of Bitcoin holds constant, we should expect its price to increase at pace with inflation.

Bitcoin is inflationary, as there is new money created every 10 minutes or so. Wether it increases or decreases in value relative to the USD is subject to speculation regarding the expectations of the "demand" of bitcoins, which are certainly not stable. USD on the other hand is much more stable regarding inflation or deflation.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#214

Post by Waterluvian »

lawn wrote: post #211
aazaa wrote: post #111

I'd take issue on two points. First, "wallets' don't exist in the Bitcoin protocol. Second, the tool being used is not sophisticated enough to list the inputs and outputs, giving the false impression that something unusual is "unknown." Try this link to get details: https://blockstream.info/tx/4410c8d14ff9f87ceeed1d65cb58e7c7... There are numerous inputs and a single pay-to-script-hash (P2SH) output. The relatively h…

> It effectively establishes a billion dollar bounty for any party who can rewrite enough blocks to erase it. To do what exactly? Nobody can redirect the transaction to themselves and the best they can do is erase it. 51% attacking the network will cost you a lot , and you won't actually win anything in your attack. Even if the owner of the coins is the attacker, you can only win by double-spending the transaction by…

Being able to erase a billion dollars gives you a colossal amount of power to blackmail the owner of that billion dollars.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#215

Post by JMTQp8lwXL »

IfOnlyYouKnew wrote: post #191
ColanR wrote: post #135

Earlier quoted context omitted.

From what I understand, that penny pinching is often why the rich are rich (excluding those born into more wealth than they can spend). Edit: I'm getting the impression that a large subset of people replying ignored my parenthetical comment.

That's a myth. Most people are rich because their parents were. Most of the rest is rich because they were/are lawyers or medical doctors. (For the super-rich, business and finance becomes more important. But for your average "middle-class rich", lawyers and doctors just dwarf their numbers. Business also has highly unequal outcomes). As to why this myth persists, I guess it goes well with American puritanical roots.…

Fidelity found that only 12 percent of millionaires inherited at least 10 percent of their net worth-- 88% are self-made.

https://money.usnews.com/money/blogs/on-retirement/articles/...

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#216

Post by A4ET8a8uTh0 »

jonknee wrote: post #82
radlad wrote: post #60

Earlier quoted context omitted.

Banks typically have limits on how much you can withdraw or transfer with any given method in a day.

Banks typically treat billionaire customers differently too, it's absolutely ludicrous to think they'd have to use hundreds of thousands of transactions (let alone pay for them!).

Maybe. Having worked in the wire room before, that is not inaccurate. That said, transferring one billion would require advance knowledge, multiple signoffs, and adjusting permissions for people. Depending on the institution the payments may have to be split, but odds are the bank would eat the cost to maintain that relationship.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#217

Post by blunte »

greiskul wrote: post #88
blunte wrote: post #21

Earlier quoted context omitted.

If you’re a whale and want to someday liquidate this, ideally at higher value, you want the world to see big things like this. It will remind people that bitcoin network is still very much alive despite the repeated death sentences made by supposed financial experts.

Well, on the other hand you can also look at this and think, I better not put any money into bitcoin, cause there are individuals out there that could single-handedly destroy the price by cashing out. And you might say, it is in their interest not to do that, but I think it is in their interest to be the the first one to do that.

Nah, the smarter plan is to keep the dream of bitcoin alive while you trade your bitcoin for other assets; this is how companies buy other companies with stock-only purchases.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#218

Post by proverbialbunny »

BluSyn wrote: post #12

I can count maybe 5 people in the crypto space that would have that much BTC, but none of them would be dumb enough to put it all in one wallet. Most likely some large institutional investor decided to re-key their cold storage wallet.

It's probably the DOJ. They raided BTC-e and stole 2 billion during the Ukraine War.

BTC-e was the longest running bitcoin exchange and the single most reliable. I had more money than I'd like to admit stolen from me. Their statement was only people who participate in tax evasion use btc-e.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#220

Post by envy2 »

magashna wrote: post #156
hbosch wrote: post #147

Earlier quoted context omitted.

Why not? Are you implying that it would technically break some sort of system or something like that? If I legally own a billion dollars in a Swiss bank, and I want to move it to a Cayman Islands bank, there is certainly a room full of well-paid men in fancy suits that will gladly accommodate that. Or, perhaps more similar to the topic, if I wanted to move a billion dollars from one UBS account to a new UBS account,…

Not technical obstacles, more like regulatory or legal obstacles. I imagine there is a lot of paperwork and legwork involved in moving 1B fiat

Not really. Over a certain amount, for fully-convertible currencies, the process basically looks the same for any sum.
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