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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

#261

Post by munk-a »

hnal943 wrote: post #212
jessaustin wrote: post #203

Earlier quoted context omitted.

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.

Cynicism is definitely a virtue in a certain light. Trust is good for everyone while being bad for the individual, cynicism is good for the individual while hurting society.

Personally I think both extremes are terrible, but leaning on the side of cynicism seems safer.

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

#263

Post by camjohnson26 »

LMYahooTFY wrote: post #205
bvandewalle wrote: post #197

Earlier quoted context omitted.

I don't think those private keys are presumed lost. Those Satoshi coins are being kept there deliberately.

How is there any evidence to support this assertion? As far as I've heard there is quite literally not a shred of supporting evidence.

Quite the opposite. If Satoshi is still alive that entity is worth around $10 billion. Incentives are a powerful thing and the fact that Satoshi hasn’t made a transaction in years is strong evidence those keys are lost.

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

#264

Post by legohead »

Well now that I have a place to ask this question...

Could someone explain to me about 51% attacks and if bitcoin is vulnerable to one?

Hypothetically, a government decides to put forward enough resources to perform a 51% attack on bitcoin. Is that possible? If not, why? And is this something to actually worry about, or could something be done to combat it?

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

#265

Post by camjohnson26 »

delecti wrote: post #179
camjohnson26 wrote: post #37

Earlier quoted context omitted.

If these were Satoshi coins that would be a huge story since Satoshi’s private keys are presumed lost.

The identity of Satoshi isn't known. Why should anyone have presumptions about them? I agree it would be a huge story, but "Satoshi's private keys were presumed lost" wouldn't be in the top 10 reasons why.

What are you talking about, it would be the number one reason why.

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

#266

Post by ur-whale »

hn_throwaway_99 wrote: post #188
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. I don't really agree with that statement. Yes, someone could mount a 51% attack to rewrite that block. However, it would be pretty straightforward to see what was happening (and which nodes were the malicious actors). If that did happen, the possible outcomes would be: 1. The value of bitcoin would fall to ba…

>The value of bitcoin would fall to basically 0

Yes indeed. There are a number of very interesting game-theoretic feedback loops built into bitcoin that enhance security. This is one of them.

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

#267

Post by ComputerGuru »

compiler-guy wrote: post #81

As far as the fees being so cheap, and every one else guessing about how expensive it would be to do it in a normal banking situation, F. Scott Fitzgerald is relevant: "Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft where we are hard, and cynical where we are trustful, in a way that, unless you were born rich, it is…

Keep in mind that Fitzgerald is quite likely simultaneously criticizing both the aristocracy with their snobbery and the advantages they are born into while also very sardonically ridiculing the idea that taking such an obviously simplistic view of the situation could ever actually be a valid view.

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

#268

Post by ur-whale »

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.

> I can count maybe 5

How could you possibly know?

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

#270

Post by tudelo »

geggam wrote: post #250
trenning wrote: post #131

Earlier quoted context omitted.

If you only know person worth $2 million, they're rich. If you know 10 millionaires, the person with $2 mil might not seem so rich to you anymore.

The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,140 per acre While the average farm size has been increasing approximately two acres per farm each year since 2012, the number of farms is decreasing. Today, the average farm size is 444 acres. 444*3140 1,394,160 US average farmer is a millionaire. Go ask one if he feels rich.

Do most farmers actually own the land that they work on? I was under the impression that most farming is done by large companies and that there are not many small independent farmers that exist.
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