94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet • Hacker News Board

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

#511

Post by nodesocket » Tue, Sep 10, 2019, 12:03 AM UTC

proverbialbunny wrote: post #218

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.

What evidence leads you to believe it was the DOJ? There are many banks and institutional investors with this much buying power.

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

#512

Post by quickthrower2 » Tue, Sep 10, 2019, 12:07 AM UTC

benhurmarcel wrote: post #234

Merrill wrote: post #174

Earlier quoted context omitted.

A couple million dollars is a retirement nest egg. You can stop working, stretch it carefully until you die, and leave a small sum to your heirs. To be very rich requires upwards of $100 million. Then you can access high paying investments which will generate enough income to afford a couple houses, hire help, buy a boat and a plane, and have enough left over after taxes to increase your assets to offset inflation. A…

A couple million dollars is more than a nest egg. You can retire immediately and provide for your family and yourself your whole life with that kind of money.

$2m invested with 2% real returns is $40,000/y. So you could provide for your family but I think it would need to be pretty frugal and move away from major urban areas. (Maybe buy a 500k house and live off $30,000/y)?

That said I think semi-retire is the best bet. You have $30,000 for existence, and then go and do a gig every now and then for that foreign holiday or home repair or whatever.

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

#513

Post by qroshan » Tue, Sep 10, 2019, 12:08 AM UTC

nybble41 wrote: post #491

qroshan wrote: post #476

Earlier quoted context omitted.

If my goal is to re-purpose, I would use a General Purpose Computer The Market Cap of Bitcoin is $184,000,000,000 I have plenty of money to play with.

If your plan is to use general-purpose computers for mining then Bitcoin has nothing to worry about. You'll never manage a 51% attack that way, no when all your competition is using ASICs. Moreover, to gain $184B by shorting Bitcoin you'd need to find someone willing to loan you $184B worth of Bitcoin, and then somehow sell all of it without crashing the price or drawing unwanted attention to your activities. Of cour…

It all depends on who is doing the attacking. If the attacker is a state government or someone with billions of dollars and compute to spare, ASICs aren't going to fight this losing battle. Heck, you can buy off the ASIC miners for a few million dollars (all we have to cover is their net profit, which is pretty low)

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

#514

Post by jkhdigital » Tue, Sep 10, 2019, 12:08 AM UTC

fucking_tragedy wrote: post #385

Stevvo wrote: post #302

Earlier quoted context omitted.

You assume the value of bitcoin is somewhat logical, the Etc 51% attack proves otherwise; in the short term holders would rather sustain the delusion.

This is an important perspective. Many BTC investors are unsophisticated retail investors, and are often "true believer" and magical thinking types. They're this decade's version of gold bugs.

To borrow a phrase from Walter Sobchak-- 2500 years of beautiful tradition from the Lydian Stater to the American Gold Eagle, you're goddamn right I'm a f*ing gold bug!

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

#515

Post by megaremote » Tue, Sep 10, 2019, 12:11 AM UTC

isostatic wrote: post #99

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…

> how expensive it would be to do it in a normal banking situation No idea about the billionaires, but I can shift £5k from a current account to another current account with another bank for the princely sum of £0.00

Great. Now trying doing a billion. There are limits.

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

#516

Post by formatb » Tue, Sep 10, 2019, 12:12 AM UTC

https://twitter.com/juanbiter/status/1170014648684490757

A few hours ago several #xcoin txs were made consolidating 94.505 #BTC in now the 5th largest address 37XuVSEpWW4trkfmvWzegTHQt7BdktSKUs, they have been accumulated since 2016

Is associated with @BAKKT due to its launch today (deposits and withdrawals) 🧐

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

#517

Post by jkhdigital » Tue, Sep 10, 2019, 12:13 AM UTC

qroshan wrote: post #479

lmpostor wrote: post #429

Earlier quoted context omitted.

Hash rate is 90+m terahash and increasing, good luck R&Ding the chips and obtaining enough to achieve. Retail pricing is around 3k per 50 TH/s, and that is just for hardware.

There is a reason you are lurking in HN instead of working in a hedge fund. The theoretical maximum value one can gain from Bitcoin going to $0 is it's market cap ($184,000,000,000). If you take out the liquidity and risk, I can spend upto $184B to make the Bitcoin go to 0. If you are state actor, you can direct all the energy and all the computers to attack Bitcoin

Ever heard of derivatives?

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

#518

Post by icelancer » Tue, Sep 10, 2019, 12:15 AM UTC

meowface wrote: post #492

proverbialbunny wrote: post #422

Earlier quoted context omitted.

>He used it used to launder all of the stolen funds from the Mt. Gox hack (worth several billions, depending on when you measure the value), among other things. It was not. Coins going in and out of btc-e were labeled making laundering through btc-e difficult at best. >BTC-e was a cover to help criminals steal from Bitcoin exchanges and safely dilute the funds. BTC-e was around longer than those exchanges. The thing…

It was, though. Vinnik created it as a way to help people launder stolen / illicitly-gained cryptocurrency, perhaps in addition to providing standard exchange services. Cryptocurrency from large hacks appeared in Vinnik's personal BTC-e account on several occasions, for example. BTC-e was perhaps "safe" in that it seemed to be operated competently from a technical standpoint, and it didn't appear to attempt to scam i…

>> The US government may have inadvertently stolen your money, and other people's, but they did it to reappropriate billions of dollars money stolen from citizens around the world, including American citizens. Vinnik helped intentionally steal money from ordinary people who used Mt. Gox and other exchanges, and pocketed a lot of it for himself. Hopefully some of the money the US government seized will be returned to their rightful owners one day, but who knows.

So the US stole money that was stolen and... might give it back?

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

#519

Post by RoutinePlayer » Tue, Sep 10, 2019, 12:17 AM UTC

formatb wrote: post #516

https://twitter.com/juanbiter/status/1170014648684490757 A few hours ago several #xcoin txs were made consolidating 94.505 #BTC in now the 5th largest address 37XuVSEpWW4trkfmvWzegTHQt7BdktSKUs, they have been accumulated since 2016 Is associated with @BAKKT due to its launch today (deposits and withdrawals) 🧐

What are the other 4?

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

#520

Post by cdiddy2 » Tue, Sep 10, 2019, 12:17 AM UTC

legohead wrote: post #439

flyingfences wrote: post #398

Earlier quoted context omitted.

It might. It depends on the status of the network at the time. If there is a significantly large unconfirmed transaction pool backlog and a transaction is made with a low enough fee then the miners may simply ignore the transaction for long enough that they let it expire and drop it completely. Theoretically, that transaction still could be confirmed at any time in the future, but, practically, it won't be. So, most…

This got me thinking. I believe I saw last year where there was something like over 200k unconfirmed transactions on the blockchain. Right now it says 5000. So, what is the minimum amount you could send with a proper transaction fee? Could someone flood the network with millions of unconfirmed transactions?

you could but if you wanted them to stop others from using the chain it would be pretty costly. if you didnt provide a fee then they go to the bottom of the list to get mined and some miners might not even bother