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

Post by flyGuyOnTheSly » Tue, Sep 10, 2019, 1:48 PM UTC

Geee wrote: post #644

flyGuyOnTheSly wrote: post #561

Imagine how much money you could make by creating a bogeyman bitcoin wallet! Step 1, Consolidate 94,000 BTC into one single address the entire crypto world is now watching. Step 2, Send 1,000 BTC from bogeyman bitcoin wallet to exchange crypto wallet. Step 3, Freak the shit out of the market. Promptly sell the entire lot in one single market sell order. Meanwhile you've got another 50,000 BTC or whatever sitting on c…

I don't think there's enough liquidity for that to work, and buying 50,000 BTC x100 short contracts would already crash the price.

Post by flyGuyOnTheSly » Tue, Sep 10, 2019, 1:49 PM UTC

Beltiras wrote: post #640

flyGuyOnTheSly wrote: post #561

Imagine how much money you could make by creating a bogeyman bitcoin wallet! Step 1, Consolidate 94,000 BTC into one single address the entire crypto world is now watching. Step 2, Send 1,000 BTC from bogeyman bitcoin wallet to exchange crypto wallet. Step 3, Freak the shit out of the market. Promptly sell the entire lot in one single market sell order. Meanwhile you've got another 50,000 BTC or whatever sitting on c…

Bitcoin isn't (can't be?) regulated.

Post by imtringued » Tue, Sep 10, 2019, 2:11 PM UTC

perseusmandate wrote: post #522

qroshan wrote: post #483

Earlier quoted context omitted.

If the liquidity is enough, 1) Short Bitcoin to the tune of several Billion dollars. 2) Do a 51% attack and essentially prove it's worthlessness. 3) Profit

If you have amassed enough hashpower to be able to do the 51% attack you have far more to gain economically from continuing to mine for the network than to somehow short it (impossible to find a counterparty for a transaction that large) and then have billions of dollars of hardware that is now worthless

Post by spir » Tue, Sep 10, 2019, 2:27 PM UTC

ChrisClark wrote: post #311

This was probably an internal transfer, but if it was payment to someone, something interesting then occurs. It then becomes valuable for the original owner to secretly mine a chain, attempting a 51% attack. They could run the attack secretly for up to 40 days and still make a profit. So you'd really need to wait 40 days before you can be sure this transfer is safe. But it gets scarier, if at the end of the 40 days a…

  The cost profile of a repeated 51% attack in [Ethereum 2.0's Proof of Stake]
  is as if “your ASIC farm burned down” with each additional round.” ~Vlad Zamfir

  For all the fud that is doing the rounds about Ethereum... 
  of the hundreds of applications I receive from blockchain 
  startups to join @techstars, 95% are building on Ethereum. 
  There hasn’t been any significant shift to other chains in 
  what I’m seeing on a daily basis. [1]

Post by ibeckermayer » Tue, Sep 10, 2019, 2:50 PM UTC

sobani wrote: post #616

AlexCoventry wrote: post #183

Earlier quoted context omitted.

What are the laws requiring reporting of every transaction? I know it's necessary to report transactions which establish the cost basis for capital gains, but doesn't mandate report of all transactions.

The IRS considers Bitcoin an asset. Every time you buy/sell goods with Bitcoin or just plain buy/sell Bitcoin, you have to report that as if you were buying/selling any other asset, like stocks. So most Bitcoin transactions will be subject to capital gains tax. https://www.investopedia.com/articles/investing/040515/are-t...