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The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

decrypt.co

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Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#21

Post by pbhjpbhj »

bronzeage wrote: post #15

Taking an educated guess here, that the miner of the block which moved that transaction must be related to the owner of that wallet. Nobody would otherwise accept such a low fee for a big transaction. Find the miner, you find the wallet owner.

Oh, I didn't know transaction value was known to transaction block-miners; that seems like a flaw. Assuming there's a bidding system, wouldn't transaction cost tend to zero?

(Seems I need to review bitcoin transaction mining. Suggestions for a good resource on that?)

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#22

Post by pbhjpbhj »

jpkoning wrote: post #16

If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.

What's the cost if I'm with HSBC in Hong-Kong and you're with Chase in USA, say?

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#23

Post by vmception »

bronzeage wrote: post #15

Taking an educated guess here, that the miner of the block which moved that transaction must be related to the owner of that wallet. Nobody would otherwise accept such a low fee for a big transaction. Find the miner, you find the wallet owner.

Transaction fees are based on digital storage requirements. This transaction was 404 bytes, which is small. It doesn't matter the value exchanged, only the number of inputs and outputs and how much space they take.

Yes, miners can read the metadata of a transaction, in transfers that includes the amount being moved, miners do not care about that.

It is important to understand that "transactions" in this context is the same as a database transaction. There are many kind of transactions, some of which include the movement of bitcoin from one address to another.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#24

Post by vmception »

pbhjpbhj wrote: post #22
jpkoning wrote: post #16

If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.

What's the cost if I'm with HSBC in Hong-Kong and you're with Chase in USA, say?

$50 if both using the same currency.

$50 + a few basis point spread if using a different currency, but you don't know exactly what that spread will be from the sending bank and what the spread will be at the receiving bank, so you can lose anywhere from .001% to 4% with major currencies.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#25

Post by grubles »

jpkoning wrote: post #16

If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.

Well the point is with Bitcoin you don't have to trust RBC to not freeze and/or abscond with your $1B.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#26

Post by hlasdjlfhalwjk »

Ansil849 wrote: post #12

For all of the talk about how Bitcoin is not truly anonymous, this wallet demonstrates otherwise, with the apparent 'anonymity proviso' being that you don't do too much with it, and just let the coins sit.

Bitcoin is pseudonymous. Every member can be uniquely identified but if you are careful not to link your pseudonym (e.g. wallet address) to any personally identifiable information, nobody else can. But this is really hard when it is about money since in general you'd want to spend that money an that's where the link appears. As long as you don't spend the money, there is no information to link.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#27

Post by hn_throwaway_99 »

pbhjpbhj wrote: post #21
bronzeage wrote: post #15

Taking an educated guess here, that the miner of the block which moved that transaction must be related to the owner of that wallet. Nobody would otherwise accept such a low fee for a big transaction. Find the miner, you find the wallet owner.

Oh, I didn't know transaction value was known to transaction block-miners; that seems like a flaw. Assuming there's a bidding system, wouldn't transaction cost tend to zero? (Seems I need to review bitcoin transaction mining. Suggestions for a good resource on that?)

> Oh, I didn't know transaction value was known to transaction block-miners; that seems like a flaw.

Transaction value is known to everyone, which is one of the whole primary points of Bitcoin.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#28

Post by vmception »

pbhjpbhj wrote: post #21
bronzeage wrote: post #15

Taking an educated guess here, that the miner of the block which moved that transaction must be related to the owner of that wallet. Nobody would otherwise accept such a low fee for a big transaction. Find the miner, you find the wallet owner.

Oh, I didn't know transaction value was known to transaction block-miners; that seems like a flaw. Assuming there's a bidding system, wouldn't transaction cost tend to zero? (Seems I need to review bitcoin transaction mining. Suggestions for a good resource on that?)

don't let that person confuse you. its not what happened at all.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#29

Post by cycrutchfield »

grubles wrote: post #25
jpkoning wrote: post #16

If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.

Well the point is with Bitcoin you don't have to trust RBC to not freeze and/or abscond with your $1B.

Are you really going to try to argue that you are less likely to get scammed or hacked with Bitcoin than with a traditional bank?

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#30

Post by Ansil849 »

minikites wrote: post #14
Ansil849 wrote: post #12

For all of the talk about how Bitcoin is not truly anonymous, this wallet demonstrates otherwise, with the apparent 'anonymity proviso' being that you don't do too much with it, and just let the coins sit.

I can also be anonymous if I never speak or leave my house, but that's not really how it works, is it?

In this case, it seems to be exactly how it works. Someone is opting to 'never speak or leave the house', and can afford to do so.
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