https://decrypt.co/31956/an-ethereum-user-lost-5-2-million-i...
And if you fat-fingered the transaction, you could have transferred $0.48 for $1B in fees with no way to reverse that.
The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees
41–50 of 369 posts
Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees
#42For 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.
We're having a discussion on HN about a specific person moving a specific amount of money around. That by itself is basically the opposite of privacy.
Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees
#43For 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.
That's the whole idea behind the blockchain.
Everything is recorded in ledgers
Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees
#44If 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 about the Government taxes, 1 Billon no matter that will pay a jucy tax slice.
I'm not aware of any government that taxes money transfers. At least in any country I have lived in you can move around your money as much as you like without any taxes.
Now if you're trying to avoid income tax or something like that that's a different question, but then using Bitcoin doesn't magically make that disappear either.
Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees
#45Earlier quoted context omitted.
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?
No, his point seems to be that bitcoin can be transferred without the approval or moral judgement imposed by a third party (e.g. bank). Try sending $1B around the world to your Nigerian uncle and seeing what happens.
Various governments will be more than happy to apply their large resources to a $1B Bitcoin transaction if they can find a hint that it's in their jurisdiction.
Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees
#46I don't want to sound like a narc, but it seems like a really good idea to have some degree of oversight and safeguards on financial transactions of that magnitude.
Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees
#47Earlier quoted context omitted.
What about the Government taxes, 1 Billon no matter that will pay a jucy tax slice.
I'm not aware of any government that taxes money transfers. At least in any country I have lived in you can move around your money as much as you like without any taxes. Now if you're trying to avoid income tax or something like that that's a different question, but then using Bitcoin doesn't magically make that disappear either.
In the us you would get taxed https://www.irs.gov/businesses/small-businesses-self-employe...
Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees
#48Earlier quoted context omitted.
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?
The point is the entire point of Bitcoin itself is to minimize or hopefully remove completely the requirement of trust.
Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees
#49Taking 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?)
Yes in a way it's a flaw, or rather a misfeature. Monero solves this by hiding all transaction amounts (and sending/receiving address as well).
The transaction fee isn't set by the amount but the size (a large and small number take the same space). A larger transaction can for example be created by combining many inputs (spending from multiple addresses in a single transaction).
The fee isn't set by miners, but by the user who makes the transaction. If there's competition in the block, which there usually is in Bitoin, then you need to guess a large enough fee and if you get it wrong your transaction can get stuck and not confirm for a while.
Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees
#50Earlier quoted context omitted.
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?
The point is the entire point of Bitcoin itself is to minimize or hopefully remove completely the requirement of trust.
You still have to trust the counterparty to deliver whatever the Bitcoin is being exchanged for.