Live data from Hacker News

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

decrypt.co

311–320 of 369 posts

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

#311

Earlier quoted context omitted.

How do you contact a miner? Can you give an example of this? I've read this before but I'm curious to learn more specifics.

Assuming miners are smart, you can 'bribe' them without ever speaking to them. Your coins have been transfered to Mr Evil in block number 6000. Simply publish a transaction which pays your $1B in bitcoins to another address you control with a $200M transaction fee. Any rational miner who sees this will decide to 'undo' Mr Evils transaction and all that occur after it by acting as if those transactions don't exist. Th…

Bitcoin is a fascinating thing. People think this is a bug, but I think it's a feature. The cost of physical settlement and risk is measurable and transparent to everyone involved.

If you think that a bank transfer has less risk, you are not looking in all the right places :)

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

#312
post #75

Earlier quoted context omitted.

Maybe. But in the latest Cra1g Wr1ght drama, he claimed to the court that some early addresses people thought might have been Satoshi's belonged to him. A message surfaced afterwards which was signed with those addresses calling Cra1g a liar.

The addresses used there were not Satoshi addresses, but other addresses mined around the same time.

I think it's more correctly stated that it's not public knowledge if they were mined by Satoshi or not. One can say they were not part of the "Satoshi miner pattern" that was identified years ago, but we don't know exactly how many of the blocks mined outside that pattern were or were not Satoshi's. Hence my "might".

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

#313
post #253

Earlier quoted context omitted.

> humans should be as free as capital. Capital doesn't put a drain on the social welfare systems of the country you're sending it to.

Ya think? Try googling "walmart subsidy".

All I see is how a certain corporation appears to benefit, as one of the largest employers in the country, by providing part-time employment to a portion of the absolutely massive pool of low-skilled, border-line unemployable labor which happens to exist in America today and which also happens to be subsidized by the government. I fail to see how those people would not otherwise need to be fully supported by the social welfare system if it were not for this employment, and I fail to see how it is Walmart's fault that there aren't other employers providing part-time jobs for these people to fill the gap. Maybe one could say they are taking advantage, but either way I don't see how this works as a counterpoint, or how it shows that "Capital" is draining on social welfare systems... Just the opposite.

In this scenario, in America, the reason a social welfare subsidy exists at all is because the supply of capital offered through jobs to low-skilled labor is smaller than the supply low-skilled people. Without this excess of low-skilled people, after all, there would be no need for such a subsidy.

From the perspective of the social welfare system, the part-time, low-skilled employment (capital) Walmart is able to provide to people who otherwise, ostensibly, would be unemployed actually reduces the burden (created by these people) on the welfare system. Without those part-time jobs, the subsidy these people would need in order to live would be even greater. No?

I guess your perspective is that somehow the social welfare system is subsidizing Walmart's labor force, and, if I'm being generous and give you the argument, that Walmart wouldn't be able to exist/profit without this low-skilled, part-time labor force, transferring the responsibility for the drain onto Walmart (Capital) NOT the people it ultimately supports, which, again, the system must support regardless of the existence of a Walmart or any other employer, so long as the people exist in the country? Is that about right?

How is the actual drain on the social welfare system not the oversupply of people? Would removing Walmart's capital improve the situation? Or is Walmart actually responsible for the increase in low-skilled labor, using its capital to demand mass immigration and creating the over-supply which they then take advantage of? Because if so, that wasn't explained when I googled "walmart subsidy."

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

#314
post #206

Earlier quoted context omitted.

Why would it be the responsibility of one layer to deal with another layer?

This separation of layers nonsense is only something that’s been proposed to cover up flaws in the core protocol. The original paper didn’t envision a store of value, but rather a means of daily transactions

Perhaps. But while Satoshi is clearly a genius. Give the guy a break, he’s not a fortune teller. Many current day protocols have improvements needed but that’s besides the point.

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

#315
post #290

Earlier quoted context omitted.

The United States didn't face a mortgage crisis purely because of housing price collapse, it was a combination of the collapse with widespread use of subprime lending. Instead of having this argument with a random guy on the Internet I suggest you read the vast amount of documentation and analysis from people in the industry. Beyond that, the Canadian banking industry did not start up in 2008, even if that's only as…

Canadian banks are stabler because of the cost and missed opportunity costs are passed on to the customer. Want a mortgage at the current rate? Great you must qualify at 2% points higher. Canada has some of the highest banking fees.

As far as I know, no Canadian banks also operate stables. Perhaps in Alberta.

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

#316
post #270

Earlier quoted context omitted.

Just wanted to second this. I ran several public Linux servers at a major university. China and Russia based IPs we’re constantly trying to brute force all of our servers. It got the point where we would just apply a geoblock just in case one finally managed to get through. I’m all for avoiding nationalistic dog whistles when discussing things, but both China and Russia have rightfully earned their places as bad acto…

It adds no information or value to the discussion by giving the hackers a nationality. If there was a statistic that the majority of hackers wore hoodies, would we be calling that out and saying "Attacked by hackers in hoodies?" Obviously not because their clothing has nothing to do with the fact that they're malicious. What's happening here is profiling and it doesn't work. Add that to the fact that there are of cou…

If I had a shop and everyone that robs me has a hoody I would damn well point it out and ban them. That doesn't mean every person with a hoody wil rob me but it's a very effective and filter. It's not emotionally charged it's completely logical.

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

#317
post #36

Earlier quoted context omitted.

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.

They most certainly will... But at least the money was sent.

Nothing they can do to stop that.

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

#318
post #270

Earlier quoted context omitted.

It adds no information or value to the discussion by giving the hackers a nationality. If there was a statistic that the majority of hackers wore hoodies, would we be calling that out and saying "Attacked by hackers in hoodies?" Obviously not because their clothing has nothing to do with the fact that they're malicious. What's happening here is profiling and it doesn't work. Add that to the fact that there are of cou…

If I had a shop and everyone that robs me has a hoody I would damn well point it out and ban them. That doesn't mean every person with a hoody wil rob me but it's a very effective and filter. It's not emotionally charged it's completely logical.

Either the problem is with the analogy and you're taking it too literally, or your reasoning is severely distorted and leads into very dark, hellish places. People can decide not to wear hoodies anymore. Chinese people cannot choose to just not be Chinese anymore, nor should they have to.

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

#319
post #270

Earlier quoted context omitted.

Just wanted to second this. I ran several public Linux servers at a major university. China and Russia based IPs we’re constantly trying to brute force all of our servers. It got the point where we would just apply a geoblock just in case one finally managed to get through. I’m all for avoiding nationalistic dog whistles when discussing things, but both China and Russia have rightfully earned their places as bad acto…

It adds no information or value to the discussion by giving the hackers a nationality. If there was a statistic that the majority of hackers wore hoodies, would we be calling that out and saying "Attacked by hackers in hoodies?" Obviously not because their clothing has nothing to do with the fact that they're malicious. What's happening here is profiling and it doesn't work. Add that to the fact that there are of cou…

Geolocating tells us which country the ip address belongs to. The countries policies towards companies operating those ips have a big effect. Nationities do matter.

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

#320
post #318

Earlier quoted context omitted.

If I had a shop and everyone that robs me has a hoody I would damn well point it out and ban them. That doesn't mean every person with a hoody wil rob me but it's a very effective and filter. It's not emotionally charged it's completely logical.

Either the problem is with the analogy and you're taking it too literally, or your reasoning is severely distorted and leads into very dark, hellish places. People can decide not to wear hoodies anymore. Chinese people cannot choose to just not be Chinese anymore, nor should they have to.

I don't think that we should 'ban' Chinese or Russian people if you are pointing towards that. I do think that we shouldn't pull a smokescreen over the truth by dissallowing statement of fact that most hackers are Chinese or Russian.

We also shouldn't shout down people who are hit everyday by this as rascist or emotionally charged. It's completely logical for them to want to ban these groups. Instead we should educate on exactly what kind of a very dark and hellish place banning leads to.

Post reply on HN