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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

#291

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.

There's probably a good chance you could reverse it if you bribed the right 'thought leaders' in the bitcoin community. The Ethereum team was considering pushing an update to reverse a much smaller amount when one of their donators lost money due to a bug, not sure if they followed through. Something similar was also seriously discussed by bitcoin devs when binance lost 40m to a hack not long ago.

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

#292
post #9

Earlier quoted context omitted.

Technically yes but SEPA is not quite so ubiquitous and definitely not so quick. Even within Euope more often then not I just end up paying the fee and doing my international transfers via TransferWise anyway.

I transfer quite a bit of money to our freelancers all over Europe and SEPA has served us very well, I'd definitely not use a service like TransferWise over regular banks for such payments, and that's besides the ease of integration with our accountants who can now easily match up invoices with payments from the current account.

I understand it as a business but sadly banks in e.g. Bulgaria add extra fees on top of SEPA transfers which you can sometimes avoid and sometimes not.

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

#293
post #150

Earlier quoted context omitted.

Whats worse is Bitcoin's security depends on high fees, but you have articles like this celebrating low fees. Satoshi intended for bitcoin to scale to hundreds of millions of transactions, all paying sub cent fees. All those fees would add up to millions of dollars per day. The fees are what secure the chain when the block reward runs out. Around 2014/2015 some devs who worked with blockstream started campaigning to…

That isn't even slightly true. This debate has been settled a long long time ago. Running a full node is the only way to assure the integrity of the currency. Increasing the block size decreases the number of people that run full nodes. It's obvious to anyone who works on Bitcoin that a linear increase to blocksize can never scale, while maintaining an open and decentralized environment.

>Running a full node is the only way to assure the integrity of the currency. Increasing the block size decreases the number of people that run full nodes.

where is the evidence for this? complete bullshit. How much fewer people would run a full node if the block size was increased from 1mb to 2mb?

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

#294

Earlier quoted context omitted.

> 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.

Yes, I knew that the transaction value (and source, sink) was known after processing it and putting it in the blockchain, just not that it was known by the miner processing the transaction before putting it on the blockchain - I assumed when "mining" a transaction that somehow the details would be hidden. Them being visible seems to raise interesting attacks, such as an individual being doxed and then unable to have…

> Them being visible seems to raise interesting attacks, such as an individual being doxed and then unable to have their transaction verified/accepted.

You have some fundamental misunderstandings in how bitcoin and bitcoin mining work. I'd suggest reading up on one of the links a sibling comment posted.

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

#295

Earlier quoted context omitted.

If you never reuse an address, all of this concern goes away. Spending any funds from an address means spending them all, and then any private key leaked no longer matters.

That's not actually true, as most private keys are deterministic produced. Leaking one key from a HD wallet leaks them all.

Leaking a single private key does not leak all the private keys. You would still need the chain code used to derive all private keys, no?

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

#296
post #39

Unpopular opinion: why do we care so much about making it cheaper for rich people to move money around? Do we think somehow that will “trickle down” to us mere mortals and put western union and their ilk out of business?

Transaction fees disproportionately limit small transactions.

My bank doesn't require transaction fees until the value hits 10k€, after which it's 5€ (1€ fee + 4€ insurance).

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

#297
post #286

Earlier quoted context omitted.

localbitcoins. It's like craigslist: you find people you meet up with, give them cash, they transfer you the BTC (through escrow). No KYC, no shenanigans, you just need to be willing to pay their few-percentage-point fees.

Correction: Localbitcoins does require KYC.

You're right, they do, once you're over 1000€ per year: https://localbitcoins.com/blog/id-verification-update/

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

#298

Earlier quoted context omitted.

You're incorrect. Chinese is a nationality, not a race, which means this isn't racism. An accurate description would be that this is stereotyping on the basis of nationality. As such, a more accurate comparison than "black man stealing a bike" would be to something like a "Nigerian scammer," which is an archetype I don't think most of us have a problem with. Other examples I never see complaints about: "Russian hacke…

> Chinese is a nationality, not a race, This isn't really true on it's own, and besides, isn't even a good faith interpretation. In an America where rural Asian-ethnicity people are facing discrimination because of covid being called "Chinese Virus," I think it's bold to claim that the concept of China as a country and Chinese as a racial heritage are not conflated.

> This isn't really true on it's own

How is this not true? Genuinely curious.

> In an America where rural Asian-ethnicity people are facing discrimination because of covid being called "Chinese Virus…"

That's because of the specific context of who is saying "Chinese Virus," who their audience is, and why they're saying it.

This context is different. Nobody on Hacker News who encounters the phrase "Chinese hacker" is going to suddenly start discriminating against Chinese people, any more than we discriminate against Nigerians despite the fact that "Nigerian scammer" is a cliche in tech circles.

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

#299

Earlier quoted context omitted.

You're incorrect. Chinese is a nationality, not a race, which means this isn't racism. An accurate description would be that this is stereotyping on the basis of nationality. As such, a more accurate comparison than "black man stealing a bike" would be to something like a "Nigerian scammer," which is an archetype I don't think most of us have a problem with. Other examples I never see complaints about: "Russian hacke…

I think most of us agree that stereotyping and prejudices are not desirable, regardless if it's by nationality, race, sex, gender, etc.

Sure, but there are degrees of offensiveness, and racism is a great deal higher on that totem pole than nationalist stereotypes (archetypes, really) like "Mexican druglord," "Chinese/Russian hacker," and "Nigerian scam," etc.

IMO, if one can't make the point that something shouldn't be said without inaccurately labeling it as racism, then one shouldn't make the point. The only thing they're accomplishing is watering down the negative connotations of racism.

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

#300

Earlier quoted context omitted.

Right, it wasn't necessarily hateful on purpose, but as another poster pointed out, what does it mean that we default to using one specific group of people for that example? If they'd said "PRC hacker" it'd be a different story, but the word "Chinese" conflates a nationality and heritage. It does this, by the way, in written Chinese as well, hence a lot of arguments I've had in the past with PRC-citizen exchange stud…

I find your worry interesting and mildly humorous. You seem to be worried about hurting the feelings of chinese people for personal western moral reasons, but seem fine with insulting the PRC. Personally, given that the Chinese will likely dominate the world over the course of the next century, I'd be less worried about insults for ethical/antiracism reasons (they're going to be the ascendant ethnicity and culture so…

This is assuming, of course, that the PRC value system and legal framework is lock-step with Chinese modern ethics, traditional ethics, or Chinese culture.

Whiiiiich of course assume that that's homogeneous, which, obviously, it isn't. Just like "Western morals" aren't (I'm trying to be good faith in parsing that and I can't figure out what you mean by western morals).

So when you say "The Chinese will be the ascendant ethnicity and culture," do you mean the rural American scapegoat? Aka, chopsticks, epicanthic folds, and Simplified Chinese? I could see how that could be the meat and potatoes of the argument, because even if what that actually ends up meaning in reality is that though a separatist Democratic movement overthrows the CCP, the (future) USA populist government successfully redefines the Chinese Threat to include this completely different political structure to fall under the umbrella of "Chinese," which society has allowed to mean what I'm arguing we should prevent it to mean.

I can say where you're completely wrong - it's not mildly humorous to find me in this position. It's fucking hilarious. Of all political considerations on earth nothing heats my blood more than the evils of Xi Jinping and the tyrannical PRC regime. They are bullies, they violate human rights, and they should be overthrown. I have to balance this against my love of all the good things that Chinese culture brings to the table, just by nature of being a bunch of humans with a rich ancestral background forming their language, food, traditions, etc. And by Chinese I again refer to that concept vague even in any of the languages that adopted the Chinese writing system.

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