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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

#361

Earlier quoted context omitted.

Change your statement to read “black” instead of Chinese and see if you still think it’s OK. The crime is hacking, and your attempts to “expose” Chinese hackers is more like an agenda to prejudice Chinese even if statistically many Chinese-originated traffic is attempting to hack you. In the chance that the hacking is actually caused by American hackers routing their traffic through China, then what purpose does your…

"China" is a place, which is an origin of hacking attempts detected by some users, which could be of known or unknown origin (i.e. people who are pink or AI) "Black" refers to an ethnicity of a given group of people. Or their skin color, if you want things simple. These are non-interchangeable terms, so by asking to switch them you are indicating they are interchangeable. You are doing this because you think it's imp…

Except that being a fairly homogenous place saying "China" has in all practical purposes the same effect as saying Chinese.

That being said, see my other replies on how the OP's assumptions may very likely be wrong, and attributing hackers to China has the same effect as calling the coronavirus "China virus" in that for all intents and purposes it has the effect of associating Chinese people with hackers in the same way that calling the coronavirus is an attempt to deflect blame to a particular group of people.

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

#362
I find this a ridiculous thing to brag about. The only way Bitcoin will have low fees is if it fails. Since the network does not scale, if the network sees any substantial load the transaction fees will spike. We have already seen this happen back in 2017 at the peak of the bubble.

High fees are, in fact, part of the security model. The reward for "mining" a block will eventually dry up, so "miners" will be funded more and more by fees. Unless people are paying billions of dollars a year in fees, the financial incentive for "miners" will be too small to protect from bad actors.

Bitcoin can only have low fees if it both remains unpopular and dies before the block rewards dry up. Recommending Bitcoin because of its low fees is trying to sell it by predicting its failure.

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

#364
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.

Incorrect, localbitcoins only requires KYC for their escrow feature. Most people do not use the useless escrow feature.

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

#365

Earlier quoted context omitted.

No, you can't. Your house has to be registered to someone and you have to declare who lives in it, if it's yours. Anonymity is not about being a private person.

Professional gangsters don't register their house in their own name. They're happy with a girlfrield, or 'similar,' and just use their apartment and travel all over the world uninhinged. All cars and apartments etc are usually registered in someone else's name. Someone """"legit"""""", so to speak, apart from the affiliation. If you have tons of illegal money it's not the worst thing to live in a ~~ 'moldy' apartment…

You said it

They are gangsters

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

#366
post #101

Earlier quoted context omitted.

No, you can't. Your house has to be registered to someone and you have to declare who lives in it, if it's yours. Anonymity is not about being a private person.

> Your house has to be registered to someone and you have to declare who lives in it, if it's yours. I don't think this is true in every jurisdiction. You can certainly have a property registered under a corporate entity, and there are jurisdictions in the US that allow for anonymous corporate ownership. Further, I'm not aware of any requirement where you must declare who is residing in a property. I've had family me…

The fact that you didn't doesn't prove you shouldn't

I'm not from US. I don't know the technicalities, in Italy for example you should declare who's residing in your house, even if it's a no paying guest

Many don't, but it's still a requirement

BTW the point was anonymity is not about being anti social, it's about hiding your true identity

If you stay home and never talk to anybody you're being secretive, but probably are not anonymous (police can still come and knock at your door because neighbors called then since you came in and never went out, for example)

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

#367
post #153

Earlier quoted context omitted.

Source on the $2.5m fee being related to attack/blackmail? I just looked it up but I couldn't find anything saying as much... only that sparkpool kept it aside in case the owner comes forward?

Looks still unconfirmed https://decrypt.co/32145/hackers-blackmail-exchange-with-5-m... >In short, the researchers claim that the hackers have gained access to an exchange’s funds. They are able to send money to certain whitelisted accounts that are marked as reliable in the exchange’s database to—but not to their own. So, they are sending the funds with excessively high transaction fees to sap the exchange’s account…

That's about the only thing that makes sense I suppose.

Thanks for the link!

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

#369

Earlier quoted context omitted.

What's your number? That's exactly what Ripple is working on - replacing SWIFT. https://ripple.com/ripplenet

And how many years have they been at it? My impression in 2019, trying to add it to an Android app, was badly documented or deprecated libraries. And then there is the whole debacle with XRP, the currency, and Ripple, the underlying tech, being used interchangeably and confusing everyone. Banks aren’t even interested in XRP. And bank adoption hasn’t been exactly smooth so far either: https://www.reuters.com/article/u…

That article is from 2018 :) Check out the mobile wallet XUMM for a solid approach.
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