2009: 94k Bitcoin transferred - "whats Bitcoin? lol those geeks."
2019: 94k Bitcoin transferred - "whooooooooa"
94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
461–470 of 747 posts
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#462Earlier quoted context omitted.
I haven't heard of PirateChain. However, the state-level threat model includes things like taxes, where (e.g.) people in the US have to report every transaction they make. If most people report their PirateChain transactions, amount in, amount out, then the problem is that unreported transactions would stick out and would probably be associable with wallets. Am I getting this wrong?
A requirement to report taxes is not normally thought of as a threat to privacy coins per se. And the whole privacy coin thing is modelled on the belief that the state has no business knowing all your financial details.
I think it should be, when the tax reporting requirements are so granular; and in such cases, the effect is analogous to a timing attack.
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#463I'd take issue on two points. First, "wallets' don't exist in the Bitcoin protocol. Second, the tool being used is not sophisticated enough to list the inputs and outputs, giving the false impression that something unusual is "unknown." Try this link to get details: https://blockstream.info/tx/4410c8d14ff9f87ceeed1d65cb58e7c7... There are numerous inputs and a single pay-to-script-hash (P2SH) output. The relatively h…
Totally agree!
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#464Earlier quoted context omitted.
It knows that in some way/shape/form the old address is associated with the new address, so most likely it is the same entity, or a transaction partner. Bitcoin is not supposed to be anonymous, and very unsuitable for use-cases where you want any kind of anonymity guarantee.
>Bitcoin is not supposed to be anonymous But it can be used anonymously and probably in some industries is still used anonymously. A counterparty that is willing to swap anonymously acquired and sent altcoins for Bitcoin can provide a privacy conscious individual with anonymous Bitcoins. If using proxy-chains, Tor, or a real person in another country to broadcast your trade isn't your cup-of-tea because you don't tru…
> A counterparty that is willing to swap anonymously acquired and sent altcoins for Bitcoin can provide a privacy conscious individual with anonymous Bitcoins.
Not if amounts are tracked, rather than addresses. "oh look, this gal X just lost 5.3876BTC and gained 3.76549ALTCOIN, and this other dude Y just gained 5.3876BTC and lost 3.76549ALTCOIN. Geeze, I wonder if they traded."
And with the proper graph theory tools, much more complex interactions could be tracked.
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#465Earlier quoted context omitted.
> how expensive it would be to do it in a normal banking situation No idea about the billionaires, but I can shift £5k from a current account to another current account with another bank for the princely sum of £0.00
Try doing 100K in EUR/USD/GBP... It's likely not free (but probably not outrageous either)... Last time I did something like that the transaction cost was small ( On the flip side, I saw a payment go through for one our suppliers today. $50 invoice. > $25 processing fee because it was a european bank processing a USD transaction. :/
> It's likely not free
I can wire hundreds of thousands of dollars from and into my consumer banking account for free. At work, multi-million dollar wires transfer for free, with an email confirmation and virtually instantly.
Cryptocurrencies are cheaper if you're laundering money or move money around too infrequently to bother optimizing for it.
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#466There are what, about ~2,000 billionaires in the world? Of those, I don't believe any of them would hold a billion in BTC. From what I can tell, it has been ruled out that this is from any of the exchanges. Is this a possible nation-state transaction?
It's an early adopter. There are still a lot of them around. Someone like Roger Ver but who didn't seek fame.
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#467As far as the fees being so cheap, and every one else guessing about how expensive it would be to do it in a normal banking situation, F. Scott Fitzgerald is relevant: "Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft where we are hard, and cynical where we are trustful, in a way that, unless you were born rich, it is…
> how expensive it would be to do it in a normal banking situation No idea about the billionaires, but I can shift £5k from a current account to another current account with another bank for the princely sum of £0.00
What this misses is that these transactions for better or for worse are completely non reversible. You simply cannot do that with a bank transfer as given a good cause transactions can always be delayed, diverted or stopped.
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#468Earlier quoted context omitted.
>The anonymity is still not perfect, especially against state-level actors. With PirateChain it is, but true anonymity brings with it other technical challenges.
I haven't heard of PirateChain. However, the state-level threat model includes things like taxes, where (e.g.) people in the US have to report every transaction they make. If most people report their PirateChain transactions, amount in, amount out, then the problem is that unreported transactions would stick out and would probably be associable with wallets. Am I getting this wrong?
As long as transactions are in the right categories, you can group multiple similar transactions and report the dates as 'various'.
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#469This shows where the funds came from
https://twitter.com/thetokenanalyst/status/11699297386071244...
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#470Earlier quoted context omitted.
https://www.justice.gov/usao-ndca/pr/russian-national-and-bi...
Thanks for posting this. I don't understand how the US can go in and decide BTC-e was a money laundering op and then confiscate bitcoins and put people in jail. Who decides who gets those bitcoins? Surely many other countries have money laundering laws. What makes the US so special that they can go flip a business operating in the Ukraine?
Because it's an American vassal, like Japan.