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Someone just made a $147,239,214 Bitcoin transfer

blockchain.info

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Re: Someone just made a $147,239,214 Bitcoin transfer

#51

Post by drakaal »

gsharon wrote: post #35
kmfrk wrote: post #14

Should this be regarded as capital gains from currency speculation, when it comes to taxation, or how does something like this look to a tax attorney or accountant?

The government would have to consider Bitcoins as a currency for it to be taxed like a currency. Right now it has no status identified for legal purposes so no way to tax it. I am sure that several governments are looking in to it as we speak. Death and taxes

Not even close. Anytime you buy low and sell high you owe taxes on the difference. This applies to everything from antiques to livestock.

It doesn't matter if the stuff is tangible or imaginary. You would owe taxes for mining World Of Warcraft coins if you sell them. You would owe taxes for picking up cans off of the street and recycling.

How much you owe can change with how you earned the money, but if you earned money you owe taxes. Only two things in life are certain. Taxes is one of them.

Re: Someone just made a $147,239,214 Bitcoin transfer

#53

Post by this_user »

josephagoss wrote: post #26
this_user wrote: post #19

If the map is correct, the first node that saw the transaction is located roughly in Frankfurt, Germany which is a major financial centre. The transaction was made at 5:38 local time which is right around the time the Frankfurt exchange closes. Might be this transaction was done by a larger financial institution closing up shop for the week.

Remember this is the first node that the Blockchain.info website saw. This relay information is extremely misleading. So that German node could have relayed the transaction from another node before Blockchain.info became aware of it. (Blockchain.info is connected to about 1% of all the active Bitcoin nodes)

Well, how does the propagation of transactions in the BTC network work? I honestly don't know, but I would assume that it is more likely for the originating node to be near to the relaying node than not.

Re: Someone just made a $147,239,214 Bitcoin transfer

#54

Post by fragsworth »

SeanLuke wrote: post #25
shubb wrote: post #16

Earlier quoted context omitted.

I wonder if it is an early miner, or a certain black pirate...

I'm surprised no one has identified what I think is the most likely situation: bitcoin theft.

Are you suggesting that any given transaction is most likely to be a theft?

Re: Someone just made a $147,239,214 Bitcoin transfer

#56

Post by psbp »

aroch wrote: post #20
shubb wrote: post #16

Earlier quoted context omitted.

I wonder if it is an early miner, or a certain black pirate...

Apparently people think its the Winklevoss' since they claimed to have bought ~1% of all BTC and the amount moved nicely coincides with about 1%

So if this currency does become ubiquitous the Winklevoss' will be the kings of the world? God dammit.

Re: Someone just made a $147,239,214 Bitcoin transfer

#57

Post by Guvante »

gsharon wrote: post #35
kmfrk wrote: post #14

Should this be regarded as capital gains from currency speculation, when it comes to taxation, or how does something like this look to a tax attorney or accountant?

The government would have to consider Bitcoins as a currency for it to be taxed like a currency. Right now it has no status identified for legal purposes so no way to tax it. I am sure that several governments are looking in to it as we speak. Death and taxes

Gains on Bitcoins realized are totally taxable. (i.e. you have more cash than you put in)

The only special laws are relaxations to the normal tax rate.

Re: Someone just made a $147,239,214 Bitcoin transfer

#58

Post by mariusz79 »

atmosx wrote: post #50
mariusz79 wrote: post #27

Well, this is just another reason why bitcoin will not work - you can track money changing hands.. Certain three letter agencies would have not trouble tracking most of the transfers, all over the world.

You clearly don't have a clue about how bitcoin works. If two parties want to make their transactions totally untraceable it is possible. As far as I can tell, this transfer could be made by the same wallet, from generated address to the other in order to initiate speculations and show that BTC can actually be used for big un-taxed, non-stoppable money transfer, or it was just a way to show to the IRS what money is m…

You just assume that most people will know what to do and how to do it to protect themselves.

Re: Someone just made a $147,239,214 Bitcoin transfer

#59

Post by klochner »

politician wrote: post #34

If you look at the tree view, the lump sum has already been broken down into smaller bits. https://blockchain.info/tree/98324324 Click the yellow circles to expand the tree nodes.

The original transaction was likely made at a discount to someone willing to peddle the smaller bundles.

Re: Someone just made a $147,239,214 Bitcoin transfer

#60

Post by ufmace »

mariusz79 wrote: post #27

Well, this is just another reason why bitcoin will not work - you can track money changing hands.. Certain three letter agencies would have not trouble tracking most of the transfers, all over the world.

Bitcoin has kind of a backwards privacy model compared to conventional finance. All transactions that have ever been made are public forever, but it's not so easy to prove that any particular person or organization controls any particular address. At least, assuming your client is mixing addresses and handling change transactions properly.
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