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94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

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Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#611

Post by anticensor »

amiraliakbari wrote: post #402
aazaa wrote: post #111

I'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…

You really misused the term "coin". In Bitcoin protocol you don't "put value" into something named a "coin". "Wallet" is far more widely used and well-defined.

Bitcoin operates on transaction inputs and outputs, which work like coins in that their denomination do not change during spending.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#612

Post by [deleted] »

roenxi wrote: post #597
hn_throwaway_99 wrote: post #188

Earlier quoted context omitted.

> It effectively establishes a billion dollar bounty for any party who can rewrite enough blocks to erase it. I don't really agree with that statement. Yes, someone could mount a 51% attack to rewrite that block. However, it would be pretty straightforward to see what was happening (and which nodes were the malicious actors). If that did happen, the possible outcomes would be: 1. The value of bitcoin would fall to ba…

> 1. The value of bitcoin would fall to basically 0. The reason bitcoin has any value at all really has to do with trust - belief that the protocol is secure and can't be broken. In this case, an easily detectable spending "override" would cause faith in the protocol to evaporate. That seems a little out there. (1) There is something like 1 person who uses bitcoin to move billions of dollars around. The small-time us…

[deleted]

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#613

Post by keymone »

RichardHeart wrote: post #547
keymone wrote: post #375

Earlier quoted context omitted.

the amount of trivialization and conflation irks me 1. "51% attack" is not a thing as in "one has to have 51% of hashpower to perform it". it's just that with 51% of hashpower it becomes relatively cheap to perform such attack. one can throw enough money at the problem and get lucky to perform large reorg with just 10% of hashpower. the lower the number - the more lucky attacker has to get. 2. "rewriting a block" or…

Your math is off here. Block rewards are 12.5 BTC per 10 minutes and total fees per day are about 25-75 over last month. To get half of 94k BTC you'd be waiting quite a long time at 1,850 BTC per day total rewards + fees per day. 25 days, not 3.

Thanks, you’re right.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#614

Post by eru »

chrisfosterelli wrote: post #493
derriz wrote: post #399

Earlier quoted context omitted.

Is Norbert's Gambit anything but theoretical? It sounds like a guaranteed way to lose money. Given the tick size, crossing the spread with this ETF is going to cost you around 10bp alone. Never mind that this ETF only holds $45m in assets - you're only going to be able to get a very small amount without eating through price levels. On top of all this you have to carry 3 days of currency risk? I'm sure other online di…

Are you in the US? While I've never personally done Norbert's Gambit my understanding is that it's extremely popular for Canadian investors to do if they want to get USD. Might not be vice-versa. The most common use case I'm familiar with is within RRSPs, as there is sometimes a tax advantage to using US-listed ETFs within them. Most brokerages charge 1.5-2% to do currency conversion so it would be a lot better deal…

That's weird? Why is paying the ETF spread twice cheaper than paying the CAD/USD spread once?

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#615

Post by isostatic »

jankiehodgpodge wrote: post #467
isostatic wrote: post #99

Earlier 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

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.

You’re thinking of bitcoin. I’ve reversed bank transactions before.

And just today https://www.bbc.co.uk/news/world-us-canada-49643015

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#616

Post by sobani »

AlexCoventry wrote: post #183
ColanR wrote: post #154

Earlier 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?

What are the laws requiring reporting of every transaction? I know it's necessary to report transactions which establish the cost basis for capital gains, but doesn't mandate report of all transactions.

The IRS considers Bitcoin an asset. Every time you buy/sell goods with Bitcoin or just plain buy/sell Bitcoin, you have to report that as if you were buying/selling any other asset, like stocks. So most Bitcoin transactions will be subject to capital gains tax.

https://www.investopedia.com/articles/investing/040515/are-t...

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#617

Post by [deleted] »

ForHackernews wrote: post #291
Merrill wrote: post #174

Earlier quoted context omitted.

A couple million dollars is a retirement nest egg. You can stop working, stretch it carefully until you die, and leave a small sum to your heirs. To be very rich requires upwards of $100 million. Then you can access high paying investments which will generate enough income to afford a couple houses, hire help, buy a boat and a plane, and have enough left over after taxes to increase your assets to offset inflation. A…

Yes, yes, the wealth curve is essentially a vertical line at the right-hand edge. Don't pity the poor decimillionaires.

[deleted]

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#618

Post by rplnt »

djsumdog wrote: post #64

Interesting. There are 17~18 million BTC in existence[1], so this makes up for about half of a percent of total BTC. (of course a lot of those BTC are lost forever due to forgotten keys, hard drive crashes, thrown out hard drives, etc, so who knows what the actual amount of accessible BTC is). [1]: https://www.buybitcoinworldwide.com/how-many-bitcoins-are-th...

Is it possible to see how much moved in some time period?

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#619

Post by tinco »

Kiro wrote: post #610
kenneth wrote: post #594

Interesting theory via Twitter: > If you look at BCH and BSV you will see the coins also moved - this looks like someone moved to do a split of forks. The good news (if that is the case) is that this likely will mean sale of BCH and BSV, not BTC! https://twitter.com/shanepicker/status/1170517377441849351 If that's the case, it implies that someone is looking to liquidate the value of their BCH/BSV they got for free i…

> and need to move the BTC too since otherwise the transaction would be valid in all 3 chains. Care to elaborate? I don't understand how the three chains can have any affliction after they forked.

The forks are only changes in the rules, the keys and the addresses are the same. So if you've got money that hasn't moved since the fork, then any transaction to that money is valid in all forks. Only if different forks accept different transactions to the same account does this stop working.

I haven't looked into how people avoid this, I suppose you could bully people by listening on the fastest chain for transactions and then rebroadcasting those to slower chains, in theory you have some chance of messing up their shit.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#620

Post by isostatic »

megaremote wrote: post #515
isostatic wrote: post #99

Earlier 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

Great. Now trying doing a billion. There are limits.

You get paid to transfer a billion. The internet alone is measured in hundreds a minute.

It’s rather moot as people and companies don’t keep a billion sitting in the same bank account.

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