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

Post by keymone » Tue, Sep 10, 2019, 8:50 AM UTC

nybble41 wrote: post #482

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…

> it's just that with 51% of hashpower it becomes relatively cheap to perform such attack The qualitative difference is that with 51% of hashpower you can sustain the attack indefinitely. Other miners might get the occasional block and temporarily take the lead but in the long run you'll always have the longest chain using only blocks you've mined yourself. With less than 50% there's a chance that you can revert a tr…

Post by celticninja » Tue, Sep 10, 2019, 8:58 AM UTC

qroshan wrote: post #513

nybble41 wrote: post #491

Earlier quoted context omitted.

If your plan is to use general-purpose computers for mining then Bitcoin has nothing to worry about. You'll never manage a 51% attack that way, no when all your competition is using ASICs. Moreover, to gain $184B by shorting Bitcoin you'd need to find someone willing to loan you $184B worth of Bitcoin, and then somehow sell all of it without crashing the price or drawing unwanted attention to your activities. Of cour…

It all depends on who is doing the attacking. If the attacker is a state government or someone with billions of dollars and compute to spare, ASICs aren't going to fight this losing battle. Heck, you can buy off the ASIC miners for a few million dollars (all we have to cover is their net profit, which is pretty low)

Post by celticninja » Tue, Sep 10, 2019, 9:03 AM UTC

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.

Post by celticninja » Tue, Sep 10, 2019, 9:07 AM UTC

LAMike wrote: post #329

ChrisClark wrote: post #311

This was probably an internal transfer, but if it was payment to someone, something interesting then occurs. It then becomes valuable for the original owner to secretly mine a chain, attempting a 51% attack. They could run the attack secretly for up to 40 days and still make a profit. So you'd really need to wait 40 days before you can be sure this transfer is safe. But it gets scarier, if at the end of the 40 days a…

Every second, the amount of hashes computed on the Bitcoin network is equal to every grain of sand on earth, multiplied by 7. There isn't enough computing power available to 51% attack a chain that comes close to justify the $1 billion dollar "bounty" on this transaction.

Post by celticninja » Tue, Sep 10, 2019, 9:13 AM UTC

pavlov wrote: post #58

farisjarrah wrote: post #25

From the top twitter comment: > 0.06BTC in fees? Why so expensive? Just gotta say, its pretty amazing we live in a world where 1 billion dollars can get transferred pseudo-anonymously in a reasonable time frame, only costing the transfer party $600. As a really stupid, non-real-world comparison, Western Union has a transfer limit of $2500 per transaction, and a $20 fee per transaction. If you were to initiate a $1,00…

International wire transfers between USD accounts usually cost about $25 regardless of the amount. There's a lot of dollars moving around in the global financial system quickly and affordably, Bitcoin advocates just don't seem to know about it for some reason.