Bitcoin Forum

It can be seen from here:

http://blockexplorer.com/address/1PZjfkLZBT7Q3UFmyEWH8QtuzTMi3MUiBj

What doest that mean?

Is there anything wrong with the BTC system, or some hacker has cracked the system?

That's a lotta coins, wonder whose they are? Blockchain sleuths, go!

Yes, I really doubt whether some one has so many BTCs for trade.

It worth some like 2.3 million US dollars!!!!!

Hope that is not an hacker! Otherwise BTC will collapse!

If I had 280k BTC, I would occasionally transfer it from one address of mine to another, just to freak everybody out. Maybe that's what this guy is doing.

Then, just for the fun of it, I'd make a thousand transfers, all around the same time, so the dots together form a large, scrolling penis on bitcoinmonitor.com.

Nothing to see here.  There are likely some people with that much coin.  Move along.

Hope what Horkabork said is the case. Otherwise it is terrible for the whole BTC system.

man if they felt like selling the whole thing it'd be great for anyone looking to get in really cheaply.  I'd buy a crapload afterward.

Professional traders deal with billions of dollars every day. Maybe some of them have started making investments in bitcoins?  ???

Is there any professional trader or single account that holds 0.5% of an entire currency?

I don't know. I thought that professional traders haven't started trading with bitcoins yet. Can be some rich private person making such large bitcoin trades.

If there aren't professional traders involved, where did the millions of dollars that have been invested come from?  I know I don't have that kind of money.

Me neither. :( Millions of dollars... Probably the CIA. lol.  :D Just kidding. I don't know.

I'm assuming that's the same person who's been at the top of the bitcoin richlist for quite some time now.  The owner probably just sends the money to a new address every once in a while.

?
Manipulation of old bitcoin owner to raise "Bitcoin destroy day" value (that suppose to show how much % of  bitcoins in turnover is )  by sending that summ to another own account ?

Maybe he just moved them to a more secure wallet..

I think it merits investigation.

Something is odd about this.

Who could possibly have this many bitcoins? It would have to be a very early adopter someone who was mining when the network was a few dozen nodes.

Have we seen something on this order of magnitude recently? 50,000 BTC or more? If it is a new(ish) trader they must have accumulated into the sending account for some time and in rather sizable amounts?

Is it possibly a group mining leader? Might be more profitable to run a group than we realize.

There are several 50+x BTC transactions feeding into it.  Those are freshly generated.

I think it might have been someone buying up coins on mtgox or wherever and funelling them to be used, maybe soon.

I hope it's for something legal.

Could also be BTC held on behalf of others.

MtGox / MyBitcoin / etc

Pool operators likely make lots too. Deepbit payout per share is an amount that only pays out 45 BTC per block. Surely the differences covers some risk and expenses but there is likely some left over. That's 10% of some 40% of all blocks, hundreds of BTC every day regardless of difficulty.

Also, if my memory serves me, there was a guy not too long ago who made a thread on the forum asking for advice on how to buy 200,000 bitcoin without moving the market too much.  That was when the price was a little over a dollar, I think.  And, from what I remember, he ended up successfully buying 200,000 coins.  Anyone else remember?

Anyway, there are probably a handful of folks with more than 100,000 bitcoins.  One guy was known to have 350,000+.  This isn't something new.

According to The Bitcoin Report (http://bitcoinreport.blogspot.com/2011/05/bitcoin-top-100-rich-list-27th-may-2011.html), the address with the most bitcoins was 297K BTC as of May 27th, so 280K transaction is definitely an extraordinary event. (But several of the top spots might be owned by the same individual…).

Anyway, Rick Falkvinge (founder of PiratPartiet) has stated yesterday that he would convert all of his savings into Bitcoins (http://falkvinge.net/2011/05/29/why-im-putting-all-my-savings-into-bitcoin/). So we should expect to see some motion.

Judged by all the one to multiple address transaction it should be a service provider on the Bitcoin network of some sorts, it could be mybitcoin.com , or deepbit mining pool , or mtgox , or just a rich paranoid privacy concerned individual splitting and consolodating and transferring his BTC.  Very unlikely, but investigation is warranted, someone could have double spend himself up to that amount by gaining control of the network with a botnet - but then that would have shown as a spike in the network hash here when it happened:

http://bitcoin.sipa.be/

Also if you add all the major mining pool's network hash power (see bitcoinwatch.com) - it equates roughly to the network total, and nobody at present has a majority to override network algorithm rules and accept his own double spend.  This again shows how important it is for the network integrity that it is decentralized and not monopolized/centralized under one major mining pool.

Or it could be something/someone hiding and double spending in the "Other" category of miners as shown on bicoinwatch.com , doubt that though - it is only fairly recent development when deepbit mining pool went down, but definitely worth inspecting by the blockchain inspectors!!

Looks to me like this could be (one of) MtGox's reserve wallet(s). Not much of a surprise here.

Double spending does not create double the coins.  One of the two transactions will be rejected.  If you could sustain a fork for a while, it would take a while for that to happen, but if there was a fork for more than a block or two it would quickly be noticed.

Someone gotta make a program that carefully times an array of transfers in order to draw or write things on those graphs

The guy with 297k BTC in the top of bitcoin report could be the guy took the 280k BTCs because from this page
http://blockexplorer.com/address/1PZjfkLZBT7Q3UFmyEWH8QtuzTMi3MUiBj

showed that the address 1PZjfkLZBT7Q3UFmyEWH8QtuzTMi3MUiBj has a balance of 297k BTCs.

Did anybody tried to send your money from one address to another?

What will happen?

Think I'll send 0.01 btc to that address, just to screw up his accounting.

Here's 300,000 of some of the same coins that were sent around on May 21/22.
http://blockexplorer.com/address/1EeT96B4ri5N496ze8rJnkCNdmtgeGYpgf

Yeah it's probably mtgox moving coins.  I think it would be a bad idea to store so many coins in one spot.  What if the computer crashed?  Not a pretty sight.  400k is a lot when there are only 6.xx million in the whole world!

I think this is very likely.