Bitcoin Forum

The largest single address (1JCe8z4jJVNXSjohjM4i9Hh813dLCNx2Sy) since late last year has recently moved about 57% of the coins to numerous addresses... my first thought given that the movements took place within a 3 hour window on the 8th turning into the 9th of August was that this address belonged to BTC-e... largely due to the news out that they were able to recover 55% of seized funds. But if that were the case and you had control over the master address, why wouldn't you move everything?

Anyone else have thoughts on the recent movement of coins?

Some big whale is selling his bitcoins and cashing out the profits.
This is the most obvious theory.I thought that BTC-e was closed by the authorities,not hacked.
Anyway,this is a pretty interesting time for bitcoin and bitcoin holders.
The big whales are selling their btc and the price continues to increase.

BTC-e said that they were able to access 45% of its funds and the 55% has still in the hands of authorities. Or maybe the movement is due to claiming of BCC, that is why it is moving and getting to numerous wallet and maybe the owner doesn't want to have just one big claim of the BCC?

Maybe some big whale isn't totally sure if is a good idea to keep everything in the same address and is just reallocating the coins.

Or he is paranoid for the safety of the private keys

this is awesome if true.
one of the downsides of bitcoin is its distribution, and while that is the best you could hope for but it will always be people who bought bitcoin and are holding it from days of ultra cheap bitcoin like below $100 bitcoin. (this particular address dates back to 2016 though).
and I am always extra happy when I see some whale sells his coins, because those coins are coming into circulation and eventually leads to a much more fair distribution. there is only 21 million coins after all!

p.s. my guess would be a whale moving the coins to a safe place before he imports the old empty private keys into a bitcoin cash wallet to dump the BCC rewards.

I think a lot of people are importing/swiping coins that were in cold storage to extract the Bitcoin Cash after the split. They can make some profits from selling the BCC and also then splitting the hoard into smaller pieces to make it more manageable. You can then "test" with smaller wallets and not risk your whole hoard, when things like this happens again.

Some of the addresses are cold storage for exchanges and gambling operations and big faucets or wallet providers. ^smile^

about to claim his BCH so moving BTC out ....

That address has some serious spamming issues :D there are so many useless and unneeded transactions I think in order to distract any curious cat looking into their history. what is this I'm hearing about authorities having control over the coins? since when any governmental authorities could have access to bitcoins? maybe it's their plan to fool exchanges and pools, because if you say it's the "hacker" then pools might avoid including those TXs in any blocks but if it was the so called "good guys" transferring then it's all fine.

But why would he only move 57% of them? If he wants to secure his wallet before claiming his BCH, then he should have transferred the whole wallet out.

I would suspect that the only reason why omeone would do this if they hold so many coins is that they know this address is safe, aka they are not moving because it is under government seizure or anything of that sort. It is most likely them trying to cash out the bitcoins, either to another whale or on an exchange.

I have no idea why he is doing so many transactions though. Could just make it in one transaction.

I think the dumping theory is most likely, considering the fact that bitcoin price is sky high atm.

According to the following comment from January:

https://bitcointalk.org/index.php?topic=1954578.msg19435004#msg19435004

people think the address contains hacked coins from bitfinex. Here is what that comment says:


I don't know if they are right or not.

any blockchain evidence that coins were sent to exchanges? because it looks to me like they are just being split into different addresses. i'd say it's a whale just re-securing cold storage, or moving coins to recover the BCH.

maybe they're planning to dump the BCH. i'm not even sure what block explorer to use to try and figure out if that's what they're doing. but this is plausible given the timing.

At this moment anything seems possible but the theory about a whale moving his coins so he can get BCH in return seems the most logical to me due to the timing in which all of this is happening, with so many coin getting your BCH seems like a good idea.

if i were a whale, i'd rather let the BCH sit. it's in the "initial launch volatility" stage of an altcoin price chart, before accumulation has taken place. and moving tens of thousands of BTC around to do it (right after launch) just doesn't seem worth the effort or the risk.

the price has continued its sideways decline, but no significant price movement to support the whale theory. who knows....

Unless all the coins were moved, the claiming BCH makes no sense. Why risk using your private keys to claim BCH when there is still 57k btc sitting at the address?

If these were parsed out to go to the exchanges, how many exchanges actually have the volume deal with 5000+ btc (it doesn't make sense to even regenerate different addresses on one exchange since you're still exposed to exchange risk regardless of new addresses)? Further, usually after you deposit, the exchange sweeps the coins from the address into their cold wallet. When I looked, they weren't swept.

Interesting bitcoin address  :o never seen a bitcoin wallet that was holding a lots of bitcoin ..  and i think this is a funds where they can control the price of bitcoin..

You got the point why they are risking their private keys and the address they use just to claim the BCC and i think this is not the real reason why we are seeing a large withdrawal and i think they are just withdrawing the profit if their business and the remaining bitcoin is just for deposit if its a btc-e well they are just use it for buy and sell bitcoin..
Well this is just my thoughts..

In my own opinion, this is just a normal movement of Bitcoin well the only noticeable is that it is a big bulk of Bitcoin so we are wondering who can this guy be or a group of people (whales as they say)? And what can be the main purpose of such a movement? The only person who can answer all our questions and speculations here is that guy who made the transaction. It is a great wonder that despite such a move, Bitcoin is not really affected and is just continuing its ascend. 

They're trying to move funds from cold storage so they can sell off that shitcoin known as BCH. We all did it, why not dump your shitty free coins worth nothing for $300 each? Seems like a great deal to me.

...because you would be a fool to import a private key to BCH with 57k BTC in it... if you were claiming BCH, you would have moved it all out of the address.

Wow it is the number of very large BTC transactions I have ever seen, once a transaction can send 250 BTC. I do not know if it's true BTC-e is being gouged or not. I think there's a limit to withdrawal in a few hours, so maybe that's why he can not directly move everything.

This seems like a cold storage wallet of some person/company. Usually cold storage wallets are used once, and when the funds are transferred out the remaining funds will be transferred to another cold storage. This is the most secure way of doing it. So this is odd. It's obviously not an old address waking up by any means, first transaction was actually just last year.

Another thing is that, why doesn't he just include all the outputs into one transaction instead of having so many transactions spread out over a period of a day or two?

I think he is slowly depositing money onto exchanges, trying to sell them off whilst the price is high perhaps. After all, he's been holding those coins since $600 or less and has made a great amount of profit off of bitcoin. It could be a dump at once but it's unlikely. I think the dump(if he intends on doing it) is going to be gradual, step by step.

this link should answer all your doubts about the owner of that key dumping bitcoin cash:
https://blockchair.com/bitcoin-cash/address/1JCe8z4jJVNXSjohjM4i9Hh813dLCNx2Sy

by time i am writing this, it shows the balance still untouched and last "spending" transaction belongs to before fork, actually last year (2016-08-24)

if in the following days you clicked on this link and saw the funds move, you can be sure it was in order to claim the BCC airdrop.

I doubt that there was much of a chance of them dumping BCC in the first place.

If they wanted to secure their wallet because of the 1st August bitcoin cash fork, then they would have done so by transferring the entire cold storage to another address that they own. But the fact that they only transferred around half eliminates the possibility that they were dumping BCC.

Anyways, as i said, it is likely that they want to diversify into other things or preserve some of their profits. They have made a bunch off bitcoin since last year already and probably just want to get some btc out when it's still $3000+. Not the best idea, imo. But it's probbaly not going to be a big dump that will flash crash the whole market but rather an unnoticeable dump that will happen gradually. btc price is still going to go up as people are getting ready for Segwit to get activated finally.

Could just be some guy who bought heaps of Bitcoin when the price was nothing and is now selling off all his coins and making some neat profit. 57% though, that is pretty insane and a huge amount when you think about it.

That is probably in cold storage and is slowly selling off his bitcoin, especially when the prices are high like right now.

Don't think it is the address of BTC-e, they should have multiple addresses and wouldn't be dumb enough to store everything in one address.

who exactly are "them"? we still don't know who does this address belong to apart from speculating about it.

i wouldn't jump to any conclusions yet. 124,000 bitcoin and bitcoin cash is a lot of money which you can't really sell on any of the exchanges! finding a way to dump it takes time and specially since the price is too low right now it is not a good idea anyways.

if i wanted to guess i would have said this simply belongs to a service or something like that. it is their cold storage which they are now diving into, possibly because there have been withdrawals from their service.

Wonder who it is...

Well, I would say that he probably did some transfers with Bitcoin due to the hard fork and he wanted to make sure he didn't lose his coins, a guess but an educated guess that may be true.

Don't think BTC-e has anything to do with it, if the address did belong to BTC-e they wouldn't have lost any funds at all. BTC-e would probably have over a thousand different addresses and wallets to make it hard to track.

What's the big deal see this link : https://coinmarketcap.com/currencies/bitcoin/ there are 16.5 million bitcoin circulating and that doesn't mean that 16.5 million people own bitcoin right. He might be a whale a real life billionaire nothing wrong in that you have money you buy more bitcoins, seeing the amount he has received he might be a reason for a increase in price. Thanks for sharing this maybe one day we might have 1/4th of this amount.

Darn, if I have even half of that btc in my wallet I'd be converting them into fiat every single day without worrying about the current value. My great grand children will never have to work from that amount! And maybe right now I'd have travelled every travel worthy island in the world. And sponsored lots of foundations and organizations for the welfare of those in need. Okay, that was a wonderful short dream. I'm awake now, lol.

Same address moving big money again, this time its one of many inputs totaling a $1 billion dollar transaction moving all to a P2SH addr  :o

1JCe8z4jJVNXSjohjM4i9Hh813dLCNx2Sy

https://www.blockchain.com/btc/tx/4410c8d14ff9f87ceeed1d65cb58e7c7b2422b2d7529afc675208ce2ce09ed7d

imagine if we could also see the banking movements made by all the people of the world, surely many corrupt politicians would not like this function

https://i.imgur.com/bJgulPr.gif

Joking aside, keeping track of this address will not reveal the identity of the owner... this is the other side of bitcoin which can sometimes be a disadvantageous especially when some scammer is stealing too many bitcoins

i honestly don't understand the weird obsession with selective addresses are specially when the obsession is only over the amount since there is no information about who and why!

unlike popular belief the large amounts are being transferred using bitcoin regularly. you can see lots of them on the blockchain almost every week.
this is the list of about ~34000 transactions that have a output total of bigger than 1000BTC (from 1000 to 157457BTC or $10 million+ only in 2019 (https://blockchair.com/bitcoin/transactions?q=time(2019-01-01 00:00:00..),output_total(100000000000..)&s=output_total(desc)#f=block_id,hash,time,input_total,input_total_usd,output_total,output_total_usd)

What is it with these big movements and massively wasteful fees? Is it a macho thing? 1/100th of that fee would've moved it just as rapidly. I presume the sender was monitoring his sex slave's minge and set the fee at optimal wetness.

The address "37XuVSEpWW4trkfmvWzegTHQt7BdktSKUs" must be the new stock address for those coins.

Since you have opened this up, I think someone from media will have this cover as their daily dose of content. And will put up a popular title "a whale moves huge amount".

I guess there are only plenty of people monitoring and watching these addresses,,, as well as automated bots tracking and analyzing them every single moment, and pushing out special reports to show the owners where the money ends up at.

So we do not need to watch it. Benefits are for others with means, not us;)

I think he's just finally splitting his BTC BCH BSV coins

https://www.blockchain.com/btc/address/1JCe8z4jJVNXSjohjM4i9Hh813dLCNx2Sy
https://www.blockchain.com/bch/address/1JCe8z4jJVNXSjohjM4i9Hh813dLCNx2Sy
https://bchsvexplorer.com/address/1JCe8z4jJVNXSjohjM4i9Hh813dLCNx2Sy

Here's an interesting angle from Nick Szabo - https://twitter.com/NickSzabo4/status/1169848736819773440

The gist is a confirmation is only truly secure when a double spend becomes economically unproductive which means 40-50 days for a tx of this magnitude.

It doesn't really make much sense as they'd be double spending something rendered worthless by the double spend but still worth pondering.

Is better this way, if he had used a 2sat/b we would have another wave of threads, whale moves 1 billion from his right pocket to his left pocket for just 5$.


That and let's not forget that this so-called attack cost is purely hypothetical, it doesn't mean that if you have that money and you're willing to spend it will automatically happen, you still need to get that hash rate, are the big farms going to let themselves bribed? I doubt it.

A successful 51% attack and double spend probably isn't going to render the network worthless. The protections against double spending are wholly market-based. There should be widespread acknowledgment that if the rewards are large enough, miners will act dishonestly. That's basically the entire idea underlying honest mining: you need to pay miners more than they can make by stealing from you.

We make this assumption that miners are invested in the long term network prospects, years out, and therefore would never double spend attack. In reality, the mining incentives only address short term rationality. Anything else is just abstract game theoretical speculation.

94k is alot but this long term supply chain of equipment investment is no small thing, also they are never likely to be so well organised as to present 51%.   I remember years ago there was great concern that a pool of miners was approaching too close to a majority of the hashing power and receiving many complaints they were being counter productive by appearing as a latent threat.   In theory that results in a lower price as less trust is then given to the network as secure, I dont think thats the case right now as its clearly a mistake for a decentralized network.