Bitcoin Forum

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Block 304517 (won by BTC Guild) came in at a (gross) amount of $126,442,364.66 !!

I have not seen one that big before.

I do know that BTC Guild itself saw nowhere near that amount, but someone made/transferred a lot of money today.  I hope they don´t spend it all in one place.

 :)

Please elaborate. Explain this block system to the readers - why are all blocks not the same reward amount?

Help us learn.

The reward is the same for every block. The amount above is the the sum of all the transactions in the block. You can look at the details of the block and all of the transactions it holds here: https://blockchain.info/block-index/433765/00000000000000001f0375f8b88966ad4dd834f1687d12c06739bcebd60b0854

The blocks are the same reward amount (except due to a halving).  OROBTC was remarking that the total number of BTC in the output was 191,445.9... which at the current US dollar value was around $126 million in transactions.

The huge tx in the block: https://blockchain.info/tx/c88a51461a0ef59c3e92759b920d5ed57527d9ac23c0b741436d248971c0f6d4?show_adv=true

Well, someone moved a couple (175,497) BTC around. It happens. ;)
https://blockchain.info/tx/5c1c0b73ce58662382b9b99316a8423063541b480f135a202059d633f5586e3b

It seems arbitrary to me to point to the block and say, "look, that is important!"

The individual transaction(s) are the important data, not the particular block they happen to fall within. You know what I mean?

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Beginner here, Beliathon.  Peace.

This just happened to be the biggest number I have seen cross the blockchain.info (http://blockchain.info) wire, and I thought it might be of interest.

I too saw the large transaction within, and of course would be curious about that as well.  BIG transactions like that would hint (well to me) that there is ever building confidence in Bitcoin.

Funds are Bitstamp's cold wallet

tx fee: 0.17833101

translation
$114 to move $126million, western union, banks, paypal... try beating that!

That is just incredible. When migrant workers catch on to this another battle will be over before it even starts. 

The big transaction (https://blockchain.info/tx/c88a51461a0ef59c3e92759b920d5ed57527d9ac23c0b741436d248971c0f6d4) was actually free. $0 to move $117 million (not counting the 25 BTC block reward, which could be viewed as a subsidy). The largest fee I think was 0.0012 (https://blockchain.info/tx/abfd8f5c7e439d35cf9ffa1e5e19f47d8538b189dfa82b59e25bc05acc1d0762): 79 cents to move $6.69 (lots of inputs).

Unbelievable really, being able to move $126million for 0..

I'd be interested to see how much a bank would charge to do that, and what paperwork would need to be filled in.

Why is that hard to believe? Banks do it every day and that's what happened here. A Bitcoin bank moved money.

Surely a bank wouldn't move that amount of money with any costs being incurred?

I'm just pointing out its amazing that we can move vasts amounts of money without any paperwork, to anybody in the world for no costs. If that doesn't convince skeptics then nothing will.

Bank to bank I'm sure they don't charge each other.

You and I aren't in the club though, thats why we pay ;)

You're right, Bitcoin is great for the little guy to move money for free low cost. Large amounts are moved between branches and banks for free all the time. Think about it a minute, are they going to charge themselves for the move?  :-\

My bank even lets me transfer between different accounts at different banks without a fee. My bank may charge a fee for faster service but my credit union offers 3-business-day transfers for free. One day costs $2. So, in theory, I could transfer $126,000,000 for $2 and get it in one day.

with bitcoin, you can transfert 1 000 000 of BTC in 1 hours to the bottom of the bresil ... for 0,002 BTC  ;D
it's not the theory.

it's that, bitcoin.
the network job.

http://stream1.gifsoup.com/view7/3646516/tesla-electricity-dance-o.gif

Amazing, I hope some finance newspaper or website will write a report about this transaction to spread the word.

If I had a hundred million dollars I don't think I would worry about them charging me the cost of a two liter bottle of soda for the transfer because they can be held accountable for the transfer and it's insured. The last one business day (8 hour) guaranteed transfer I did cleared the bank in about 1.5 hours. Same-same.

That is some serious value!

It cannot be outdone and that is a nice sum of money that just moved
Wonder what the occasion is sometimes large amounts move before something big happens

That's what I was thinking. Hopefully it isn't being moved to sell.  :o

Working in the banking industry, that is not true.  The banks take every single opportunity that they can to charge eachother.

Its moved to BTC-E to buy litecoin before ltc hits coinbase.  ;)

Really? Then why are my personal interbank transfers free? Does that mean my bank is paying the charges for me? What bank do you work for, if you don't mind me asking? I want to steer clear of them.

Please read this for proof: https://secure.montereycu.com/index.cfm?ParentID=1&SubID=3

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@ DolanDuck

You just gave me the idea for my next blog piece: this block and transaction!

I may have questions for experts here on fee structure and other nitty-gritty block details (overages, etc.).  

Or feel free to email comments of interest (to educate me) re this Block 304517 me at:

dochenrollingbearing /at/ g mail daht com  

DoChenRollingBearing is my moniker at zerohedge.com (http://zerohedge.com) -- see my comment (third one right after the artcle: http://www.zerohedge.com/news/2014-06-06/one-ton-gold-shipment-hong-kong-revealed-contain-just-worthless-metal (http://www.zerohedge.com/news/2014-06-06/one-ton-gold-shipment-hong-kong-revealed-contain-just-worthless-metal)).

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OROBTC promises to properly attribute anything that I write from any of you (assuming you want that), you choose your alias.

Wow!!

It's simply amazing how cheap and easy it is to move around that much money now with bitcoins. Also the fact that is happens relatively instantly is awesome!

I wonder how many times the sender re checked the address that the coins were being sent to lol  ::)

IF you have that amount, you can write a check; your payee deposts to the account with their bank,  as long as they are in the same country. Sure you can move money.

It's if you want to move money internationally, or _fast_   (e.g. Wire transfer) or by getting a special cashier's check, etc,  that you incur a fee,  or if you want the cash or spend the funds, that you incur extra delays.

E.g. after transferring a large sum of money, the funds are likely to be 'held' on the receiving account and unavailable for spending, for a waiting period:  attempts to spend  without sufficient unheld funds = overdraft = overdraft fees.

Stems from here: https://blockchain.info/tx/057089cdb9b61b51c3ded3662c3a0665641c1e72ef219fe59b3f4010c450e779

Do you have any proof for this? It is very difficult to confirm, as the wallet is not tagged as such in Blockchain.info. But looking at the wallet balance, it definitely belongs to one of the major exchanges.

Ha ok, so you don't think that banks charge each other for moving money? Lol

You might be able to move $50 between banks for free, but I guarantee that if you ever had 126,000,000 that it would not cost you $2 to transfer. You mad if you think that $2 is a flat fee for any amount.

Any source that can back up this affirmation?

An exchange withdraw from its cold storage? Since that exposes the public key, they have to move it all to a new address

But I think it is very unprofessional to put all funds in one single cold storage, at least they should separate funds between 4 to 5 different cold storage at different location, so that MTGOX disaster won't happen again

It also means that their coins are getting absorbed quickly, someone is buying a large amount of coins right now

hahaha he got a begging tx and just left it in that address. To the beggar: HA!

You're completely wrong. I provided a link showing I can do it easily from my credit union. I transferred $350,000 from my credit union to a different bank when I bought my last house and it cost me nothing. There are plenty of ways to send money for free. Here's one: https://payments.amazon.com/personal/money?tag=gmgamzn-20

Almost no one on earth has $126 million to transfer other than a bank. The bank would only transfer between partner banks and they would not have to pay for the transfer. That was my original point. This large move of btc is nothing more than a large bank internally consolidating funds. That's always free for the bank.

I've seen bigger blocks, but only in terms of fiat value, not in number of coins. It's great how you can openly see all of this in the blockchain, leading to topics and discussions like this.

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OROBTC would like to thank all of you VERY MUCH for comments on this Block 304517!  Especially "Phinnaeus Gage" and "bryant.coleman", who (by chance I'm sure) were mentioned at the below blog article:

http://goo.gl/UCS7nS

I am sure that the blog author thanks you too, DolanDuck!

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Any errors or clarifications?  Post them here!

If things go the way we hope we might be able to watch governments move money like this. That kind of transparency provides a lot of protection from corruption.

Check out: https://www.bitstamp.net/s/documents/Bitstamp_proof_of_reserves_statement.pdf

https://blockchain.info/nl/address/1EFJUipfCHFmmTFkF9vvjFKdBf3VbfvarM is the cold wallet address according to the pdf.

Then follow the BTC a couple transactions further and you will end up at https://blockchain.info/nl/address/1AZVcgGjb64XYzmAXwQyWCmvsZriQoiJw which made the 175k+ BTC transaction.

Bingo (https://www.youtube.com/watch?v=acLW1vFO-2Q).

that amount of money makes me vomit.  not cause i want it, but cause it's not enough.. (seriously, what is this fucked up thing going on in my brain).

probably trendon moving his earnings around :p
i joke i joke... we all know its goat just cleaning his wallets heh

why are you so amazed , i just moved it to take a dump
save your wifes, save your children :)))

Now only the people who get who Trendon Shavers was will snicker at that one
Still in jail :P
As for the Goat not sure if he ever revealed his Bitcoin addresses but he did make a good lie to reveal KNC never paid for its platinum seat :)

I don't think Shavers' ponzi has ever caused him a trip to jail. Isn't he free at the moment?

It seems arbitrary to me to point to the block

The blocks are the same reward amount (except due to a halving). 

Moving forward a tad, we arrive at https://blockchain.info/tx/843b37819dffb1b2cb3b4af120ebb22a3ff5a0e76029b70c4dddf92d6bb729ae

Looks like 5 guys (possibly) got some sort of percentage payout.

I've seen manytimes Big block from Ghash.io,  :o

If you have any experience of looking at the blockchain, you will see that this is almost certainly a single payment of BTC 10,000, with the balance in the sender's wallet being transferred to a new key (done for security reasons).

So a single payment of less than USD 10,000,000, of the sort that large banks do many times a second all day long, for free or so close to free that the cost can't be measured.

Nothing to see here, move along.

Actually there is everything to see here. Where did u saw that bank transactions ? And that bank transactions are fake money transactions, they dont have it. In btc its bit different.

http://www.frbservices.org/operations/fedwire/fedwire_funds_services_statistics.html

There you go - 11 million transactions a month, or about 5 per second, where the average transaction amount is almost exactly BTC 10,000 at current exchange rates.

Note that Fedwire is only one of several payment services used by large banks, there are also Target2 and CHIPS for example.

Still they are transferring illusions not theirs own money they don't have that money its all fake.
In bitcoin that is different . And transactions will get bigger overtime. Bitcoin is only 5 years old how old are banks ? We are getting there ...