Title: what is this bitcoin holder trying to achieve? Post by: kmpa on September 01, 2014, 06:22:53 PM https://blockchain.info/address/1N5xzKKSB55x16JWv25FryVWTpzgvp5EXG
I don't understand what's the point of creating a new wallet, transferring almost all the money there, making a new wallet and doing the same repeatedly until you reach around 680 BTCs. thank you in advance Title: Re: what is this bitcoin holder trying to achieve? Post by: RustyNomad on September 01, 2014, 06:52:41 PM I did not go back on the addresses but what I see from the link you provided is that he/she received the 3,987BTC and then made a 'payment/transfer' of 6 odd with the change going into a new address. Looks pretty standard but as said, I did not go back on the addresses.
Title: Re: what is this bitcoin holder trying to achieve? Post by: redskins49 on September 01, 2014, 06:57:34 PM https://blockchain.info/address/1N5xzKKSB55x16JWv25FryVWTpzgvp5EXG He is likely a mixing service. I know that bitmixer.io works like this. They will send a TX to the output BTC address from the mixing transaction, and the change will be sent to a fresh address. I don't understand what's the point of creating a new wallet, transferring almost all the money there, making a new wallet and doing the same repeatedly until you reach around 680 BTCs. thank you in advance Title: Re: what is this bitcoin holder trying to achieve? Post by: Lauda on September 01, 2014, 06:58:56 PM So you make a new account just to ask this?
I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd. Title: Re: what is this bitcoin holder trying to achieve? Post by: kmpa on September 01, 2014, 07:16:58 PM So you make a new account just to ask this? I was browsing blockchain.info when I saw on the front page a transaction with over 3000 bitcoins, it got my attention. I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd. Title: Re: what is this bitcoin holder trying to achieve? Post by: Marlo Stanfield on September 01, 2014, 07:28:46 PM So you make a new account just to ask this? I was browsing blockchain.info when I saw on the front page a transaction with over 3000 bitcoins, it got my attention. I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd. Basically it's very likely to be Bitcoin's own version of money laundering. When hackers or anyone who wants their coins less traceable, they can use a mixing service that will send their coins through many stages of mixing for a small fee. Normally 1-3% randomly assigned. Title: Re: what is this bitcoin holder trying to achieve? Post by: rackcityb1 on September 01, 2014, 08:38:12 PM So you make a new account just to ask this? I was browsing blockchain.info when I saw on the front page a transaction with over 3000 bitcoins, it got my attention. I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd. Basically it's very likely to be Bitcoin's own version of money laundering. When hackers or anyone who wants their coins less traceable, they can use a mixing service that will send their coins through many stages of mixing for a small fee. Normally 1-3% randomly assigned. Also the 1-3% fees are much closer to under 1% today. Title: Re: what is this bitcoin holder trying to achieve? Post by: EndlessStory on September 01, 2014, 10:27:59 PM So you make a new account just to ask this? I was browsing blockchain.info when I saw on the front page a transaction with over 3000 bitcoins, it got my attention. I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd. Basically it's very likely to be Bitcoin's own version of money laundering. When hackers or anyone who wants their coins less traceable, they can use a mixing service that will send their coins through many stages of mixing for a small fee. Normally 1-3% randomly assigned. Title: Re: what is this bitcoin holder trying to achieve? Post by: BTCfaucetTIME on September 01, 2014, 11:11:00 PM So you make a new account just to ask this? I was browsing blockchain.info when I saw on the front page a transaction with over 3000 bitcoins, it got my attention. I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd. Title: Re: what is this bitcoin holder trying to achieve? Post by: bornil267645 on September 02, 2014, 06:00:47 AM I dont see anything wrong with it, just basic shifting.
Title: Re: what is this bitcoin holder trying to achieve? Post by: johncarpe64 on September 04, 2014, 05:41:29 AM https://blockchain.info/address/1N5xzKKSB55x16JWv25FryVWTpzgvp5EXG I don't understand what's the point of creating a new wallet, transferring almost all the money there, making a new wallet and doing the same repeatedly until you reach around 680 BTCs. The owner is doing nothing out of the ordinary. Please read this about how "change" works: https://en.bitcoin.it/wiki/Change The first transaction sends 12.25 BTC from 13Lhu... to 14mn7... and sends the change to 1N5xz.... The second transaction sends 6.25 BTC from 1N5xz... to 1uVof... and sends the change to 146wd.... Title: Re: what is this bitcoin holder trying to achieve? Post by: Lethn on September 04, 2014, 06:30:33 AM While I haven't seen the process itself I've poked around the darknet and I've seen Bitcoin 'washing' services advertised it seems a bit like a manual version of Dark Wallet where it's just mixing up transactions amongst each other to confuse anybody who might be watching as to which source it came from.
Also, the fact that you're trying to poke around peoples' addresses because you're a nosy twat just goes to show people aren't paranoid :P Title: Re: what is this bitcoin holder trying to achieve? Post by: SanMerryDro on September 04, 2014, 08:24:09 AM Is this anyone IPO address?
Title: Re: what is this bitcoin holder trying to achieve? Post by: iluvpie60 on September 04, 2014, 02:03:19 PM https://blockchain.info/address/1N5xzKKSB55x16JWv25FryVWTpzgvp5EXG I don't understand what's the point of creating a new wallet, transferring almost all the money there, making a new wallet and doing the same repeatedly until you reach around 680 BTCs. thank you in advance why are you asking about transactions? do you go into a bank and demand to view transactions so you can watch money go back and forth between accoutns? quit wasting time doing this. it doesnt matter what that person is doing, they are doing something that has no effect on you or any of us. if they want to mix their btc let them who cares. Title: Re: what is this bitcoin holder trying to achieve? Post by: oceans on September 04, 2014, 02:12:58 PM Really can't see what the big problem is here. It seems that all they are doing is shifting which is what I have seen people do before. Can't think there would be anything suspicious about someone doing this.
Title: Re: what is this bitcoin holder trying to achieve? Post by: DannyHamilton on September 04, 2014, 02:50:51 PM I don't understand what's the point of creating a new wallet An address is NOT a wallet. A wallet is a collection of one OR MORE addresses. When bitcoin is used properly, a new address should be created for EVERY transaction. That's what Satoshi recommended in the original whitepaper, and that's what all the best wallets try to do with the change from a transaction. That appears to be what is happening here. He is likely a mixing service. No. Just change from standard transactions. Basically it's very likely to be Bitcoin's own version of money laundering. No. Just change from standard transactions. It looks like the TX was from bitmixer (as stated above) No. Just change from standard transactions. just basic shifting. No. Just change from standard transactions. it seems a bit like a manual version of Dark Wallet where it's just mixing up transactions amongst each other to confuse anybody who might be watching as to which source it came from. No. Just change from standard transactions. It seems that all they are doing is shifting No. Just change from standard transactions. Title: Re: what is this bitcoin holder trying to achieve? Post by: dompsairs on September 04, 2014, 04:13:14 PM Wow this dude is legit loader, confirmed lucky.
Title: Re: what is this bitcoin holder trying to achieve? Post by: wasserman99 on September 04, 2014, 04:38:15 PM @Danny I agree that the TX in question is in fact change from a standard transaction.
With that being said this does look exactly like what a TX will look like when you receive bitcoin from bitmixer. If I follow the "trail" of transactions that follow the subject transaction they also look similar as well. Have you seen other similar transactions that you knew were not from a mixing service? I have personally not. In my (small amount of) experience a good number (probably most) addresses tend to collect multiple inputs that are somewhat smaller then the total "balance" in an address. The only instance that I can think of having a single address having only one very large input is bitmixer. Correct me if I am wrong. Title: Re: what is this bitcoin holder trying to achieve? Post by: DannyHamilton on September 04, 2014, 04:44:22 PM With that being said this does look exactly like what a TX will look like when you receive bitcoin from bitmixer. I've not looked at bitmixer transactions, but that isn't what I'd expect transactions from a good mixing service to look like. Have you seen other similar transactions that you knew were not from a mixing service? Almost every transaction that I ever send from Bitcoin Core looks like this. a good number (probably most) addresses tend to collect multiple inputs that are somewhat smaller then the total "balance" in an address. This is true of everybody that fails to use a new address for every transaction. I choose to do as recommended by Satoshi so I almost never have multiple outputs at the same address. Title: Re: what is this bitcoin holder trying to achieve? Post by: dompsairs on September 04, 2014, 05:27:40 PM With that being said this does look exactly like what a TX will look like when you receive bitcoin from bitmixer. I've not looked at bitmixer transactions, but that isn't what I'd expect transactions from a good mixing service to look like. Have you seen other similar transactions that you knew were not from a mixing service? Almost every transaction that I ever send from Bitcoin Core looks like this. a good number (probably most) addresses tend to collect multiple inputs that are somewhat smaller then the total "balance" in an address. This is true of everybody that fails to use a new address for every transaction. I choose to do as recommended by Satoshi so I almost never have multiple outputs at the same address. What if you are in a signature campaing tho? they remove you from the campaing if you don't use the same address every month, and you have to put it publicly in your bitcointalk profile. Is there any risk into any of this? Title: Re: what is this bitcoin holder trying to achieve? Post by: DannyHamilton on September 04, 2014, 05:34:37 PM What if you are in a signature campaing tho? they remove you from the campaing if you don't use the same address every month, and you have to put it publicly in your bitcointalk profile. Is there any risk into any of this? I have absolutely no interest in encouraging the excessive spam in this forum by legitimizing the ridiculous signature campaigns. The fact that they require you to re-use bitcoin addresses is evidence enough for me that they are not well thought out and are poorly managed. Title: Re: what is this bitcoin holder trying to achieve? Post by: MoonTime on September 04, 2014, 07:29:35 PM He probably was doing some underground transaction..or some rich businessman ..
Title: Re: what is this bitcoin holder trying to achieve? Post by: Brewins on September 04, 2014, 09:32:13 PM What if you are in a signature campaing tho? they remove you from the campaing if you don't use the same address every month, and you have to put it publicly in your bitcointalk profile. Is there any risk into any of this? Signature campaigns payments are small, at most around 0.5 BTC, and you know when it will comes, so you can transfer it to a safe wallet as soon as you receive the coins. I guess the rigor you take the advice should be proportional as what difference the money you are transacting would make to your life if lost, and how hard you need to keep privacy. Title: Re: what is this bitcoin holder trying to achieve? Post by: minerpumpkin on September 04, 2014, 09:40:00 PM https://blockchain.info/address/1N5xzKKSB55x16JWv25FryVWTpzgvp5EXG I don't understand what's the point of creating a new wallet, transferring almost all the money there, making a new wallet and doing the same repeatedly until you reach around 680 BTCs. thank you in advance It's merely a (hot) wallet with change-addresses. They're paying something (maybe even people withdrawing their coins from an exchange or something similar) while the rest of the input goes into another address (don't re-use addresses!) Title: Re: what is this bitcoin holder trying to achieve? Post by: master-P on September 05, 2014, 05:50:57 AM What if you are in a signature campaing tho? they remove you from the campaing if you don't use the same address every month, and you have to put it publicly in your bitcointalk profile. Is there any risk into any of this? I have absolutely no interest in encouraging the excessive spam in this forum by legitimizing the ridiculous signature campaigns. The fact that they require you to re-use bitcoin addresses is evidence enough for me that they are not well thought out and are poorly managed. I agree that signature campaigns do somewhat add to the level of spam on this forum, but I think it would still be here otherwise. I would argue the same principle would apply if someone's forum account were to get hacked that was enrolled in a signature campaign, their earnings would not be stolen by the hacker. Both of these examples would give disincentives for people to try to hack forum accounts (and pool accounts). Title: Re: what is this bitcoin holder trying to achieve? Post by: Marlo Stanfield on September 09, 2014, 01:42:51 PM So you make a new account just to ask this? I was browsing blockchain.info when I saw on the front page a transaction with over 3000 bitcoins, it got my attention. I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd. Basically it's very likely to be Bitcoin's own version of money laundering. When hackers or anyone who wants their coins less traceable, they can use a mixing service that will send their coins through many stages of mixing for a small fee. Normally 1-3% randomly assigned. Also the 1-3% fees are much closer to under 1% today. Yeah, definitely. I didn't mean to imply that anyone wanting privacy was up to good. Thanks for pointing that out. :) |