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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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PLATO
Sr. Member
 Offline
Activity: 493
Merit: 250
Don't trust "BBOD The Best Futures Exchange"
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May 30, 2011, 04:30:18 AM |
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That's a lotta coins, wonder whose they are? Blockchain sleuths, go!
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All posts by me after 2012 were a compromised account. Probably by "BBOD The Best Futures Exchange". SORRY Y'ALL
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gongcheng (OP)
Member
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Activity: 84
Merit: 10
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May 30, 2011, 04:41:16 AM |
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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!
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Horkabork
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May 30, 2011, 04:50:15 AM |
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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.
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MoonShadow
Legendary
Offline
Activity: 1708
Merit: 1007
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May 30, 2011, 04:57:48 AM |
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Nothing to see here. There are likely some people with that much coin. Move along.
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"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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gongcheng (OP)
Member
Offline
Activity: 84
Merit: 10
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May 30, 2011, 05:08:04 AM |
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Hope what Horkabork said is the case. Otherwise it is terrible for the whole BTC system.
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stic.man
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May 30, 2011, 05:30:06 AM |
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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.
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Anders
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May 30, 2011, 05:54:30 AM |
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Professional traders deal with billions of dollars every day. Maybe some of them have started making investments in bitcoins?  |
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jfourmo
Newbie
Offline
Activity: 34
Merit: 0
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May 30, 2011, 07:26:27 AM |
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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? |
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Anders
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May 30, 2011, 10:06:28 AM |
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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. |
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FooDSt4mP
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May 30, 2011, 11:44:35 AM |
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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. |
As we slide down the banister of life, this is just another splinter in our ass.
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Anders
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May 30, 2011, 11:49:36 AM |
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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.  Just kidding. I don't know. |
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proudhon
Legendary
Offline
Activity: 2198
Merit: 1311
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May 30, 2011, 11:54:18 AM |
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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.
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Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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Dobrodav
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May 30, 2011, 01:38:36 PM |
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?
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 ?
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hazek
Legendary
Offline
Activity: 1078
Merit: 1002
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May 30, 2011, 02:45:25 PM |
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Maybe he just moved them to a more secure wallet..
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My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)
If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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Sjalq
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May 30, 2011, 03:34:52 PM |
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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.
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mine mine mine mine mine mine mine *Image Removed* 18WMxaHsxx6FuvbQbeA33UZud1bnmD7xY3 |
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elewton
Full Member
Offline
Activity: 407
Merit: 100
DIA | Data infrastructure for DeFi
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May 30, 2011, 03:58:56 PM |
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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.
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casascius
Mike Caldwell
VIP
Legendary
Offline
Activity: 1386
Merit: 1136
The Casascius 1oz 10BTC Silver Round (w/ Gold B)
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May 30, 2011, 04:12:55 PM |
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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.
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Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable. I never believe them. If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins. I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion. Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice. Don't keep coins online. Use paper or hardware wallets instead.
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proudhon
Legendary
Offline
Activity: 2198
Merit: 1311
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May 30, 2011, 04:55:21 PM |
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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.
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Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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joan
Jr. Member
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Activity: 56
Merit: 1
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May 30, 2011, 07:04:47 PM |
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According to The Bitcoin Report, 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. So we should expect to see some motion. |
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cloud9
Member
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Activity: 126
Merit: 10
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May 30, 2011, 07:29:47 PM |
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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!! |
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Maged
Legendary
Offline
Activity: 1204
Merit: 1015
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May 31, 2011, 01:03:05 AM |
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Looks to me like this could be (one of) MtGox's reserve wallet(s). Not much of a surprise here.
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FooDSt4mP
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May 31, 2011, 01:10:41 AM |
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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!! 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. |
As we slide down the banister of life, this is just another splinter in our ass.
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TiagoTiago
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May 31, 2011, 03:54:27 AM |
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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.
Someone gotta make a program that carefully times an array of transfers in order to draw or write things on those graphs |
(I dont always get new reply notifications, pls send a pm when you think it has happened) Wanna gimme some BTC/BCH for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDX  The more you believe in Bitcoin, and the more you show you do to other people, the faster the real value will soar! |
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gongcheng (OP)
Member
Offline
Activity: 84
Merit: 10
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May 31, 2011, 09:08:24 AM |
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Did anybody tried to send your money from one address to another?
What will happen?
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TTBit
Legendary
Offline
Activity: 1136
Merit: 1001
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May 31, 2011, 05:20:07 PM |
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Think I'll send 0.01 btc to that address, just to screw up his accounting.
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good judgment comes from experience, and experience comes from bad judgment
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Bazil
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June 01, 2011, 01:54:07 AM |
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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!
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17Bo9a6YpXN2SbwY8mXLCD43Wup9ZE4rwm
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barbarousrelic
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June 01, 2011, 01:05:32 PM |
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Could also be BTC held on behalf of others.
MtGox / MyBitcoin / etc
I think this is very likely. |
Do not waste your time debating whether Bitcoin can work. It does work.
"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.
There is no such thing as "market manipulation." There is only buying and selling.
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