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Author Topic: Wow those are some LARGE transactions!  (Read 2658 times)
joelnet
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December 03, 2012, 08:31:03 AM
 #1

http://i.imgur.com/kotlA.png

I followed the trail back to this transaction:

http://blockchain.info/address/1ufKov5M4PWXfirz7iEnKD9Sfgq4by5bR


The money keeps moving into a new account for each transaction.  They drop off a portion of the btc at another address along each step.

My best guess is this is some anonymizer like blockchain.info's Bitcoin Mixer.

It is currently here: http://blockchain.info/address/1BqvQKA1SKvgvubVGPQChyLviTDqM4iqqG
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keewee
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December 03, 2012, 09:53:13 AM
 #2

I saw something similar and started this thread back in September: https://bitcointalk.org/index.php?topic=111926.0

Looks good on Bitcoin Monitor  Smiley

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December 03, 2012, 10:37:50 AM
 #3

Got to wonder who the hell is transferring those Bitcoins and what for because they certainly don't seem to be using them to trade publicly.
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December 03, 2012, 10:53:00 AM
 #4

Let's imagine you have 10,000 BTC.

If you send 1 BTC to someone, that results in transaction outputs (1 BTC, 9999 BTC)

If you send another 1 BTC to someone, that results in outputs (1 BTC, 9998 BTC)

A third time, (1 BTC, 9997 BTC)

etc.

Each time, the big number is the "change transaction" that sends your own money back to yourself.


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December 03, 2012, 05:19:53 PM
 #5

Try spending €10 and asking "Do you have change for a €100000 note?" Smiley
molecular
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December 03, 2012, 08:03:24 PM
 #6

Let's imagine you have 10,000 BTC.

If you send 1 BTC to someone, that results in transaction outputs (1 BTC, 9999 BTC)

If you send another 1 BTC to someone, that results in outputs (1 BTC, 9998 BTC)

A third time, (1 BTC, 9997 BTC)

etc.

Each time, the big number is the "change transaction" that sends your own money back to yourself.

Probably the big number, not necessarily, though Wink

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World
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December 04, 2012, 12:40:31 AM
 #7

Try spending €10 and asking "Do you have change for a €100000 note?" Smiley

Grin

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December 04, 2012, 12:57:29 AM
 #8

BTC10k transactions? It's obviously laszlo buying more pizzas. Grin

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December 04, 2012, 03:18:02 AM
 #9

It could be one of the silk road tumbler accounts.
Blazr
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December 04, 2012, 03:22:55 AM
 #10

BTC10k transactions? It's obviously laszlo buying more pizzas. Grin

Made me lol, big time! had forgotten about that thread.

Can we say, Pirateat40?

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December 04, 2012, 04:16:56 AM
 #11

BTC10k transactions? It's obviously laszlo buying more pizzas. Grin

The question becomes: Who is the lucky guy selling laszlo pizza?

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molecular
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December 04, 2012, 07:22:57 AM
 #12

jesus, guys. it's CHANGE. someone has 10K on a single address. jgarzic explained it above.

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December 04, 2012, 07:27:28 AM
 #13

I noticed some others yesterday

https://bitcointalk.org/index.php?topic=128968.msg1375613#msg1375613

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December 04, 2012, 07:28:49 AM
 #14

Quote
Let's imagine you have 10,000 BTC.

If you send 1 BTC to someone, that results in transaction outputs (1 BTC, 9999 BTC)

If you send another 1 BTC to someone, that results in outputs (1 BTC, 9998 BTC)

A third time, (1 BTC, 9997 BTC)

etc.

Each time, the big number is the "change transaction" that sends your own money back to yourself.

+1

J.Socal
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December 04, 2012, 08:36:55 AM
 #15

Read this yet?http://www.businessweek.com/articles/2012-11-29/dollar-less-iranians-discover-virtual-currency
EhVedadoOAnonimato
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December 04, 2012, 10:17:16 AM
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jesus, guys. it's CHANGE. someone has 10K on a single address. jgarzic explained it above.

If that's the case, it shows the importance of correctly understanding how anonymous Bitcoin actually is.

If this guy is using these payments to pay for banal services or products, he might not have a clue on the honesty/character of the person he's transacting with. The other party might be someone capable of hurting people for money. And this potential criminal will be able to see that the guy he just transacted something banal with actually controls 10K BTC. If the criminal in question knows where the 10K BTC owner lives (what could be the case if something was physically delivered), things might get dangerous for the stash owner.

In this particular example, we have a situation where Bitcoin is even less private than traditional electronic means of payments. If I use a CC, paypal or a bank transfer to buy something from someone, this someone doesn't get to know how much money I have left on my account.

People should be wary of this. Currently Bitcoin is perhaps too "geek" for these potentially violent criminals to show interest in. But that might not remain the case forever.
Luno
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December 04, 2012, 10:28:04 AM
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Good point EhVedadoOAnonima. Nerds and violence a weak link.
molecular
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December 04, 2012, 01:36:05 PM
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jesus, guys. it's CHANGE. someone has 10K on a single address. jgarzic explained it above.

If that's the case, it shows the importance of correctly understanding how anonymous Bitcoin actually is.

If this guy is using these payments to pay for banal services or products, he might not have a clue on the honesty/character of the person he's transacting with. The other party might be someone capable of hurting people for money. And this potential criminal will be able to see that the guy he just transacted something banal with actually controls 10K BTC. If the criminal in question knows where the 10K BTC owner lives (what could be the case if something was physically delivered), things might get dangerous for the stash owner.

In this particular example, we have a situation where Bitcoin is even less private than traditional electronic means of payments. If I use a CC, paypal or a bank transfer to buy something from someone, this someone doesn't get to know how much money I have left on my account.

People should be wary of this. Currently Bitcoin is perhaps too "geek" for these potentially violent criminals to show interest in. But that might not remain the case forever.

This is true and keeping 10K at one address is something I wouldn't do. Keeping 10K in a day-to-day wallet is pretty risky, too. The guy needs to put some of that into secure offline storage if you ask me: the merchant receiving the 1 BTC and seeing the guy has 10K could launch an attack on this guys windoze-box quite easily (maybe even try stupid attack like sending him a disguised walletstealer.exe or something). Assuming the guy runs a node storing his 10K, his IP could be captured.

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Aabel
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December 04, 2012, 03:28:05 PM
 #19

Read this yet?http://www.businessweek.com/articles/2012-11-29/dollar-less-iranians-discover-virtual-currency

It could be the great reason to start driving bitcoin illegal.  Grin
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December 04, 2012, 03:33:02 PM
 #20

jesus, guys. it's CHANGE. someone has 10K on a single address. jgarzic explained it above.

If that's the case, it shows the importance of correctly understanding how anonymous Bitcoin actually is.

If this guy is using these payments to pay for banal services or products, he might not have a clue on the honesty/character of the person he's transacting with. The other party might be someone capable of hurting people for money. And this potential criminal will be able to see that the guy he just transacted something banal with actually controls 10K BTC. If the criminal in question knows where the 10K BTC owner lives (what could be the case if something was physically delivered), things might get dangerous for the stash owner.

In this particular example, we have a situation where Bitcoin is even less private than traditional electronic means of payments. If I use a CC, paypal or a bank transfer to buy something from someone, this someone doesn't get to know how much money I have left on my account.

People should be wary of this. Currently Bitcoin is perhaps too "geek" for these potentially violent criminals to show interest in. But that might not remain the case forever.


Someone might go shake him down and find out that this is nothing more than the MtGox hot wallet.

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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