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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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Lethn
Legendary
 Offline
Activity: 1540
Merit: 1000
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December 03, 2012, 10:37:50 AM |
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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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jgarzik
Legendary
Offline
Activity: 1596
Merit: 1091
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December 03, 2012, 10:53:00 AM |
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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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Jeff Garzik, Bloq CEO, former bitcoin core dev team; opinions are my own.
Visit bloq.com / metronome.io
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
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stevep
Jr. Member
Offline
Activity: 30
Merit: 4
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December 03, 2012, 05:19:53 PM |
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Try spending €10 and asking "Do you have change for a €100000 note?"  |
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molecular
Donator
Legendary
Offline
Activity: 2772
Merit: 1019
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December 03, 2012, 08:03:24 PM |
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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  |
PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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World
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December 04, 2012, 12:40:31 AM |
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Try spending €10 and asking "Do you have change for a €100000 note?"  |
Supporting people with beautiful creative ideas. Bitcoin is because of the developers,exchanges,merchants,miners,investors,users,machines and blockchain technologies work together.
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nobbynobbynoob
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December 04, 2012, 12:57:29 AM |
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BTC10k transactions? It's obviously laszlo buying more pizzas.
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J-Norm
Newbie
Offline
Activity: 56
Merit: 0
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December 04, 2012, 03:18:02 AM |
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It could be one of the silk road tumbler accounts.
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Blazr
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December 04, 2012, 03:22:55 AM |
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BTC10k transactions? It's obviously laszlo buying more pizzas. Made me lol, big time! had forgotten about that thread. Can we say, Pirateat40? |
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Yuhfhrh
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December 04, 2012, 04:16:56 AM |
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BTC10k transactions? It's obviously laszlo buying more pizzas. The question becomes: Who is the lucky guy selling laszlo pizza? Time machine. Time machine. Time machine. SO. MANY. USES.  |
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molecular
Donator
Legendary
Offline
Activity: 2772
Merit: 1019
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December 04, 2012, 07:22:57 AM |
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jesus, guys. it's CHANGE. someone has 10K on a single address. jgarzic explained it above.
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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btctalk
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December 04, 2012, 07:27:28 AM |
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wikiaki
Member
Offline
Activity: 91
Merit: 10
DATABLOCKCHAIN.IO SALE IS LIVE | MVP @ DBC.IO
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December 04, 2012, 07:28:49 AM |
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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 |
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J.Socal
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December 04, 2012, 08:36:55 AM |
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Read this yet?http://www.businessweek.com/articles/2012-11-29/dollar-less-iranians-discover-virtual-currency
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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. |
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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.
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molecular
Donator
Legendary
Offline
Activity: 2772
Merit: 1019
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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. |
PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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Aabel
Newbie
Offline
Activity: 11
Merit: 0
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December 04, 2012, 03:28:05 PM |
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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. |
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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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December 04, 2012, 03:33:02 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. 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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