WTF ? 1000 BTC transfers in last block?

[lugrugzo]

I just see these:

1000 https://insight.bitpay.com/tx/6a47cbaa75a7c1307affec66aa76c19f34a269b0335c311ec45a82fc4a0e67d5
1002 https://insight.bitpay.com/tx/1b97e8b3727ab9568a8f60f8a4b66fe953889c45a4a5c382fcd8883daaeb175d
1001 https://insight.bitpay.com/tx/c6b519f71aaf5cbb0ca1c6ee102e9e2cdcf0470ecf99aca1c50f1b2b709ccb85
1001 https://insight.bitpay.com/tx/a5027fa3005a2a9eb64839c4e17da4e19a57e0b4e360bfa8c6f3523368396df4
996 https://insight.bitpay.com/tx/fa26bbb9bd07323df9c6075b84e9fe3afa38b44e06c4adaaed811a31ce35f8bf

More:
http://imgur.com/a/MBpka

[owm123]

here you have a recent block with over 1 milion bitcoins:
https://blockchain.info/block/00000000000000000336b036117c2213088cf742ec3503a3ee96cabb8337570b

I think few thousands is nothing special.

more info here:
https://www.reddit.com/r/Bitcoin/comments/41cl78/over_1_million_total_btc_worth_of_transactions_in/

[NorrisK]

That's the nice thing about bitcoin. You can move those amounts in minutes to anywhere at any time.

No banks holding your transactions, because they are so big and may be fraudulent.

[Amph]

That's the nice thing about bitcoin. You can move those amounts in minutes to anywhere at any time.

No banks holding your transactions, because they are so big and may be fraudulent.

you also pay much lower fee, for that 1M block only 0.5 btc, which is not even $200(and it was a sum of many transaction, if it was done with a single transaction, i'm sure it could have been much lower)

i doubt you can move $400M dollars with a so low amount of fee

[Karartma1]

that's big money and BTC serves the purpose so well.

That's the nice thing about bitcoin. You can move those amounts in minutes to anywhere at any time.

No banks holding your transactions, because they are so big and may be fraudulent.

you also pay much lower fee, for that 1M block only 0.5 btc, which is not even $200(and it was a sum of many transaction, if it was done with a single transaction, i'm sure it could have been much lower)

i doubt you can move $400M dollars with a so low amount of fee

I think in the fiat world only big institutions do that: how do you move that money so fast? With BTC that seems very easy

[Amph]

that's big money and BTC serves the purpose so well.

That's the nice thing about bitcoin. You can move those amounts in minutes to anywhere at any time.

No banks holding your transactions, because they are so big and may be fraudulent.

you also pay much lower fee, for that 1M block only 0.5 btc, which is not even $200(and it was a sum of many transaction, if it was done with a single transaction, i'm sure it could have been much lower)

i doubt you can move $400M dollars with a so low amount of fee

I think in the fiat world only big institutions do that: how do you move that money so fast? With BTC that seems very easy

i'm curious how much fee those institutions, when for example the europe court lent those billions to greece, need to pay to move those very big amount

[randy8777]

1000 btc transactions aren't interesting when you have seen transactions of at least 100,000 btc. transactions lower than 5,000 are quite common.

[NorrisK]

That's the nice thing about bitcoin. You can move those amounts in minutes to anywhere at any time.

No banks holding your transactions, because they are so big and may be fraudulent.

you also pay much lower fee, for that 1M block only 0.5 btc, which is not even $200(and it was a sum of many transaction, if it was done with a single transaction, i'm sure it could have been much lower)

i doubt you can move $400M dollars with a so low amount of fee

Agreed. 200 USD to move that amount of money is nothing at all.

For smaller transactions the fees might become a bit steep if nothing is done soon, but for large transactions bitcoin is still the way to go.

[Boelens]

Nothing special. Just a big holder who might be moving his coins or looking to sell, but this happens quite often. I've seen transers of 100,000 BTC and more. It's easy with BTC.

[WENGER]

Wow, This is the first time seeing these large amounts being sent in a transaction and could also this have some effect on the recent price rise? It's at $388 at the time of typing this, and would be nice to know how much was the biggest amount ever sent to anyone.

[avatar_kiyoshi]

Wow, This is the first time seeing these large amounts being sent in a transaction and could also this have some effect on the recent price rise? It's at $388 at the time of typing this, and would be nice to know how much was the biggest amount ever sent to anyone.

This is the biggest one: http://www.coindesk.com/194993-btc-transaction-147m-mystery-and-speculation/

[dk8218]

I'm pretty impressed on this for bitcoin..
It proves that nowadays big transaction are done with bitcoins..
And too much people using bitcoin..
And second thing they chose bitcoin over banks.. as bank limitations and government controls are too much..
They believe and trust in bitcoin..

[Preclus]

you also pay much lower fee, for that 1M block only 0.5 btc, which is not even $200(and it was a sum of many transaction, if it was done with a single transaction, i'm sure it could have been much lower)

i doubt you can move $400M dollars with a so low amount of fee

If you have a high enough balance, you can easily move millions anywhere in the world without any fees using traditional banking. I use Schwab, my wire fees are waived for any amount and I have wired millions with no fee. For a traditional bank account, the average wire fee is $20 to $25 for any amount, it is not dependent on the amount of money you are transferring.

You can read this for more information:

http://www.bankingmyway.com/credit-center/3-ways-cut-wire-transfer-costs

Example of Schwab's free wire transfers:

http://www.schwab.com/public/file/P-1036363/

"Wire transfer fee: With $100,000–$499,999 in Household Balances, you will receive three free online domestic wire transfers per quarter; with  $500,000 or more in Household Balances, or 36 or more stock or option trades per year in Accounts of Your Household, you will receive three free domestic wire transfers per quarter."

Almost 1 trillion dollars is transferred via wire transfer every day in the United States.

Source:

http://groups.csail.mit.edu/mac/classes/6.805/articles/money/ota-money-laundering/03ch2.pdf

An average of over 293,000 transactions are carried over Fedwire daily, transferring a daily average of over $841.4 billion. The average amount of funds moved by one Fedwire transfer is nearly $3 million, and the cost of one transfer is about 50 cents (see tables 2-2 and 2-3)

[Amph]

you also pay much lower fee, for that 1M block only 0.5 btc, which is not even $200(and it was a sum of many transaction, if it was done with a single transaction, i'm sure it could have been much lower)

i doubt you can move $400M dollars with a so low amount of fee

If you have a high enough balance, you can easily move millions anywhere in the world without any fees using traditional banking. I use Schwab, my wire fees are waived for any amount and I have wired millions with no fee. For a traditional bank account, the average wire fee is $20 to $25 for any amount, it is not dependent on the amount of money you are transferring.

You can read this for more information:

http://www.bankingmyway.com/credit-center/3-ways-cut-wire-transfer-costs

Example of Schwab's free wire transfers:

http://www.schwab.com/public/file/P-1036363/

"Wire transfer fee: With $100,000–$499,999 in Household Balances, you will receive three free online domestic wire transfers per quarter; with  $500,000 or more in Household Balances, or 36 or more stock or option trades per year in Accounts of Your Household, you will receive three free domestic wire transfers per quarter."

you have moved millions previously? we have plenty of rich people here, apparently, well it's good to know that you can cut on fee with fiat and also it depend when you live i'm sure it's not the case for every country

aside from this you need to declare everything prior moving those huge amount, with bitcoin i can go ahead and moving my millions without saying nothing to anyone

[Preclus]

aside from this you need to declare everything prior moving those huge amount, with bitcoin i can go ahead and moving my millions without saying nothing to anyone

I want my transfers recorded. If they aren't recorded, how do I prove that I sent someone the money?

If there is no record of me sending someone 10 million, why wouldn't they just walk away with the money? What if they say they didn't get it?

[Amph]

aside from this you need to declare everything prior moving those huge amount, with bitcoin i can go ahead and moving my millions without saying nothing to anyone

I want my transfers recorded. If they aren't recorded, how do I prove that I sent someone the money?

If there is no record of me sending someone 10 million, why wouldn't they just walk away with the money? What if they say they didn't get it?

i was more talking about moving your funds from one place to another, for whatever reason, not sending to someone else

or anyway when you send them to a friend/family member, you know that if you receive a sum from your family that has previously payed taxes on that sum, you need to pay the taxes again, because now these belong to you?

this is true if you're not part of the household, at least here

[OROBTC]

aside from this you need to declare everything prior moving those huge amount, with bitcoin i can go ahead and moving my millions without saying nothing to anyone

I want my transfers recorded. If they aren't recorded, how do I prove that I sent someone the money?

If there is no record of me sending someone 10 million, why wouldn't they just walk away with the money? What if they say they didn't get it?

For large transactions (and whose fate you might worry about), you could always send smaller amounts of BTC per transaction as the fees for BTC are so small. 

For example, if you needed to send a counterparty $100,000 (say BTC250), you could send BTC100, and ask for confirmation of receipt.  Then send the rest later (delivery to port for example).

At some point you have to trust your counterparty to deliver what you pay for.

[Amph]

aside from this you need to declare everything prior moving those huge amount, with bitcoin i can go ahead and moving my millions without saying nothing to anyone

I want my transfers recorded. If they aren't recorded, how do I prove that I sent someone the money?

If there is no record of me sending someone 10 million, why wouldn't they just walk away with the money? What if they say they didn't get it?

For large transactions (and whose fate you might worry about), you could always send smaller amounts of BTC per transaction as the fees for BTC are so small. 

For example, if you needed to send a counterparty $100,000 (say BTC250), you could send BTC100, and ask for confirmation of receipt.  Then send the rest later (delivery to port for example).

At some point you have to trust your counterparty to deliver what you pay for.

and anyway there is the blockchain that can demostrate it, it's a public ledger after all and is there for this exact reason, no need to declare anything

[maokoto]

That is one of the beauties of Bitcoin, you can watch big transactions happening and somewhat have some info about money moving from one account to another. With fiat, you never know when big ammounts are moving or not. Even if it is just for being curious.

[smaxz]

i dont like blockchain.info's depiction of these bitcoin days destroyed..

sure its nice that moving all these coins is possible.. it proves that the system is functioning.

the question to ask is, to what end does this posturing reflect.