1 million [BTC] moved in one block

[pooya87]

i saw this on reddit, thought i share it here to here your opinion on what is happening.

here is the link:
https://blockchain.info/block/00000000000000000603cba76274b479a7507ef9585518b06e192f1a6255b5b8

apparently this is not the only one either:
https://blockchain.info/block-height/393652    > 1,058,430.66780311 BTC

EDIT:
another one:

This is even more impressive than the 1 million block. This block is 4.3 million in size. I have never seen such a massive block.

http://blockr.io/block/info/394868

https://blockchain.info/block-height/394868   > 4,376,041.96283455 BTC

[1714772527]

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[SFR10]

This is cool, what a awesome feeling of receiving this amount and what an awful feeling of giving this much to someone. Just look at the transaction fee, it's amazing how much only given as comparison to sending this much money thru an established bank.

[lottery248]

what? one million bitcoins moved within a block? isn't this kind of number relatively bigger than what visa just did?
this is not possible until now, because under some of the statistic AFAIK, the bitcoin mixing requires a high volume, leading to the high transacting volume included that block.

[Rizky Aditya]

That is really cool to see. I always go onto Blockchain to see if there are any big blocks. I have never seen anything though.

[Jet Cash]

Maybe it's the silk road money that the US gov. grabbed. Nice to see they are supporting Bitcoin.

[pooya87]

does anybody know how to find the rest of the blocks that contain the rest of 10 million (19 JAN) and 11 million bitcoin (23 JAN)

all the block explorers (table info off all not one by one) only have the size-time-... information of the blocks not the amount/total output per block unless you check it one by one

[DimensionZ]

Wow the transaction fee of this behemoth is just shy of 1 btc. Was it confirmed instantly on the Blockchain?

[s@toshiClaims]

Yeah thats my transaction gived my kid some weekmoney (Damn i wish!) :p

[pooya87]

Wow the transaction fee of this behemoth is just shy of 1 btc. Was it confirmed instantly on the Blockchain?

i think you have mistaken "bock" with "transaction" 
~0.93BTC fee is the sum of 3085 transaction fees in this particular block which is not that out of ordinary.

[Amph]

it only show the beauty of bitcoin, you cna move millions without problem, of any kind related to id, declaration of money etc, probably an exchange that moved all those coins

[helloeverybody]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

[Bitcoinpro]

starting to make VISA look like piss

[bob123]

Someday we might see the double amount moved around in one block.

[calkob]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

[Patatas]

Nice to see the Block reward is still at 25 bitcoins in .Unfortunately sad for miners after halving when the block reward   after mid 2016 that should be June, will be decreased roughly to 12.5 bitcoins.

[SuperCoinGuy]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

I always have fears that I have copied wrong the receiving address If only the wallet addresses could be shorter.

[Blind Legs Parker]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

I always have fears that I have copied wrong the receiving address If only the wallet addresses could be shorter.

Three steps (the order is not set in stone, it's as you wish) :
1) check that the address is correct
2) check that the amount is correct
3) check that the fees are correct

Don't start triple checking on top of that. It only adds to your stress and likeliness to make a mistake. If you follow these steps nothing can happen to you. One transaction a day will help you deal with that kind of stress.

[helloeverybody]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

I always have fears that I have copied wrong the receiving address If only the wallet addresses could be shorter.

Three steps (the order is not set in stone, it's as you wish) :
1) check that the address is correct
2) check that the amount is correct
3) check that the fees are correct

Don't start triple checking on top of that. It only adds to your stress and likeliness to make a mistake. If you follow these steps nothing can happen to you. One transaction a day will help you deal with that kind of stress.

If im sending anything to myself i usually always send a small amount first and then if that comes through ok then i send the bigger amount. Not so easy to do if your sending bitcoin to somebody else though.

[aso118]

Transaction fees of 0.5 BTC.
We should use ppm (parts per million) to quote transaction fees, not %. 

[SuperCoinGuy]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

I always have fears that I have copied wrong the receiving address If only the wallet addresses could be shorter.

Three steps (the order is not set in stone, it's as you wish) :
1) check that the address is correct
2) check that the amount is correct
3) check that the fees are correct

Don't start triple checking on top of that. It only adds to your stress and likeliness to make a mistake. If you follow these steps nothing can happen to you. One transaction a day will help you deal with that kind of stress.

If im sending anything to myself i usually always send a small amount first and then if that comes through ok then i send the bigger amount. Not so easy to do if your sending bitcoin to somebody else though.

That is a sure strategy but you are paying the fees twice.  And yeah these 3 steps are paramount but usually I just check the amount and the address because the fees are set to automatic in my wallet.

[Quantus]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

This is the number one barrier that prevents bitcoin adoption. We need better full client side tools to reassure the sender. We need to find ways to somehow remove some of those doubts and fears when using the client.

[helloeverybody]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

I always have fears that I have copied wrong the receiving address If only the wallet addresses could be shorter.

Three steps (the order is not set in stone, it's as you wish) :
1) check that the address is correct
2) check that the amount is correct
3) check that the fees are correct

Don't start triple checking on top of that. It only adds to your stress and likeliness to make a mistake. If you follow these steps nothing can happen to you. One transaction a day will help you deal with that kind of stress.

If im sending anything to myself i usually always send a small amount first and then if that comes through ok then i send the bigger amount. Not so easy to do if your sending bitcoin to somebody else though.

That is a sure strategy but you are paying the fees twice.  And yeah these 3 steps are paramount but usually I just check the amount and the address because the fees are set to automatic in my wallet.

At this stage considoring the cost of fees i dont really mind paying twice, i dont think i will miss a couple of cents worth .

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

This is the number one barrier that prevents bitcoin adoption. We need better full client side tools to reassure the sender. We need to find ways to somehow remove some of those doubts and fears when using the client.

Ive thought that it would be nice to have a way to double check your sending to the right address, maybe like some kind of ping test to the address you are sending. and maybe ask for the address twice or something.

[EdenHazard]

i dont know its real or fake,but i never see bitcoin transaction more than 1000 BTC in one block,just ever see on this forum someone post 1000BTC in one block,cant imagine how worry i am if i have transaction like that

[1Referee]

This just shows that Bitcoin is perfectly capable of handling around $400,000,000 worth of transactions easily. About these things you don't see the media write anything about. If it was something negative, then they would have picked it up instantly and released plenty of articles.

[withche.07]

Maybe this was just a test of government to see how can they easily move their btcs around? 

[xdrpx]

Holy!!! That's one heck of an amount being moved for such a low fee, just wondering how much money would be wasted in fees if this was done through a service like Western Union. But yeah would be exciting to know who and what was it transferred for, but yeah since it's Bitcoin it isn't as easy to know xD

[andulolika]

The fee is one thing, but i think the big deal is why such big amount was moved, off-market bulk buy/sell?

[Wapinter]

Block reward is 25 btc.Does it mean if the same amount is sent after halving,sender will have to pay less fee also?is block reward and transaction fee different? do Miners get share from both ?

[franky1]

Holy!!! That's one heck of an amount being moved for such a low fee, just wondering how much money would be wasted in fees if this was done through a service like Western Union. But yeah would be exciting to know who and what was it transferred for, but yeah since it's Bitcoin it isn't as easy to know xD

western union charge $50 for amounts of 10btc ($4,000) per transaction..

due to Western union having a limit on how much can be sent, some of the transactions , such as the 9999btc transactions wont be allowed. and so to break up the amounts and slide them in with the smaller amounts to just get below the WU acceptance limit.. would be about 3285 transactions
which would equate to $164,250 in fee's


and so bitcoin done way bigger transaction values without hassle, fear, or paperwork for under $400 in fee's to cover everyones transaction. and it arrived much sooner then western union could ever do.

in short
western union would never be able to handle 9999btc ($4m) in one transaction. especially without someones life story.. and definetly not within minutes.

[HeroCat]

This is BTC mining pool, therefore it can get 1 million BTC in one block, from the other hand - it shows BTC market volume 

[darkstarzz69]

That's a lot of BTC in a single block. Pretty awesome how serious this is becoming.

[randy8777]

it's most likely a large mining farm that is spreading its mega stash that they saved up throughout the years. the majority of the 1 million amount are spread into 1200-1200 btc per transaction. i think these coins will end up being spreaded as 10-100 btc per address.

[Herbert2020]

it's most likely a large mining farm that is spreading its mega stash that they saved up throughout the years. the majority of the 1 million amount are spread into 1200-1200 btc per transaction. i think these coins will end up being spreaded as 10-100 btc per address.

i was thinking the same thing. it has to be someone with a huge amount of bitcoin and usually big miners have this big amounts. and the big transactions of the block seems to be around 600-800 BTC being moved around.

[Armando]

Damn! When I've seen the title of the topic I thought that Satoshi or other "early-bird" moved some of their stash... but it seems that we are hitting new milestone, because there is not 1mil from an address to another, this is huge number of transfers!

[alberthendriks]

Someone on facebook, who's not on bitcointalk, said

3,584,749 bitcoin in block 394802

I'm not sure how to verify or if this is news.

[QuestionAuthority]

If 1,049,442.38461771 BTC can be moved in 3085 transactions using only 926.8115234375 KB of space and    1,058,430.66780311 BTC can be moved in 2321 transactions using only 973.80078125 KB of space we must be raising the block size limit so massive amounts of dust transactions can go through smoothly. Obviously you don't need larger blocks to move nearly one eighth of all bitcoins in existence.

[Amph]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

This is the number one barrier that prevents bitcoin adoption. We need better full client side tools to reassure the sender. We need to find ways to somehow remove some of those doubts and fears when using the client.

i was thinking about integrating the average time that you see on the blockchain(which is false some times, so it need to be programmed better) and do it for the client

at least average joe can have an estimate and feel more secure

[ranochigo]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

This is the number one barrier that prevents bitcoin adoption. We need better full client side tools to reassure the sender. We need to find ways to somehow remove some of those doubts and fears when using the client.

i was thinking about integrating the average time that you see on the blockchain(which is false some times, so it need to be programmed better) and do it for the client

at least average joe can have an estimate and feel more secure

Confirmation time? You would either need to use a full node or trust a third party when using SPV client. They're not very accurate since most don't see the entire network of transactions but it isn't an issue if you pay too low of a fee. The main concern here is that the client glitches and script a transaction that has wrong value or addresses. This would be a major problem then. The probability of typing an address wrongly and still get it accepted is rather low as long as you check the first and last few letters of destination address.

Anyway, transactions should appear almost instantly. It would be a huge problem on your side if you have to wait for 5 minutes.

[QuestionAuthority]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

This is the number one barrier that prevents bitcoin adoption. We need better full client side tools to reassure the sender. We need to find ways to somehow remove some of those doubts and fears when using the client.

i was thinking about integrating the average time that you see on the blockchain(which is false some times, so it need to be programmed better) and do it for the client

at least average joe can have an estimate and feel more secure

I'm not sure what you're talking about. Seeing your unconfirmed transaction in the client should be almost immediate. Multiple confirmations will always take longer because it's impossible to determine exactly when the next or subsequent, say six, blocks will be found (each block adding another confirmation). As for the "average time", by design that's always going to be 10 minutes. When it's not difficulty is adjusted to bring it back in line. Any line showing the average block time, depending on how far back the code looked for data points, would always say 10 minutes.

[GeertBerkers]

Wow! Wished it was mine

[Amph]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

This is the number one barrier that prevents bitcoin adoption. We need better full client side tools to reassure the sender. We need to find ways to somehow remove some of those doubts and fears when using the client.

i was thinking about integrating the average time that you see on the blockchain(which is false some times, so it need to be programmed better) and do it for the client

at least average joe can have an estimate and feel more secure

I'm not sure what you're talking about. Seeing your unconfirmed transaction in the client should be almost immediate. Multiple confirmations will always take longer because it's impossible to determine exactly when the next or subsequent, say six, blocks will be found (each block adding another confirmation). As for the "average time", by design that's always going to be 10 minutes. When it's not difficulty is adjusted to bring it back in line. Any line showing the average block time, depending on how far back the code looked for data points, would always say 10 minutes.

talking about the average time for the first confirmation, not the unconfirmation

if there was something that tell you the estimate for the first confirmation, it would be better for newbie, they would have an indicator for how much they should wait for the first conf at least

maybe a countdown on the icon transaction(the clock)

Confirmation time? You would either need to use a full node or trust a third party when using SPV client. They're not very accurate since most don't see the entire network of transactions but it isn't an issue if you pay too low of a fee. The main concern here is that the client glitches and script a transaction that has wrong value or addresses. This would be a major problem then. The probability of typing an address wrongly and still get it accepted is rather low as long as you check the first and last few letters of destination address.

Anyway, transactions should appear almost instantly. It would be a huge problem on your side if you have to wait for 5 minutes.

yeah i know it's 10 min, but that's not the point, there must be a clock that tell you the estimate when you over the mouse above the icon of the transaction, on core for example

something like "next confirmation is expected in x amount of time etc...", something simple

[QuestionAuthority]

Ah, I see. You want to have the amount of time until the next block is found listed somewhere in the client. Unfortunately, that's not possible. Finding a block is taking a nonce of you're choice and using it to hash a block to an acceptable number below the set difficulty level. A "hash" is just a random number cryptographically calculated to find a matching number. Miners are simply "hashing" a bunch of them until they get lucky. Just like there are many acceptable hashes, there are many different nonces which will work for the same block. But a miner only has to find one of them. Whichever one they find first will work to become the next block. When the next block is found it's already listed in the client so I'm afraid that's as good as your going to get. I do agree that would be a cool feature if it could be done.

[MingLee]

That's an impressive amount of Bitcoin being moved, have there been any major buyers, sellers or dumps recently? That's a massive amount to move in a single block.

[zeaderza]

1 million bitcoin in a block is a very big amount.
I think only business men can have this big sum.

[takingthis4]

thats the clear sign that bitcoin is getting more and more popular right now, i think that we will have to do something about that block size as soon as possible in order to avoid other problems

[1Referee]

This is even more impressive than the 1 million block. This block is 4.3 million in size. I have never seen such a massive block.

http://blockr.io/block/info/394868

[BellaBitBit]

Holy!!! That's one heck of an amount being moved for such a low fee, just wondering how much money would be wasted in fees if this was done through a service like Western Union. But yeah would be exciting to know who and what was it transferred for, but yeah since it's Bitcoin it isn't as easy to know xD

Very cool to see. I have not seen anything of this magnitude before, but I am newish.  The transaction fee is nothing for an amount that size.  All of the hoops  and fees from a regular bank would be tiresome.  This is much more fun!

[ranochigo]

thats the clear sign that bitcoin is getting more and more popular right now, i think that we will have to do something about that block size as soon as possible in order to avoid other problems

Transaction volume is not an accurate representation Bitcoin's popularity at all. The main reason for the block to have so much BTC transacted is due to several higher valued TX. A higher transaction volume could just be because of an exchange or a service moving coins around. It can be manipulated easily. Block size should not concern transaction volume significantly either, a higher amount of BTC transacted would not make the transaction larger.

[countryfree]

There are some big fish out there.

In a few minutes, I found 2 10,000 BTC transactions made exactly at the same time. Obviously, it was the same person.

https://blockchain.info/address/18SwPkgUHFo8QLh5fMcchKvmUVrFNxXF6B
https://blockchain.info/address/1HSV4NUkCtJ4wdK79peu2wGjAxEe3N6Yu3

You need to have a lot of trust in the network. I can't imagine myself doing such a large single transaction. I would be too afraid something would go wrong and I would loose a fortune.

[alberthendriks]

According to some blockchain experts it's all a hoax. All these transactions are sending money to themselves, and in total "only" btc 10,000 is involved. All this started from https://blockchain.info/address/1HSV4NUkCtJ4wdK79peu2wGjAxEe3N6Yu3

oh, that's the same as the previous post.

[Anegg]

That is the highest number of Bitcoin moved in a block, that I have ever seen.

[gkv9]

That is the highest number of Bitcoin moved in a block, that I have ever seen.

True, a tremendous amount of BTC transacted in such volume that just shaken everyone out here...
It seems that a big wave of transactions has been settled down into one drop...

[BellaBitBit]

That is the highest number of Bitcoin moved in a block, that I have ever seen.

True, a tremendous amount of BTC transacted in such volume that just shaken everyone out here...
It seems that a big wave of transactions has been settled down into one drop...

Are you saying that this transaction made the price dip to where it is today?

[partysaurus]

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

was thinking the same would not have the guts to send that much money in one transaction , would be so afraid of screwing it up lol.

[bitlost]

uow man that's awesome! Imagine if this amount end up at your account by mistake? I think I would just get instantly crazy.

[Ruzka]

There are some big fish out there.

In a few minutes, I found 2 10,000 BTC transactions made exactly at the same time. Obviously, it was the same person.

https://blockchain.info/address/18SwPkgUHFo8QLh5fMcchKvmUVrFNxXF6B
https://blockchain.info/address/1HSV4NUkCtJ4wdK79peu2wGjAxEe3N6Yu3

You need to have a lot of trust in the network. I can't imagine myself doing such a large single transaction. I would be too afraid something would go wrong and I would loose a fortune.

Big fish and massive whales and so much plankton is out there. They are nice size transactions for sure but if you don't have trust in the network you probably would not have that many coin to begin with. No need to be afraid of any size transaction unless your doing it drunk then good luck. Check address to send to, send 1btc, once received send the larger amount by copy and pasting the first add but checking the first 3 parts of the address and the last 3. That is all I would do as well as give a very very nice miner fee.
1million in a block and only a bitcoin in fee's is crazy and just goes to show the power of bitcoin.

[el-magnifico]

Probably allot of big transactions were exchanged in the same period between the two blocks, it's fun you can actually see every single transaction live, really transparent system.

[Pk880058]

There are some big fish out there.

In a few minutes, I found 2 10,000 BTC transactions made exactly at the same time. Obviously, it was the same person.

https://blockchain.info/address/18SwPkgUHFo8QLh5fMcchKvmUVrFNxXF6B
https://blockchain.info/address/1HSV4NUkCtJ4wdK79peu2wGjAxEe3N6Yu3

You need to have a lot of trust in the network. I can't imagine myself doing such a large single transaction. I would be too afraid something would go wrong and I would loose a fortune.

This are all done by the big players who wants to move the market according to their position and i think that they have shorted in the market that market will go down, that is why they have done this of selling in one account and same time buying in other account. like this they create panic in market and make profit.

But due to transparency in blockchain we can know the details of the transaction done in market online.

[elizabethqueen]

i saw this on reddit, thought i share it here to here your opinion on what is happening.

here is the link:
https://blockchain.info/block/00000000000000000603cba76274b479a7507ef9585518b06e192f1a6255b5b8

apparently this is not the only one either:
https://blockchain.info/block-height/393652    > 1,058,430.66780311 BTC

EDIT:
another one:

This is even more impressive than the 1 million block. This block is 4.3 million in size. I have never seen such a massive block.

http://blockr.io/block/info/394868

https://blockchain.info/block-height/394868   > 4,376,041.96283455 BTC

i am sure satoshi created bitcoin for this purpose,sent big amount of money with easy way,anonymous,fast and secure. and i never imagie this is happen in my century,proud to be part of this revolution