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Author Topic: Explain this transaction  (Read 542 times)
bitcoinwhoswho (OP)
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August 30, 2016, 09:37:17 PM
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Can anyone help me understand this transaction?

https://blockchain.info/tx/447cb6623db32b5f28c94ac10551802075f053208fe995204a145197e2904bb9

Bitcoin's current #1 address 3Nxwenay9Z8Lc9JBiywExpnEFiLp6Afp8v made a confusing (to me) transaction today that I'd like to understand.

The address sent 333.33 BTC to 17 different addresses and 38,000 BTC back to itself. What could be the reasons for structuring a transaction like this?
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DannyHamilton
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August 30, 2016, 10:12:16 PM
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Can anyone help me understand this transaction?

https://blockchain.info/tx/447cb6623db32b5f28c94ac10551802075f053208fe995204a145197e2904bb9

Bitcoin's current #1 address 3Nxwenay9Z8Lc9JBiywExpnEFiLp6Afp8v made a confusing (to me) transaction today that I'd like to understand.

The address sent 333.33 BTC to 17 different addresses and 38,000 BTC back to itself. What could be the reasons for structuring a transaction like this?

Back in 2015 on November 5, someone (or some group of people) with access to 19 transaction outputs valued at a total of 52495.00095555 BTC decided that they wanted to store 50000 BTC of that value with a single bitcoin address.

They created and broadcast a transaction (txid: a812f41ae7005e38f0873de0c5d3a5f5de855676a0019b96a9e941ebf4a253dd) where they spent the entire 52495.00095555 BTC sending 50000 of it to 3Nxwenay9Z8Lc9JBiywExpnEFiLp6Afp8v, paid a 0.0012 BTC transaction fee and sent the remaining 2494.99975555 BTC to 3AckDd1ot9rSiRUCfazd7yufVbCorerWjV.

Why did they do this?  There's no way to know unless they tell us.  It's their money and they can do with it whatever they want.

Then earlier this month on August 4 they created a new transaction (txid: 28bc5e359c32f51b9a977621d1ccc5861529a833179b27afb4152230b2ea4ad6 ) spending that 50000 BTC output.  For some reason, they decided that they no longer wanted to store the entire 50000 BTC in the one output.  Perhaps that 1 output is a cold storage, and they wanted to move a portion of the cold storage to something more accessible?  In the end it is impossible to know unless they tell us.  It's their money and they can do with it whatever they want.

That new transaction from August 4 created a new 44000 BTC output back into that same address (3Nxwenay9Z8Lc9JBiywExpnEFiLp6Afp8v) paying a 0.0006 BTC transaction fee and spreading the remaining 5999.9994 BTC across 18 other addresses with an equal 333.3333 BTC sent to each of the 18 addresses.

That's where the 44000 BTC output that you are asking about came from.

Now, almost a month later, they've decided to do it again (perhaps for the same reason that they did it on August 4).  They've decided to create a new transaction (the one you are asking about 447cb6623db32b5f28c94ac10551802075f053208fe995204a145197e2904bb9) spending that 44000 BTC output.  For some reason, they decided that they no longer wanted to store the entire 44000 BTC in the one output. Perhaps that 1 output is a cold storage, and they wanted to move a portion of the cold storage to something more accessible?  In the end it is impossible to know unless they tell us.  It's their money and they can do with it whatever they want.

So, today they created a new 38000 BTC output back into that same address, paying a 0.0008 transaction fee, and spreading the remaining 5999.9992 BTC equally across 18 other addresses with an equal 333.33328889 BTC sent to each of the 18 addresses (actually one of the 18 addresses only received 333.33328887 BTC).

Perhaps this is all bitcoin owned by a single organization that is run by 18 people?  Maybe those people are now receiving regular payments of approximately 333.333 BTC from the organization?


drwtsn32
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August 31, 2016, 04:14:54 AM
 #3


Back in 2015 on November 5, someone (or some group of people) with access to 19 transaction outputs valued at a total of 52495.00095555 BTC decided that they wanted to store 50000 BTC of that value with a single bitcoin address.

...

Then earlier this month on August 4 they created a new transaction (txid: 28bc5e359c32f51b9a977621d1ccc5861529a833179b27afb4152230b2ea4ad6 ) spending that 50000 BTC output.  For some reason, they decided that they no longer wanted to store the entire 50000 BTC in the one output.  Perhaps that 1 output is a cold storage, and they wanted to move a portion of the cold storage to something more accessible?  In the end it is impossible to know unless they tell us.  It's their money and they can do with it whatever they want.

...

So, today they created a new 38000 BTC output back into that same address, paying a 0.0008 transaction fee, and spreading the remaining 5999.9992 BTC equally across 18 other addresses with an equal 333.33328889 BTC sent to each of the 18 addresses (actually one of the 18 addresses only received 333.33328887 BTC).

Perhaps this is all bitcoin owned by a single organization that is run by 18 people?  Maybe those people are now receiving regular payments of approximately 333.333 BTC from the organization?


Hi Danny, I really appreciate your very good answer but.. how did you know all this?

I wonder, maybe they want to have a wallet that is clean of transactions, where the amount stored is always exact.
However, I have no absolute idea what is the reason.
Kakmakr
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August 31, 2016, 06:00:30 AM
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Back in 2015 on November 5, someone (or some group of people) with access to 19 transaction outputs valued at a total of 52495.00095555 BTC decided that they wanted to store 50000 BTC of that value with a single bitcoin address.

...

Then earlier this month on August 4 they created a new transaction (txid: 28bc5e359c32f51b9a977621d1ccc5861529a833179b27afb4152230b2ea4ad6 ) spending that 50000 BTC output.  For some reason, they decided that they no longer wanted to store the entire 50000 BTC in the one output.  Perhaps that 1 output is a cold storage, and they wanted to move a portion of the cold storage to something more accessible?  In the end it is impossible to know unless they tell us.  It's their money and they can do with it whatever they want.

...

So, today they created a new 38000 BTC output back into that same address, paying a 0.0008 transaction fee, and spreading the remaining 5999.9992 BTC equally across 18 other addresses with an equal 333.33328889 BTC sent to each of the 18 addresses (actually one of the 18 addresses only received 333.33328887 BTC).

Perhaps this is all bitcoin owned by a single organization that is run by 18 people?  Maybe those people are now receiving regular payments of approximately 333.333 BTC from the organization?


Hi Danny, I really appreciate your very good answer but.. how did you know all this?

I wonder, maybe they want to have a wallet that is clean of transactions, where the amount stored is always exact.
However, I have no absolute idea what is the reason.

I think he just thumb sucked a possible scenario from looking at the transaction history. He built a story around it. People move coins in and out of cold storage for many different reasons. I like to store smaller groups of coins together, to prevent me from diving back into cold storage coins, every time I need to buy something.

There is always a degree of risk associated with this movement, so I would rather do it less often. ^smile^ 

.
.Duelbits.
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