Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[madmat]

I find it quit amazing to have over 5 million btc  transmitted in one block and less than .6btc for transaction fees.


Block #394745 https://blockchain.info/block/0000000000000000038503620631d260165c351bd5da432524cf6ab4d98f1418
BTC 5,691,062.06949177 (??)


Also, how does nearly 5.7 million btc get transmitted in one block?

Read the last two pages please.

To me, seems to be a slightly different topic with the details of my above provided link and nearly 5.7 million btc contained in that one block.

The 5.7 million btc in one block are just 10,000 btc moving and moving. Today, you could spend unconfirmed outputs so you could move the same coins many times in the same block. I think i found the initial transactions : https://blockchain.info/fr/address/18SwPkgUHFo8QLh5fMcchKvmUVrFNxXF6B

Good luck to go further back, this has been mixed an remixed.

[smooth]

tldr 5 million BTC did not move. Someone with 10k BTC moved it 500 times.

[JayJuanGee]

i think get ready for mega dumps

Yeah. That was a horrible btc crash we just experienced from $387 to $402. 

[BlindMayorBitcorn]

tldr 5 million BTC did not move. Someone with 10k BTC moved it 500 times.

That sounds like a fun afternoon.  

Somebody heard the first move here: http://www.bitlisten.com/

Probably scared the hell out of him.

[hmmkay]

Don't you need to wait at least a few confirmations until you can spend that same amount again?

[hodl_2015]

tldr 5 million BTC did not move. Someone with 10k BTC moved it 500 times.

That sounds like a fun afternoon.  

Try that with dollars :-)
a) getting the transfer processed 500 times in one afternoonen, and b) have anything left to transfer after 499x transaction costs.

[JayJuanGee]

tldr 5 million BTC did not move. Someone with 10k BTC moved it 500 times.

That sounds like a fun afternoon.  

Try that with dollars :-)
a) getting the transfer processed 500 times in one afternoonen, and b) have anything left to transfer after 499x transaction costs.

Yeah. The total fees for that block was less than .6 btc.

[Gyrsur]

tldr 5 million BTC did not move. Someone with 10k BTC moved it 500 times.

That sounds like a fun afternoon.  

Somebody heard the first move here: http://www.bitlisten.com/

Probably scared the hell out of him.

try instrument Planet (with Dope) or Wikki (with Alcohol)!  

[BlindMayorBitcorn]

tldr 5 million BTC did not move. Someone with 10k BTC moved it 500 times.

That sounds like a fun afternoon.  

Somebody heard the first move here: http://www.bitlisten.com/

Probably scared the hell out of him.

try instrument Planet (with Dope) or Wikki (with Alcohol)!  

Naw, I got a bad batch of mud once. Nearly cost me my arm. Never again.

[AlexGR]

tldr 5 million BTC did not move. Someone with 10k BTC moved it 500 times.

Seems like high volume spam. Instead of spamming the blockchain with dust, now we have XXXX btc moving back and forth, for the lolz, also creating meaningless "output" spikes.

In the meantime: (cointape.com)

The fastest and cheapest transaction fee is currently 30 satoshis/byte, shown in green at the top.
For the median transaction size of 369 bytes, this results in a fee of 11,070 satoshis (=0.04$ USD for first block inclusion).

And that with the mempool having a 43 mb backlog. Obviously those moving coins for the lolz to say "ohhh the blocks are full", "the mempool is full", aren't in any rush to pay - they are just clogging the system with spam as cheaply as they can get away with it.

[ChartBuddy]

Coin



Explanation

[Fatman3001]

tldr 5 million BTC did not move. Someone with 10k BTC moved it 500 times.

Seems like high volume spam. Instead of spamming the blockchain with dust, now we have XXXX btc moving back and forth, for the lolz, also creating meaningless "output" spikes.

In the meantime: (cointape.com)

The fastest and cheapest transaction fee is currently 30 satoshis/byte, shown in green at the top.
For the median transaction size of 369 bytes, this results in a fee of 11,070 satoshis (=0.04$ USD for first block inclusion).

And that with the mempool having a 43 mb backlog. Obviously those moving coins for the lolz to say "ohhh the blocks are full", "the mempool is full", aren't in any rush to pay - they are just clogging the system with spam as cheaply as they can get away with it.

Yeah, looks like we need to increase block size limit.

[roslinpl]

And another exciting weekend for the Price Movement Watchers

My predictions for the upcoming week is: BTC/USD $420 before the Friday.


Still I'm wondering when we will hit the another price record ... Maybe it's a time to make a new poll with a question "When BTC/USD will set the new world record?"


Have a great Sunday,
best regards.

[sAt0sHiFanClub]

tldr 5 million BTC did not move. Someone with 10k BTC moved it 500 times.

Seems like high volume spam. Instead of spamming the blockchain with dust, now we have XXXX btc moving back and forth, for the lolz, also creating meaningless "output" spikes.

In the meantime: (cointape.com)

The fastest and cheapest transaction fee is currently 30 satoshis/byte, shown in green at the top.
For the median transaction size of 369 bytes, this results in a fee of 11,070 satoshis (=0.04$ USD for first block inclusion).

And that with the mempool having a 43 mb backlog. Obviously those moving coins for the lolz to say "ohhh the blocks are full", "the mempool is full", aren't in any rush to pay - they are just clogging the system with spam as cheaply as they can get away with it.

Yeah, looks like we need to increase block size limit.

Indeed, I was wavering for a while ( ) but AlexGR has convinced me of the need for bigger blocks.

well played, Son.

[AlexGR]

If anything, it shows most of the transactions are bogus, conducted just to bloat the blockchain or be used as a "factoid" that "ohhh blocks are full, the mempool is full" bullshit propaganda.

You can make a quantity analysis or a quality analysis.

The quality analysis of the txs is very revealing of what is going on right now. The costs involved to process txs are extremely low at 4 cents for first block inclusion and yet floods of transactions that aren't seemingly in any hurry, are queued up to be processed for zero / near-zero cost. Why?

[CuntChocula]

+1 AlexGR! That totally wasn't legitimate mixing/money laundering, simple spam. As are all transactions, when you think about it. A bunch of antisocial manchildren playing with their WoW gold.
If they seriously needed to move money, they would've used CC, or mailed a paper check.

[Fatman3001]

If anything, it shows most of the transactions are bogus, conducted just to bloat the blockchain or be used as a "factoid" that "ohhh blocks are full, the mempool is full" bullshit propaganda.

You can make a quantity analysis or a quality analysis.

The quality analysis of the txs is very revealing of what is going on right now. The costs involved to process txs are extremely low at 4 cents for first block inclusion and yet floods of transactions that aren't seemingly in any hurry, are queued up to be processed for zero / near-zero cost. Why?

Bitcoin Magazine on Wences Casares:

"The Argentinian-born entrepreneur has been able to create one of the most well-capitalized companies in the space, and he was able to mystify the likes of Dick Costolo, Marc Andreessen, Reid Hoffman and other Silicon Valley giants by transferring roughly $250,000 worth of bitcoin between multiple smartphones within a matter of minutes. "

That was back when Bitcoin was worth a fraction of what it's worth now. How do you think that party trick looks like today? Do you think it's of no value?

[BlindMayorBitcorn]

http://cpgblogger.blogspot.de/2016/01/what-heck-is-bitcoin-core-thinking.html

With the combination of these changes, we are looking at a MASSIVE increase in capacity of the network over the next 1-2 years which will keep transactions cheap and maintain decentralization.

[ChartBuddy]

Coin



Explanation

[sAt0sHiFanClub]

http://cpgblogger.blogspot.de/2016/01/what-heck-is-bitcoin-core-thinking.html

With the combination of these changes, we are looking at a MASSIVE increase in capacity of the network over the next 1-2 years which will keep transactions cheap and maintain decentralization.

meh.  He is again describing segwit as a scaling solution, when that was never the intention. To rely on a latent side effect as the primary reason to implement it so quickly is simply poor engineering practice.  Also, his space saving projections are optimistic.