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Author Topic: $400,000,000 worth of bitcoin moved into a bech32 segwit address  (Read 186 times)
cellard (OP)
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January 28, 2018, 05:38:19 PM
Merited by pitiflin (1), SONG GEET (1)
 #1

Someone (apparently the user from this forum that goes by as "Loaded") has made an huge transaction of around 40,000 BTC, and these BTC have been moved into a bech32 segwit address:

http://btc.com/92785a57f6e9e9eb9d37a00e6e8be7f888376f65fa2b8f868db261cbf6cca7b0

This is pretty important since these that claim segwit is not safe and the coins could be stolen in the future, now have a good reason to attempt to try said attack:

https://btc.com/bc1q9sh6544xls87x7skjzyfhkty4wq7z76vn7qzq9

Quote

Address
    bc1q9sh6544xls87x7skjzyfhkty4wq7z76vn7qzq9

Balance
    40,000.32573103 BTC


Now it's the segwit hater's turn, get the money and prove segwit is unsafe or stop the FUD.
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January 28, 2018, 05:44:47 PM
 #2

TX already have over 266 confirmation and looks like no any hacker was able to hack those bitcoin LOL  Grin

I think many other big amounts were now stored in bech32 or segwit addresses safely, don't know why some claim segwit is not safe. Although Bitcoin cash supporters will never stop claiming segwit unsafe.

 
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January 28, 2018, 05:54:35 PM
 #3

Not only is segwit safe, but with Lightning network coming in the foreseeable future It will fix a lot of the problems bitcoin suffers from such as transaction fees and speed. I'm actually glad with bald move of sending the 40 000 bitcoin this insures how secure they believe segwit is. Also the number of segwit transactions has increased this year I remember when it was really low last year, hopefully it reaches a higher number of transactions.
Charts here http://segwit.party/charts/

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avikz
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January 28, 2018, 05:56:18 PM
 #4

The safe unsafe debate will go on for some time now. Whenever a change happens, there's always three types of people around it. One who hates it, one who loves it and the other one who watches the entire situation. But that's not important. What is important is the fees for the transaction. Seems like the the total fees for the transaction is just 0.00010000 btc (Correct me if I am reading wrongly).

If this is true, then we are certainly stepping in to a new and positive era for bitcoin. We should immediately move to segwit enabled wallets and start using segwit addresses start with 3. It may solve the network issue for us and create bitcoin a better currency for all of us.  

pitiflin
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January 28, 2018, 06:09:35 PM
 #5

Cool. People are adopting to segwit now, it shouldn't take much time for exchanges and online services to adopt to segwit, probably in May or June, after core releases 15.6 .
Seems like the the total fees for the transaction is just 0.00010000 btc (Correct me if I am reading wrongly).

If this is true, then we are certainly stepping in to a new and positive era for bitcoin. We should immediately move to segwit enabled wallets and start using segwit addresses start with 3. It may solve the network issue for us and create bitcoin a better currency for all of us. 
Apparently the fee is 0.0001BTC only and hell that's legit too less, hell I paid 0.001BTC for a 100$, wow I feel so bad.  Cry
I intend on using segwit in the future,am still waiting for exchanges to start using segwit.


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cellard (OP)
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January 28, 2018, 06:57:25 PM
Last edit: January 28, 2018, 07:08:39 PM by cellard
 #6

TX already have over 266 confirmation and looks like no any hacker was able to hack those bitcoin LOL  Grin

I think many other big amounts were now stored in bech32 or segwit addresses safely, don't know why some claim segwit is not safe. Although Bitcoin cash supporters will never stop claiming segwit unsafe.

The basic idea is that miners could collide to maliciously steal funds sitting on segwit transactions as they would be revertible due the "anyonecanspend" thing which a lot have talked about since segwit started gaining traction back in 2016.

So far, not a single satoshi has been stolen from a segwit address. As addresses hold more and more money and time goes on without a single satoshi stolen, it will be proven that the supposed attack was never viable (otherwise why wouldn't miners do it).

The safe unsafe debate will go on for some time now. Whenever a change happens, there's always three types of people around it. One who hates it, one who loves it and the other one who watches the entire situation. But that's not important. What is important is the fees for the transaction. Seems like the the total fees for the transaction is just 0.00010000 btc (Correct me if I am reading wrongly).

If this is true, then we are certainly stepping in to a new and positive era for bitcoin. We should immediately move to segwit enabled wallets and start using segwit addresses start with 3. It may solve the network issue for us and create bitcoin a better currency for all of us.  

It shows how Bitcoin is the ultimate tool to move unlimited amounts of wealth for very, very cheap (other coins aren't decentralized and aren't robust enough, neither have the liquidity).

But a transaction fee is derived from its size, that is the amount of inputs and outputs so the amount that you are trying to move is irrelevant afaik. When you are trying to make a transaction using a lot of different addresses is when it gets more expensive. This is a problem for people that receive small amounts of bitcoin payments. For example if you recieve bitcoin payments for a signature campaign across a year in the usual weekly payment schedule, you would average 52 received bitcoin transactions per year from a signature campaign alone, not even considering other payments from other places.

So if you wanted to move the sum of the 52 payments in a single address, even if the total is only 1 BTC, it would be more expensive than moving 40,000 BTC that are sitting on a single address. This is a problem. Im not sure how cheaper it would get by using segwit, but I reckon it will be still pretty expensive. Probably until schnorr signatures or some other things come along, it will remain a problem.
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