Largest ever bitcoin days destroyed- discuss

[yomofo]

http://www.reddit.com/r/Bitcoin/comments/1zshct/4ee89f7cf824a85ad5f11d52604ffdebe9f01302bcea8ddec0/

It's connected to the Mtgox 424242 wallet

[podyx]

some guy said that this was good news??

in what way is this good news?

[MANofthePEOPLE]

Well I don't see how it's bad news either? Had it been Satoshis coins I would have sold instantly though

[raid_n]

some guy said that this was good news??

in what way is this good news?

Depends on who now owns them.
If it is still gox it is proof that they have around 200k coins.
If not well then the thieves are making a move.

[RicePicker]

Mtgox loses close to 1 million coins and nobody knows where they are and when they were lost yet nobody cares about that. Yet everyone is talking about Satoshi's coins being dumped after the five years he has not touched it. Logically it does not make any sense to me. I am more worried about where those coins from Mtgox went rather than the inventor of bitcoins wanting to cash out like a retard on an exchange. Plenty of people are willing to wire him money OTC...

[raid_n]

These coins are most certainly tied to gox in some way or another.
I actually think it is good news either way. It is going to be all but impossible for a thief to launder that many coins without leaving some trail behind.
If gox has control over them their situation is not as bleak as initially believed

[EuroTrash]

The confusion and uncertainty started by the article on Satoshi are also a perfect opportunity to move (gox)coins that were dormant in cold wallets.

I am not saying it was MK but given his history it is something that I would expect him doing.

[FlyingLotus]

This is a very interesting development.. either the 'stolen' coins are now being moved (and possibly liquidated) by the thieves, or MK found the keys ..

[billington.mark]

Or the gox coins are moving to their new owners (takeover rumors true)?

[raid_n]

Or the gox coins are moving to their new owners (takeover rumors true)?

I had thoughts of this also. It could yet again be gox asshattery to stir up the market.
With the apparent news of satoshi being found (even if false) moving old bitcoins is bound to cause panic.

[gizmoh]

Or the gox coins are moving to their new owners (takeover rumors true)?

And the new owners are playing Satoshi Dice. 
Its rather siphoning of coins in progress..

[raid_n]

Or the gox coins are moving to their new owners (takeover rumors true)?

And the new owners are playing Satoshi Dice. 
Its rather siphoning of coins in progress..

And thieves would send some of that btc back to other gox addresses why exactly? Do you even realize how large this volume of coins is?
You'd be playing quite a lot of satoshi dice to get anywhere at all. I'm not saying that trying to mix such an amount is futile but there is quite a large probability that you'd leave enough of a paper trail to be caught

[billington.mark]

Either way, SOMETHING is happening.. if its good or bad is yet to be seen. Whatever it is, it has ALOT of eyes on it now, and people allot smarter than me following every last satoshi!

Never a dull day...

[WompRat]

I find this all incredibly exciting.  I just can't decide whether to panic sell or panic buy.  I am going to definitely do something in a panic.

[Rannasha]

I find this all incredibly exciting.  I just can't decide whether to panic sell or panic buy.  I am going to definitely do something in a panic.

Why not do both? As a donation to your exchange

[spin]

Could this be audit of ownership.  Someone is confirming the amount BTC Mt. Gox holds?

[Elwar]

I find this all incredibly exciting.  I just can't decide whether to panic sell or panic buy.  I am going to definitely do something in a panic.

Why not do both? As a donation to your exchange

I did a panic long and a panic short...I hope I do not get squeezed!

Or I hope I do?

[raid_n]

Just as an update:
nullc posted this on the reddit thread link from OP

FWIW, the gox transaction API (https://data.mtgox.com/api/0/bitcoin_tx.php) is now returning TXID: 442ef31f93f339398ba79f0aa4bc0222baf81a9ba4dd5bd5bea465332dacdabb which is a spend using coins sent earlier to the same address as the gigantic transaction.

Unless the MTGox API has started lying I'd consider this positive confirmation that the earlier 200k BTC transaction was an MTGox transaction.

People have been asking on IRC why some of it is being broken up. I could only speculate— but thats what you need to do to prepare a hotwallet to support a high volume of transactions (so you have many coins to spend so you don't get stuck waiting for your change to confirm while avoiding spending unconfirmed change, which MTGox has always done).

Edit: Sturles pointed out to me that the splitting behavior is consistent with the splitLargeOutputs function in the leaked gox source code, suggesting that portion of the coins was dropped into the MTGox online wallet and the system is now automatically breaking it up.

[Luno]

I find this all incredibly exciting.  I just can't decide whether to panic sell or panic buy.  I am going to definitely do something in a panic.

Why not do both? As a donation to your exchange

Trader experience tell you that if you don't know which way to panic, sit on your hands and do nothing!

(Sustainability of threads ending with "- Discuss"?  - Discuss)

[WompRat]

If these are recovered Gox coins, then Gox could well be coming back.  That's bad right, or is it good?  I don't understand why these coins weren't disclosed in the official bankruptcy protection docs if there was a good chance they could get to them.