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Author Topic: 304517 -- A BIG Block!  (Read 3600 times)
OROBTC
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June 06, 2014, 03:36:17 PM
 #1

...

Block 304517 (won by BTC Guild) came in at a (gross) amount of $126,442,364.66 !!

I have not seen one that big before.

I do know that BTC Guild itself saw nowhere near that amount, but someone made/transferred a lot of money today.  I hope they don´t spend it all in one place.

 Smiley

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Beliathon
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June 06, 2014, 03:52:02 PM
 #2

Please elaborate. Explain this block system to the readers - why are all blocks not the same reward amount?

Help us learn.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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June 06, 2014, 03:56:40 PM
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Please elaborate. Explain this block system to the readers - why are all blocks not the same reward amount?

Help us learn.

The reward is the same for every block. The amount above is the the sum of all the transactions in the block. You can look at the details of the block and all of the transactions it holds here: https://blockchain.info/block-index/433765/00000000000000001f0375f8b88966ad4dd834f1687d12c06739bcebd60b0854

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June 06, 2014, 03:58:58 PM
 #4

The blocks are the same reward amount (except due to a halving).  OROBTC was remarking that the total number of BTC in the output was 191,445.9... which at the current US dollar value was around $126 million in transactions.
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June 06, 2014, 03:59:22 PM
 #5

The huge tx in the block: https://blockchain.info/tx/c88a51461a0ef59c3e92759b920d5ed57527d9ac23c0b741436d248971c0f6d4?show_adv=true

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June 06, 2014, 04:01:39 PM
 #6

Well, someone moved a couple (175,497) BTC around. It happens. Wink
https://blockchain.info/tx/5c1c0b73ce58662382b9b99316a8423063541b480f135a202059d633f5586e3b

Yeah, well... I'm gonna go build my own blockchain, with blackjack and hookers. In fact, forget the blockchain!
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June 06, 2014, 04:02:22 PM
 #7

It seems arbitrary to me to point to the block and say, "look, that is important!"

The individual transaction(s) are the important data, not the particular block they happen to fall within. You know what I mean?

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June 06, 2014, 04:33:48 PM
 #8

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Beginner here, Beliathon.  Peace.

This just happened to be the biggest number I have seen cross the blockchain.info wire, and I thought it might be of interest.

I too saw the large transaction within, and of course would be curious about that as well.  BIG transactions like that would hint (well to me) that there is ever building confidence in Bitcoin.

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June 06, 2014, 04:41:44 PM
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Funds are Bitstamp's cold wallet

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June 06, 2014, 04:46:34 PM
 #10

...

Block 304517 (won by BTC Guild) came in at a (gross) amount of $126,442,364.66 !!

I have not seen one that big before.

I do know that BTC Guild itself saw nowhere near that amount, but someone made/transferred a lot of money today.  I hope they don´t spend it all in one place.

 Smiley

tx fee: 0.17833101

translation
$114 to move $126million, western union, banks, paypal... try beating that!

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June 06, 2014, 04:47:49 PM
 #11

...

Block 304517 (won by BTC Guild) came in at a (gross) amount of $126,442,364.66 !!

I have not seen one that big before.

I do know that BTC Guild itself saw nowhere near that amount, but someone made/transferred a lot of money today.  I hope they don´t spend it all in one place.

 Smiley

tx fee: 0.17833101

translation
$114 to move $126million, western union, banks, paypal... try beating that!

That is just incredible. When migrant workers catch on to this another battle will be over before it even starts. 

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June 06, 2014, 06:14:49 PM
 #12

tx fee: 0.17833101

translation
$114 to move $126million, western union, banks, paypal... try beating that!
The big transaction was actually free. $0 to move $117 million (not counting the 25 BTC block reward, which could be viewed as a subsidy). The largest fee I think was 0.0012: 79 cents to move $6.69 (lots of inputs).
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June 06, 2014, 07:10:10 PM
 #13

...

Block 304517 (won by BTC Guild) came in at a (gross) amount of $126,442,364.66 !!

I have not seen one that big before.

I do know that BTC Guild itself saw nowhere near that amount, but someone made/transferred a lot of money today.  I hope they don´t spend it all in one place.

 Smiley

tx fee: 0.17833101

translation
$114 to move $126million, western union, banks, paypal... try beating that!

Unbelievable really, being able to move $126million for 0..

I'd be interested to see how much a bank would charge to do that, and what paperwork would need to be filled in.
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June 06, 2014, 07:14:26 PM
 #14

...

Block 304517 (won by BTC Guild) came in at a (gross) amount of $126,442,364.66 !!

I have not seen one that big before.

I do know that BTC Guild itself saw nowhere near that amount, but someone made/transferred a lot of money today.  I hope they don´t spend it all in one place.

 Smiley

tx fee: 0.17833101

translation
$114 to move $126million, western union, banks, paypal... try beating that!

Unbelievable really, being able to move $126million for 0..

I'd be interested to see how much a bank would charge to do that, and what paperwork would need to be filled in.

Why is that hard to believe? Banks do it every day and that's what happened here. A Bitcoin bank moved money.

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June 06, 2014, 07:17:45 PM
 #15

Surely a bank wouldn't move that amount of money with any costs being incurred?

I'm just pointing out its amazing that we can move vasts amounts of money without any paperwork, to anybody in the world for no costs. If that doesn't convince skeptics then nothing will.
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June 06, 2014, 07:45:18 PM
 #16

Surely a bank wouldn't move that amount of money with any costs being incurred?

I'm just pointing out its amazing that we can move vasts amounts of money without any paperwork, to anybody in the world for no costs. If that doesn't convince skeptics then nothing will.


Bank to bank I'm sure they don't charge each other.

You and I aren't in the club though, thats why we pay Wink

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June 06, 2014, 07:46:29 PM
 #17

Surely a bank wouldn't move that amount of money with any costs being incurred?

I'm just pointing out its amazing that we can move vasts amounts of money without any paperwork, to anybody in the world for no costs. If that doesn't convince skeptics then nothing will.


You're right, Bitcoin is great for the little guy to move money for free low cost. Large amounts are moved between branches and banks for free all the time. Think about it a minute, are they going to charge themselves for the move?  Undecided

My bank even lets me transfer between different accounts at different banks without a fee. My bank may charge a fee for faster service but my credit union offers 3-business-day transfers for free. One day costs $2. So, in theory, I could transfer $126,000,000 for $2 and get it in one day.

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June 06, 2014, 07:50:40 PM
 #18

So, in theory, I could transfer $126,000,000 for $2 and get it in one day.

with bitcoin, you can transfert 1 000 000 of BTC in 1 hours to the bottom of the bresil ... for 0,002 BTC  Grin
it's not the theory.

it's that, bitcoin.
the network job.


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June 06, 2014, 07:56:18 PM
 #19

Amazing, I hope some finance newspaper or website will write a report about this transaction to spread the word.

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June 06, 2014, 07:59:44 PM
 #20

So, in theory, I could transfer $126,000,000 for $2 and get it in one day.

with bitcoin, you can transfert 1 000 000 of BTC in 1 hours to the bottom of the bresil ... for 0,002 BTC  Grin
it's not the theory.

it's that, bitcoin.
the network job.


If I had a hundred million dollars I don't think I would worry about them charging me the cost of a two liter bottle of soda for the transfer because they can be held accountable for the transfer and it's insured. The last one business day (8 hour) guaranteed transfer I did cleared the bank in about 1.5 hours. Same-same.

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