304517 -- A BIG Block!

[Boris-The-Blade]

...

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.

 

tx fee: 0.17833101

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

That is some serious value!

[Swordsoffreedom]

tx fee: 0.17833101

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

It cannot be outdone and that is a nice sum of money that just moved
Wonder what the occasion is sometimes large amounts move before something big happens

[Ron~Popeil]

tx fee: 0.17833101

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

It cannot be outdone and that is a nice sum of money that just moved
Wonder what the occasion is sometimes large amounts move before something big happens

That's what I was thinking. Hopefully it isn't being moved to sell. 

[xenon481]

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

Working in the banking industry, that is not true.  The banks take every single opportunity that they can to charge eachother.

[bitcad4u]

tx fee: 0.17833101

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

It cannot be outdone and that is a nice sum of money that just moved
Wonder what the occasion is sometimes large amounts move before something big happens

That's what I was thinking. Hopefully it isn't being moved to sell. 

Its moved to BTC-E to buy litecoin before ltc hits coinbase. 

[QuestionAuthority]

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

Working in the banking industry, that is not true.  The banks take every single opportunity that they can to charge eachother.

Really? Then why are my personal interbank transfers free? Does that mean my bank is paying the charges for me? What bank do you work for, if you don't mind me asking? I want to steer clear of them.

Please read this for proof: https://secure.montereycu.com/index.cfm?ParentID=1&SubID=3

[OROBTC]

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@ DolanDuck

You just gave me the idea for my next blog piece: this block and transaction!

I may have questions for experts here on fee structure and other nitty-gritty block details (overages, etc.).  

Or feel free to email comments of interest (to educate me) re this Block 304517 me at:

dochenrollingbearing /at/ g mail daht com  

DoChenRollingBearing is my moniker at zerohedge.com -- see my comment (third one right after the artcle: http://www.zerohedge.com/news/2014-06-06/one-ton-gold-shipment-hong-kong-revealed-contain-just-worthless-metal).

***

OROBTC promises to properly attribute anything that I write from any of you (assuming you want that), you choose your alias.

[twistyfy]

...

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.

 

Wow!!

[CryptoKilla]

...

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.

 

It's simply amazing how cheap and easy it is to move around that much money now with bitcoins. Also the fact that is happens relatively instantly is awesome!

I wonder how many times the sender re checked the address that the coins were being sent to lol 

[mysidia]

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.

IF you have that amount, you can write a check; your payee deposts to the account with their bank,  as long as they are in the same country. Sure you can move money.

It's if you want to move money internationally, or _fast_   (e.g. Wire transfer) or by getting a special cashier's check, etc,  that you incur a fee,  or if you want the cash or spend the funds, that you incur extra delays.

E.g. after transferring a large sum of money, the funds are likely to be 'held' on the receiving account and unavailable for spending, for a waiting period:  attempts to spend  without sufficient unheld funds = overdraft = overdraft fees.

[Phinnaeus Gage]

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

Stems from here: https://blockchain.info/tx/057089cdb9b61b51c3ded3662c3a0665641c1e72ef219fe59b3f4010c450e779

[bryant.coleman]

Funds are Bitstamp's cold wallet

Do you have any proof for this? It is very difficult to confirm, as the wallet is not tagged as such in Blockchain.info. But looking at the wallet balance, it definitely belongs to one of the major exchanges.

[e4xit]

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?  

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.

Ha ok, so you don't think that banks charge each other for moving money? Lol

You might be able to move $50 between banks for free, but I guarantee that if you ever had 126,000,000 that it would not cost you $2 to transfer. You mad if you think that $2 is a flat fee for any amount.

[Mikez]

Funds are Bitstamp's cold wallet

Any source that can back up this affirmation?

[johnyj]

An exchange withdraw from its cold storage? Since that exposes the public key, they have to move it all to a new address

But I think it is very unprofessional to put all funds in one single cold storage, at least they should separate funds between 4 to 5 different cold storage at different location, so that MTGOX disaster won't happen again

It also means that their coins are getting absorbed quickly, someone is buying a large amount of coins right now

[dabura667]

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

hahaha he got a begging tx and just left it in that address. To the beggar: HA!

[QuestionAuthority]

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?  

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.

Ha ok, so you don't think that banks charge each other for moving money? Lol

You might be able to move $50 between banks for free, but I guarantee that if you ever had 126,000,000 that it would not cost you $2 to transfer. You mad if you think that $2 is a flat fee for any amount.

You're completely wrong. I provided a link showing I can do it easily from my credit union. I transferred $350,000 from my credit union to a different bank when I bought my last house and it cost me nothing. There are plenty of ways to send money for free. Here's one: https://payments.amazon.com/personal/money?tag=gmgamzn-20

Almost no one on earth has $126 million to transfer other than a bank. The bank would only transfer between partner banks and they would not have to pay for the transfer. That was my original point. This large move of btc is nothing more than a large bank internally consolidating funds. That's always free for the bank.

[Cryptopher]

I've seen bigger blocks, but only in terms of fiat value, not in number of coins. It's great how you can openly see all of this in the blockchain, leading to topics and discussions like this.

[OROBTC]

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OROBTC would like to thank all of you VERY MUCH for comments on this Block 304517!  Especially "Phinnaeus Gage" and "bryant.coleman", who (by chance I'm sure) were mentioned at the below blog article:

http://goo.gl/UCS7nS

I am sure that the blog author thanks you too, DolanDuck!

***

Any errors or clarifications?  Post them here!

[Ron~Popeil]

I've seen bigger blocks, but only in terms of fiat value, not in number of coins. It's great how you can openly see all of this in the blockchain, leading to topics and discussions like this.

If things go the way we hope we might be able to watch governments move money like this. That kind of transparency provides a lot of protection from corruption.