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Author Topic: what is this bitcoin holder trying to achieve?  (Read 2003 times)
kmpa
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September 01, 2014, 06:22:53 PM
 #1

https://blockchain.info/address/1N5xzKKSB55x16JWv25FryVWTpzgvp5EXG

I don't understand what's the point of creating a new wallet, transferring almost all the money there, making a new wallet and doing the same repeatedly until you reach around 680 BTCs.

thank you in advance
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September 01, 2014, 06:52:41 PM
 #2

I did not go back on the addresses but what I see from the link you provided is that he/she received the 3,987BTC and then made a 'payment/transfer' of 6 odd with the change going into a new address. Looks pretty standard but as said, I did not go back on the addresses.
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September 01, 2014, 06:57:34 PM
 #3

https://blockchain.info/address/1N5xzKKSB55x16JWv25FryVWTpzgvp5EXG

I don't understand what's the point of creating a new wallet, transferring almost all the money there, making a new wallet and doing the same repeatedly until you reach around 680 BTCs.

thank you in advance
He is likely a mixing service. I know that bitmixer.io works like this. They will send a TX to the output BTC address from the mixing transaction, and the change will be sent to a fresh address.
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September 01, 2014, 06:58:56 PM
 #4

So you make a new account just to ask this?
I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd.

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kmpa
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September 01, 2014, 07:16:58 PM
 #5

So you make a new account just to ask this?
I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd.
I was browsing blockchain.info when I saw on the front page a transaction with over 3000 bitcoins, it got my attention.
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September 01, 2014, 07:28:46 PM
 #6

So you make a new account just to ask this?
I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd.
I was browsing blockchain.info when I saw on the front page a transaction with over 3000 bitcoins, it got my attention.

Basically it's very likely to be Bitcoin's own version of money laundering.

When hackers or anyone who wants their coins less traceable, they can use a mixing service that will send their coins through many stages of mixing for a small fee. Normally 1-3% randomly assigned.



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rackcityb1
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September 01, 2014, 08:38:12 PM
 #7

So you make a new account just to ask this?
I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd.
I was browsing blockchain.info when I saw on the front page a transaction with over 3000 bitcoins, it got my attention.

Basically it's very likely to be Bitcoin's own version of money laundering.

When hackers or anyone who wants their coins less traceable, they can use a mixing service that will send their coins through many stages of mixing for a small fee. Normally 1-3% randomly assigned.
I would not generalize this activity to only people who are up to no good. There are plenty of legitimate reasons why everyday people would want to use a mixer.

Also the 1-3% fees are much closer to under 1% today.
EndlessStory
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September 01, 2014, 10:27:59 PM
 #8

So you make a new account just to ask this?
I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd.
I was browsing blockchain.info when I saw on the front page a transaction with over 3000 bitcoins, it got my attention.

Basically it's very likely to be Bitcoin's own version of money laundering.

When hackers or anyone who wants their coins less traceable, they can use a mixing service that will send their coins through many stages of mixing for a small fee. Normally 1-3% randomly assigned.
There always some illegal game going on in the bitcoin network while we think of holding our coins and make some money some crazy freak is getting millionaire out there fulfilling his life's desires.
BTCfaucetTIME
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September 01, 2014, 11:11:00 PM
 #9

So you make a new account just to ask this?
I can't even open blockchain.info right now. Why are you tracking the specific address? This seems odd.
I was browsing blockchain.info when I saw on the front page a transaction with over 3000 bitcoins, it got my attention.
You will likely see these kinds of transactions often. It looks like the TX was from bitmixer (as stated above), and they are one of the bigger bitcoin mixers.
bornil267645
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September 02, 2014, 06:00:47 AM
 #10

I dont see anything wrong with it, just basic shifting.

johncarpe64
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September 04, 2014, 05:41:29 AM
 #11

https://blockchain.info/address/1N5xzKKSB55x16JWv25FryVWTpzgvp5EXG

I don't understand what's the point of creating a new wallet, transferring almost all the money there, making a new wallet and doing the same repeatedly until you reach around 680 BTCs.

The owner is doing nothing out of the ordinary. Please read this about how "change" works: https://en.bitcoin.it/wiki/Change

The first transaction sends 12.25 BTC from 13Lhu... to 14mn7... and sends the change to 1N5xz....
The second transaction sends 6.25 BTC from 1N5xz... to 1uVof... and sends the change to 146wd....

I think the OP is confused about why the entire balance is being transferred to the exchange address (it is because there in only one input into the address). I think he is likely used to seeing addresses receive multiple inputs then only spend one or two (or some amount less then the total) of the inputs and only part of the money going to the change address.

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Lethn
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September 04, 2014, 06:30:33 AM
 #12

While I haven't seen the process itself I've poked around the darknet and I've seen Bitcoin 'washing' services advertised it seems a bit like a manual version of Dark Wallet where it's just mixing up transactions amongst each other to confuse anybody who might be watching as to which source it came from.

Also, the fact that you're trying to poke around peoples' addresses because you're a nosy twat just goes to show people aren't paranoid Tongue
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September 04, 2014, 08:24:09 AM
 #13

Is this anyone IPO address?
iluvpie60
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September 04, 2014, 02:03:19 PM
 #14

https://blockchain.info/address/1N5xzKKSB55x16JWv25FryVWTpzgvp5EXG

I don't understand what's the point of creating a new wallet, transferring almost all the money there, making a new wallet and doing the same repeatedly until you reach around 680 BTCs.

thank you in advance

why are you asking about transactions? do you go into a bank and demand to view transactions so you can watch money go back and forth between accoutns?

quit wasting time doing this. it doesnt matter what that person is doing, they are doing something that has no effect on you or any of us. if they want to mix their btc let them who cares.


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September 04, 2014, 02:12:58 PM
 #15

Really can't see what the big problem is here. It seems that all they are doing is shifting which is what I have seen people do before. Can't think there would be anything suspicious about someone doing this.
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September 04, 2014, 02:50:51 PM
 #16

I don't understand what's the point of creating a new wallet

An address is NOT a wallet.  A wallet is a collection of one OR MORE addresses.  When bitcoin is used properly, a new address should be created for EVERY transaction.  That's what Satoshi recommended in the original whitepaper, and that's what all the best wallets try to do with the change from a transaction.  That appears to be what is happening here.

He is likely a mixing service.

No.  Just change from standard transactions.

Basically it's very likely to be Bitcoin's own version of money laundering.

No.  Just change from standard transactions.

It looks like the TX was from bitmixer (as stated above)

No.  Just change from standard transactions.

just basic shifting.

No.  Just change from standard transactions.

it seems a bit like a manual version of Dark Wallet where it's just mixing up transactions amongst each other to confuse anybody who might be watching as to which source it came from.

No.  Just change from standard transactions.

It seems that all they are doing is shifting

No.  Just change from standard transactions.

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September 04, 2014, 04:13:14 PM
 #17

Wow this dude is legit loader, confirmed lucky.
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September 04, 2014, 04:38:15 PM
 #18

@Danny I agree that the TX in question is in fact change from a standard transaction.

With that being said this does look exactly like what a TX will look like when you receive bitcoin from bitmixer. If I follow the "trail" of transactions that follow the subject transaction they also look similar as well.

Have you seen other similar transactions that you knew were not from a mixing service? I have personally not. In my (small amount of) experience a good number (probably most) addresses tend to collect multiple inputs that are somewhat smaller then the total "balance" in an address. The only instance that I can think of having a single address having only one very large input is bitmixer. Correct me if I am wrong.

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September 04, 2014, 04:44:22 PM
 #19

With that being said this does look exactly like what a TX will look like when you receive bitcoin from bitmixer.

I've not looked at bitmixer transactions, but that isn't what I'd expect transactions from a good mixing service to look like.

Have you seen other similar transactions that you knew were not from a mixing service?

Almost every transaction that I ever send from Bitcoin Core looks like this.

a good number (probably most) addresses tend to collect multiple inputs that are somewhat smaller then the total "balance" in an address.

This is true of everybody that fails to use a new address for every transaction.  I choose to do as recommended by Satoshi so I almost never have multiple outputs at the same address.

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September 04, 2014, 05:27:40 PM
 #20

With that being said this does look exactly like what a TX will look like when you receive bitcoin from bitmixer.

I've not looked at bitmixer transactions, but that isn't what I'd expect transactions from a good mixing service to look like.

Have you seen other similar transactions that you knew were not from a mixing service?

Almost every transaction that I ever send from Bitcoin Core looks like this.

a good number (probably most) addresses tend to collect multiple inputs that are somewhat smaller then the total "balance" in an address.

This is true of everybody that fails to use a new address for every transaction.  I choose to do as recommended by Satoshi so I almost never have multiple outputs at the same address.

What if you are in a signature campaing tho? they remove you from the campaing if you don't use the same address every month, and you have to put it publicly in your bitcointalk profile. Is there any risk into any of this?
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