Bitcoin Forum
December 02, 2016, 10:21:34 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: block containing 1.6 million BTC  (Read 1481 times)
wrend
Member
**
Offline Offline

Activity: 76


View Profile
June 14, 2012, 09:26:08 AM
 #1



10 minutes ago we had a block containing 1.6 million BTC.

I might be missing something. but:

1) is it possible that this is correct?
2) if yes. does that mean that some service controls that amount of BTC and maybe much more?
3) what are possible reparations for new comers?
1480717294
Hero Member
*
Offline Offline

Posts: 1480717294

View Profile Personal Message (Offline)

Ignore
1480717294
Reply with quote  #2

1480717294
Report to moderator
1480717294
Hero Member
*
Offline Offline

Posts: 1480717294

View Profile Personal Message (Offline)

Ignore
1480717294
Reply with quote  #2

1480717294
Report to moderator
1480717294
Hero Member
*
Offline Offline

Posts: 1480717294

View Profile Personal Message (Offline)

Ignore
1480717294
Reply with quote  #2

1480717294
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480717294
Hero Member
*
Offline Offline

Posts: 1480717294

View Profile Personal Message (Offline)

Ignore
1480717294
Reply with quote  #2

1480717294
Report to moderator
fanquake
Donator
Sr. Member
*
Offline Offline

Activity: 266


View Profile
June 14, 2012, 09:33:52 AM
 #2

Seems to be quite a few transactions with roughly ~7800 through to ~9100 BTC.
benjamindees
Legendary
*
Offline Offline

Activity: 1288


View Profile
June 14, 2012, 09:35:33 AM
 #3

It actually seems to be a bunch of simultaneous transactions of the same Bitcoins over and over.  So it's not actually 1.6 million BTC.  It's ~9150 Bitcoins that are whittled down to ~7850 incrementally.

Civil Liberty Through Complex Mathematics
wrend
Member
**
Offline Offline

Activity: 76


View Profile
June 14, 2012, 09:39:30 AM
 #4

It actually seems to be a bunch of simultaneous transactions of the same Bitcoins over and over.  So it's not actually 1.6 million BTC.

You are right about there being one line of connected transactions.  I missed that, thanks for pointing out.  False alarm.
fanquake
Donator
Sr. Member
*
Offline Offline

Activity: 266


View Profile
June 14, 2012, 10:07:17 AM
 #5

It actually seems to be a bunch of simultaneous transactions of the same Bitcoins over and over.  So it's not actually 1.6 million BTC.  It's ~9150 Bitcoins that are whittled down to ~7850 incrementally.

Cheers for pointing that out.
Fuzzy
Hero Member
*****
Offline Offline

Activity: 560



View Profile
June 14, 2012, 10:27:51 AM
 #6

Wasn't there an algorithm that pruned those "re-sent" coins from the count? I inquired about the "Total Bitcoins sent" stat a few months back and that's the response I got  Huh
damnek
Hero Member
*****
Offline Offline

Activity: 551



View Profile
June 14, 2012, 10:45:01 AM
 #7

I think it could also be change. If a big wallet pays a number of smaller amounts, the total bitcoins sent adds up very quick.

Be a voice, not an echo
Mushoz
Hero Member
*****
Offline Offline

Activity: 686


Bitbuy


View Profile WWW
June 14, 2012, 11:42:58 AM
 #8

Wasn't there an algorithm that pruned those "re-sent" coins from the count? I inquired about the "Total Bitcoins sent" stat a few months back and that's the response I got  Huh

Not yet. But there are plans to implement pruning of some sort to cut down the blockchain size.

www.bitbuy.nl - Koop eenvoudig, snel en goedkoop bitcoins bij Bitbuy!
mc_lovin
Legendary
*
Offline Offline

Activity: 1134


www.bitcointrading.com


View Profile WWW
June 14, 2012, 04:35:29 PM
 #9

wow, that's like almost ten million dollars!!!  that's crazy! 

cytokine
Donator
Full Member
*
Offline Offline

Activity: 224



View Profile
June 14, 2012, 04:48:03 PM
 #10

wow, that's like almost ten million dollars!!!  that's crazy! 

If Bitcoin keeps rising, we'll all have wallets worth this  Cool
mc_lovin
Legendary
*
Offline Offline

Activity: 1134


www.bitcointrading.com


View Profile WWW
June 14, 2012, 05:35:15 PM
 #11

wow, that's like almost ten million dollars!!!  that's crazy! 

If Bitcoin keeps rising, we'll all have wallets worth this  Cool
I'm totally going to get a solid gold statue of myself in the front yard.

isis
Full Member
***
Offline Offline

Activity: 154


View Profile
June 15, 2012, 12:36:07 AM
 #12

wow, that's like almost ten million dollars!!!  that's crazy! 

If Bitcoin keeps rising, we'll all have wallets worth this  Cool

Actually only 21 people could possibly have ~1M BTC, I do know what you're talking about Wink

Interested in OpenPay?
https://github.com/openpay
Donate to show your appreciation and support the effort!

1LMDCSAwjhT2Vp1sSf62dybEYW3MYpsoZj

Pyramining Links - Help OpenPay and get a 10% bonus on your funds.
http://pyramining.com/referral/zre9ysgqt
http://pyramining.com/referral/ans9km72g
http://pyramining.com/referral/f3k4xebzp
http://pyramining.com/referral/nc3ag2sdb
deepceleron
Legendary
*
Offline Offline

Activity: 1470



View Profile WWW
June 15, 2012, 12:55:55 AM
 #13

A block doesn't "contain" any BTC, it is a record of transaction amounts.

The answer: change.

If I have 10000 BTC in my wallet in one address and send you 1BTC, I also am sending 9999 BTC back to my wallet to a new address (unshown in the client) as change.

If I send another 1 BTC, then I am also sending 9998 BTC back to myself as change again.

If I send 100 1BTC transactions, that doesn't "make the block contain 1 million BTC".

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!