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Author Topic: block containing 1.6 million BTC  (Read 1530 times)
wrend
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June 14, 2012, 09:26:08 AM
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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?
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benjamindees
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June 14, 2012, 09:35:33 AM
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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.

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wrend
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June 14, 2012, 09:39:30 AM
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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.
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June 14, 2012, 10:27:51 AM
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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
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June 14, 2012, 10:45:01 AM
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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.

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June 14, 2012, 11:42:58 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

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

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June 14, 2012, 04:35:29 PM
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wow, that's like almost ten million dollars!!!  that's crazy! 

cytokine
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June 14, 2012, 04:48:03 PM
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wow, that's like almost ten million dollars!!!  that's crazy! 

If Bitcoin keeps rising, we'll all have wallets worth this  Cool
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June 14, 2012, 05:35:15 PM
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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.

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June 15, 2012, 12:36:07 AM
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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

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June 15, 2012, 12:55:55 AM
 #11

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".

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