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block containing 1.6 million BTC
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Topic: block containing 1.6 million BTC (Read 1671 times)
wrend
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block containing 1.6 million BTC
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?
benjamindees
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Re: block containing 1.6 million BTC
June 14, 2012, 09:35:33 AM
#2
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
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Re: block containing 1.6 million BTC
June 14, 2012, 09:39:30 AM
#3
Quote from: benjamindees on June 14, 2012, 09:35:33 AM
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.
Fuzzy
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Re: block containing 1.6 million BTC
June 14, 2012, 10:27:51 AM
#4
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
damnek
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Re: block containing 1.6 million BTC
June 14, 2012, 10:45:01 AM
#5
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.
Mushoz
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Bitbuy
Re: block containing 1.6 million BTC
June 14, 2012, 11:42:58 AM
#6
Quote from: Fuzzy on June 14, 2012, 10:27:51 AM
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
Not yet. But there are plans to implement pruning of some sort to cut down the blockchain size.
www.bitbuy.nl
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mc_lovin
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www.bitcointrading.com
Re: block containing 1.6 million BTC
June 14, 2012, 04:35:29 PM
#7
wow, that's like almost ten million dollars!!! that's crazy!
cytokine
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Re: block containing 1.6 million BTC
June 14, 2012, 04:48:03 PM
#8
Quote from: mc_lovin on June 14, 2012, 04:35:29 PM
wow, that's like almost ten million dollars!!! that's crazy!
If Bitcoin keeps rising, we'll all have wallets worth this
mc_lovin
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Re: block containing 1.6 million BTC
June 14, 2012, 05:35:15 PM
#9
Quote from: cytokine on June 14, 2012, 04:48:03 PM
Quote from: mc_lovin on June 14, 2012, 04:35:29 PM
wow, that's like almost ten million dollars!!! that's crazy!
If Bitcoin keeps rising, we'll all have wallets worth this
I'm totally going to get a solid gold statue of myself in the front yard.
isis
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Re: block containing 1.6 million BTC
June 15, 2012, 12:36:07 AM
#10
Quote from: cytokine on June 14, 2012, 04:48:03 PM
Quote from: mc_lovin on June 14, 2012, 04:35:29 PM
wow, that's like almost ten million dollars!!! that's crazy!
If Bitcoin keeps rising, we'll all have wallets worth this
Actually only 21 people could possibly have ~1M BTC, I do know what you're talking about
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deepceleron
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Re: block containing 1.6 million BTC
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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