1 million [BTC] moved in one block - page 2.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: Amph on January 24, 2016, 10:59:20 AM

Quote from: Quantus on January 23, 2016, 06:31:44 AM

Quote from: calkob on January 23, 2016, 04:37:55 AM

Quote from: helloeverybody on January 23, 2016, 04:12:58 AM

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

This is the number one barrier that prevents bitcoin adoption. We need better full client side tools to reassure the sender. We need to find ways to somehow remove some of those doubts and fears when using the client.

i was thinking about integrating the average time that you see on the blockchain(which is false some times, so it need to be programmed better) and do it for the client

at least average joe can have an estimate and feel more secure

I'm not sure what you're talking about. Seeing your unconfirmed transaction in the client should be almost immediate. Multiple confirmations will always take longer because it's impossible to determine exactly when the next or subsequent, say six, blocks will be found (each block adding another confirmation). As for the "average time", by design that's always going to be 10 minutes. When it's not difficulty is adjusted to bring it back in line. Any line showing the average block time, depending on how far back the code looked for data points, would always say 10 minutes.

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Quote from: Amph on January 24, 2016, 10:59:20 AM

Quote from: Quantus on January 23, 2016, 06:31:44 AM

Quote from: calkob on January 23, 2016, 04:37:55 AM

Quote from: helloeverybody on January 23, 2016, 04:12:58 AM

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

This is the number one barrier that prevents bitcoin adoption. We need better full client side tools to reassure the sender. We need to find ways to somehow remove some of those doubts and fears when using the client.

i was thinking about integrating the average time that you see on the blockchain(which is false some times, so it need to be programmed better) and do it for the client

at least average joe can have an estimate and feel more secure

Confirmation time? You would either need to use a full node or trust a third party when using SPV client. They're not very accurate since most don't see the entire network of transactions but it isn't an issue if you pay too low of a fee. The main concern here is that the client glitches and script a transaction that has wrong value or addresses. This would be a major problem then. The probability of typing an address wrongly and still get it accepted is rather low as long as you check the first and last few letters of destination address.

Anyway, transactions should appear almost instantly. It would be a huge problem on your side if you have to wait for 5 minutes.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: Quantus on January 23, 2016, 06:31:44 AM

Quote from: calkob on January 23, 2016, 04:37:55 AM

Quote from: helloeverybody on January 23, 2016, 04:12:58 AM

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

This is the number one barrier that prevents bitcoin adoption. We need better full client side tools to reassure the sender. We need to find ways to somehow remove some of those doubts and fears when using the client.

i was thinking about integrating the average time that you see on the blockchain(which is false some times, so it need to be programmed better) and do it for the client

at least average joe can have an estimate and feel more secure

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

If 1,049,442.38461771 BTC can be moved in 3085 transactions using only 926.8115234375 KB of space and 1,058,430.66780311 BTC can be moved in 2321 transactions using only 973.80078125 KB of space we must be raising the block size limit so massive amounts of dust transactions can go through smoothly. Obviously you don't need larger blocks to move nearly one eighth of all bitcoins in existence.

alberthendriks

member

Activity: 86

Merit: 10

Someone on facebook, who's not on bitcointalk, said

Quote

3,584,749 bitcoin in block 394802

I'm not sure how to verify or if this is news.

Armando

hero member

Activity: 870

Merit: 500

Trading will make me rich)

Damn! When I've seen the title of the topic I thought that Satoshi or other "early-bird" moved some of their stash... but it seems that we are hitting new milestone, because there is not 1mil from an address to another, this is huge number of transfers!

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: randy8777 on January 24, 2016, 08:39:52 AM

it's most likely a large mining farm that is spreading its mega stash that they saved up throughout the years. the majority of the 1 million amount are spread into 1200-1200 btc per transaction. i think these coins will end up being spreaded as 10-100 btc per address.

i was thinking the same thing. it has to be someone with a huge amount of bitcoin and usually big miners have this big amounts. and the big transactions of the block seems to be around 600-800 BTC being moved around.

randy8777

legendary

Activity: 896

Merit: 1000

it's most likely a large mining farm that is spreading its mega stash that they saved up throughout the years. the majority of the 1 million amount are spread into 1200-1200 btc per transaction. i think these coins will end up being spreaded as 10-100 btc per address.

darkstarzz69

member

Activity: 112

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★YoBit.Net★ 350+ Coins Exchange & Dice

That's a lot of BTC in a single block. Pretty awesome how serious this is becoming.

HeroCat

hero member

Activity: 658

Merit: 500

This is BTC mining pool, therefore it can get 1 million BTC in one block, from the other hand - it shows BTC market volume Grin

franky1

legendary

Activity: 4424

Merit: 4794

Quote from: xdrpx on January 24, 2016, 05:44:59 AM

Holy!!! That's one heck of an amount being moved for such a low fee, just wondering how much money would be wasted in fees if this was done through a service like Western Union. But yeah would be exciting to know who and what was it transferred for, but yeah since it's Bitcoin it isn't as easy to know xD

western union charge $50 for amounts of 10btc ($4,000) per transaction..

due to Western union having a limit on how much can be sent, some of the transactions , such as the 9999btc transactions wont be allowed. and so to break up the amounts and slide them in with the smaller amounts to just get below the WU acceptance limit.. would be about 3285 transactions
which would equate to $164,250 in fee's

and so bitcoin done way bigger transaction values without hassle, fear, or paperwork for under $400 in fee's to cover everyones transaction. and it arrived much sooner then western union could ever do.

in short
western union would never be able to handle 9999btc ($4m) in one transaction. especially without someones life story.. and definetly not within minutes.

Wapinter

legendary

Activity: 2688

Merit: 1026

Hire me for Bounty Management

Block reward is 25 btc.Does it mean if the same amount is sent after halving,sender will have to pay less fee also?is block reward and transaction fee different? do Miners get share from both ?

andulolika

legendary

Activity: 2366

Merit: 1048

The fee is one thing, but i think the big deal is why such big amount was moved, off-market bulk buy/sell?

xdrpx

hero member

Activity: 616

Merit: 603

Holy!!! That's one heck of an amount being moved for such a low fee, just wondering how much money would be wasted in fees if this was done through a service like Western Union. But yeah would be exciting to know who and what was it transferred for, but yeah since it's Bitcoin it isn't as easy to know xD

withche.07

sr. member

Activity: 549

Merit: 259

Blockchain with solar energy

Maybe this was just a test of government to see how can they easily move their btcs around? Cheesy

1Referee

legendary

Activity: 2170

Merit: 1427

This just shows that Bitcoin is perfectly capable of handling around $400,000,000 worth of transactions easily. About these things you don't see the media write anything about. If it was something negative, then they would have picked it up instantly and released plenty of articles.

EdenHazard

legendary

Activity: 2674

Merit: 1048

i dont know its real or fake,but i never see bitcoin transaction more than 1000 BTC in one block,just ever see on this forum someone post 1000BTC in one block,cant imagine how worry i am if i have transaction like that Grin

helloeverybody

legendary

Activity: 1008

Merit: 1000

★YoBit.Net★ 350+ Coins Exchange & Dice

Quote from: SuperCoinGuy on January 23, 2016, 05:26:55 AM

Quote from: helloeverybody on January 23, 2016, 05:06:39 AM

Quote from: Blind Legs Parker on January 23, 2016, 04:56:03 AM

Quote from: SuperCoinGuy on January 23, 2016, 04:50:14 AM

Quote from: calkob on January 23, 2016, 04:37:55 AM

Quote from: helloeverybody on January 23, 2016, 04:12:58 AM

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

I always have fears that I have copied wrong the receiving address

If only the wallet addresses could be shorter.

Three steps (the order is not set in stone, it's as you wish) :
1) check that the address is correct
2) check that the amount is correct
3) check that the fees are correct

Don't start triple checking on top of that. It only adds to your stress and likeliness to make a mistake. If you follow these steps nothing can happen to you. One transaction a day will help you deal with that kind of stress.

If im sending anything to myself i usually always send a small amount first and then if that comes through ok then i send the bigger amount. Not so easy to do if your sending bitcoin to somebody else though.

That is a sure strategy but you are paying the fees twice. And yeah these 3 steps are paramount but usually I just check the amount and the address because the fees are set to automatic in my wallet.

At this stage considoring the cost of fees i dont really mind paying twice, i dont think i will miss a couple of cents worth .

Quote from: Quantus on January 23, 2016, 06:31:44 AM

Quote from: calkob on January 23, 2016, 04:37:55 AM

Quote from: helloeverybody on January 23, 2016, 04:12:58 AM

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

This is the number one barrier that prevents bitcoin adoption. We need better full client side tools to reassure the sender. We need to find ways to somehow remove some of those doubts and fears when using the client.

Ive thought that it would be nice to have a way to double check your sending to the right address, maybe like some kind of ping test to the address you are sending. and maybe ask for the address twice or something.

Quantus

legendary

Activity: 883

Merit: 1005

Quote from: calkob on January 23, 2016, 04:37:55 AM

Quote from: helloeverybody on January 23, 2016, 04:12:58 AM

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

This is the number one barrier that prevents bitcoin adoption. We need better full client side tools to reassure the sender. We need to find ways to somehow remove some of those doubts and fears when using the client.

SuperCoinGuy

full member

Activity: 224

Merit: 100

Defender of Bitcoin

Quote from: helloeverybody on January 23, 2016, 05:06:39 AM

Quote from: Blind Legs Parker on January 23, 2016, 04:56:03 AM

Quote from: SuperCoinGuy on January 23, 2016, 04:50:14 AM

Quote from: calkob on January 23, 2016, 04:37:55 AM

Quote from: helloeverybody on January 23, 2016, 04:12:58 AM

Id be scared to do anything with that many bitcoins just in case i fucked up, Even after double and triple checking it was going to the right address im sure i would still manage to send it to oblivion somehow. Either that or end up paying a 1 million bitcoin fee and sending 1 bitcoin.

lol i feel your pain, im exactlly the same, i must check each transaction about 5 times and then shit myself 10mins waiting on it to turn up

I always have fears that I have copied wrong the receiving address

If only the wallet addresses could be shorter.

Three steps (the order is not set in stone, it's as you wish) :
1) check that the address is correct
2) check that the amount is correct
3) check that the fees are correct

Don't start triple checking on top of that. It only adds to your stress and likeliness to make a mistake. If you follow these steps nothing can happen to you. One transaction a day will help you deal with that kind of stress.

If im sending anything to myself i usually always send a small amount first and then if that comes through ok then i send the bigger amount. Not so easy to do if your sending bitcoin to somebody else though.

That is a sure strategy but you are paying the fees twice. And yeah these 3 steps are paramount but usually I just check the amount and the address because the fees are set to automatic in my wallet.

Topic: 1 million [BTC] moved in one block - page 2. (Read 3228 times)