Topic: 14 million+ bitcoins moved in the past 24 hours? (Read 2001 times)

I am pretty sure it is Pirate. I had a bid in for a low price and Pirate messed it all up! HEY JERK OFF! WASH YOUR COINS ON A FRIDAY LIKE EVERYONE ELSE!

Yep , just coins going back and fourth moving along

ziv has a good point. Just looking at the output can be misleading.  One can take 100,000 BTC and split it into two addresses and then split those into two addresses, and those into two addresses .... until he has 100,000 1 BTC addresses and generate a billion BTC "moved".

Which is why looking at bitcoin days destroyed is more useful.  Once you destroy those old coins (by spending them) the subsequent tx have less effect.

Still even by BDD there is a singificant movement today (highest BDD in last 30 days)
http://blockchain.info/charts/bitcoin-days-destroyed?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Part of it looks like someone making a lot of smallish payments in an inefficient way.

Consider this analogy;

Early one morning a stranger arrives in a small town.
He walkes into a cafe, takes a $10,000 wad of bills out of his right pocket, buys breakfast and puts the wad in his left pocket.

After breakfast he takes a cab to the main street, again taking out and putting
away his wad to pay the driver.

Around town he buys a pack of gum, some new boots, 37 gallons of treacle, twelve feet or rubber hose and a stuffed badger.

At lunchtime the stranger has spent $400 and has $9600 left.

The town statistician watches the stranger move money between his left and right pockets and counts the strangers activites as $70,000 moving that morning and a few people get excited.

If the stranger was using bitcoin we would see a transaction splitting 1000 BTC into 1BTC (for breakfast) and 999BTC (the strangers change).

We can't tell what the stranger was doing so we can't be certain if the 999 BTC was a payment or change.

Clicking around in blockexplorer, back in block 196248 there is a balance of 25000 BTC which then moves many times with smaller amounts of BTC splitting off, currently unspent.

It goes back further than that but that's as far back as I can be bothered to click.

Seventy blocks later the big balance is down to about 16000 BTC.

It looks like someone making a lot of smallish payments from a big balance.

If they did it all at once the money would still be distributed the same way but it would take less space in the blockchain and the BTC moved statistic would be smaller.

(or I could be talking nonsense again)

Satoshis.  Equal to 0.00000001 BTC

What does SAT stand for?

Maybe he just wants to hide his tracks??

are Pirates coins dirty?

Might be Pirate washing his coins before paying out on Friday??

It's measured in SAT, not BTC.

Nice peak.

http://blockchain.info/charts/output-volume

I dont know, seems faulty to me. Look at the numbers:
Today, output volume: 1,402,814,855,861,232 BTC!!! Thats 1,4 Quadrillion (!!) BTC Impossible.

Also the other charts didnt move much:
http://blockchain.info/charts/estimated-transaction-volume
http://blockchain.info/charts/estimated-transaction-volume-usd
http://blockchain.info/charts/n-transactions

 - http://blockchain.info/charts/output-volume?timespan=all

Nearly 50% greater than the previous high.

About the same as the June 2011 peak as far as % circulating in a day versus bitcoin supply.

There weren't very many old coins in the mix (No pun intended.  Well, .. ya, pun intended) though:

 - http://blockchain.info/charts/bitcoin-days-destroyed-min-year

WOW Dat Cray

14,077,932.27 BTC

http://bitcoincharts.com/bitcoin/