Largest ever bitcoin days destroyed- discuss

zvs

legendary

Activity: 1680

Merit: 1000

https://web.archive.org/web/*/nogleg.com

Quote from: porcupine87 on March 07, 2014, 12:42:33 PM

Why this odd numbers? Why did he not split up like -> 180 -> 85 + 95 -> (40 + 35)+(45 + 50) -> etc.

Ok, another thing:
Besides this 180 000btc which got to this german controlled IP there was another 19 999.99 from the same address which was relayed by the same address. This German IP relays a lot.
I would say every 5th transaction of the whole network.
https://blockchain.info/ip-address/5.9.24.81?offset=50

that's my dedicated server, and it has nothing to do with mtgox

i keep the blockchain in ramfs & disable all logging

Searing

copper member

Activity: 2898

Merit: 1465

Clueless!

Quote from: WompRat on March 07, 2014, 07:50:31 AM

I find this all incredibly exciting. I just can't decide whether to panic sell or panic buy. I am going to definitely do something in a panic.

I myself am leaning toward 'panic'....(sigh) but I'm all in so let the ride begin

I'm soooooo confused

Searing

plan B

newbie

Activity: 1

Merit: 0

Where did all those coins go now?

http://coinsight.org/mtgox.html

raid_n

sr. member

Activity: 269

Merit: 250

Quote from: Tzupy on March 07, 2014, 12:43:48 PM

Usually I don't have bitcoin dreams, but I took a nap and dreamed of MtGox allowing withdrawals again, but strangely the price was close to 100$.
This could only happen several months from now, or soon if 180k Gox coins will be dumped on other exchanges.

Gox dumps 180k coins all at once to minimize the amount of USD they get for them ...
Come on, at least try to make plausible FUD

CryptoMinter

newbie

Activity: 53

Merit: 0

Quote from: porcupine87 on March 07, 2014, 12:42:33 PM

Why this odd numbers? Why did he not split up like -> 180 -> 85 + 95 -> (40 + 35)+(45 + 50) -> etc.

Well the coins are behaving like they would had they just been loaded to the hot wallet of MtGox based on the leaked PHP code.

The logic there was to split large outputs (>500 coins) every 10 minutes, randomly between 40 and 60% of the input to each new output.

Tzupy

legendary

Activity: 2170

Merit: 1094

Quote from: raid_n on March 07, 2014, 12:33:46 PM

Don't be stupid
No one would ever cash out stolen coins like that directly.
You want them to go through a mixing process so it is almost impossible to tell where they came from. Else all you need to do is wait for the thieves to cash out their traded coins and get them through the traditional banking system.

Whatever this coin movement means at this stage you can't really tell what is happening. If those sums get thinned down enough to blend into a mixing service and that is being started then i'd start to get worried.

What's the saying here: Sell the rumor buy the news?

Allegedly stolen coins, stolen only for someone who believes Karpeles. Given his history of lying, I don't.
And yes, they could get tumbled before being sent to other exchanges, and will be almost impossible to track.

Usually I don't have bitcoin dreams, but I took a nap and dreamed of MtGox allowing withdrawals again, but strangely the price was close to 100$.
This could only happen several months from now, or soon if 180k Gox coins will be dumped on other exchanges.

porcupine87

hero member

Activity: 546

Merit: 500

hm

Why this odd numbers? Why did he not split up like -> 180 -> 85 + 95 -> (40 + 35)+(45 + 50) -> etc.

Ok, another thing:
Besides this 180 000btc which got to this german controlled IP there was another 19 999.99 from the same address which was relayed by the same address. This German IP relays a lot.
I would say every 5th transaction of the whole network.
https://blockchain.info/ip-address/5.9.24.81?offset=50

raid_n

sr. member

Activity: 269

Merit: 250

Don't be stupid
No one would ever cash out stolen coins like that directly.
You want them to go through a mixing process so it is almost impossible to tell where they came from. Else all you need to do is wait for the thieves to cash out their traded coins and get them through the traditional banking system.

Whatever this coin movement means at this stage you can't really tell what is happening. If those sums get thinned down enough to blend into a mixing service and that is being started then i'd start to get worried.

What's the saying here: Sell the rumor buy the news?

Tzupy

legendary

Activity: 2170

Merit: 1094

TERA, thank you for posting this image. Now, can someone trace those sums further, if they are being sent to known
exchange addresses, like Bitstamp, BTC-E, and in China? Just in case Karpeles decides to cash out his customers' coins?

TERA

hero member

Activity: 728

Merit: 500

piramida

legendary

Activity: 1176

Merit: 1010

Borsche

Quote from: kalisto on March 07, 2014, 11:45:09 AM

Looks to me they are preparing the withdrawal process which is a good thing and proofs these coins are still in control of mtgox.

wanna buy my mtgoxBTC?

cheap. even if by miracle they have a portion of their coins, the assclown Karpeles would figure out a way to fuck it up, for sure.

kalisto

sr. member

Activity: 245

Merit: 250

Quote from: WompRat on March 07, 2014, 08:20:55 AM

If these are recovered Gox coins, then Gox could well be coming back. That's bad right, or is it good? I don't understand why these coins weren't disclosed in the official bankruptcy protection docs if there was a good chance they could get to them.

Gox is splitting their wallet with this function, https://gist.github.com/alainmeier/9319451#file-mtgox-php-L148

Looks to me they are preparing the withdrawal process which is a good thing and proofs these coins are still in control of mtgox.

michaelGedi

sr. member

Activity: 364

Merit: 250

"to be or not to be, that is the bitcoin"

Quote from: WompRat on March 07, 2014, 07:50:31 AM

I find this all incredibly exciting. I just can't decide whether to panic sell or panic buy. I am going to definitely do something in a panic.

panic sitting

WompRat

full member

Activity: 232

Merit: 100

If these are recovered Gox coins, then Gox could well be coming back. That's bad right, or is it good? I don't understand why these coins weren't disclosed in the official bankruptcy protection docs if there was a good chance they could get to them.

Luno

sr. member

Activity: 504

Merit: 250

Quote from: Rannasha on March 07, 2014, 07:54:21 AM

Quote from: WompRat on March 07, 2014, 07:50:31 AM

I find this all incredibly exciting. I just can't decide whether to panic sell or panic buy. I am going to definitely do something in a panic.

Why not do both? As a donation to your exchange Tongue

Trader experience tell you that if you don't know which way to panic, sit on your hands and do nothing!

(Sustainability of threads ending with "- Discuss"? - Discuss)

raid_n

sr. member

Activity: 269

Merit: 250

Just as an update:
nullc posted this on the reddit thread link from OP

Quote

FWIW, the gox transaction API (https://data.mtgox.com/api/0/bitcoin_tx.php) is now returning TXID: 442ef31f93f339398ba79f0aa4bc0222baf81a9ba4dd5bd5bea465332dacdabb which is a spend using coins sent earlier to the same address as the gigantic transaction.

Unless the MTGox API has started lying I'd consider this positive confirmation that the earlier 200k BTC transaction was an MTGox transaction.

People have been asking on IRC why some of it is being broken up. I could only speculate— but thats what you need to do to prepare a hotwallet to support a high volume of transactions (so you have many coins to spend so you don't get stuck waiting for your change to confirm while avoiding spending unconfirmed change, which MTGox has always done).

Edit: Sturles pointed out to me that the splitting behavior is consistent with the splitLargeOutputs function in the leaked gox source code, suggesting that portion of the coins was dropped into the MTGox online wallet and the system is now automatically breaking it up.

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Quote from: Rannasha on March 07, 2014, 07:54:21 AM

Quote from: WompRat on March 07, 2014, 07:50:31 AM

I find this all incredibly exciting. I just can't decide whether to panic sell or panic buy. I am going to definitely do something in a panic.

Why not do both? As a donation to your exchange Tongue

I did a panic long and a panic short...I hope I do not get squeezed!

Or I hope I do?

spin

sr. member

Activity: 362

Merit: 262

Could this be audit of ownership. Someone is confirming the amount BTC Mt. Gox holds?

Rannasha

hero member

Activity: 728

Merit: 500

Quote from: WompRat on March 07, 2014, 07:50:31 AM

I find this all incredibly exciting. I just can't decide whether to panic sell or panic buy. I am going to definitely do something in a panic.

Why not do both? As a donation to your exchange Tongue

WompRat

full member

Activity: 232

Merit: 100

I find this all incredibly exciting. I just can't decide whether to panic sell or panic buy. I am going to definitely do something in a panic.

Topic: Largest ever bitcoin days destroyed- discuss (Read 4572 times)