Topic: Mtgox auto-signs with a 437522 BTC wallet?!? - page 2. (Read 4177 times)
We don't. Fun fact, a lot of the first 1.000.000 BTC created have a good chance to be lost, since back then they were almost worthless and lot of people just mined some and then uninstalled the software
Is there a way to know exactly how many BTC are in circulation and not just how many have been created?
No. 
So, let's say 470,000+ BTC go MIA forever...should result in a nice little price increase.
On a related note, how do we know that 1,000,000 BTC haven't already been lost forever? Is there a way to know exactly how many BTC are in circulation and not just how many have been created?
On a related note, how do we know that 1,000,000 BTC haven't already been lost forever? Is there a way to know exactly how many BTC are in circulation and not just how many have been created?
what a terrifying prospect... and it's entirely possible. This is mtgox, after all.
In my estimation mtgox has approx. 10k active users, which means an average of 43 BTC per user. I suspect that a large part of that 437k belongs to day traders, who are well aware of the risk. After all they continue to use mtgox even after being goxed several times. They are the only ones who stand to incur big losses.
I just hope that if that if 437k were to be lost, that people aren't using mtgox as their personal wallet.
Say, I pay someone using Mtgox withdrawal and see the payment getting filled by the following address:
http://blockexplorer.com/address/16eRAfcohaLsTzoDSnLejjqMZMDQezxFEi
What the...? Shouldn't such sums be in cold storage? That's something like 5% of all existing Bitcoins in a single key, who will pay if that key gets stolen?
Edit: hell, didn't Gox have "lol Bitcoins sent to null" before? That transaction transmitted the whole bunch of them, imagine a software error occurs there! Yes, the transfer happened with neat speed, quite fast for an operation that I would manually check if I was in the position of operating on more than 400k BTC.
http://blockexplorer.com/address/16eRAfcohaLsTzoDSnLejjqMZMDQezxFEi
What the...? Shouldn't such sums be in cold storage? That's something like 5% of all existing Bitcoins in a single key, who will pay if that key gets stolen?
Edit: hell, didn't Gox have "lol Bitcoins sent to null" before? That transaction transmitted the whole bunch of them, imagine a software error occurs there! Yes, the transfer happened with neat speed, quite fast for an operation that I would manually check if I was in the position of operating on more than 400k BTC.
yes, should be
don't see any traffic on that address now, though.
What if mtgox screws up and sends all those bitcoins to the null address like they did with 2000 BTC a while ago?!
:O
Then all our BTC are instantly worth more?:O
Unless the majority of your bitcoins are among those 437k.
I really think losing that much would be truly devastating to the economy, if not bitcoins themselves.
In my estimation mtgox has approx. 10k active users, which means an average of 43 BTC per user. I suspect that a large part of that 437k belongs to day traders, who are well aware of the risk. After all they continue to use mtgox even after being goxed several times. They are the only ones who stand to incur big losses.
The typical, non-speculating mtgox user would probably only lose a handful of BTC.
I lost a handful of BTC with mybitcoin, which was annoying, but not the end of the world.
What if mtgox screws up and sends all those bitcoins to the null address like they did with 2000 BTC a while ago?!
:O
Then all our BTC are instantly worth more?:O
Unless the majority of your bitcoins are among those 437k.
I really think losing that much would be truly devastating to the economy, if not bitcoins themselves.
What if mtgox screws up and sends all those bitcoins to the null address like they did with 2000 BTC a while ago?!
:O
Then all our BTC are instantly worth more? :O
What if mtgox screws up and sends all those bitcoins to the null address like they did with 2000 BTC a while ago?!
:O
:O
One little string to end it all.
Well played, sir 
Those coins are moved constantly.
We should all be aware that if this goes wrong, nobody can expect to see their BTC on Mtgox again. They can't dig up >420k BTC from nowhere, it's beyond their capabilities.
The moment this key leaks, Mtgox is history. One little string to end it all.
The moment this key leaks, Mtgox is history. One little string to end it all.
It does seem somewhat imprudent, but it's their business, not mine
That's their job. Anyway, how is it possible to withdraw that many coins? Isn't there a daily limit?
LOL
I didn't send the fortune; that was the "change" from my order, and it hopefully stayed with Mtgox. If you look at the transaction, there's 500 BTC going another way, that was the payment.
Hehe, I must appear to be quite the rich guy if you thought I withdrew 437k BTC and made a funny thread about it.
That's their job. Anyway, how is it possible to withdraw that many coins? Isn't there a daily limit?
Say, I pay someone using Mtgox withdrawal and see the payment getting filled by the following address:
http://blockexplorer.com/address/16eRAfcohaLsTzoDSnLejjqMZMDQezxFEi
What the...? Shouldn't such sums be in cold storage? That's something like 5% of all existing Bitcoins in a single key, who will pay if that key gets stolen?
Edit: hell, didn't Gox have "lol Bitcoins sent to null" before? That transaction transmitted the whole bunch of them, imagine a software error occurs there! Yes, the transfer happened with neat speed, quite fast for an operation that I would manually check if I was in the position of operating on more than 400k BTC.
http://blockexplorer.com/address/16eRAfcohaLsTzoDSnLejjqMZMDQezxFEi
What the...? Shouldn't such sums be in cold storage? That's something like 5% of all existing Bitcoins in a single key, who will pay if that key gets stolen?
Edit: hell, didn't Gox have "lol Bitcoins sent to null" before? That transaction transmitted the whole bunch of them, imagine a software error occurs there! Yes, the transfer happened with neat speed, quite fast for an operation that I would manually check if I was in the position of operating on more than 400k BTC.
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