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I haven't taken a very close look at the transactions, but it seems like the 'appropriate' 2BTC fee that btc.com is talking about pays for 11 extremely large tr

I haven't taken a very close look at the transactions, but it seems like the 'appropriate' 2BTC fee that btc.com is talking about pays for 11 extremely large transactions, with around 100-160 inputs each and a half dozen outputs. A typical bitcoin transaction is made up of 1-2 inputs and 2 outputs (destination and change), so this person is doing the equivalent of thousands of transactions on the network. That being said, bitcoin transactions are fairly expensive, (I paid $1 the other day to buy a steam game, eww), but there's a scaling roadmap being implemented to lower fees going forward, likely within the next month or so. But yeah, right now the equivalent of a few thousand transactions will cost a few thousand bucks.

samstave 9y ago
ELI5 what type of transaction could have been done which is that large/complex that also would be 100% on the up-n-up and not trafficking [something], laundering [something]?
- flashdance 9y ago
  If you've received 10 $1000 payments from your job in bitcoin and now want to buy a brand new $10 000 toaster, you'll have to create a transaction that has 10 inputs and one output. A more typical example is a miner who receives very frequent payouts from a mining pool over the course of a few months, and then wants to send all of their money to a bitcoin exchange to pay for their power. Some people create massive transactions just to mess with the bitcoin network, too. ¯\_(ツ)_/¯ Edit: Someone lower in the comments asked why people create large transactions to mess with the network, and I don't really know for sure--some people have unknown motivations, or want to prove a political point. Some are public, and I assume some are done secretly. Here's an example of one that was public: https://multibit.org/blog/2015/06/23/bitcoin-network-stress-test.html https://multibit.org/blog/2015/06/23/bitcoin-network-stress-...
  - samstave 9y ago
    >Some people create massive transactions just to mess with the bitcoin network, too. Why?
    - deleted 9y ago
      [deleted]
    - flashdance 9y ago
      I replied to you in an edit to my post... I don't really know what was going on but when I first saw your comment there was no reply button. Is that something that's normal on this site?
      - samstave 9y ago
        If I reply to a comment you made, there is a short time where you cannot reply to my post, I believe this is an effort to either make people read the reply post before knew-jerk replying... or to breathe for a sec and slow spamming down...
        flashdance 9y ago
        Oh, neat! Thanks.
- wmf 9y ago
  Imagine that Stripe has received a few hundred Bitcoin transactions in the last hour and they want to move all that BTC onto an exchange.
- deleted 9y ago
  [deleted]

samstave 9y ago

ELI5 what type of transaction could have been done which is that large/complex that also would be 100% on the up-n-up and not trafficking [something], laundering [something]?

flashdance 9y ago
If you've received 10 $1000 payments from your job in bitcoin and now want to buy a brand new $10 000 toaster, you'll have to create a transaction that has 10 inputs and one output. A more typical example is a miner who receives very frequent payouts from a mining pool over the course of a few months, and then wants to send all of their money to a bitcoin exchange to pay for their power. Some people create massive transactions just to mess with the bitcoin network, too. ¯\_(ツ)_/¯ Edit: Someone lower in the comments asked why people create large transactions to mess with the network, and I don't really know for sure--some people have unknown motivations, or want to prove a political point. Some are public, and I assume some are done secretly. Here's an example of one that was public: https://multibit.org/blog/2015/06/23/bitcoin-network-stress-test.html https://multibit.org/blog/2015/06/23/bitcoin-network-stress-...
- samstave 9y ago
  >Some people create massive transactions just to mess with the bitcoin network, too. Why?
  - deleted 9y ago
    [deleted]
  - flashdance 9y ago
    I replied to you in an edit to my post... I don't really know what was going on but when I first saw your comment there was no reply button. Is that something that's normal on this site?
    - samstave 9y ago
      If I reply to a comment you made, there is a short time where you cannot reply to my post, I believe this is an effort to either make people read the reply post before knew-jerk replying... or to breathe for a sec and slow spamming down...
      - flashdance 9y ago
        Oh, neat! Thanks.
wmf 9y ago
Imagine that Stripe has received a few hundred Bitcoin transactions in the last hour and they want to move all that BTC onto an exchange.
deleted 9y ago
[deleted]