5 ms·

What on earth are people spending this much bitcoin on? I see a multiple $100000 transaction on my screen.

by blhack 14y ago

fourstar 14y ago
Probably something to do with the Silk Road.
- jiggy2011 14y ago
  That's a lot of weed.
jychang 14y ago
Changing between wallets doesn't mean that the money is actually changing hands.
clarkm 14y ago
Most of it seems to be just trade volume on MtGox, not actual transactions recorded in the blockchain.
- w-ll 14y ago
  Deposits and withdraws of Bitcoin will show, but all trades within MtGox are not recorded in the blockchain. It's just Gox moving balances between accounts.
  - clarkm 14y ago
    That was exactly my point. Most of the bubbles on the screen on MtGox trades, not blockchain transactions.
    - eric_bullington 14y ago
      He means Gox moving balances between internal Gox accounts, like hot/cold wallets. Not trades. The trades you and I make on Gox don't show on the blockchain until they're withdrawn.
  - makomk 14y ago
    Change from outgoing MtGox payments does show up in the blockchain, though, and it tends to be relatively large compared to the actual size of the payments. By design there's no reliable way to tell the difference between change and the actual payment either.
TazeTSchnitzel 14y ago
Reaping mining rewards? Cashing out on Bitcoin which they bought when it was cheap?
- IheartApplesDix 14y ago
  not possible
  - xSwag 14y ago
    Care to explain why not? What stops someone who mined 10k bitcoins in 2007/8 from cashing out. If I remember correctly, there was a guy recently on #startups freenode who showed everyone a screenshot of his wallet at $800k[1] (one sec let me find it in my history) and claimed he mined them all really early. [1]http://i.imgur.com/bfhtnuF.png http://i.imgur.com/bfhtnuF.png
    - eric_bullington 14y ago
      They are definitely a handful of people who have over 10k bitcoins, but they're not storing it on an online blockchain.info wallet (which is where that screenshot is from). They're also not showing it on IRC. That kind of screenshot can easily be produced by changing a little HTML on a 0 balance account.
    - obi-nine 14y ago
      Bitcoin didn't start until 2009.

What on earth are people spending this much bitcoin on? I see a multiple $100000 transaction on my screen.

by blhack 14y ago

What on earth are people spending this much bitcoin on? I see a multiple $100000 transaction on my screen.

fourstar 14y ago

Probably something to do with the Silk Road.

jiggy2011 14y ago
That's a lot of weed.

jychang 14y ago

Changing between wallets doesn't mean that the money is actually changing hands.

clarkm 14y ago

Most of it seems to be just trade volume on MtGox, not actual transactions recorded in the blockchain.

w-ll 14y ago
Deposits and withdraws of Bitcoin will show, but all trades within MtGox are not recorded in the blockchain. It's just Gox moving balances between accounts.
- clarkm 14y ago
  That was exactly my point. Most of the bubbles on the screen on MtGox trades, not blockchain transactions.
  - eric_bullington 14y ago
    He means Gox moving balances between internal Gox accounts, like hot/cold wallets. Not trades. The trades you and I make on Gox don't show on the blockchain until they're withdrawn.
- makomk 14y ago
  Change from outgoing MtGox payments does show up in the blockchain, though, and it tends to be relatively large compared to the actual size of the payments. By design there's no reliable way to tell the difference between change and the actual payment either.

TazeTSchnitzel 14y ago

Reaping mining rewards? Cashing out on Bitcoin which they bought when it was cheap?

IheartApplesDix 14y ago
not possible
- xSwag 14y ago
  Care to explain why not? What stops someone who mined 10k bitcoins in 2007/8 from cashing out. If I remember correctly, there was a guy recently on #startups freenode who showed everyone a screenshot of his wallet at $800k[1] (one sec let me find it in my history) and claimed he mined them all really early. [1]http://i.imgur.com/bfhtnuF.png http://i.imgur.com/bfhtnuF.png
  - eric_bullington 14y ago
    They are definitely a handful of people who have over 10k bitcoins, but they're not storing it on an online blockchain.info wallet (which is where that screenshot is from). They're also not showing it on IRC. That kind of screenshot can easily be produced by changing a little HTML on a 0 balance account.
  - obi-nine 14y ago
    Bitcoin didn't start until 2009.