$147M Bitcoin transaction


#1

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#2

Starting the “dump” phase of “pump and dump”?


#3

Nothing to see here, move along, move along…. #notmoneylaundering, #notmarketmanipulaiton, #certainlynothingillegal #right?


#4

1% of all extant bitcoins. I wonder what the price will do?


#5

I wonder if this has anything to do with the government’s seizure of Silk Road assets.


#6

…So?


#7

Maybe someone is planning to take a trip to space.


#8

Maybe it was Mitt Romney clearing his browser cache.


#9

Found a mostly unrelated but totally amazing post from Hal Finney in the Bitcoin forum.

https://bitcointalk.org/index.php?topic=155054.msg1643833#msg1643833


#10

“Worth” that much, but good luck finding a way to actually cash it out into dollars or euros or some other currency you can actually buy things with.


#11

You do know you can exchange bitcoins for “real” currency, right? This guy bought ~$27 worth of bitcoins in 2009, forgot about it, then exchanged some bitcoin for cash and he had so much he used it as a downpayment: http://www.theguardian.com/technology/2013/oct/29/bitcoin-forgotten-currency-norway-oslo-home


#12

While bitcoins can be exchanged for real currency, 195000 BTC most likely could not be exchanged for anywhere near $147m. This is a significant portion of extant coins; for example, this amount is actually larger than Mt Gox’s entire order book of bids, and much larger than the daily volume on most exchanges.

That said, saying that it is worth $147m is no different than valuing huge stock positions based on the market price.


#13

Easy: it is an ETF.
For an ETF is makes sense to buy in very large chunks, to drive up the price.


#14

The four comments before yours offer a wealth of “so” to be interested in. Start there.

*edited for grammar


#15

Here’s a good, up-to-date introduction to Bitcoin/Crypto-Currency for anyone who might be curious about these things.

http://letstalkbitcoin.com/e61-lets-talk-bitcoin-for-new-users/#.UpBwTuIkRLM

Edit: Planet Money has some light coverage as well, they’re always a good listen.


#16

Link found in the annals of Reddit, I think I may be spending a lot of time in the near future grokking bitcoins.

So this probably isn’t a case of one Bitcoin user sending $150 million to another user. Instead, Bitstamp was perhaps reshuffling its own funds, just as a bank might move stacks of $100 bills from one vault to another. Presumably, most of those 194,993 bitcoins belong to Bitstamp users who have deposited them with Bitstamp to facilitate currency exchanges.


#17

Meth from North Korea, maybe?


#18

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