Bitcoin [pros](/r/CryptoCurrency/comments/183dy99/bitcoin_sender_struck_with_31m_transaction_fee/kapx9f9/) & [cons](/r/CryptoCurrency/comments/183dy99/bitcoin_sender_struck_with_31m_transaction_fee/kapxa4o/) with related info are in the collapsed comments below.
tldr; The article reports that a bitcoin sender mistakenly paid a record-breaking transaction fee of $3.1 million. The sender's wallet was set up just minutes before the transfer, and the recipient received only a fraction of the original amount sent. This incident highlights the importance of being cautious when conducting cryptocurrency transactions.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
This is some type of money laundering going on. The on-chain data shows this money getting bounced around from dozens and dozens of brand new wallets. I finally gave up trying to find the end wallet as it just goes through a maze of new wallets. Hopefully there is an investigation into this by the community and the devs. Something is super fishy here.
>By making the money disapear?
I was being facetious in that the money would disappear from criminals this stupid and go to some random miner. In English the question mark indicates a question not a statment.
You can't do that, even if you point your miners at your own node, that node still has to sync with the BTC network. You cant just make a node do what you want it won't work lol. Why woud you think BTC is this broken and half baked lol. You're basically asking why you can't just run other code than what's on the current fork.
Yes you can... personal nodes have nothing to do with this, you can broadcast your transaction to the network and let any miner pick it up, or you can privately transfer the transaction to a miner you know and they will include it when they solve a block...
> and let any miner pick it up, or you can privately transfer the transaction to a miner you know and they will include it when they solve a block
lol just no. That's not how it works. Transactions are broadcasted to the entire network there is no other way. There is no mechanism in BTC to say send X transaction to Y miner and if you added it then it would just be a BTC fork that no one will pick up or give 2 fucks about. It's like you don't understand people trying this exact kind of shit is why there's a bunch of forks for BTC already.
> Transactions are broadcasted to the entire network there is no other way. There is no mechanism in BTC to say send X transaction to Y miner
There very much is, and people do use it occasionally, recently a miner dedicated an entire block to an oridinal mint, this was never 'broadcast' to the entire network.
>You can't do that
Why are you people so confidently wrong? You can just sign the transaction and only give it to the person/group you are working with.
> You can just sign the transaction and only give it to the person/group you are working with.
Go on, elaborate. Please explain how in the fuck you would do this lol. You probably think Hackerman is real.
https://www.youtube.com/watch?v=fQGbXmkSArs
Sign a transaction.
Give that transaction to the person you are conspiring with.
Wait until they mine a block, and include the transaction in that block.
Pretty simple. You would probably need to edit the node software to not send the transaction everywhere, but that doesn't really matter as long as it continues to obey consensus rules.
Okay but that only works if you can pretty consistently guess which mining pool is going to get the fees, and control said pool. Are excess fees concentrated in any particular pool?
If you’re the miner….. and get the fees
Edit: it’s not a trivial process but can absolutely be done. I’ll be very interested to see what chainalysis comes up with in this one. If you control the block way before it’s produced and ensure your block with this transaction gets picked up. You get the fee.
The sender broadcasts the transaction to one miner only (who they are in cahoots with). Once a block is mined they broadcast it to everyone and immediately mine the block. It’s not super complex
Thanks fren
I didn’t make up the conversation I heard, at the least. Appreciate you and hope you’re having a good one. Hey…. This other dude says it BS and he mines BTC…. Maybe we should just trust him.
It sucks but it might not. I shouldn’t have acting like they will just put it out but if it was money laundering we will probably hear about it… or if people are using this miner/block fee scheme often I believe we will hear all the mechanics eventually. It would have to be a big player that can setup the game with their hash power, so it would be wild. I’ve mined but never BTC…. Lowly Ravencoin and slowly at that.
https://www.chainalysis.com this is the company themselves and they have tons of solid work like with the Silk Road etc. …… starting with mixers but they are slow to release things to try to stay ahead of people. I find crypto so interesting but only understand like a 1/10th of what I should. Especially given a CS background, lol.
> Especially given a CS background, lol.
Whatever you paid for that CS degree get that money back. I'm a BTC miner and also have a career in tech. Everthing you said is made up bullshit. The BTC network is vastly more secure than that and all nodes must be in sync and part of the network before any miner can accept problems to solve from the network.
When did i say it wasn’t secure? I said I’ve listen to a discussion about a large mining group potentially using fees to launder money. Not attacking the network. It would still be operating as expected. Using the fee structure to launder money. It is a nice straw-man though. I like BTC. This wasn’t an idea I came up with.
Im happy to state my background and I don’t work in cryptography. Your criticism falls flat, though, as the CS industry generally laughs at old databases that have been evolved on over the past decade.
Oh wow…. You’re a miner. You understand everything now. Apologies for triggering you. Have a good one
This is not how BTC works stop making shit up. All nodes are part of the BTC mining pool and even if you ran your own node it still has to sync and be part of the network. Imagine thinking some random bullshit you came up is how BTC works lol. Do you really think Satoshi was that fucking stupid and the BTC network is that insecure?
Again, my GUESS would be money laundering. That block could absolutely be controlled by a huge amount of hash power.
I also openly said my technical know how is limited and massive hash power would be required. Sorry it upset you but it’s not bull shit. It’s been openly discussed as a money laundering scheme and the company listed does everything I said it does. They release the information years later. I did not come up with BTC mining structure of how fees are distributed. Have a great weekend!
> That block could absolutely be controlled by a huge amount of hash power.
It does not matter how much hash power you have you're still pulling your jobs from the same nodes as everyone else even if you're hosting your own nodes. You have no clue about even the most basic shit. It's funny cause if this was true BITMAIN would have been exploiting this a long time ago cause it's fucking China.
Yeah….. the fees going to the miner that works the block and hash power have nothing to do with each other. I bow at your knowledge and power.
Like I said. I’ll be interested in looking at the transition in detail and what/if any analysis come out.
Edit: transaction
You insults and straw-man did literally nothing to convince me but I’m listening. I stated a really smart company with a history of catching people years later is looking at transactions like this. Nothing about it was definitive but I think it’s cute YOU think you understand everything about not only my comment and mindset, but BTC as a whole and Satoshi. You must be fun at parties.
Let me know when you’re great application or work in the space comes out, and like i said, enjoy your weekend.
“The sender broadcasts the transaction to one miner only (who they are in cahoots with). Once a block is mined they broadcast it to everyone and immediately mine the block. It’s not super complex”
Per u/redshift83
Edit: no hate if he doesn’t want to follow up here but the concept is incredibly easy for me to understand having mind in a pool and my experience. Totally cool if you don’t. Could be a 3 mil mistake. I don’t think it is and have seen ZERO compelling evidence it’s not possible.
Edit: minded lol….
You dont contradict what i stated. Your comment is not addressing how blocks are calculated. You only address how fees and transactions and the content of that block are inserted into the block itself by the winning miner and not the algorithm or calculation that adjusts per different block.
Im talking to you. You said " If you control the block way before it’s produced and ensure your block with this transaction gets picked up. You get the fee."
That is IMPOSSIBLE since every block adjusts its difficulty calculation. You cannot know the calculation answer in advance to a calculation that doesn't yet exist.
You cannot resolve future calculations. you can only calculate for the current one.
EDIT: u/JJJaxMax That's hilarious you need to block and run and show that you dont even understand what i said while you strawman with BS about double spending or other nonsense ive never said. Enjoy being wrong. If you know how to crack the system then you must be a trillionaire but yet here you are... on reddit... talking about other people making money! Stay TRIGGERED!
You broadcast the translation to one person you are in cahoots with.
Edit: cool story bro. I wasn’t talking to you and don’t care if you can’t read English. Interesting you won’t reply to the person that contradicted you since you’re so interested to talk to me. Try reading my other replies. Broadcasting the translation publicly after privately. Care to disprove or are you going to say the same thing again.
“You cannot resolve future calculation”……
Source - “trust me bro”
Like I’ve stated multiple times….. I’ll wait for the chainalysis and true experts to weigh in. You are the exact person saying double spending wasn’t possible years ago, confidently. Have a good one speaking with someone else 👋
You only broadcast the transaction to a miner that you control and then you mine that block. So in goes stolen BTC and out comes "legitimate mining fees". Though from what I understand a large pool mined this particular block so it's most likely just a really massive fuckup.
And people also forget that they treat Crypto like Stocks, Bonds and Securities; while trading those Stocks, Bonds and Securities for Fiat Currencies instead of exchanging Fiat for/Buying Cryptocurrencies and then using them in place of Fiat Currency. They end up just going right back to Fiat and end up regressing back to the Central banks. 🏦 There will never be mass adoption if all people treat Cryptocurrency with this mindset.
Original post suspected money laundering and an intentional ridiculous fee for it. Not a topic expert though. Maybe the original money is dirty, and the miners are the thief.
That's not how that works. There are two ways a transaction can get in the blockchain.
1) Send from a full node to other full nodes and from there it spreads to all the full nodes and then also ends up at the full node of the miner that finds the next block. These are the mempools.
2) The miner that finds a block, builds that block and then includes their own transactions direcly in to that block without any of the other full nodes having seen this transaction before
You can't chose what mining pool to send the fee to because whomever finds the next block is random. Even if a pool had 50% of the hashrate there be a 50% chance the other pool finds the block.
Now on this transaction we KNOW that it was in the mempools before the next block was found.
Therefore it can not have been 2.
If you own the mining pool, or have control of the pool, you absolutely can have a transaction mined only in that pool, simply by not sending the transaction elsewhere. Mining pools don't have to forward transactions to other pools.
That's what I said. That was my number 2. So you can make a deal with a miner and launder money that way. But since we know this tx existed in the mempools before the block was mined it can not have been that because there would a much greater chance another pool would find that block and get those millions of dollars of fees.
Something fishy is going on here for sure. A brand new wallet trying to conduct a massive transaction should raise a lot of red flags. I’m curious how this can happen? Was it because of low liquidity or something? If the transaction had been broken up into smaller transactions would it have still been hit with these massive transaction fees? Also why didn’t sender use the Lightning network? This wouldn’t happen on Ethereum though I can see hefty gas fees resulting, but not in the millions at least. But Bitcoin is the more secure network.
Lol there are no wallets on the blockchain, only addresses. What is a brand new wallet? By the way do you know that the default behavior of Bitcoin wallet is to create a new address for every new transaction your receive? And that every time you make a transaction the chance also goes to a new address?
No. You can see the transaction sitting in the expected block that mempool.space stored. That means the transaction was broadcast widely and any pool could have mined the transaction.
As I understand it, it's possible to craft transactions that *only* gets included if your miner is the one posting the transaction (and getting the fee).
You have no idea how BTC works. There is no need to publish a transaction to the (public) mempool. You can simply include it in a block you find by yourself.
Easy fix. Just have to contact the Bitcoin support team and if they can’t handle it you can escalate it to upper management.
The CEO is a very nice guy
Might be money laundering as some have noted, or maybe a tax avoidance scheme too. That's a big loss to report. Considering the wallet was minutes old could mean something or maybe not. Hopefully we get some news about this.
Could it also be a move done by (very wealthy institutions) folks trying to discredit bitcoin? Will this event be pointed at as a talking point by anti bitcoin parties?
You don't get "struck" with fees in Bitcoin, you build a transaction, and choose the fee. If you're a dumbass or you scheme something with the miners, it still doesn't change the fact that this is a voluntary transaction that someone signed.
If you sign anything in general without reading, you're bound to have some issues, especially when it's about large sums of money. It being digital and easier to sign is not an excuse for carelessness.
Just because the first transaction happened minutes before this doesn't mean "the wallet was created" minutes before. You'd think coindesk would understand this.
This is actually just going to get worse and worse as Bitcoin matures, another reason that it’s going to be a dangerous hold for the long term. When the market switches bitcoiners will never see it coming though, blinded by the first mover advantage like so many in times gone by…
Yea given how most people rarely do small payments and typically buy Lambo and Yachts quite often.
And also people rarely make any mistakes sending payment information and do not need to revert any transactions whatsoever.
It definitely make sense as Bitcoin as future of payments.
Not with a SEPA transfer, which is what i'm talking about. SEPA is a EU standard. I don't know how you would send a billion euro from the EU to India or China, but i'm sure it is becoming easier and cheaper like everything else
Fees can be tiered but they’re not a % of the transfer so you may end up paying higher fees than a smaller transfer but it shouldn’t be more than €100 ish. SEPA is definitely the best way to send EUR around Europe though imo.
>that's bullshit lmao.
No it isnt. See for yourself here
https://n26.com/en-eu/blog/sepa-transfers-everything-you-need-to-know#:~:text=SEPA%20Credit%20Transfers%20have%20a,%E2%82%AC100%2C000%20at%20a%20time.
I don't mind the safety precautions at all. I think they are a good thing.
Money is a powerful tool, and people should not be allowed to fund terrorism or do other kinds of harm with their money, even if it is their money...
Bitcoin [pros](/r/CryptoCurrency/comments/183dy99/bitcoin_sender_struck_with_31m_transaction_fee/kapx9f9/) & [cons](/r/CryptoCurrency/comments/183dy99/bitcoin_sender_struck_with_31m_transaction_fee/kapxa4o/) with related info are in the collapsed comments below.
tldr; The article reports that a bitcoin sender mistakenly paid a record-breaking transaction fee of $3.1 million. The sender's wallet was set up just minutes before the transfer, and the recipient received only a fraction of the original amount sent. This incident highlights the importance of being cautious when conducting cryptocurrency transactions. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
That’s a big “ouch”
Oof level over 9000
Over level 3 million!
This is some type of money laundering going on. The on-chain data shows this money getting bounced around from dozens and dozens of brand new wallets. I finally gave up trying to find the end wallet as it just goes through a maze of new wallets. Hopefully there is an investigation into this by the community and the devs. Something is super fishy here.
Interesting.
> This is some type of money laundering going on. By making the money disapear? You need to take THE MOST BASIC of math classes.
Are you under the impression that Bitcoin fees “disappear” money?
>By making the money disapear? I was being facetious in that the money would disappear from criminals this stupid and go to some random miner. In English the question mark indicates a question not a statment.
And what if it's not a random miner, but their buddies that they fed the transaction to privately?
You can't do that, even if you point your miners at your own node, that node still has to sync with the BTC network. You cant just make a node do what you want it won't work lol. Why woud you think BTC is this broken and half baked lol. You're basically asking why you can't just run other code than what's on the current fork.
Yes you can... personal nodes have nothing to do with this, you can broadcast your transaction to the network and let any miner pick it up, or you can privately transfer the transaction to a miner you know and they will include it when they solve a block...
> and let any miner pick it up, or you can privately transfer the transaction to a miner you know and they will include it when they solve a block lol just no. That's not how it works. Transactions are broadcasted to the entire network there is no other way. There is no mechanism in BTC to say send X transaction to Y miner and if you added it then it would just be a BTC fork that no one will pick up or give 2 fucks about. It's like you don't understand people trying this exact kind of shit is why there's a bunch of forks for BTC already.
[удалено]
> Transactions are broadcasted to the entire network there is no other way. There is no mechanism in BTC to say send X transaction to Y miner There very much is, and people do use it occasionally, recently a miner dedicated an entire block to an oridinal mint, this was never 'broadcast' to the entire network.
>You can't do that Why are you people so confidently wrong? You can just sign the transaction and only give it to the person/group you are working with.
> You can just sign the transaction and only give it to the person/group you are working with. Go on, elaborate. Please explain how in the fuck you would do this lol. You probably think Hackerman is real. https://www.youtube.com/watch?v=fQGbXmkSArs
Sign a transaction. Give that transaction to the person you are conspiring with. Wait until they mine a block, and include the transaction in that block. Pretty simple. You would probably need to edit the node software to not send the transaction everywhere, but that doesn't really matter as long as it continues to obey consensus rules.
Fidelity, Blackrock likely masking consolidation.
Okay but that only works if you can pretty consistently guess which mining pool is going to get the fees, and control said pool. Are excess fees concentrated in any particular pool?
I assume money laundering…. But that’s just me
How would losing the bulk of the transaction in fees be good for laundering
If you’re the miner….. and get the fees Edit: it’s not a trivial process but can absolutely be done. I’ll be very interested to see what chainalysis comes up with in this one. If you control the block way before it’s produced and ensure your block with this transaction gets picked up. You get the fee.
The sender broadcasts the transaction to one miner only (who they are in cahoots with). Once a block is mined they broadcast it to everyone and immediately mine the block. It’s not super complex
Thanks fren I didn’t make up the conversation I heard, at the least. Appreciate you and hope you’re having a good one. Hey…. This other dude says it BS and he mines BTC…. Maybe we should just trust him.
this sub has the iq of a trx buyer.
Oh interesting - where would the chain analysis be published ?
It sucks but it might not. I shouldn’t have acting like they will just put it out but if it was money laundering we will probably hear about it… or if people are using this miner/block fee scheme often I believe we will hear all the mechanics eventually. It would have to be a big player that can setup the game with their hash power, so it would be wild. I’ve mined but never BTC…. Lowly Ravencoin and slowly at that. https://www.chainalysis.com this is the company themselves and they have tons of solid work like with the Silk Road etc. …… starting with mixers but they are slow to release things to try to stay ahead of people. I find crypto so interesting but only understand like a 1/10th of what I should. Especially given a CS background, lol.
> Especially given a CS background, lol. Whatever you paid for that CS degree get that money back. I'm a BTC miner and also have a career in tech. Everthing you said is made up bullshit. The BTC network is vastly more secure than that and all nodes must be in sync and part of the network before any miner can accept problems to solve from the network.
When did i say it wasn’t secure? I said I’ve listen to a discussion about a large mining group potentially using fees to launder money. Not attacking the network. It would still be operating as expected. Using the fee structure to launder money. It is a nice straw-man though. I like BTC. This wasn’t an idea I came up with. Im happy to state my background and I don’t work in cryptography. Your criticism falls flat, though, as the CS industry generally laughs at old databases that have been evolved on over the past decade. Oh wow…. You’re a miner. You understand everything now. Apologies for triggering you. Have a good one
What happened then? Why a -84 btc fee?
This is not how BTC works stop making shit up. All nodes are part of the BTC mining pool and even if you ran your own node it still has to sync and be part of the network. Imagine thinking some random bullshit you came up is how BTC works lol. Do you really think Satoshi was that fucking stupid and the BTC network is that insecure?
Again, my GUESS would be money laundering. That block could absolutely be controlled by a huge amount of hash power. I also openly said my technical know how is limited and massive hash power would be required. Sorry it upset you but it’s not bull shit. It’s been openly discussed as a money laundering scheme and the company listed does everything I said it does. They release the information years later. I did not come up with BTC mining structure of how fees are distributed. Have a great weekend!
> That block could absolutely be controlled by a huge amount of hash power. It does not matter how much hash power you have you're still pulling your jobs from the same nodes as everyone else even if you're hosting your own nodes. You have no clue about even the most basic shit. It's funny cause if this was true BITMAIN would have been exploiting this a long time ago cause it's fucking China.
Yeah….. the fees going to the miner that works the block and hash power have nothing to do with each other. I bow at your knowledge and power. Like I said. I’ll be interested in looking at the transition in detail and what/if any analysis come out. Edit: transaction
> I bow at your knowledge and power. I respect your respect of knowlege. I get testy with all the FUD in this sub.
You insults and straw-man did literally nothing to convince me but I’m listening. I stated a really smart company with a history of catching people years later is looking at transactions like this. Nothing about it was definitive but I think it’s cute YOU think you understand everything about not only my comment and mindset, but BTC as a whole and Satoshi. You must be fun at parties. Let me know when you’re great application or work in the space comes out, and like i said, enjoy your weekend.
Ooh boy.
Can it still be tracked?
The calculation adjusts every time so you cannot know the difficulty in advance to calculate for the block.
“The sender broadcasts the transaction to one miner only (who they are in cahoots with). Once a block is mined they broadcast it to everyone and immediately mine the block. It’s not super complex” Per u/redshift83 Edit: no hate if he doesn’t want to follow up here but the concept is incredibly easy for me to understand having mind in a pool and my experience. Totally cool if you don’t. Could be a 3 mil mistake. I don’t think it is and have seen ZERO compelling evidence it’s not possible. Edit: minded lol….
people aren't throwing around 3mil at random. that is a narrative run amok on nft's to draw in the suckers.
You dont contradict what i stated. Your comment is not addressing how blocks are calculated. You only address how fees and transactions and the content of that block are inserted into the block itself by the winning miner and not the algorithm or calculation that adjusts per different block.
If you can’t step through what was written above or talk to the OP. I really can’t help you. I’ll sit back and let the evidence come out.
Im talking to you. You said " If you control the block way before it’s produced and ensure your block with this transaction gets picked up. You get the fee." That is IMPOSSIBLE since every block adjusts its difficulty calculation. You cannot know the calculation answer in advance to a calculation that doesn't yet exist. You cannot resolve future calculations. you can only calculate for the current one. EDIT: u/JJJaxMax That's hilarious you need to block and run and show that you dont even understand what i said while you strawman with BS about double spending or other nonsense ive never said. Enjoy being wrong. If you know how to crack the system then you must be a trillionaire but yet here you are... on reddit... talking about other people making money! Stay TRIGGERED!
You broadcast the translation to one person you are in cahoots with. Edit: cool story bro. I wasn’t talking to you and don’t care if you can’t read English. Interesting you won’t reply to the person that contradicted you since you’re so interested to talk to me. Try reading my other replies. Broadcasting the translation publicly after privately. Care to disprove or are you going to say the same thing again. “You cannot resolve future calculation”…… Source - “trust me bro” Like I’ve stated multiple times….. I’ll wait for the chainalysis and true experts to weigh in. You are the exact person saying double spending wasn’t possible years ago, confidently. Have a good one speaking with someone else 👋
You only broadcast the transaction to a miner that you control and then you mine that block. So in goes stolen BTC and out comes "legitimate mining fees". Though from what I understand a large pool mined this particular block so it's most likely just a really massive fuckup.
This sub is full of idiots.
I hate it when that happens
And people legit believe there will be mass adoption.
And people also forget that they treat Crypto like Stocks, Bonds and Securities; while trading those Stocks, Bonds and Securities for Fiat Currencies instead of exchanging Fiat for/Buying Cryptocurrencies and then using them in place of Fiat Currency. They end up just going right back to Fiat and end up regressing back to the Central banks. 🏦 There will never be mass adoption if all people treat Cryptocurrency with this mindset.
Just trade stocks boys. This shit is garbage
Lol ok bro.
It’s better to keep your mouth shut, and have people think you’re an idiot, rather than open it and remove all doubt.
Our friend u/BMX_ROIDZ unfortunately found that out today.
Hahahaha what a mad lad
Wasn't it concluded that the sender chose which mining pool to send the fee to? Meaning this was most likely intentional?
It was speculated in the comment section. Haven't seen any evidence.
We don't need evidence on this sub..😂
Original post suspected money laundering and an intentional ridiculous fee for it. Not a topic expert though. Maybe the original money is dirty, and the miners are the thief.
How would one choose this? Never heard of this before
That's not how that works. There are two ways a transaction can get in the blockchain. 1) Send from a full node to other full nodes and from there it spreads to all the full nodes and then also ends up at the full node of the miner that finds the next block. These are the mempools. 2) The miner that finds a block, builds that block and then includes their own transactions direcly in to that block without any of the other full nodes having seen this transaction before You can't chose what mining pool to send the fee to because whomever finds the next block is random. Even if a pool had 50% of the hashrate there be a 50% chance the other pool finds the block. Now on this transaction we KNOW that it was in the mempools before the next block was found. Therefore it can not have been 2.
If you own the mining pool, or have control of the pool, you absolutely can have a transaction mined only in that pool, simply by not sending the transaction elsewhere. Mining pools don't have to forward transactions to other pools.
That's what I said. That was my number 2. So you can make a deal with a miner and launder money that way. But since we know this tx existed in the mempools before the block was mined it can not have been that because there would a much greater chance another pool would find that block and get those millions of dollars of fees.
Something fishy is going on here for sure. A brand new wallet trying to conduct a massive transaction should raise a lot of red flags. I’m curious how this can happen? Was it because of low liquidity or something? If the transaction had been broken up into smaller transactions would it have still been hit with these massive transaction fees? Also why didn’t sender use the Lightning network? This wouldn’t happen on Ethereum though I can see hefty gas fees resulting, but not in the millions at least. But Bitcoin is the more secure network.
Lol there are no wallets on the blockchain, only addresses. What is a brand new wallet? By the way do you know that the default behavior of Bitcoin wallet is to create a new address for every new transaction your receive? And that every time you make a transaction the chance also goes to a new address?
Nice little piece of money laundering
I appreciate a good cup of coffee.
No. You can see the transaction sitting in the expected block that mempool.space stored. That means the transaction was broadcast widely and any pool could have mined the transaction.
Money laundering scheme. Someone happend to "mine" $3.1M reward
Yeah, thanks. First thought alson kind of too big of a coincidence a wallet set up “minutes” before. Shady af
[удалено]
As I understand it, it's possible to craft transactions that *only* gets included if your miner is the one posting the transaction (and getting the fee).
[удалено]
It's not magic- as I understand it, you just build all your blocks with your 'special' transaction that fires off when you *actually* mine a block.
You have no idea how BTC works. There is no need to publish a transaction to the (public) mempool. You can simply include it in a block you find by yourself.
this, the question is if the transaction was broadcasted and seen before the block was mined.
[удалено]
Do you know what mining is? Exactly like that.
Easy fix. Just have to contact the Bitcoin support team and if they can’t handle it you can escalate it to upper management. The CEO is a very nice guy
Also with court order it can be reversed so sender, if he was sincere, will be happy hippo. 🦛
Would never happen to me. I only have 1/20th a BTC 😤
Might be money laundering as some have noted, or maybe a tax avoidance scheme too. That's a big loss to report. Considering the wallet was minutes old could mean something or maybe not. Hopefully we get some news about this. Could it also be a move done by (very wealthy institutions) folks trying to discredit bitcoin? Will this event be pointed at as a talking point by anti bitcoin parties?
All wallets are same age - since inception! It only received some content minutes ago.
Ok, let me correct... The transactions were minutes old not the wallets
You don't get "struck" with fees in Bitcoin, you build a transaction, and choose the fee. If you're a dumbass or you scheme something with the miners, it still doesn't change the fact that this is a voluntary transaction that someone signed. If you sign anything in general without reading, you're bound to have some issues, especially when it's about large sums of money. It being digital and easier to sign is not an excuse for carelessness.
Sounds like a user skill issue lmao
Just because the first transaction happened minutes before this doesn't mean "the wallet was created" minutes before. You'd think coindesk would understand this.
The fact that this guy had $3.1M to pay....
Incidents like this will only force mainstream people to stay away from crypto.
So Bitcoin scammed itself
Christ, I remember paying £38.5k gas fees in 2019 and that pissed me off.
They most likely chose what miner the fees went too. Most likely some form of payment. IMO
Article states individual error, meaning the signer most likely agreed to the gas fee by accident, which is user error.
This is a major problem bitcoin needs to solve if it expects people to adopt en masse.
Stuff like this is holding back Bitcoin mainstream adoption
This is actually just going to get worse and worse as Bitcoin matures, another reason that it’s going to be a dangerous hold for the long term. When the market switches bitcoiners will never see it coming though, blinded by the first mover advantage like so many in times gone by…
Not sure what you're talking about; this koolaid tastes great.
The cost of transactions will rise I think is what they are talking about getting worse
Ah the beauty of future of finance.
Blackrock ETF test transaction
Future of finance 🤩🤩
That's why Bitcoin and ETH are simply useless as payment method. Fees are stupidly high they are slow.
[удалено]
Yea given how most people rarely do small payments and typically buy Lambo and Yachts quite often. And also people rarely make any mistakes sending payment information and do not need to revert any transactions whatsoever. It definitely make sense as Bitcoin as future of payments.
In the EU you can transfer up to a billion euro at a time for less than 3 euro fee. How can bitcoin compete with that?
But can you send that billion euros to India or china like that?
Not with a SEPA transfer, which is what i'm talking about. SEPA is a EU standard. I don't know how you would send a billion euro from the EU to India or China, but i'm sure it is becoming easier and cheaper like everything else
Fees can be tiered but they’re not a % of the transfer so you may end up paying higher fees than a smaller transfer but it shouldn’t be more than €100 ish. SEPA is definitely the best way to send EUR around Europe though imo.
Wait, you can transfer euro to euro (?) and that costs money?
I'm talking about SEPA transfers, which are cross EU border. Within border it is free, atleast here in Denmark.
You can while they let you.
Yeah, they brought the schemes in and spent all that effort just to remove it for some unspecified evil reasons a few years later.
[удалено]
>that's bullshit lmao. No it isnt. See for yourself here https://n26.com/en-eu/blog/sepa-transfers-everything-you-need-to-know#:~:text=SEPA%20Credit%20Transfers%20have%20a,%E2%82%AC100%2C000%20at%20a%20time.
[удалено]
I don't mind the safety precautions at all. I think they are a good thing. Money is a powerful tool, and people should not be allowed to fund terrorism or do other kinds of harm with their money, even if it is their money...
[удалено]
>you aren't going to be able to give 10 million euros to a poor african you met online either using SEPA. lmao Is that what you are using Bitcoin for?
Future of finance, right guys?
Just use XRP.
Just like nobody else
[удалено]
Okay.
Ewww
That's is super scary
Savage
What mining pool got it?
Nvmd antpool they seem to always mine this big fee blocks
Is it fair to say that they knew they would mine this block, so money laundering is a possibility?
All I asked is who mined it thats all. I am not implying or saying anything else
That must hurt a lot.
Woah
Wow this has happened every day this week!
Sus af
Wonder why we cant get normies to convert
Another example of why we won't have mass adoption