BTC - There's a new whale in townsteemCreated with Sketch.

in #bitcoin5 years ago

The newest whale in bitcoin is making waves this morning

A whopping 94,505 bitcoin hoard made headlines when it was moved to a single wallet as it became the richest non-exchange (presumably) wallet in all of crypto.

The wallet address is worth over a $1 billion USD at current prices.

The wallet has only been involved in a handful of transactions ever, with the first one happening late yesterday:

(Source: https://www.coindesk.com/massive-1-billion-bitcoin-whale-transaction-makes-waves)

Upon hearing this news my first thought was that it had to do with Bakkt

Is it a coincidence that right around the same time Bakkt is set to launch physically settled bitcoin futures a new billion dollar bitcoin wallet shows up?!

My first thought was probably not.

However, further investigation into the origins show that the vast majority of those bitcoin seem to have originated from Huobi dating back to late 2016.

https://www.coindesk.com/massive-1-billion-bitcoin-whale-transaction-makes-waves

It is possible that Bakkt somehow acquired them this way, but seems unlikely to me.

If it's not related to Bakkt, or any other exchange it would be the largest non-exchange bitcoin wallet:

(Source: https://twitter.com/krugermacro/status/1169840096490557440)

Something to keep an eye on....

Either way, it will be something to keep an eye on as some of the recent volatility in the bitcoin price is likely related to this massive amount of bitcoin moving around.

By the way, the transfer of roughly $1 billion worth of bitcoin cost whoever transferred it around $700 in network fees.

Try sending a billion through the legacy financial system and see what that costs you...

Stay informed my friends.

-Doc

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is it a group of person or just 1, hard to know

There are really not too many individuals on the planet who could do such a thing.

Not to mention how long it would take you to move that much money.

I know when we were trying to pay our contractor installments for some work we did on our house and it seemed like it took an act of congress to withdraw a few thousand. I can't imagine how many red flags would go up moving a few billion and how much paper work / time it would take to get approval to move that much of your own money.

Yep, anytime you try to move more than $10k, it gets tricky. I imagine moving millions (or in this case billions) is infinitely more 'tricky'.

Would you believe I first heard of this news from my mom, who's in her 60's?

I dunno. She reads random news on her phone and as I was walking up the driveway she was already telling me about it. She knows I'm into this stuff.

"Did you hear about the whale fish thing that's moving billions and affecting the bitcoins pricey thing?!"

Yeah, pretty much. I had to question a few things and then explain a few things but she came out of there on top.

I suppose that's a good sign though. If these stories are popping up in the everyday lives of those who don't know, it's a win. If I go over there one day and she's excited about something she read in regards to STEEM, I'd be one happy dude.

Yep, same here. It feels like steem has a very high mountain to climb now. A year ago I never imagined Inc would be in the position they are now in terms of needing funding when they sold so much steem at higher prices. I assumed we were very well funded going forward. Not that they are the only path to success, but success becomes much easier when you have a pile of cash to work with.

Lol ...indeed. I don’t think it will happen in my case though.

Posted using Partiko iOS

To start with... would take more than a week just on providing evidences... and justifications for moving that much... then... the fee.. at%...would definitely be something around thousands if not reaching the million for guaranteed privacy services. Then... you would need to be investigated because no one moves that much every day as a person without triggering all the national banks alarms.

So yeah... rich people have a lot of benefits on using bitcoin as meaningful better way of moving money around.

Posted using Partiko iOS

When millionaires try to get on that list, it will surely bring up the price as there will not be enough in supply for their demands!

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