The Largest Bitcoin Transaction Ever = $210M at today’s exchange rate

8 responses to “The Largest Bitcoin Transaction Ever = $210M at today’s exchange rate”

1. 

   scleroplex

   Nov 29, 2013 at 10:23 pm

   trying to bend my mind on this whole mining thing….

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2. 

   McPHX

   Nov 30, 2013 at 12:08 am

   (Shit load of money!)

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3. 

   jurvetson

   Nov 30, 2013 at 2:30 am

   a metric sh*tload baby!

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4. 

   gsikich1

   Nov 30, 2013 at 10:37 am

   Is this a bubble forming or a bubble about to burst? Or, is this the next evolution in monetary systems?

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5. 

   jurvetson

   Nov 30, 2013 at 2:35 pm

   @gsikich1 – From the Economist today:

   "ALL currencies involve some measure of consensual hallucination, but Bitcoin, a virtual monetary system, involves more than most.

   The system is now straining at the seams. Its computational underpinnings have collectively reached 100 times the performance of the world’s top 500 supercomputers combined: more than 50,000 petaflops. Bitcoin’s success has revealed three weaknesses in particular. It is not as secure and anonymous as it seems; the “mining” system that both increases the Bitcoin supply and ensures the integrity of the currency has led to an unsustainable computational arms-race; and the distributed-ledger system is becoming unwieldy. Will Bitcoin’s self-correcting mechanisms, and the enlightened self-interest of its users, be able to address these weaknesses and keep Bitcoin on the rails?"

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6. 

   sgstair

   Nov 30, 2013 at 6:59 pm

   Ah, it always bugs me to see people trying to represent (or compare) the bitcoin mining network compute power in terms of petaflops… Because the actual number of petaflops in the entire bitcoin mining operation is exactly zero.
   Seems a few bitcoin sites are listing a petaflops number derived from the raw hashrate by assuming that everyone was using the same GPU for mining, which was ridiculous enough then, and is completely useless now that >95% of the hashrate is coming from custom highly optimized ASICs that are incapable of any sort of general purpose operation.
   Origin of the madness: bitcointalk.org/index.php?topic=4689.0

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7. 

   gsikich1

   Nov 30, 2013 at 8:31 pm

   @Steve Jurvetson A bit of risk at this stage, although an impressive accomplishment on computational measures. The three weaknesses would be of particular concern – potential "currency war" scenario.

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8. 

   seatonsnet

   Dec 2, 2013 at 9:01 am

   Be careful! A kid that would rather have bitcoins than hard cash may grow up to be a Milo Minderbinder, Cria cuervos.. <|:^)

   Reply