T O P

  • By -

StanYanMan

Look at those 50 coin solo mining blocks. šŸ‘€


RaggiGamma

From the list of addresses, there is a large 18-day gap between 9/20/2010 and 10/8/2010. Could be his miners are off for some time, or the coins mined during this period are not for sale. He mined one block (50BTC reward each), at an average of 5.4 days.


DJheddo

I miss the days I could just mine a few bitcoins on a shitty gpu with a few old pcs that could of only ran cs 1.6. Then realizing my hard drives are in the garage for 5 years after a move and realizing I had walletā€™s I completely ignored but the services stayed active. Lifeā€™s funny. Sometimes you forget what you had going until you find it in a box and realize holy shit thereā€™s a lot of coin. Back before alt coins, you just sat and did nothing and got paid, now is the same but thereā€™s tasks involved in order to gain.


jmlipper99

>now is the same but thereā€™s tasks involved in order to gain. Iā€™m not sure what you mean by this. Do you mind explaining?


randopopscura

In the old days there was almost no effort or expense to mining?


Rydog_78

Crazy how much money he was making every 5.4 days in hindsight. He was a multimillionaire before he ever knew it in just one year of mining.


[deleted]

He probably has 50k moreā€¦he was with the functions back then


Healthy_Radish

Just needed $69,000,000 walking around money.


superbiondo

Gas money for a night out with the boys


Upsetyourasshole

Dirty mike and the boys.


diadlep

America!!


Healthy_Radish

Should be enough for 1 Wagyu Steak at a NYC eatery yeah?


volkrad

Barely with current inflation šŸ¤£


Blicky83

He will spend it all that on coke and strippers tonight and then do it all over again tomorrow night


Technical_Scallion_2

Thatā€™s not fair at all. He will also drink a lot of 1942


lightfield7000

Gotta keep a pocket of do a damn thing thing of money


Gnome_Stomperr

GATOR DONT PLAY THAT SHIT


Gatordontplaynogames

GATOR NEVER BEEN ABOUT THAT


Live-Horror

Gators bitches better use jimmies


memphis_dude

What's the functions?


[deleted]

He was with the bizā€¦he was with what was happening at the timeā€¦going thru the functions


memphis_dude

I remember buying it at $8 a coin and thinking that it was always going to be only worth $8 a coin. I can't believe how naive I wasšŸ¤¦


animboylambo

lol I remember my buddies playing games of pool for it and paying each other back for Pizzas with bitcoins when they were in the $5-10 range. Theyā€™re all kicking themselves(or buying back in haha). The majority sold what they had left when it went into the 100ā€™s


GiantSequoiaTree

The power of holding


Jolly_Line

Even who this post is about will be kicking themselves in 5 years.


shart-attack1

I remember looking into it when it was $20 a coin and thinking it was way overpriced.


Otherwise_Singer6043

Could be my friends wife. He died in 2015 with thousands of btc he mined from the beginning. I really hope she hodled after he passed. He always told me to buy at the start and I always wished I listened to him.


escodelrio

Tweet link: [https://x.com/olvelez007/status/1765096302885409233](https://x.com/olvelez007/status/1765096302885409233) Mempool: https://mempool.space/tx/9f69e4b5f7d9330135178f2c6c1c9fbf18dd0803bad346dbe20cd7f451ed4355 Hats off to the dude for holding since 2010. Probably didn't even sell his whole stack.


simpn_aint_easy

Conservative 69,000,000 I would to and retire


dlino

Dumb question maybe... How does one hold, sell and withdraw such amount? Do you go, Hardwallet, coldwallet, exchange, withdraw? Is that even possible for such amounts?


LiveDirtyEatClean

Thereā€™s enough liquidity on an exchange. 24 hr volume on Coinbase is 3 billion right now


dlino

1. I totaly understand that. What I mean is, can I, as an individual, just aquire 60milion worth of bitcoin with a "standard" account type? 2. What would be the path most would take with this amount? I know its different for everyone but does it make sense to store it in a hardwallet, then move it the exchange, convert it to FIAT and withdraw? 3. Would this be "easy" to do ? The same as a 100$ transaction?


StatisticalMan

You wouldn't surprise an exchange with this. You would have an account opened, verified, linked to a bank account, done test deposits, sales, withdraws. Then you would call them up and be look I am going to make a $60M deposit is that going to be a problem. Here is all the source of fund data you are going to ask up front. My guess is someone would use coinbase otc not the public market.


svtcobrastang

Everyone on the coinbase reddit seems to say you can't actually reach a person though in customer service..maybe an email about yo about to drop 69 mil is that cool?


bitcoin_avocado

My exchange has personal account managers available 7 days a week for anyone doing high volume. Minimum transaction is $50K.


LiveDirtyEatClean

If you want to clear 69 mil they are gonna make a lot of money even if they get 0.1% fee. They will pick up the phone for that


that1rowdyracer

My dude, they have an otc desk for items exactly like this. Where you have a contact in their client team. Issue is you can't get over your confirmation bias due to you not having the wealth this person has to make things like this happen.


LiveDirtyEatClean

The seller acquired his fortune by solo mining back when the block reward was 50 BTC. Nowadays you could only purchase that amount at once using an OTC desk. You can call up swan, coinbase, kraken, etc and they would take care of you.


Toraadoraa

If rich people are just ordinary folks, how do they seem to all know about buying otc? Bitcoin is still new and I'd assume most people would just use coinbase.


syntheticcdo

It's how rich people buy/sell significant amounts of anything - through a trusted intermediary. You think people just casually ACH $69m into their Fidelity account and do market buys?


shigydigy

What he's asking is, this guy who mined btc back then was basically an average tech savvy Joe. But ATSJs, like the person asking, don't automatically know how/whether to do things like buy OTC on exchanges. That is financial knowledge, not average techie knowledge. So he is asking, how do all these rich people seem to just automatically know this, if they weren't born into the wealth and raised on how to use it, but are bitcoin nouveau riche? The easy answer is just like they googled it or whatever, but I understand what he's getting at.


filenotfounderror

Yes. CB will for sure make sure you are KYC'd, but if you are you can just withdraw it to your account.


Secret_Operative

There are several OTC desks that you can search, then contact, and they will help you make the transaction. Then they'll wire you the $69m to your bank account. At that point please phone your bank first and give them a heads up - it saves them calling you.


CercleRouge

Can't believe I had to scroll this far to find this, lol


Close_enough_to_fine

Iā€™m curious about this as well.


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


Myrrakha

The guy burned 547 sats several times to write a story it seems


mucsun

I read "We need 88 BTC for armed attack" WTF is this. I want to know more.


Altacct4privacy

Howā€™d you find this? The same 2 messages were done countless times between Oct 2022 and earlier than May 2021


jan386

You hold the private keys electronically. There were no hardware wallets, mnemonic seeds or even hierarchical deterministic key generation back then. The large inputs to the transaction were of the ancient P2PK type and I honestly have no idea which wallets even support spending those. Maybe Bitcoin Core? In any case, the person was a miner back then. He/she must have held the private keys to the coinbase addresses of the blocks he/she mined (20 were spent here) for over 13 years and figured out how to spend them now. As to the selling, they just sent to an exchange like anyone would do.


Cultural-Task-1098

This is not a dumb question. No one here has a clue. They said "coinbase" and everyone voted it up. That's the info quality you're getting here.


bfarre11

Why wouldn't they trade OTC? Anonymity?


Acceptable_Sir2084

Same reason they do OTC block trades for basically every financial instrument. Open market trades get scalped by high frequency traders. And there is price fluctuation. A 1% swing in price is $690,000, better to just agree to a price on OTC then risk the open market swing and potentially cause a sell off while your trying to get your trade filled. Nothing to do with anonymity. Buyers do it for the same reason. If Iā€™m looking to buy $100,000,000 btc, this is much more appealing than being scalped and driving up the spot price as my order fills.


jarviez

Well we have answered the eternal question... *"When Lambo?"* ... for that OG dude. ... "**Now Lambo ... Now ... Lambo**."


Desperate_Move_5043

Now Lambo


jarviez

Wow Lambo


OneRobotBoii

Wambo


FuuBamboo

No Lambo for all you other guys


Healthy_Radish

Thatā€™s ~138 lambos you could buy. Let me know when this nerd has one for everyday of the year.


1corn

I'd be totally happy with 10 šŸ˜”


fverdeja

Bro bought a mf jet


Rebel_XT

Now Lambosssssssss


blue419

He is probably skipping the lambo step and going straight to bugattis on 69m


AllCrueltyIsWeakness

I would sell too. $69 million is enough to retire with 10 times over


svtcobrastang

exactly he doesnt have to give two shits anymore about bitcoin news or really any other news as long he doesn't spend these millions like an idiot he and his family are forever set for life and generations to come.


Pretend-Hippo-8659

At this point I would be more worried about fiat news than about Bitcoin news to be honest, lol. There are so many things in fiat world that can make you lose your fortune... - Governments going haywire and confiscating savings. - Hyperinflation. - CBDCs being introduced and your funds getting converted to this cuck coin. - Banks going under. While most Bitcoin news is recognized and debunked FUD.


notkevin_durant

Nah he ainā€™t worried about fiat either


svtcobrastang

Yea inflation but banks going under? Maybe a smaller local bank, big banks will be bailed out. I mean could just as easily be hacked and lose all bitcoin with no insurance to show for it. Could be killed in accident and if someone didn't know how to access there crypto or keys all gone with no recourse. We can debate reasons all day but none of it matters unless one of the reasons actually happens.


fringecar

Unless the dollar undergoes hyperinflation , like a few modern countries have in the last 50 years


gesocks

Leaving it all as dollars in your bank acc would be beyond stupid. You can buy alot of assets and life of the revenue for ever, no mather what the dollar does


GoFasterEse

He should buy more bitcoin.


FerdaStonks

This is the correct answer


Pretend-Hippo-8659

None of those assets perform as well as Bitcoin and often barely (if even) outrun inflation. Aside from that your brokerage account can be confiscated as it is just like a bank account.


dkarlovi

You don't keep it in a savings account.


Pretend-Hippo-8659

None of the other assets perform as well as Bitcoin and often barely (if even) outrun inflation. Aside from that your brokerage account can be confiscated as it is just like a bank account.


SonAraHomes

Concentration creates wealth, diversification protects it... No one knows the future and for all we know bitcoin may be supplanted by a more advanced crypto and bitcoin will end up the blackberry of cryptos... Or it can continue to become the "gold standard" and in 5yrs we'll be measuring things in satoshis because BTCs will be worth $1 million plus. ​ But to believe Bitcoin is and always will be a better performer than ANY other asset class is just naive.


International-Arm597

Oh FFS looking at past returns isn't the only logically sound reason to base investment decisions off of. The chance of having your brokerage accounts seized, or even your bank accounts, is close to nothing, at least in a first world country. Maybe don't be a criminal if that's something you partake in. Bitcoin is great, the government is shit, but some of you act like ANYTHING other than bitcoin is unholy, or not worth touching.


No-Cap6787

There is more to life than just feeding your bottom and surrounding yourself with comfort. Often people who retire become sick or depressed, you have to keep moving and keep being motivated, and get up early in the morning, if you want to remain fine. People start having serious hobbies, or return back to a job, albeit they prefer easier jobs. What Iā€™m saying is contrary to what people think retirement isnā€™t a finish line, after which you chill, unfortunately that results into quick degeneration of your physical and mental health. Thatā€™s one Two, some people have enough money, and sincerely have bitcoin as a goal, an aim a full time hobbie. Itā€™s not always about dreaming of being rich, and escaping with your profits


HorrorsPersistSoDoI

Why are you being downvoted


overcooked_sap

Cause people generally donā€™t like to hear truth that goes against firmly held beliefs.


cl3ft

Thanks for this, I appreciate your input.


AllCrueltyIsWeakness

Fair. I agree with you, retirement is the next stage of life, which should mostly involve care for your body and your mind, with time spent on passions, hobbies, side quests, family, friends, community, etc). If I had 1000 Bitcoin right now I wouldnā€™t sell all of them, but I would retire and be fine with $10 million USD and 800 Bitcoin that was secured in a family trust somehow. That would allow me to focus on health and real life. I wouldnā€™t be obsessed with Bitcoin the way I am if I were this theoretical person. To each their own shrug.


Revolutionary_Lion3

1000! Wow so he is worth 68,000,000 dollars


papa_ganj

Depends on the tax burden but yea. Plus likely has far more btc stashed


AlexSuupertramp

0% in germany after holding for 1year+


Ometzu

what thatā€™s amazing


C0lDsp4c3

6 months in Luxembourg


MiceAreTiny

Yeah, with this kind of assets, there are no taxes to be paid. You essentially pick your jurisdiction to do this in. A couple of 100k for an army of attorneys and accountants and you can do whatever you want.


huckyourmeat2

I don't think he's too worried about only having 35 MILLION left over, even in the worst case tax scenario


circuitloss

15% in capital gains, but still ..


kramsy

Not in every countryā€¦


Driller360

Just start ur own country!


akw71

Zero capital gains tax here in Hong Kong. Itā€™s been a good week


SoupaSoka

In the US it'd be 20% for that large of a capital gains, not including any state taxes.


-Kapido-

26% in Italy...


moon-lambo-now

34% in Finland... But if he held them for 10 years, 40% of it would be considered as acquisition cost so he'd pay 34% tax of that 60% profit which is just 20.4%.


TennesseeStiffLegs

State taxes too depending on the state


speedingmedicine

Probably just found his keys again lol


rhhkeely

DOJ selling our MtGox coins


KingEnemyOne

Or maybe itā€™s the fact we have been in a unhealthy market structure for a while now and we absolutely need this pull back to go higher. After a few cycles when you see a pump like This you know thereā€™s a dump coming. Itā€™s done this before.


Hustlinbones

This. I've been thru this shit a few times now over the past years and I do not give one single fuck anymore: I put 50/50 of my monthly leftover-cash into stocks and btc and slowly shake my head whenever I see posts of new players spending their days following each pump and dump on a 1min chart trying to explain it. In a few years many will realize: Everything will be fine, just relax and keep buying.


killerwhaleorcacat

Most get in because of fomo. So they buy high and then watch themselves lose when they sell low and forever after freak out about the highs and lows despite the obvious long term being it goes up


rustymcruss

August 2010, Bitcoin was .06. Just absolutely insane.


Iyellkhan

thats a hell of a hodl


llewsor

damn, was this dude in prison? šŸ¤£


SirGelson

Yes, repeating to himself every character of his private keys, every second of every day that he spent there.


extrastone

Characters because there was no BIP-39. That stuff is ancient.


Crappyhodler

All I see is an OG consolidating his stack. BTC changing address is not the same as it being sold.


jan386

True, but if you look at what happened with the output of this transaction (address 36i1W22jLn2KK1GJcJirEiQHn4cQHv76JR), I think it's safe to say that the coins ended up on an exchange.


Armadillodillodillo

I see arkhamintelligence has the wallets marked as coinbase the funds later start interacting with.


Pigozz

Holy shit, dude's a legend


bitcoins

It was fun back then


ProduceMelodic7374

Probably a lad that wanted to buy molly 15 years ago. GGā€˜s


mastermilian

Now he can buy a cartel... Well, invest in one maybe.


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


Albert14Pounds

It's "only" $69 million. Daily volume of trading is in the tens of billions. So that's somewhere in the order or 0.1% of daily volume.


KiwiPrimal

Probably had a sell order he forgot aboutā€¦Dā€™oh! Either way, thatā€™s the longest brass balled hold of the mother fucken centuryā€¦literally zero to USD$60 odd millionā€¦


Urgo_The_Great

Everybody praises how this guy hodled for so long. And this guy was just looking for his lost USB stick. Now when he was moving from the old house, he finally found it. Lucky bastard.


halflinho

Satashi finally selling, it's over guys


escodelrio

Honestly, if Satoshi decided to sell 1k BTC I would be happy for him. He deserves it.


ServiceOk9043

I think the problem is not that satoshi is selling the bitcoins, but that he is still there and has access to soo many bitcoins and that he is putting his hidden identity at risk.


mystic_swole

Lets be honest satoshi probably got whacked by the gov or just got hit by a bus crossing the street lol. Mans would have sold by now


merola1024

One of the people who made up Satoshi is dead. I would imagine Satoshi had coins outside of their publicly known wallets that they could sell anytime without crippling the BTC economy. Isnā€™t it common opinion that if known Satoshi coins are sold that the price would suffer significantly out of fear?


Pretend-Hippo-8659

Not sure why. It's not like he controls the network.


omg_its_dan

Satashi can just increase the supply so why not? Edit: /s making fun of Jamie Dimon, chill people šŸ˜‚


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


p4di

his hand is forced


ZekeTarsim

I knew Satashi was going to dump on us, Jamie Dimon was right. šŸ˜¢


doodoo_gumdrop

How do you even sell this much? What custodian would you trust during the sell?


PablovsPeanut

This is a good thing. Dispersal of value to humanity


You_Keep_The_Money

1000 BTC really isn't that much (in terms of moving the market) these days considering the amounts flowing into ETFS, or out of GBTC, or into Microstrategy, etc. on a regular basis.


Vakua_Lupo

More staying power than me, I probably would have sold when bitcoin hit the big times of $100 in 2013!


HollowVoices

Imagine having $400 dollars worth of Bitcoin in 2010... and cashing out 14 years later for 69 million... MAN


Davatar55

Could this have been Satoshi?


1Tim1_15

Yes. At those block times, BTC had existed for only a few months. Only so many people knew about BTC, let alone mined it. So it could have been him. Or his heirs.


Sector__7

A few months? The bitcoin blockchain came online Jan 3, 2009. These dates are approaching almost two years later.


1Tim1_15

Yes, around 21 months afterward. Still not many users and even fewer miners at that time.


schkat

Bitcoinā€™s market cap is 1.2 trillion dollars. $60 million is a drop in the bucket and would have almost zero impact on price. Whales used to have a much larger say on price swings. Now, not so much. Thatā€™s not to say $60M isnā€™t a lot of money for one person.


Slippytoe

There is so much more at play when a huge $60m is liquidated more or less all at once.


Logical-Impress6635

Definitely sold it to an ETF. Who else can broker that much cash?


nukedmylastprofile

Any major exchange can deal with that no problem


nukedmylastprofile

How much remains in that wallet?


lever200

Itā€™s gonna take more than that one sell to move the market like this. Just sit back, stack sats and watch the show.


iskin

Yeah, but a sale like that can trigger other sales to get that rapid dip.


escodelrio

Exactly. It's also why the title for this post says "may" and "partially."


GodJustShutTheHellUp

grayscale has been dumping 10x this amount daily on the entire run up. youve got a lot to learn if you think one dude selling 60m is doing anything lol.


roz3

100% agree tha distributing BTC more widely is good for the longterm health of the crypto ecosystem. The HODL mentality contributes to boom/bust cycle. Best case scenario is slow/steady growth to the eventual position as one of the world's reserve currencies, but this cannot happen if ownership of BTC is more centralized than fiat.


allstater2007

Smart honestly.


RealCheyemos

*Satoshiā€™s side wallet*


[deleted]

I think it would be safe to say that he/she didnā€™t sell all of their BTC after all of those years.. this is probably just a portion and theyā€™re hodling the rest.


generalclown

Price went down because some people took profit. More news 8


bbien12

So wait guy sells few hundred bitcoin and price drops 15%? We are ducked


escodelrio

It's clearly not *just* because that guy sold 1,000 BTC, but it is indicative we may have a number of whales who were waiting for ATHs to begin offloading BTC they've held onto for a long time.


deliriouz16

I never get good cracker jack prizes like this


Logical_Cry_

My brain autocorrected to bitstoner...


spin_kick

Probably retired


Lazy-Might-5661

"Decentralizing the btc", more like giving it to the ETF' AP Coinbase.


Hwy39

Itā€™s a good thing that they didnā€™t spend this on a pizza back in the day


Automatic-Meaning-75

Looks like OG finally got out for good behaviour!


OphanimKotach

How did he cash out beside selling to someone in person? I can se on Kraken that you have monthly withdraw limit...


Any_Cup_4333

The dream.... before we even knew what the dream was!


Cryptozombie77

Man . Iā€™m just thinking what I would do with that money if I had it . Imagine someone accidentally sent 1000 BTC to your wallet


Particular-Edge-7666

Lol that's not moving anything but I suspect there will be people that aren't hodling and just speculating or traders taking profits at all time highs. And this will always happen expect 30 and 40% drops multiple times through this and next year will the way up. Same every time..


That-Pomegranate-903

become a multi millionaire today, or a dynasty in the future


Successful_Nail_9807

What I want to know is, with this kind of wealth who does one sell to without dealing with a Coinbase crash, freezing of accounts, lack of liquidity, and etc? Seeing how exchanges like Coinbase implode during trading volumes, how can you ensure you see every dollar of your bitcoin?


robertoleons

What correction? I've only seen huge green monthly candles for the most part of this past year. Zoom-out, ignore the short-term noise, stay humble and keep stacking.


Aragatz

How do you sell 1000 BTC? Does he have to transfer it to some exchange?


ZekeTarsim

Imagine how stale those bitcoin are, feel sorry for the schmucks who buy them. I only buy bitcoin mined within the last 30 days.


Armadillodillodillo

1 retail participant can make bitcoin correct. Did you spell this out and checked if this make sense before posting.


SnooMachines7409

He's not retail. He's a šŸ‹


escodelrio

One pleb selling 0.0003 of BTC, no, but someone of size? Yes. We clearly have some sell walls to chew through. Some people with a stack of coins probably had sell orders once BTC hit ATHs.


caulds989

Bruh, 1k bitcoin is nothing in terms of the liquidity of this market. I promise it didnt move shit


Cryptozombie77

Iā€™m curious why didnā€™t he sell last cycle ? Does he think this is the final top ?


IAmAccutane

SATOSHIIIIII


therealsauceman

Why would they sell when itā€™s supposedly supposed to rocket next month


escodelrio

Because he has another 40,000 BTC sitting in cold storage? šŸ¤·ā€ā™‚ļø


DubAye44

Grayscale has been dumping also, because of their high fees


circular_file

I saw that pause today, watched everything just...stop.


wolfford

A miner from 2010 shot themselves in the foot by selling to a public exchange (Coinbase) instead of private placement. Dumping on retail triggers bigger sell off.


samurai321

probably the same guy that made the 300$ sell wall


Several_Handle_9086

Hecmust be shore that VmBTC reached ATH for a ling time


Impressive-Key938

Chris is that u?


CryptoCreepo96

If that mf can warn me next time, thatā€™ll be great


DeuceisWlLD

That may have been the spark. In, addition the order books were very thin on the buy side and funding rates were heavily incentivising short scalps.


artniSintra

Lots of selling orders at 69k, that is to be expected and that's why we've seen a drop.


vosperjr

Lmfao


Bradford203

Just quit his job


xcits

Congrats on living my dreams