Sleeping beauty bitcoin wallets wake up after 14 years to the tune of $2 billion
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This sounds fishy.
What if somebody found out the private key for those accounts? Like, brute forced them?
Is it even technologically possible?
Yes, it's possible, but more like "brute forcing the password of a wallet software and get the keys that way".
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Somebody found their missing hard drive
That guy who want to search a landfill probably.
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Bitcoin private keys are 256 bit long. That means, there are 115792089237316195423570985008687907853269984665640564039457584007913129639936 (1.15*10^77) possible private keys.
Say you are using a bitcoin miner that's roughly 4x as fast as the curretly fastest one at 1PH/s (1*10^15), they you'll need roughly 1*10^62 seconds or 3*10^54 years.
Lets say you got a million of these miners, then you are down to 3*10^48 years, or 2*10^38 times as long as the universe has existed.
I was going to calculate how much electricity this would consume and how expensive it would be, but the answer to that is plainly "too much to imagine".
I was going to calculate how much electricity this would consume and how expensive it would be, but the answer to that is plainly “too much to imagine”.
Purely hypothetically speaking, but, what if someone had their own private Dyson Sphere generating electricity? (Asking for a friend.)
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Not even that close. They'll flag any recurring fairly large transactions under 10k.
I'm unfamiliar as I've never had such. What counts as re-occuring? Is two payments always considered re-occuring?
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Bitcoin private keys are 256 bit long. That means, there are 115792089237316195423570985008687907853269984665640564039457584007913129639936 (1.15*10^77) possible private keys.
Say you are using a bitcoin miner that's roughly 4x as fast as the curretly fastest one at 1PH/s (1*10^15), they you'll need roughly 1*10^62 seconds or 3*10^54 years.
Lets say you got a million of these miners, then you are down to 3*10^48 years, or 2*10^38 times as long as the universe has existed.
I was going to calculate how much electricity this would consume and how expensive it would be, but the answer to that is plainly "too much to imagine".
Yeah, my password was Hunter2
Username: Username -
I was going to calculate how much electricity this would consume and how expensive it would be, but the answer to that is plainly “too much to imagine”.
Purely hypothetically speaking, but, what if someone had their own private Dyson Sphere generating electricity? (Asking for a friend.)
The power consumption would be 5*10^62 Wh.
The sun outputs 3.9*10^26 W. If you captured all that energy with 100% efficiency, you would need 1.3*10^36 hours or roughly 1*10^22 times the age of the universe to collect enough energy.
That's incidentally roughly the estimated number of stars in the universe.
So if you put a dyson sphere around every star in the universe, right after the big bang (ignoring that stars didn't form instantly after the big bang) and you ran them until today, then you'd have just about enough energy to crack one wallet with current tech.
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This is correct for a given transaction, but there's no consensus needed to open a Bitcoin wallet. That is usually just a private key in an encrypted envelope.
Got it, thanks for that distinction. It’s been years since I last looked into this stuff. Makes sense for a dormant wallet.
If a wallet is not dormant in this scenario, then active users could just migrate their wallet to another wallet and then they’ll be good to go.
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Silk road
If he made the Silk Road mostly to kickstart BTC, after buying a pile of BTC, and then waited till now to sell it - then he's kinda smart.
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Sizable inactive accounts that wake up after years of dormancy draw investor attention because of the potential market impact if those coins are sold.
It would make me very happy if they liquidated and destroyed the market overnight.
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Maybe because I'm high, but you just made me ugly laugh on the bus. I just saw fireworks. And now I'm remembering that plan I had to go back to the early 90s, and buy stock in yahoo. But through a telephone error, I ended up buying cases of yoohoo instead. Still worth it. I got to go back in time and see a micheal jackson concert when he was still black, and a Nirvana concert back before they were heard of.
Still though.....to be a billionaire.
early 90s
micheal jackson still black
Nirvana before they were heard of
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I'm unfamiliar as I've never had such. What counts as re-occuring? Is two payments always considered re-occuring?
It can be, if they're fairly close in time and total just past 10k.
Every bank has their own algorithm and they try to ride the line between catching criminals and not having too many false positives.
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If he made the Silk Road mostly to kickstart BTC, after buying a pile of BTC, and then waited till now to sell it - then he's kinda smart.
Who says human traffickers have to be dumb?
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Sizable inactive accounts that wake up after years of dormancy draw investor attention because of the potential market impact if those coins are sold.
It would make me very happy if they liquidated and destroyed the market overnight.
Buttcoiner
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Sounds like you need another visit from Doc Brown. I heard he'll come visit, if you give him first pick of your trash
Mister fusion is a hungry, hungry boy
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Btw, banks will flag multiple transactions of $9,999 even if the reporting threshold is $10k USD. Structuring to avoid the $10k reporting requirement is well known and no guarantee of remaining under the radar.
The feds also like to criminally prosecute people if they do transactions that can be construed to be avoiding the reporting limit.
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Bitcoin private keys are 256 bit long. That means, there are 115792089237316195423570985008687907853269984665640564039457584007913129639936 (1.15*10^77) possible private keys.
Say you are using a bitcoin miner that's roughly 4x as fast as the curretly fastest one at 1PH/s (1*10^15), they you'll need roughly 1*10^62 seconds or 3*10^54 years.
Lets say you got a million of these miners, then you are down to 3*10^48 years, or 2*10^38 times as long as the universe has existed.
I was going to calculate how much electricity this would consume and how expensive it would be, but the answer to that is plainly "too much to imagine".
Yeah that's if you were to try to bruteforce the entire keyspace one key at a time. Nah. You'd look for sidechannel attacks which could reduce the keyspace by many orders of magnitude before starting.
