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NickSzabo4's profile
Nick Szabo 🔑
Nick Szabo 🔑
Nick Szabo  🔑
@NickSzabo4

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Nick Szabo  🔑

@NickSzabo4

Blockchain, cryptocurrency, and smart contracts pioneer. (RT/Fav/Follow does not imply endorsement). Blog: http://unenumerated.blogspot.com 

Joined June 2014

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    1. Nick Szabo  🔑‏ @NickSzabo4 Sep 5
      • Report Tweet

      Nick Szabo  🔑 Retweeted Whale Alert

      Such confidence in Bitcoin is splendid, but a 94,500 BTC tx tempts fate. If recipient can make that much from reversing the tx, they can afford to run a 51% attack for more than 40 days. Big if & very visible, but security here depends more on trust & less on the protocol itself.https://twitter.com/whale_alert/status/1169815776733220866 …

      Nick Szabo  🔑 added,

      Whale Alert @whale_alert
      🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 94,504 #BTC (1,018,147,922 USD) transferred from unknown wallet to unknown wallet Tx: https://whale-alert.io/transaction/bitcoin/4410c8d14ff9f87ceeed1d65cb58e7c7b2422b2d7529afc675208ce2ce09ed7d …
      97 replies 313 retweets 1,030 likes
      Show this thread
    2. Nick Szabo  🔑‏ @NickSzabo4 Sep 5
      • Report Tweet

      ht @eiainehttps://www.bloomberg.com/opinion/articles/2019-01-16/bitcoin-and-other-cryptocurrencies-are-open-about-being-at-risk …

      7 replies 16 retweets 117 likes
      Show this thread
    3. Nick Szabo  🔑‏ @NickSzabo4 Sep 5
      • Report Tweet

      If this is a tx internal to an organization, while that doesn't make it risk free (indeed just trusting employees with custody can be risky), their key management & other internal controls, not raw difficulty of reversing BTC tx, is their main protection for such a large amount.

      4 replies 8 retweets 85 likes
      Show this thread
    4. Mr.Hodl 🌕 🍿‏ @MrHodl Sep 6
      • Report Tweet
      Replying to @NickSzabo4 @eiaine

      The smarter move would be if he/her split that TX up, right?

      6 replies 0 retweets 2 likes
    5. Bruce Fenton‏ @brucefenton Sep 6
      • Report Tweet
      Replying to @MrHodl @NickSzabo4 @eiaine

      It does seem extreme. When dealing with so much it seems that no amount of op sec and security overkill would be too much. Splitting into $50 mm increments over a few days & addresses seems basic. But 🤷‍♂️ they have more sats than me so they must be doing something right. 😀

      2 replies 0 retweets 4 likes
      Nick Szabo  🔑‏ @NickSzabo4 Sep 6
      • Report Tweet
      Replying to @brucefenton @MrHodl @eiaine

      Very likely a tx internal to an organization. Relying on their key management & other internal controls, not on the difficulty of reversing Bitcoin tx. Hopefully they understand this, and hopefully others doing actual value-for-value exchanges don't think they can emulate them.

      8:20 AM - 6 Sep 2019
      • 1 Retweet
      • 12 Likes
      • nanjing87 Riding Unicorns to the Moon Dr. Marconaut PhDee flix1 ⚡ Ari Paul ⛓️ jratcliff63367 Bruce Fenton Carlos R. Cerrato E. Linear Trav
      0 replies 1 retweet 12 likes

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