Even whales can’t psychologically do a transaction without a test transaction

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29 comments

  1. MaltMilchek

    |Author

    Seeing posts like this always reminds me that some people were buying tens of thousands of BTC back in 2010 for under a $100. [Check out this guy on BTC Talk. He was buying 10,000 BTC for $50 or 20,000 for $100.](https://bitcointalk.org/index.php?topic=224.0) Ha!

    Just imagine the sort of power over the market a smart early adopter who held (or just forgot) about the tens of thousands of BTC they own.

    Now imagine a few of these guys happen to be friends or in a [club](https://bitcointalk.org/index.php?topic=98239.0).

  2. ronnie_s

    |Author

    Everything about crypto is terrifying. One miss-click and it’s gone. One wrong address and it could be gone or stuck in limbo. One piece of malware replacing the address and it’s gone. Forget the password? it’s gone. There are so many single points of failure, with such low recourse. Waiting for a crypto safe-keeper/custodian who will service my crypto and insure the lot of it.

  3. pysniakm

    |Author

    It’s not that really, the software is in charge of TX address and not so much human, they do it like that to make sure the wallet address is not compromised. Compromised wallets are routinely scanned and sometimes by several parties who automatically try to snatch the funds first.

  4. 409h

    |Author

    Imagine a test transaction being $10k. I know relatively speaking it’s a drop in the ocean for the sender, but still, if lost, that’s $10k gone :/

  5. lol I know wealth inequality is a global concern but the scale of that problem in crypto should be disconcerting. Like, I if everyone on Earth owned an equal amount of BTC the first test transaction would be a single person’s life savings and holy **** I can’t even imagine sending a whole *** bitcoin to someone as a “test”. I guess that’s why they call ’em whales!

  6. perogies

    |Author

    Whenever i’m setting up a new cold wallet i ALWAYS send a small amount and then fire it back before i move the bulk of my Bitcoin over. Three transactions total. I’m not sure how rare that is.. But it just seemed smart to me.

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