the dump of gox coins definitely had a huge negative impact on the price but the current price is also the result of merchants getting their sales converted to fiat.

Am I missing something over here? The Gox account has been idling for sometime now and left with only some balance of coins in it. And both transactions just dated back to almost like 4 years ago.

Following the thread from Instawallet about green address, we have decided to give it a try on MtGox.

When withdrawing on MtGox, you can check the option "Use green address" to cause your coins to be sent through the address 1LNWw6yCxkUmkhArb2Nf2MPw6vG7u5WG7q (or pass the option green=1 to the withdraw.php API).

We have however used a slightly different implementation than Instawallet here, ensuring there is never any coin remaining on this address, reducing the interest for "bad people" to guess its private key.

Each time a transaction is sent via our "green address", a first transaction is generated to send a random amount of bitcoins (larger than the total amount of coins withdrawn) to the address, then a second transaction is generated to get the coins "out". Transactions are always sent by pair and are broadcasted together.

This, however, causes transactions sent via the "green address" option to normal targets to take longer, as two transactions needs to be confirmed. Bitcoin services recognizing our green address will, however, be able to process those deposits in real time instead of waiting for confirmations.


We are thinking of rotating the MtGox green address once in a while, with new green address announced ~1 month in advance.


Any comment on this is welcome.

FUN FACTS!

This is the largest bitcoin transaction (in terms of coins involved) in history, and remains so after several years.

Mt. Gox usually held this record most of the time before this transaction. Before that, early miners made the largest transactions.
Bitstamp holds the record for largest transaction in terms of USD value, and Satoshi holds the record for oldest transaction.
I have held the record for youngest transaction 2,000 times.
The 50,000 BTC output of the transaction in the OP was thought lost for years until Mt. Gox "found" 200,000 lost BTC in "old format wallets" about a year ago.
The 500,000 BTC output is the largest in history. The address it is on also carried the highest balance ever, if you prefer to think of addresses as accounts. stop doing that
The person responsible for this transaction has a Wikipedia article that is placed in the Computer criminals category. He is also a wanted fugitive by the French gov't, but resides in Japan.