News for hackers. Stuff that matters.

A comment on Someone just made a $147,239,214 Bitcoin transfer. Parent comment

Re:Someone just made a $147,239,214 Bitcoin transfer by orblivion on Friday November 22, 2013 @02:54PM (#6783318)
I may be ignorant here, but isn't the BTC system entirely based on 3rd party oversight?
[ Parent | on HN ]
Re:Someone just made a $147,239,214 Bitcoin transfer by unreal37 on Friday November 22, 2013 @04:14PM (#6783788)
It's not instantaneous, therefore you have to have faith in the system (as opposed to faith in your bank). Sender sends $150 million and receiver needs to wait 30 minutes for enough verifiers to trust the transfer went through.

In the meantime, the $150 million is in limbo.

[ Parent | on HN ]
Re:Someone just made a $147,239,214 Bitcoin transfer by sliverstorm on Friday November 22, 2013 @04:38PM (#6783940)
30-minute mexican standoff
[ Parent | on HN ]