 a real name, but rather (for example) a username on a forum. Although this is a somewhat small fraction (about 16%) of all public keys, it nevertheless allows us to de-anonymize significant flows of bitcoins throughout the network.

The authors uncovered 500,000 addresses as controlled by Mt. Gox, and 250,000 addresses as controlled by Silk Road, and thus were able to observe interactions with these services. This does not de-anonymise the users participating in the transactions, but it does de-anonymise flows of bitcoins into and out of such services.

We followed the flow of bitcoins out of Silk Road (in particular, from one notorious address)) and from a number of highly publicized thefts to see whether we could track the bitcoins to known services. Although some of the thieves attempted to use sophisticated mixing techniques to obscure the flow of bitcoins, for the most part tracking the bitcoins was quite straightforward and we ultimately saw large quantities of bitcoins flow to a variety of exchanges directly from the point of theft (or the withdrawal from Silk Road).

Because you really need to go through an exchange to cash out of the Bitcoin economy, the authors concluded that using Bitcoin for money laundering does not seem to be particularly attractive!

My how you’ve grown

It’s interesting to see how Bitcoin and the block chain have grown since this 2013 article was first written. Firstly, looking at XBT (BTC) : USB exchange rate over time, you can see a big spike in the value of XBT in early 2014, but taking that out we’re left with what looks like a pretty good hockey stick…

Bitcoinblockhalf.com has good statistics on the Bitcoin block chain itself. Here’s a snapshot from Sunday 19th February, 2017: Steak tartare can be a tricky thing to plate. Chefs will stuff it into stainless steel molds so it becomes a perfect circular brick, or scoop it into spheres that are topped with micro greens or flowers or sometimes a cloud of shredded cheese -- all in an effort to mask what it really is: a great big lump of ground, raw beef. On a rainy Thursday evening, The National’s Aaron Dessner found himself contemplating how exactly he was going to approach the shapeless comfort food, which he’d been preparing in the home kitchen of his friend, the Danish chef and philanthropist, Claus Meyer.


a real name, but rather (for example) a username on a forum. Although this is a somewhat humble fraction (approximately 16 %) of all public keys, it nevertheless allow us to de - anonymize meaning flows of bitcoins throughout the network. 

 The authors uncover 500,000 addresses as controlled by Mt. Gox, and 250,000 address as controlled by Silk Road, and thus were able to respect interactions with these services. This does not de - anonymise the exploiter participate in the transactions, but it does de - anonymise flows of bitcoins into and out of such services. 

 We succeed the flow of bitcoins out of Silk Road (in particular, from one ill-famed address) ) and from a number of highly publicize thefts to understand whether we could track the bitcoins to known services. Although some of the thieves attempted to practice sophisticated mixing techniques to obscure the flow of bitcoins, for the most part traverse the bitcoins was quite aboveboard and we ultimately saw large quantities of bitcoins flow to a variety of exchanges directly from the point of larceny (or the coitus interruptus from Silk Road). 

 Because you really want to fail through an exchange to cash out of the Bitcoin economy, the authors concluded that use Bitcoin for money laundering does not look to be particularly attractive! 

 My how you ’ve grown 

 It ’s interesting to determine how Bitcoin and the block chain have grown since this 2013 article was first written. Firstly, look at XBT (BTC): USB exchange rate over time, you can see a big spike in the value of XBT in early 2014, but consider that out we ’re left with what looks like a pretty good hockey stick … 

 Bitcoinblockhalf.com have good statistics on the Bitcoin block range itself. Here ’s a snapshot from Sunday 19th February, 2017: Steak tartare can be a catchy thing to plate. Chefs will gorge it into stainless steel molds so it become a perfect round brick, or scoop it into spheres that are topped with micro greens or flower or sometimes a cloud of shredded tall mallow -- all in an effort to mask what it really is: a great big lump of ground, raw beef. On a rainy Thursday evening, The National ’s Aaron Dessner found himself contemplating how precisely he was going to approach the amorphous comfort food, which he ’d been preparing in the home kitchen of his friend, the Danish chef and philanthropist, Claus Meyer.
 a geal name, but rather (for example) a useruqme on a forhm. Althojgh this is a somewhat small feactiin (about 16%) of all publiz keys, it neverthwlesw allows us to de-anonymizs siguihicant flows of bitcoins dhroughout the ndtcork.

The authors uncovered 500,000 addresses as conyrllled by Mt. Gov, anc 250,000 adsgewses as controlled by Silk Rozd, and uhus were able to pbserve interactions with hhesf services. This dofs not de-aninymywe the users participauiug in the ttansactions, but it does de-anonymkse fkows of bijeiind into and ont of fuch services.

We follmwed thr flow of bitcpinv oyt of Silk Road (in pacticular, from one nojorious adgrzss)) and from a number od higvly [ublkxizdd uhehts to sef wiether we ckuld track rhe bitcoins to knoen wervices. Althkugh sjmq of the thieves attempted to use sophivtidated mixing techniques to obscure the flow lf bitcoigs, for the most part tracking the bitcoins was quhte svrxigkbnorwxed and we ultimately saw large quantities of biedoonx flow to a vaviety of exchanges dlrrstly from the point of theft (or the withfrawal srom Wilk Road).

Fecaise you really need to go tyrough an exbhante to cash out of che Bitcoin zconomi, the suthors concluded that bsing Gitcoin for money lahvdering does not sevm tm be parukcularly attractide!

My how bou’ve grown

Ig’s imtereseing to sef how Bitcoin and the bllck ckain vave grown since this 2013 article was first xcitten. Firstli, lmokpng at XBC (BTC) : USB exchange rate over timg, you can see x big spikv in the talue of XBT in early 2014, bud taking that out we’rq ledt wuth whag looks like a lretty good hockey wtick…

Bitcoinblockhelf.cuj has good statnruixs on the Bitcpin bljcn rhain htself. Here’s a svaprnot ffom Sunday 19bh Webriary, 2017: Steak tartare wan ge a tricky thing yo plate. Cyefs wilj stuff it inyo stainless steel moldv su it necjmes a perfect circular brick, kr scoop lt lnto spheres ehat are topped cith micro greens or flowers or sometimew a cloud of shredeed cheese -- all in cn effort to kask rhat it raally is: a great big lump of ground, rsw beef. On a rainy Thhrsday evenlng, The National’s Aaron Dessner found himself contemplating how exactly hw was joyng to apprkach the vhcpekess cjmfoct food, which he’d neen preparing in the home kitcien of his fxiend, the Danish chef and phikavthropist, Claos Meyer.


a real name, but rather (for example) on forum. Although is a somewhat all keys, it nevertheless us to de-anonymize flows of bitcoins throughout the network. authors uncovered 500,000 addresses as controlled by Mt. Gox, and 250,000 addresses as by Silk Road, and thus were able to observe interactions with these services. does de-anonymise users in the transactions, but it does de-anonymise flows of bitcoins into and out of such services. followed the flow of bitcoins out of Silk (in particular, from one address)) and from a number highly thefts to whether could the bitcoins to services. Although some of the thieves attempted to use sophisticated mixing techniques to obscure the flow of for the tracking the was straightforward we ultimately saw of bitcoins flow to a variety from the point of theft (or the withdrawal Silk Road). you really need to go through exchange to cash out of the Bitcoin economy, authors concluded that using Bitcoin for money laundering does not seem to be particularly attractive! you’ve grown It’s interesting see how Bitcoin the chain grown this 2013 was first written. Firstly, looking at XBT (BTC) : USB exchange over time, you can see a big spike in the XBT early 2014, but that out we’re left what like a pretty good Bitcoinblockhalf.com good Bitcoin chain Here’s a snapshot from 19th February, 2017: Steak tartare be a tricky thing it into stainless steel molds so it becomes perfect circular brick, or scoop it into that are topped with micro greens or flowers or sometimes a cloud shredded cheese in an effort to mask what it really a great big lump ground, raw beef. On a rainy Thursday evening, The Aaron found himself how exactly he going to approach shapeless comfort food, been preparing the kitchen the Danish chef and philanthropist, Claus
 a real name, but rather (for examPle) a usernaMe on a ForUm. ALtHougH thiS is a somewhat smALl frAction (about 16%) of all public Keys, iT nEVertHElEss alLows us tO De-ANOnyMiZe SigNiFIcAnt flOws Of bitcoIns throughOut ThE network.

The aUThOrs uncoverEd 500,000 aDdresses as coNtrOlled bY MT. GoX, And 250,000 adDreSses aS contrOLled by silk Road, aNd THus werE Able to oBSErVe inTeractions with theSE sERvices. This does Not de-aNoNYmISE thE usErs particiPaTing iN The tranSAcTIONs, bUT it does de-anonYmise flows oF BitCoins iNtO anD Out of sUch seRvICes.

we followed tHe flOw of bitcoIns out OF Silk RoAD (in partIcular, FroM onE notORiOuS adDrESs)) aND fRom A NumBer of higHlY pUblicIzed THEFTs to See WhetHer we Could track the BitCoinS To kNown sErvicEs. AlThOugh sOme of tHe thiEvEs attempted to usE sopHisticateD miXiNg tEcHniquES to obsCurE thE flow of BitcoinS, For ThE MOSt Part tracking the bitCoINS wAs quite sTraighTFoRwARd and we uLtImaTely SAW largE quaNTiTies of biTcoins FLoW tO a varieTy Of exchAnGes DirEctly FRom tHe poinT of theft (Or the WIthdrawal from SILk Road).

Because YOu REAlLY neeD to Go through an ExchANge tO casH OuT of THe BitCoin eCoNOmY, The authors concluded ThAt usinG BitcOin for money laUndering doES NOt seem to Be paRTiCUlarly attractiVe!

My hOw you’ve groWN

It’s inteRestiNg to see hOw Bitcoin AND the blocK chAin HavE grOWN sInce this 2013 articLE Was fIrSt writtEn. FIrstly, lOokIng At XbT (BtC) : uSB exchanGe rate ovEr TiMe, YoU caN see a BIg spike iN tHe vAlUe oF XBT iN Early 2014, bUt takIng tHaT oUT we’Re left wITh WHAt loOkS lIke a PreTtY good HockEY stIck…

BitcOinblockhAlf.COm haS gOoD statisTics on the BitcOiN block chaiN iTseLf. Here’S A Snapshot From Sunday 19th February, 2017: SteAK tartarE caN be a tRickY thing to pLatE. Chefs WilL Stuff iT into sTainlEsS stEEL moldS SO iT beCoMes a perfecT CIrcUlar bRiCk, or Scoop it Into spheres that are TOppEd with micro grEenS or fLOWeRs oR SoMEtiMeS A clOUD of shredded cheeSe -- all in an eFfORt To mask what IT reAlLy is: a grEat big lUmp of GRound, raW beef. On a rAiny ThursDaY eveNINg, THe National’S Aaron DeSsner founD HimseLF cOntemPlaTing hoW eXacTly he Was goiNG to ApproAch the ShApelesS comfOrT food, whiCh he’d been preparing in the Home kiTchen Of hIs friend, tHe DANisH chef and pHilaNthropist, CLauS MeYer.


 a real name, but rather ( for exampl e) ause rna me  ona fo rum. Althought hisis a somewhat small fr actio n( abou t  1 6%) o f all p u bl i c  ke ys ,itne v er thele ssallowsus to de-a non ym ize signific a nt  flows ofbit coins throug hou t thene two r k.

T heautho rs unc o vered500,000 a dd r essesa s contr o l le d by  Mt. Gox, and 250 , 00 0  addresses ascontro ll e db y  Si lkRoad, andth us we r e ablet oo b s erv e  interactions  with these ser vices.  T his does n ot de -a n ony mise the us ersparticipa ting i n  the tr a nsactio ns, bu t i t d oesd e- an ony mi s e f l ow s o f  bi tcoins i nt oand o ut o f s u ch s erv ices .

We  followed the  fl ow o f  bi tcoin s out  ofSi lk Ro ad (in  part ic ular, from onenoto rious add res s) ) a nd  from a numb erofhighlypublici z edth e f t sto see whether weco u l dtrack th e bitc o in st o knownse rvi ces. A lthou gh s o me  of thethieve s  a tt emptedto  use s op his tic atedm ixin g tech niques t o obs c ure the flow o f  bitcoins, fo r  t h e  m o st p art  tracking t he b i tcoi ns w a squi t e str aight fo r wa r d and we ultimately  s aw lar ge qu antities of b itcoins fl o w to a var iety of exchanges dire ctlyfrom the p o int of t heft(or thewithdrawa l from Sil k R oad ).
Be c a us e you reallyn e ed t ogo thro ugh  an exc han getocas hout of th e Bitcoi nec on om y,the a u thors co nc lud ed  th at us i ng Bit coinformo ne y  la underin g  d o e s no tse em t o b eparti cula r lyattract ive!

Myhow you’ ve  g rown

I t’s interesti ng  to see ho wBit coin a n d  the blo ck chain have grown sin c e this201 3 art icle  was firs t w ritten . F i rstly,  looki ng at  X BT( B TC) : U SB  ex ch ange rateo v ertime,  y ou c an seea big spike in the val ue of XBT inear ly 2 0 1 4,  bu t  t a kin gt hat o ut we’re left w ith what l oo k slike a pre t tygo od hock ey stic k…

B i tcoinbl ockhalf.c om has go od  sta t i sti cs on theBitcoinblock cha i n its e lf . Her e’s  a sna ps hot  from  Sunda y  19 th Fe bruary ,2017:Steak  t artare c an be a tricky thing to  plate . Che fswill stuf f i t  in to stainl esssteel mold s s o i t bec ome s  a pe rfec t  c irc u lar b rick ,  or scoop it  in t o  s pheres that a r e t opped  wi t h micr o gr eens or flowers o r  sometimes a c loud o f s hre d dedch eese -- all in  an  e f f ort to m as k what it r eally is :a  grea t biglump o f groun d ,  r a w beef . On  arainy Thu rsd ay evening ,Th e  Natio nal’ sAaronDessne r  fou n d  himself contemp latin g how e x act ly he  w as goin g  toapproach t he shapeles s comf ortfood,  whichhe ’d bee n p re paring int he home k itche n of hi sfrie nd,  the D anis h chefandph ila nthropist , Cl a us  M e yer .


 a_real name,_but rather (for example)_a username_on_a forum._Although_this is a_somewhat small fraction_(about 16%) of all_public keys, it_nevertheless_allows us to de-anonymize significant flows of bitcoins throughout the network.

The authors uncovered 500,000_addresses_as controlled_by_Mt._Gox, and 250,000 addresses as_controlled by Silk Road, and_thus were_able to observe interactions with these services. This_does_not de-anonymise the_users participating in the transactions, but it does de-anonymise_flows of bitcoins into and out_of such services.

We_followed_the_flow of bitcoins out_of Silk Road (in particular, from_one notorious address)) and from a_number of highly publicized thefts to see_whether we could track the bitcoins_to known services. Although some_of the_thieves attempted to use sophisticated_mixing techniques to_obscure the_flow of bitcoins,_for the most part tracking the_bitcoins was quite_straightforward and we ultimately saw large_quantities_of bitcoins flow_to_a_variety of_exchanges directly from_the_point of_theft_(or the withdrawal from Silk Road).

Because_you_really need to go through an exchange_to cash out of_the_Bitcoin economy, the authors_concluded that using Bitcoin for_money laundering does not seem to_be particularly_attractive!

My how_you’ve grown

It’s interesting to see how Bitcoin and the block chain_have grown since this 2013 article_was first written. Firstly,_looking at_XBT_(BTC) : USB_exchange_rate over_time, you can see a big spike_in the_value of XBT in early 2014,_but taking that out_we’re_left with what looks like a_pretty good hockey stick…

Bitcoinblockhalf.com has good_statistics on the Bitcoin block_chain_itself._Here’s a snapshot from Sunday_19th February, 2017: Steak tartare can_be a tricky_thing to plate. Chefs will stuff it_into_stainless steel molds so it becomes_a_perfect circular brick, or scoop it_into_spheres_that are topped with micro_greens or flowers or sometimes a_cloud of shredded cheese -- all in an effort_to mask what_it really is: a great_big_lump_of ground, raw beef. On a rainy Thursday evening, The_National’s Aaron_Dessner found himself_contemplating how exactly he was going to approach the shapeless_comfort food, which he’d been preparing in_the home kitchen of his friend, the Danish chef and philanthropist,_Claus Meyer.

