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94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

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Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#161

Post by Smithalicious »

compiler-guy wrote: post #81

As far as the fees being so cheap, and every one else guessing about how expensive it would be to do it in a normal banking situation, F. Scott Fitzgerald is relevant: "Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft where we are hard, and cynical where we are trustful, in a way that, unless you were born rich, it is…

This post appears to me like two paragraphs of correct and important information, cut in two by a seemingly unrelated quote that summarizes to nothing more than "rich people are evil". People with greater wealth having access to certain services and procedures that normal people don't is unrelated to all rich people supposedly looking down on everyone else.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#163

Post by skizm »

shorts_theory wrote: post #47
BluSyn wrote: post #12

I can count maybe 5 people in the crypto space that would have that much BTC, but none of them would be dumb enough to put it all in one wallet. Most likely some large institutional investor decided to re-key their cold storage wallet.

This is the part which confuses me about Bitcoin the most. It's meant to be anonymous, yet with some diligent data mining, it can become pretty clear who's who from their spending patterns by observing the ledger. How is that remotely anonymous?

The ledger does not record in person transactions. Theoretically, I can hand you a USB stick containing BTC and no one would know until it is sent to another wallet.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#164

Post by danielmg »

AdamGibbins wrote: post #128
donalhunt wrote: post #120

Earlier quoted context omitted.

Try doing 100K in EUR/USD/GBP... It's likely not free (but probably not outrageous either)... Last time I did something like that the transaction cost was small ( On the flip side, I saw a payment go through for one our suppliers today. $50 invoice. > $25 processing fee because it was a european bank processing a USD transaction. :/

I can transfer 100k in GBP free too. BACS limit is £250k. Once I exceed that I have to fall to CHAPs which will cost me about £25 and has no limit. Banking is mostly free in the UK.

Bacs limit is £20 million per item but is 3 day clearing. The £250k limit is FPS (instant clearing) I believe, or your bank.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#165

Post by nodesocket »

FDSGSG wrote: post #63
farisjarrah wrote: post #25

From the top twitter comment: > 0.06BTC in fees? Why so expensive? Just gotta say, its pretty amazing we live in a world where 1 billion dollars can get transferred pseudo-anonymously in a reasonable time frame, only costing the transfer party $600. As a really stupid, non-real-world comparison, Western Union has a transfer limit of $2500 per transaction, and a $20 fee per transaction. If you were to initiate a $1,00…

They overpaid big time, fees of approximately $33 would've been sufficient for the transaction to confirm just as fast.

Big time?? Who cares about a few hundred dollars when it’s a billion dollars.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#166

Post by Ancalagon »

donalhunt wrote: post #120
isostatic wrote: post #99

Earlier quoted context omitted.

> how expensive it would be to do it in a normal banking situation No idea about the billionaires, but I can shift £5k from a current account to another current account with another bank for the princely sum of £0.00

Try doing 100K in EUR/USD/GBP... It's likely not free (but probably not outrageous either)... Last time I did something like that the transaction cost was small ( On the flip side, I saw a payment go through for one our suppliers today. $50 invoice. > $25 processing fee because it was a european bank processing a USD transaction. :/

I just recently transferred a similar sum for the grand total of $0. (Actually I gained about a dollar because the banks made initial deposits for me with their own money to make sure the accounts were correct)

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#167

Post by swsieber »

mikeryan wrote: post #158
ColanR wrote: post #135

Earlier quoted context omitted.

From what I understand, that penny pinching is often why the rich are rich (excluding those born into more wealth than they can spend). Edit: I'm getting the impression that a large subset of people replying ignored my parenthetical comment.

Penny Pinching does not make people rich and is not "often" why they're rich. This is a horrible misconception.

It's not the sole cause, true. But it'd definitely a differentiator. Sort of how like practice isn't the only contributing factor to being skilled, but talent without practice is useless too, soo...

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#168

Post by esmi »

mlindner wrote: post #90
compiler-guy wrote: post #81

As far as the fees being so cheap, and every one else guessing about how expensive it would be to do it in a normal banking situation, F. Scott Fitzgerald is relevant: "Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft where we are hard, and cynical where we are trustful, in a way that, unless you were born rich, it is…

Important qualifier on that that's missed for most "the very rich". The "rich" are often quite penny pinchers. My grandfather is "rich" (several millions, and in a very cheap place to live in the midwest) but he lived his entire life being extremely strict on spending and controlled personal finances very carefully. He still complains when there's large money to be spent on something that should be cheap.

A time proven way to get rich by old age is to not spend money. It's a decent way to stay rich too.

P.S. If it "should be" cheap doesn't it make sense to complain when it's expensive?

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#169

Post by pavel_lishin »

isostatic wrote: post #99
compiler-guy wrote: post #81

As far as the fees being so cheap, and every one else guessing about how expensive it would be to do it in a normal banking situation, F. Scott Fitzgerald is relevant: "Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft where we are hard, and cynical where we are trustful, in a way that, unless you were born rich, it is…

> how expensive it would be to do it in a normal banking situation No idea about the billionaires, but I can shift £5k from a current account to another current account with another bank for the princely sum of £0.00

I can toss a nickel at my friend for free.
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