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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

#231

Post by passivepinetree »

proverbialbunny wrote: post #218
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.

It's probably the DOJ. They raided BTC-e and stole 2 billion during the Ukraine War. BTC-e was the longest running bitcoin exchange and the single most reliable. I had more money than I'd like to admit stolen from me. Their statement was only people who participate in tax evasion use btc-e.

I hadn't heard about this. Do you have sources about the DOJ theft?

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

#232

Post by ijpoijpoihpiuoh »

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. :/

People do this all the time, and it's not expensive at all. You can do wire transfers of hundreds of thousands of dollars for a $20 fee. You can get certified checks from your bank for large amounts for free.

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

#233

Post by gruez »

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.

yeah if you look at https://jochen-hoenicke.de/queue/#0,1w , you'd see that anything above 20 satoshis/vByte would be overpaying[1]. the transaction in question paid 400 satoshis/vByte.

[1] ie. anything at that rate or greater would confirm in the next block, so there's no difference in paying more

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

#234

Post by benhurmarcel »

Merrill wrote: post #174
hurrdurr2 wrote: post #115

Earlier quoted context omitted.

Maybe this is just me, but I don't actually consider having a couple million dollars as "rich", I know a couple folks worth hundreds of millions, and the way they behave are certainly different.

A couple million dollars is a retirement nest egg. You can stop working, stretch it carefully until you die, and leave a small sum to your heirs. To be very rich requires upwards of $100 million. Then you can access high paying investments which will generate enough income to afford a couple houses, hire help, buy a boat and a plane, and have enough left over after taxes to increase your assets to offset inflation. A…

A couple million dollars is more than a nest egg. You can retire immediately and provide for your family and yourself your whole life with that kind of money.

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

#235

Post by lucb1e »

blunte wrote: post #4

By “unknown”, does that mean that none of the source addresses that collectively sent the sum to one address did not have previous transactions from sources that were known? I rather doubt it, unless the sources were mining wallets (which would show up as coin bases). On my phone I’m not going to research it :)

> On my phone I’m not going to research it :)

You don't have to be happy about being unable to do like a single click. I agree the headline was confusingly written but happily stating that you're not going to put any effort in whatsoever... I think that's why you are/were being downvoted, not for the question.

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

#236

Post by ijpoijpoihpiuoh »

Waterluvian wrote: post #214
lawn wrote: post #211

Earlier quoted context omitted.

> It effectively establishes a billion dollar bounty for any party who can rewrite enough blocks to erase it. To do what exactly? Nobody can redirect the transaction to themselves and the best they can do is erase it. 51% attacking the network will cost you a lot , and you won't actually win anything in your attack. Even if the owner of the coins is the attacker, you can only win by double-spending the transaction by…

Being able to erase a billion dollars gives you a colossal amount of power to blackmail the owner of that billion dollars.

You can't erase the bitcoins, just the transaction. If you did that, they'd still be in the source wallet.

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

#237

Post by lawn »

Waterluvian wrote: post #214
lawn wrote: post #211

Earlier quoted context omitted.

> It effectively establishes a billion dollar bounty for any party who can rewrite enough blocks to erase it. To do what exactly? Nobody can redirect the transaction to themselves and the best they can do is erase it. 51% attacking the network will cost you a lot , and you won't actually win anything in your attack. Even if the owner of the coins is the attacker, you can only win by double-spending the transaction by…

Being able to erase a billion dollars gives you a colossal amount of power to blackmail the owner of that billion dollars.

With only six confirmations it's extremely hard (in practice impossible) to reverse, which happens in around an hour. Just wait a few hours, or even a day, and the risk is basically non-existent. There are a million other things to worry about at that point (including someone hitting you with a wrench until you send them money).

The transaction now has 572 confirmations. Nobody will ever reverse that.

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

#238

Post by 0xcafecafe »

jorvi wrote: post #181
graton wrote: post #132

Earlier quoted context omitted.

Reminds me of the book, "The Millionaire Next Door". Seems like many of the people who have accumulated wealth tend to be fairly frugal.

Reminds me of a German saying I can't quite remember (something like 'erber, gerber, versterber'). Basically the first rich generation is very frugal because they had to work hard to attain it. The second generation maintains it, not really adding more but not frittering it away either, and the third generation throws it away on ski resorts and fancy cars. That's also one of the few things I do respect about 'old mon…

I have heard it in english too: First generation earns it, second learns it, third burns it.

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

#239

Post by KingFelix »

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…

Great content here. Please post more frequently

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

#240

Post by [deleted] »

the_gastropod wrote: post #196
mikeryan wrote: post #158

Earlier quoted context omitted.

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

It sounds like you may hold the misconception. Only ~12% of millionaires inherited their wealth. The remainder are "self-made", in that they lived below their means, and saved.

[deleted]
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