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The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

decrypt.co

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Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#31

Post by rsynnott »

ravingraven wrote: post #13
bouk wrote: post #4

SEPA transfers are free :)

They certainly are not. Not between countries (even if they are EU countries and both use the Euro) and not for 1 billion Euros/Dollars. Edit: A lot of people here are saying "I do not pay for it so it is free". Just because you don't pay does not mean it is free for everyone . The law just states that fees must be the same for domestic and EU transfers, not that the transfer is free and, there are countless examples…

> Not between countries (even if they are EU countries and both use the Euro)

If your bank is charging differently for transfers to euro denominated accounts in other countries, complain to the regulator. This isn't allowed.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#32

Post by gutino »

jpkoning wrote: post #16

If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.

What about the Government taxes, 1 Billon no matter that will pay a jucy tax slice.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#34

Post by greenshackle2 »

vmception wrote: post #24
pbhjpbhj wrote: post #22

Earlier quoted context omitted.

What's the cost if I'm with HSBC in Hong-Kong and you're with Chase in USA, say?

$50 if both using the same currency. $50 + a few basis point spread if using a different currency, but you don't know exactly what that spread will be from the sending bank and what the spread will be at the receiving bank, so you can lose anywhere from .001% to 4% with major currencies.

I imagine there are also fees involved to turn $1B worth of bitcoins to local currency.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#35

Post by sp332 »

cycrutchfield wrote: post #29
grubles wrote: post #25

Earlier quoted context omitted.

Well the point is with Bitcoin you don't have to trust RBC to not freeze and/or abscond with your $1B.

Are you really going to try to argue that you are less likely to get scammed or hacked with Bitcoin than with a traditional bank?

Not scammed, but maybe a regulator will take an interest in $1B being moved around.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#36

Post by kingo55 »

cycrutchfield wrote: post #29
grubles wrote: post #25

Earlier quoted context omitted.

Well the point is with Bitcoin you don't have to trust RBC to not freeze and/or abscond with your $1B.

Are you really going to try to argue that you are less likely to get scammed or hacked with Bitcoin than with a traditional bank?

No, his point seems to be that bitcoin can be transferred without the approval or moral judgement imposed by a third party (e.g. bank).

Try sending $1B around the world to your Nigerian uncle and seeing what happens.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#37

Post by hendzen »

sp332 wrote: post #35
cycrutchfield wrote: post #29

Earlier quoted context omitted.

Are you really going to try to argue that you are less likely to get scammed or hacked with Bitcoin than with a traditional bank?

Not scammed, but maybe a regulator will take an interest in $1B being moved around.

Is the average person in our society better off in a world where anyone can move $1B anonymously? Why do you think regulators might want to take an interest in such transfers?

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#40

Post by tialaramex »

gutino wrote: post #32
jpkoning wrote: post #16

If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.

What about the Government taxes, 1 Billon no matter that will pay a jucy tax slice.

Where are you that has a transaction tax on account transfers? Not the US certainly, and not anywhere in the EU.
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