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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

#71

Post by gruez »

cletus wrote: post #52
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.

Nor can you reverse a transaction when someone steals your Bitcoins. The traditional financial system is far more suitable to people’s needs than Bitcoin is.

>Nor can you reverse a transaction when someone steals your Bitcoins.

You're not always able to do that with the traditional banking system. Scammers were able to steal millions from corporations using wire transfers, and they weren't able to reverse them.

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

#72

Post by _jal »

ipython wrote: post #39

Unpopular opinion: why do we care so much about making it cheaper for rich people to move money around? Do we think somehow that will “trickle down” to us mere mortals and put western union and their ilk out of business?

Even more unpopular opinion: humans should be as free as capital.

Making capital transfers easy while restricting the movement of real people ghettoizes and traps people for corporate convenience and cost savings.

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

#73

Post by ShorsHammer »

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.

Find it incredibly hard to believe they will allow an intra-bank transfer of $1B for free, even just going to another Canadian bank all bets are off and they certainly would want something in return.

Do have any proof of this claim or is it extrapolated from the fees for sending $200 to another RBC account?

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

#74

Post by toss1 »

hendzen wrote: post #37
sp332 wrote: post #35

Earlier quoted context omitted.

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?

No the average person is less well off in a world where $1 billion can be moved anonymously.

The need to move such funds anonymously is usually due to illegal activities, money laundering, or at least tax evasion (evasion, not avoidance).

This leaves every average person at the very least, on the hook to pay for those taxes evaded, or lacking the services they would have provided.

If the need is due to criminality beyond tax evasion, every average person suffers the corrosive effect of that criminal activity (e.g., while I'm for most drug legalization, I can't begin to argue that organized criminal drug distribution is anything but a massive destructive tax on society - & in fact, a main point of legalization is to eliminate that corrosive costs of gangs).

So, the average person is definitely worse off with the existence of an ability to move & billions anonymously.

(edit: avoided/evaded)

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

#75

Post by Jach »

thekyle wrote: post #18
SRTP wrote: post #10

Earlier quoted context omitted.

No. We have a rough idea of which coins belong to Satoshi, based on when and how they were mined. Satoshi's coins are continuously monitored and have never moved.

I always imagined that Satoshi probably lost the private keys to those early wallets.

Maybe. But in the latest Cra1g Wr1ght drama, he claimed to the court that some early addresses people thought might have been Satoshi's belonged to him. A message surfaced afterwards which was signed with those addresses calling Cra1g a liar.

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

#76

Post by sp332 »

hendzen wrote: post #37
sp332 wrote: post #35

Earlier quoted context omitted.

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?

I don't know, is it that different from being able to send an encrypted message, or lock something securely in a safe?

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

#77

Post by pjc50 »

tialaramex wrote: post #40
gutino wrote: post #32

Earlier quoted context omitted.

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.

There's a proposal (not implemented yet) for a 0.1% "Tobin tax" in the EU: https://www.europarl.europa.eu/legislative-train/theme-deepe...

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

#78

Post by Cthulhu_ »

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.

Are you trying to argue that a financial transaction - a service provided by a bank where THEY take all the risk and responsibility of said transfer - should be free of charge?

I mean if I transferred a billion and my bank made a mistake, I would not lose any money. Make a typo in your bitcoin transaction, and you're screwed.

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

#79

Post by hocuspocus »

ravingraven wrote: post #60
rsynnott wrote: post #31

Earlier quoted context omitted.

> 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.

A) Not charging differently does not mean it is free (which was the original argument). B) The "target" bank can still charge you independently of your bank. E.g. (and I do this kind of transfer very very often so I am 100% sure it is so and I am also 100% sure this is legal): A transfer from Germany to Germany is free. A transfer from Germany to Greece is not as the Greek bank charges a fee.

So the receiving bank applies a fee, but the fact it's in Greece has nothing to do with anything. Don't do business with crappy banks.

Plenty of people regularly do cross-border SEPA transfers for free. I do, and I'm not even in the EU/Eurozone.

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

#80

Post by ShorsHammer »

RcouF1uZ4gsC wrote: post #41

https://decrypt.co/31956/an-ethereum-user-lost-5-2-million-i... And if you fat-fingered the transaction, you could have transferred $0.48 for $1B in fees with no way to reverse that.

There's a 1 in 4 billion chance of fat fingering it.

https://learnmeabitcoin.com/guide/checksum

The thing to be really aware about is insidious malware that detects valid bitcoin addresses being copied and modifies them in place, sometimes even to the point of including the same first/last alphanumerics to a certain degree.

You'd hopefully be using a bootable linux distro and multisig for transferring such amounts.

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