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Someone just made a $147,239,214 Bitcoin transfer

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Re: Someone just made a $147,239,214 Bitcoin transfer

#111

Post by gfodor »

fragsworth wrote: post #64

Consider this: They paid $0.00 for the transfer of $150 million dollars. A direct (i.e. not based on third party credit, regulations, etc.) transfer of wealth of this magnitude between two entities usually consists of a heavily guarded, insured, physical shipment of cash or gold. Depending how safely you want to make the transfer, and how far the entities are on the globe, it can cost hundreds of thousands to million…

Call me crazy but if I am ever in a position to transfer $150M I'd probably also want a third party involved to make sure the transaction goes smoothly, like a bank. Like we do today. With wire transfers.

Re: Someone just made a $147,239,214 Bitcoin transfer

#112

Post by ck2 »

shawabawa3 wrote: post #102
ck2 wrote: post #52

That's nothing, someone owns (owned) six million litecoins: http://ltc.block-explorer.com/address/LTpYZG19YmfvY2bBDYtCKp...

that's like $60million isn't it? how is $147million nothing?

Imagine if litecoin goes to $100 next year, now calculate.

Re: Someone just made a $147,239,214 Bitcoin transfer

#114

Post by jonknee »

fragsworth wrote: post #64

Consider this: They paid $0.00 for the transfer of $150 million dollars. A direct (i.e. not based on third party credit, regulations, etc.) transfer of wealth of this magnitude between two entities usually consists of a heavily guarded, insured, physical shipment of cash or gold. Depending how safely you want to make the transfer, and how far the entities are on the globe, it can cost hundreds of thousands to million…

And they received $0 worth of assurance that it would be successful. If it were my $150M I would not want to leave it up to the block chain and hope it works.

Re: Someone just made a $147,239,214 Bitcoin transfer

#115

Post by qnr »

drzaiusapelord wrote: post #89
fragsworth wrote: post #64

Consider this: They paid $0.00 for the transfer of $150 million dollars. A direct (i.e. not based on third party credit, regulations, etc.) transfer of wealth of this magnitude between two entities usually consists of a heavily guarded, insured, physical shipment of cash or gold. Depending how safely you want to make the transfer, and how far the entities are on the globe, it can cost hundreds of thousands to million…

>between two entities usually consists of a heavily guarded, insured, physical shipment of cash or gold. Err, life isn't a james bond movie. For money transfer like this we use bank wires. We dont buy gold and ship it on gunships anymore.

The parent comment said direct transfer. Bank wire involves intermediate parties, is subject to various capital limits, account closures, funds freeze etc.

Re: Someone just made a $147,239,214 Bitcoin transfer

#116

Post by paraboul »

AlexMax wrote: post #98
Codhisattva wrote: post #80

Earlier quoted context omitted.

Cash doesn't have to change hands to exchange bitcoins.

Right, but the question was about how to cash out.

"cash out" is a wrong word. Bitcoin IS a currency/cash. The goal is to buy actual things with it and not necessary exchange it with another currency

Re: Someone just made a $147,239,214 Bitcoin transfer

#117

Post by petercooper »

Titusak wrote: post #47

I still dont get how that kind of amount is cashed out. I mean, yeah, there is some brokers, but I dont think they have this kind of cash available...

It's not hugely different to if you had $150m in Albanian lek or Abkhazian apsar. You would find it ridiculously hard to convert into an alternative currency in one go and even if you did you'd probably be getting a bad deal (and could even devalue the currency in those two examples).

Ultimately, there's always a price that you can convert ("cash out") anything at. For example, I'd be willing to pay $100 for 100 bitcoins right now. Eventually a seller and buyer will find a meeting ground, a transaction is made, and value is defined.

Re: Someone just made a $147,239,214 Bitcoin transfer

#118

Post by matthuggins »

ck2 wrote: post #112
shawabawa3 wrote: post #102

Earlier quoted context omitted.

that's like $60million isn't it? how is $147million nothing?

Imagine if litecoin goes to $100 next year, now calculate.

$147m is nothing! Imagine what the value of this Nerf dart sitting on my desk could be next year!

Re: Someone just made a $147,239,214 Bitcoin transfer

#119

Post by atburrow »

mariusz79 wrote: post #95
ihsw wrote: post #82

Earlier quoted context omitted.

You can wash BTC of any identifying information by sending them through a conduit -- someone that is willing to operate an address used to obfuscate the eventual destination of transactions.

What if that someone is the NSA ? :)

Or what if that someone is my n other bitcoin wallets that I use in rotation with varying degrees of trade depth?

Re: Someone just made a $147,239,214 Bitcoin transfer

#120

Post by jdmitch »

julioademar wrote: post #97
psbp wrote: post #56

Earlier quoted context omitted.

So if this currency does become ubiquitous the Winklevoss' will be the kings of the world? God dammit.

I believe the correct term is Winklevi.

I think Winklevii is more commonly used on reddit
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