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

Post by latj » Fri, Nov 22, 2013, 7:03 PM UTC

oijaf888 wrote: post #78

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…

How often is there a direct transfer of this size? Fedwire moves about 2.7T/day and I believe it would have cost $0.26 to transfer this amount, assuming that its at the upper end of their sliding scale ($0.08 - $0.26/transfer).

Post by nadaviv » Fri, Nov 22, 2013, 7:04 PM UTC

jonknee wrote: post #114

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.

Post by muzzamike » Fri, Nov 22, 2013, 7:06 PM UTC

derefr wrote: post #109

drzaiusapelord wrote: post #89

Earlier quoted context omitted.

>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.

That's only if the two entities can both interact with the global banking infrastructure (i.e. they hold money in reserve currencies, their accounts aren't frozen, etc.) If someone in Argentina wanted to buy something from anywhere else in the world in 2000, for example, they'd basically have to trade natural resources or gold for access to foreign currency, and then spend that.

Post by nostromo » Fri, Nov 22, 2013, 7:06 PM UTC

gfodor wrote: post #111

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.

Post by mkramlich » Fri, Nov 22, 2013, 7:07 PM UTC

qnr wrote: post #115

drzaiusapelord wrote: post #89

Earlier quoted context omitted.

>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.