Was that a lot of money 10 minutes ago?
94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
251–260 of 747 posts
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#252Earlier quoted context omitted.
That's a myth. Most people are rich because their parents were. Most of the rest is rich because they were/are lawyers or medical doctors. (For the super-rich, business and finance becomes more important. But for your average "middle-class rich", lawyers and doctors just dwarf their numbers. Business also has highly unequal outcomes). As to why this myth persists, I guess it goes well with American puritanical roots.…
Fidelity found that only 12 percent of millionaires inherited at least 10 percent of their net worth-- 88% are self-made. https://money.usnews.com/money/blogs/on-retirement/articles/...
That statistic sounds highly suspect: if I inherited $5M 30 years ago and am now wort $50M, do I count as "not having inherited my wealth"?
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#253Earlier quoted context omitted.
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.
Only if used productively. Which, assuming you built it from more or less nothing, you probably have been doing to get to that point.
Having money does not make you wealthy. Having the correct financial arrangement to consistently make more than you spend is what makes you wealthy.
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#254I 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.
This is the part which confuses me about Bitcoin the most. It's meant to be anonymous, yet with some diligent data mining, it can become pretty clear who's who from their spending patterns by observing the ledger. How is that remotely anonymous?
BTc is not anonymous but pseudonymous from the start (e.i. the white paper)
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#255Earlier 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. :/
Bitcoin to bitcoin might be cheap, but the crypto exchanges seems to take quite a cut when you convert to national currency. Something like 1.5% in the case of Coinbase.
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#256As 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…
I would say it depends on the rich person. Vladimir Putin is rich but I doubt he is “soft”
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#257Earlier quoted context omitted.
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. :/
ACH transfers are generally free. I transferred 100k USD from bank A, in to bank B, then out to bank C and it didn't cost me a penny. This was quicker than setting up a link from A to C since B was already linked to the others.
Due to the size of the relevant column in the fixed-width format files used for ACH, there is a limit of $99,999,999.99 for ACH transactions.
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#258Earlier 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…
Is it this one:
> Die erste Generation schafft Vermögen, die zweite verwaltet Vermögen, die dritte studiert Kunstgeschichte, und die vierte verkommt.
> Bismarck (1815–1898)
EN:
> The first generation creates wealth, the second manages wealth, the third studies art history, and the fourth degenerates.
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#259I'd take issue on two points. First, "wallets' don't exist in the Bitcoin protocol. Second, the tool being used is not sophisticated enough to list the inputs and outputs, giving the false impression that something unusual is "unknown." Try this link to get details: https://blockstream.info/tx/4410c8d14ff9f87ceeed1d65cb58e7c7... There are numerous inputs and a single pay-to-script-hash (P2SH) output. The relatively h…
Someone just announced the existence of Blackbeard's buried treasure
Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet
#260Earlier 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.
Millionaire doesn't mean too much these days considering you can take a long road there with fairly conservative investing and a decent income.