271–280 of 474 posts
Earlier quoted context omitted.
I believe FedWire has a $50M pert transaction max, thus $1T would cost around $5K.
As far as I can tell, the $50 million limit only applies to the Fedwire Securities Service for transferring Treasury and certain other securities, and there is no such limit for the Fedwire Funds Service that transfers money.
Whoever owns this wallet used it to gamble on https://letsdice.com/ https://blockchain.info/tx/a80f91549f863ccb58603e45a37980e30...
So much for anonymity of Bitcoin.
Earlier quoted context omitted.
While that is true, Bitcoin is far from a bulletproof preserve of wealth. Gold has other uses if it isn't used as a currency anymore. Bitcoin on the other hand can be made completely useless if some critical flaw is found, or the wealth is too concentrated in a few users and the majority decides to switch to a newer crypto-currency.
Gold's other uses wouldn't make gold worth much on their own. "Legitimate" uses of a commodity that trades more for its properties as money should be thought more of a really crappy put option, that is it sets a low price floor. For example, it's been estimated that gold's industrial uses would only allow it to be traded in the low double digits per ounce if people didn't desire it for other reasons. It's just in the…
It has a lot of other potential uses that other industries avoid because it is so expensive. If the price ever falls it will be kept up by those uses.
Earlier quoted context omitted.
No, that's ACH. SWIFT (or even FedWire) transfers happen within a few minutes.
Fedwire and other real time gross settlement services (RTGS) are almost instantaneous. SWIFT transfers usually are not: SWIFT is a way to communicate messages about transfers between banks, but they would still need a way to do the actual settlement. This could be very fast in the case of two large banks in different countries: if you are a customer in bank A, which has a correspondent account with B, and the recipie…
http://www.federalreserve.gov/paymentsystems/psr_policy.htm#...
Earlier quoted context omitted.
Apparently people think its the Winklevoss' since they claimed to have bought ~1% of all BTC and the amount moved nicely coincides with about 1%
It couldn't be them - this was an odd number of bitcoins.
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.
Not true: http://www.bloomberg.com/news/2012-01-31/venezuela-receives-... http://www.forbes.com/sites/afontevecchia/2013/01/16/germany...
Corporations and individuals generally do not move wealth via physical assets.
Earlier quoted context omitted.
I'm a little offended by the "like in every third world country" statement. Chile is not like that at all, and we are a third world country. In fact, here we are ranked right under (20th) the US (19th) in terms of transparency: http://www.transparency.org/country#CHL http://www.transparency.org/country#USA_DataResearch Argentina is ranked 102: http://www.transparency.org/country#ARG_DataResearch In all of Latin Ameri…
"Third-world" is a loaded term and doesn't really have a useful definition anymore.
Earlier quoted context omitted.
I may be ignorant here, but isn't the BTC system entirely based on 3rd party oversight?
It's not instantaneous, therefore you have to have faith in the system (as opposed to faith in your bank). Sender sends $150 million and receiver needs to wait 30 minutes for enough verifiers to trust the transfer went through. In the meantime, the $150 million is in limbo.
Earlier quoted context omitted.
I'm a little offended by the "like in every third world country" statement. Chile is not like that at all, and we are a third world country. In fact, here we are ranked right under (20th) the US (19th) in terms of transparency: http://www.transparency.org/country#CHL http://www.transparency.org/country#USA_DataResearch Argentina is ranked 102: http://www.transparency.org/country#ARG_DataResearch In all of Latin Ameri…
Chile will probably stop being third-world soon enough, though (I heard something about startup accelerators popping up there?) There should be a term for "third-world country that's probably going to stay third-world for the forseeable future, excepting a revolutionary change of government." Maybe... dystopia ? Argentina is a dystopia.