Now show me a cube made of gold worth $1M.
It's approximately a 3 inch cube.
The Fed says this is a cube of $1M. They're off by half a million
321–330 of 578 posts
Re: The Fed says this is a cube of $1M. They're off by half a million
#322From a 2014 reddit post[0]: > This is actually not a million dollars in singles. It is over $1,000,000. The box was created with the wrong dimensions by the contractor, but they still decided to fill it, display it, and claim it is $1,000,000. > > Source: Tour Guide at the Chicago Fed [0] https://old.reddit.com/r/pics/comments/2f9sp7/one_million_do...
It's a baker's million?
Re: The Fed says this is a cube of $1M. They're off by half a million
#323Earlier quoted context omitted.
Man how expensive was that contractor when your art installation requires $1M in cash and all the labor to assemble it, but you can't just tell the contractor to do a new box?
They can just print more money.
They may be out of practice overclocking the physical presses now that they're used to typing all the zeros at a terminal.
Re: The Fed says this is a cube of $1M. They're off by half a million
#324From a 2014 reddit post[0]: > This is actually not a million dollars in singles. It is over $1,000,000. The box was created with the wrong dimensions by the contractor, but they still decided to fill it, display it, and claim it is $1,000,000. > > Source: Tour Guide at the Chicago Fed [0] https://old.reddit.com/r/pics/comments/2f9sp7/one_million_do...
So who am I supposed to believe the personal blog or the reddit post?
You can toss a coin on which one to believe, since either way you'd believe the same thing...
Re: The Fed says this is a cube of $1M. They're off by half a million
#325Earlier quoted context omitted.
> In case you wondered, $1M in cash ($100 bills) weigh approximately 15.4 pounds (about 10 kilograms). Your answer is incorrect. You asked Claude to calculate $7M, which netted 154 pounds, but you then divided it by 10 instead of 7 to get the weight of $1M. Further, it's quite irrelevant here, as the display involves $1 banknotes, not $100 bills. The correct answer, without the need for an LLM, is: 1 million bills ti…
That's perhaps the heftiest clue that it might not be actually 1 million $1 bills. Looks unsafe to perch it like that.
It's substantially more than 1 million $1 bills.
Re: The Fed says this is a cube of $1M. They're off by half a million
#326From a 2014 reddit post[0]: > This is actually not a million dollars in singles. It is over $1,000,000. The box was created with the wrong dimensions by the contractor, but they still decided to fill it, display it, and claim it is $1,000,000. > > Source: Tour Guide at the Chicago Fed [0] https://old.reddit.com/r/pics/comments/2f9sp7/one_million_do...
oof my googling skill so bad I didn't find this
Glad you didn't:)
Re: The Fed says this is a cube of $1M. They're off by half a million
#327Earlier quoted context omitted.
It's the cost of paper not the dollar value. Also only the outermost bills need be real the rest could just be paper, or voided bills or whatever. But accounting can cover it. It's not gold or pennies where the currency costs what it is worth to make
Coins don’t cost what they are worth to make.
There is an excellent recent "The Answer is Transaction Costs" podcast episode (The Price of Pennies: Make or Buy?) outlining a proposal to save money by buying back coins instead of making new ones.
https://taitc.buzzsprout.com/2186249/episodes/17383823-the-p...
Re: The Fed says this is a cube of $1M. They're off by half a million
#328Earlier quoted context omitted.
I think those bills didn't go through decommissioning process for used bills. It's much easier to just keep $1M on passive cash balance forever. Yes, they lose about $5k/month on lost interest rate, but a bank can afford it.
$5k/month or $60k/year is roughly 6% of annual conformal interest rate — is there any bank that will provide that much return in USA today? (There are investment funds which usually do, but there are no guarantees there)
I used AFR [1] that are from 4% to 5%. One cannot give loans lower than that. Any mortgage is higher than that.
Re: The Fed says this is a cube of $1M. They're off by half a million
#329Earlier quoted context omitted.
Takes longer for some than others. Depends on your job title.
I'd say a small (single digit) percentage of people are able to accumulate $1.5 million over "a few" (2-3) years of working, but maybe I'm out of touch.
That sounds more like "a couple". Personally I think "a few" would be anywhere from 3-9, which is more reasonable, if still handily above the median national income (like 250k a year if you save and invest well).
Re: The Fed says this is a cube of $1M. They're off by half a million
#330It's funny how all the comments seem to assume the conclusion is correct. I think it is far more likely that it is exactly $1M (plus or minus a couple of percent margin of error), and that the packing isn't uniform. It seems extremely unlikely to me that they would fuck it up so bad as to have $500k more in the box than claimed.
The only way to verify is open that sucker up and count.
They should send all of DOGE to work on this very important problem immediately. /s