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

Post by [deleted] » Sat, Nov 23, 2013, 2:44 AM UTC

Sambdala wrote: post #241

glesica wrote: post #188

Earlier quoted context omitted.

Yes, because making sure someone isn't buying a nuke on the black market and is paying the taxes they owe is just terrible. Don't get me wrong, the regulatory framework for money transfers seems to suck, but I don't want to go from "shitty regulation" to "zero regulation", I want to go from "shitty regulation" to "smart regulation".

>I want to go from "shitty regulation" to "smart regulation". I'm tempted to conclude this is something that happens so rarely you may as well count the times it happens as a rounding error. It's a bit like saying government will just work if we only vote for the right candidate.

Post by jmj4 » Sat, Nov 23, 2013, 2:48 AM UTC

XorNot wrote: post #337

toozap wrote: post #179

Earlier quoted context omitted.

I think you might be missing the point. Bitcoin right now operates more like gold. You can't pay off your house, buy a car, pay your taxes or go out to eat with gold. However, there is a healthy market for exchanging gold for currency. You wouldn't call gold funny money. I think it would be more appropriate to compare bitcoin to gold right now. I have no idea how healthy the market is for exchanging bitcoin for other…

Gold is a physical good with actual useful value. It is hugely overvalued right now, and anyone telling you to "buy gold" usually holds gold and benefits a lot from that. Those cable "invest in gold" deals are exactly this but worse - they sell you gold more expensive then the commercial market that can never be redeemed for that price. But it has a real cost of production that represents its relative industrial wort…

Post by nl » Sat, Nov 23, 2013, 2:53 AM UTC

andrewflnr wrote: post #366

tokenadult wrote: post #162

If this was an actual transfer of ownership of Bitcoin at all near that value, this would trigger money-transfer reporting requirements under the laws of most countries,[1] especially if this was an international transfer of ownership. I see that all the other comments here are speculating about what exactly happened here, and one astute comment before this one pointed out that the actual owner of the Bitcoin may sti…

I'm not sure I see where you're going by mentioning reporting requirements. Isn't the point of Bitcoin that those kind of laws are unenforceable?

Post by carbocation » Sat, Nov 23, 2013, 2:54 AM UTC

andrewflnr wrote: post #366

tokenadult wrote: post #162

If this was an actual transfer of ownership of Bitcoin at all near that value, this would trigger money-transfer reporting requirements under the laws of most countries,[1] especially if this was an international transfer of ownership. I see that all the other comments here are speculating about what exactly happened here, and one astute comment before this one pointed out that the actual owner of the Bitcoin may sti…

I'm not sure I see where you're going by mentioning reporting requirements. Isn't the point of Bitcoin that those kind of laws are unenforceable?

Post by sejje » Sat, Nov 23, 2013, 3:28 AM UTC

bigiain wrote: post #362

giovannibajo1 wrote: post #252

Earlier quoted context omitted.

Sorry to digress a little, but I'm sensitive on age issues :) Pinkie Pie won his first $50k award by creating a 0-day sandbox escape on Chrome, by chaining 10 different vulnerabilities. He was 19 (now almost 21). Two years before, at 17, he released jailbreakme.com, all by himself, which was a 0-day able to jailbreak all iOS models shipped to date by just visiting a website. Age means nothing by itself, but the point…

Sure, there are 18 year olds with impressive technical chops. But do you know _anybody_ who would deposit money in a bank run exclusively by an 18 year old? Coding skills can be created and honed by highschoolers - business, legal, and commercial experience - very much less so.