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94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

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Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#41

Watching things like this, I think bitcoin could eventually replace the government-backed currency. Everyone can watch them move. If you spend 1$ from that wallet to buy even a mars bar, your identity will be known to others. How CLEAN and clear is that?

Fungibility is the only essential property of money missing, and that's why I have high hopes for Monero.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#43

From the top twitter comment: > 0.06BTC in fees? Why so expensive? Just gotta say, its pretty amazing we live in a world where 1 billion dollars can get transferred pseudo-anonymously in a reasonable time frame, only costing the transfer party $600. As a really stupid, non-real-world comparison, Western Union has a transfer limit of $2500 per transaction, and a $20 fee per transaction. If you were to initiate a $1,00…

My US bank account has zero transaction fees and if I had this kind of money I do not see why I could not transfer for zero fees (don't see a limit anywhere). And if making smaller transactions, apps like Venmo can transfer money both instantly and free (unlike Bitcoin).

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#44

Watching things like this, I think bitcoin could eventually replace the government-backed currency. Everyone can watch them move. If you spend 1$ from that wallet to buy even a mars bar, your identity will be known to others. How CLEAN and clear is that?

But on the other hand it goes against every rule about privacy, why do people know how much I have, or what I buy, the only privacy this give is privacy by obfuscation.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#45

Watching things like this, I think bitcoin could eventually replace the government-backed currency. Everyone can watch them move. If you spend 1$ from that wallet to buy even a mars bar, your identity will be known to others. How CLEAN and clear is that?

But why?

I don't understand why "account transaction visibility" is the thing that will negate the need for government-backed currency?

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#46

From the top twitter comment: > 0.06BTC in fees? Why so expensive? Just gotta say, its pretty amazing we live in a world where 1 billion dollars can get transferred pseudo-anonymously in a reasonable time frame, only costing the transfer party $600. As a really stupid, non-real-world comparison, Western Union has a transfer limit of $2500 per transaction, and a $20 fee per transaction. If you were to initiate a $1,00…

Honestly they probably have specific pricings for Billions but yeah 600$ is on the extreme low side of the spectrum.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#47
post #12

I 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?

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#48

Watching things like this, I think bitcoin could eventually replace the government-backed currency. Everyone can watch them move. If you spend 1$ from that wallet to buy even a mars bar, your identity will be known to others. How CLEAN and clear is that?

In a way. Washing it is pretty easy though. Send $50 into whatever exchange-du-jour is popular, then withdraw it back out into a clean wallet. Now you can buy all the Mars bars you want.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#49

From the top twitter comment: > 0.06BTC in fees? Why so expensive? Just gotta say, its pretty amazing we live in a world where 1 billion dollars can get transferred pseudo-anonymously in a reasonable time frame, only costing the transfer party $600. As a really stupid, non-real-world comparison, Western Union has a transfer limit of $2500 per transaction, and a $20 fee per transaction. If you were to initiate a $1,00…

Do you really think people use 400,000 transactions costing $20 apiece to move large amounts of money? If you keep a billion dollars in a bank account (!) you can simply call your private banker and have it done with no fee.

Re: 94k Bitcoin (1B USD) transferred from unknown wallet to unknown wallet

#50
post #11

Does anyone know what the transfer fees amounted to?

0.06534852 BTC Source: https://www.blockchain.com/btc/tx/4410c8d14ff9f87ceeed1d65cb...

It appears they overpaid by a factor of 20 or so. Anything beyond the first 0.003267426 (33 usd) or so was just charity.
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