51–60 of 369 posts
Unpopular opinion: why do we care so much about making it cheaper for rich people to move money around? Do we think somehow that will “trickle down” to us mere mortals and put western union and their ilk out of business?
If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.
Well the point is with Bitcoin you don't have to trust RBC to not freeze and/or abscond with your $1B.
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$50 if both using the same currency. $50 + a few basis point spread if using a different currency, but you don't know exactly what that spread will be from the sending bank and what the spread will be at the receiving bank, so you can lose anywhere from .001% to 4% with major currencies.
I imagine there are also fees involved to turn $1B worth of bitcoins to local currency.
But for reference, in today's market you could expect to be able to negotiate a 1-2% spread in converting $1Bn in bitcoin to US Dollars. It would have to be multiple orders throughout the day as an OTC dealer will quote on price for $100m and a different price for $1bn.
Block orders in the bitcoin OTC market often has more daily volume than the lit market on exchanges. Similar to other commodities markets.
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Not scammed, but maybe a regulator will take an interest in $1B being moved around.
Is the average person in our society better off in a world where anyone can move $1B anonymously? Why do you think regulators might want to take an interest in such transfers?
If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.
Well the point is with Bitcoin you don't have to trust RBC to not freeze and/or abscond with your $1B.
Unpopular opinion: why do we care so much about making it cheaper for rich people to move money around? Do we think somehow that will “trickle down” to us mere mortals and put western union and their ilk out of business?
For all of the talk about how Bitcoin is not truly anonymous, this wallet demonstrates otherwise, with the apparent 'anonymity proviso' being that you don't do too much with it, and just let the coins sit.
We're having a discussion on HN about a specific person moving a specific amount of money around. That by itself is basically the opposite of privacy.
We're having a discussion about an unknown account - which may or may not be an individual person - moving specific amounts of money around anonymously, not privately.
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I'm not aware of any government that taxes money transfers. At least in any country I have lived in you can move around your money as much as you like without any taxes. Now if you're trying to avoid income tax or something like that that's a different question, but then using Bitcoin doesn't magically make that disappear either.
In the us you would get taxed https://www.irs.gov/businesses/small-businesses-self-employe...
How many times would you double check the address before hitting send? I would think to minimize risk, would slice this up into a few transactions...
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They certainly are not. Not between countries (even if they are EU countries and both use the Euro) and not for 1 billion Euros/Dollars. Edit: A lot of people here are saying "I do not pay for it so it is free". Just because you don't pay does not mean it is free for everyone . The law just states that fees must be the same for domestic and EU transfers, not that the transfer is free and, there are countless examples…
> Not between countries (even if they are EU countries and both use the Euro) If your bank is charging differently for transfers to euro denominated accounts in other countries, complain to the regulator. This isn't allowed.
B) The "target" bank can still charge you independently of your bank.
E.g. (and I do this kind of transfer very very often so I am 100% sure it is so and I am also 100% sure this is legal): A transfer from Germany to Germany is free. A transfer from Germany to Greece is not as the Greek bank charges a fee.