Topic: A whale transfers $310 millions worth bitcoins for a ridiculously low fee!!! (Read 289 times)
November 25, 2019, 06:52:02 PM
This is a ridiculous fee price. Once again, Bitcoin fucked the bank and bank transfers. Do we really need more evidence of the dominance of Bitcoin?
November 25, 2019, 06:17:39 PM
Bitcoin Whales seems to be in action despite bitcoin prices going downwards, and this particular whale just transferred $310 Millions worth Bitcoins for 0.32 cents, and yes you’re reading it right just 0.32 cents. Now open your bank site or any other money transfer site and just input a few thousands or few lakhs of dollars you wish to transfer, the transfer fee will blow your mind out.
What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.
What are your thoughts on the transfer fees, have you ever taken it up with your bank?. Lastly I believe the time has come for these corporations to stop looting us, and give us fair transfer rates don’t you’ll agree with this?.
https://thenextweb.com/hardfork/2019/11/24/bitcoin-whale-310-million-cryptocurrency-fortune-32-cent-fee/
What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.
What are your thoughts on the transfer fees, have you ever taken it up with your bank?. Lastly I believe the time has come for these corporations to stop looting us, and give us fair transfer rates don’t you’ll agree with this?.
https://thenextweb.com/hardfork/2019/11/24/bitcoin-whale-310-million-cryptocurrency-fortune-32-cent-fee/
Another proof of the excellence of cryptocurrency against the banking system. Can a bank transfer such amounts in a matter of seconds at the price of chewing gum? Never!
November 25, 2019, 03:38:15 PM
I don’t know if that news is quite similar to this one here:
Source link here
While yours is $310 million worth of BTC for $0.30+, another source says $337 million (46,000 BTC) for only $0.40.
So that means to say there are two whales recently moving a lot of BTC today? Correct me if I’m wrong though.
All I can say is that these whales are having the time of their life by risking to buy Bitcoin years ago when it was still cents to a few dollars.
If I were a whale, I would rather save my money on my Bitcoin wallet than in banks. Coz’ we have full control (no central authority) and ridiculous low transfer fees.
It's the same story, likely some statiscis got misseed up, but the premise of the story fairly the same.Source link here
While yours is $310 million worth of BTC for $0.30+, another source says $337 million (46,000 BTC) for only $0.40.
So that means to say there are two whales recently moving a lot of BTC today? Correct me if I’m wrong though.
All I can say is that these whales are having the time of their life by risking to buy Bitcoin years ago when it was still cents to a few dollars.
If I were a whale, I would rather save my money on my Bitcoin wallet than in banks. Coz’ we have full control (no central authority) and ridiculous low transfer fees.
that's why bitcoin is far better than BANK, I have said about this repeatedly to my community, when you make large transactions from BANK to another BANK or make money transfers between countries.
If you transfer money from country A to country B, you bank:
1) send them to correspondent bank
2) correspondent bank send them to correspondent bank of receiver
3) correspondent bank of receiver sends the money to the bank
4) money are transferred from bank to receiver
If you fail to write correctly receivers name, iban, swift code, bank name, you can call or write to bank manager on stage 1)-2) and hold the wire with 100% success rate. Most probably your transfer wont even be executed.
But if you failed in writing correctly bitcoin address of receiver while transferring $310 millions, most probably you can forget about that money
This isn't always a good thing - how many times have people been scammed with fake wires that get held and canceled?
November 25, 2019, 03:29:09 PM
That's the good thing about cryptocurrency. I don't think banks will be able to do that. When you're making a huge transfer that is an international transfer, the bank will charge you their own fee, and since the bank is not the only agent that is carrying out the transfer there are other fees that are being added maybe for the government and others like Western Union and all that, depending on what you choose to use.
That is why Bitcoin is the best option when it comes to international transfer. I believe that if the same whale tried to transfer that amount using bank he's going to face a lot of difficulties and some screening? I guess. But with Bitcoin, he's in complete control and will only be paying the fees for the miners, no stress and the transfer is done already.
Lately, I have been making use of Bitcoin when I want to send money to friends abroad, they receive it that same minute and they sell it and get the money in their bank account immediately. But imagine when I used to make use of banks lol, I would leave my house and go to bank early in the morning around 8 or 9AM and start filling some paperwork and then wait for days for them to receive the money.
That is why Bitcoin is the best option when it comes to international transfer. I believe that if the same whale tried to transfer that amount using bank he's going to face a lot of difficulties and some screening? I guess. But with Bitcoin, he's in complete control and will only be paying the fees for the miners, no stress and the transfer is done already.
Lately, I have been making use of Bitcoin when I want to send money to friends abroad, they receive it that same minute and they sell it and get the money in their bank account immediately. But imagine when I used to make use of banks lol, I would leave my house and go to bank early in the morning around 8 or 9AM and start filling some paperwork and then wait for days for them to receive the money.
November 25, 2019, 01:42:19 PM
Low transaction fees are one of the advantages of Bitcoin and banks will not be able to compete with it unless they integrate the same technology or just accept Bitcoin for international transfer to lessen the hassle 
. Sooner or later more people will know about this and banks will be out of the picture if they don't make any changes with the transaction fees.
. Sooner or later more people will know about this and banks will be out of the picture if they don't make any changes with the transaction fees. November 25, 2019, 12:57:18 PM
This is the new generation of why you shouldn't go all in transfeering from any real world company such as bank's international transfer.
It's better you use something within the network such as Stellar if you want to pay less fees with your bank.
Nevertheless it's an easier job to make a virtual transactional transfer rather than from a bank to other bank.
Banks have people working for them, there is an individual for each task such as government laws verification, money verification, money processing amount other things.
These costs some $$$ thats why banks ask for more fees rather than bitcoin.
It's better you use something within the network such as Stellar if you want to pay less fees with your bank.
Nevertheless it's an easier job to make a virtual transactional transfer rather than from a bank to other bank.
Banks have people working for them, there is an individual for each task such as government laws verification, money verification, money processing amount other things.
These costs some $$$ thats why banks ask for more fees rather than bitcoin.
November 25, 2019, 12:46:20 PM
My last transaction cost me the equivalent of 2 cents. $0.02 USD... but it was for a much smaller value of around less than $500. Still that's quite low, and I only waited 11 minutes for it to be included in a block. I was in no hurry either and expecting it to take much longer as I set the fee to 1 sat / byte.
November 25, 2019, 10:23:52 AM
The bank is a complex and highly focused organization where your money order requires the participation of many components and is subject to enormous legal constraints. The problem is even more complicated when international money transfers. Moreover, banks can not apply blockchain in a short time.
November 25, 2019, 10:23:06 AM
I really wonder how they manage to do it? I usualy transfer few hundred dollars somewhat frequently to exchanges almost every weekend, and the fees I pay is around $0.25 - $0.45 per transaction. I use Segwit enabled wallet and the wallet calculates the fees for me! I have tried inputtig manual fees but that usually delays the confirmation. Is there anything that we don't know?
That's too low already. I remember from an exchange it is about 4 to 5 dollars per transaction depending on the exchange rate. That's why I go with an alternative coin, XRP! It is very cheap to send and safe too.I want also to learn how they managed to transfer at less than a dollar so that I don't need to convert to another coin.
November 25, 2019, 10:15:53 AM
If you fail to write correctly receivers name, iban, swift code, bank name, you can call or write to bank manager on stage 1)-2) and hold the wire with 100% success rate. Most probably your transfer wont even be executed.
I know of someone who transferred money to the wrong bank account without getting it back. You know what the bank recommended him to do? Transfer a penny to that bank account and ask in the description of the payment if the wrongly transferred money can be sent back. Obviously, that didn't happen.It could be different per bank as each bank handles a different set of policies, but the days where blatant mistakes from your side are refunded are nearing their end. Theft, phishing, etc is still being refunded but I'm not sure how long that will last.
But if you failed in writing correctly bitcoin address of receiver while transferring $310 millions, most probably you can forget about that money
Your only shot at getting it back is to quickly double spend with a much higher fee as long as the transaction is still unconfirmed, but that's not an action the average user here knows how to execute. 
November 25, 2019, 10:11:17 AM
I see this as the perfect distraction for many to speculate on what will happen? If the price goes up or down ... What the whales do are normal plays in the market, pass their funds from one side to another, some are taking a position in the Exchanges and allocate some percentage of their money to defend positions and others to operate.
They may be doing like a chess, they take positions to follow their strategy, what should be done right now is to try to know what they can do, or what plans they can have ...
The trend in general is bullish, it may be that now with the news that has been presented in China they are influencing and taking advantage of the movements under these premises, everything is valid in the market ... although it always gives surprises, as it usually does contrary to what most people think, many see bearish, they may surprise us ... The key is to wait.
They may be doing like a chess, they take positions to follow their strategy, what should be done right now is to try to know what they can do, or what plans they can have ...
The trend in general is bullish, it may be that now with the news that has been presented in China they are influencing and taking advantage of the movements under these premises, everything is valid in the market ... although it always gives surprises, as it usually does contrary to what most people think, many see bearish, they may surprise us ... The key is to wait.
November 25, 2019, 09:36:00 AM
This news is not new , before bitcoin reach all time high, there were lots of transactions, like moving thousands and hundreds of bitcoin from one wallet to another,
this is a sign that even the price drop to 6k usd, there is a possiblity that it will not last long, and it will go up a bit , since the whales is already accumulating lots of it
what they are doing is putting the community into panic mode, while they are getting a lot of bitcoins , with a low price, then sold it again same process , is happening
time and time again, and no one is even notice that its just a cycle, and poor new investors are the victim of it
this is a sign that even the price drop to 6k usd, there is a possiblity that it will not last long, and it will go up a bit , since the whales is already accumulating lots of it
what they are doing is putting the community into panic mode, while they are getting a lot of bitcoins , with a low price, then sold it again same process , is happening
time and time again, and no one is even notice that its just a cycle, and poor new investors are the victim of it
November 25, 2019, 09:26:30 AM
Bitcoin Whales seems to be in action despite bitcoin prices going downwards, and this particular whale just transferred $310 Millions worth Bitcoins for 0.32 cents, and yes you’re reading it right just 0.32 cents. Now open your bank site or any other money transfer site and just input a few thousands or few lakhs of dollars you wish to transfer, the transfer fee will blow your mind out.
What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.
What are your thoughts on the transfer fees, have you ever taken it up with your bank?. Lastly I believe the time has come for these corporations to stop looting us, and give us fair transfer rates don’t you’ll agree with this?.
https://thenextweb.com/hardfork/2019/11/24/bitcoin-whale-310-million-cryptocurrency-fortune-32-cent-fee/
What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.
What are your thoughts on the transfer fees, have you ever taken it up with your bank?. Lastly I believe the time has come for these corporations to stop looting us, and give us fair transfer rates don’t you’ll agree with this?.
https://thenextweb.com/hardfork/2019/11/24/bitcoin-whale-310-million-cryptocurrency-fortune-32-cent-fee/
Show this news in the global mass media. It would shock people!
November 25, 2019, 08:11:37 AM
I think its part of bank's service charge income. Its really quite hard to understand about the fees but these are also regulated from or how many processes it will undergo. Transferring money especially from one country to another is very high-risk and it depends also on the connection and the process flow.
November 25, 2019, 07:45:14 AM
that's why bitcoin is far better than BANK, I have said about this repeatedly to my community, when you make large transactions from BANK to another BANK or make money transfers between countries.
If you transfer money from country A to country B, you bank:
1) send them to correspondent bank
2) correspondent bank send them to correspondent bank of receiver
3) correspondent bank of receiver sends the money to the bank
4) money are transferred from bank to receiver
If you fail to write correctly receivers name, iban, swift code, bank name, you can call or write to bank manager on stage 1)-2) and hold the wire with 100% success rate. Most probably your transfer wont even be executed.
But if you failed in writing correctly bitcoin address of receiver while transferring $310 millions, most probably you can forget about that money
November 25, 2019, 07:40:32 AM
I don’t know if that news is quite similar to this one here:
Source link here
While yours is $310 million worth of BTC for $0.30+, another source says $337 million (46,000 BTC) for only $0.40.
So that means to say there are two whales recently moving a lot of BTC today? Correct me if I’m wrong though.
All I can say is that these whales are having the time of their life by risking to buy Bitcoin years ago when it was still cents to a few dollars.
If I were a whale, I would rather save my money on my Bitcoin wallet than in banks. Coz’ we have full control (no central authority) and ridiculous low transfer fees.
Source link here
While yours is $310 million worth of BTC for $0.30+, another source says $337 million (46,000 BTC) for only $0.40.
So that means to say there are two whales recently moving a lot of BTC today? Correct me if I’m wrong though.
All I can say is that these whales are having the time of their life by risking to buy Bitcoin years ago when it was still cents to a few dollars.
If I were a whale, I would rather save my money on my Bitcoin wallet than in banks. Coz’ we have full control (no central authority) and ridiculous low transfer fees.
November 25, 2019, 07:37:55 AM
How much the cost you spend will greatly affect your transaction. I once tried to transfer my bitcoin with a very low fee even though I had waited all day and in the end my transaction just failed even though I had waited all day and it was a waste of my time.
November 25, 2019, 07:37:17 AM
Bitcoin Whales seems to be in action despite bitcoin prices going downwards, and this particular whale just transferred $310 Millions worth Bitcoins for 0.32 cents, and yes you’re reading it right just 0.32 cents. Now open your bank site or any other money transfer site and just input a few thousands or few lakhs of dollars you wish to transfer, the transfer fee will blow your mind out.
What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.
What are your thoughts on the transfer fees, have you ever taken it up with your bank?. Lastly I believe the time has come for these corporations to stop looting us, and give us fair transfer rates don’t you’ll agree with this?.
https://thenextweb.com/hardfork/2019/11/24/bitcoin-whale-310-million-cryptocurrency-fortune-32-cent-fee/
0.32 cents is cheaper than a bottle of water. In my opinion, everyone needs to think out about how valuable Bitcoin is. What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.
What are your thoughts on the transfer fees, have you ever taken it up with your bank?. Lastly I believe the time has come for these corporations to stop looting us, and give us fair transfer rates don’t you’ll agree with this?.
https://thenextweb.com/hardfork/2019/11/24/bitcoin-whale-310-million-cryptocurrency-fortune-32-cent-fee/
November 25, 2019, 07:34:18 AM
I really wonder how they manage to do it? I usualy transfer few hundred dollars somewhat frequently to exchanges almost every weekend, and the fees I pay is around $0.25 - $0.45 per transaction. I use Segwit enabled wallet and the wallet calculates the fees for me! I have tried inputtig manual fees but that usually delays the confirmation. Is there anything that we don't know?
The fees are charged per byte, not per dollar amount.
So if all this money was in a single address with a single input, then the fee for the output will be small.
Whereas if you are sending an output made up of a lot of inputs, the bytes being sent will be large and the fees large as a result.
November 25, 2019, 07:31:15 AM
That's cool.Such a large sum passed from one person to another for just 0.32 cents.The Bank on average for such a transfer would take from 0.5% to 1% of the transfer amount.
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