Transporting $12 billion in gold internationally estimated to cost $400 million

giszmo

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Quote from: Meatpile on August 25, 2011, 12:48:03 PM

Realisticly (in your silly hypothetical premise) to have $12B in bitcoin worth means:

- the owner of this $12B would never own more than 5% of the total bitcoin (or else its just funny fake money like ixcoin), so total bitcoin worth would need to be $12B * 20 = $240B
- there are 7.127M coins right now. so each would be worth ~$34,000 each

- the current minimum transfer fee is 0.0005 i think? So $17 transfer fee. Still better .... But if you factor in the volatility of bitcoin, if everyone saw such a giant transfer they would assume apocalypse and sell everything down to zero before 6 confirmations. Thus the fee would end up being Close to the total amount of $12Billion.

lol

I would assume that a 5% of all bitcoins transaction would not cause such a big disruption but sure, some would wonder. I would guess that by that time, there would also be enough people around to stabilize the prices so volatility will be less and less of a problem.

Meatpile

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Realisticly (in your silly hypothetical premise) to have $12B in bitcoin worth means:

- the owner of this $12B would never own more than 5% of the total bitcoin (or else its just funny fake money like ixcoin), so total bitcoin worth would need to be $12B * 20 = $240B
- there are 7.127M coins right now. so each would be worth ~$34,000 each

- the current minimum transfer fee is 0.0005 i think? So $17 transfer fee. Still better .... But if you factor in the volatility of bitcoin, if everyone saw such a giant transfer they would assume apocalypse and sell everything down to zero before 6 confirmations. Thus the fee would end up being Close to the total amount of $12Billion.

Jan

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Quote from: helloworld on August 25, 2011, 09:52:22 AM

Quote from: jackjack on August 25, 2011, 08:11:06 AM

Quote from: joeyjoe on August 25, 2011, 08:01:20 AM

how do you force it not to force you to send the transaction fee?

With the official client you can't

With older versions you can but then you run the risk of it never getting included in a block.

A client built on top of the BCCAPI (http://code.google.com/p/bccapi/) allows you to choose whatever fee you like. So far only the SimpleClient (http://code.google.com/p/bccapi/wiki/SimpleClient) has been implemented, but an Android client is on the way.

helloworld

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Quote from: jackjack on August 25, 2011, 08:11:06 AM

Quote from: joeyjoe on August 25, 2011, 08:01:20 AM

how do you force it not to force you to send the transaction fee?

With the official client you can't

With older versions you can but then you run the risk of it never getting included in a block.

jackjack

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Quote from: joeyjoe on August 25, 2011, 08:01:20 AM

how do you force it not to force you to send the transaction fee?

With the official client you can't

joeyjoe

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how do you force it not to force you to send the transaction fee?

Yuusha

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Quote from: hugolp on August 25, 2011, 05:17:30 AM

Quote from: Yuusha on August 25, 2011, 05:15:37 AM

I have to pay a transaction fee of at least 0.01 BTC for every single transaction. Sometimes it's 0.02, and one time it was even 0.03.

Just to clarify, this is because of the client, not because of the Bitcoin protocol. The Bitcoin protocol allows you to send a transaction with any fee you want including 0 (whether is processed or not thats another issue).

Yeah, I just updated (was running 0.3.22) and now I get 0.0005 transaction fees again Cheesy

hugolp

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Quote from: Yuusha on August 25, 2011, 05:15:37 AM

I have to pay a transaction fee of at least 0.01 BTC for every single transaction. Sometimes it's 0.02, and one time it was even 0.03.

Just to clarify, this is because of the client, not because of the Bitcoin protocol. The Bitcoin protocol allows you to send a transaction with any fee you want including 0 (whether is processed or not thats another issue).

Yuusha

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Quote from: amincd on August 25, 2011, 02:20:12 AM

The minimum transaction fee is 0.0005 BTC, which is about $.005:

https://en.bitcoin.it/wiki/Transaction_fees

And it's only required for transactions with values less than 0.01 BTC, so in this case, the fee would actually be optional and the transaction could be free.

I have to pay a transaction fee of at least 0.01 BTC for every single transaction. Sometimes it's 0.02, and one time it was even 0.03.

geek-trader

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Quote from: amincd on August 25, 2011, 02:20:12 AM

And it's only required for transactions with values less than 0.01 BTC

This is not true. I get the "transaction over the size limit" popup, charging me .0005, on almost every transaction, no matter how much BTC I am sending. I almost never send less than .1 BTC.

helloworld

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But by the time a $12b transaction is possible, 0.0005 btc will be worth MUCH more... so hopefully fees go way down too.

Also, $400m on $12b is only 3.3% ...way cheaper than some outfits.

amincd

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Quote from: joules

more like 11cents, stupid 0.01 transaction fees

The minimum transaction fee is 0.0005 BTC, which is about $.005:

https://en.bitcoin.it/wiki/Transaction_fees

And it's only required for transactions with values less than 0.01 BTC, so in this case, the fee would actually be optional and the transaction could be free.

Quote from: hugo

Good catch.

thanks!

hugolp

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Good catch.

FreeMoney

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Quote from: joulesbeef on August 25, 2011, 01:45:35 AM

more like 11cents, stupid 0.01 transaction fees
Cheesy

Lol, did you stop taking new versions at the worst possible time?

joulesbeef

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moOo

more like 11cents, stupid 0.01 transaction fees
Cheesy

amincd

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How to get $12 billion of gold to Venezuela

Quote

It’s not much of a precedent, but it’s the only precedent we’ve got; my gut feeling is that Venezuela would be do well to get away with paying 3.3% of the total value of the gold in total expenses. Given that the gold is worth some $12.3 billion, the cost of Chávez’s gesture politics might reasonably be put at $400 million or so.

The cost of transporting that amount of Bitcoin, assuming the market capitalization of the currency was sufficient to allow that large a transaction, would be half a cent.

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