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Title: Hypothetical Question Post by: ifxequals1echoy on June 08, 2016, 10:01:33 PM If one managed to obtain the private key to a wallet that contains over 50 million dollars worth of bitcoin, how would one go about spending it? or cashing it out?
Title: Re: Hypothetical Question Post by: DannyHamilton on June 08, 2016, 10:07:06 PM If one managed to obtain the private key to a wallet that contains over 50 million dollars worth of bitcoin, how would one go about spending it? or cashing it out? One wouldn't. One would contact the rightful owner of the bitcoin, explain to them how they are not properly securing their bitcoin, and assist them in setting up the proper security. To do anything else is a clear indication that you lack moral character. Title: Re: Hypothetical Question Post by: MyownBoss on June 08, 2016, 10:07:59 PM If one managed to obtain the private key to a wallet that contains over 50 million dollars worth of bitcoin, how would one go about spending it? or cashing it out? One wouldn't. One would contact the rightful owner of the bitcoin, explain to them how they are not properly securing their bitcoin, and assist them in setting up the proper security. To do anything else is a clear indication that you lack moral character. love it!!! Title: Re: Hypothetical Question Post by: rizzlarolla on June 08, 2016, 10:08:45 PM If one managed to obtain the private key to a wallet that contains over 50 million dollars worth of bitcoin, how would one go about spending it? or cashing it out? Which exchange do you work at? Title: Re: Hypothetical Question Post by: franky1 on June 08, 2016, 10:15:35 PM $500m=100,000 btc in one address... um.. goodluck
i think there is only one address with that amount right now https://blockchain.info/address/3Nxwenay9Z8Lc9JBiywExpnEFiLp6Afp8v its a multisig. so unless you had all the privkeys .. then you got no chance Title: Re: Hypothetical Question Post by: Jhanzo on June 08, 2016, 10:33:32 PM $500m=100,000 btc in one address... um.. goodluck i think there is only one address with that amount right now https://blockchain.info/address/3Nxwenay9Z8Lc9JBiywExpnEFiLp6Afp8v its a multisig. so unless you had all the privkeys .. then you got no chance It's $50M. And besides, it's a hypothetical question. Hypothetically one address can contain 1M bitcoins. ;D Not sure how one would cash out that much, though. That much money coming out of nowhere is going to be noticed. Title: Re: Hypothetical Question Post by: ifxequals1echoy on June 08, 2016, 11:04:52 PM $500m=100,000 btc in one address... um.. goodluck i think there is only one address with that amount right now https://blockchain.info/address/3Nxwenay9Z8Lc9JBiywExpnEFiLp6Afp8v its a multisig. so unless you had all the privkeys .. then you got no chance It's $50M. And besides, it's a hypothetical question. Hypothetically one address can contain 1M bitcoins. ;D Not sure how one would cash out that much, though. That much money coming out of nowhere is going to be noticed. How much do you recon could be cashed out without causing such commotion? Title: Re: Hypothetical Question Post by: Velkro on June 09, 2016, 12:14:59 AM One wouldn't. Exactly that. You would got caught very fast, no matter what you would do. Decision should come from your character, not advices.One would contact the rightful owner of the bitcoin, explain to them how they are not properly securing their bitcoin, and assist them in setting up the proper security. To do anything else is a clear indication that you lack moral character. Hope you decide well by moral standards as stated above. Title: Re: Hypothetical Question Post by: pooya87 on June 09, 2016, 02:54:20 AM If one managed to obtain the private key to a wallet that contains over 50 million dollars worth of bitcoin, how would one go about spending it? or cashing it out? one would wake up from his dream of getting rich by coming up on free money and continue his normal life without stealing other people's money. Title: Re: Hypothetical Question Post by: notlist3d on June 09, 2016, 03:32:59 AM $500m=100,000 btc in one address... um.. goodluck i think there is only one address with that amount right now https://blockchain.info/address/3Nxwenay9Z8Lc9JBiywExpnEFiLp6Afp8v its a multisig. so unless you had all the privkeys .. then you got no chance It's $50M. And besides, it's a hypothetical question. Hypothetically one address can contain 1M bitcoins. ;D Not sure how one would cash out that much, though. That much money coming out of nowhere is going to be noticed. How much do you recon could be cashed out without causing such commotion? None... the great thing about bitcoin is blockchain. So it is easy to see how much is recieved and sent. I suspect as soon as you started taking they would notice... and track it. And some could argue you might be able to "wash" it again you would " lack moral character." in Danny's great terms to do so. Also whoever has that would be very well off. I imagine there would be substantial reward for you... so you eventually get caught I would think. |