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Title: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: amincd on August 25, 2011, 06:02:13 AM How to get $12 billion of gold to Venezuela (http://blogs.reuters.com/felix-salmon/2011/08/23/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. Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: joulesbeef on August 25, 2011, 06:45:35 AM more like 11cents, stupid 0.01 transaction fees
:D Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: FreeMoney on August 25, 2011, 06:48:04 AM more like 11cents, stupid 0.01 transaction fees :D Lol, did you stop taking new versions at the worst possible time? Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: hugolp on August 25, 2011, 06:56:11 AM Good catch.
Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: amincd on August 25, 2011, 07:20:12 AM 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! Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: helloworld on August 25, 2011, 08:06:30 AM 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. Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: geek-trader on August 25, 2011, 08:10:25 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. Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: Yuusha on August 25, 2011, 10:15:37 AM The minimum transaction fee is 0.0005 BTC, which is about $.005: 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.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. Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: hugolp on August 25, 2011, 10:17:30 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). Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: Yuusha on August 25, 2011, 10:19:05 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). Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: joeyjoe on August 25, 2011, 01:01:20 PM how do you force it not to force you to send the transaction fee?
Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: jackjack on August 25, 2011, 01:11:06 PM how do you force it not to force you to send the transaction fee? With the official client you can'tTitle: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: helloworld on August 25, 2011, 02:52:22 PM how do you force it not to force you to send the transaction fee? With the official client you can'tWith older versions you can but then you run the risk of it never getting included in a block. Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: Jan on August 25, 2011, 03:22:48 PM how do you force it not to force you to send the transaction fee? With the official client you can'tTitle: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: Meatpile on August 25, 2011, 05:48:03 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. Title: Re: Transporting $12 billion in gold internationally estimated to cost $400 million Post by: giszmo on August 25, 2011, 10:31:25 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. |