Hypothetical Question

[ifxequals1echoy]

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?

[DannyHamilton]

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.

[MyownBoss]

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!!!

[rizzlarolla]

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?

[franky1]

$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

[Jhanzo]

$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.  
Not sure how one would cash out that much, though.  That much money coming out of nowhere is going to be noticed.

[ifxequals1echoy]

$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.  
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?

[Velkro]

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.

Exactly that. You would got caught very fast, no matter what you would do. Decision should come from your character, not advices.
Hope you decide well by moral standards as stated above.

[pooya87]

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.

[notlist3d]

$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.  
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.