Bitcoin Forum
December 08, 2016, 10:31:41 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Transporting $12 billion in gold internationally estimated to cost $400 million  (Read 2012 times)
amincd
Hero Member
*****
Offline Offline

Activity: 772


View Profile
August 25, 2011, 06:02:13 AM
 #1

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.
1481236301
Hero Member
*
Offline Offline

Posts: 1481236301

View Profile Personal Message (Offline)

Ignore
1481236301
Reply with quote  #2

1481236301
Report to moderator
1481236301
Hero Member
*
Offline Offline

Posts: 1481236301

View Profile Personal Message (Offline)

Ignore
1481236301
Reply with quote  #2

1481236301
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481236301
Hero Member
*
Offline Offline

Posts: 1481236301

View Profile Personal Message (Offline)

Ignore
1481236301
Reply with quote  #2

1481236301
Report to moderator
joulesbeef
Sr. Member
****
Offline Offline

Activity: 476


moOo


View Profile
August 25, 2011, 06:45:35 AM
 #2

more like 11cents, stupid 0.01 transaction fees
 Cheesy

mooo for rent
FreeMoney
Legendary
*
Offline Offline

Activity: 1246


Strength in numbers


View Profile WWW
August 25, 2011, 06:48:04 AM
 #3

more like 11cents, stupid 0.01 transaction fees
 Cheesy

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

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
hugolp
Hero Member
*****
Offline Offline

Activity: 742



View Profile
August 25, 2011, 06:56:11 AM
 #4

Good catch.
amincd
Hero Member
*****
Offline Offline

Activity: 772


View Profile
August 25, 2011, 07:20:12 AM
 #5

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!
helloworld
Full Member
***
Offline Offline

Activity: 182


View Profile
August 25, 2011, 08:06:30 AM
 #6

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.


geek-trader
Sr. Member
****
Offline Offline

Activity: 294


View Profile
August 25, 2011, 08:10:25 AM
 #7


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.

Make 1 deposit and earn BTC for life! http://bitcoinpyramid.com/r/345
Play my FREE HTML5 games at: http://magigames.org  BTC donations accepted.
Yuusha
Full Member
***
Offline Offline

Activity: 196



View Profile
August 25, 2011, 10:15:37 AM
 #8

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.
hugolp
Hero Member
*****
Offline Offline

Activity: 742



View Profile
August 25, 2011, 10:17:30 AM
 #9

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
Full Member
***
Offline Offline

Activity: 196



View Profile
August 25, 2011, 10:19:05 AM
 #10

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
joeyjoe
Full Member
***
Offline Offline

Activity: 224


View Profile
August 25, 2011, 01:01:20 PM
 #11

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

Bitcoin PHP programmer for hire! (HTML / CSS / JQuery / AJAX / .NET).
jackjack
Hero Member
*****
Offline Offline

Activity: 882


May Bitcoin be touched by his Noodly Appendage


View Profile
August 25, 2011, 01:11:06 PM
 #12

how do you force it not to force you to send the transaction fee?
With the official client you can't

Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2
Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc.
helloworld
Full Member
***
Offline Offline

Activity: 182


View Profile
August 25, 2011, 02:52:22 PM
 #13

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.

Jan
Legendary
*
Offline Offline

Activity: 1042



View Profile
August 25, 2011, 03:22:48 PM
 #14

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.

Mycelium let's you hold your private keys private.
Meatpile
Sr. Member
****
Offline Offline

Activity: 277


View Profile
August 25, 2011, 05:48:03 PM
 #15

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.

giszmo
Legendary
*
Offline Offline

Activity: 1568


¡ɥɔʇɐʍ ʇsnɾ &#7


View Profile WWW
August 25, 2011, 10:31:25 PM
 #16

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.

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!