A German programmer has 2 chances to guess his IronKey password or he’ll lose $280m in Bitcoin

[johnarb]

It is one thing having this much in bitcoins and total
Another to cash out. Was shocked to learn that coin base puts daily cap onwires. Like 10k or something like this.

I can wire any amount from my futures broker for example.

is it like they everywhere ???? Just curious as I do not own any cryptos.

Wires? I'll let you know about any caps I encounter at Coinbase if I sell next week, but I use ACH bank transfer.

If there are limits, I can simply let the $ sit on the account to wait for the limits to pass and initiate further transfers, but if the limits are too inconvenient, I may go to Gemini or another exchange. This is why I break up any planned transactions when dealing with an exchange, so if there are issues, you only have to deal or risk that particular amount

I read for selling $250K or higher amounts, Circle is better.

 

[RedDuke]

Wires? I'll let you know about any caps I encounter at Coinbase if I sell next week, but I use ACH bank transfer.

If there are limits, I can simply let the $ sit on the account to wait for the limits to pass and initiate further transfers, but if the limits are too inconvenient, I may go to Gemini or another exchange. This is why I break up any planned transactions when dealing with an exchange, so if there are issues, you only have to deal or risk that particular amount

I read for selling $250K or higher amounts, Circle is better.

coinbase puts limit on any transfers as I understand. I think daily max is 10 or 20k. Let’s say this guy unlocks it. It would take him forever to withdraw the cash. Is it like that everywhere in crypto world.

 

[Turveyd]

coinbase puts limit on any transfers as I understand. I think daily max is 10 or 20k. Let’s say this guy unlocks it. It would take him forever to withdraw the cash. Is it like that everywhere in crypto world.

Some UK banks, don't even allow BTC deposits in the UK these days, the 1's that do, likely smaller amount.

But hey, if you could withdraw 5K per week for the rest of your life, you'd be very happy I'm sure.

 

[RedDuke]

Some UK banks, don't even allow BTC deposits in the UK these days, the 1's that do, likely smaller amount.

But hey, if you could withdraw 5K per week for the rest of your life, you'd be very happy I'm sure.

This is what I am suspecting. So it is kinda mirage. I can withdraw full amount from any broker that trades real thing (stocks, gold, oil, currencies, softs and etc), but crypto does not allow it, simply weird.

 

[Turveyd]

This is what I am suspecting. So it is kinda mirage. I can withdraw full amount from any broker that trades real thing (stocks, gold, oil, currencies, softs and etc), but crypto does not allow it, simply weird.

Mate had only 2 coins and struggled to sell them 2 years+ back.

They want you to buy it, swap it between each other, but never to convert back to real cash, that way it'll only ever go up.

 

[ZBZB]

Some UK banks, don't even allow BTC deposits in the UK these days, the 1's that do, likely smaller amount.

But hey, if you could withdraw 5K per week for the rest of your life, you'd be very happy I'm sure.

Only HSBC. Barclays international told me it was my money and do what I wanted with it!

 

[Pekelo]

, simply weird.

That is a funny way to spell fraud.

Well, I can actually see their points:

1. If it is a hack, the daily limit slows it down, so if the original owner notices it early enough, the loss is caped. Basically it is a hackbump.

2. If they practice fractional reserve banking the capital outflow is limited, they have more time to think of something.

 

[RedDuke]

That is a funny way to spell fraud.

Well, I can actually see their points:

1. If it is a hack, the daily limit slows it down, so if the original owner notices it early enough, the loss is caped. Basically it is a hackbump.

2. If they practice fractional reserve banking the capital outflow is limited, they have more time to think of something.

I have similar thoughts. If it is all legit, why not allow people sell their bitcoins in "open market", and once transaction goes through, wire/ach millions back to owner bank account.

If someone sell 1mil worth of cryptos, it looks like it will take anywhere between 50-100 business days to get it to their bank account. And that is "only" 1 mil.

Would love if experts could elaborate.

 

[johnarb]

I have similar thoughts. If it is all legit, why not allow people sell their bitcoins in "open market", and once transaction goes through, wire/ach millions back to owner bank account.

If someone sell 1mil worth of cryptos, it looks like it will take anywhere between 50-100 business days to get it to their bank account. And that is "only" 1 mil.

Would love if experts could elaborate.

I don't have $200M in bitcoin, but just a couple of things need to be separated, there is no urgency like sky is falling end of the world to cash out $200M in 1 day, unless you thought it would crash any minute now to $0 in which case, how did you invest so much in something you did not believe in?

If I had $200M in bitcoin, I would contact several exchanges prior to transferring bitcoins to them and selling. There are OTC services as well, I'm sure you'd get champagne services from the likes of Gemini, Kraken, Circle, Fidelity, Bitstamp, etc, but they may question how you acquired so much so if your coins are dormant for 10 years on the original addresses, you won't have to prove much, since at that time, they were worth very little $ and they'll know that you're not involved in funny business like money laundering, if you paid $10,000 for $200M worth of bitcoins.

Personally, if I was him, I'd cash out 1000 bitcoins, and still hodl the rest, what would I need with $200M worth of fiat? then I'd have to invest it in a something like MSTR senior convertible notes who will give me sh*t interest and then spend the money to buy bitcoins or waste on company parties and yachts or some sh*t like that

There's no more fraud in bitcoin than in other cash investments as people are suggesting on this thread, there's plenty of liquidity for $200M in the market, you just gotta have that much legit bitcoins to begin with.

 

[DiceAreCast]

Gold melts but does not disappear. Gold can be stored with dozens of worldwide renowned custodians. With your crypto wallet you completely exposed to hackers each time you want to do ANYTHING with your coins and need to move them out of your wallet.

I do not want to keep discussing this, but you're not entirely clear on the parameters of the comparison. We're talking about self-custody of $220M worth of value.

To be honest, as the value increased to $50M and higher, he should have transferred some to Gemini, Coinbase, and Fidelity or other custodial entities and transfer more as the value continued to increase, but he didn't and that's not what we're discussing here. Btw, he did ok according to the article even if he does not recover this.

You're hung up on password. You do not need a password for encryption, you can use other methods for encryption. You do not need to memorize a single word, if that's your choice.

What happens in a fire or some kind physical problems onsite to the gold storage? What if you have to move to a different city, state or country? How much does it cost to keep all the security around this storage? or to build it?

https://elitetrader.com/et/threads/lost-passwords-lost-fortunes.354692/#post-5295702