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54 sats \ 13 replies \ @unschooled 1 Apr \ on: Ooops, $7 Million in Your Account... (Bloomberg Money Stuff, Matt Levine) econ
Not a 'professional,' but maybe this cpuld work?
Withdraw the daily cash limit from the bank atm and buy Bitcoin at a no-kyc bitcoin ATM (carefully) .
Do this until they notice and then claim you lost it all gambling. Possibly you could research one of those janky indigenous casinos and say you lost it all there (assuming their security protocol is a bit more lax - which maybe it's not I have no idea.)
Still, even if it works... It'd take a long time to get all the 7 mil
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Yeah, time is the problem with the daily limits.
There might be no better way than just going in and making a wire transfer to an offshore account. Obviously, that will involve someone at the bank, but maybe they don't go any further than verifying the balance (the right hand doesn't know what the left is doing).
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There might be no better way than just going in and making a wire transfer
Perhaps, but then don't you risk losing it all? (Slow and steady wins the race)
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Slow and steady might lose you everything, too. They'll just put a lien on your future earnings until you pay it back.
I also wouldn't assume that I'd get very many days before the mistake was caught and a few days worth of maximum withdrawals wouldn't be sufficiently life changing to justify the risk.
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put a lien on your future earnings until you pay it back.
'They' being the bank or school board?
In any case, I would think they need a court order to do so.
And would it be with interest?
I'm sure $7 million fraud (or whatever they charge you with) will be a more severe punishment than whatever you manage to buy with the cash.
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A lien would definitely require a legal judgement, but that would come pretty automatically when you failed to pay back the money that wasn't yours.
You'd possibly also owe income taxes on the amount you didn't pay back. It would be a real mess.
If you couldn't get a lot of it out at once and get out of extradition range, I don't think it would be worth trying anything.
precisely this. Gotta go BIG or go honest
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Besides, didn't it turn out to be 50 days?
If you had played these odds with 1500 daily cash limit you could have had almost 1 whole bitcoin.
Not big enough for you?
...didn't set off any flags receiving 7 mil, maybe won't set off any flags sending them out
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Good point, but wire transfers exist for some reason, so it must not be easy to transfer sufficiently large amounts out of a bank for normal people.
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Currently, my daily dca would not even be close to my daily cash limit. I'd take any extra sats I can get - anyway, you probably wouldn't hit 7mil before either the bank or the school board clues in.
I'd be surprised if there were any way to get away with the whole pot.
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