reply on: Ooops, $7 Million in Your Account... (Bloomberg Money Stuff, Matt Levine) \ stacker news ~econ

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30 sats \ 7 replies \ @unschooled 1 Apr \ parent \ on: Ooops, $7 Million in Your Account... (Bloomberg Money Stuff, Matt Levine) econ

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)

78 sats \ 6 replies \ @Undisciplined 1 Apr

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.

28 sats \ 2 replies \ @unschooled 1 Apr

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.

100 sats \ 1 reply \ @Undisciplined 1 Apr

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.

30 sats \ 0 replies \ @unschooled 1 Apr

I don't think it would be worth trying anything.

You're probably right.

On the other hand. I'd be willing to bet there is probably a certain high level of clearance the bank employee needs to have when wiring such large amounts. And I pretty sure wires take a good amount of time, which probably means they do some checks and balances.

This is why my approach would be to put what you can in bitcoin when you can, while trying to not trigger any alarm bells.

Then be ready to plead to the courts that you have a gambling problem and pray for a favorable sentence.

35 sats \ 2 replies \ @denlillaapan OP 1 Apr

precisely this. Gotta go BIG or go honest

32 sats \ 1 reply \ @unschooled 1 Apr

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?

0 sats \ 0 replies \ @Undisciplined 1 Apr

Yes, it did turn out to be 50 days, but would you expect to have that long?

If so, your strategy might be fine.