Quote from: bitserve on December 10, 2020, 06:00:45 PM

Quote from: d_eddie on December 10, 2020, 03:16:34 PM

I got an email from my bank. "We tried to phone you to clear some issues with a wire you made in the past days, but we didn't manage to talk to you." Of course. I had it switched off. So I called back, but the line mysteriously dropped after the person on the other end said "let me check this... wait a minute...". Twice.

I already had a hunch what it was about, but of course I thought I'd play dumb to extract as much info as possible. An hour later, I tried calling for the third time. At last, I get through to someone who can actually explain.

The problem was with a wire I made to Kraken. Not a big amount by any means - something in the ballpark of Bob's recent addiction buys* Grin

Bank - "We just want to make sure you actually ordered the wire."

Me - "Why? I make dozens of wires, it's the first time..." (Actually not the first: they called once upon a time when I moved most of my fiat to another bank because they pissed me off - but that was to beg: please don't please don't.)

Bank - "I don't know, it's like an automatic system flag... well, it's to some kraken.com."

Me - (Aha!) "I see. So what's the issue?"

Bank - "No issue, sir. We just want to make sure it was actually you who wired the money."

Me - "I did. But now I'm worrying. Is this a scam site or something?"

Bank - "It is some cryptocurrency site, I think... but as I said, it's just an automatic flag. Nothing to worry about, sir."

Me - "What if Kraken sends some funds to me? Will the transfer get a flag too? Will the incoming wire be blocked?" (Slightly implying - should I close my business with you altogether?)

Bank - "Oh no, sir. Incoming transfers are never stopped. There might be some formal issue with outgoing transfers once in a while, but never the other way round."

Me - "I am afraid. I don't want any problems, you see."

Bank - "Just an automatic flag, sir. Thank you."

Things are stirring up, gents. Brace yourselves.

Maybe you are reading too much into it. Banks have alert triggerings of all sorts. Ie:

- Amounts significantly over the usual for your profile.
- Abnormaly high number of tx's.
- Origin/destination to flagged accounts (ie: Accounts completely blacklisted, suspicious accounts, Bitcoin exchanges?).
- Tx's to/from other countries (this one is the main one when it is not clearly justified considering your informed profile).
- etc etc....

And combinations of the above.

Depending on the alert triggered it may involve a lock of account, a request of confirmation, and/or a request for additional information.

There are several reasons why banks NEED to do this:

1- To protect themselves from huge fines for not supervising money flow in accordance to KYC/AML and other regulations they are subject to.
2- To protect clients from having their funds extracted by hackers, etc...
3- To know what their clients are doing to detect trends and business opportunities.

etc....

The staff you talked to probably don't know what was exactly what triggered your alert, they just follow procedure (just confirmation in this case) even if they may have some idea based on their previous experience from similar "events".

What do you think would most probably apply in your case for having triggered a confirmation alert?

You are too smartie pants for your own good, bitserve!!! Angry

Quote from: Biodom on December 10, 2020, 08:44:38 PM

Quote from: Dabs on December 10, 2020, 06:53:36 PM

Quote from: BobLawblaw on December 10, 2020, 03:32:34 PM

... know that I hold more BTC in reserve than I could reasonably spend in my lifetime.

You could simplify it a bit by setting a fixed (in fiat) amount of extra money to spend, or not spend. If you really want to unreasonably spend everything in your lifetime, you will need either an estimate of how much time you have left or fudge it a bit more, then divide your corns by that number of years, and you have a maximum number or ceiling to liquidate.

A nice number to assume would be 30. Since , as you know, plenty of sources say 25x of your annual expenses and in theory you should be able to live on 4% of that for the rest of your life.

So, if you have say, 300 corns, then divide that by 30, that means you can probably spend 10 corns every year, and you'll be unreasonably spending everything until it runs out. It will take 30 years to deplete, and as the price fluctuates, goes up, or goes down, probably going up for the next 30 years, you'll end up with more fiat than you know what to do with.

Imagine being "forced" to spend 1 corn a month for the next 30 years.

If you're still alive in 30 years, you'll either run out of corn but have a lot of fiat, OR you didn't spend all your corn and can keep drawing on it.

If you're not already a billionaire, do not get a private jet. You will need more than the price of the plane to pay for it, maintenance, expenses, a full tank of fuel everytime you fly, salary for your pilot, all sorts of paperwork. I think flying first class or even business class, when you do need to travel, is quite okay with a lot of people already.

Funny, you are describing a plan that I concocted a few years back...dividing by 30, etc.
However, I deviated from it...don't want to cash out and spend yet, lol

If the asset is presumed to appreciate, then you would not need to withdraw as much in later years. But, my own formula does not suggest withdrawing principle in the earlier stages, but instead an ability to completely live off of the expected appreciation.. and of course, at some later date(s) plans would be adjusted to withdraw principle too, if there is a desire to deplete some of that instead of leaving it upon death or otherwise being o.k. with depleting some or all of the principle.