[ufmace]

I've never moved around tens of millions of dollars, so I don't know what the usual procedures and fees are. I have moved thousands around between accounts, and the fee is a couple of dollars, a tenth of a percent. It's hard to believe that the fee percentage for a normal wire transfer for those amounts is higher than that.

Given that, this doesn't seem like much of a big deal. I suppose it's neat, but when you're working with that much money, does a few tens of dollars matter?

Considering also that moving any significant amount of this money to Fiat to actually purchase anything will likely be massively difficult, involve huge fees and delays, and may even distort the entire exchange market, and it seems even less useful.

Infact, the largest USD exchange seems to be https://www.bitfinex.com right now, and this transaction represents around 2 weeks of their volume. It might well take months to convert this to USD without causing too much market distortion.

On an unrelated note, damn the CNY exchange volume is massive, and seems to dwarf the total USD volume. I wonder what's up with that?

[natrius]

Most CNY exchanges don't have trading fees. As a result, comparing their volumes to USD exchanges isn't really meaningful.

[cbhl]

CNY has currency controls on moving money into and out of the country. Bitcoin, less so.