News on China's scientific and technological development.


quantumlight

Junior Member
Registered Member
The hackers had their Bitcoin wallet at an exchange hosted in California. The Feds basically contacted the exchange and got the bitcoin back.

Wait, they scored millions but used an exchange???

Thats like Snowden stealing from NSA and using an American VPN service that promised "no logs" to try to cover his tracks. Something smells beyond fishy here

What most people who haven't actually used bitcoin may not understand is that due to the inherent way bitcoin is structured it cannot be used for everyday transactions... unlike the likes of venmo or cashapp or whatever, you cannot really use bitcoin to split lunch money or to run errands or for everyday purchases anymore. The built-in mechanism of verification transactions means the current transaction fee is equal to about $15 USD and it will only continue to rise as the bitcoin skyrockets... One of the original selling points of bitcoin was there were no transactions fees but this is becoming more of a joke now, every-time you send your friend say the equivalent of 5 bucks via a pure bitcoin transfer (without even getting any third party exchanges involved) you will have to pay the bitcoin system the equivalent of $15 more bucks in the form of verification fees for the transaction, this fee will continue to skyrocket as the price of bitcoin goes up.... Now how many people you reckon will go use an ATM withdraw to get a hundred dollars if it charged a fee of $15 ?

One way around this is to simply not have the transaction hit the blockchain... and then aggregate the payments/settlements... for example you can actually buy/sell/trade bitcoin right in the cashapp. So if you buy 10 bucks worth of bitcoin on cashapp and use the cashapp to transfer to your friend's cashapp account it doesn't even hit the blockchain, its just an internal transfer within cashapp. If you search for your transaction on the bitcoin blockchain you won't find it. For if it did actually hit the blockchain then your 10 bucks transfer would end up as -5, lol... So instead of being a distributed general ledger, bitcoin's blockchain is now effectively a meta-ledger of ledgers all controlled by the individual exchanges themselves... which kind of defeats the original point of using bitcoin to bypass any other government or corporate authority

Bitcoin is entirely reliant on the Internet and at the mercy of the individual governments/corps that allow it to exists... without the internet bitcoin dies... whereas the digital Yuan can work offline even without Internet connection. So between this and the ridiculous transaction fees and other un-scalable issues, bitcoin was never meant to be used for its purported intended initial purposes.
 

BlackWindMnt

Junior Member
Registered Member
Yep they were that amateurish, so I don't believe for a minute the hackers were state funded/provided hackers.

Exchange trades are just database changes just like with fiat bank as long as not everybody withdraw their cryptos at the same time there isn't a problem. That is why you have the saying in the crypto sphere "not your key, not your coin".

There are already bitcoin space assets that contains a active node and block chain data if i'm not mistaken, cutting of the internet is not enough anymore to kill bitcoin
 

gelgoog

Captain
Registered Member
You could describe any currency as a giant spreadsheet, and Bitcoin speculation is no different from existing financial markets.

Except available fiat currencies are enforced by the state. Plus making transactions with paper money uses way less energy.
Also, paper money transactions are actually anonymous unlike Bitcoin.
If you want to make digital fiat transactions you use SWIFT and it uses way less energy than Bitcoin as well but you also lose anonymity. Bitcoin isn't anonymous either it is at best pseudonymous but I think not even that because they can track your IP. Plus even SWIFT probably charges less per transaction than Bitcoin does at this point.

Bitcoin is designed to increase costs exponentially to keep up with Moore's law but Moore's law has slowed down. Add to that the fact that transistor leakage keeps getting worse and the energy cost per transaction will only go up not down. It is a bad system.
 
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daifo

Junior Member
Registered Member
Bitcoin, crypto , defi, nft is all a unregulated rabbit hole. From my understanding, there is huge leverage and market manipulation going on in the system which creates the price moving upwards. Not saying you can't make money off of it, but it definitely smells like funny business. There are alot of money being tossed in by wallstreet and buisnness, so i think the bubble may go for a while.
 

Tyler

Senior Member
Registered Member
Wait, they scored millions but used an exchange???

Thats like Snowden stealing from NSA and using an American VPN service that promised "no logs" to try to cover his tracks. Something smells beyond fishy here

What most people who haven't actually used bitcoin may not understand is that due to the inherent way bitcoin is structured it cannot be used for everyday transactions... unlike the likes of venmo or cashapp or whatever, you cannot really use bitcoin to split lunch money or to run errands or for everyday purchases anymore. The built-in mechanism of verification transactions means the current transaction fee is equal to about $15 USD and it will only continue to rise as the bitcoin skyrockets... One of the original selling points of bitcoin was there were no transactions fees but this is becoming more of a joke now, every-time you send your friend say the equivalent of 5 bucks via a pure bitcoin transfer (without even getting any third party exchanges involved) you will have to pay the bitcoin system the equivalent of $15 more bucks in the form of verification fees for the transaction, this fee will continue to skyrocket as the price of bitcoin goes up.... Now how many people you reckon will go use an ATM withdraw to get a hundred dollars if it charged a fee of $15 ?

One way around this is to simply not have the transaction hit the blockchain... and then aggregate the payments/settlements... for example you can actually buy/sell/trade bitcoin right in the cashapp. So if you buy 10 bucks worth of bitcoin on cashapp and use the cashapp to transfer to your friend's cashapp account it doesn't even hit the blockchain, its just an internal transfer within cashapp. If you search for your transaction on the bitcoin blockchain you won't find it. For if it did actually hit the blockchain then your 10 bucks transfer would end up as -5, lol... So instead of being a distributed general ledger, bitcoin's blockchain is now effectively a meta-ledger of ledgers all controlled by the individual exchanges themselves... which kind of defeats the original point of using bitcoin to bypass any other government or corporate authority

Bitcoin is entirely reliant on the Internet and at the mercy of the individual governments/corps that allow it to exists... without the internet bitcoin dies... whereas the digital Yuan can work offline even without Internet connection. So between this and the ridiculous transaction fees and other un-scalable issues, bitcoin was never meant to be used for its purported intended initial purposes.
That is why ethereum is much better for transactions than bitcoin.
 

BlackWindMnt

Junior Member
Registered Member
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So Harmony os is an android fork or not? Any developer here who can look into it?
There are multiple flavors for HarmonyOS:
  • LiteOS huaweis own iot kernel smart appliances, watches etc
  • Android Open source project for compatibility with android
  • Linux this one is a non android compatible version
For now its better to see HarmonyOS more as a mixed ecosystem and once its app ecosystem can stand on its own they will slowly but surely replace the Android Open Source project version with either their own micro kernel or linux.

TLDR: Yes the current version of HarmonyOS on smartphones is a Android fork.

source:
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BlackWindMnt

Junior Member
Registered Member
That true Fuchsia OS of google is also a thing I'm keeping a eye on, especially given its use of the Rust programming language outside of the kernel. I still have some cloud study related to work I need to finish up first, but after that I'm going back to learning and picking up Rust and maybe pick up some HarmonyOS app development.
 

bettydice

New Member
Registered Member
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So Harmony os is an android fork or not? Any developer here who can look into it?
Do not trust arstechnica. They have been spreading malicious rumors against Huawei over and over. Arstechnica is the source of all kinds of ungrounded misinformation on Huawei, and many other critics also simply quote and spread those arstechnica articles without verification.

People without proper knowledge repeatedly say HarmonyOS is an Android fork like a parrot, but they never provide evidence.
 

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