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The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

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331–340 of 369 posts

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#331
post #270

Earlier quoted context omitted.

Just wanted to second this. I ran several public Linux servers at a major university. China and Russia based IPs we’re constantly trying to brute force all of our servers. It got the point where we would just apply a geoblock just in case one finally managed to get through. I’m all for avoiding nationalistic dog whistles when discussing things, but both China and Russia have rightfully earned their places as bad acto…

It adds no information or value to the discussion by giving the hackers a nationality. If there was a statistic that the majority of hackers wore hoodies, would we be calling that out and saying "Attacked by hackers in hoodies?" Obviously not because their clothing has nothing to do with the fact that they're malicious. What's happening here is profiling and it doesn't work. Add that to the fact that there are of cou…

Please note I never used a nationality in my comment, but referred to the countries themselves. Nothing I stated had any emotions behind it. I stated simple facts from personal experience.

Geolocating the origination points of an exploit is extremely useful. Your point of other countries using proxies being the prime reason. The simple fact is if China and Russia wanted to limit the number of attacks originating from their IP blocks they could do so. Since they more or less allow it to continue they are a common source of malicious traffic, and geo blocking will significantly reduce the number of attempted exploits you experience.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#332
post #99

Earlier quoted context omitted.

You do have to trust yourself to have 100% flawless security because one slip and you lose that $1B to a Chinese hacker with no hope of ever getting it back.

Why do you have to add “Chinese”?

Just the usual Hacker News racism we've come to know and despise. This site is rife with it, unfortunately.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#334

If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.

Bitcoin's strong point is that it will allow rich people to maintain their wealth when the inevtiable tyrants take over and try to redistribute wealth.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#335

Earlier quoted context omitted.

Just wanted to second this. I ran several public Linux servers at a major university. China and Russia based IPs we’re constantly trying to brute force all of our servers. It got the point where we would just apply a geoblock just in case one finally managed to get through. I’m all for avoiding nationalistic dog whistles when discussing things, but both China and Russia have rightfully earned their places as bad acto…

Change your statement to read “black” instead of Chinese and see if you still think it’s OK. The crime is hacking, and your attempts to “expose” Chinese hackers is more like an agenda to prejudice Chinese even if statistically many Chinese-originated traffic is attempting to hack you. In the chance that the hacking is actually caused by American hackers routing their traffic through China, then what purpose does your…

"China" is a place, which is an origin of hacking attempts detected by some users, which could be of known or unknown origin (i.e. people who are pink or AI)

"Black" refers to an ethnicity of a given group of people. Or their skin color, if you want things simple.

These are non-interchangeable terms, so by asking to switch them you are indicating they are interchangeable. You are doing this because you think it's important to keep people from blaming an individual based on group membership.

Yet, it remains that the CPC is something else beyond a person, a culture or a people. Defending it is irrational, but maybe people want to stand up for something important to them and think that defending everything's right to exist and speak its mind is more important than existence itself.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#336
post #39

Unpopular opinion: why do we care so much about making it cheaper for rich people to move money around? Do we think somehow that will “trickle down” to us mere mortals and put western union and their ilk out of business?

Imagine if Bitcoin worked by "taxing" transfers and evenly distributing that tax to every other wallet.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#337
post #93

Earlier quoted context omitted.

depends on the nature of the transaction & the parties - 'transfer/transaction taxes aren't the only issue Sales or gift taxes could apply. So could import /export taxes depending on the endpoints. Could it appear as income/gains to one party or another? etc... of course it can often be structured to avoid such taxes, but it requires forethought. I wouldn't even think of making a $multi-million move without first con…

$Million is pretty simple. That's an everyday real estate purchase is a major US city. Tens to hundreds of millions is different. But even tens could be handled by any attorney in the field. That's estate planning level.

As long as you have clean money with an obvious & documented provenance (i.e., how it was earned), and an obvious above-board purpose such as buying a house, sure, transferring a few million is likely to be straightforward.

But that is off-topic - the topic is anonymous transfer for unspecified reasons.

Even transferring between two accounts of different businesses you own can generate SARs (Suspicious Activity Reports) at $5K level. Even multiple deposits of a few $thousand in cash will draw attention & be subject to confiscation if you don't have a solid & documented explanation, such as running a big & legitimate cash business.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#338
post #323

Earlier quoted context omitted.

Better censorship is what you are after? A website to censor things along the lines of how you think? A website that will protect you from racists? I heard reddit is trying really hard these days to be the censorship hot spot perhaps take a look. The original point was Chinese are not a race they are a nationality. You both are wrong. Chinese are not a race. Chinese are not a nationality. The Han Chinese are a nation…

> Better censorship is what you are after? A website to censor things along the lines of how you think? A website that will protect you from racists? Deplatforming racists isn't censorship. > Save your outrage for something meanful. Big words coming from someone that didn't mention that Black Lives Matter even once in their comment, and also didn't do anything to bring more attention to North Korean concentration cam…

"Deplatforming racists isn't censorship"

Isn't deplatforming racist because it creates a segregated society. Do you really want to separate society based on race? Soon we'll have schools for racist only. People will complain they when they get higher marks.

You think you like the idea of social justice? What you are doing is social judgement. Bullying.. using your power over someone less powerful to make yourself feel better.

Many causes need attention. Ignoring them all and pretending to care when people are around doesn't help anyone. The next generation is going to call you fake.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#339
post #74

Earlier quoted context omitted.

No the average person is less well off in a world where $1 billion can be moved anonymously. The need to move such funds anonymously is usually due to illegal activities, money laundering, or at least tax evasion (evasion, not avoidance). This leaves every average person at the very least, on the hook to pay for those taxes evaded, or lacking the services they would have provided. If the need is due to criminality be…

I'm sorry plenty of people would disagree with our taxing system, 99% of them not being drug Lords. I think most people would be better off with the ability to move billion of dollars anonymously, as it would also give them the ability to move hundreds or thousand of dollars anonymously as well. I fall into that category. Most people I know, and they aren't rich tax avoiders would also fall into that category. Crypto…

Perhaps I'm missing something, but I'm seeing you specify the use-case other than 'less-rich people can also move money anonymously'.

Other than small-scale tax evasion or nefarious activities, what use cases are you advocating?

I also used to be pretty excited about the potential for crypto currencies, still think it may have some, but the security overhead, value volatility, & scalability issues have pretty much rendered it less useful than cash or (ugh) ACH-based services like Venmo, Google Pay, etc., ir just credit cards.

Also, you're not addressing losses of tax evasion - one tax evader failing to pay $1B in taxes means a million people need to pay an extra $1000 to make up for his crime. Not victimless.

Re: The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

#340

Earlier quoted context omitted.

Call me when a blockchain-backed remittance service reaches even a small fraction of the customer-base of companies like Transferwise or CurrencyFair. If it was an efficient way to cut on fees, everyone would do it. Yet almost nobody does.

What's your number? That's exactly what Ripple is working on - replacing SWIFT. https://ripple.com/ripplenet

And how many years have they been at it? My impression in 2019, trying to add it to an Android app, was badly documented or deprecated libraries. And then there is the whole debacle with XRP, the currency, and Ripple, the underlying tech, being used interchangeably and confusing everyone. Banks aren’t even interested in XRP.

And bank adoption hasn’t been exactly smooth so far either: https://www.reuters.com/article/us-blockchain-ripple-idUSKBN...

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