Getting a Crypto Refund Can Be Very Expensive

Long-time Slashdot reader smooth wombat writes:

Recently, Slashdot posted a story about a group trying to purchase one of the few copies of the U.S. Constitution in the public domain. The idea was to use pool donations by people via Ethereum to get the winning bid. Alas, Citadel CEO Ken Griffin outbid the group and took possession of the copy.

Now the group, ConsitutionDAO, is in the process of refunding the donations, the BBC reports, and the people getting their money back are finding it can be quite expensive…

The BBC writes:
That is because the Ethereum network records its transactions on the blockchain, the same basic technology idea that powers other cryptocurrencies such as Bitcoin. And like Bitcoin mining, it requires computational power to run.
“Gas” is the fee paid to those who run the computer systems to facilitate transactions. And it changes price based on supply and demand. That means that at times, it can be much more expensive to make any kind of transaction, depending on how busy the Ethereum network is. And the network has recently seen high usage — and high gas prices.

On its official Discord — the chat app which allows anyone to create rooms and discussion channels for enthusiasts on almost any topic — the group said it had 17,437 donors with a median donation of $206.26. High gas fees mean that “small” donations could be severely hit by the transaction charge.

One user on the Discord said that in order to get $400 refunded, they would have to pay $168 in gas. Others complained of the fees being higher than the relatively small amount of their refund.

Read more of this story at Slashdot.

Crypto Miners in Kazakhstan Face Bitter Winter of Power Cuts

Illegal miners and mass relocations after a ban on crypto mining in China have overloaded energy grid. From a report: Matthew Heard, a software engineer from San Jose, is worried about his 33 bitcoin mining machines in Kazakhstan. In the past week, they kept getting shut off in an attempt by the national grid to limit the power being used by crypto miners. “It has been days since my machines have been online,” he said. “During the last week, even if my machines do come on, they barely stay on.” Kazakhstan has been struggling to cope with the huge popularity of crypto mining, driven this year partly by the steep rise in value of cryptocurrencies and partly by a mass migration of miners to its borders after China made mining illegal in May.

After three major power plants in the north of the country went into emergency shutdown last month the state grid operator, Kegoc, warned that it would start rationing power to the 50 crypto miners that are registered with the government, and said they would be “isconnected first” if the grid suffers problems. Heard set up in Kazakhstan in August and his machines are managed by Enegix, a company that rents out space to run crypto mining machines. He said his income has dropped from an average of $1,200 worth of bitcoin per day to $800 in October, and in the past week his machines have only been on for 55 per cent of the time. Machine owners are not notified when shutdowns are going to happen or when they will go back online, he said.

Read more of this story at Slashdot.

Galaxy Note is Dead; Samsung Reportedly Ending Production on Note 20, No Plans for 2022 Model

An anonymous reader shares a report: 2021 marked a big year for the Galaxy Note series, but not in a good way. Rather, it was the beginning of the end as Samsung prioritized its foldables over the Galaxy Note line. Now, the death of the Note seems set in stone, as Samsung reportedly has no plans for a 2022 Galaxy Note, and is also planning to end production of the Galaxy Note 20. ET News reports that Samsung has pretty much confirmed the end of the Galaxy Note series through two actions. Firstly, Samsung apparently has no plans for a Galaxy Note device in its 2022 roadmap. Likely that means the only flagship-tier Galaxy smartphones coming next year will be the Galaxy S22 series and new foldables.

On top of that, Samsung will also apparently end production on its Galaxy Note 20 series entirely by the end of 2021. Until now, production on the Galaxy Note 20 has continued as the device has still been selling. In 2021, the series reportedly sold around 3.2 million devices, around a third the number of Note devices sold in 2020. Of course, we know well at this point that the Galaxy S22 Ultra will act as a spiritual successor to the Galaxy Note series, with the device adopting a design closer to the Note 20 series as well as using the same built-in stylus. The Galaxy Fold series also inherits the S Pen, but still lacks a good place to store it.

Read more of this story at Slashdot.

LG Appoints New CEO To Lead Its Beleaguered Electronics Division

LG has appointed a new CEO to lead its electronics business. Starting December 1st, current Chief Strategy Officer William Cho will take over for Bong-seok Kwon as the CEO of LG Electronics. From a report: Meanwhile, according to The Korea Herald, Kwon will head up LG’s main holding company. Cho has been with LG Electronics since 1987. Prior to his most recent role, he served as the president of LG Canada, and later had the same role at LG Australia and LG USA. Cho is about to take the reins of LG Electronics at an inflection point for the company. It recently shut down its mobile division in July after the unit failed to make a profit in 23 consecutive quarters. At this point, LG Electronics is probably best known for its TVs and monitors, but there too it faces tough competition from Samsung and a variety of Chinese competitors.

Read more of this story at Slashdot.

Huge Fines and a Ban on Default Passwords in New UK Law

The government has introduced new legislation to protect smart devices in people’s homes from being hacked. From a report: Recent research from consumer watchdog Which? suggested homes filled with smart devices could be exposed to more than 12,000 attacks in a single week. Default passwords for internet-connected devices will be banned, and firms which do not comply will face huge fines. One expert said that it was an important “first step”. Cyber-criminals are increasingly targeting products from phones and smart TVs, to home speakers and internet-connected dishwashers. Hackers who can access one vulnerable device can then go on to access entire home networks and steal personal data.

In 2017, for example, hackers stole data from a US casino via an internet-connected fish tank. There have also been reports of people accessing home webcams and speaking to family members. And poor security on a home wi-fi router could have been behind the uploading of illegal child abuse images from a home network that led to police accusing an innocent couple of the crime. While there are strict rules about protecting people from physical harm — such as overheating, sharp components or electric shocks — there are no such rules for cyber-breaches.

Read more of this story at Slashdot.

FIFA To Test Automatic Offside Technology Next Week in Preparation for Qatar World Cup

FIFA will trial its new automatic offside technology next week at the Arab Cup as a test to potentially use it at the World Cup in Qatar next year. From a report: As per the Times, the technology relies on an artificial intelligence (AI) system sending an instant message to VAR when a player is offside, with the official then left to determine if a player has interfered with the passage of play or not. The technology will be used at all six stadiums used in the Arab Cup — which also takes place in Qatar — and comes after several trials behind closed doors took place at the likes of the Etihad Stadium and the Allianz Arena. Despite being able to relay an instant message to VAR, the technology will only be classed as semi-automated as the verdict will be sent to VAR and not the referee himself.

Read more of this story at Slashdot.

China’s New Space Reactor ‘Will Be 100 Times More Powerful Than a Similar Device NASA Plans To Put on the Surface of the Moon by 2030’

Hmmmmmm writes: China is developing a powerful nuclear reactor for its moon and Mars missions, according to researchers involved in the project. The reactor can generate one megawatt of electric power, 100 times more powerful than a similar device Nasa plans to put on the surface of the moon by 2030. The project was launched with funding from the central government in 2019. Although technical details and the launch date were not revealed, the engineering design of a prototype machine was completed recently and some critical components have been built, two scientists who took part in the project confirmed to the South China Morning Post this week.

To China, this is an ambitious project with unprecedented challenges. The only publicly known nuclear device it has sent into space is a tiny radioactive battery on Yutu 2, the first rover to land on the far side of the moon in 2019. That device could only generate a few watts of heat to help the rover during long lunar nights. Chemical fuel and solar panels will no longer be enough to meet the demands of human space exploration, which is expected to expand significantly with human settlements on the moon or Mars on the agenda, according to the Chinese researchers. “Nuclear power is the most hopeful solution. Other nations have launched some ambitious plans. China cannot afford the cost of losing this race,” said one researcher with the Chinese Academy of Sciences who asked not to be named as they were not authorised to speak to the media.

Read more of this story at Slashdot.

Centrist Dems Sink Biden’s Nominee for Top Bank Regulator

Five Democratic senators have told the White House they won’t support Saule Omarova to head the Office of the Comptroller of the Currency, effectively killing her nomination for the powerful bank-regulator position. Axios: The defiant opposition from a broad coalition of senators reflects the real policy concerns they had with Omarova, a Cornell University law professor who’s attracted controversy for her academic writings about hemming in big banks. Their opposition also hints at a willingness of some Democratic senators to buck the White House on an important nomination, even if it hands Republicans a political — and symbolic — victory.

Republicans have attacked the Kazakh-born scholar in remarkably personal terms, and turned her nomination into a proxy battle over how banks should be regulated.
Driving the news: In phone call on Wednesday, Sens. Jon Tester (D-Mont.) Mark Warner (D-Va.) and Kyrsten Sinema (D-Ariz.), all members of the Senate Banking Committee, told Sen. Sherrod Brown (D-Ohio) — the panel’s chairman — of their opposition. They’re joined in opposing her by Sens. John Hickenlooper (D-Colo.) and Mark Kelly (D-Ariz.).

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Inside the Rise and Fall of Clubhouse, a Pandemic Poster Child of VC-backed Hype

From a report: In May 2020, when the pandemic raged, the comedian and TV writer Marlena Rodriguez got an invite to a new app called Clubhouse that offered the homebound online masses a way to spend some of their suddenly abundant time. In the ensuing months, Rodriguez jousted in a chat room with the celebrity Ashton Kutcher, gained more than 13,000 followers, and started a party room on Fridays that frequently swelled to over 1,000 people. She wrote a play, “Once Upon a Clubhouse,” and hired actors to perform it on the app. “I was in love,” she said. Today, “I question why I’m even still on Clubhouse,” Rodriguez said. Her Friday-night room has dwindled to about 30 people.

More than any other startup, Clubhouse epitomizes the venture-capital-backed euphoria that swept the tech industry since lockdowns shut millions of people inside and pushed them online for connection, entertainment, and information. Marc Andreessen has called the app “the Athenian agora come to life,” referring to the hub of democracy in ancient Greece. It has raised more than $100m from his firm and other top VCs, garnering a $4bn valuation. But with vaccinations rising and more people returning to normal life, Clubhouse has been hit particularly hard. Daily downloads of the app have plunged more than 90% since a peak in June, while daily average users are down almost 80% since February, Apptopia data indicated. Insider interviews with creators, advertisers, VCs, and others in the tech industry show a platform struggling to build an audience and keep it. Moneymaking opportunities are also slim, which makes the app a tough sell for creators and users as there are many other options online and off.

Read more of this story at Slashdot.