Lifeboat Foundation

First, let’s get some basics out of the way…

What is Transaction Malleability?

Here are 2 explanations of transaction malleability: [Coindesk] [TechTalk]

In a nutshell, Transaction Malleability is a weakness in the original Bitcoin implementation that enables a bad actor to change the unique ID of a bitcoin transaction before it is confirmed on the Blockchain. Such a change makes it possible for someone to pretend that a transaction didn’t happen, if all necessary conditions are in place.

Continue reading “Have there been successful Transaction Malleability attacks?” »

Cryptocurrencies have become a major topic of interest in the United States, in part due to the extreme volatility of the flagship cryptocurrency, Bitcoin. Bitcoin rose from a modest value (under $1,000) to more than $15,000 in the span of a year, and now hovers between $6,000 and $12,000, with wild fluctuations throughout the days and weeks. It’s a potentially lucrative investment, but also a risky one—especially considering how new the concept of cryptocurrencies really is.

In addition to buying and selling cryptocurrencies, consumers are more actively involving themselves in crypto mining, the process of creating new digital currency. But the culture surrounding crypto mining is changing, and it may never be the same again.

Before you can understand how crypto mining is changing, you have to understand how it started, and what it is today. To hold its value, cryptocurrency needs to exist in a finite amount, and just like printing money, it needs an initial distribution. The system also relies on a network of peers (i.e., hundreds to thousands of computers) to audit each transaction on the network; in other words, the community of computers has to agree that a transaction is legitimate before it’s finalized as a “block” and added to the blockchain.

Continue reading “The culture of crypto mining is changing: here’s how” »

At the end of 2017 and the first months of 2018, we witnessed a surge of interest in Initial Coin Offerings or ICOs. Perhaps the word “interest” gives too much credit to ICOs. Most are scams. ICOs are pushed through by vendor hype, rather than pulled through by investor research. They are almost all pump-and-dump schemes.

But what about Bitcoin? It is not a scam, but questions remain about regulation, intrinsic value* and its likelihood to be superseded by something better. Bitcoin skeptics point to two facts: (1) Bitcoin is open source, and so anyone can create an equally good altcoin. (2) Newer coins incorporate improvements that overcome governance and scaling issues: cost, transaction speed, the burgeoning electric needs of miners, or whatever…

While both statements are true, they miss the point. This is not a VHS-vs-Beta scenario. Bitcoin has achieved a 2-sided network and it is free to fold in every vetted improvement that comes along. For Bitcoin, all those other coins are simply beta tests.

Even the functional tokens will unwittingly feed their “improvements” into Bitcoin. For this reason, it is a safe bet that Bitcoin will reign supreme for years to come—perhaps even long enough for the dominos to fall.

Continue reading “ICOs & Altcoins rise and fall—yet, Bitcoin endures” »

Elon Musk has revealed his personal cryptocurrency holdings.

The billionaire CEO of SpaceX and Tesla told Twitter followers that he in fact has never purchased cryptocurrency, and only holds a small amount of Bitcoin gifted by a friend.

Not sure. I let @jack know, but it’s still going. I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago.

Continue reading “Elon Musk Reveals Personal Crypto Holdings” »

Godfrey Bloom is a member of the British Parliament. His in-your-face style of educating and shocking his peers has made him a controversial politician. He has occasionally been escorted out of the assembled parliament because of his rowdy rhetoric.

Consider the video below. Bloom offers a critical, but simple and clear explanation of the Fractional Reserve banking system used in the US and Europe. This gets to the heart of the matter! _{[continue below video]…}

Conclusion (mine, and not Mr. Bloom’s): It is in the interest of governments to use a form of money that they cannot manipulate, print, spend, hide or lend without first earning, taxing or legitimately borrowing — and then balancing the books, openly.

Continue reading “Would an ethical government surrender control of monetary policy?” »

New to the wide world of cryptocurrency? Keep your coins safe and access your private keys the smart way with these Bitcoin wallets.

Nebula Genomics aims to help people understand their genome and guarantees that individuals will retain permanent ownership of their DNA data, all paid for with a new cryptocurrency.

Rewriting Life

This new company wants to sequence your genome and let you share it on a blockchain.

People will be able to earn cryptocurrency in exchange for letting pharma companies use their data.

Continue reading “This new company wants to sequence your genome and let you share it on a blockchain” »

“Lloyds Banking Group Plc said on Sunday it would ban its credit card customers from buying Bitcoin and other cryptocurrencies.”

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