Lifeboat Foundation

The blockchain is public, yet a Bitcoin wallet can be created anonymously. So are Bitcoin transactions anonymous? Not at all…

Each transaction into and out of a wallet is a bread crumb. Following the trail is trivial. Every day, an army of armchair sleuths help the FBI. That’s how Silk Road was brought down.

The problem is that some of that money eventually interacts with the real world (a dentist is paid, a package shipped or a candy is purchased at a gas station). Even if the real-world transaction is 4 hops before or after hitting the “anonymous” wallet, it creates a forensic focal point. Next comes a tax man, an ex-spouse or a goon.

The first article linked below addresses the state of tumblers (aka “mixers”). They anonymize an open network by obfuscating the trail of bread crumbs.

Continue reading “Can Bitcoin Transactions be Made Private?” »

Bitcoin and cryptocurrency prices are well known to be closely tied to media and general public interest –-though that could be changing.

The bitcoin price has been climbing so far this year, rising some 200% since January, though has recently plateaued at around $10,000 per bitcoin after peaking at more than $12,000 in June.

Now, it appears Google searches for bitcoin and BTC, the name used by traders for the bitcoin digital token, could be being manipulated–-possibly in order to move the bitcoin price.

Owning one full bitcoin is becoming a recognized attainment goal. And thereby hangs a tale.

Is it just a numbers game? Isn’t the unit a bit arbitrary and meaningless?…

The logistics and the math are compelling. I recognized the importance of reaching this personal milestone more than 8 years ago. But I was a nobody. No one cared. Then, in April 2019, we started to see articles in legitimate venues about this concept—and articulated in exactly this way. I borrowed the title of this post from this article in Medium.

Who Says So?

Continue reading “The Race to Own One Bitcoin” »

In a rare feat, French police have hijacked and neutralized a massive cryptocurrency mining botnet controlling close to a million infected computers.

The notorious Retadup malware infects computers and starts mining cryptocurrency by sapping power from a computer’s processor. Although the malware was used to generate money, the malware operators easily could have run other malicious code, like spyware or ransomware. The malware also has wormable properties, allowing it to spread from computer to computer.

Since its first appearance, the cryptocurrency mining malware has spread across the world, including the U.S., Russia, and Central and South America.

The rise of cryptocurrency is changing the philanthropic world by causing the redistribution of wealth from old money to visionary innovators and early tech adopters. The new crypto rich invest their donations by supporting scientific research in groundbreaking fields that may one day enable humanity to cure aging, reverse death and completely change the relationship between work and income.

Also Read: How Does a Country Do an ICO? They Call It QE

Examining the record of donations made by the crypto rich reveals a pattern of support for goals that others may feel belong in the pages of science fiction novels. Having benefited greatly from recognizing the potential of peer to peer electronic cash earlier than the masses, it is no surprise that they have great optimism in the power of technology to radically change our lives for the better.

Ukrainian authorities are investigating a potential security breach at a local nuclear power plant after employees connected parts of its internal network to the internet so they could mine cryptocurrency.

The investigation is being led by the Ukrainian Secret Service (SBU), who is looking at the incident as a potential breach of state secrets due to the classification of nuclear power plants as critical infrastructure.

Investigators are examining if attackers might have used the mining rigs as a pivot point to enter the nuclear power plant’s network and retrieve information from its systems, such as data about the plant’s physical defenses and protections.

Metallicus, the startup behind the peer-to-peer payments platform Metal Pay, received an undisclosed angel investment from the youngest bitcoin millionaire, Erik Finman.

In partnership with Metal Pay CEO Marshall Hayner, the two look to develop the first “all-in-one” cryptocurrency banking platform, which includes a 17 digital asset exchange, a digital bank and a payments application with social features similar to Venmo.

Founded in September, Metal Pay has processed approximately $11 million in total payments from nearly 130,000 registered users across 38 states. On a monthly basis, the company processes $1 million in crypto or fiat for around 30,000 active users, according to Hayner.

Today, I was co-host of an online cryptocurrency symposium—taking questions from hundreds of visitors. A common question goes something like this:

Can Bitcoin be used in person—or
is it just for internet commerce?

Our panel had a moderator, and also an off-screen video director. As I cleared my throat in preparation to offer a response, a voice in my ear reminded me that it was not my turn. The director explained that another panelist would reply. It was a highly regarded analyst and educator in Australia. Realizing that that she was calling the shots, I deferred.

I was shocked as I listened to a far off colleague suggest that Bitcoin is not useful for in-person payments. I wonder how he explains this to the grocers, tailors, lawyers, theme parks and thousands of retailers who save millions of dollars each year by accepting bitcoin—all without risk of volatility and even if they demand to instantly convert sales revenue into Fiat currency.*

Continue reading “Spending Bitcoin in person is easy (What happens in background is elegant)” »