Lifeboat Foundation

Pathetic. This is truly a new low for Ransomware hackers.

MUNCIE — An Indiana cancer services agency says it will replace and rebuild its data after a computer hack demanding a ransom.

Cancer Services of East Central Indiana-Little Red Door in Muncie says it was hacked Jan. 11 and the hackers demanded a ransom of 50 bitcoins, or about $43,000, for access to its data.

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The answer may be counter-intuitive: Not only can Bitcoin be widely adopted under a supply cap, its trust and integrity are a direct result of a provably limited supply. As a result, it will flourish because it is capped.

Everyone Can Own and Trade a Limited Commodity, IF…

…if it is both measurable and divisible. Bitcoin has a capped supply just as gold has a capped supply. Although both assets will be mined for some time into the future, there is only so much that will ever be uncovered. Thereafter, the total pie cannot grow.

But the transaction units will continue to grow as needed, because the pie is divisible into very, very tiny units:

Continue reading “Can Bitcoin Flourish with a Capped Supply?” »

Federal agencies of the US government are expanding their calls for quantum computing resistant encryption methods. In effect, the National Institute of Standards (NIST) recently announced a request for public-key post-quantum algorithms. This action follows warnings from the National Security Agency (NSA) about the risks of potential quantum-based cyberattacks and the NSA’s appeal for developing post-quantum algorithms.

Also read: New Developments in Quantum Computing Impact Bitcoin

Moreover, in the near future, it might possible for anyone to manipulate the awesome power of quantum computing. The astronomical price of a quantum computer would not be a limitation because, for example, IBM is offering to the general public quantum computing via the cloud.

At Quora, I occasionally play, “Ask the expert”. Today, I was asked if the difference between quotes at various Bitcoin exchanges presents a profit opportunity.

In addition to my answer, one other cryptocurrency enthusiast offered pithy, one-line response: He said “Buy local, sell internationally and pocket the difference!” I tend to believe the opposite is more likely to generate profit: Buy internationally and sell locally. But, I am getting ahead of myself. Here is my answer [co-published at Quora]…

Question:
A Bitcoin exchange in my country quotes a different rate than
international markets. Can I profit from the price difference?

Answer:
Buying and selling a commodity with the intention of profiting from the difference in price in various markets, regions or exchanges is called arbitrage. Typically, the item must be widely traded and fungible. Although it can be a tangible item (one that must be delivered or stored, like gold, oil, frozen orange juice or soy beans), arbitrage is more practical when applied to an ‘item of account’, such as foreign currency, equity shares, stock futures, or Bitcoin.

Continue reading “Bitcoin Arbitrage: Can you profit?” »

At Quora, I occasionally role play, “Ask the expert” under the pen name, Ellery. Today, I was asked “Is it too late to get into Bitcoin and the Blockchain”.

A few other Bitcoin enthusiasts interpreted the question to mean “Is it too late to invest in Bitcoin”. But, I took to to mean “Is it too late to develop the next big application—or create a successful startup?”. This is my answer. [co-published at Quora]…

The question is a lot like asking if it is too late to get into the television craze—back in the early 1930s. My dad played a small role in this saga. He was an apprentice to Vladamir Zworykin, inventor of the cathode ray tube oscilloscope. (From 1940 until the early 2000s, televisions and computer monitors were based on the oscilloscope). So—for me—there is fun in this very accurate analogy…

John Logie Baird demonstrated his crude mechanical Televisor in 1926. For the next 8 years, hobbyist TV sets were mechanical. Viewers peeked through slots on a spinning cylinder or at an image created from edge-lit spinning platters. The legendary Howdy Doody, Lucille Ball and Ed Sullivan were still decades away.

Continue reading “Is it too late to get into Bitcoin and the Blockchain?” »

Quantum computing might be closer than we thought, thanks to a series of newly developed scientific methods. Furthermore, a new implementation of Shor’s algorithm increases the urgency of getting Bitcoin ready for the advent of quantum computing.

Also read: NIST Starts Developing Quantum-Resistant Cryptography Standards.

“It’s a fairly concise but expansive vision of what is possible to build with open public blockchains.”

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In Brief:

• IBM surveyed 200 global banks and financial institutions as part of two recently released studies.
• The widespread use of Blockchain could lead to more secure, efficient banking experiences.

Recent reports by IBM have revealed that by 2017, 15 percent of big banks worldwide and 14 percent of major financial institutions will be using Blockchain technology.

“One of the most interesting questions to me is whether we can figure out how to implement a proof of stake consensus mechanism in a large decentralized trustless public blockchain (ie Bitcoin, Ethereum, etc).”

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