New York Tries to Ban Paying Bitcoin Ransomware Attackers

New York state senators have drafted two bills this month that propose a ban on paying ransomware attackers with tax-payers money.  New York Refuses to Negotiate with Criminals In April of 2017, the National Security Agency (NSA) was hacked by an unidentified team of hackers who called themselves the Shadow Brokers. The Shadow Brokers were able to steal all the NSA’s top secret hacking tools, including zero-day exploits, and other tricks of the trade that the agency used to target terrorists for espionage. These stolen tools were sold on the…

Bitcoin Lightning Torch #2 Has Been Stolen 4 Times Already

The second iteration of the famous Bitcoin Lightning Torch has not been as successful as its first go-around last year. In just 8 days, the torch has already been stolen 4 times by dishonest participants. Your Bitcoin can easily be taken if you send it to a thief Bitcoin’s second Lightning Torch has been stolen 4 times by various pseudonymous Twitter members with an interest in Bitcoin. The Lightning Torch is a game where a participant sends a Lightning Network transaction to other participants around the globe. The participant then…

Why is Bitcoin Usability Still So Bad a Decade Later?

New technology takes time to filter down to the masses but even after ten years, bitcoin still remains largely user-unfriendly for most. There could be a number of reasons why. Over ten years after it was conceived, bitcoin is still primarily used as a vehicle for speculation rather than a decentralized peer-to-peer currency as was originally envisioned. There could be a number of reasons for this slow adoption curve and Longhash has been looking into some of them. Bitcoin Addressing System The bitcoin network still uses long and complex addresses…

Top Bitcoin Benefits Naysayers Need to Know

Anyone dealing with bitcoin or even reading this will have at some stage had to explain it to someone with no knowledge. It is not always easy, but keeping these major benefits in mind may convince the cynics. Explaining the benefits of bitcoin can be a challenge as most people with little knowledge of it will be highly skeptical. The first thing they will doubt is how an entity without a physical presence can have a monetary value. In a recent Medium, The Startup has explained the key benefits of…

Why the Bitcoin Cash ‘Dev Tax’ is a Colossal Mistake

The proposal to create a special “developer tax” could split the Bitcoin Cash community, and do more harm than good. Peter Rizun, the chief scientist at Bitcoin Unlimited, commented on the intention to bring miners under a centralized authority. Block Reward Ownership Challenged by New Bitcoin Cash Model Currently, Bitcoin Cash (BCH) mostly follows the letter of the Satoshi Nakamoto White Paper, where the block reward is owned by the miner who discovered it. But the proposal coming from a group of Chinese miners suggests to take 12.5% of the…

Can Longing Bitcoin and Shorting Oil Be a Viable Trade for 2020?

Bitcoin has made further progress over the weekend in a move back to resistance at $8,600. Gold prices moved upwards also but this time oil went in the opposite direction, could this be a sign of things to come? Bitcoin Safe Haven Redux on Virus Fears Bitcoin has made around 5% since the weekend started and is back at resistance at $8,600. The move coincided with the escalating fears of the Chinese Coronavirus spreading globally, which is causing widespread disruption across the world. The Chinese yuan has fallen and stock…

Rare Bitcoin Stale Block Event Sees $3 Double-Spend

The Bitcoin network has seen its first stale block event since October 2019 resulting in a $3 double spend. With mining difficulty at an all-time high (ATH) and hash rate distributed among major players, Bitcoin mining is even now more competitive than ever. Bitcoin Network Produces First Stale Block Since Oct 2019 According to BitMEX Research, two Bitcoin mining pools discovered a transaction block at the same time. In its tweet published on Monday (January 27, 2019), BitMEX Research revealed the stale block occurred at block height 614,732 with Poolin…