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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.

As the Coindesk article points out, a successful attack requires certain conditions that make a successful attack difficult or even unlikely. Many analysts referred to it as a bug that should eventually be fixed, rather than an urgent issue.

Was This Flaw Addressed

Transaction malleability was addressed (for Bitcoin) with the introduction of Segregated Witness (SegWit) in August 2017. 1, 2

But Was There a Successful Attack?
Attack? Yes. Successful? It’s doubtful…

In March 2017, five months before SegWit was implemented, a mining pool that administers 2% of worldwide activity launched a malleability attack. No one lost money – and some individuals believe that they did this to emphasize urgency and hasten the adoption of SegWit.

What About Lightning Network?

The Lightning Network is a ‘Level 2’ network overlay, currently being adopted by miners (depending on the service or exchange, it is being incrementally activated in the first months of 2018). To function properly, it requires that transaction malleability be solved. But, in the event that a miner is not SegWit compliant, it can resolve the malleability problem in other ways.

1 SegWit should not be confused with SegWit2x, an upgrade process that was cancelled a few months later in November. 2017

2 In the TechTalk article linked above, the author concludes:

“Transaction Malleability is fixed with Segregated Witness by no longer taking into account signatures when calculating the transaction’s fingerprint. Fixing Transaction Malleability means that the Lightning Network can work smoothly.”

Philip Raymond co-chairs CRYPSA, hosts the New York Bitcoin Event and presents at
Crypto Conferences around the world. Book a presentation or consulting engagement.

In the course of the last century, science fiction has been a harbinger of things to come. From the automatic sliding doors of Star Trek to visual communication, cyberspace, and even the moon landing, many of our present technological achievements were dreamed up in the futuristic visions of science fiction authors of the 1960s and 70s. Indeed, the fantastical world of science fiction, while not intended to be prophetic, has ended up acting as a blueprint for our modern world.

We have learned from science fiction not only the possibilities of technology, however, but also its irreconcilable dangers. Readers of the genre will recognize the many stories warning us of the hazards of space travel, mind enhancement, and artificial intelligence. These fictional accounts cautioned that if we were not careful, our freedom to transform the world around us would transmogrify into a self-enforced slavery.

Nonetheless, while many of us remembered that these were just stories, intended as speculations about a possible future—in other words, they were fiction before science—through them, we became used to the idea that any advanced technology was inherently dangerous and its use always suspect. Moreover, it became a commonplace idea that technologies whose aim was to change or transform the human being—whether genetic, biological or reconstructive—would lead to a future worthy of Mary Shelley’s Frankenstein.

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For all those people wandering around our great Australian cities and spewing they can’t watch a streaming video over 4G because of network access and congestion — we’ve found a place where you can get access to a brand new 4G network that isn’t being hammered. The downside — you’ll need to travel about 384,000km to get there. Nokia and Vodafone are teaming up to put 4G on the moon.

German company PTScientists is planning the first privately-funded Moon landing in 2019, using a SpaceX Falcon 9 rocket from Cape Canaveral. Their plan is is to look at an old roving vehicle left behind back in 1972, when the last Apollo mission left the lunar surface. And, to do that, the new vehicles they’re sending up small, 1kg, base stations to transmit HD images from the moon’s surface back to earth for the first time. Audi is building the vehicles that will be used on the lunar surface.

Nokia said “The 4G network will enable the Audi lunar quattro rovers to communicate and transfer scientific data and HD video while they carefully approach and study NASA’s Apollo 17 lunar roving vehicle that was used by the last astronauts to walk on the Moon”.

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T he Moon will have a 4G mobile network installed next year, according to plans set out by Vodafone and Nokia.

The mission, organised by space exploration company PTScientists, will be the first ever privately-funded Moon landing.

Nokia masts will be launched on a SpaceX rocket in 2019 from Cape Canaveral Air Force Station in Florida, USA.

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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.

Bitcoin is such a currency. Any country that adopts an open source, permissionless, and completely transparent monetary instrument will demonstrate to citizens and taxpayers that they respect their constituents and that they commit to balance their books like any state, corporation, NGO or household.

Would an ethical government surrender control of its own monetary policy? H*ll, yes! This is how a government avoids rampant inflation and the burden of non-consensual debt to future generations. It is also how a government makes taxation, redistribution and spending transparent and accountable. It is how a government restores trust.

We have been raised with centuries of dogma that teach us to accept inflation, and a constantly escalating public debt. Sometimes, the path forward is not immediately obvious. But history doesn’t lie. When trusted nations with large economies manipulate interest rates, borrow without a lender, or inflate a nation out of a crisis (what the US calls “quantitative easing”), the long term effect is certain to be no different than Argentina, Zimbabwe, Venezuela or Germany between the wars. It is a recipe for disaster. It places every citizen and their future children into debt-bondage.

Moving away from the Gold Standard in the 1970s was a risky maneuver. The risk was not abandoning a precious metal with intrinsic value—but rather it placed the full faith and credit of our economy in the hands of transient politicians, rather than in a capped commodity with certain and immutable properties.

Bitcoin is the new gold. It is capped, transparent, open-source, vetted and without a mechanism for quick or covert manipulation (the US calls this “raising the debt ceiling” and they do it every few months!). We may not move to an economy based on Bitcoin today or tomorrow, but that day is coming. Thankfully, it’s coming!

Philip Raymond co-chairs CRYPSA, publishes A Wild Duck and hosts the New York Bitcoin Event. He was speaker at Cryptocurrency Conferences in Dubai, South Africa and India. Click Here to inquire about a presentation.