New Bitcoin Bug Could Wreak Havoc, YouTube Censorship Blockchain Alternative

Written by:
Aaron Goldstein
Published on:

Bitcoin's timelocked transactions used to discourage miners were found to be bugged.

While not considered a major concern in the short term, it could present a long-term issue.

The bug would prevent immediate access.

From Invezz:

With each block needing approximately 10 minutes to be solved, developers are able to program the timelock to expire when a certain number of blocks is processed. So, if the timelock is set to expire after six blocks, that means that the recipient will receive the coins after about an hour. 

However, the timelocks that are bugged work more quickly, and they are set to expire after only one block and prevent ‘fee snipping.’ Basically, if another miner tried to replace a block that was mined by someone else with their own, which may contain validated transactions and those that are still pending, the timelock prevents them from including the pending ones. That way, the miner would only steal a portion of the reward, which might not be worth going through the whole process. 

In mid-May, reported on one of our mining pool videos being censored and banned from the video-sharing platform Youtube. The report had shown how Youtube has been censoring videos for a long time now, and the CEO specifically told the public certain coronavirus films would be removed. Youtube’s censorship has caused a number of individuals to search for decentralized video sharing platforms, and one particular project called has been gathering a lot of traction.

Lbry is a sharing platform that uses blockchain technology to enable users to publish material and get paid for doing so. People using Lbry’s service can monetize their published material with its built-in payment system. The creators of the Lbry project state:

Lbry is a new protocol that allows anyone to build apps that interact with digital content on the Lbry network. Apps built using the protocol allow creators to upload their work to the Lbry network of hosts (like Bittorrent), to set a price per stream or download (like iTunes) or give it away for free (like Youtube without ads). The work you publish could be videos, audio files, documents, or any other type of file.

What the platform features:

Hundreds of huge YouTubers, like Veritasium, minutephysics, John Stossel, and 3Blue1Brown. Tens of thousands of popular YouTubers co-publish or publish unique content to LBRY. 

Hollywood films, including the catalog from Oscilloscope Studios, which includes award-winning films starring actors like James Franco, Julia Stiles, David Cross and more. 

Creators who stand up for free speech and free expression like Jordan Peterson, Benjamin Boyce, Justin Murphy, and more. 

20,000 top college lectures that almost disappeared forever due to the threat of censorship. 

All kinds of weird and original gems. 

- Aaron Goldstein,

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