CryptoBasic Podcast

Your source for all Cryptocurrency information, made for the novice investor. 

Episode 205 - EOS troubles brewing, N. Korea is all about that crypto, and finally... it's a bird! It's plane! It's the Federal Reserve!

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Welcome once again to Flagship Friday! Although one day late, we're still calling it Flagship Friday to keep our tradition alive. Flagship Extended Weekend didn't sound all that nice.

Tune in as Karim and Adam (Brent's got the sniffles :') dive into EOS and its latest scandal, talk about North Korea's crypto project and the Federal Reserve's intervention on the economy, along with some juicy commentary and rants by Karim, our in-house "important things" expert. So if you wanna hear Karim spit some fire preaching and Adam PASSIONATELY agreeing with him, put on your headphones and press play cause this episode is a feisty one. 

Dive into the cryptoverse with us on this week's Flagship Friday.

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Flagship Friday 9/20/19



  • Here Comes The Federal Reserve

    • overnight borrowing rates shot up, forcing the New York Federal Reserve to come to the rescue with a special operation aimed at easing stress in financial markets

      • First wanted to understand overnight rate
        • Amount of cash a bank has can fluctuate a lot based on daily activity, they can have shortage or surplus of cash at the end of the day.
        • Banks with surplus can lend money overnight to banks with shortages to maintain reserve requirements
        • Interest rate that large banks use to borrow and lend from one another.
        • This rate is targeted by the central bank, which is also a participant in the market (lending and borrowing)
        • Since this is the base borrowing rate it can be used as a predictor of short term rates for broader economy. Goes up when liquidity decreases
      • Fed target rate for July? Between 2% and 2.25%. On Monday it hit 5%, which was up from 2.29% previous week, it kept surging until 10% high on tuesday

      • Called an overnight repo operation, where Fed eases downward pressure on markets by purchasing treasuries and other securities

      • Managed to inject $53b into the system
      • One theory was for the stress is a large quarterly withdrawal by US companies to pay Taxes (estimated around $100b total)
      • On wednesday Fed had to pour an extra $75b, so $128b, getting rates to lower to 3% (still above target rate)
      • Bigger pic, we now have a $1 trillion federal deficit so Government borrowing has climbed (Tax revenue decreased because of tax cuts, but bipartisan surge in spending)
  • EOS Troubles Brewing

    https://www.coindesk.com/everyones-worst-fears-about-eos-are-proving-true?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic

    • A few weeks ago one of it's early supporters, EOS Tribe, a small company that participated in the launch of the first EOS chain called it quits as an EOS block producer. In a post made on Steemit Eugene Luzgin said "We at EOS Tribe have never participated in the game of vote trading and stayed true to our principles, and hence while we leave EOS as Block Producer, we are also free to speak truth and give warnings to the rest." WHOA. Shots fired!!
    • You guys covered in your EOS 101 how there were issues with governance and that it's pretty centralized. 21 block producers at any time that make governance decisions, establish consensus on the chain, and earn substantial rewards. This has always been a concern and now the most technically proficient BPs are receiving little to no rewards at all.
    • Luzgin called it a braindrain. What does he mean by that exactly?
    • Most of the BPs are in located in China
    • May 8th 2019 they burned $167 million in EOS for the worker proposal system, which was a way to fund EOS dapp development
    • EOS NY proposed an EOS user agreement which was adopted y 15 of the 21 BPs at the time but nothing against vote-buying was in the agreement
    • two forks already, Telos and Worbii. Telos has a token cap at 40k and number of innovations to ensure potential BPs actually serve. Worbii created with certain consumer protections and more of a focus on the financial industry.
    • not saying EOS is a sinking ship but touting themselves as the Ethereum killer is a bit much.

Crypto Around the World

  • North Korea Is Building Its Own Bitcoin
    • NK in the early stages of developing its own Bitcoin!
    • Trying to avoid / circumvent sanctions, apparently they had a blockchain conference in April
    • “We are still in the very early stages in the creation of the token. Now we are in the phase of studying the goods that will give value to it,”
    • There are of course other ways for NK to take advantage of crypto
    • In 2018, Jonathan Foong Kah Keong established a company in Hong Kong called Marine Chain that sold digital tokens in exchange for partial ownership of maritime vessels.
      • Hong Kong called Marine Chain that sold digital tokens in exchange for partial ownership of maritime vessels.
    • According to a U.N. investigation, “the platform could be used to generate money for the regime and as a potential means of evading sanctions on shipping by creating a new method of obscuring the ownership of a vessel.”
  • Cubans flock to cryptocurrency to shop online, send funds
    • the roll-out of mobile internet nearly a year ago has opened the way for cryptocurrency transactions,
    • and enthusiasts have multiplied as the currency helps overcome obstacles created by U.S. sanctions on Cuba.
    • Jason Sanchez, 35, was able to start buying spare parts online last year for his cellphone repair shop in Havana
      • Sanchez, who uses Bitcoin to purchase parts not available new in Cuba from an online Chinese store.
    • since Cubans mostly do not have credit cards, many have to ask relatives abroad to purchase them their first installment of cryptocurrency
    • To show how important a lifeline this can be,
      • Several crowdfunding platforms shut down accounts for victims of the tornado in Havana earlier this year, for example, despite donations being legal, simply due to the mention of Cuba.

THAT'S A SCAM

  • https://decrypt.co/9379/sec-files-suit-against-icobox-founder-over-14-million-ico
    • SEC Filed a lawsuit against ICOBox and its founder, Nikolai Evdokimov over an allegedly illegal $14 million in securities in 2017.
    • Sold to more than 2,000 individuals
    • ParagonCoin, which settled charges with the SEC over its own ICO last year made use of the ICOBox platform.
    • ICOBox exposed investors to investments which are now basically worthless without providing investors pertinent info to make informed investment decisions.
    • Of note, ICO Rating, a cryptocurrency ratings site was fined $269k last year for failure to disclose payments received from issuers of digital assets. basically they got in trouble for shilling

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Episode 204 - Binance does an oopsie, BTC transactions hit the billions, and our co-host is heartbroken.

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The CryptoBasic crew is back from the dead!

Last week Brent had the amazing idea of recording an episode while sitting on the passenger seat of his car and talking to the rest of us through his mobile data connection, all while recording NOT through an actual microphone, but an external recorder. This trainwreck of a sentence itself should be, I believe, enough explanation as to why last week's Flagship didn't happen. This week however, all's set to go and we're back at it again!

Tune in to find out what's up with plagiarization accusations against Binance, learn about bitcoin hitting the ONE BILLION USD in a single transaction milestone, discover the true identity of Karim's CryptoBasicStalker, and find out why our co-host Adam Levy ditched this episode. Spoiler alert: he's got the heartache blues. 

Dive into the cryptoverse with us on this week's Flagship Friday.

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Flagship Friday (9/13/19)

  • What have we released?

    Interview with Marius

    Interview with CryptoCanary



  • (Someone moved $1 billion in a single bitcoin transaction)
    • Actually happened late last week, there was a 94,504 Bitcoin transaction
      • BTC was at $10,600 so almost exactly 1b at the time
    • Not the largest BTC transaction ever in terms of BTC
      • We had a 194,993 transaction in 2013 (Around $150m at the time)
      • 550,000 in 2011!, but $3 per btc, so like 1.5m
    • Appears to be the first ever billion dollar transaction, and the fee was 0.065btc ($690)
  • Bullish or Bullshit - Binance caught plagiarizing Bit Mex's Documentation on Futures?
    • Binance did have plagiarized documentation that appeared to be taken from Bitmex.
    • Couple things here:
    • CZ Used to work for OKCOIN, Bitmex used OKCoin documentation to create theirs. They didn't copy it, but CZ was the direct report for those that created it.
    • Binance acquired a company called JEX, and they are who they based their Futures documentation off of.
    • They didn't notice that JEX had literally copypasted from Bitmex.
    • CZ Immediately responded with "Shame on us. 😂 Sorry about that. Missed this in the DD process before the acquisition (didn't read the BitMex docs ourselves). Will fix/remove ASAP."
    • No sharpies.
  • (Trump demands Fed to cut interest rates to zero 'or less')

    • Trump has already been complaining that Powel (who he appointed as Chairman) isn't cutting rates quickly enough (last time they cut rates by 25basis)
    • He is even implying that we want negative rates (what are those)


Crypto Around the World

  • New Data Gives Insight Into How Iranians Use Bitcoin

    • Survey conducted by the analytics firm Gate Trade.
    • Out of 1,650 Iranian bitcoiners surveyed in Persian Telegram groups, 25 percent earned $500 to $3,000 a month from working with cryptocurrency
      • More than a third of respondents, 35 percent, earned that income by mining, while 58 percent earned income through trading
    • Iranian market shifting from global exchange platforms to local exchanges and miners

      • due mainly to most centralized exchanges with KYC excluding Iranians
      • Also high use of VPNs & even purchasing of foreign IDs in black market
    • Most respondents were long-term holders, investing in bitcoin with the intention to hold it for more than a year.


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Episode 203 - CryptoConvos: Marius Kramer of Emberfund.io

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We're starting the week off with another exciting interview, as we've got Marius Kramer, number #1 writer on Quora for cryptocurrencies and fund manager on Emberfund! We talk all kinds of bitcoin, and of course, all kinds of shitcoin. Marius shares his insights on today's crypto market and its future, goes over his process of evaluating a project and -get this- goes over ALL of the top 300 coins. All of them. If your favourite kinda-red-flaggy coin is on his shit list... then you're probably gonna have to rethink your investments.

Join Brent and Marius for a trip to the cryptoverse on this episode of the CryptoBasic Podcast!

 

Check out Marius' page on Quora: 

https://www.quora.com/profile/Marius-Kramer

Ledger Nano S - The secure hardware wallet

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Quick diclaimer - we are not financial advisors. The CryptoBasic Podcast provides entertainment only. Every investment has inherent risk.

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Episode 202 - CryptoConvos: Kevin Ting of CryptoCanary.app

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On today's show, Brent is joined by Kevin Ting, co-founder of CryptoCanary, a website focused on consolidating opinions and reviews of various projects in the cryptocurrency/blockchain world, providing users with a community-driven platform for researching before investing. Kevin talks to us about how the platform works, what shapes a crypto project's rating, how they deal with "review-bombing" issues and inaccurate reviews and what the project's near future looks like. If you wanna know how your preferred shitcoin that "will be the next ethereum, bro, I swear" fares against the rest of the space, go to cryptocanary.app. Before you do that though, make sure to tune in to today's CryptoConvos episode!

Links from the show:

CryptoCanary's telegram channel: https://t.me/cryptocanaryapp/

CryptoCanary's website: https://cryptocanary.app/?=cryptobasic

Kevin Ting on Linkedin: https://linkedin.com/in/kevinhting/

 

Ledger Nano S - The secure hardware wallet

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Quick diclaimer - we are not financial advisors. The CryptoBasic Podcast provides entertainment only. Every investment has inherent risk.

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Episode 201 - World's first crypto bank, Chinese government crypto, and Craig Wright gets owned in court?!

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Any Flagship Friday is a happy Flagship Friday when we've got shit to talk about Craig Wright, scamlord extraordinaire, Satoshi Suck-a-moto, the douchebag to end all douchebags. And guess what: this is a happy Flagship Friday. :)

So, JOIN US on this episode to listen to us talk shit about Craig Wright and discuss his defeat in court, something that we've been longing for for quite some time. 

Also, the wonderful People's Republic of China is making a big step towards transparency and democracy with launching its own cryptocurrency! Maybe...! Does something smell fishy...? 

Anyway - all joking aside, on the side of good news we're talking official crypto banks in Switzerland, crypto bird feeders and more!

Dive into the cryptoverse with us on this week's Flagship Friday.

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Flagship Friday (8/30/19)



  • Craig Wright Loses Case again Ira Kleinman

    • A Reporter named Katie Ananina was in the courtroom for the case and was live Tweeting it on Monday.
    • Wright's lawyers continue to argue Wright can't provide proof YET (remember he was moving the goalposts - this time to Jan 21, 2020)
    • They just kept begging for more time in different ways.
    • Kleinman family lawyer gets to recap all CSW lies, including the phrash "Dr. Wright is dishonest. He is a Serial Forger"
    • He even kinda quotes Twain - "The problem with not telling the truth is to remember the lies you previously said"
    • Finally the judge says this "Dr. Wright did not impress me as someone telling the truth. All of his testimonies have been rejected on this matter". Why isn't that perjury?
    • 50% of all patents are given to Dave's estate. 50% of all the supposed BTC is ordered paid as well, which is about 480K BTC.

      https://twitter.com/PeterMcCormack/status/1166086602441068544?s=20

  • Alleged Capital One Hacker Accused of Secretly Mining Cryptocurrency
    • individual accused of perpetrating a massive-scale hack of credit card issuer Capital One
    • hacked cloud customers’ servers to mine cryptocurrency for herself.
    • Exploited the fact that some people misconfigured the webapp firewalls on the servers they rented
    • Online she posted that “if I had a partner I could have them take over my crypto-jacking enterprise and be a stay at home.”
    • Thompson allegedly gained access to 140,000 Social Security numbers, 1 million Canadian Social Insurance numbers and 80,000 bank account numbers, as well as data pertaining to customers’ credit scores, credit limits and balances.
  • World's First Licensed Crypto Bank Seen As Game-Changer

    • Reported from ZeroHedge the co-founders of Sygnum crypto bank have hailed the award of Swiss banking license as a game changer.
    • Could open the floodgates of integration of cryptocurrencies and other digital assets into established financial sector.
    • First time this type of license has been granted WORLDWIDE. Obviously Zug is a crypto hub so the fact that Switzerland is the first country in the world to do this is not a surprise.
    • The Swiss Financial Market Supervisory Authority was skeptical bc they wanted to safely and reliably integrate the worlds of crypto and mainstream finance.
    • Sygnum even created its own digital payment token backed by the Swiss franc.
    • Curious what you guys think about the implications of this
  • Telegram Pushes Ahead With Plans for ‘Gram’ Cryptocurrency

    • Telegram doing their own crypto like Libra
    • Called the Gram, and they told investors they are ready to send out first batches withing a few months
      • Leaked, investors had signed NDA lol, this is anonymous but NYT
    • 200m to 300m global users
    • They raise $1.7b in 2018 but unlike FB have mostly kept project secret
    • A spokesman for Telegram did not respond to multiple requests for comment.
    • "company was created by Pavel Durov, a self-described libertarian who fled Russia after clashing with the government and being forced to sell off his first successful social network, VKontakte.'
    • NYT say they saw a pitch for Gram that said it would be decentralized like BTC so it can skirt government regulations. That they will be governed by decentralized network once released (and telegram no control)
    • Telegram promised in legal documents that it would deliver Grams to investors by Oct. 31, 2019, or return the money!
      • Pre offering btw was 2.89b Gram for $1.7B

Crypto Around the World


  • Chinese Government Crypto? Yes! No. Maybe? Bullish or Bullshit?!?!
    • Forbes - Alibaba, Tencent, Five Others To Receive First Chinese Government Cryptocurrency
      • China's central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months
      • Source was Paul Schulte, independent researcher (head of financial strategy for China Construction Bank until 2012)
      • Industrial & Commercial bank of China, Bank of China, Agricultural Bank of China, alibaba, Tencent, and Union Pay
      • Forbes says it was confirmed by second anonymous source, said it may launch for their big shopping day (singles day, Nov 11)
      • “China is barreling forward on reforms and rolling out the cryptocurrency,” “It will be the first central bank to do so.”
    • Not Launching a Cryptocurrency in November: China’s Central Bank
      • The People’s Bank of China (PBoC) called the coverages “inaccurate speculation,”
      • Reuters attempted to reach all the seven institutions for confirmation. Alibaba declined to comment, while others did not respond.

THAT'S A SCAM

  • SUB Shuts doesn Telegram Group - Co-Founder Deletes Twitter
  • Trevon James Facing SEC Charges
    • This was kinda amazing. The title to HIS OWN VIDEO it this - "Trevon James Facing SEC Charges for Bitconnect | Jail Time?!"
    • The first link in his shownotes is something called Trontopia.
    • Spends a decent amount of the video talking about how he shouldn't have even been able to promote it because he didn't create it so its not his fault he didn't make it.
    • He's not getting a lawyer
    • Top comment on his youtube "Trevon now works for the feds. For life. Watch yo back round here" lolol
    • He has 176 Patrons on Patreon. KIDDING ME??
    • He literally has a video that says "CAN I REPEAT THE SUCCESS OF BITCONNECT ON MY CHANNEL NOW" as his latest release. "I'm gonna try to recreate the huge euphoria of Bitconnect with a Decentralized Application" which then cuts to "Hey its not on me dawg" with throwing his hands up.
  • LA man pleads guilty to $25 mill BTC money laundering scheme
  • 25 year old LA man operating an unlicensed biz. $25 mil exchanged over 2 years. Kunal Kalra, known as Kumar, skeclemayne, and coinman.

Los Angeles man pleads guilty to $25 million Bitcoin money laundering scheme | Micky


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Episode 200 - Hong Kong, Yang Gang, and Scams galore.

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Today Karim is on a roll with all of his Crypto around the world talk. We go to Hong Kong, Ukraine, and even Russia today.

Learn about the connection with the Overstock.com CEO and a Russian operative, and whether or not Brent would sell state secrets for someone of her attractiveness level. There’s even more to this episode as we go over a long scam that was pretty elaborate, and some other nonsense.

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Flagship Friday (8/23/19)



  • (2020 Presidential candidate Andrew Yang is in favor of blockchain voting) - K

    • Running on Dem ticket, outsider type
    • On his site in his policies he has "modernize voting" section

      • With current tech we shouldn't have to wait in line at polling stations
      • Machines being used are just as vulnerable to tampering/hacking
      • "Americans should be able to vote via their mobile device, with verification done via blockchain. This would dramatically increase participation in all elections, whether local, state or federal."
      • "It is 100% technically possible to have fraud-proof voting on our mobile phones today using the blockchain."

      Modernize Voting - Andrew Yang for President


Crypto Around the World

  • Bitcoin & The Hong Kong Protests - K

    • Going into 11th weekend of protests, 1.7m people marching (about 25%)
    • One of the Crypto ATM providers, Genesis block, giving out water bottles and umbrellas

      • Funded by international BTC donations
      • Bottles themselves have QR code to donate more btc to fund more supplies (rant)

      • Overall ATM providers say they see a decrease in volume (about 10%) and premium price in HK dollars

  • Ukrainian Power Plant Officials Accused of Unauthorised Cryptocurrency Mining - K
    • There is definitely a demand for cheap power, operations setting up in
      • SBU discovered cryptocurrency mining operations at one of the country's nuclear plants
        • alleges that the internet connection installed to facilitate the mining operation posed a significant security risk
        • local court said confidential data about the plant’s operation has also been leaked online.
      • Iceland, thanks to its near-endless geothermal energy
      • Canada - Hydroelectricity
      • Iran - Subsidized energy
    • So the people working at the plant saw a chance to pay no power costs
    • Saw this in Venezuela as well since government subsidizes power
    • A miner in China serving 3.5yrs for stealing energy from a train network for a 50 rig set up (rental near train lines)
  • Moscow's blockchain voting system cracked a month before election - K

    • French security researcher, Pierrick Gaudry, has found a critical vulnerability in the blockchain-based voting system
    • Officials planned on using it for the elections...next month
    • Gaudry figured how to derive private keys from public keys

      • He basically said its because they used a method which uses encryption key sizes that were too small to be secure.
      • Dude's Quote

        It can be broken in about 20 minutes using a standard personal computer, and using only free software that is publicly available

      • We dont know exactly what he could do with the private keys, protocols not in English yet.

      • "In the worst case scenario, the votes of all the voters using this system would be revealed to anyone as soon as they cast their vote."
    • TBF - This was thanks to officials posting it on Github and asking researchers to attack
      • Moscow officials agree key is too small, that it was only for trial period. They said they would go from 256 bits to 1024
      • Gaudry thinks they need 2048
      • And Gaudry will get $15k (1m Ruble)

THAT'S A SCAM

  • Long Story of a Scam - Reddit - B
    • Guy under the username Montana02115 named Dean starts it.
    • User reporting is IdkWutImTalkingAbout
    • Asks him about some project called NKN.
    • Dude says he works with a team that handles private sales of equity for IEOs etc and invites the guy to his Team Speak.
    • Gets welcomed to the research team.
    • Sends a SAFT for a token called Perlin -
      • WTF is a SAFT? Well it stands for Simple Agreement for Future Tokens. This is basically a pinky promise to deliver tokens when something is operational. Since it's "later" it skirts the acredited investor rule.
    • They then ask people what they want to contribute. The people really do send ETH transactions, and are either also scammed or in on it. First one is for 1100 ETH.
    • That's the only transaction he saw, and they said they'd collected 11K ETH so far, so this guy sends 10 ETH, all of his money, and he gets sent a Perlin token. Well it looks like it's a fake token that's been created to LOOK like Perlin.
    • The token even was being held in a Binance wallet, but of course whoever made it could have sent it there.
    • Perlin hasn't had their token generation yet.
    • He brings that up and is instabanned from the group. Then he convinces them to let him back in, and they're doing another one for a token called Sovrin which also hasn't had a Token Gen. They scedule another sale, and he isn't there and gives some excuse.
    • Miraculously no one else is there either so they decide to have it the next day. That day when he said he was low on funds he got banned from the chat.
    • Reddit figured out who the guy was and he created his own subreddit called BinanceIEO
  • List of scams - A
  • Messari.io - B

    • I saw that Cardano joined the Messari Disclosures Registry so it piqued my interest.
    • They focus on transparency for these projects.
    • They also have their own market cap numbers
    • They have a methodolgy for prices and for supply numbers that is interesting.
    • They use - Maximum, Diluted to 2050, Outstanding, Liquid, Ciruculating


  • Shots Fired!

    Andreas -

    The IRS is using very advanced investigation techniques:They have information that leads them to believe I may have crypto-currency.Say it ain't so!Such sleuthing. WOW. PS. I reported and paid all my taxes properly. They're casting a very wide net blindly. Cheap and easy.

  • Patreon

    New Masternode - The Burrito Project

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Episode 199 - HUGE Chinese ponzi scheme, New Zealand’s CryptoSalaries, Moscow’s blockchain and more!

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Ledger Nano S - The secure hardware wallet

Join us on another Flagship Friday for your weekly dose of crypto news, shenanigans and goings-on! This week we talk about New Zealand's new step towards adoption, as it legalized using crypto as payment for employees, Moscow's Ethereum-based blockchain designed for transparently functioning city services, and Binance's coins listed for its US platform. Also, Brent never fails to remind us that there are more douchebags in the crypto scene other than Craig Wright, Karim just CANNOT stop buying Cardano and Adam almost died. Twice. Honestly.

Dive into the cryptoverse with us on this week's Flagship Friday. 

Flagship Friday (8/16/19)


  • Barclays ends partnership with Coinbase
    • Relationship began in March last year when Coinbase was expanding in Europe
    • Was mean t to make it easier for users to deposit and withdraw pounds to buy/sell crypto
    • Neither company was down to comment
      • Barclays declined to comment, while Coinbase did not respond to repeated requests for comment
    • Common problem for crypto, one survey showed 3/4ths of crypto businesses in Britain have to bank overseas
      • Even firms that don't handle digital coins, like web designers, just for being crypto associated

Crypto Around the World

  • New Zealand just became the first country to legalize salary payments in cryptocurrencies
    • legally allow companies to pay salaries in cryptocurrency starting September 1
    • The country's tax agency ruled salaries and wages may be paid in cryptocurrencies
      • so long as the preferred digital coin is pegged to at least one standard, or fiat, currency.
      • also requires that the crypto of choice be directly convertible into a standard form of payment.
    • Excludes self-employed workers from switching income into crypto
  • Moscow to Develop a Blockchain System for Transparent City Services

    Moscow officially looking for a contractor to build blockchain system to host city's administrative services

    Announced auction to build ethereum-based system, 57m Rubles ($850k)

    List of services & specs

    • Issuance of documents (property owners, residents, etc)
    • Allocation of slots at city's farmers markets
    • Will use proof-of-authority and max capacity of 1.5m simultaneous viewers (pop 12m)

      They expect it to take 60 days to build once contractor has been chosen & contract signed

      IT Department said it wants to increase confidence in Moscow's electronic services by boosting transparency using blockchain

      Also integrated with other experiments Moscow city gov is undertaking, like "Active Citizen" which lets residents express preferences on matters such as locations of new bike paths, street decor, city events, etc


THAT'S A SCAM

  • PLUS Token, the biggest Chinese Ponzi scheme has scammed 70k BTC and 800k ETH

    • Dovey Wan reported it. PlusToken started in mid 2018 and a "high yield return". Total scammed is about $3B!
    • Core team were tracked down by police 2 months ago and will likely be in jail for decades
    • Exchanges can't do too much bc Chinese exchanges are closed and Chinese police can't work with exchanges bc it's not legal in China.
    • Was reading an anecdote about this - apparently some lady was selling stuff in her shop and taking it or BTC, and tried to convince the user to join because she got 8% on her money every month.

      https://twitter.com/DoveyWan/status/1161693110214090752?s=20

  • CipherTrace Report says $4.26B was stolen in exit scams so far this year.

    • $124M was stolen from exchanges and infrastructure in Q2, bringing YTD total to $227M.
    • $851M was "lost" by Bitfinex before.
    • Those numbers are based on when the theft happens, and thus the values are even higher .
    • We can thank PLUS Token for 2.9B of that big number.
    • Also in the report that's interesting - XMR is only used for 4% of dark markets and even less for ransomware attacks. Oddly Doge is 5th most used in dark markets.
    • The report has a cool list of summary of big events relating to overall market in Q2.
    • Report mentions the big effect of a new Financial Action Task Force (FATF) rule which requires crypto transactions of more than 1k to have identifying information, and speculates there is a way to secure the data except when law enforcement wants it.

  • Mailbag

    intechnicolor (discord)

    just want to ask, as I'm not entirely sure where to ask this, but has anyone had any luck or experience with crypto cards? I'm looking for essentially the equivalent of a debit card. Does it exist yet? I've come across Ternio a few times in my search, as well as (for better or worse) Coinbase's Shift


  • Rants

    Just a reminder that Roger Ver is also a pos.

    Things getting so much better


Please join the conversation in the Discord. We're in there all the time.

Rate us on iTunes.

Follow CryptoBasicBrent on Reddit.

We are not Financial advisers.

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Episode 198 - Bitcoin just can't STOP hitting milestones, N. Korea's CryptoMissiles, new exit scams and more!

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Ledger Nano S - The secure hardware wallet

What a week for the cryptocurrency space. We've got a brand new exit scam (like we didn't have enough of those already), we've got bitcoin being traded at high volumes in Venezuela, and we've got.. Craig Wright? Again? You bet!

Tune in to find out whether bitcoin is the world's eleventh largest money supply (hint: it is) and discover which four European countries are the most adoption-oriented out of all (you know you wanna invest in Europe).

Dive into the cryptoverse with us on today's Flagship Friday.

Flagship Friday (8/9/19)


  • $200B Market Cap puts it ahead of
    • South Korea, Australia, Canada, Brazil
  • Says Gold is most popular store of value with $8 trillion marketcap, silver $800B
  • This actually comes from Crypto Voices report on Global monetary base
* [Twitter Link Crypto Voices][5]


THAT'S A SCAM

  • VERGE! YESSSSS - Brent
    • It's been a while since Verge signed the biggest partnership in the history of partnerships.
    • Reddit user Flenst posted about this
    • Apparently one entity took over the mining algo MONTHS ago.
    • Basically this actor was able to mine the max allowance for any one address over 3 addresses over the course of a day.
    • Looks like they've gotten around $212k
    • The poster doesn't know HOW the chain is being exploited, only that it is because the exploiter is being smart and being predictable, but not overtly obvious. However he can predict with accuracy how much will be mined with this exploit each day.
    • Verge team member comments that a timeshift could be used to do this...buttttt that was fixed months ago AND that isn't how this attack is being performed apparently. All they did was say how it could be done, not that it was happening or that ANYTHING was.
    • Though apparently there is a different way to work time into the equation, and that could be part of it.
    • sunerok goes into the thread to argue with this guy, and given I can't understand coding language, but I do know when someone is being combative because its easier than proving a point, and that's what he's doing. He also used the word legit.
  • False KYC Leak at Binance DAMN I WANTED THIS Also there's more (Adam + Brent)
  • Apparently during the influx on new users in Feb 2018, Binance used a third party KYC company to help deal with all the new customers and apparently that company had a breach
  • tons of passport photos were posted to a Telegram group
  • hacker demanded 300 BTC (LOL)
  • Binance put an up to 25 BTC bounty out on said hacker
  • hacker has KYC info from multiple exchanges. There was an article on Decrypt about a January "hack" from Binance and Kraken where both exchanges said there was no data breach on their end.
  • Still, people's info appears to be out there so stay vigilant and always be on alert.
  • But wait there's more
  • The hacker was using the pseudonym "Bnatov Platon" and apparently he had been reaching out to coindesk purporting that he was able to hack the previous Binance hackers and that he was a white hat hacker trying to help, but he was asking for money .
  • Coindesk got the transcripts of their entire conversation with this dude and Binance.
  • Remember he thinks he's the good guy and says he hacked the hackers.
  • Hes saying he has 60k images of KYC but has been releasing them slowly on the telegram channel.
  • Platon says that the hack back in May was because of a Binance insider. This insider apparently leaked more than the customer KYC stuff if they exist, including info and passwords.
  • This guy gave over 600 files to coindesk, including metadata, hoping they could "force Binance to tell the truth about the hack"
  • Remember Binance has said these aren't their images because there's no watermark.
  • Hacker talked to the CTO of binance, Ted Lin, and Lin basically said fuck off you're not extorting us. He was all "bruh I don't need the money" but then he kept asking for money (300 BTC). Literally the last thing in the chat transcripts is "then pay me"
  • Binance did offer money for information leading to identifying the hacker, as they had publicly done.
  • So he's been posting these KYC images saying that he's being altrustic and if he needed money he'd sell them on the black market...but also is still demanding his 300 BTC.
  • Explanation I like the best -
  • This took place in England, and here was the court ruling
  • Court decided he couldn't prove that he had a global reputation, nor that it was damaged.
  • Apparently the judge even suggested that CSW was trying to game the system by filing in a jurisdiction that was more likely to award him libel claims. Roger is a Japanese citizen and it should have been filed there.
  • The fine is based on what Ver said, not in the court filing, but what is in there is that CSW lost and DOES need to pay those fees.

Crypto Around the World

  • North Korea funds weapons program with stolen cryptocurrency
    • Originally reported by Reuters which says it saw a confidential UN report
      • NK took estimated $2 billion for weapons of mass destruction program
      • Cyber-attacks focused on stealing from banks and crypto exchanges
      • Report also claims Pyongyang continued to enhance nuclear missile programmes
      • They also used cyberspace to launder the stolen money
      • Experts investigating 35 reported DPRK attacks on financial inst, exchanges, and mining operations
      • Security council has unanimously imposed sanctions on NK since 2006
        • Banned exports including coal, iron, lead, textiles, seafood. Capped oil
  • Top 4 European Countries Ranked by Cryptocurrency Adoption..and more...
    • Switzerland #1!
      • Regulation conductive to growth, Zurich super popular crypto city
      • Survey (online, meh) had 7% of internet users owing crypto, 14% of asset holders
    • Austria
      • Interesting that relative proximity, also 7% internet, 12% asset holders
    • Turkey - 6%
    • Romania - 6%, 14% asset
    • This story got me interested in the Bitpanda Report
      • Conducted by GlobalWebIndex, breaks down European holders
      • What kind of savings/investments do you have with 7 options
      • 120k internet users in 2018
    • Interesting Key findings
      • "archetypical cryptocurrency holder will be a young, highly educated, high-income man working full-time or as a freelancer in a major European financial center, in IT, engineering or finance."
      • 1 in 5 are women, 40% over 35.
      • Crypto holders are more likely to have a degree, but still 54% dont
      • Main factors working together to make people invest in crypto
        • Interest in business and tech, disposable income, inclination to run risks and gamble
        • Openess to risk, pursuit of novelty, and strong sense of economic empowerment characteristics of many holders. (seen in affluent internet users, pronounced with crypto
      • Holders are Concerned about privacy but not particularly so, but more proactive (like using VPNs)
      • Crypto rarely first investment, holders twice as likely to have invested in gold or stocks
      • Last but important
        • "Marketing to cryptocurrency holders should target general purpose social and business channels, but also look to niche sites. Characteristically, opinion leaders and video content are important."

Please join the conversation in the Discord. We're in there all the time.

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Episode 197 - Bitcoin milestones, the NBA dabbles in blockchain tech, and more

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Today's show is very very crypto. Not that it isn't generally, but most of the time we tend to touch on other issues too - politics, economics, business - but not today. Today's episode is all about cryptocurrency: we talk about Nano's lightning fast confirmation times, Bitcoin's new milestone of 85% of its total supply mined, as well as Litecoin's imminent halving, with the reward going down to 12.5 LTC per block.

Additionally, a sort of motif is present throughout this entire episode. One not very pleasant, one could say. I mean we've got senator Crapo talking about Bitcoin's resilience one one hand, and a "Shitcoin Futures Index" on the other... everything's a bit poopy. This is not a shitty episode however - and that's for sure.

Dive into the cryptoverse with us on today's Flagship Friday.

Description

Flagship Friday 84 (8/2/19)

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Episode 196 - Flagship Friday #83 - A (Justin) Sunny Day in San Francisco

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Another Friday, another Flagship, another excuse to dive into all the crypto shenanigans and goings-on of this past week. What has Justin Sun been up to again and how is it related to the word "chicken"? What do recent stats show about the future use cases of Bitcoin? Could it become the global reserve currency of the 21st century, replacing the gold standard and becoming the basis for a worldwide system of Cyber-Keynesianism or is the person writing this just a closeted bitcoin maximalist? What more could Karim possibly have to say about macroeconomics and politics and what's his new segment all about?

Additionally, today we talk once again about our favorite subject of the month, the Ministry of Truth's cryptocurrency, Libra. Did I say Ministry of Truth? I meant Facebook. Did I quote George Orwell? In the times we live in, can you even blame me?

Dive into the cryptoverse with us on today's Flagship Friday. 

  • Rapid Fire

  • (Story 1) (Adam) Justin Sun is definitely in the news and this is getting murky.

    • A Yahoo article reported that at 3:30PM UTC Justin Sun was not facing formal charges but was not allowed to leave the country. Three hours later Justin was doing a live periscope in SF.
    • He also postponed his Warren Buffett lunch over "health issues"
    • Allegations of illegal fundraising for Tron's ICO back in 2017 but Sun claims he complied with all financial regulators and refunded investors on Sept 20. 2017

      Tron Founder Justin Sun Posts Video Showing Him in San Francisco

      Tron Crypto Founder Accused of Money Laundering & There's Much More To It

      Update (K) -

      Lol So he says kidney stones, then Chinese media outlet Caixin - nha gov is looking at him for money laundering, illegal fundraising, and pai wo shadiness.

      He posts on Weibo

    • It originated because I admire Buffet and his love of charity, and wanting to promote blockchain

    • now says his own “selfishness” and “immature words and deeds” detracted from the effort.
    • his “mouth” got in the way of his good intentions
    • He refers to his own efforts as “failed over-marketing, which has generated a lot of consequences that I completely did not expect.”
    • To be clear he did pay the money
    • He's scared tho from what he wrote, apparently Caixin is aligned with gov and taken very seriously, and this type of thing can be a "call out"
      • In the past few weeks, I had my darkest moment with sickness and tiredness. I suffered the biggest drama ever in my life from people’s doubting and questioning.
      • I bought the Warren Buffett lunch because I admire him a lot and I have a huge passion for charity. The original reasons are good and simple. I cannot deny that I want to promote blockchain related business at the same time. However, because of my immature words, behavior, youth, and vigor, I spoke without thinking twice.
      • He praises Caixin for being a great journal, helping reform, being media teachers
      • "For the elders, leaders and regulators who care about me, I would like to express my sincere apologies to my premature marketing and words and deeds! I am deeply afraid of the adverse effects caused! I am young, not deeply involved in the world, and the blockchain belongs to the emerging industry. I am immature. It is the big pattern of the elders of the regulatory agencies and their great vigilance makes me understand the importance of social responsibility and social influence!
      • he praises Chinese socialism and the reform and just tries to appeal to the party
  • (Story 2) Discussion: Attorney General Barr speaking out against encryption

    https://apnews.com/7423e1ef65a144e6a47e4da63683b3c1

    • There have been some articles here and there about this and it keeps popping up. AG Barr spoke at a cybersecurity conference to push tech companies to provide law enforcement with access to encrypted devices. What are your takes on this
    • (Story 3) Bitfinex & Tether Respond to NYAG Allegation
  • Bitfinex’s general counsel Stuart Hoegner disputed the NYAG’s accusation that New York residents were using the platform for longer than previously stated by saying it “contains a number of inaccurate and misleading assertions”.
  • It also ceased trading in 2017 and that no NY customer has been identified.
  • Bitfinex & Tether claimed these allegations were misleading.
  • They do not transact with any NY ECPs (eligible contract participants) and are claiming any reference to NY-based trading or virtual currency firms refer to foreign entities.
  • They are also claiming they have not been proven to be a commodity.
  • (Story 4) -
  • (Bitcoin Not Moved for at Least Five Years is at an All-Time High)

    • Summary of Findings from Coin Metrics' State of the Network: Issue 9
    • The amount of Bitcoin (BTC) supply that has been untouched (i.e. not transferred) for at least five years recently reached an all-time high.
    • Store of value > medium of exchange?
    • Chart

    • Even tho supply keeps growing, percentage also ATH at 21.6%

    • Untouched supply tends to mirror Price movements

      And Bitcoin really is special compared to the rest, price change stable while others getting slaughtered.

    • "Several narratives explain the strong relative outperformance in bitcoin over this period"

      • US Regulators
        • This year Poloniex, Bittrex, and Binance all started restricting US traders in certain markets
        • June SEC filed a suit against Kin, CFTC investigating Bitmex, Libra panic
        • Theory is this drives traffic to btc since it gets most "regulatory charity" (we did see this with people praising btc)
      • Geopolitical
        • heightened geopolitical tensions and a growing acceptance that Bitcoin serves as a digital store of value and hedge in uncertain times
        • US-China trade disputes, increased threat of disruption of oil supplies in Middle East, Euro-zone fragmentation risk, tensions in Hong Kong, etc
      • Macroeconomics
        • Environment has shifted towards monetary easing
          • real interest rates down in most major developed countries, on all terms
          • Pockets of weakness in forward looking macro indicators (probably talking about the yield curve for for example) has people expecting recession
          • "It now seems nearly certain that the four major central banks of the world (the Federal Reserve, the European Central Bank, the Bank of Japan, and the People’s Bank of China) are on the cusp of another monetary easing cycle"
          • As interest rates go down, opportunity cost of holding non-yield asset declines
          • And since rates are so close to zero, theyll probably have to do some "unconventional" monetary tool like QE
  • Shots Fired!

    Ramesh Gopinath on LinkedIn: ""What's important is that Food Trust is a community approach. Farmers, breeders, logistics providers, supply chain participators, retailers - they are all putting their best efforts together." https://lnkd.in/egWA-wk #supplychain #foodtrust #foodsafety #blockchain"

  • NEW SEGMENT - DOES IT MATTER? (k)

    Survey finds adults couldn’t care less about Facebook’s Libra ‘cryptocurrency’

    1799 US adults

    Interest

    Do you trust FB?

    Compare trust for Libra vs Btc

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Episode 195 - CryptoConvos - Colin Fausnaught of ZuckBucks

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On today’s show, Brent is joined by a fellow Facebook-hating, privacy-loving comrade, namely Colin Fausnaught, creator of ZuckBucks, a memecoin designed as a joke and a protest to Facebook’s ever-growing need to have its greedy tentacles probing into more and more aspects of people’s lives - this time the financial one, with Libra. 

Colin created ZuckBucks on a whim, but never expected that it would actually blow up, gathering a dedicated community around it and even making it onto exchanges. Listen in as we talk about privacy, altcoin specifics, meme economies and the all-seeing eye of The Zucc. 

Get you some ZuckBucks - https://docs.google.com/forms/d/e/1FAIpQLSeFBYZIoCtyNQnfzegzLnJTOk6FD37FwbrCQjo2sEKOhXFrJg/viewform

ZuckBucks Website: https://zuckbucks.cash/
ZuckBucks on Twitter: https://twitter.com/ZuckbucksToken
Zuckbucks on Telegram: https://t.me/zuckbucks
The official ZuckBucks Discord channel: https://discord.gg/U5y8qDV

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Episode 194 - Politicians Weigh in on Libra

Today we’re getting super political, so Karim is all excited. Don’t worry, we’re talking about it being related to Crypto. The House had a hearing and we break down some opinions of some people in Congress. We also go on to talk about a couple of scams from across the globe. It’s Flagship Friday-ish on the CryptoBasic Podcast.

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Episode 194 - Flagship 82

  • Rapid Fire
  • All Kinds of US Policiking about Libra.

    This was 7 hours long.

    • Donald Trump - (R) Does not like BTC (no obvious opinion on Libra)
    • Tom Emmer - (R) Anti Libra, seems to be pro BTC "Individuals insistent on the exclusion of middlemen and the freedom of the individual will continue to create open networks separate from central control. Unfortunately Libra is not designed to minimize middlemen. It in fact relies on them."
    • Kevin McCarthy - (R) Anti Libra, pro BTC "I like bitcoin "Likes decentrlaized nature of BTC "I want to see decentralization because Libra concerns me that they're going to control the market"
    • Ron Paul - (R/I) Pro Crypto, No stance on libra.
    • Treasury Secretary Munchin - Pro Crypto/ BTC, and says Treasury is OK with it with full AML. He was not comfortable with Libra, but was not anti-Libra.
    • Denver Riggleman - (R) He knows his shit. Started right away asking questions about open source, whitepapers, he actually looked at the code and knew that it was written in Rust. Dude checked Github, mentioned who was building the Libra core, asks about scalability issues and why Rust was chosen as the language. Specifically grilling him about the "nightly build" of Rust and why it was being used. David Marcus couldn't actually answer that.
    • House Democrats released a bill called "Keep Big Tech Out of Finance Act" which was anti - Libra, but not pro BTC/ Crypto.
    • Patrick McHenry - R - Skeptical of Libra - Clearly Pro Crypto - Did not take a clear anti Libra stance. Said it could be a plot to increase Twitter presence lol.
    • Warren Davidson said - There's bitcoin and there's shitcoin. (R) Unclear stances

      Colloquially, Shitcoin

      • Wednesday, July 17th 2019 a Congressman asked Meltem Demirors about shitcoins. How is this real life????
    • Brad Sherman - D - Anti Libra, calls it Zuck Buck. Very Anti-Crypto. Anti Crypto, compares it to “We’re told by some that innovation is always good. The most innovative thing that happened this century is when Osama bin Laden got the innovative idea of flying two airplanes into towers,” Says Libra is more dangerous than Al Queda.
  • (Market Cycles)500

    • Lets talk about the psychology of a market cycle.
    • Disbelief, hope, optimism, belief, thrill, euphoria, complacency, anxiety, denial, panic, capitulation, anger, depression, disbelief
    • Simplified market cycle - peak,trough, contraction, expansion

  • (Tether’s $5 Billion Error Exposes Crypto Market’s Fragility)

    • A little reminder that this is still a young market with an infastructure in construction
    • Saturday (7/13) Tether mistakenly created more than $5b in an instant, (marketcap rn $3.9b)
    • Article claims sudden flood spooked the market & btc dropped by 12%
      • About 60% of BTC trading is done with Tether
    • And we've already had the NY AG saying Tether used reserves to cover up $850m in missing funds
    • Basically Poloniex needed to move $50m Tether from Omni network to Tron
      • LOL - The Tether EMPLOYEE who processed the order accidentaly created and sent Poloniex $5b Tether instead of $50m
      • CTO Tweeted it was "an issue with the token decimals, fat finger error"
  • Crypto Around the World
    • U.S. foes are weaponizing cryptocurrency says new report
      • New Study by the Foundation for Defense of Democracies (FDD)
        • Says US adversaries are using crypto to "circumvent the nation's geopolitical supremacy"
        • Focused on Venezuela, China, Iran, and Russia
        • All of these have been aggressively working on blockchain currencies or networks
        • Venezuela backed with oil, Iran is launching one backed with Gold
        • FDD warns that digital currencies, especially those backed by commodities, will make sanctions much harder to enforce
        • Most worried about China, with massive tech its digital currency could compete with dollar based financial system
        • Also fears that nations will just invest in current systems, like Russia is believed to be investing in btc
      • Found the Report itself, Overview of findings
        • Venezuela, Maduro, & the Petro - Total debacle, they did not build the economic or technical infrastructure to make the petro useful to citizens and international trading partners. But it will serve as case study for other nations
        • Basically how the US financial dominance is at risk if any crypto becomes popularly used and an alternate financial infrastructure is created
      • But who is the FDD
        • That name already sketches me out big time
        • Washington THinktank focused on "national security and foreign police" (not exactly what you would think of but maybe)
        • Their own about
          • Founded shortly after the attacks of September 11, 2001, FDD conducts actionable research, prepared by experts and scholars from a variety of backgrounds
        • Started looking at their headlines
          • Undeterred Cyber Adversaries Require a More Aggressive American Response
            • As tensions escalate, U.S. must intensify pressure on Iran and the IAEA
            • Australia should place unilateral sanctions on Iran
            • Oman’s Growing Ties with Iran Threatens its Neutrality: FDD Report
      • Long story short - they're just a neocon think tank, hawkish and super pro war. And their funding explains their bias, from their 2011 tax filings
        • "Most of the major donors are active philanthropists to 'pro-Israel' causes both in the U.S. and internationally. With the disclosure of its donor rolls, it becomes increasingly apparent that FDD’s advocacy of U.S. military intervention in the Middle East, its hawkish stance against Iran, and its defense of right-wing Israeli policy is consistent with its donors’ interests in 'pro-Israel' advocacy"
  • Thats a scam!

    • For $15k You Can Fake Trading Volume

      A 20 year old at Moscow State University, Andrey Andryunin, (Let's go MSU!!)

      talks about his company that he co-founded called Gotbit. It inflates trading volume on obscure crypto exchanges for a fee to ultimately get listed on Coin Market Cap. Programs a bot to trade tokens back and forth with each other (what do we call that Karim??) wash trading.

      Exchanges know about it but don't care too much to stop it.

      Hotbit based in Shanghai and BitForex out of Hong Kong are two exchanges that Gotbit uses. Gotbit was found to be one of 14 exchanges that basically had zero genuine trading outside of wash trading in a report by Alameda Research, a crypto trading firm.

      A lot of the coins are top 300-500 market cap trying to appease their investors, maybe make an exit eventually, but ultimately only 2 or 3 of the 30 or so Gotbit clients have a working business model and have reached the point of building an actual product.

      Adryunin does go on to say that this isn't exactly an ethical business and that if this was on NASDAQ he knows it would be a financial crime. Both him and his cofounder understand there is incoming regulation from the Financial Action Task Force which will regulate crypto related services and exchanges so they are pivoting to other more legitimate things like offering IEOs

    • NovaChain

      • Had no idea what it was.
      • It was yet another Lending platform that was based off of "High frequency trading bot passive income"
      • Deleted its website and email list and all social networks.
      • Loss was in the millions.
      • Twitter users were tweeting tons of numbers.

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Episode 193 - Was Tron Raided? Is McAfee making crypto for Cuba?

Flagship Friday! We're talking about John McAfee and what he wants to do for Cuba. We cover whether or not Tron headquarters was raided by the police, and this particular episoe without Adam we talk about a lot of different tangents, and more.

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Episode 193 - Flagship 81

Crypto Around the World

  • (World's Top 10 Companies are American)

    • Interesting article from May in Investopedia (source bump)
    • Reminder that these are really global companies now days
    • List

      Apple, Alphabet, Microsoft, Amazon, BRKA, FB, JPM, BoA, JnJ, Exxon

    • So why are these companies dominating market-cap?

      • US Equities have been crushing (outperforming), the Dollars strength (trade-off profile), and Mega-caps usually trade at a premium
    • Lessons from History
      • Late 1980s, Japanese companies dominated ranks of global firms. Yen was strong and Nikkei index blew way up
        • Still hasnt recovered btw, (21.5k vs 37.8k ATH)
      • Late 1990s, .com tech boom had US dominating largest companies. The 2000-2002 bear market had SP500 down 45%, NASDAQ almost 80% at worst
      • In 2007 with a strong Euro many EU was challenging US for most megacaps (didnt surpass), but then Great Recession happened
      • China lost some spots on the list due to tariffs
  • Turkey's New Economic Roadmap & Cryptocurrency
    • "11th Development Plan" submitted to the Turkish Parliament July 8th
      • This Covers 2019-2023
    • Here are some interesting parts -
      • a “Mcblockchain-based digital central bank money will be implemented,”
      • That they will create a legal and technological infrastructure in an effort to use blockchain for "transport and customs"
      • Tbf apparently blockchain gets thrown around a lot, like in the AI section and IoT for public services (prob just want to techno-babel by legislators)

THAT'S A SCAM

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Episode 192 - Loser.com and more.

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Craig Wright cryies in court, thus proving he is Satoshi Butthurtamoto. . We go over tons of stories from across the globe, including what’s happening with Facebook’s Libra in China. Our friends Waltonchain make another cameo appearance in our “That’s a scam” Section, and we learn how Adam almost lost $10k by being cocky.

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Episode 192 - Flagship 80

"Local Forecast - Elevator Kevin MacLeod (incompetech.com)

Licensed under Creative Commons: By Attribution 3.0 License

http://creativecommons.org/licenses/by/3.0/"

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Episode 191 - Flagship Friday - Happy 11k er...12k....er 10k

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Bitcoin’s price goes to 13k, but then back to 10k. The price is on everyone's minds so the team actually sits down and talks about it. We also have some dumb CSW stuff, more of a deep dive on Libra and more. 

 ption

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New Section - THAT'S A SCAM

  • Scammers be scamming, $27m in Bitcoin Stolen Through Typos - K
    • Dedicate this story to all GrammarNazis
    • Six people arrested by police in The Netherlands and the UK
      • Connection to 24m Euro ($27m) theft in Crypto
      • Approximately 4000 victims across 12 countries
      • 14-Month investigation, Group of 5 men one woman arrested in their homes
      • South of England, Amsterdam, and Rotterdam (coordinated)
    • They were impersonating a well known exchange, but police wont mention which
    • Used Technique called typosquatting
      • mispspelled URLs trick victims into thinking they're on a trusted site
      • Then site forwards any sensitive user details, which are used to drain wallets & accounts
      • Recently similar tactic used to run a fake token sale,
      • Another impersonated Faceebok's Calibra website with an accent on the i, tried selling LBR for ETH
  • City in Florida has to pay $600k in Bitcoin ransom to get its data back
    • City called Riviera Beach got hit by a ransomware attack.
    • They were completely ground to a halt. Taking 911 calls with pen and paper.
    • They lost phone service, e-mail, hand delivered checks, and even water testing.
    • They had to pay 65 Bitcoin, and voted unanimously to pay the ransom. Looks like the hackers cooperated.
    • This happened in Baltimore and they only asked for $76,000 - but it cost the city an estimated $18M to fix it. It will only cost $1M including the ransom.
    • “Every day I’m learning how this even operates because it just sounds so far-fetched to me,”
  • Some Dumb Craig Wright shit -brent
  • A Fight Over Facebook's Cryptocurrency is Coming
    • Right after FB announcement, US House Financial Services Committee Hearing Scheduled for July 17th
    • Senate Banking Committee hearing Scheduled for 16th
    • Maxine Waters (D, California) - Chair of HFSC called for FB to hault development till regulators have a chance to take action
    • Compare this to the usual pace we see crypto regulation develop at
    • Crypto community's critique of Libra could be its Achilles heel
      • Unlike BTC, Congress can directly identify the people in charge, they can subpoena them, pressure them, etc
      • David Marcus, Head of Calibra, or Mr Popular, everyone loves Mark Zuckerberg
      • How could Waters even ask for a halt in BTC development?
    • With someone in charge, policymakers, regulators, shareholders can lean on them to make changes
      • If the ledger or software can be altered by this pressure, not really permission-less, open, immutable, etc
    • Author believes Libra has done a lot to protect itself from FB (real and perception)
      • Place code under an opensource license
      • Gave network's governance authority to a separate Swiss-based foundation
      • Got 27 external partners to work alongside FB as independent permissioned nodes
        • Verbally committed to transition to permissionless model
      • Basically he feels there's a road-map for Libra to survive and grow independent of FB genesis
    • But follow the money, right now they are paid by Facebook, and its culture permeates
    • When we look at Facebook, Instagram, and WhatsApps user count, potential 4 billion wallets
    • Unfortunately the decisions congress makes with Libra will set precedents regarding an open-system to global financial transactions
    • We dont want government overreach here, and our representative is the worst offender of corporate power

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101 Series IOST - Featuring Terrence Wang

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IOST is an application-friendly, next generation public blockchain infrastructure, helping decentralized app developers overcome some of the most challenging problems with mass adoption. First and foremost, IOST solves the scalability trilemma, or having to select between levels of security, scalability, and decentralization. Through a “Proof-of-Believability” consensus mechanism, IOST enables DApps to build and deploy more meaningful services on its platform, helping more everyday users experience the mass benefits of blockchain services. 

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Episode 189 - Facebook Coin vs Bitcoin - What's the difference?

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Today we're talking about how the new ZuckBucks (aka Libra) stacks up to Bitcoin. Is it the same? Is it different? Is it even a crypto? We talk about all of these questions in the most basic way that we can.

This is a great episode for those that might know what both Bitcoin and Libra are, but aren't really sure how they work together. So share it with your friends, and join us for Flagship Friday number 78

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Episode 188 - Featured Project - Emberfund.io wit Alex Wang

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On today's featured project episode we are talking with Alex Wang, the Co-Foudner of Emberfund.io. He has helped create a project that solves a need in the space, and honestly investing in general. Emberfund is a non-custodial fund that allows you to have the benefits of a managed fund, and the security of owning your own funds with your own private keys.

Listen to Brent ask the questions, learn the process, and get to the bottom of this new asset of fund management. Alex is all about keeping this accessible to all investors, and e goes into exactly how all of this is accomplished in detail on this episode of the CryptoBasic Podcast.

THIS IS OUR REFERAL LINK PLEASE SHOW EMBERFUND YOUR SUPPORT - https://emberfund.app.link/CryptoBasic

Website: https://www.emberfund.io/

Telegram: https://t.me/EmberFund/

Twitter: https://twitter.com/EmberFund

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Episode 187 - Binance to the US, Facebook, and Brent Gets Hacked again.

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Brent is back on the show just in time to get hacked. Binance is coming to the US, but weren't they already there? Facebook announces more plans for the Libra and announces the help of some serious tech giants. Giants that gave them $10M of course. There's a lot more news to cover on this edition of the flagship.

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Flagship 76 - 6/14/19

Episode 186 - Facebook Coin - Vitalik on BSV - and more news

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Apple said tey're going to be pushing something called the CryptoKit. What's that? What is Facebook doing? Where the hell did Brent go? Find out about all of this and more in the cryptospace on Flagship Friday-ish.

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The members of the CryptoBasic podcast are not financial advisors, and this information is provided for entertainment purposes. Please do your own research, and don't listen to these idiots.

The CryptoBasic Podcast is owned and operated by Cipher Consulting Group LLC.