CryptoBasic Podcast

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

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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Episode 185 - Karim is Back!

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Karim is back on the show after his trip to Europe, and he's brought a bunch of crypto aroudn the world news with him. He's talking Africa, he's talking Europe, and he's calling Brent out for being wrong on stuff.

EOS and CSW appear on every show at this point, but the news is never good. Why is EOS not a good blockchain? Did they pump their own ICO? Who knows, we talk about the evidence.

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You can now buy bitcoin at Coinstar machines at the grocery store (adoption) - https://i.redd.it/uk7fdi2fz7131.jpg

Excel lists Bitcoin as a currency - https://i.redd.it/pja93uz5nr031.jpg

Kraken paid 250 salaries in crypto - https://beincrypto.com/nobod-work-bitcoin-except-everyone/?utm_source=reddit&utm_medium=social&utm_campaign=btc&utm_content=sne

Samsung moving to integrate crypto to Samsung Pay - https://cryptoticker.io/en/samsung-cryptocurrency-smart-pay/

IOTA has announced a solution to remove the Coordinator - https://coordicide.iota.org/

Reserve Bank of Malawi spooked by Crypto - https://www.ccn.com/cryptocurrencies-not-legal-tender-says-malawis-central-bank

Mthuli Ncube - https://www.ccn.com/cryptocurrency-could-solve-zimbabwes-cash-shortages-finance-minister

Project Khokha - https://www.ccn.com/real-world-ethereum-based-blockchain-payments-trial-a-success-south-africas-central-bank

North Korea Launched Cryptocurrency Attacks in Response to Sanctions, Says FBI - https://cointelegraph.com/news/north-korea-launched-cryptocurrency-attacks-in-response-to-sanctions-says-fbi

Egypt Lifts Cryptocurrency Ban & Will Allow Licensed Companies - https://www.coindesk.com/egypt-lifts-ban-will-allow-licensed-cryptocurrency-companies?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

Egypt Lifts Cryptocurrency Ban & Will Allow Licensed Companies - https://www.coindesk.com/egypt-lifts-ban-will-allow-licensed-cryptocurrency-companies?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

Egypt Lifts Cryptocurrency Ban & Will Allow Licensed Companies - https://fora.ie/bank-of-ireland-aib-blockchain-4659758-May2019/

Report on EOS alleges that they engaged in wash trading during the year long ICO. - https://media.consensys.net/a-retrospective-of-the-eos-token-sale-172d3437932b

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Episode 184 - Round Table with Brett Richey from BlitzPredict.io on Gaming and Crypto

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Poker, Gambling, Crypto. These names can be synonymous. Today we've got Brett Richey on the show - he's the founder of a company called Blitz Predict and he has a lot of interesting information to share about what he feels is a match made in heaven of Crypto and Gaming.

Their company didn't build their own coin, they actually USED another existing platform to create their content. Augur provides the frame work, Blitz Predict provides the app, and you provide the action.

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Blitz Predict - https://www.blitzpredict.io/

Brett's Twitter - https://twitter.com/BrettRichey

Brett's Rap Video - https://www.youtube.com/watch?v=tyBCDv8GXTs

Blitz Predict Subreddit - https://www.reddit.com/r/BlitzPredict/

Blitz Predict Telegram - https://t.me/BlitzPredict

Blitz Predict Discord - https://discordapp.com/invite/e9vTTTw

Blitz Predict Twitter - https://twitter.com/BlitzPredict

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Monica Quaintance from Kadena.io

It's time for another Crypto Convo episode - and today we're going to be having a chat with Monica Quaintance from the Kadena Project. It's an open ended conversation Where we discuss anything and everything blockchain and beyond. Learn about how Kadena developed a language that you can read, even if you can't code.

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Kadena Website - https://kadena.io/

Kadena Twitter - https://twitter.com/kadena_io

Monica's Twitter - https://twitter.com/quaintm

Monica's Linked in - https://www.linkedin.com/in/monica-quaintance/

Monica's Medium - https://medium.com/kadena-io

Check out Pact Language - https://pactlang.org/

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Episode 182 - So many scams, only one Flagship

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Scams. So many of these projects are turning out to be scams, and we knew it was coming. This space is perfect for scammers, and perfect for seizing control from the bankers. HitBTC, Cobinhood, Cryptopia, yo never know which exchange is next. Find out what we’ve seen, as well as some other news from across the land.

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Episode 182 Flagship 73

New Section - THAT'S A SCAM

  • Bitconnectttt Is Coming Back (Hey hey heyyyyyy)

    • https://beincrypto.com/bitconnect-2-july-1-joke/
    • Now now, we all love a good Bitconnect joke believe you me but this is not a joke. They are planning on relaunching July 1st. the V2.0 website is up and everything with a countdown.
    • They are trying to capture the portion of the world that isn't on social media and doesn't know about BCC and their previous fraud. Honestly, this coin is a large part of the reason why CBP was started. To educate the murky and complicated waters that is the crypto landscape. It's tough especially when it feels imaginary. There is no physicality to the coins. And to all you Basic Bitches, please please please let any of your friends and family who have questions about the space to let them know about stuff like this. No one should ever have to lose their life savings on a scam.
  • HitBTC Insolvent? (Brent)

    • Cryptointelligence has reported that Coinfirm, a firm they're partnered with, has done an analysis on HitBTC's wallets and found they likely only have $3M worth of coins stored there. Take the story with a slight grain of salt, as a research firm they want to make sure people use them, but the information appears to be factual.
    • They talk about red flags, which are the most important in the space.
      1. Proof of Reserves for HitBTC
        1. Big thing here - Per ETH they have in their storage they have $31.5k worth of volume. This is compared to Kraken's $5, Bitrex's $6, and Kraken's $20. In BTC this is even higher - $2.2M - this is compared to Kraken's $1k, Bitrex's $630 and Poloniex's $2900
      2. Withdrawal issues following the new KYC/AML policy introduced by HitBTC
        1. Big thing here - They tend to selectively enforce their AML / KYC laws and cause withdrawal delays. This is anecdotal.
      3. High withdrawal fees (over 10X the benchmark)
        1. Their fees can be as high as 40x.
      4. Anonymous team
        1. This worked out well with Bruno blocks right?
        2. Literally no one on their team is known.
  • Tether Has Admitted that it keeps some reserves in Bitcoin (Brent)
    • This is ridiculous. Their lawyer David Miller admitted that they invested in Bitcoin with their reserves. Quote - “Prior to the April 24th order … Tether actually did invest in instruments beyond cash and cash equivalents, including bitcoin, they bought bitcoin.”
    • They he goes on to act like the courts are being ridiculous and overstepping their boundaries.
    • Miller argued that the Attorney General’s Office wants to have restricted language that limits Tether’s investments to cash or cash equivalents because “they don’t like some of [Tether’s] investments.” Miller claims the Attorney General’s Office is acting beyond its jurisdiction in trying to exert regulatory authority.
    • He said it was a small amount
    • Paolo Ardoino, CTO of Bitfinex, said in a tweet that on May 16, 2019, Tether owned 0.076 BTC. It’s still unclear how much bitcoin the firm has owned historically and in how many addresses. Stuart Hoegner, General Counsel for both Bitfinex and Tether, in a tweet referred to this report as “neither breaking (as advertised) nor news.”
  • Cobinhoob Exit Scams after raising $3M
    • They already had an ICO in 2017 and raised $13, but decided to do another one called DEXON. I imagine it was some kinda DEX in theory,.
    • THey raised $3M
    • Sent out tokens, and then started dumping the tokens they had left.
    • Almost immediately filed for bankruptcy and to be liquidated.
    • ALl of this happened before the ICO funds were even unlocked to the public sale.
    • Ran buy a guy named "Popo" for a nickname and called Cobinhood.
  • Mailbag

    I read an article at the Bitcoinist about JP Morgan telling people that "the US-China trade war could boost safe haven currencies.". Do you think it's likely that the weakening yuan will push the Chinese to use crypto as "the" safe haven asset, now that Russia has already bought the gold? - Mili (Discord)

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Episode 181 - Flagship Friday - Starbucks, Cryptopia, and the Adam Levy Effect.

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Yeah right you thought we were going to talk about price on a CryptoBasic episode? We talk about all the goings on of the week. From Cryptopia closing and bring liquidated to Bakkt getting clearer with their direction we cover it all this week. Are Whole Foods and Starbucks really taking CryptoCurrency?

What is the Adam Levy Effect? Is it real? Brent roasts a portfolio, and more.

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  • Rapid Fire
  • Cryptopia Getting Liquidated - Brent
    • Apparently we missed this - but Cryptopia reopened deposits and withdrawals at some point.
    • And they got shut down and are being liquidated.
    • Super scummy that they were accepting deposits
    • They also went into maintenance with a graphic that apparently said "dont panic"
  • BULLISH OR BULLSHIT - Starbucks and Whole Foods accept Crypto - Brent
    • Bullshit....but it's not that bad.
    • They're not really accepting it - but they're using an app called Flexa
    • Flexa works at 15 retailers and is partnered with Gemini. They use a wallet called SPEDN, which is ultra annoying.
    • Only Consensus attendees can use it so far.
    • And it's only on Apple.
  • 60 Minutes Airing A Piece on Crypto. - Adam
    • Laszlo Hanyecz used btc to pay for crypto on May 22nd 2010, 10k btc and now that would be worth 800million
      • spent 100k btc used back then
      • the piece interviews fed reserve governor, mit media lab's digital currency initiative, charlie shrem, and genesis mining ceo
  • Bakkt Released Updated roadmap for launch - they are aiming for July - Brent
    • They're gonna have a daily and monthly settlement contract now. (before it was just daily I believe)
    • The prices will be using tools that will filter out wash trading detected - but not specific on those tools yet.
    • They're putting in $35 Million dollars to the clearing house risk waterfall.
    • They have a custodian in house, but that needs to be approved. They'll be insured, hire cybersecurity firms (hopefully not Gulianais') and compliance firms that specialize in AML and Blockchain analytics.

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101 Series Decred - Featuring Richard Red

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Decred means Decentralized Credits, and this was a tough nut to crack. The team decided to bring in the big guns and have Richard Red on the show - he's a part of the Decred Team, in so far as he has Decred's DAO pay him for many many things. 

He has answers to all of Brent's questions as Brent takes him through the 101 series - Decred, and finds a new coin that he likes a lot. 

Links - 

Richard's Medium - https://medium.com/@richardred

Richard's Github - https://github.com/RichardRed0x

Richard's Twittter - https://twitter.com/RichardRed0x

Whitepaper - https://docs.decred.org/

Politeia - https://proposals.decred.org/

Website - https://www.decred.org

Subreddit - https://www.reddit.com/r/decred/

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Episode 179 - Flagship Time!

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Binance was hacked, and we have some follow up information for what went down. The team also talk about crypto's future by analyzing poll results. Ethereum releases a test net. The usual Craig Wright BS, and of course we can't go an episode without talking about Justin Sun from Tron. Finally Brent goes on an Epic rant about the scammer Annie Duke.

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Episode 179 - Flagship

  • Rapid Fire

  • Executives polled on Crypto (K)

    • Poll by Deloitte conducted of 1,386 Senior Executives (500m+US, 100m World)Feb-March, dozen countries (Brazil, Canada, China, Germany, Hong Kong, Israel, Luxembourg, Singapore, Switzerland, United Arab Emirates, United Kingdom, and the United States)
      • 53% Say blockchain is top five strategic priorities (up from 43% in 2018)
      • Financial sector is leader in adoption right now, but we do see technology, media, and healthcare diversifying blockchain projects
      • 27% said important but not top priority, 14% some relevance but not strategic initiative
      • Only 3% said it would not be relevant, down from 4% last year
      • 86% Broadly scalable and will eventually achieve mainstream adoption, 83% said their executive teams see compelling case for blockchain
      • 81% plan on replacing systems of record, 77% think the lose competitive advantage if they dont adopt.
      • Over-hyped? 43% said yes
    • BRENT RANT
  • TRON suffered from a critical bug that could have brought their entire blockchain to a screeching halt (ADAM)

    TRON suffered from a critical bug that could've crashed its entire blockchain

    • This took place in January, and the bounty was paid in Feb., but was just disclosed May 2.
    • Using a single machine, an attacker could send a DDoS attack to all or 51 percent of the [Super Representative] nodes and render TRON network unusable, or make it unavailable
    • This flaw in TRON‘s wallet allowed all of the network‘s available memory to be taken up by a single party with just one computer, which would have effectively broken the blockchain during that time
    • This was discovered by a company / person called HackerOne, and disclosure was just released. They were also paid for one other bug where they were paid double the bounty that they haven't disclosed the nature of.
  • BINANCE HACK (Brent)

    • Just want to do a quick follow up about the thought of a re-org
    • CZ Basically said something stupid on his live stream
    • He took it back within the hour.
    • You do need to reset your 2FA keys
    • Also disable any API keys you have, and maybe re-enable if you trust them?
    • https://twitter.com/IOHK_Charles/status/1126109361154215936
  • Block-chain Researchers weigh in on Wright Lawsuit (K)

    • Let's Catchup
      • Self proclaimed Satoshi, aka Faketoshi Craig Wright sued by (David) Kleiman family
      • Accused of stealing $11b worth of bitcoin, intellectual property
      • Last week the court ordered Wright to disclose bitcoin addresses that belonged to him before 2013....which remember he claimed to have mind the first 70 blocks
    • So.....

      • He turns in a list of the 70 addresses, it was redacted & unsealed
      • This is what his lawyer writes regarding the addresses...

        Dr. Wright knows that he mined the first 70 blocks on the blockchain. Because the public addresses associated with blocks are publicly available, Dr. Wright is able to identify the public addresses associated with the first 70 blocks on the blockchain and provides those public addresses below.

    • WizSec (Bitcoin Security Specialists) Write a report

      • First they point out we have no reason to believe these bitcoins even exists
      • Basically Wrights claim is he didnt remember the addresses...but he can share them since they are one the blockchain and he mines bitcoin
      • We know because even though list is redacted the addresses match up perfectly

      • "It beggars belief, for the self-proclaimed inventor of Bitcoin to act so ignorant about the fundamentals of his invention. Perhaps Wright thinks that being a bitcoin miner means pointing at bitcoins and yelling "Mine!"?

  • More Bitfinex Shit (B)
    • Reggie Fowler is somehow connected to this. He used to play football years ago and was an owner of the Vikings.
    • The accusation is that Fowler opened a bunch of bank accounts to make it easier for Bitfinex to move money around. The connection was made because modernconsensus.com noticed the bank account was one of Fowler's in the actual indictment.
    • There was another warrant issues for a Israeli citizen named Ravid Yosef. Shes also a dating coach.
    • Fowler has had a few other scandals (He's been sued 36 times) and accusations, but this one in particular is saying that he worked with Yosef to run a "shadow bank" to process US based payments. Their charges are conspiracy to commit bank fraud.
    • There's even chats out there where the owner of Bitfinex is asking the company CryptoCapital for millions of dollars - even yelling at them for not sending any money this month. CryptoCapital is the company that these bank accounts from the Football player and Dating coach are linked to.
    • When Fowler was arrested he had $14,000 worth of fake $100 bills at his office.
    • There's also possible ties to both Colombian Cartels and Quadriga which we won't get into, but the links are in the shownotes if you want to learn more - this all centers around CryptoCapital
  • Ethereum PoS Testnet is Live (A)
    • Ethereum 2.0 is an upcoming new Eth chain with improvements in security, scalability, and decentralization.
    • Shards are a core concept behind Eth 2.0. Sharding refers to splitting the entire Ethereum network into multiple portions called shards. Each shard would contain its own independent state, aka a unique set of account balances and smart contracts. It will help scale
    • Testnet is publicly accessible with links to start staking. It's bare bones.
  • Crypto Around the World (K)
    • Facebook’s Secret Cryptocurrency Just ‘Months Away’ from India Launch (K)
      • Project Libra may be launching in a few months
        • stable-coin type coin, probably for buying stuff on FB or sending $ thru Whatsapp
      • One main reason to launch in India, facilitate remittance payments for its WhatsApp users lol (200m)
      • Then they cite a crypto guy with a crypto fund saying this will be good for crypto
      • Trajectory? Led by former PayPal president David Marcus, 1/5th of blockchain team are PayPal alumni
    • Facebook Ads
      • Facebook reverses ban on crypto ads —-Although cryptocurrency ads are once again permitted on Facebook, advertisements for initial coin offerings (ICOs) will still be rejected.
      • That doesn't mean its easy, everything still needs review.
      • Also a good chance there's a snafu when some scam exchanges start promoting.
      • Basically they're going to default to yes vs default to no.
  • Rants

    Fucking Annie Duke

  • Patreon

  • Exit

    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 178 - Basic Blitz

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Binance was hacked, this is not a drill. Guess what? Everything is fine. Adam and Brent decide to talk abou this for a quick episode of the podcast, and of course, there's some Jutin Sun bullshit thrown in on the top of it all.

CZ Twitter Live - https://twitter.com/binance/status/1125959459782553600?s=20

Binance Blog Post - https://binance.zendesk.com/hc/en-us/articles/360028031711

Binance SAFU Funds - https://www.binance.vision/glossary/secure-asset-fund-for-users

Reddit Thread - https://www.reddit.com/r/CryptoCurrency/comments/bly0dd/funds_are_safe_but_still_binance_hacked/

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Episode 177 - Tether and other Crypto News

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DescThis week's top story - Tether is in trouble again. Is this a tale of sound and fury signifying nothing like the Bitcoin Maximalists such as Adam Back would like you to believe? Or is there something more going on here? Before we get to that story we talk about Vitalik, Elon, some scams and more.ription

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Episode 177 - Flagship 70

This week's top story - Tether is in trouble again. Is this a tale of sound and fury signifying nothing like the Bitcoin Maximalists such as Adam Back would like you to believe? Or is there something more going on here? Before we get to that story we talk about Vitalik, Elon, some scams and more.

  • Rapid Fire

  • Vitalik and Elon chat on Twitter (Story 1)

    Elon Musk on Twitter

    • Elon Musk on Monday sent out a one word tweet, Ethereum. Then apparently said jk. Then Vitalik got involved and said to come to Devcon in Denver. THe internet erupted. How absurd is it that someone can just say one word on the internet and have the internet in an uproar.
    • Then Elon asked what should be developed on Ethereum and Vitalik replied with a mini tweet storm on projects with different use cases he likes on the Ethereum platform
    • MolochDAO, Ethereum Name Service, Ethresear.ch, Hurricaneguard.io were all named.
    • then a bunch of trolls on twitter said dumb things about tesla and crypto. Justin Sun got in there to mention Tron, all the regulars (Pomp, Ari David Paul, Neeraj)
    • hope something comes of it at some point
  • Crypto_Brahma Scam - Brent
    • I don't know anything about who this was before - but I looked into it a little bit because of this letter I came across on Twitter to his "group" .
    • He ran a paid Discord group where you could join and get some trading advice and get gems from him. ONLY 35 MONTHLY MEMBERS....but he was actually running two of these exclusive groups simultaneously.
    • It was called the fucking Moon Club
    • Apparently at some point he decided to do a fund.
    • ANNNNNNNND It's gone.
    • https://twitter.com/The_CryptoArnie/status/1123215814998540289/photo/1
    • Literally he took everyone's money, gambled it via a bad call on Margin trading, and then sent a letter saying that he'd totally get everyone their money back. He just needed to clear his head so that he could trade in a stress free environment. Timeline - 5 Months. LOLOL
  • Millions in Crypto Stolen first quarter 2019.... and its gonna need laundering (Karim)

    • Article based on a report by company called CipherTrace, 'Q1 2019 Cryptocurrency AML Report'
    • Estimates $356 million stolen, and payments from US based exchanges to offshore crypto wallets up 46%
      • $16m from Cryptopia in January
      • CoinBene and DragonEx (Singapore) combined $46m in March (ETH backed)
      • Bithumb in S Korea $13m in EOS stolen and (allegedly) another $6m in Ripple
        • Company described it as an "accident involving insiders" lol
      • Coinbin also S Korea forced into bankrupcy after loosing $26m, blamed an insider
      • And then there's QuadrigaCX...
        • The report 'tentatively' categorized the $190m as theft as opposed to hack or exit scam
    • Bottom line this money has to be cashed out in innovative ways to turn it into cash, and a lot of ways to exit US and European jurisdictions.
    • Article concludes with a warning that "A tsunami of tough, global antimoney laundering and counter-terror financing regulations will “roll over” the cryptocurrency ecosystem throughout the coming year",
    • Even links to an article showing Finland just recently adopted AML regulation for crypto
    • But one thing to keep in mind......

  • Austin Transportation Partners With Iota Foundation to Develop Interoperability Ecosystem ADAM

    • visions of a system in which every transit system can interact with the same payment app and a single digital identity
    • this is the second partnership this week. the other is United Kingdom car manufacturer Jaguar Land Rover will use Iota’s distributed ledger to reward drivers with cryptocurrency for data reporting
    • Iota and internet of things (IoT) firm Evrythng announced a partnership to combine and apply their distributed ledger and IoT technologies to provide greater transparency for consumer goods supply chains
  • Bank of America secures patent for risk assessment of cryptocurrency transactions; (Karim)

    • BOA secured a patent on April 30 for a cryptocurrency risk detection system.
    • On the basis of the system, a risk score will be levied on cryptocurrency transactions between a customer and a third party.
    • 'Processor' would receive request for transaction with third party, then it can "perform a slew of functions, retrieve blockchain information, determine the value of crypto in the transaction or calculate the “risk score” of the transaction based on the preceding factors."
    • BOA also filed for a patent for crypto storage system for business transactions (Aug 2018)
  • CoinMarketCap turned 6 yesterday - Adam

    Happy 6th Birthday! DATA Alliance, Block Explorers and more - CoinMarketCap

    • transparency alliance for cryptos and exchange. Basically KYC
    • list of 17 things for crypto and 24 for exchanges
    • starts in june 14th
    • CMC blocks explorers much like etherscan which will help users have more visibility into the blockchain
    • merch shop
    • finally have an Android app
    • ios updated version (so the search function ACTUALLY works)
  • Main Story - Tether situation - Brent

    • The NY Attorney General released a statement saying that, among other things, Bitfinex used Tether to mask a missing $850 Million of their assets.
    • The response to the NYAG releasing this from Tether? Decidedly hand wavey - First it was from Bitfinex not Tether, but they're the same. They basically say that the money was "seized" and not hidden. They're setting up for the ol' "if they hadn't said anything it all would have been fine" defense.
    • Lets do a recap of the Tether red flags, YES red flags.
    • The original white paper is unequivocal in the backing of Tether - it will be backed on a 1:1 basis
    • The Paradise Papers leak showed that Phil Potter and Giancarlo Devasini are both a part of There and Bitfinex.
    • $30 Million dollars was "Stolen" but don't worry Tether won't be redeeming those Tethers so it's all fine.
    • They hired and fired an auditor named Friedman LLP.
    • They took any promise of getting audited out of their FAQ.
    • A few months ago we reported this but it bears mentioning again - Tether took down it's 100% backed statement and replaced it with a new one. "Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every tether is also 1-to-1 pegged to the dollar, so 1 USDâ‚® is always valued by Tether at 1 USD."
    • Now it gets even worse.
    • The Lawyer for Tether has admitted to the court in plain english that as of April 30, Tether is only about 74% backed by fiat equivalents, which is cash and short term securities.
    • It looks like this "seized" amount is a line of credit from Tether to Bitfinex, which is most likely going to function as one of those cash equivalents.
    • Tether did say that the terms of this credit line were negotiated "on an arms length basis on commercially reasonable terms"
    • Both agreements were singed by the same guy - Giancarlo Devasini.
    • Attorneys are arguing that Tether doesn't have to be 100% backed, it totally says so on the website.
    • If BSV got delisted because CSW is an asshole, I'm really hoping the community would put pressure on the exchanges to delist Tether.
    • They aren't.
    • Bitcoin maximalists like Adam Back seem to be aligned with Tether her, even comparing it to fractional reserve banking saying that it's way better than them. Sometimes the Bitcoin community makes it really hard to like them.
    • Finally - the ETH wallet on Bitfinex has been drained of 800k ETH in the last week, and they only have 1.1M ETH left. Good luck to all that have funds on there :(
    • LINKS

      https://www.coindesk.com/tether-lawyer-confirms-stablecoin-74-percent-backed-by-cash-and-equivalentshttps://www.reddit.com/r/CryptoCurrency/comments/b0wmuo/tether_once_again_pulls_a_sneaky_update/

      coindesk.com/tether-claims-30-million-stable-token-stolen-attacker

      https://news.bitcoin.com/paradise-papers-reveal-bitfinexs-devasini-and-potter-established-tether-already-back-in-2014/

      https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod

      https://www.tetherreport.com/

      https://www.allcryptowhitepapers.com/tether-whitepaper/

  • Shots Fired!

    • Reddit User M0ountainDew - Dear Justin sun this is not a "comprehensive developer guide" this is just a list of where to buy Tron.

      It's literally a list (barely any of them linked) in alphabetical order - but Binance is at the top over aBCC Exchange.

      https://www.reddit.com/r/CryptoCurrency/comments/bjl2b9/dear_justin_sun_this_is_not_a_comprehensive/

      https://archive.is/50Uxm

    • You know we like to keep you up to date on Substratum bullshit

      Brian and William were posting again this week.

      Substratum Deleted the Team Members page of their website.

      Originally it could still be accessed directly just not clicked on from the main site.

      Now it's gone completely

      They also took down their whitepaper. Only "technical paper" is left.

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Binance Coin - and othe rnews

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Description

On Flagship Friday this week we mostly talk about Binance. It’s almost a full 101 on the topic, but we also go over all kinds of other cubes, including what happens when Karim doesn’t show up for Flagship 69. Check out Brent and Adam only on this Flagship Friday.

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Flagship Friday 176

  • Rapid Fire

  • Bandit makes off with Million of ETH by brute force - BRENT

    • Has gotten away with nearly 45,000 ETH
    • There was a firm that was trying to find a way to guess wallets
    • They started with wallets that began with the number 1.
    • They then tried to narrow down the wallets with 2, 3, 4, and so on
    • When they actually managed to guess some, they were a little shocked to realize that the wallets had already been emptied.
    • They found 732 wallet keys with this method
    • They were all emptied by the same attacker
    • Their conclusion is that some ETH private keys can be guessed by using cloud computing tech - and this was likely from a wallet provider taking shortcuts in the code and cutting off a lot of the complex parts.
    • Or that the wallet's code was malicious to begin with.
    • They were also able to replicate the experiment on Bitcoin, but without finding as many private keys.
    • They still found 100 - and every wallet was also already emptied.
  • BMW announces VerifyCar powered by VeChain (Story 1) -

    BMW using blockchain at VeChain Summit 2019

    • "We built a digital ledger using the VeChainThor blockchain, and every interaction of the car will have a stored hash key on the blockchain." - Cihan Albay, Lead of IT Tech Office Singapore BMW Group
    • This was announced at VeChain's first summit April 18th in San Francisco.
    • 3 blockchain use cases for why BMW - mobility services such as DriveNow & ParkNow to allow users to share cars like what Airbnb has done for the housing market. Supply chain and blockchain can help organize everything. Customers - help with loyalty programs and other financial services
    • VeChain has successfully gone thru the StartUp Garage, BMW's four month incubator and are working together moving forward
    • VerifyCar is a vehicle digital passport. Apparently odometer fraud is a big problem in the automotive industry. 1/3rd of all vehicles sold have manipulated odometers in Germany ($3400 fraud per car). This will allow verification of odometer and the maintenance history to be on the blockchain.
  • Samsung has been doing some blockchain signaling. (BRENT)

    Samsung Developing Ethereum-Based Blockchain, May Issue Own Token - CoinDesk

  • Binance DEX (BRENT)

    • Let's talk a little about the Binance "Decentralized Exchange"
    • Firstly this all comes with a migration to the Binance main-net
    • CZ has been very clear ETH is superior to their coin.
    • Binance coin has been one of the better investments of the year, we agree with a lot of what CZ does, and Binance is in my opinion a trusted exchange.
    • Here's the thing about the Binance "DEX" It's not really a DEX at all. They are not holding your crypto, but they also do have full control of the trading systems.
    • In the terms and services it does appear that they can freeze your assets. They might not be able to move them because they don't have custody, but they can stop you from doing so.
    • It's centralized because it's on a Delegated POS system, and it appears Binance has all the nodes.
    • Even though it's non-custodial, they DO actually default act as custody of anything that isn't native to the BNB chain.
    • They do have some interesting governance behind the fees. The community votes on the listing of a coin that has applied to list. The Validators in theory vote like the community has asked. They have 4 vote options, yes, no, no veto, and abstain. If majority is yes it gets listed. Majority is no then it doesn't. If one third of votes are veto, it gets killed.
    • They have to deposit 1000BNB which they get back if they get a yes vote.
    • They have to pay 2000BNB to become listed, unclear but I think it goes to the network.
    • They do intend to implement atomic swaps on the main-net, but they also will be giving their version of BTC tether.
    • Terms screenshot
    • Getting your coins listed
  • Shots Fired!

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Episode 175 - Anthony Lusardi on Blockchain Attacks

Anthony Lusardi is back on the show and he's here to explain all the different ways that we can attack a blockchain. They're not perfect yet, and there's a lot of work to be done. We're so glad he's back on the show to really drive home some of these points.

Crappy Photography

Anthony’s Twitter

Medium Articles

Anthony on Vlad’s show (from the Bitcoin Takeover)

Anthony on CryptoDaily

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Episode 174 - Craigh Wright is a turd, Exchanges Delist BSV, and Satoshi's Treasure

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You’ve seen the drama. We’re a little late to the party but we weight in on the ridiculous Craight Wright and Calvin Ayre antics. We stand with Hodlnaut, we stand with Peter McCormack, and we can’t wait to see this court battle for the ages. We also talk about the Satoshi Treasure prize that’s out there, the US states rulings with regards to crypto laws, and talk about Forbes articles because we can.

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Episode 174

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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.