CryptoBasic Podcast

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

Episode 172 - Flagship time

172 Flagship.png

Coinbase is adding a debit card - is crypto being adopted sooner than we think? Who knows?! We also go over the Wikileaks founder Julian Assange being expelled from his embassy even though we don't know anything about it - and we reiterate that Craig Wright isnt' Satoshi.

Ledger Nano S - The secure hardware wallet
 

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Flagship Friday 172

  • Rapid Fire

    The LA Times and Washington Post opt into their BAT contributions

    Harvard invested something around 5-10M into Blockstack token sale.

  • Coinbase Releases a Debit Card with VISA partnership. - Brent

    • YAYYYYY A REAL CRYTPO DEBIT CARD FINALLY
    • Not in US.
    • UK only, and they have plans to expand to the rest of Europe. No plans to expand outside yet.
    • Card uses assets directly from your exchange.
    • It sounds like those cool bank accounts, and it's functioning off of something originally built by a company called Shift Payments, that worked with coinbase funds as a third party. A company called Play Safe is issuing the actual cards.
    • Fees - again these cards are expensive af to use.
      • ATM - 200 pounds free, then 1% after that domestic. 2% Foreign.
      • Domestic Purchase - None
      • International 3%
      • Card initiation fee and replacement fee - 4.95 Pounds
      • Overdraft fee is 20 pounds
      • Oh also there's 2.49% transaction fee on the crypto liquidation
  • The first picture of a black hole opens a new era of astrophysics. The supermassive beast lies in a galaxy called M87 more than 50 million light-years away - Karim

    • Few props to Event Horizon Telescope

      • In theory imaging a black hole @ this wave length would require a telescope as big as earth, EHT simulates it
      • Global network of dishes collects & records radio waves, combine data to create new images, has to be perfectly synced
      • Atomic clocks used to ensure stability (1sec per hundred million years),
      • amount of data so large it could never be transferred over the internet. Stored on hard disks and shipped to central super computer to put data together
      • Super computer also staggers data based on when light waves hit
      • More dishes more resolution
      • EHT Network

        Lessons

      • Really black hole, General relativity FURTHER confirmed

      • Gravitational Dynamics of starts better measures of black hole masses than observations of gas
      • This is a rotating black hole, accretion disks made of matter definitely there
      • Proper resolution requires resolving power to be better than the size of the object you are looking at (resolution)
        • Only 3 known black holes in the Universe have a large enough diameter for the current EHT - Sagittarius A, center of M87, and the center of a radio-quiet galaxy called NGC 1277
        • But we could increase the power beyond size of the Earth by launching telescopes into orbit!
      • we absolutely could not have done this without a global, international network of scientists and equipment working together
  • NY Department of Financial Services - Bit License - Brent
    • Basically Bittrex has been operating in NY if I understand it correctly.
    • This will only affect customers in NYC - but it's honestly concerning.
    • We've linked to the actual letter from the Bit License division of the NYDFS
    • They had transactions with Sanctioned countries
    • They randomly exclude people from their cash monitoring
    • The board of directors minutes never included any AML/BSA/OFAC issues.
    • The compliance officer is called out as inadequate.
    • They say there's a lack of trainig. I've been through AML training, it's a fuckin joke. If Bittrex wasn't even doing that I dunno what to tell them.
    • They had an audit and presented that report, but refused to explain the process behind the conclusions or the engagement letter between the audit firm and Bittrex. (which is basically a less legalese contract)
    • Here's the best one. They didn't do customer due dilligence. They had names on accounts such as "Elvis Presley" (ok we can forgive that) "abc-abc" (clearly Roger Ver) "Donald Duck" and plenty of obscene terms.
    • They were unclear and wishy washy on how to handle corporate customers who may own some percentage of a project or business.
    • They had a process for listing tokens, but NYDFS pulled 15 random tokens and foudn that some of the founders refused to finish the paperwork, and some of them had no application at all.
    • THEY HAVE NOT AGREED TO HAVE THEIR CAPITAL EXAMINED.

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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.