CryptoBasic Podcast

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

Binance Coin - and othe rnews



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.

Ledger Nano S - The secure hardware wallet


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!


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.