CryptoBasic Podcast

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

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.

Ledger Nano S - The secure hardware wallet

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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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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.