|0:02:22||Episode Title: The Binance KYC Hack - What You NEED To Know To Protect Yourself||Episode number: XXX||Date: 08/7/19||Live Unedited Show Time Stamp||Post Live Show Time Stamps||EST. Segment Length|
|JW||Welcome to Breaking Bitcoin, recorded live Wednesday, August 7th 2019. Your daily source for market updates, sentiment, and news for traders.|
I am your host Justin Wise, Lead Analyst & Senior Mentor at CrackingCryptocurrency.com - Hope you're all doing well!
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|Cryptocurrency Market Analysis|
|--Tip random commenter from yesterday’s show.||0:08:39||0:03:01|
|Bitcoin Analysis and Strategy||0:15:30||0:09:52|
|Substances - Why I Don't Use Any and How Society Should Treat Them||0:22:10||0:16:32||0:30:08|
|Where to Re-Enter Bitcoin||0:43:00||0:37:22|
|Ethereum Analysis and Strategy|
|Litecoin Analysis and Strategy|
|BNB Analysis and Strategy|
|XRP Analysis and Strategy|
|As traders, selecting our exchange is one of the most important decisions we will make. I'm often asked as a profesisonal, what are the most important metrics when making this decision. My answer is always the same. The three major boxes that any exchange that I am considering must check are|
2. Ease of Use
3. Customer Service
The exchange that checks all of these boxes, that I use for trading Bitcoin Futures, is Bybit.
They are based out of Singapore, a country with some of the strictest financial regulation. Their platform is intuitive and simple to use, yet also has advanced order features for seasoned traders. Finally, their Customer Service live chat is in the corner of their main page, and on-demand support is a click away.
I've absolutely loved using this platform, and very much prefer it over the alternatives in this space.
If you would like to check out ByBit, you can visit bybit.crackingcryptocurreny.com and receive up to $60 from ByBit just to test their platform.
Again, that's bybit.crackingcryptocurrency.com
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|JW||You can watch or listen to this discussion and more on Breaking Bitcoin, episode number ### at CrackingCryptocurrency.com. And remember to subscribe to our podcasts. Thanks for listening. We'll see you next time.|
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|Binanced KYC Hack - What You Need to Know||https://www.trustnodes.com/2019/08/07/binance-kyc-hacked-25-bitcoin-reward-offered||Binance is investigating an apparant leak, following a large data dump of customer KYC data released to a public telegram channel late yesterday. Thousands of telegram users poured into the channel, hoping to not see themselvess among the cache of images, showing smiling faces holding up passports and binance.com sheets. |
According to CoinDesk, the alleged hacker supplied them with hundreds of photographs, and they claim they have identified individuals who have found their pictures among those distributed.
The hacker claims they have 60,000 some pictures and will release them over time.
Extortion demands were made to Binance for a 300 BTC ransom, before the dump began on telegram. Binnace has offered a 25 BTC bounty for help in thwarting the hacker.
Binance claims that the data did not come from their server, as the images did not bear the digital watermark that would be there had it been lifted off of their server.
Current speculation is the leaked data is in fact from an earlier and publically known hack of KYC data in 2018, involving a third party KYC validator.
Which Binance admits they did contract out in February of 2018 to a third-party KYC company.
This Whole debacle highlights issues with KYC and consumer data protection in this era. Between the Equifax hack, and last weeks Capital One hack news, current financial regulation and customer data management, is woefully unprepared for a cyberpunk future. Third-party KYC companies are like a gift for criminal hackers.
Now the best solution is no KYC, that insures that there is not a pool of sensitive information that can be breached. Unfortunately, since that does not seem like a likely solution, then the next best practice would be to only have that data on a "hot site" until a customer's identity can be validated, then moved offline to an air-grapped site that does not have inbound access for security. Very similar to only keeping the funds you need to use on a hot wallet, and the rest in cold storage.
If this is affecting you, if you have found your personal data on the Telegram channel or elsewhere, and you feel that your personal data has been leaked, you need to take the necessary precautions of any potential identity theft.
The first thing that you need to do is put a fraud alert on your credit reports. This puts a red flag on your report and notifies lendors and creditors that they need to take extra steps to verify your identify before extending credit. To place a 90 day fraud alert on all three of your credit reports, you only need to contact one of hte reporting agencies, Equifax, Experian, or TransUnion. Now, fi you're not planning to do anything credit wise for 90 days you might even want to place a security freeze on your credit reports. This will prevent anyone from accessing your credit report at all, meaning if you apply or someone fradulently applies as you, they'll be instantnly denied. Now there are steps in place to temporarily "thaw" your account to process a legitimate request, but this is a safer option.
You'll want to contact your bank, potentially put a red line on your account. Now, this and the following steps you really don't want to do until you've actually become a victim of theft.
But, should you find unauthorized charges or identity theft behavior on your credit, you'll want to file a police report immediately. Contact the Federal Trade Commission and file an identity theft affadavit. If you're SSN has been compromised, you need to contact the social security administration and the IRS.
You should be in the habit of doing this already, but if you're not, make a habit or reviewing your bank and credit card statements every month.
Watch very closely for unauthorized transactions.
I recommend you guys go sign up on Credit Karma, and review you credit report and score monthly. That's what I do, I'm sure there might be better websites out there but I really like Credit Karma. When I began saving and investing my credit score was pretty bad, but over time I paid down all my debt, I paid off my student loans, and now my credit score is very very good and I can call the bank and get any loan I want for pretty much anything.
Now, it takes time to get there, but you can get on the path to be there in 3-5 years, but you have to start now.
If you see any unauthorized accounts, any new or suspicious activity, immediately investigate it, contact you bank, your financial lender, and lock that down.
Identity theft sucks, and it is a sticky long process to prove you're a victim, get it sorted out, and most likely not get compensated.
When I was young, some girl stole my check book and wrote a bunch of checks, bouncing my account.
Now, I reported this to the police, she got arrested, but I still had to deal with the mess of the debt.
And it took some time, I had to get the police report, I had to send it to all the creditors, have lots of converstaions and back and forth mail exchanges, but eventually it did get taken care of. But there was about a year there where it negatively impacted my credit, and had I needed to do anything serious credit wise that year, I might have been out of luck.
The Fair Credit Billing Act caps your liability for unauthorized credit card purchases at $50, and many credit card issuers lower this to 0. If someone steals your credit card numbers but not your card, you're not liable for any unauthorized use.
So take this seriously. Practical steps that you need to take
|How Government Will Attack Crypto World Wide|
|According to the UN, the DPRK is one of the villains in the internet's rogue gallery. NK-sponsored cyber criminals are operating like pirates in the cyrpto space, and their looted treasures are funding the regimes "WMD" programs... |
Speculation points to the fact that it was actually NK that was responsible for Japan's $500 million hack on the exchange CoinCheck, that we reported on previously.
Pretext for western intervention in crypto? With the "axis of evil" states such as NK, China, Iran, Russia, Venezuela, being commonly associated with crypto / bitcoin, one could easily imagine a future where escalatring conflict with the east leads to severe crackdown on "rogue state" ability to raise money via crypto.
Believe me, this is definitely the "George W. Bush" method that they will attempt to take IF they decide to try to crack down on cryptocurrency in totality. Whether or not we have that repressive movement from our own government, or something more logical and conducive to the growth of humanity and societal progress, depends on the effort that you, watching this show, take with spreading the knowledge and information about cryptocurrency.
The more mainstream and publically accepted, the more it's "normal" and "better" than central bank fiat, the harder the governments around the world will have making us buy a campaign to crack down on something we like. Governments find it easy to justify warfare when it's a publically-perceived threat on behalf of their populace. If Trump came out tomorrow and said we're going to war with Walmart, I doubt anyone would buy that, except for a few hardcore Cosco Shoppers. Because the war would not receive public support, it would not be successful, and every government is just one bad war away from being overthrown by their populace. Government is not as static as people think it is, all regimes know at any moment the people could rise up and off with their heads, that's why poor regrimes focus on supressing individuals and stealing their sense of autonomy and power, and one would argue "better" regrimes like the United States focus on a careful balance of keeping their citizens just ok enough with their bullshit that they let them continue doing their thing.
|Walmart Coin - Another Corporate Contender|
|another rival in the future corporate coin world has been revealed, walmart plans to launch a new token which can be described as a USD-pegged stable coin, for use in a next generation gift card backend. Patents for some of their blockchain solutions have been filed. Speculation is that Walmart coin will be warmly recieved by US lawmakers, in stark contrast to facebooks libra. Although walmart aspirations seem to be more domestic, it's undeniable it will likely face less hurdles in getting to market than libra. |
Now what are some good things about this? Well, walmart is huge. So having a currency pegged to a stable SOV, walmart coin could provide a fee free or fee minimal place to store wealth that can be spetn at retailers, and if needed converted into cash.
Providing banking services to low income individuals.
Eliminating credit cards. Features suggested in their broad filing are the use of biometrics like fingerprint and eye prints to act as credit.
As I said, prepare yourself for the world of corporate coins. They are coming, and they're not likely going to go away. And they will make life very convenient, but the problem is privacy. These companies are going to have control over their own networks, control over the payment systems, and access to all your personal purchasing information.
As I talked about in a video on monday, talking about the moral case for the lightning network, bitcoin and the lightning network in particular help keep our purchasing information private. They allow us to have control and ownership over our own data. Putting the power in the hands of central entities like walmart does not fill me with confidence. Will it make life convenient? Yes in the interim, howeveri n the long run it opens up such a dangerous pandora's box of centralized control and power. Corporations are coming for the banking industry, thanks to cryptocurrency.
I can see a future socialist states of america, where walmart has near exclusive supermarket rights in america, and the US govt grants you the right to shop by topping up your walmart cyrpto card every month. The blue new deal? I like it.
|For a professional trader, it is absolutely essential that I have full control over all of my positions. Platforms like Binance, Coinbase Pro, and Bittrex, although amazing in their own right, do lack essential features for any serious trader. Whether it's setting a take profit and stop loss simaltenously, trailing a stop loss, or automating Trading View alerts, to maximize our returns in the market and simplify our trading we need better tools. |
The platform that I choose for accessing these essential tools is 3 Commas.
3 Commas is the industry leader for providing Cryptocurrency traders access to these much needed tools.
If you would like to try 3 Commas, our link will provide you not only with a free trial, but a 10% discount off of your purchase.
Head on over to 3COMMAS.CRACKINGCRYPTOCURRENCY.COM to take advantage of this offer, that's 3COMMAS.CRACKINGCRYPTOCURRENCY.COM
|Ready Chart Requests|
|JW||Anything from yesterday you'd like to talk on today|
|MCO/USD - Elijah Finch||1:48:00||1:42:22|
|Using ATR To Determine Targets||1:50:00||1:44:22|