The history of cryptocurrency is fraught with people losing their coins, whether through carelessness, greed, bad luck, or some combination of the above. Some ignored the first rule of crypto: “never leave your crypto on an exchange.” When their exchange failed, their crypto went with it. Others were negligent with their storage solutions, misplacing old hard drives, using software wallets on malware-ridden PCs, forgetting the passwords to hardware wallets. Some were greedy and lost their coins to a Nigerian Crypto Prince or a Ponzi scheme. And some were just plain unlucky. These unfortunate tales remind us to be careful with our crypto, and underscore the need for new solutions to storing crypto safely.submitted by Saifu-Lola to saifu [link] [comments]
Buying cryptocurrency used to be a risky prospect. There weren’t many exchanges, they often required you to deposit fiat via a third party, you certainly couldn’t use your credit card, and there was hardly any regulation. It was considered unwise to leave your cryptocurrency on the exchange after you bought it. Many people today feel safe buying some crypto on Coinbase or Binance, without transferring it to a personal wallet, but in those wild years you absolutely wanted control of your private keys. If the exchange had the keys, you were trusting your crypto to the reputation of a small company, located who-knows-where, that made its revenue by exchanging speculative, unregulated digital currencies between anonymous traders. One such company was Mt. Gox.
Mt Gox was a Tokyo based Bitcoin exchange. Led by CEO Mark Karpelès, who was also majority shareholder and lead developer, Mt Gox expanded quickly. Founded in 2010 and bought by Karpelès in 2011, Mt. Gox quickly dominated the Bitcoin market, responsible for 70% of BTC volume in 2013, with 1.1 million active accounts. But despite the outwards success, there were some signs that all was not well internally. Karpelès refused to allow any updates to the exchange software, without approving changes to the source code, meaning needed updates could languish for weeks. In June, 2011 the exchange lost $8.75 million in Bitcoin to a cyberattack, and the site went offline. According to friends of Karpelès who flew in to help get Mt. Gox back online, Karpelès seemed surprisingly relaxed about the affair, even taking the weekend off.
Mt. Gox was brought back online, but soon after US Federal agents seized $5 million from the company’s US account, and former business partner CoinLab sued for $75 million. Karpelès seemed more focused on creating a Bitcoin Cafe in the Mt. Gox building than on addressing these many issues. After an internal memo was leaked disclosing the disappearance of 850,000 BTC (worth about $460 million at the time), Mt. Gox collapsed into bankruptcy. It is still in bankruptcy proceedings today.
One might be tempted to dismiss the failure of Mt. Gox as a lesson learned by the crypto community, a mistake that wouldn’t be repeated. Sadly, exchanges continue to lose their customers’ crypto with startling regularity. A less spectacular but much more recent loss was $150 million of Nano stolen from exchange Bitgrail in February. Bitgrail’s management blamed the Nano blockchain software for the theft, but has refused to release any evidence. Nano, for its part, has vigorously defended itself against Bitgrail’s claims, showing that the missing Nano was stored in a hot wallet (one that is accessible online) instead of a cold wallet, which would have been more protected. Whoever’s to blame, if you had Nano on Bitgrail, it’s gone. Similarly, if you had any crypto on Korean exchange Youbit, you’re down 17%, which was stolen in a hack in December. Or if you used Bitconnect, you’ll find your Bitconnect tokens became nearly worthless after the company shuttered in January.
“Dozens of exchanges have failed since the creation of Bitcoin, taking many small fortunes with them. This should serve as a reminder to never leave your cryptocurrency on an exchange; however there are other ways to lose your coins,” according to Saifu co-founder Evgeny Vigovsky.
In October of 2017, a new cryptocurrency was created called Bitcoin Gold. Bitcoin Gold is a fork of the Bitcoin blockchain. This meant that anyone who owned Bitcoin was now entitled to an equivalent amount of Bitcoin Gold. Many were eager to claim their share, and some found a Bitcoin Gold online wallet called mybtgwallet.com. This helpful site offered to assist users claim their Bitcoin Gold, instructing them to enter their wallet’s seed or private key. The seed is a series of words, usually 24, that can be used to recreate a wallet if it’s lost or corrupted. Giving someone your wallet seed or private keys is akin to giving them the keys to your safe deposit box, and the victims of mybtgwallet found their wallets were quickly emptied of whatever cryptocurrencies they held. More than $3 million in Bitcoin was stolen.
MyEtherWallet is a popular online wallet for Ethereum and other tokens built on the Ethereum blockchain. The wallet is free to use, and as far as online wallets go, it’s secure, requiring users to take steps to protect themselves. In December, the MyEtherWallet iOS app hit the #3 spot on the App Store in the finance category. Unfortunately for the thousands of users who bought the app for $4.99, this app was just another scam. MyEtherWallet doesn’t have an app (and Apple doesn’t allow wallet apps on the App Store). Suspicious users alerted the MyEtherWallet team, who alerted Apple. Two days later, Apple responded and removed the app from the app store.
Less colorful but more insidious, there are a plethora of malware that targets cryptocurrency wallets. These programs run quietly in the background, searching for wallet software on your computer and uploading your credentials. A particularly nasty bit of malware was the Pony botnet, discovered in September 2014. The Pony botnet used a trojan virus to compromise about 700,000 accounts, including email accounts, website login credentials, and other sensitive information. Bitcoin totalling 335 were stolen from 85 different wallets; those Bitcoin are worth about $2.7 million today.
Some classic scams have been updated for cryptocurrencies, including a variation on the Nigerian prince con, harnessing social media to attract victims. In the classic Nigerian prince scam, the victim would receive an email from a Nigerian prince who needs help to move his wealth to the United States. The prince needs someone to deposit a check for him, then wire out the funds. They pay the wire fee but get to keep part of the funds from the deposited check. Typically the victim’s bank informs them that they’ve deposited a bad check well after they’ve wired out the funds for the “Prince.”
In the new variation, scammers impersonate well-known figures of the tech world like Elon Musk or John McAfee, often on Twitter. They use a name similar to the celebrity, and their picture. They claim to be giving away cryptocurrency to the first 100 people to respond to the tweet, but there’s a catch; respondents need to send a small amount of crypto to pay for the “fees.” Naturally, the scammer just keeps these small bits of crypto and does not send anything in return. Here’s “Elon Msk” giving away some free Bitcoin:
Thankfully, crypto security is steadily improving. The rise in value and mainstream adoption have attracted established cybersecurity players, and innovative new storage solutions are being created with increasing frequency. Our firm Saifu has developed its own crypto storage hardware in partnership with Thales. “Users’ crypto keys are stored in Thales hardware security modules, which cannot be accessed remotely. Even if we were ever hacked, our customers’ cryptocurrencies are protected. As it becomes safer and easier to buy and use cryptocurrencies, we believe mainstream adoption will skyrocket. The crypto revolution is just beginning,” Vigovsky, the Saifu co-founder, says.
Beginners Guide To Using Binance (Buying ALTcoins)Hello, Today I am going to give you newcomers a walkthrough on how to setup and use Binance.
Lets Get Started...
- First you may ask.. What is Binance??
Binance is a Cryptocurrency Exchange that focuses on Crypto-to-Crypto Trading. Which means that unlike other exchanges that exchange "Fiat" or Traditional Currencies (USD,EUR,etc.) for Cryptocurrencies, you would instead exchange your Bitcoin or Ethereum for Lesser Known ALTcoins and Vice-versa. Binance is a quick and easy way to get into ALT coins if you already own some Cryptocurrencies, and don't worry, you don't have to keep your coins on the exchange, it allows you to send your individual ALT coins to your personal wallets and secure them.
STEP 1 - Preparing your Computer for Cryptocurrency TransactionsThis is a step most people do not think about. I have been reading more and more about MalWare,Spyware and keyloggers that are specifically targeting Cryptocurrency transactions. If your computer is infected, you could easily lose your cryptos before you even get started. Do some virus scans, malware scans and make sure your antivirus is up to date. I can not stress this enough, make sure your computer is secure before you begin trading cryptos.
STEP 2 - RegistrationOnce you have a secure PC for setting up your account, you will want to go to Binance.com. Here is a SCREENSHOT of what you will see when you first go to the Binance Website. Make sure when visiting the binance website you check the lock symbol in the address bar too make sure your at the correct URL and that the site is Secure. Registering is simple. Enter the Email and Password you would like to use and hit register. You will receive an email with a verification link, once you verify your email, your account will be registered.
STEP 3 - 2FA (Two-Factor Authentication)When you first login you should be greeted by this SCREEN. Depending on how secure you want your account to be, I highly suggest you enable Two-Factor Authentication. What 2FA does is creates a random 6 digit number that changes every 30 seconds. You will also need this code on top of your email and password to login. So if someone does somehow manage to steal your password, you will still be safe as long as they do not have your 2FA device. The only option available is by Google Authenticator which is available for both Android and iOS Smartphones.
Once your ready to begin click the Google Auth Button and it will bring up this SCREEN
- Download the Google Authenticator App on your smartphone/tablet. You will see a + symbol in the upper right corner of the screen. Choose the "Scan Barcode" option and scan the 2FA Backup Key. It should now list a 6-digit number and show binance.com and your email. This code will change every 30 seconds. Make sure you back up your 2FA code (secret key) and keep it for safe keeping. DO THIS BEFORE you enter your login password and 2FA code from the app in the right hand side of the screen. Once you have entered both your password and current 2FA code from the app, 2FA will be enabled. Once you have your account setup, secured, and you have backed up your 2FA barcode, your ready to make a deposit.
STEP 4 - Making a deposit
- In order to start trading or buying ALTcoins you are going to have to fund your account. Hover your mouse over the "funds" tab and click on "Deposits and Withdrawals" Here's a screenshot
- You are going to be met with a wall of different coins. Type in the search bar in the top left the coin you want to deposit. Binance uses two main pairs for trading. Bitcoin (BTC) or Ethereum (ETH). Lets use Bitcoin in this example since it is the most popular, although, at the moment it is quite expensive to send and receive.
- Type "Bitcoin" into the search bar in the top left hand side of the Deposits and Withdrawals Screen and click on deposit. You will be now see a screen that has a Bitcoin Wallet Address. This is your Binance Bitcoin Wallet and is the address you want to send your bitcoins in order to trade them for other coins. You simply send your Bitcoins from your wallet to your Binance Bitcoin Wallet the same way you would make any other bitcoin transaction. You can check the transaction by going to "History" which is under the "Funds" tab, or by checking the wallet address on a Block Chain explorer. Once you get your first confirmation it will show up in the history tab and you will receive an email notifying you that your account has been funded.
STEP 5 - TradingBefore you buy your first coins you will want to grab yourself a few Binance Coins or BNB to pay for trading fees. In order to take advantage of the 0.05% trading fees you will need have some BNB. If your only doing small trades, I suggest just buying 1 or 2 BNB to get a feel of how much each trade costs. One of the main reasons to do this is because binance does not allow you to trade in small decimals, so if it ends up taking your fees from the coins your trying to buy, you will be left with untradeable dust. Say you buy 110 XRP and do not have any BNB to pay for the fees. Your fees will now be 1% of the total amount or 1.1 XRP. So you will have 108.9 XRP and will be unable to trade the 0.9 XRP back to Bitcoin or Ethereum. This 0.9 XRP is considered "Dust". Binance is apparently working on a solution to this. Buying BNB is easy. From the Exchange Screen find the BNB/BTC pair (if you deposited Bitcoin) and place a market order to buy some BNB. The method will be the exact same as shown below.
Once you have some Bitcoin or Ethereum loaded into your account your now ready to trade it for other coins. I'm assuming at this point you have done your research and know the coins you want to get into. In this example we are going to use a popular cryptocurrency called XRP or Ripple. Hit the "Exchange" Button on the top left of your screen and go to basic. It will bring up a screen with charts and a bunch of green and red numbers. HERES AN EXAMPLE
There are two types of orders you can make:
If you want to sell your ALTcoins back to Bitcoin or Ethereum then place a market sell order or limit order at the price you want to convert them back.
- Market Order - A Market Order is simply buying it at the current "ASK" or market price. This is the simplest order as it doesn't involve any thinking. Just enter the amount of coins you want to buy and press the big green "BUY" button. Once the order goes through you will see the coins you bought in your available balance.
- Limit Order - A Limit Order is where you can set your own BUY price. Say you think it will go down a bit before it goes up, so you set your limit order a bit lower then the current price in hopes of getting a discount. The prices you see on the chart shows the current price of the coin in relation to the Bitcoin (BTC). Be aware that it will only trigger and make the buy if it hits the price you set in your limit order.
STEP 6 - Securing your new coinsDepending on if your strategy is too buy and hold, Once you buy your coins you will want to secure them by sending them to the individual wallet made for the coin you bought. In our case we just bought Ripple XRP. So you go back to your "Deposits and Withdrawals" under the "Funds" tab in binance and type in the search bar the coin you want to send out.
Make sure you have the right coin and hit the "Withdrawal" button. You will be brought to a screen where it wants you to enter your wallet address. Here is an example from the "Toast" website Your address would be the string of random letter and numbers above the barcode. Copy and Paste this into the address bad where I labeled "Your Address Here" USE THIS SCREENSHOT AS A REFERENCE Any withdrawal transaction will also be recorded under "History" under the "Funds" tab. Your coins should now show up in your toast wallet.
Be sure when you are researching a coin to buy to also do some research on what wallets are available and how secure they are. Although there are multi-currency wallets, typically you will have 1 wallet for each different coin.
Elastos project needs your help. Partnership with NEO and Bitmain. 17 years in development. 4 million lines of code.
For the sake of the market, vote for it on the Binance community vote, it has the potential to activate a market bull run. Check the 24 hour volume and its trading on 1 exchange.
Upvote please for transparency.
What is Elastos?
Elastos is the world’s first internet operating system that uses the internet as the base-layer infrastructure rather than an application. Elastos prohibits application programs from directly accessing the network in order to eliminate most viruses and attacks(especially DDoS attacks) on the internet. According to Elastos, network communication should be separated from application computing. Elastos is building a truly decentralized Smart Web powered by blockchain implementing P2P economic infrastructure while also providing digital asset ownership and management through smart contracts.
Bitcoin = Trustworthy Ledger
Ethereum = Trustworthy Ledger + Smart Contracts
Elastos = Trustworthy Ledger + Smart Contracts + Monetizable Dapps and Digital Assets
Development History(Tens of Millions of Open-Source Code spanning Decades)
In 2000, Rong Chen a Tsinghua alumni left Microsoft and returned to China to start his business.
In 2003, Rong Chen was received by Jin-Tao Hu, the former CPC General Secretary.
In 2013, Foxconn funded Elastos with 200 million RMB.
In 2017, Sunny Feng Han and Ji-Han Wu started running the Bitcoin Investment Elastos Blockchain Community and founded G3 with Bitmain and NEO.
In 2017, the Elastos Blockchain community received a global digital token investment worth 600 million RMB.
What is the Elastos Blockchain structure?
Elastos blockchain works as a trust zone for the entire network operating system that applies main and sidechain solutions to facilitate the smart economy and a healthy decentralized application environment. This means that every application built on Elastos can create individual sidechains that is thoroughly customizable, allowing clients to pick a different consensus method depending on the use case. The structure of main chain and side chain avoids main chain being overloaded and leads to easy routing and flexible extension, increasing the possibility for Elastos to be largely scalable.
Elastos implements merged mining with bitcoin. This strategy saves resources and avoids repeated consumption. Miner submits Proof-of-Work(PoW) to both bitcoin and elastos and enjoys profits of mining competition without extra consumption of computing power. The consensus mechanism for Elastos is AuxPoW+DPoS where the mining reward distribution is 35% for AuxPoW, 35% for DPoS, 20% for Ecosystem Application Reward and 10% for Foundation Running and Development. Tokens for apps built on Elastos can be published on sidechains. These tokens may participate in two-way asset transfer across the main chain and side chains.
What is the business model for Elastos?
Provide large blockchain applications with secure running environment
Digital content remains intact after multiple uses
Big data and digital content can identify ownership on blockchain and correspond to tokens
Tokens can be transferred and traded legally on blockchain, realizing future capital
Usage of tokens can consume/use digital content in Elastos Runtime.
Elastos can set a fixed limited amount for digital assets, thereby creating scarcity of valued products
Example of how the above works?
Content creators create 500 copies of limited edition games built on top of Elastos
Users buy these limited copies
They then play these games in Elastos Runtime on their cell phones, desktop computers, game consoles, etc.
Holders of these limited edition games then resell them to other people. Because this game is of limited edition, it fluctuates in the second-hand market. It helps users enjoy the digital content, earn the early benefits and earn some by reselling it, thereby transferring the ownership to other people.
Ethereum v Elastos?
Ethereum: Single mainchain structure leads to the upper limit of computing power and extensibility. Elastos: Proposes to adopt a flexible main chain and sidechain blockchain design structure. The main chain is only responsible for basic transactions and payments while the sidechain executes smart contracts to support various applications and services.
Ethereum: As storage and computing space, blockchain is not able to support user daily life scenarios and not able to support digital content(eg. Cryptokitties). Elastos runs applications on elastos runtime as opposed to the already congested blockchain. This method is more secure. All network data must be sent through a trustable and verifiable channel. Identification and authentication come from the blockchain ID. This way, the blockchain’s credibility can be transferred to Elastos Runtime. Elastos Runtime can have various forms: an independent OS, a virtual machine, or a software development kit(SDK) that integrates into native apps of other mainstream operating systems.
EOS v Elastos?
EOS: Is a blockchain OS, but its development period and open source codes are much shorter than Elastos’ 17 years. Elastos has released more than 4 million lines of code to github and plans to release 10+ million lines of code in total(contributing to the open source community).
EOS is dependent on its main-chain, so no matter how optimized it becomes, its throughput is limited. Elastos can extend the throughput infinitely with flexible main-chain and side-chain solution. Also, Elastos Runtime can deliver the trust function of the blockchain to a user’s application(like a cell phone, laptop, etc) which applies the blockchain to various scenarios in daily life.
EOS, through the adoption of the DPoS consensus mechanism, can realize high throughput rate. Elastos computation bandwidth is distributed according to the number of tokens held. It refers to the design philosophy of time sliced distribution in the traditional multi-task operating system and encourages the community to hold tokens. The main-chain design focuses on improving extensibility for smooth access to sidechain. The consensus mechanism on the sidechain can be anything(from DPoS to DBFT to anything else)
EOS runs everything utilizing main chain for everything. Elastos: Services on the elastos blockchain layer can be shared by multiple side chains. This greately lowers the mainchain pressure. When necessary, the sidechain can be duplicated to extend sidechain-level service capability through bifurcation mechanism, while the extension of this computing power can be infinite
Blockstack v Elastos?
Blockstack combines encrypted, distributed storage and blockchain ID to make sure all the data belongs to the owner. As for Elastos, it applies a similar method for digital assets storage where users could apply for an ID for their digital assets on the blockchain, which guarantees the ownership of those digital contents but a key differentiation with blockstack is that the ownership of these digital contents will also be transferable and tradable, thereby making these digital assets consumable and investable and of high value, thereby contributing to a smart economy of trading digital goods. Even though the digital assets are decrypted, they cannot escape elastos runtime operating environment which guarantees that it will never disclose or damage the ownership of the digital contents.
Blockstack saves encrypted data files in the cloud and hash stamps for these files are put on the blockchain as a proof mechanism but doing this is a trade-off between high credibility, low efficiency of blockchain and low credibility, high efficiency of traditional storage. Meanwhile, Elastos has its P2P network layer called Elastos Carrier that focuses on making the elastos blockchain cluster chain service integrated into the same network as the elastos runtime thereby unifying the services with DApps so both the data and the ID of digital assets can have high credibility along with high efficiency for blockchain storage.
For the tech savy?
Elastos VM: The VM runs on a host OS and has better integration with current mainstream OS such as Android and iOS. It ensures formation of a closed runtime environment enabling the separation from the host OS, ensuring safety of data and code. The ‘Remote Service Interface’ replaces the traditional TCP/IP programming model, providing safe and reliable network transactions. This means no more IP addresses and a discovery mechanism will be used instead to access dapps and websites on the elastos internet(where each item has its own UUID - Universal Unique Identifier).
Elastos Runtime: A software library that contains some of Elastos functionality. It provides the target OS applications with the needed Elastos functions, similar to the Alipay SDK serving other applications and making them capable of having payment functions. Elastos runtime can use trusted network communications and conduct safe and reliable data exchange and allows information exchange with the blockchain, confirming digital asset ownership and identity.
Elastos Browser: A specialized browser where the Elastos runtime is embedded. In this browser, web applications can run with partial Elastos functions. Using Elastos browser bridges the gap to provide JS programming...
I recently bought some XVG from binance and wanted to move to the electrum desktop wallet. but I want to know how safe is it from virus.? should I get a anti virus? currently i an having quick heal total security.
If you see any devices that you don’t recognize or no longer use, simply remove them. To do this: a) Log in to your Binance account and navigate to “My Account” on your browser or app. b) Review “Device Management” at the bottom of the My Account page on your browser or under the “Security” menu on the app. Binance will remove the ability to record audio from its Android app in the upcoming update scheduled for “mid-July”, cryptocurrency exchange CEO Changpeng Zhao, also known as CZ, told Cointelegraph. Binance App will allegedly drop the microphone permission. The company’s privacy-oriented move follows spyware concerns raised by crypto community members last week. Specifically, user ... Such a tool will immediately detect and remove the Bitcoin virus. Also, specialists recommend using the solutions from Dr. Web, CureIT, and Malwarebytes Anti-Malware. Be sure to check the system immediately, notice changes in the speed of your computer, because this is the only way to get rid of this threat without additional problems. If you have a Bitcoin virus on your computer, you can ... Any of us may become a victim of crypto mining cybercrime. So how to tell if you have a Bitcoin Miner virus? Find the answers in this article. Binance cryptocurrency exchange - We operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume Top cryptocurrency exchange Binance has reviewed its Android app code following spyware concerns. Binance will remove the ability to record audio from its Android app in the upcoming update scheduled for “mid-July”, cryptocurrency exchange CEO Changpeng Zhao, also known as CZ, told Cointelegraph. Not all antivirus programs can detect and remove a Bitcoin miner virus. Some programs that can remove crypto-mining malware are SpyHunter, ReImage, Malwarebytes, Comodo antivirus and DrWeb. DrWeb has versions for Windows, Mac, Linux and even Android. And Comodo antivirus claims to be able to remove file-less mining malware. To unblock your miner from Anti-virus just go to log area or virus chest and restore the quarantined file. Once done just add the folder and file to Anti-virus or Windows Defender exemption list. Hope this article cleared you about miners getting flagged and blocked by anti-virus. If you have any queries or if you like to make a suggestion to ... As reported by Coindesk, the Binance hack took place at 5:15:24 pm on May 7 and hackers successfully managed to remove 7,000 Bitcoins from a single Binance hot wallet and split the fund into smaller crypto wallets all in a single transaction. The security breach involved various method of attack including phising and virus to obtain user API keys, 2FA codes and other sensitive info. The ... Bitcoin (BTC) zeigte sich in der vergangenen Zeit immer wieder anfällig für Nachrichten aus China. So fiel etwa im vergangenen Jahr eine positive Äußerung des chinesischen Präsidenten Xi Jinping mit einem fulminanten Bitcoin-Kursanstieg von stellenweise 30 Prozent zusammen. Genauso schnell ging es jedoch wieder bergab. Nachdem der Präsident seine Aussage korrigiert hatte und vor Bitcoin ...
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