Binance hack: If bitcoin is so safe, why is it a target ...

Instead of worrying about BTC's price. Research the technology, be updated about the economy, and enhance your online security

That's what I'm doing, at least.
Just develop the hobby of googling a plain "bitcoin" to be updated about its current news. I enjoy reading the bullshit section of economy in WSJ. I basically believe the opposite of anything they're saying. Like a recent article claiming full recovery at the the end of 2020. What kind of a vaccine that is so powerful to end a worldwide crisis in 3 months.
Anyways, for online security I suggest:
- Yubikey with Binance and Google accounts. (Both support U2F, physical touch to log in, users have never been phished)
- Trezor one for Bitcoin storage
- ColdTi for Titanium-engraved recovery phrase storage
All three cost $99. It's the optimal security to date. Protect you from both digital theft and environmental crises.
Note: Be careful what chrome extensions you install. Some replace your clipboard and people have reported sending funds to the wrong address.
submitted by Leader92 to Bitcoin [link] [comments]

Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

Best places to trade your Ripple/XRP (longer read)

In the past when you heard the word ‘cryptocurrency’, the first thing that came to everyone’s minds was Bitcoin. To some, this is still the case; they believe that Bitcoin is the cryptocurrency and the vice versa to also be true.
Of course, the statement is correct in one way; Bitcoin is a cryptocurrency, but cryptocurrency is not made up of only Bitcoin but a host of other currencies. One of these currencies is Ripple.
When it comes to the top five cryptocurrencies with the highest capitalization, Ripple needs no introduction as it has managed to secure a position of being the third most traded cryptocurrency around the world. Perhaps this is due to the fact that Ripple is the only cryptocurrency with a backing from traditional legacy financial institutions.
In addition, the coin has been integrated into the operation of thousands of small businesses around the world.
At this juncture, it is only fair that you learn how to be a part of this great innovation. Thankfully, that is what this guide is all about, showing you some of the best trading platforms for Ripple.
There are numerous exchanges that offer decent exchange rates and well-matched trading pairs, but I’ll only narrow down to some of our best picks to help you get started fast.

What is Ripple (XRP)?

Ripple is a cryptocurrency, a currency exchange, a real-time gross settlement payment system, and a remittance network powered by Ripple. As I mentioned before, this is the third most capitalized cryptocurrency asset after Bitcoin and Ethereum.
XRP allows enterprises such as banks and other financial service providers to offer their clients a reliable option to source for liquidity for cross-border currency transactions.
Ripple is a distributed, open-source platform that seeks to capitalize on the weaknesses of the conventional money payment systems such as credit and debit cards, PayPal, bank transfers, among others. According to Ripple, these payment systems expose users to a lot of transaction delays and restrict the fluidity of currencies.
The platform aims at replacing traditional payment systems through offering a faster, safer, and more convenient alternative for making payments.
Both the platform’s exchange and tokens are called Ripple, and their mantra states one frictionless experience to send money globally.

Where Can I Trade XRP?

Most exchanges that trade Ripple are limited to crypto-to-crypto transactions. This means that you can only trade Ripple with another cryptocurrency and not fiat currencies such as the euro or the dollar.
You’ll need to acquire the currency you wish to trade with XRP on a platform that accepts fiat, and once that happens, you can proceed to trade the two currencies.
There are several great platforms that offer XRP trading; below are just a few:

Buying XRP on Binance

Binance is an exchange that was established in 2017 but has bagged a reputation worth over 10 years of existence. This, the team claims, is due to a number of features offered by the platform including better security controls, low trading fee (0.05%), as well as its faster transacting speeds.
To buy or trade XRP on Binance, you’ll need to set up an account on the exchange. The platform offers a fast signup process and actually accepts users from all around the world.
Once you’re done signing up, navigate to the fund’s section and click on “Deposits”. You will find all the listed cryptocurrencies supported by the Binance platform.
Since Binance does not support the purchase of Ripple using fiat currencies, you’ll need to acquire another cryptocurrency such as Bitcoin or Ethereum and use it to acquire XRP.
This will require you to use a platform such as Coinbase that accepts fiat currencies when buying cryptos. Getting started on Coinbase is quite simple. Head over to their website and click on the “Get Started” icon on the top right corner of your screen.
Fill in the required fields and read through their User Agreement and Privacy Policy documents, then create your account.
You’ll receive an email that will require you to verify your signup details together with your phone number.
You will then gain access to your created account.
Proceed to buy your coins; preferably, choose either Bitcoin or Ethereum as they have higher liquidities. Once you’re done, your coins will be received in your online Coinbase account.
Head over to the menu indicated as “Account” and click on it.
Click on “Send” and enter the number of coins you wish to send to your Binance wallet. Copy and paste the address of your Binance account to Coinbase, then click send to transfer the funds.
The purchased cryptocurrency will be received and on Binance, you can go ahead and trade it with Ripple.

Buying XRP on Bittrex

Just like on Binance, you’ll need to create an account on Bittrex to get started.
The process is pretty much straightforward, only requiring you to sign up using your email address and password.
Once you’re done signing up, click on the wallet tab. You will be taken to a page where you can view all the deposit addresses of the cryptocurrencies on the Bittrex platform.
You can then choose the currency to use to purchase XRP, after which, you will be required to type in the code of the currency you will be using to purchase Ripple. If you’re using Ethereum, you can type in the search bar “ETH” and then click on the green arrow to reveal the deposit address. In case you will be sending the funds from a different exchange, you’ll need to paste the address to that platform.
Next, you’ll need to send funds to your Bittrex account. Bittrex permits payments using both fiat and cryptocurrencies. So, depending on what you will be using, send money to your online wallet and proceed to trade it with Ripple.

Buying XRP on Changelly

Changelly is another Ripple exchange that requires you to use either Bitcoin or Ethereum to acquire XRP.
The exchange doesn’t have an inbuilt wallet, so you’ll need to store your funds on a separate hardware or software wallet. You can pretty much use any type of wallet, but the most secure ones are the hardware ones as they store your coins in an offline cold storage area.
Ripple prefers not to have many unutilized accounts being set up on its platform; this is why you’ll need to have a minimum of 20 XRP in your account for you to get started. However, if your first transaction will be more than 20 XRP, then you’re all set.
Once you have a wallet ready for your Ripple, head to the Changelly site and click on “input currency”. Here, you will be able to enter the currency you wish to trade for Ripple.
You can basically pick and use any coin listed on the site, but it is highly recommended that you use either Bitcoin or Ethereum due to their high liquidity.
The output section will have Ripple, which is the currency you wish to receive.
The next step will require you to key in your XRP address, which is your Ripple address and the destination tag, which is a description of the transaction.
You can now proceed to trade your chosen coins for Ripple. The transaction shouldn’t take long, and you will be able to receive the coins in your Ripple wallet.

Cryptmixer

Cryptmixer is a platform that assists users to swap XRP with 5 other assets freely. The interface lets users convert assets directly from one’s wallet, without having to create an account or register. Besides, the service helps to compare different providers and find a suitable deal for handling Ripple transactions securely, rapidly, and at the best rate.
The process of using Cryptmixer is quite simple:
  1. Go to the main page, choose the currency you’d like to swap, and enter the amount.
  2. Choose XRP to receive.
  3. Review the amount to see how much you will receive. Cryptmixer will automatically find the best rates for your trade.
  4. Click Exchange.
  5. Then, enter the wallet address that you wish to use.
  6. Send in the deposit to the generated wallet address and wait for the transaction to be processed.
What makes Cryptmixer a great fit is that it provides a very simple layout and quick process so it’s not chore when you trade your crypto. The support line also takes on the job of solving the cases by cooperating with users with top priority.
To learn more on how to exchange XRP at the best rate check https://cryptmixer.com

Buying XRP on Coinmama

Coinmama is a cryptocurrency exchange that has been around for quite a while now. The Coinmama team has been adding more coins on their platform over time to be able to provide its users with a wider variety of trading pairs.
More recently, the platform included Ripple on its platform. However, Coinmama does not allow US-based users to purchase Ripple due to some stringent laws and regulations surrounding the coin.
But for non-US users, you can proceed to create your account on the platform and locate Ripple among the listed assets.
Once you’ve created your account, navigate your way to the area with the list of assets. Select one of the provided packages and proceed.
You’re required to have a crypto wallet prior to making any purchase on the platform, so be sure to have a valid wallet address before completing the purchase. Once that’s done, purchase your Ripple coins and they will be delivered to your wallet.

Storing Your Ripple Coins

Online storages are never safe for cryptocurrency assets. Individuals have woken up to all sort of horrific sceneries on their accounts that left them bankrupt with no one to turn to.
One of the most important concepts you need to grasp about online businesses is the security of your transactions.
Cryptocurrency burglars are everywhere and are getting smarter by the day; this means that traditional ways of guaranteeing the security of your online assets are no longer effective.
Most exchanges have top-notch security standards, but the safety of your cryptos begins with you. A great way of ensuring that your funds are secure is by getting an offline storage device for your coins. I’ve seen great reviews on two hardware wallets that I highly recommend; these are the Ledger Nano S and Trezor wallets.
After getting the wallet of your choice, keep your personal data such as passwords and secret words private; this will ensure that no one else gains access to your wallet even if you misplace it. Writing your password or PIN on open places or somewhere in your phone might not be a good idea; yes, it may be convenient for you, but it will be for the burglar too.

What method of purchasing XRP is considered to be the best?

The most secure and common way of acquiring Ripple is through buying Ethereum or Bitcoin from Coinbase or Coinmama, then transferring the same to Cryptmixer to use to exchange with Ripple.
This is because Ripple is currently not available for purchase by using fiat currencies.

What is the best trading platform for Ripple?

Ripple is available on a decent number of exchanges including Binance, Coinmama, Coinbase, Bittrex, Cryptmixer, and more. However, among the stated ones, I have found Cryptmixer to be more secure and easier to use while it also offers the best trading rates and fees.

The Bottom Line

As we conclude, you now have some of the best choices when it comes to the exchange to acquire Ripple coins. After buying your XRP coins, store them offline on a secure device due to the risk of being faced by threats such as hacking or system failures.
If you’re serious about making cryptocurrency your investment vehicle in the long run, consider investing in a more lasting security solution such as a hardware storage device. You may not get them for a few pennies, but trust me when I say they are worth every last dime you spend on them.
submitted by MonishaNuij to MonMonCrypto [link] [comments]

Where's My Money? Deposits And Withdrawals At Blockfi, Celsius, Crypto.Com And Nexo Compared

Does your crypto show up in your account? And can you get it back? Looking through 100+ complaints about deposits and withdrawals, the insights are obvious but good to know...
- They require additional information like tags (XRP, XLM)
- Had major software changes (BCH, BNB, DAI / MCD, ADA)
So if you're going to move one of these coins, make sure to not forget the extra information or wait a few weeks after the change (to give these companies time to get caught up).
Raw data is below, organized by company and whether it seems the complaint was resolved. Some important notes to consider
  1. Posts about waiting a few hours for a transaction to complete were not counted. Many times (most of the time?) when it takes more than 20 minutes, nothing is broken. E.g. High gas fees on the ethereum network will mean slower processing times for stable coins and other ERC-20 tokens. Less popular tokens, like GUSD, might require people manually going into cold storage. Large (> $30,000 USD) transactions require additional verification. If it takes > 8 hours then yes something is not right. And you should email support and start posting. Otherwise sit tight.
  2. Comments from different people on the same post saying they have the same problem were not counted for "scores". Most of these comments don't add useful information and make it harder to collect the data.
  3. Posts about fiat belong to a different category because a very different set of skills and software features are needed to safely move around dollars, euros, etc. This post is about whether or not your coins are likely to get lost or be unreachable.
  4. I asked "Did this get fixed?" to a lot of people who posted about problems. Not only to see how things turned out. Also to generate a possible data point about the quality of the post. I.e. Trolls and other "special" people venting online can be identified by not bothering to follow up or respond to questions. I also hope this encourages people to not forget to follow up a few weeks later and share a final outcome - good or bad.
Company Resolved Total complaints
BlockFi 50% 2 resolved, 2 not resolved
CDC 58% 29 resolved, 21 not resolved
Celsius 61% 23 resolved, 15 not resolved
Nexo 67% 8 resolved, 4 not resolved
BlockFi (Resolved)
https://www.reddit.com/blockfi/comments/hbcxqq/withdrawal_pending/
https://www.reddit.com/blockfi/comments/dkpy38/tx_confirmed_but_no_deposit/
BlockFi (Not resolved)
https://www.reddit.com/blockfi/comments/gvnbz0/withdrawal_of_large_requires_id_and_facial_scan/
https://www.reddit.com/blockfi/comments/hwqin8/refused_withdrawal_due_to_kyc/

CDC (Resolved)
https://www.reddit.com/Crypto_com/comments/grjphd/is_the_wallet_app_buggy_for_anyone_else_crashes/
https://www.reddit.com/Crypto_com/comments/gkduf8/unable_to_add_a_wallet_to_withdraw_funds/
https://www.reddit.com/Crypto_com/comments/cpaj2y/issues_with_crypto_invest_portfolio_and/
https://www.reddit.com/Crypto_com/comments/ceu0vd/1130pm_hkt_update_withdrawals_and_deposits_are/
https://www.reddit.com/Crypto_com/comments/gi62j3/missing_cro_sending_to_the_exchange/
https://www.reddit.com/Crypto_com/comments/d6qjtb/thank_you/
https://www.reddit.com/Crypto_com/comments/gjx3xp/where_are_my_coins/
https://www.reddit.com/Crypto_com/comments/ffiz9x/transfer_bch/
https://www.reddit.com/Crypto_com/comments/f7se85/usdt_delisted_on_cryptocom/
https://www.reddit.com/Crypto_com/comments/dw8vmn/my_funds_are_being_held_hostage_by_cryptocom_yes/
https://www.reddit.com/Crypto_com/comments/clg9r2/cryptocom_is_just_a_regular_bank_be_awared/
https://www.reddit.com/Crypto_com/comments/hqa0pm/btc_withdrawal_delay_5_hrs/
https://www.reddit.com/Crypto_com/comments/hmjq69/withdrawals_and_deposits_back_online/
https://www.reddit.com/Crypto_com/comments/hlro5y/ada_withdraw_erro
https://www.reddit.com/Crypto_com/comments/hlud4t/issues_since_app_update/
https://www.reddit.com/Crypto_com/comments/hlukqc/how_long_does_it_usually_take/
https://www.reddit.com/Crypto_com/comments/hm66xm/withdrawal_impossible/
https://www.reddit.com/Crypto_com/comments/hm81fj/no_bitcoin_withdrawals_since_saturday/
https://www.reddit.com/Crypto_com/comments/hm8irg/issue_with_withdrawing_eth/
https://www.reddit.com/Crypto_com/comments/hm8kn2/communication_near_to_0/
https://www.reddit.com/Crypto_com/comments/hmbo5a/cant_withdraw_any_bitcoin/
https://www.reddit.com/Crypto_com/comments/hikkx6/withdrawal_pending/
https://www.reddit.com/Crypto_com/comments/h91u4i/issues_on_cryptocom_app/
https://www.reddit.com/Crypto_com/comments/hb5fpusdt_withdrawal_from_exchange_doesnt_work_claims/
https://www.reddit.com/Crypto_com/comments/hdjrmz/keep_getting_a_withdrawal_erro
https://www.reddit.com/Crypto_com/comments/hebtyf/withdrawal_pending_taking_over_16_hours/
https://www.reddit.com/Crypto_com/comments/hgt61j/one_exchange_withdrawal_two_app_deposits/
https://www.reddit.com/Crypto_com/comments/htf578/withdrawal_dia_is_taking_8_hrs/
https://www.reddit.com/Crypto_com/comments/he151z/btc_withdrawal_delay/
CDC (Not resolved)
https://www.reddit.com/Crypto_com/comments/gx2oyo/pending_withdrawal/
https://www.reddit.com/Crypto_com/comments/gk8wlc/wont_let_me_buy_or_withdraw/
https://www.reddit.com/Crypto_com/comments/gh6v2c/usdc_withdrawing_to_external_address/
https://www.reddit.com/Crypto_com/comments/ggk51x/cryptocom_withdrawal/
https://www.reddit.com/Crypto_com/comments/g925xg/withdraw_blocked/
https://www.reddit.com/Crypto_com/comments/cfjess/withdraw_is_in_progress_from_23h/
https://www.reddit.com/Crypto_com/comments/gk8wlc/wont_let_me_buy_or_withdraw/
https://www.reddit.com/Crypto_com/comments/9xbi1c/withdrawals_delayed/
https://www.reddit.com/Crypto_com/comments/cga2eq/delayed_transfe
https://www.reddit.com/Crypto_com/comments/hd1to7/missing_funds_from_the_exchange_after_the/
https://www.reddit.com/Crypto_com/comments/grr4vh/crypto_wallet_scammed_me_beware/
https://www.reddit.com/Crypto_com/comments/cg5zfj/helpbnb_wallet_address_in_app_is_still_old_eth/
https://www.reddit.com/Crypto_com/comments/hrwpsq/btc_withdrawl_pending_for_24_hours_zero_custome
https://www.reddit.com/Crypto_com/comments/hpteje/how_to_withdraw_cro_from_the_exchange/
https://www.reddit.com/Crypto_com/comments/hottg4/cryptocom_app_is_not_working/
https://www.reddit.com/Crypto_com/comments/ha8o7v/problem_with_the_2fa_need_help_pls/
https://www.reddit.com/Crypto_com/comments/he3qco/btc_withdraw_pending_post_7_hours/
https://www.reddit.com/Crypto_com/comments/he45kj/withdrawal_stuck/
https://www.reddit.com/Crypto_com/comments/heb85q/btc_withdraw_pending_72_hours_now/
https://www.reddit.com/Crypto_com/comments/hhqruv/withdrawal_from_cryptocom_wallet_to_cryptocom_app/
https://www.reddit.com/Crypto_com/comments/hihl04/i_cant_withdraw_whats_happening/

Celsius (Resolved)
https://www.reddit.com/CelsiusNetwork/comments/gantb4/withdraw_delay/fp11iut/?context=3
https://www.reddit.com/CelsiusNetwork/comments/gb7c4t/withdrawal_still_pending_only_for_btc/fp4wmc3/?context=3
https://www.reddit.com/CelsiusNetwork/comments/gncvj9/my_withdraw_experience_with_celsius_network/
https://www.reddit.com/CelsiusNetwork/comments/fk844a/over_20k_withdrawals_processing_time/
https://www.reddit.com/CelsiusNetwork/comments/fhftgh/where_do_i_find_pending_or_past_withdrawals/
https://www.reddit.com/CelsiusNetwork/comments/epl29a/cant_withdraw_my_deposited_sai_as_a_texas_resident/
https://www.reddit.com/CelsiusNetwork/comments/dn0vg2/problem_withdrawing_eth_from_celsius_account/
https://www.reddit.com/CelsiusNetwork/comments/cw00t5/not_receiving_withdrawal_confirmation_email/
https://www.reddit.com/CelsiusNetwork/comments/ci3h6w/eth_withdrawal_appears_as_an_internal_transaction/
https://www.reddit.com/CelsiusNetwork/comments/c2w5gk/unable_to_withdraw_anything_from_the_app/
https://www.reddit.com/CelsiusNetwork/comments/br2v75/how_do_i_withdraw_the_interest/
https://www.reddit.com/CelsiusNetwork/comments/bqynbv/unable_to_withdraw_full_account_balance/
https://www.reddit.com/CelsiusNetwork/comments/a9d2vj/withdrawals_of_any_currency_are_not_currently/
https://www.reddit.com/CelsiusNetwork/comments/gfby9l/celsius_fixed_my_deposit_issue/fpw51u3/?context=3
https://www.reddit.com/CelsiusNetwork/comments/g9oiea/deposit_missing/
https://www.reddit.com/CelsiusNetwork/comments/dkb55t/deposit_not_showing_up/
https://www.reddit.com/CelsiusNetwork/comments/eudo3n/not_receiving_deposited_bitcoin/
https://www.reddit.com/CelsiusNetwork/comments/gepzpp/all_good_all_fix/
https://www.reddit.com/CelsiusNetwork/comments/hf334d/withdrawal_issue_trueusd_tusd_stable_coin/
https://www.reddit.com/CelsiusNetwork/comments/hiriqz/celsius_is_witholding_my_crypto/
https://www.reddit.com/CelsiusNetwork/comments/hjv0io/dai_withdrawal_pending_for_24hrs_subsequently/
https://www.reddit.com/CelsiusNetwork/comments/hme5xm/its_been_more_than_3_days_of_withdrawing_my_usdc/
https://www.reddit.com/CelsiusNetwork/comments/hvi45o/eth_and_cel_good_on_etherscan_not_show_in_app/
Celsius (Not resolved)
https://www.reddit.com/CelsiusNetwork/comments/fbpnw4/why_this_app_shutdown_when_we_try_to_change/
https://www.reddit.com/CelsiusNetwork/comments/f7i2f3/withdrawal_issues/
https://www.reddit.com/CelsiusNetwork/comments/f4ptd7/cant_get_my_crypto_not_getting_withdrawal_emails/
https://www.reddit.com/CelsiusNetwork/comments/ea3hi5/eth_withdrawal_made_from_a_smart_contract/
https://www.reddit.com/CelsiusNetwork/comments/cb08he/can_you_withdraw_to_a_bech32_btc_address/
https://www.reddit.com/CelsiusNetwork/comments/c8yovc/minimum_withdraws/
https://www.reddit.com/CelsiusNetwork/comments/bqqiqg/i_cant_withdraw_my_eth/
https://www.reddit.com/CelsiusNetwork/comments/askghy/what_is_the_withdrawal_fees_service_told_me_there/
https://www.reddit.com/CelsiusNetwork/comments/gtjoc9/btc_withdraw_transaction_still_pensing_after_1_day/
https://www.reddit.com/CelsiusNetwork/comments/g9f7ym/stolen_or_lost_deposits_hold_off_on_transferring/
https://www.reddit.com/CelsiusNetwork/comments/gf8v3i/mcdai_deposit_pending_for_days/
https://www.reddit.com/CelsiusNetwork/comments/d1sc3q/eth_deposit_address_is_a_contract_address/
https://www.reddit.com/CelsiusNetwork/comments/ca2wpd/warning_celsius_does_lock_up_your_funds/
https://www.reddit.com/CelsiusNetwork/comments/hnu53f/is_anyone_else_having_trouble_withdrawing_xrp/
https://www.reddit.com/CelsiusNetwork/comments/hv2czp/celsius_received_thousands_of_dollars_of_my_funds/

Nexo (Resolved)
https://www.reddit.com/Nexo/comments/gixzgu/cant_deposit_or_withdraw_stablecoins_right_now/
https://www.reddit.com/Nexo/comments/flshbb/my_withdraw_was_rejected/
https://www.reddit.com/Nexo/comments/fiit3u/nexo_withdrawal/
https://www.reddit.com/Nexo/comments/e2ij06/withdrawal_problems/
https://www.reddit.com/Nexo/comments/fhgmxg/missing_deposit/
https://www.reddit.com/Nexo/comments/f3z9kq/account_showing_no_balance/
https://www.reddit.com/Nexo/comments/gj3ub0/bnb_withdrawals/
https://www.reddit.com/Nexo/comments/hlxpnd/i_made_an_eth_deposit_36_hours_ago_the_txid_shows/
Nexo (Not resolved)
https://www.reddit.com/Nexo/comments/dpvrgj/nexo_withdrawal_pending_1_day/
https://www.reddit.com/Nexo/comments/dno3up/withdrawal_email_confirmation/
https://www.reddit.com/Nexo/comments/dm6nn9/withdraw_from_binance_dex/
https://www.reddit.com/Nexo/comments/c67gis/anyone_else_having_problems_with_loan_withdrawals/
submitted by thegoldlust to Crypto_com [link] [comments]

Where's My Money? Deposits And Withdrawals At Blockfi, Celsius, Crypto.Com And Nexo Compared

Does your crypto show up in your account? And can you get it back? Looking through 100+ complaints about deposits and withdrawals, the insights are obvious but good to know...
- They require additional information like tags (XRP, XLM)
- Had major software changes (BCH, BNB, DAI / MCD, ADA)
So if you're going to move one of these coins, make sure to not forget the extra information or wait a few weeks after the change (to give these companies time to get caught up).
Raw data is below, organized by company and whether it seems the complaint was resolved. Some important notes to consider
  1. Posts about waiting a few hours for a transaction to complete were not counted. Many times (most of the time?) when it takes more than 20 minutes, nothing is broken. E.g. High gas fees on the ethereum network will mean slower processing times for stable coins and other ERC-20 tokens. Less popular tokens, like GUSD, might require people manually going into cold storage. Large (> $30,000 USD) transactions require additional verification. If it takes > 8 hours then yes something is not right. And you should email support and start posting. Otherwise sit tight.
  2. Comments from different people on the same post saying they have the same problem were not counted for "scores". Most of these comments don't add useful information and make it harder to collect the data.
  3. Posts about fiat belong to a different category because a very different set of skills and software features are needed to safely move around dollars, euros, etc. This post is about whether or not your coins are likely to get lost or be unreachable.
  4. I asked "Did this get fixed?" to a lot of people who posted about problems. Not only to see how things turned out. Also to generate a possible data point about the quality of the post. I.e. Trolls and other "special" people venting online can be identified by not bothering to follow up or respond to questions. I also hope this encourages people to not forget to follow up a few weeks later and share a final outcome - good or bad.
Company Resolved Total complaints
BlockFi 50% 2 resolved, 2 not resolved
CDC 58% 29 resolved, 21 not resolved
Celsius 61% 23 resolved, 15 not resolved
Nexo 67% 8 resolved, 4 not resolved
BlockFi (Resolved)
https://www.reddit.com/blockfi/comments/hbcxqq/withdrawal_pending/
https://www.reddit.com/blockfi/comments/dkpy38/tx_confirmed_but_no_deposit/
BlockFi (Not resolved)
https://www.reddit.com/blockfi/comments/gvnbz0/withdrawal_of_large_requires_id_and_facial_scan/
https://www.reddit.com/blockfi/comments/hwqin8/refused_withdrawal_due_to_kyc/

CDC (Resolved)
https://www.reddit.com/Crypto_com/comments/grjphd/is_the_wallet_app_buggy_for_anyone_else_crashes/
https://www.reddit.com/Crypto_com/comments/gkduf8/unable_to_add_a_wallet_to_withdraw_funds/
https://www.reddit.com/Crypto_com/comments/cpaj2y/issues_with_crypto_invest_portfolio_and/
https://www.reddit.com/Crypto_com/comments/ceu0vd/1130pm_hkt_update_withdrawals_and_deposits_are/
https://www.reddit.com/Crypto_com/comments/gi62j3/missing_cro_sending_to_the_exchange/
https://www.reddit.com/Crypto_com/comments/d6qjtb/thank_you/
https://www.reddit.com/Crypto_com/comments/gjx3xp/where_are_my_coins/
https://www.reddit.com/Crypto_com/comments/ffiz9x/transfer_bch/
https://www.reddit.com/Crypto_com/comments/f7se85/usdt_delisted_on_cryptocom/
https://www.reddit.com/Crypto_com/comments/dw8vmn/my_funds_are_being_held_hostage_by_cryptocom_yes/
https://www.reddit.com/Crypto_com/comments/clg9r2/cryptocom_is_just_a_regular_bank_be_awared/
https://www.reddit.com/Crypto_com/comments/hqa0pm/btc_withdrawal_delay_5_hrs/
https://www.reddit.com/Crypto_com/comments/hmjq69/withdrawals_and_deposits_back_online/
https://www.reddit.com/Crypto_com/comments/hlro5y/ada_withdraw_erro
https://www.reddit.com/Crypto_com/comments/hlud4t/issues_since_app_update/
https://www.reddit.com/Crypto_com/comments/hlukqc/how_long_does_it_usually_take/
https://www.reddit.com/Crypto_com/comments/hm66xm/withdrawal_impossible/
https://www.reddit.com/Crypto_com/comments/hm81fj/no_bitcoin_withdrawals_since_saturday/
https://www.reddit.com/Crypto_com/comments/hm8irg/issue_with_withdrawing_eth/
https://www.reddit.com/Crypto_com/comments/hm8kn2/communication_near_to_0/
https://www.reddit.com/Crypto_com/comments/hmbo5a/cant_withdraw_any_bitcoin/
https://www.reddit.com/Crypto_com/comments/hikkx6/withdrawal_pending/
https://www.reddit.com/Crypto_com/comments/h91u4i/issues_on_cryptocom_app/
https://www.reddit.com/Crypto_com/comments/hb5fpusdt_withdrawal_from_exchange_doesnt_work_claims/
https://www.reddit.com/Crypto_com/comments/hdjrmz/keep_getting_a_withdrawal_erro
https://www.reddit.com/Crypto_com/comments/hebtyf/withdrawal_pending_taking_over_16_hours/
https://www.reddit.com/Crypto_com/comments/hgt61j/one_exchange_withdrawal_two_app_deposits/
https://www.reddit.com/Crypto_com/comments/htf578/withdrawal_dia_is_taking_8_hrs/
https://www.reddit.com/Crypto_com/comments/he151z/btc_withdrawal_delay/
CDC (Not resolved)
https://www.reddit.com/Crypto_com/comments/gx2oyo/pending_withdrawal/
https://www.reddit.com/Crypto_com/comments/gk8wlc/wont_let_me_buy_or_withdraw/
https://www.reddit.com/Crypto_com/comments/gh6v2c/usdc_withdrawing_to_external_address/
https://www.reddit.com/Crypto_com/comments/ggk51x/cryptocom_withdrawal/
https://www.reddit.com/Crypto_com/comments/g925xg/withdraw_blocked/
https://www.reddit.com/Crypto_com/comments/cfjess/withdraw_is_in_progress_from_23h/
https://www.reddit.com/Crypto_com/comments/gk8wlc/wont_let_me_buy_or_withdraw/
https://www.reddit.com/Crypto_com/comments/9xbi1c/withdrawals_delayed/
https://www.reddit.com/Crypto_com/comments/cga2eq/delayed_transfe
https://www.reddit.com/Crypto_com/comments/hd1to7/missing_funds_from_the_exchange_after_the/
https://www.reddit.com/Crypto_com/comments/grr4vh/crypto_wallet_scammed_me_beware/
https://www.reddit.com/Crypto_com/comments/cg5zfj/helpbnb_wallet_address_in_app_is_still_old_eth/
https://www.reddit.com/Crypto_com/comments/hrwpsq/btc_withdrawl_pending_for_24_hours_zero_custome
https://www.reddit.com/Crypto_com/comments/hpteje/how_to_withdraw_cro_from_the_exchange/
https://www.reddit.com/Crypto_com/comments/hottg4/cryptocom_app_is_not_working/
https://www.reddit.com/Crypto_com/comments/ha8o7v/problem_with_the_2fa_need_help_pls/
https://www.reddit.com/Crypto_com/comments/he3qco/btc_withdraw_pending_post_7_hours/
https://www.reddit.com/Crypto_com/comments/he45kj/withdrawal_stuck/
https://www.reddit.com/Crypto_com/comments/heb85q/btc_withdraw_pending_72_hours_now/
https://www.reddit.com/Crypto_com/comments/hhqruv/withdrawal_from_cryptocom_wallet_to_cryptocom_app/
https://www.reddit.com/Crypto_com/comments/hihl04/i_cant_withdraw_whats_happening/

Celsius (Resolved)
https://www.reddit.com/CelsiusNetwork/comments/gantb4/withdraw_delay/fp11iut/?context=3
https://www.reddit.com/CelsiusNetwork/comments/gb7c4t/withdrawal_still_pending_only_for_btc/fp4wmc3/?context=3
https://www.reddit.com/CelsiusNetwork/comments/gncvj9/my_withdraw_experience_with_celsius_network/
https://www.reddit.com/CelsiusNetwork/comments/fk844a/over_20k_withdrawals_processing_time/
https://www.reddit.com/CelsiusNetwork/comments/fhftgh/where_do_i_find_pending_or_past_withdrawals/
https://www.reddit.com/CelsiusNetwork/comments/epl29a/cant_withdraw_my_deposited_sai_as_a_texas_resident/
https://www.reddit.com/CelsiusNetwork/comments/dn0vg2/problem_withdrawing_eth_from_celsius_account/
https://www.reddit.com/CelsiusNetwork/comments/cw00t5/not_receiving_withdrawal_confirmation_email/
https://www.reddit.com/CelsiusNetwork/comments/ci3h6w/eth_withdrawal_appears_as_an_internal_transaction/
https://www.reddit.com/CelsiusNetwork/comments/c2w5gk/unable_to_withdraw_anything_from_the_app/
https://www.reddit.com/CelsiusNetwork/comments/br2v75/how_do_i_withdraw_the_interest/
https://www.reddit.com/CelsiusNetwork/comments/bqynbv/unable_to_withdraw_full_account_balance/
https://www.reddit.com/CelsiusNetwork/comments/a9d2vj/withdrawals_of_any_currency_are_not_currently/
https://www.reddit.com/CelsiusNetwork/comments/gfby9l/celsius_fixed_my_deposit_issue/fpw51u3/?context=3
https://www.reddit.com/CelsiusNetwork/comments/g9oiea/deposit_missing/
https://www.reddit.com/CelsiusNetwork/comments/dkb55t/deposit_not_showing_up/
https://www.reddit.com/CelsiusNetwork/comments/eudo3n/not_receiving_deposited_bitcoin/
https://www.reddit.com/CelsiusNetwork/comments/gepzpp/all_good_all_fix/
https://www.reddit.com/CelsiusNetwork/comments/hf334d/withdrawal_issue_trueusd_tusd_stable_coin/
https://www.reddit.com/CelsiusNetwork/comments/hiriqz/celsius_is_witholding_my_crypto/
https://www.reddit.com/CelsiusNetwork/comments/hjv0io/dai_withdrawal_pending_for_24hrs_subsequently/
https://www.reddit.com/CelsiusNetwork/comments/hme5xm/its_been_more_than_3_days_of_withdrawing_my_usdc/
https://www.reddit.com/CelsiusNetwork/comments/hvi45o/eth_and_cel_good_on_etherscan_not_show_in_app/
Celsius (Not resolved)
https://www.reddit.com/CelsiusNetwork/comments/fbpnw4/why_this_app_shutdown_when_we_try_to_change/
https://www.reddit.com/CelsiusNetwork/comments/f7i2f3/withdrawal_issues/
https://www.reddit.com/CelsiusNetwork/comments/f4ptd7/cant_get_my_crypto_not_getting_withdrawal_emails/
https://www.reddit.com/CelsiusNetwork/comments/ea3hi5/eth_withdrawal_made_from_a_smart_contract/
https://www.reddit.com/CelsiusNetwork/comments/cb08he/can_you_withdraw_to_a_bech32_btc_address/
https://www.reddit.com/CelsiusNetwork/comments/c8yovc/minimum_withdraws/
https://www.reddit.com/CelsiusNetwork/comments/bqqiqg/i_cant_withdraw_my_eth/
https://www.reddit.com/CelsiusNetwork/comments/askghy/what_is_the_withdrawal_fees_service_told_me_there/
https://www.reddit.com/CelsiusNetwork/comments/gtjoc9/btc_withdraw_transaction_still_pensing_after_1_day/
https://www.reddit.com/CelsiusNetwork/comments/g9f7ym/stolen_or_lost_deposits_hold_off_on_transferring/
https://www.reddit.com/CelsiusNetwork/comments/gf8v3i/mcdai_deposit_pending_for_days/
https://www.reddit.com/CelsiusNetwork/comments/d1sc3q/eth_deposit_address_is_a_contract_address/
https://www.reddit.com/CelsiusNetwork/comments/ca2wpd/warning_celsius_does_lock_up_your_funds/
https://www.reddit.com/CelsiusNetwork/comments/hnu53f/is_anyone_else_having_trouble_withdrawing_xrp/
https://www.reddit.com/CelsiusNetwork/comments/hv2czp/celsius_received_thousands_of_dollars_of_my_funds/

Nexo (Resolved)
https://www.reddit.com/Nexo/comments/gixzgu/cant_deposit_or_withdraw_stablecoins_right_now/
https://www.reddit.com/Nexo/comments/flshbb/my_withdraw_was_rejected/
https://www.reddit.com/Nexo/comments/fiit3u/nexo_withdrawal/
https://www.reddit.com/Nexo/comments/e2ij06/withdrawal_problems/
https://www.reddit.com/Nexo/comments/fhgmxg/missing_deposit/
https://www.reddit.com/Nexo/comments/f3z9kq/account_showing_no_balance/
https://www.reddit.com/Nexo/comments/gj3ub0/bnb_withdrawals/
https://www.reddit.com/Nexo/comments/hlxpnd/i_made_an_eth_deposit_36_hours_ago_the_txid_shows/
Nexo (Not resolved)
https://www.reddit.com/Nexo/comments/dpvrgj/nexo_withdrawal_pending_1_day/
https://www.reddit.com/Nexo/comments/dno3up/withdrawal_email_confirmation/
https://www.reddit.com/Nexo/comments/dm6nn9/withdraw_from_binance_dex/
https://www.reddit.com/Nexo/comments/c67gis/anyone_else_having_problems_with_loan_withdrawals/
submitted by thegoldlust to CelsiusNetwork [link] [comments]

How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation


In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.



Many of you have limited time to read the full proposal, so here are the highlights:

Offline Multi-Signature

Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.

Regular Transparent Audits

Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.

Insurance Requirements

Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.


Background and Justifications


Cold Storage Custody/Management
After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems:
• Funds stored online or in a smart contract,
• Access controlled by one person or one system,
• 51% attacks (rare),
• Funds sent to the wrong address (also rare), or
• Some combination of the above.
For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program.
The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms.
• 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective.
• The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated.
The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II.

On The Subject of Third Party Custodians
Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems.
However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies.
There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both.

On The Subject Of Insurance
ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC.
However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline[] to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance.
In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework.
A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians.

On The Subject of Fractional Reserve
There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds.
There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past.

Proof of Reserves/Transparency/Accountability
Canadians need to have visibility into the backing on an ongoing basis.
The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users.
Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit.
The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided.
Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense.

Hot Wallet Management
The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets.
However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process.
A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage.
Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.

Current Draft Proposal

(1) Proper multi-signature cold wallet storage.
(a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet.
(b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time).
(c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.
(d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds.
(e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers.
(2) Regular and transparent solvency audits.
(a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row.
(b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored.
(c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process.
(d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify.
(e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible.
(3) Protections for hot wallets and transactions.
(a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets.
(b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy.
(c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage.
(d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange.
(e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.

Steps Forward

Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized.
The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges.
The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

Crypto Banking Wars: Can BlockFi & Celsius Disrupt Banking?

Crypto Banking Wars: Can BlockFi & Celsius Disrupt Banking?
These crypto lending & borrowing services found early traction. Are they capable of bundling more financial services and winning the broader consumer finance market?
https://reddit.com/link/icps9l/video/98kl1y596zh51/player
This is the third part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this very powerful technology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe a crypto-native company will ultimately become the bank of the future. We’re confident Genesis Block will have a seat at that table, but we aren’t the only game in town.
In the first post of this series, we did an analysis of big crypto exchanges like Coinbase & Binance. In our second episode, we looked at the world of non-custodial wallets.
Today we’re analyzing crypto lending & borrowing services. The Earn and Borrow use-case covers a lot of what traditional banks deliver today. This category of companies is a threat worth analyzing. As we look at this market, we’ll mostly be focused on custodial, centralized products like BlockFi, Nexo, and Celsius.
Many of these companies found early traction among crypto users. Are they capable of bundling more financial services and winning the broader consumer finance market? Let’s find out.

Institutional Borrowers

Because speculation and trading remains one of the most popular use-cases of crypto, a new crypto sub-industry around credit has emerged. Much of the borrowing demand has been driven by institutional needs.
For example, a Bitcoin mining company might need to borrow fiat to pay for operational costs (salaries, electricity). Or a crypto company might need to borrow USD to pay for engineering salaries. Or a crypto hedge fund needs to borrow for leverage or to take a specific market position. While all of these companies have sufficient crypto to cover the costs, they might not want to sell it — either for tax or speculative reasons (they may believe these crypto assets will appreciate, as with most in the industry).
Instead of selling their crypto, these companies can use their crypto as collateral for loans. For example, they can provide $1.5M in Bitcoin as collateral, and borrow $1M. Given the collateralization happening, the underwriting process becomes straightforward. Companies all around the world can participate — language and cultural barriers are removed.

https://preview.redd.it/z9pby83d6zh51.png?width=600&format=png&auto=webp&s=54bf425215c3ed6d5ff0ca7dbe571e735b994613
The leader (and one of our partners) in this space is Genesis Capital. While they are always the counterparty for both lenders and borrowers, they are effectively a broker. They are at the center of the institutional crypto lending & borrowing markets. Their total active loans as of March 2020 was $649M. That number shot up to $1.42B in active loans as of June 2020. The growth of this entire market segment is impressive and it’s what is driving this opportunity for consumers downstream.

Consumer Products

While most of the borrowing demand comes from institutional players, there is a growing desire from consumers to participate on the lend/supply side of the market. Crypto consumers would love to be able to deposit their assets with a service and watch it grow. Why let crypto assets sit on an exchange or in cold storage when it can be earning interest?
A number of consumer-facing products have emerged in the last few years to make this happen. While they also allow users to borrow (always with collateral), most of the consumer attraction is around growing their crypto, even while they sleep. Earning interest. These products usually partner with institutional players like Genesis Capital to match the deposits with borrowing demand. And it’s exactly part of our strategy as well, beyond leveraging DeFi (decentralized finance protocols).
A few of the most popular consumer services in this category include BlockFi, Nexo, and Celsius.

https://preview.redd.it/vptig5mg6zh51.png?width=1051&format=png&auto=webp&s=b5fdc241cb9b6f5b495173667619f8d2c93371ca

BlockFi

BlockFi (Crunchbase) is the leader in this category (at least in the West). They are well-capitalized. In August 2019, they raised $18.3M in their Series A. In Feb 2020, they raised $30M in their Series B. In that same time period, they went from $250M in assets under management to $650M. In a recent blog post, they announced that they saw a 100% revenue increase in Q2 and that they were on track to do $50M in revenue this year. Their growth is impressive.
BlockFi did not do an ICO, unlike Celsius, Nexo, Salt, and Cred. BlockFi has a lot of institutional backing so it is perceived as the most reputable in the space. BlockFi started with borrowing — allowing users to leverage their crypto as collateral and taking out a loan against it. They later got into Earning — allowing users to deposit assets and earn interest on it. They recently expanded their service to “exchange” functionality and say they are coming out with a credit card later this year.

https://preview.redd.it/byv2tbui6zh51.png?width=800&format=png&auto=webp&s=bac080dcfc85e89574c30dfb396db0b537d46706
Security Woes
It’s incredible that BlockFi has been able to see such strong growth despite their numerous product and security woes. A few months ago, their systems were compromised. A hacker was able to access confidential data, such as names, dates of birth, postal addresses, and activity histories. While no funds were lost, this was a massive embarrassment and caused reputational damage.

https://preview.redd.it/lwmxbz5l6zh51.png?width=606&format=png&auto=webp&s=ebd8e6e5c31c56da055824254b35b218b49f80e0
Unrelated to that massive security breach and earlier in the year, a user discovered a major bug that allowed him to send the same funds to himself over and over again, ultimately accumulating more than a million dollars in his BlockFi account. BlockFi fortunately caught him just before withdrawal.
Poor Product Execution
Beyond their poor security — which they are now trying to get serious about — their products are notoriously buggy and hard-to-use. I borrowed from them a year ago and used their interest account product until very recently. I have first-hand experience of how painful it is. But don’t take my word for it… here are just a few tweets from customers just recently.

https://preview.redd.it/wcqu3icn6zh51.png?width=1055&format=png&auto=webp&s=870e2f06a6ec377a87e5d6d1f24579a901de66b5
For a while, their interest-earning product had a completely different authentication system than their loan product (users had two sets of usernames/passwords). Many people have had issues with withdrawals. The app is constantly logging people out, blank screens, ugly error messages. Emails with verification codes are sometimes delayed by hours (or days). I do wonder if their entire app has been outsourced. The sloppiness shines through.
Not only is their product buggy and UX confusing, but their branding & design is quite weak. To the left is a t-shirt they once sent me. It looks like they just found a bunch of quirky fonts, added their name, and slapped it on a t-shirt.

https://preview.redd.it/mi6yeppp6zh51.png?width=600&format=png&auto=webp&s=fd4cd8201ad0d5bc667498096388377895b72953
Culture
To the innocent bystander, many of these issues seem totally fixable. They could hire an amazing design agency to completely revamp their product or brand. They could hire a mercenary group of engineers to fix their bugs, etc. While it could stop the bleeding for a time, it may not solve the underlying issues. Years of sloppy product execution represents something much more destructive. It represents a top-down mentality that shipping anything other than excellence is okay: product experience doesn’t matter; design doesn’t matter; craftsmanship doesn’t matter; strong execution doesn’t matter; precision doesn’t matter. That’s very different from our culture at Genesis Block.
This cancerous mentality rarely stays contained within product & engineering — this leaks to all parts of the organization. No design agency or consulting firm will fix some of the pernicious values of a company’s soul. These are deeper issues that only leadership can course-correct.
If BlockFi’s sloppiness were due to constant experimentation, iteration, shipping, or some “move fast and break things” hacker culture… like Binance… I would probably cut them more slack. But there is zero evidence of that. “Move fast and break things” is always scary when dealing with financial products. But in BlockFi’s case, when it’s more like “move slow and break things,” they are really playing with fire. Next time a massive security breach occurs, like what happened earlier this year, they may not be so lucky.
Institutional Focus
Based on who is on their team, their poor product execution shouldn’t be a surprise. Their team comes mostly from Wall Street, not the blockchain community (where our roots are). Most of BlockFi’s blockchain/crypto integration is very superficial. They take crypto assets as deposits, but they aren’t leveraging any of the exciting, low-level DeFi protocols like we are.
While their Wall Street heritage isn’t doing them any favors on the product/tech side, it’s served them very well on winning institutional clients. This is perhaps their greatest strength. BlockFi has a strong institutional business. They recently brought on Three Arrows Capital as a strategic investor — a crypto hedge fund who does a lot of borrowing. In that announcement, BlockFi’s founder said that bringing them on “aligns well with our focus on international expansion of our institutional services offering.” They also recently brought someone on who will lead business development in Asia among institutional clients.
BlockFi Wrap Up
There are certainly BlockFi features that overlap with Genesis Block’s offering. It’s possible that they are angling to become the bank of the future. However, they simply have not proven they are capable of designing, building, and launching world-class consumer products. They’ve constantly had issues around security and poor product execution. Their company account and their founder’s account seem to only tweet about Bitcoin. I don’t think they understand, appreciate, or value the power of DeFi. It’s unlikely they’ll be leveraging it any time soon. All of these reasons are why I don’t see them as a serious threat to Genesis Block.
However, because of their strong institutional offering, I hope that Genesis Block will ultimately have a very collaborative and productive partnership with them. Assuming they figure out their security woes, we could park some of our funds with BlockFi (just as we will with Genesis Capital and others). I think what’s likely to happen is that we’ll corner the consumer market and we’ll work closely with BlockFi on the institutional side.
I’ve been hard on BlockFi because I care. I think they have a great opportunity at helping elevate the entire industry in a positive way. But they have a lot of issues they need to work through. I really don’t want to see users lose millions of dollars in a security breach. It could set back the entire industry. But if they do things well… a rising tide lifts all boats.

Honorable Mentions

Celsius (ICO Drops) raised $50M in an ICO, and is led by serial entrepreneur Alex Mashinsky. I’ve met him, he’s a nice guy. Similar to Binance, their biggest Achilles heel could be their own token. There are also a lot of unanswered questions about where their deposits go. They don’t have a record of great transparency. They recently did a public crowdraise which is a little odd given their large ICO as well as their supposed $1B in deposits. Are they running out of money, as some suggest? Unclear. One of their biggest blindspots right now is that Mashinsky does not understand the power of DeFi. He is frequently openly criticizing it.
Nexo (ICO Drops) is another similar service. They are European-based, trying to launch their own card (though they’ve been saying this forever and they still haven’t shipped it), and have a history in the payments/fintech space. Because they haven’t penetrated the US — which is a much harder regulatory nut to crack — they are unlikely to be as competitive as BlockFi. There were also allegations that Nexo was spreading FUD about Chainlink while simultaneously partnering with them. Did Nexo take out a short position and start spreading rumors? Never a dull moment in crypto.
Other players in the lending & borrowing space include Unchained Capital, Cred (ICO Drops), and Salt (ICO Drops).

https://preview.redd.it/9ts6m0qw6zh51.png?width=1056&format=png&auto=webp&s=dd8d368c1aa39994c6bc5e4baec10678d3bbba2d

Wrap Up

While many companies in this category seem to be slowly adding more financial services, I don’t believe any of them are focused on the broader consumer market like we are. To use services like BlockFi, Nexo, or Celsius, users need to be onboarded and educated on how crypto works. At Genesis Block, we don’t believe that’s the winning approach. We think blockchain complexity should be abstracted away from the end-user. We did an entire series about this, Spreading Crypto.
For many of these services, there is additional friction due to ICO tokens that are forcefully integrated into the product (see NEXO token or CEL Token). None of these services have true banking functionality or integration with traditional finance —for example, easy offramp or spending methods like debit cards. None of them are taking DeFi seriously — they are leveraging crypto for only the asset class, not the underlying technology around financial protocols.
So are these companies potential competitors to Genesis Block? For the crypto crowd, yes. For the mass market, no. None of these companies are capable of reaching the billions of people around the world that we hope to reach at Genesis Block.
------
Other Ways to Consume Today's Episode:
Follow our social channels: https://genesisblock.com/follow/
Download the app. We're a digital bank that's powered by crypto: https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

What Makes a Crypto Trading Platform Trustworthy?

What Makes a Crypto Trading Platform Trustworthy?

https://preview.redd.it/y8rey1n2cch51.png?width=1000&format=png&auto=webp&s=57a84dfe4b80edf888eda47803d2c452642d7f19
One thing that all of the major cryptocurrency trading platforms at the top of the industry have in common is the trust that the users and the community as a whole places in them.
This is also something that clearly differentiates the best platforms in the cryptocurrency market from the rest, with the most trusted exchanges and brokerages building a loyal fan base and respect within the industry.
We’re breaking down what makes a crypto trading platform trustworthy in 2020, and taking a look at a few examples of some of the most trusted cryptocurrency trading platforms.
Hacking is Still a Big Concern in 2020
Far from being something of the past, hacking within the cryptocurrency industry is still a significant concern and a big problem for both trading platforms and users alike.
As recently as this year and 2019, some of the largest cryptocurrency trading platforms have suffered hacks in the range of tens or hundreds of millions of dollars.
Hacking is still one of the top concerns for anybody that interacts with the cryptocurrency market, and instead of the prevalence of hackers diminishing over the past years, if anything it has increased.
Many of the Top Platforms Hacked Recently
Far from it being only small training platforms that get hacked, some of the largest cryptocurrency trading platforms in the industry have been hacked over the past couple of years.
Binance is one of the most prominent cryptocurrency exchanges, and was hacked in early 2019 with the platform suffering a loss of more than $40 million of their users’ funds in the process.
Coinbene is another large cryptocurrency trading platform that has fallen afoul of hackers in the past two years, with it suffering a $160 million loss in 2019 as well.
Platforms Implement Advanced Security
There are however a number of examples of platforms that have implemented advanced security features and systems in order to remain hack-free and to protect the funds of their users.
PrimeXBT is the world's leading multi-asset margin trading platform, and implements a wide range of bank-grade security features such as the mandatory Bitcoin address whitelisting and cold storage of digital assets with multi-signature technology.
Because of this, PrimeXBT has ensured that in its years of its operation, it has never been hacked and has never been breached by hackers in any way, ensuring that users’ funds remain safe.
Traders Select Platforms with Clean Security Track Records
Traders and investors in the cryptocurrency space will always gravitate towards platforms that have never been hacked, being that it is the most sure fire way of being assured of the safety of a platform in comparison to others.
Platforms such as PrimeXBT which have never been hacked, as well as others such as Kraken, have built a large and loyal following based on the understanding that users are safe to interact with the cooked a currency market on these platforms.
As time goes on platforms that have never been hacked become rarer, as there is a continual stream of multi-million dollar hacks that we hear about, and this only works in the favor of those platforms that have effective security implemented.
In Summary
While there are a number of reasons that traders and investors select certain platforms to trade at, one of the most important considerations is the security of each platform.
Even though generating profit is important, there is no point generating profit at a platform if it will just be lost to hackers, and therefore traders often pay particular attention to the track record of each platform with regards to security.
PrimeXBT and Kraken are two examples of platforms that have never been hacked and that implement effective security measures in order to protect the funds of their users
submitted by benebit to CryptocurrencyICO [link] [comments]

Keeping your private keys secure ¡¡Crash de Bitcoin!! ¿Alguien reviso la Cold Wallet de Binance? Die Besten Bitcoin Wallets How To Store Bitcoin? Hot wallet vs Cold wallet The Best Wallets To Store Bitcoin & Cryptocurrencies For ... How To Get Any Binance Coin Wallet Address To Send Funds ... Safepal Review: Binance Hardware Wallet ($40 Cold Storage!) Beste Börse Für Bitcoin Trading & IOTA Kaufen - Binance Exchange-Vorstellung How To Send And Receive Bitcoin With Coinbase - YouTube Cryptocurrency

Best Hot & Cold Bitcoin Wallets (Updated 2020) Author: ... The Trezor supports the storage of Bitcoin, along with the top Altcoins such as Ethereum (ERC-20), Litecoin, Bitcoin Cash, Dash, Zcash, and more. The wallet commissioning mechanism can also be adjusted, and the wallet supports the SegWit technology and offers advanced features for any ledger, like transaction history export and more ... Cold storage is a very common thing. We cold store things which we want to preserve for a long time. In the cryptocurrency space, investors who want to preserve their digital assets for a long-term investment use this cold storage concept. Bitcoin, Cold Storage, Cryptocurrency, DNA, keys, N-Featured, Passphrase, Password Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here . Bitcoin, along with the surging wider cryptocurrency market, has had an incredible start to the year. The bitcoin price has rallied around 50% since January 1, with some smaller cryptocurrencies making surprise triple-digit percentage gains, and many bitcoin bulls think it still has further to go—though problems could be on the horizon.. Now, Changpeng Zhao, the widely-respected founder and ... Binance-coldwallet Bitcoin Wallet with balance chart. 0.504% of all coins: Received: count: 971. first: 2017-12-08 07:51:10 UTC. last: Bitcoin cold storage might sound like storing your cryptocurrency inside of a fridge, but the reality is quite different.. When it comes to cryptos, hot and cold storages refer to the wallets that hold them. There are many different ways to store your Bitcoin (or any other cryptocurrency at that), so it might be confusing as to which methods are the best and which are the worst, especially if ... Unter “Cold Storage” versteht man in der Kryptowährungen, wenn man Coins offline lagert, also ohne, dass online Systeme Zugriff auf die privaten Schlüssel haben. Ähnlich, wie wenn man etwas einfriert, damit es frisch und unbeschädigt bleibt, bis man es wieder verwenden kann. Im Gegensatz dazu werden mit dem Internet verbundene Systeme oft auch als “hot wallet” bezeichnet. According to Binance, just 2 percent of its total bitcoin holdings were in its hot wallet. The rest was presumably in “cold storage,” meaning bitcoin kept offline. Had Binance kept more of its ... An In-Depth Look at the Multi-Currency Cold Storage Card Ballet ... During the North American Bitcoin Conference Miami, all the attendees got a single Ballet crypto card and news.Bitcoin.com ... So, Bitcoin cold storage refers to keeping a reserve of Bitcoins offline. It is often a necessary security precaution, especially if you deal with large amounts of Bitcoin. It is considered the safest way to protect your digital assets. ...

[index] [11739] [5034] [10612] [230] [23278] [22565] [20357] [19008] [14032] [10289]

Keeping your private keys secure

Safepal review: the Safepal S1 hardware wallet is a low-cost but feature-packed wallet to store your crypto off of an exchange. The wallet's development was invested in by Binance through their ... He also covers the different types of cold storages available as well as some recommended Do's and Dont's for these cold storage options. If you want to HODL a portion of your coins for a long ... 🛑BITCOIN BINANCE Greatest 10 000 BTC Air Drop🛑 #btc #bitcoin BTC Binance US 2,823 watching Live now Top 5 Safest Cryptocurrency Wallets In 2019 - Duration: 12:15. Im neuen Video stellen Dir Sergio & Lukas die neue Altcoin Exchange Binance vor. Wir sind von der Schnelligkeit dieser Börse begeistert und erzählen Dir alle Vorteile von Binance. Brief intro on how to get any coin wallet address to deposit funds to. In this example I'm using Binance Exchange and wallet address ETH- Ethereum In order t... In this video tutorial, I show you how to easily send and receive bitcoin from Coinbase to your blockchain wallet.Sign up for Coinbase and get $10 worth of Bitc... Binance Academy 8,808 views. 6:03. How To Keep Your Cryptocurrency Safe - Duration: 6:21. Ameer Rosic Recommended for you. 6:21. Blockchain/Bitcoin for beginners 3: public/private keys, signatures ... Subscribe for more crypto videos: http://bit.ly/2pB9wNS In this video, I try to cover the importance of holding your own private keys. Coinbase, Circle, and ... Newsletter abonnieren: https://goodbyematrix.com/depesche/ Hardware Wallet Ledger: http://bit.ly/ledgerWallet Am CoinSummit teilnehmen: http://goodbyematrix.... El Bitcoin ha roto el soporte de los 6.000 Dolares causando una gran conmoción a la comunidad crypto, que no vemos el fin a este mercado bajista, ademas los mercados tradicionales también ...

#