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WARNING! Major Crypto Defi Hack, Are You Safe? Bitcoin Price Holding Strong

VIDEO TRANSCRIPT

Today in crypto that queen is maintaining good price momentum as billions of dollars in stable coin sit ready to buy up the market the USA discusses yet another round of stimulus this time for a casual half trillion dollars more D. five owner abilities over the weekend have resulted in millions of dollars in crypto being stolen so I wanna make sure you know how to keep yourself safe the crypto lark this reason scrap all of the hottest of the latest happening out there in the wild wild land of crypto by the way if you are new to crypto currency and you still need help figuring out all of the basics like how to buy bitcoin how to send bitcoin has store bit coin and how to successfully investing crypto currencies in general then check out my course is called crypto currency explained this course walk you through all of those topics and more with step by step tutorials in critical resources everything you need to get started in one place that I haven’t spent a lot of time running around the internet trying to piece everything together there’s a link in the description where you can learn more so a quick peek at the charts here to get started off with today it is very nice to see bitcoin on the daily maintaining above the fifty day moving average it’s a very nice spot for bitcoin holdings here will really continue to reinforce that bullish narrative that is starting to be created in the market right now a drop below that line around the sixty nine hundred dollar mark there could set us up for a bit of a loss of faith in that bullish narrative and let the bears back out looking at the exponential moving averages the price is currently struggling with the fifty day EMA so let’s see if bitcoin can actually make a definitive close above this line on the daily before we really start that journey upwards across over the one hundred day EM.

Hey around seventy five hundred and then of course the two hundred day E. M. A. at around eight thousand dollars which is also where the two hundred day standard moving averages if we can get across these lines and really just close a definitive couple of candles above those two hundred day moving averages and I would say that we are back in business and it will be on to bowl season once again until then though I do appreciate the Kerr momentum but take it all with a grain of salt nice though to see bitcoin maintaining a solid uptrend on the daily currently as well and of course the weekly just closed for bitcoin giving us our fifth green candle in a row which is definitely nice to see the general momentum in the market has definitely been encouraging it is really I think getting people excited about that bullish narrative again but do remain aware of the wider risks to the global economy right now and that the crisis is far from over so still a wild cards can be pulled out here but a bit of hope you could come in the form of stablecoin accumulation on exchanges right now cryptocurrency exchanges are holding over three billion dollars in stable coins on behalf of their customers showing that traders and investors are essentially sitting with just loads of cash ready to be deployed into the markets yeah sure a percentage of this is just the traders moving in and out of the markets but a good amount of that will be those who are waiting to either bite in up coming dip or perhaps waiting for further confirmation that the bulls are indeed back in charge of the markets before and during their long term plays three billion dollars that’s a lot of chatter man a lot of chatter and when that money starts moving back into bitcoin it could have a very dramatic effect on the price pushing the market’s very high very fast but. When it comes to having lots and lots of chatter no one does it quite like America they remember on Friday in our office so how is saying that the small business stimulus loan program was already out of its three hundred and fifty billion dollar budget yeah well. Over the weekend the U. S. administration they have been discussing putting up another four hundred and fifty billion dollars in stimulus to fight the current crisis now the program would consist of three hundred billion dollars to the paycheck protection program is sixty billion dollars to separate emergency loan program for small businesses, of course, it is worth remembering that the previous three hundred and fifty billion dollars for small businesses ran out in just three weeks so how long will this current truncheon of money take to disappear not long that’s how it’ll be gone it really really fast this proposal also includes one hundred billion dollars for hospitals and for testing for the virus so. Is this money needed for these purposes I have no doubt that it is and obviously you know these people should be helped these businesses should be helped hospital should help all that I’m not disagreeing with the idea of spending all this money the question now is where is that money coming from was the long term impact of that you see this is another half trillion dollars in just one week and one week that money does not come from a magical savings account or from selling gold from Fort Knox or something like that no no no no no just type in it into the computer that’s that magic money just appears that’s how they do it that’s how they do it it’s crazy massive inflation could be coming for the dollar and well bit coin may not have done very well in the short term of this liquidity crisis that sparked back in March long term we will see bit queen shining as the inflation crisis starts the heat up there is no way that all this data in money supply expansion is going to happen without hurting the dollar in the long term. Now on to the main theme of today’s video keeping your crypto safe the first is about storage risks for your bitcoin so a longtime community member with actually robbed the other day he shared a story it’s terrible what happened to him while he was away from home someone climbed on whose balcony came in through his door stole his laptop in a still a framed piece of art on his wall that contained his one and only bitcoin paper wallet. All the bitcoin that has been diligently stacking for three years and there was no copy I just it’s a devastating story I’m just so sorry here’s happens god in such a big community supporter for the last few years he just a good dude and it’s just a tough situation but I really want to take just a minute to tell the story because it’s just such an important reminder to take your security of your crypto just incredibly seriously always remember the best practices when it comes to store your bitcoin paper wallet for example on the one hand they are quite safe on the other hand there just paper and that paper get wet or eaten by dog or stolen so you know it’s not a perfect solution of course entering that private he later on to retrieve your bitcoin also be tricky hardware wallets they remain the most effective in the safest way for the average user to safely store their crypto if you do not yet have a hardware wallet then please consider getting one is the safest way for the average user tips successfully store their crypto whether you choose a paper or a software or a hardware wallet always maintain the best practices right down in keep at least two copies of your keys or your passphrase and always do this using pen and paper laminated if you can of course rent water damage as well and then take those copies and put them in different places very simple stuff here are very important make sure you put it somewhere completely just not obvious and something in which a thief would never consider taking like Jane Austen book or something like that never store your keys online either you have a high risk of losing your crypto if you do your crypto can be gone in an instant if you don’t properly secure it if you do need a hardware wallet then ledger currently has an. Awesome sale going on we can actually get a family pack or a backup packs you can get yourself a whole big pile ledgers not me personally I always have multiple devices on hand collection Animax ledger nano S. and dental X. in the box this is just in case I lose water in case one of these devices get stolen and I can just take my passphrase set it up on the new device and I’m back in business a past Fraser had an incredibly secure and hard to find places so I feel quite comfortable about my back up for my security and of course either someone actually does steal your ledger wallet it just resets after three failed log in attempts so it’s very very secure the device is a very good place to keep your crypto there’s a link down below we can get yourself a ledger and also include a video tutorial for the ledger which will actually answer many of the common questions that people seem to have about using one of these devices please please please take your security seriously all of your years of stacking stats can be invalidated in a minute of crime so please take it seriously and finally the big story of today is that over the weekend a number of major decentralized finance exploits have happened to someone took advantage of the known exploit in the E. R. C. seven seven token standard to steal three hundred thousand dollars in Ethereum and wrapped a bit coin from a unique swap tokom pool there’s also been a critical vulnerability which has been found by the curve team in the synthetics S. U. S. D. contract now the vulnerability was found before anything bad happened all the funds are safe there has been no lost the vulnerability is currently being fixed actually the team has done really well here to act proactively to prevent any exploits of that vulnerability from happening this is why using H..

Rusted professional decentralized finance application like synthetics is so important in the first place because you have people working actively on the development of that product which you can trust but the big one of the weekend has to be this one lending protocols land F. dot and he was happy for twenty-five million dollars in crypto. The hacker drain basically all of the funds on the platform so this graph here you can see so eloquently illustrates how quickly the crypto disappeared from this platform and the hackers in a very savage follow up even sent a few thousand dollars worth of taxes tokens back to the team with a little note attached on the blockchain better future burn man that hurts yes split was again a known attack vector that took advantage of the known smart contract vulnerability now lend F. dot M. eat came under a lot of criticism actually hasn’t actually deployed and then apparently bastardized compound finances copyrighted code without consent and more critically it is apparent that the codes thieves not only lack the knowledge to develop their own smart contracts but they also lack the knowledge to properly maintain the smart contracts in to know how to audit for security vulnerabilities twenty five million Bucks in crypto gone. Just like that if there is a back door the hackers will find it there is no stopping and it’s their full-time job this is what they do but this for me just underlines that. It’s important to understand the risks remain in the decentralized finance space which is why for most people lending with someone like block fight for getting involved in lending is a much better option than landing on a lot of these decentralized markets however if you are going to be using a decentralized finance product then there are some things to keep in mind that you can use to keep yourself safe first off only use trusted and well established providers I’m talking the likes of kybernetwork and synthetics and compound finance their teams that have proven that they have what it takes to stay ahead of the curve to find vulnerabilities before the bad guys do into fix that maybe really really proactive about their code bases of course never risk more than you can afford to lose on the fight either we are still in the early experimental stages of this technology mistakes will happen money will be lost also use insurance on your defy plays if you can’t companies like nexus mutual actually offer you the chance to ensure your funds against smart contract failure but they do not insure all companies so be very wary of new players like land after dot M. E. that are entering the market many of these guys they’re gonna be fly by night types of operations just riding the defy hype wave. More money will be lost in the fi you can count on it that being said I remain incredibly optimistic about the future of decentralized finance early adopters of this technology they’re taking risks that the rest of us can sleep easy in the future but if you are not up for the risks of decentralized finance or you do not understand the risks thing keep your bitcoin or your theory I’m just locked up on your ledger or if you do want to get into the lending market use a service like block fi they’re highly regulated highly compliant a lot saved a lot of these defy platforms but long term this technology layer which we see being built on open public networks like Ethereum will be fundamental in challenging the existing financial order and then massively disrupting it so I remain very bullish on the future of the fight your question for today what are you doing to keep your cryptocurrency secure in are you using any defy applications and if so do you fully understand the risks that you are taking would love to know down below in the comments section what you are doing to keep your crypto safe thank you so much watching today’s video massively appreciate as always the time to take a few days over here and watch this did talk about crypto currencies on the internet seriously none of this is possible values thank you so much and enjoy today’s video hit that thumbs up button make sure to subscribe to the channel if you are new around here long live the blockchain. Add the peace out the next time.

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