Coin Bureau Insider

2021-06-24 18:17:22 Hey Guys,

It's been quite a busy past few days over at the Bureau. While losing access to our Google account was not my idea of fun, there has been many other exciting things on the go that I just can't wait to share - have to keep hush hush for now though.

Until that time though, I have a highly recommended video on the tube today!

This is a return to a bit of blockchain basics as I look at the differences between consensus mechanisms.

More specifically, I compare Proof of Work to Proof of Stake - the two most popular methods of reaching distributed consensus.

This is a particularly useful video for all those folks that are looking for a simple yet comprehensive overview of how these two function. Everything from the methods that allow them to agree blockchain state to their pros and cons.

I also give you my view on which of these consensus mechanisms is best.

So, if you are in the mood for some blockchain education, sit back and enjoy - this one is sure to please Open / Comment

2021-06-23 18:19:28

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2021-06-23 18:19:22 Hey Guys,

I know that many of us often dream about being able to go back to 2010 and pick us up some Bitcoin. Maybe you could have picked it up at less than a cent or even mined a bunch of it on your home PC.

However, the truth is that if you ever were in that position, there was an equally likely scenario that you would have sold out. Or, in the worst case, you could have lost it without thinking too much about it.

However, as the years progressed and you saw Bitcoin cross $10, $100, $10k and higher, it could have morphed into the biggest regret of your life.

Well, in my video today, I take a look at some of the largest crypto losses of all time. Losses that have exploded in value together with Bitcoin. Losses that these individuals are still trying to recover to this day.

Not only do I give you the story on some of these losses, but I also give you some ideas around how you can recover some crypto that you may have thought lost forever - you never know the options available to you!

Hope you enjoy guys! Open / Comment

2021-06-23 16:53:00 Hey Guys,

I know that everyone is fixated on prices right now. Of course, it’s hard not to when you have so much FUD being flung by the MSM FUD flingers

Nevertheless, I like to try find the signal amongst the noise and look for the stats that really matter - adoption.

This is particularly the case when it comes to blockchain use on the likes of Ethereum for example. As you guys know, it makes up a sizable portion of my portfolio and I have been buying the dip over the most recent couple of weeks.

For example, just today there were two really important news stories that caught my eye.

One was the disclosure that Goldman Sachs completed a repo trade on JP Morgan's Onyx blockchain platform. This repurchase agreement was for a tokenized version of a US treasury bond for the JPM coin.

So, why is this relevant?

Well, Onyx is based on Ethereum. It was launched in December of last year and right now, up to $1 billion a day is being processed on Onyx.

Did you know that the daily trade volume on the repo market is between $2-4 trillion?

One of the big challenges for this market is of course daily settlement. Traditional repo markets are very rarely able to settle the funds within a day which of course adds market risk.

With Onyx, the cash and treasuries can be returned instantly - all thanks to smart contracts and blockchain technology.

Yes, this is currently a private blockchain developed by JPM but it can easily be open sourced later on. It is a proof of condition for a time when the Ethereum network is scalable enough to manage something like the daily repo market.

I can totally foresee a future where most of Traditional Finance's settlement mechanisms can be done in a Decentralised way - Defi really can devour TradeFi!

On top of this news, you also have the news that Bank of Israel is considering using Ethereum's technology for their digital Shekel.

Now, as you guys know, I am no fan of CBDCs. However, it's an important step for adoption that cannot be ignored.

Of course, adoption is not the only thing to look forward to for ETH.

Tomorrow we are due to have the official rollout of EIP 1559 on the Ethereum testnet. This is particularly exciting because it will help us get an idea of how it could look when rolled out on Mainnet in July.

Don't forget that EIP 1559 is going significantly blunt ETH inflation and allow future fees to accrue to the whole network.

So, these are the things I am looking out for. Yes, I am also monitoring market moves and I incorporate these in the videos we produce. However, they have less weighting in my investment thesis than longer term trends



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Sources:

Goldman uses Onyx https://www.bloomberg.com/news/articles/2021-06-22/goldman-sachs-begins-trading-on-jpmorgan-repo-blockchain-network

Digital Shekel https://www.bloomberg.com/news/articles/2021-06-23/bank-of-israel-to-use-ethereum-tech-for-digital-shekel-globes

EIP 1559 Timeline https://blog.ethereum.org/2021/06/18/london-testnets-announcement/ Open / Comment

2021-06-22 18:29:34

Open / Comment

2021-06-22 18:29:27 Hey Guys,

Some people are saying that we could be heading for a bear market

This is not only the case in crypto but in many risky assets including equities.

I don't happen to think we are there yet, however that does not mean that you should not be prepared for one should it occur.

So, in my latest video, I give you everything that you need to know about Bear Markets. I explain exactly what they are and how to spot them. I analyse different types of bear markets and how long they take.

I take a look at it not only from the perspective of the cryptocurrency market but the broader markets as well. I also compare the previous bear market cycles and explain how a future bear market may look.

So, if you guys are worried about a bear market, don't be!

But just make sure you are well prepared for it should it happen.

Hope you enjoy the vid! Open / Comment

2021-06-21 17:54:47

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2021-06-21 17:54:43 Hey Guys,

Seems we may have regained access (at least temporarily). This is all thanks to you, my incredible community and one really helpful follower in particular - you know who you are!

And, I could not think of a better video to post right now than the weekly news - there was a LOT to cover.

Today, we take a look at:

- China’s crypto crackdown continues: Where they are moving is exciting!
- Tesla to accept BTC… Again?: Will they finally make up their mind?
- Microstrategy Bitcoin Madness: Selling stock to buy the dip!
- SEC Silent On Crypto: What you don't say means more than what you do.
- Creeping Crypto Regulations: Countries looking at bans again
- UK Cryptocurrency Investment ATH: We Brits know what we want
- Grayscale Considers More Cryptocurrencies: What they are and price impact
- Record Digital Land Sale: High net worth developers?
- Bitcoin Bear Market: Is it incoming? Or are we still in accumulation?
- Weekly Altcoin Winners: There were a few and this is why.

Hope you guys enjoy it! Open / Comment

2021-06-20 23:21:39 Just remember, if you did not setup the seed yourself then it’s a dodgy wallet!

Keep safe guys Open / Comment

2021-06-20 23:21:38 Hey Guys,

We are working tirelessly to regain access to the channel. My assumption is that large YouTube channels have become targets for hackers and as such, even a simple change in IP address can trigger a flag on the account.

Hope to be able to bring you the news tomorrow though

However, this whole experience has left me quite jaded. So much so that I decided to upgrade some of the other aspects of my crypto security in general.

The most important place for me to start was of course my hardware wallet backups!

For those of you who have been following me for some time, you will know that I use safe deposit boxes to store my recovery seeds for my hardware wallets.

For a time, I was comfortable with this method. The safe deposit boxes were some of the most secure I could find in London and I was the only one who had access to it.

However, I recently read this story which really disconcerted me:

https://www.cnn.com/videos/tv/2021/06/12/fbi-overreach-millions-seized-in-raid-on-safe-deposit-boxes.cnn

Basically, as part of an investigation, the FBI seized the contents of all the deposit boxes (even if the owners had done nothing wrong!)

They were not handing the contents back and were putting it on the owners to prove that they were not involved in anything illegal. That's quite an overreach and is really quite shocking.

Given the generally sceptical view authorities take on cryptocurrencies, I can only imagine the difficulty a crypto holder would have to go to in order to get their seed words back. I would even go so far as to say that they would not get it back at all.

But it’s not just the risk that comes from government seizure of these safe deposit boxes. If there is a fire or theft, your seeds are gone. I also think you will have a tough time insuring crypto seed words.

So, I decided that it was time to upgrade that security with something more full proof...

Now, before I begin, I want to point out that if you are beginner to crypto, this is overkill. I am just really security conscious and wanted to make sure I planned for a long term hodl.

So, with that disclaimer out of the way, this is what I did:

On the advice of some followers, I decided to opt for a 2 of 3 Shemir Backup.

So, what is that?

Well, it's basically analogous to a multi signature in that you require more than one set of seeds in order to restore your wallet.

Essentially, you need a certain threshold of sets of seeds in order to restore the wallet. For example, if you have a 2 of 3, then you need 2 of the 3 seed sets in order to restore. If you have a 4 of 7, 4 of the 7 etc etc.

I have opted for the 2 of 3 otherwise it would get unwieldy.

Now, there are software wallets that allow you to set up these schemes but the only hardware wallet that I know is the Trezor Model T. As you know, Trezor is my preferred hardware wallet and I am glad that there was this option.

https://trezor.io/shamir/

I bought two Trezor One's and set these up with the 2 of 3.

I then rented an extra deposit box. I store one seed set in my current box. Another one in the new box and a third at my home.

This means that if ever one of the boxes is compromised or destroyed, I am still able to restore a wallet.

It also means that if ever I lose the one seed copy at my house, I am still able to recover it from those that are in my safe deposit boxes.

So, this seed storage mechanism has left me a lot more comfortable with hodling my crypto. The chance of anyone being able to access my seeds and crypto through overreach is greatly reduced.

However, as mentioned, this can be considered overkill for some. If you are already using a hardware wallet, that's the first big step in taking control.

And, while we are on the subject of hardware wallets, I want to bring your attention to the latest attempt at ledger seed phishing...

Basically, fraudsters are mailing poisoned ledgers to unsuspecting victims of that database breach. I tweeted about this the other day:

https://twitter.com/coinbureau/status/1405752388649033729 Open / Comment